February 29, 2012, 2:56 AM EST
By Elisa Martinuzzi and Zijing Wu
Feb. 29 (Bloomberg) — Investment banks including Deutsche Bank AG and Morgan Stanley are vying for as much as $2 billion in annual fees in Europe arranging customized equity derivatives — a secretive market that has defied the downturn.
The business, about as large as underwriting initial public offerings before the 2008 financial crisis, is now three times bigger and held steady last year, according to estimates from six bankers who asked not to be identified because the information is private. The contracts accounted for almost 10 percent of total investment-banking fees last year in Europe, the Middle East and Africa as revenue from dealmaking and trading sank, data compiled by research firm Freeman & Co. show.
Because the deals, whose value is tied to stocks, are customized and not traded on exchanges, banks are able to charge higher fees than for contracts in which customers seek competing bids. They’re also attractive to lenders because new rules demanding capital buffers against potential losses aren’t as punitive as for other derivatives.
“Regulatory change may drive banks back to the business, not away from it,” said Rachel Lord, Citigroup Inc.’s London- based global head of corporate equity derivatives. “This is one part of the investment-banking industry where, despite compressed margins, the business remains a high priority because it’s so important to the client base.”
Tailor-Made
Investors such as Aabar Investments PJSC, the Abu Dhabi- based sovereign-wealth fund, and Italy’s Fondazione Monte dei Paschi di Siena, owner of the world’s oldest bank, sought derivatives to protect the value of their holdings or to borrow against equity stakes.
Banks including Deutsche Bank AG, Morgan Stanley and Goldman Sachs Group Inc. are competing in a region that’s the biggest in the world by fees, surpassing the U.S. and Asia. The annual notional value of tailor-made equity derivatives is typically more than $50 billion in Europe, the Middle East and Africa, according to estimates from two of the bankers.
The market is so big and lucrative that even lenders shrinking their investment-banking arms want to keep the business going. Royal Bank of Scotland Group Plc, which is selling or closing brokerage, merger-advisory and IPO- underwriting units, will continue arranging “profitable” equity derivatives, the London-based firm said last month. Credit Agricole SA, France’s second-largest bank by assets, will do the same for corporate clients, said Bertrand Hugonet, a Paris-based spokesman.
“There’s a lot of competition because there’s been a history of profitable transactions in this space,” said Samuel Losada, London-based head of European corporate equity derivatives at Bank of America Corp. “You can achieve over the long run, if risks are managed properly, above-market returns.”
Daimler Derivative
Because the deals are private, there aren’t any publicly available rankings. Based on bankers’ own assessments and the sharing of information among them, the business is dominated by the region’s top equity brokers and better-capitalized firms. Industry leaders include Frankfurt based Deutsche Bank, Morgan Stanley, Goldman Sachs and Citigroup, all in New York, and Zurich-based Credit Suisse Group AG, the bankers said.
Deutsche Bank, Morgan Stanley and Bank of America arranged a derivative in May that allows Abu Dhabi’s Aabar to keep its share of the potential near-term gains of Daimler AG, even as the fund sold a 1.25 billion-euro ($1.7 billion) bond exchangeable for the German automaker’s shares. The sale could cut Aabar’s Daimler holding to 7.2 percent from 9.1 percent when the bond matures in 2016.
The deal was the region’s largest ever derivative overlay, a strategy to hold multiple contracts against the same assets, linked to an exchangeable bond, according to Losada.
Emerging Markets
“There’s a clear trend that the emerging-market business is becoming more important,” said Losada. “We saw continuous activity in this space over the last 12 months.”
Increasing demand from emerging-market clients, such as Middle Eastern sovereign-wealth funds, has helped buck a slowdown in Western European deal flows.
“The business can be divided into two parts: the growth markets, where it’s harder for some to obtain liquidity and hence is driven by financing, and developed markets, where clients seek to manage their equity positions,” said Simon Watson, a managing director at Goldman Sachs in London who heads corporate equity derivatives for the region.
While financial firms are cutting employees in other investment-banking areas, many are looking to add to their equity-derivatives businesses in the region.
‘Beefing Up’
Bank of America, based in Charlotte, North Carolina, may hire two bankers this year to join the eight it has in London today, said Losada. Citigroup this month named Sophie Lecoq to the new position of head of corporate equity derivatives for Europe, the Middle East and Africa.
Morgan Stanley also may increase its team’s headcount, according to Daniel Palmer, the firm’s London-based global head of corporate equity derivatives.
“We expanded our business significantly over the past three years,” said Palmer. “Our team is now almost complete, but we might add one or two heads later in the year.”
Nomura Holdings Inc., which took over Lehman Brothers Holdings Inc.’s European business in 2008, may add one senior banker to its 12-person team in London, said Kenneth Brown, global head of equity capital markets. Lenders are “beefing up their European teams” of corporate equity derivatives because Europe is a now a bigger market than the U.S., he said.
It’s also a more resilient market, and the teams, which typically employ about a dozen people, are small compared with those that manage IPOs, said Christopher Wheeler, a banking analyst at Mediobanca SpA in London.
“It’s a business driven by the sweat of the brow,” Wheeler said.
Margin Loans
While banks can earn more arranging tailor-made equity derivatives than underwriting stock sales, increasing competition has driven down fees for financing some deals, including margin loans, or loans from securities firms backed by clients’ equity holdings used as collateral, the bankers said.
Margin loans are a way for investors who have limited access to bank funding or capital markets to raise money. At least 10 firms competed to win a margin loan from an Italian client this year, compared with three or four that would have bid for the business a couple of years ago, said one banker, who declined to be identified citing client confidentiality.
Monte dei Paschi
Fondazione Monte dei Paschi, the biggest investor in Banca Monte dei Paschi di Siena SpA, last year raised about 600 million euros through loans backed by collateral on its stake in the lender.
Eleven banks participated in the deal, which helped raise funds to pay for shares sold by the bank in June, said Gianni Tiberi, a spokesman for the foundation. The firms, which included Credit Suisse and JPMorgan Chase & Co., participated equally, Tiberi said, declining to elaborate. The loan was reduced to about 525 million euros as Monte dei Paschi shares fell, he said.
In one type of equity derivative, known as an equity swap, one party agrees to receive gains in a stock or basket of stocks and in return makes interest payments to the other party on the value of the securities it bet on. Investment banks typically act as intermediaries between the two parties in the swap.
Under the so-called Basel III rules, approved by the Basel Committee on Banking Supervision and scheduled to be phased in through 2019, banks will face a capital charge for potential mark-to-market losses on over-the-counter derivatives.
Data Gaps
“Because credit markets tend to be less liquid and transparent than equities, banks often need proxies to measure the counterparty risk in credit derivatives, creating data gaps and higher capital charges,” said Anastasios Zavitsanakis, a financial-risk consultant at PricewaterhouseCoopers LLP in London. “The actual exposure in equities is more measurable in the short term, and there might be more collateral, reducing further the capital charges.”
Still, banks’ waning risk appetite is spreading the business around more evenly, said Citigroup’s Lord.
“In the past 10 years, two to three banks would typically lead the industry, while over the last year it has been much more broad-based,” Lord said. “Before 2008, banks would have been happy to be sole books on very large deals. It’s not feasible to do that now, so there’s a lot more deal-sharing.”
Morgan Stanley has expanded its business by building up a book of margin loans, said Palmer.
“Some competitors are looking to sell their loans,” he said. “As banks de-lever, we’ve come across clients coming to us seeking to raise money on a shareholding, for example.”
‘Bespoke Solutions’
Even with the increased competition, Deutsche Bank sees demand from clients “as high as ever,” said Ian Holt, the bank’s London-based global head of equity structuring.
“It’s a good business because you are providing bespoke solutions and providing clients with what they need in and around complex situations, which makes higher margins naturally achievable,” said Holt.
Success for most firms this year depends on whether there’s a pick-up in mergers, bankers said. When companies combine, a seller left with a minority stake may seek to raise funds against the holding by buying put options on the shares and using the options to raise cash. Banks can also use derivatives to help investors who receive stock protect the value of their holdings.
“In M&A, you’re the exclusive adviser, and that’s where you can have prime access to interesting situations before they become public knowledge,” said Bank of America’s Losada. “That’s where the real alpha is.”
–With assistance from Ben Moshinsky in Brussels. Editors: Robert Friedman, Edward Evans
To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net
http://tourism9.com/ http://vkins.com/
2012年2月28日星期二
Saxo Bank Scoops 4 Awards at the Social Forex Awards 2011
SINGAPORE–(Marketwire -02/27/12)- Saxo Bank, the online trading and investment specialist, has won no less than four Awards at the inaugural Social Forex Awards 2011.
Saxo Bank ranked number one in the following categories:
The awards recognise the outstanding players in the industry and were presented by LetstalkFX and Social-Markets.net, in conjunction with e-Forex magazine and were sponsored by The Chicago Mercantile Exchange. The votes were cast by members of the letstalkFX.com community and marketing was undertaken by the Bank using LinkedIn and Facebook.
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
About Saxo Bank
Saxo 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/
Saxo Bank ranked number one in the following categories:
- Most Social Bank (through the use of Social Media tools such as LinkedIn, Facebook and Twitter
- Best Social Campaign
- Best Social Initiative/Innovation
- Best Social Research
The awards recognise the outstanding players in the industry and were presented by LetstalkFX and Social-Markets.net, in conjunction with e-Forex magazine and were sponsored by The Chicago Mercantile Exchange. The votes were cast by members of the letstalkFX.com community and marketing was undertaken by the Bank using LinkedIn and Facebook.
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
About Saxo Bank
Saxo 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2月20日星期一
Saxo Bank Executes World's First Base Jumping FX Trade
HELLERUP, Denmark, February 20, 2012 /PRNewswire/ –
Saxo Bank, the online trading and investment specialist, has successfully executed, what is believed to be the first FX trade ever during a base jump at terminal velocity.
The spectacular trade was placed and confirmed during a free fall using the new SaxoTrader for iPhone® & Android app.
Swedish wing suit jumper and stuntman Martin Rosén used the app whilst performing the jump in Hutchinson Peak in the Hottentot Hollands Mountain Range outside of Cape Town, South Africa. The stunt base jumper bought 1,000,000 EURUSD Spot at a price of 1.26969 and the trade was confirmed when he was still in mid-air.
Footage from the jump has formed a high-energy television advertisement for Saxo Bank’s platform and trading applications. The campaign will be launched on 20 February and aired on Bloomberg, CNBC and other networks.
A 10 minute behind-the-scenes film will be available shortly. However, the crew also filmed a four minute documentary of the event available here: http://www.saxobank.com/mobile/saxotrader-anytime-anywhere
Torben Rene Larsen, Head of Commercial Marketing, Saxo Bank, commented: “We like breaking new ground and to set new industry standards but we also think there is a strong similarity between the mentality of base jumpers and traders. Both need to be in complete control, and both share the absolute confidence in their ability and demand the same from their equipment. The base jump trade has proved that our applications allow the user to trade in virtually all situations, anytime and anywhere, and provide the technology required to execute a trade in full confidence.”
“Much of Saxo Bank’s development has been driven by the need to differentiate ourselves as a bank specialising in trading and investments with a clear customer focus. The fact that Saxo Bank cornered the online market early on was a big advantage and helped spur the Bank’s growth. We still like to differentiate ourselves from our competitors, and this first FX trade at terminal velocity proves that we are still breaking new ground.”
About Saxo Bank
Saxo 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/
Saxo Bank, the online trading and investment specialist, has successfully executed, what is believed to be the first FX trade ever during a base jump at terminal velocity.
The spectacular trade was placed and confirmed during a free fall using the new SaxoTrader for iPhone® & Android app.
Swedish wing suit jumper and stuntman Martin Rosén used the app whilst performing the jump in Hutchinson Peak in the Hottentot Hollands Mountain Range outside of Cape Town, South Africa. The stunt base jumper bought 1,000,000 EURUSD Spot at a price of 1.26969 and the trade was confirmed when he was still in mid-air.
Footage from the jump has formed a high-energy television advertisement for Saxo Bank’s platform and trading applications. The campaign will be launched on 20 February and aired on Bloomberg, CNBC and other networks.
A 10 minute behind-the-scenes film will be available shortly. However, the crew also filmed a four minute documentary of the event available here: http://www.saxobank.com/mobile/saxotrader-anytime-anywhere
Torben Rene Larsen, Head of Commercial Marketing, Saxo Bank, commented: “We like breaking new ground and to set new industry standards but we also think there is a strong similarity between the mentality of base jumpers and traders. Both need to be in complete control, and both share the absolute confidence in their ability and demand the same from their equipment. The base jump trade has proved that our applications allow the user to trade in virtually all situations, anytime and anywhere, and provide the technology required to execute a trade in full confidence.”
“Much of Saxo Bank’s development has been driven by the need to differentiate ourselves as a bank specialising in trading and investments with a clear customer focus. The fact that Saxo Bank cornered the online market early on was a big advantage and helped spur the Bank’s growth. We still like to differentiate ourselves from our competitors, and this first FX trade at terminal velocity proves that we are still breaking new ground.”
About Saxo Bank
Saxo 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2月13日星期一
Saxo Bank Launches Contract Options
HELLERUP, Denmark, February 13, 2012 /PRNewswire/ –
Saxo Bank, the online trading and investment specialist, expands its derivatives offeringby introducing Contract Options.
Contract Options is a trading product that includes listed options on stock indices, commodities, interest rates, currencies and bonds. The products are available on the Bank’s trading platforms; SaxoTrader, SaxoWebTrader and MobileTrader.
New features available through the platforms when trading Contract Options include:
http://tourism9.cm/ http://vkins.com/
“Saxo Bank’s analysts believe that precious metals like gold will continue to benefit from continued risk aversion in 2012.They also see good potential for higher prices, especially among commodities with constrained supply. Allowing investors to access the global optionsmarkets including gold, oil and other commodities, currencies, interest rates, bonds and major stock indicesis of high importance to investors in the current climate, and this new addition to our platforms will deliver significant value to investors.”
About Saxo Bank
Saxo 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 do Forex Trading and trade, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and theSaxoMobileTrader 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.
Saxo Bank, the online trading and investment specialist, expands its derivatives offeringby introducing Contract Options.
Contract Options is a trading product that includes listed options on stock indices, commodities, interest rates, currencies and bonds. The products are available on the Bank’s trading platforms; SaxoTrader, SaxoWebTrader and MobileTrader.
New features available through the platforms when trading Contract Options include:
http://tourism9.cm/ http://vkins.com/
- A new Options Chain which offers an overview of option prices across strikes and maturities, giving easy access to trading
- Online exercise of Options through the position list
- Margin-netting across option legs which improve the margin required when trading option strategies on an instrument
- Cross-product margin utilisation which allows the use ofcash stocks as margin collateral for Contract Option trading
- Support for Limit, Stop and Market orders
“Saxo Bank’s analysts believe that precious metals like gold will continue to benefit from continued risk aversion in 2012.They also see good potential for higher prices, especially among commodities with constrained supply. Allowing investors to access the global optionsmarkets including gold, oil and other commodities, currencies, interest rates, bonds and major stock indicesis of high importance to investors in the current climate, and this new addition to our platforms will deliver significant value to investors.”
About Saxo Bank
Saxo 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 do Forex Trading and trade, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and theSaxoMobileTrader 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.
2012年1月30日星期一
Chief Economist: MENA Will Stand Stronger by the End of 2012
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/
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3日星期二
OPIC Records Net Income of $269 Million in FY2011, Helping Reduce U.S. Budget Deficit for 34th Consecutive Year
WASHINGTON–(BUSINESS WIRE)– The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, generated net income of $269 million in Fiscal Year 2011, helping to reduce the federal budget deficit for the 34th consecutive year.
In addition to generating revenue for the U.S. taxpayer, OPIC recorded a three-fold increase in the amount of capital the agency’s financing mobilized, rising to $4.4 billion.
In fiscal year 2011, OPIC committed $3.2 billion to companies expanding into emerging markets and supported 92 new investment projects in the power sector, hotels and housing, telecommunications and other infrastructure, as well as many other sectors like agriculture, education and microfinance. Consistent with its focus on supporting U.S. small and medium-sized enterprises, in FY2011, 78 percent of OPIC’s projects, representing nearly $1 billion in commitments, involved American small and medium-sized businesses.
OPIC responded quickly to the events of the Arab Spring, targeting up to $3 billion in financial support for investment and job creation in the Middle East and North Africa. Since setting that goal, the agency has already approved $657 million in transactions for the region, mainly to support investments in small business.
This year, OPIC also lent powerful support to U.S. companies seeking investment opportunities in the high growth renewable resources sector in emerging markets. Its commitment of $1.1 billion in financing and insurance to the sector in FY2011 represented a roughly three-fold increase over last year’s figure. Financing was provided to companies investing in a wide range of projects and regions: solar projects in Peru, India and Thailand, hydropower in Georgia, geothermal in Kenya and biomass in Liberia, among many others. Projects supported by OPIC in FY2011 will generate nearly 728 megawatts of electricity from renewable energy sources, more than a ten-fold increase from FY2010, and help avoid nearly one million tons of CO₂ emissions annually.
“OPIC generated net income and contributed to the reduction of the budget deficit for the 34th consecutive year,” said OPIC President and CEO Elizabeth Littlefield. “We did this while out performing on our core mission of mobilizing U.S. private capital to catalyze markets and support development in developing countries. OPIC’s work tangibly and profitably advances both U.S. interests and economic development abroad.”
“OPIC projects delivered important economic, environmental and developmental benefits to local populations that will make both the partner countries and the United States more secure and prosperous,” Ms. Littlefield said.
OPIC’s earnings were generated through financing and insurance provided to support U.S. private investment overseas, as well as interest earned on reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. national security, and support growth in U.S. jobs and exports.
OPIC’s financial statements were audited by an independent accounting firm in accordance with Generally Accepted Accounting Principles (GAAP) as well as government audit standards specified by the Comptroller General of the United States and the Office of Management and Budget.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.
http://tourism9.com/
In addition to generating revenue for the U.S. taxpayer, OPIC recorded a three-fold increase in the amount of capital the agency’s financing mobilized, rising to $4.4 billion.
In fiscal year 2011, OPIC committed $3.2 billion to companies expanding into emerging markets and supported 92 new investment projects in the power sector, hotels and housing, telecommunications and other infrastructure, as well as many other sectors like agriculture, education and microfinance. Consistent with its focus on supporting U.S. small and medium-sized enterprises, in FY2011, 78 percent of OPIC’s projects, representing nearly $1 billion in commitments, involved American small and medium-sized businesses.
OPIC responded quickly to the events of the Arab Spring, targeting up to $3 billion in financial support for investment and job creation in the Middle East and North Africa. Since setting that goal, the agency has already approved $657 million in transactions for the region, mainly to support investments in small business.
This year, OPIC also lent powerful support to U.S. companies seeking investment opportunities in the high growth renewable resources sector in emerging markets. Its commitment of $1.1 billion in financing and insurance to the sector in FY2011 represented a roughly three-fold increase over last year’s figure. Financing was provided to companies investing in a wide range of projects and regions: solar projects in Peru, India and Thailand, hydropower in Georgia, geothermal in Kenya and biomass in Liberia, among many others. Projects supported by OPIC in FY2011 will generate nearly 728 megawatts of electricity from renewable energy sources, more than a ten-fold increase from FY2010, and help avoid nearly one million tons of CO₂ emissions annually.
“OPIC generated net income and contributed to the reduction of the budget deficit for the 34th consecutive year,” said OPIC President and CEO Elizabeth Littlefield. “We did this while out performing on our core mission of mobilizing U.S. private capital to catalyze markets and support development in developing countries. OPIC’s work tangibly and profitably advances both U.S. interests and economic development abroad.”
“OPIC projects delivered important economic, environmental and developmental benefits to local populations that will make both the partner countries and the United States more secure and prosperous,” Ms. Littlefield said.
OPIC’s earnings were generated through financing and insurance provided to support U.S. private investment overseas, as well as interest earned on reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. national security, and support growth in U.S. jobs and exports.
OPIC’s financial statements were audited by an independent accounting firm in accordance with Generally Accepted Accounting Principles (GAAP) as well as government audit standards specified by the Comptroller General of the United States and the Office of Management and Budget.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.
http://tourism9.com/
Overstock.com Selects Priceline Partner Network to Power O.co Travel Website
SALT LAKE CITY , Jan. 3, 2012 /PRNewswire/ – Overstock.com Inc. (NASDAQ: OSTK – News), today announced that it has selected the Priceline Partner Network, which is a business unit of priceline.com (Nasdaq: PCLN – News), to power Overstock’s new travel website, called O.co Travel.
O.co Travel customers will have access to a robust collection of travel services from the Priceline Partner Network, including:
“Overstock.com has built a brand that’s known for saving consumers money across a broad spectrum of products,” said Randy Schartner , President of the Priceline Partner Network. ”We believe that Priceline’s broad array of travel services, which are also focused on delivering savings, will fit well with Overstock.com’s products and mission. We look forward to working with them.”
About Overstock.com
Overstock.com is Your Savings Engine offering brand-name products. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City , is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com and http://www.o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading “Investor Relations.”
About The Priceline Partner Network
The Priceline Partner Network (PPN) http://www.pricelinepartnernetwork.com is the private-label distribution channel for priceline.com travel services. Working behind the scenes, PPN powers travel websites for a spectrum of affinity groups, airlines and hotel management firms and chains. PPN believes that it offers the most customizable private-label travel affiliate program on the market today. PPN’s private-label services include hotels, flights, rental cars, flight & hotel packages, and priceline.com’s famous Name Your Own Price travel services for hotels, airline tickets and rental cars.
About The Priceline Group
The Priceline Group (Nasdaq: PCLN – News) is a leader in global online hotel reservations, with over 200,000 participating hotels worldwide. The Group is composed of four primary brands – Booking.com, priceline.com, Agoda.com and TravelJigsaw – and several ancillary brands. The Priceline Group provides online travel services in over 140 countries in Europe , North America , South America , the Asia-Pacific region, the Middle East and Africa .
Booking.com is the number one online hotel reservation service in the world, offering over 170,000 hotels (as of November 7, 2011 ), and is available in 41 languages. More recent hotel counts are available on the Booking.com website. Priceline.com gives leisure travelers multiple ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises. In addition to getting compelling published prices, travelers can take advantage of priceline.com’s famous Name Your Own Price® service, which can deliver the lowest prices available. Agoda.com is an Asia -based online hotel reservation service that is available in 37 languages. TravelJigsaw is a multinational car hire service, offering its reservation services in over 4,000 locations. Customer support is provided in 29 languages.
Overstock.com® and O.co® and Club O Rewards® are registered trademarks of Overstock.com, Inc. Club O ™ , and Club O Rewards Dollars ™ and Your Savings Engine ™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding number and type of travel services offered and the quality and price of the services. Our Form 10-K for the year ended December 31, 2010 , our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements
http://tourism9.com/
O.co Travel customers will have access to a robust collection of travel services from the Priceline Partner Network, including:
- Priceline’s Name Your Own Price® travel services that can deliver savings of up to 60% off hotel rooms, up to 40% off flights and up to 40% off rental cars;
- The ability to book published-price hotel rooms through thousands of quality chain and independent hotels around the world. O.co Travel customers also will have access to Priceline’s extensive database of hotel freebies, including instant discounts, free breakfast, free Internet access, and more;
- The ability to book rental car reservations worldwide. O.co Travel will also support rental car company discount codes;
- Airline ticketing with almost all major airlines through priceline.com. This service includes seat mapping, the ability to book different classes of seats, and it supports airline frequent flier numbers,
- A broad lineup of money-saving air & hotel vacation packages. When air and hotel are booked together, customers can save up to $500 compared to booking separately.
“Overstock.com has built a brand that’s known for saving consumers money across a broad spectrum of products,” said Randy Schartner , President of the Priceline Partner Network. ”We believe that Priceline’s broad array of travel services, which are also focused on delivering savings, will fit well with Overstock.com’s products and mission. We look forward to working with them.”
About Overstock.com
Overstock.com is Your Savings Engine offering brand-name products. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City , is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com and http://www.o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading “Investor Relations.”
About The Priceline Partner Network
The Priceline Partner Network (PPN) http://www.pricelinepartnernetwork.com is the private-label distribution channel for priceline.com travel services. Working behind the scenes, PPN powers travel websites for a spectrum of affinity groups, airlines and hotel management firms and chains. PPN believes that it offers the most customizable private-label travel affiliate program on the market today. PPN’s private-label services include hotels, flights, rental cars, flight & hotel packages, and priceline.com’s famous Name Your Own Price travel services for hotels, airline tickets and rental cars.
About The Priceline Group
The Priceline Group (Nasdaq: PCLN – News) is a leader in global online hotel reservations, with over 200,000 participating hotels worldwide. The Group is composed of four primary brands – Booking.com, priceline.com, Agoda.com and TravelJigsaw – and several ancillary brands. The Priceline Group provides online travel services in over 140 countries in Europe , North America , South America , the Asia-Pacific region, the Middle East and Africa .
Booking.com is the number one online hotel reservation service in the world, offering over 170,000 hotels (as of November 7, 2011 ), and is available in 41 languages. More recent hotel counts are available on the Booking.com website. Priceline.com gives leisure travelers multiple ways to save on their airline tickets, hotel rooms, rental cars, vacation packages and cruises. In addition to getting compelling published prices, travelers can take advantage of priceline.com’s famous Name Your Own Price® service, which can deliver the lowest prices available. Agoda.com is an Asia -based online hotel reservation service that is available in 37 languages. TravelJigsaw is a multinational car hire service, offering its reservation services in over 4,000 locations. Customer support is provided in 29 languages.
Overstock.com® and O.co® and Club O Rewards® are registered trademarks of Overstock.com, Inc. Club O ™ , and Club O Rewards Dollars ™ and Your Savings Engine ™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding number and type of travel services offered and the quality and price of the services. Our Form 10-K for the year ended December 31, 2010 , our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements
http://tourism9.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/
Jordan- New fund to boost about 15 Jordanian SMEs
(MENAFN – Jordan Times) Amidst a slowdown in the Middle East’s private equity industry, Jordan’s small and medium-sized enterprises (SMEs) are set to get a boost from a new private equity fund.
Aimed at facilitating investment in new businesses, the fund will enable SMEs to access liquidity from a new source, a vital step as finance coming from traditional means – specifically banks – remains one of the biggest obstacles to business expansion and job creation in the country.
In an October 24 press release, following the World Economic Forum’s Special Meeting on Economic Growth and Job Creation in the Arab World, the Jordan Enterprise Development Corporation (JEDCO), the European Investment Bank (EIB) and Abraaj Capital unveiled the details of the fund.
The $50m Jordan Growth Capital Fund will provide long-term financing and institutional support to up to 15 SMEs with high potential in fast-growth sectors such as technology.
JEDCO, EIB and Abraaj Capital will serve to anchor investors in the fund, which will be managed by an Amman-based team supported by the Riyada Enterprise Development (RED) platform, itself part of the Dubai-based Abraaj Capital Group’s $500m SME investment scheme.
“The Jordan Growth Capital Fund is the first venture capital fund targeting SMEs in the Kingdom,” said JEDCO Chief Executive Officer Yarub Qudah. “This initiative will play a major role in attracting international venture capital funds and foreign direct investors to invest in Jordanian SMEs.
“Moreover, it will help in encouraging Jordanians to establish their own venture capital funds that will create a new sector specialised in fund management activities,” he added.
JEDCO, in partnership with the EIB, spearheaded the Jordan Growth Capital Fund initiative in order to foster the development of the venture capital industry in the Kingdom. Abraaj Capital, which is investing $20 million in the fund, was also awarded the contract to manage it.
As the government’s national development and export promotion organisation, JEDCO helps Jordanian companies compete globally by fostering export opportunities in targeted regional and international markets. It also helps to enhance technical, logistic and administrative expertise.
“The fund is expected to make a key contribution to the emergence of the risk capital industry in Jordan with its talent pool and entrepreneurial energy,” Philippe de Fontaine Vive Curtaz, EIB’s vice president, told reporters.
“The successful launch of this fund is the result of over two years of close cooperation between EIB and JEDCO, and it sends a significant message to the market across the region,” he said.
The EIB, via its financial arm in the Mediterranean, the Facility for Euro-Mediterranean Investment and Partnership, provides support for economic and social development in the Mediterranean region.
The EIB’s involvement in the Jordan project is part of the bank’s annual €2 billion investment in the region, where it is planning to accelerate its investment in Jordan as well as Morocco, Tunisia and Egypt.
As of the end of 2010, the EIB had made overall investments of more than €12 bilion in Mediterranean countries.
In addition to RED, Abraaj Capital group, a private equity manager, oversees more than $6 billion in assets in the Middle East, Turkey, Asia and Africa.
“SMEs are the engine of the region’s future economic growth and a vital source of social and economic stability,” Mustafa Abdul Wadood, the chief executive officer of Abraaj Capital, said.
“Addressing the region’s employment challenge and fostering the growth of entrepreneurship clearly go hand in hand,” he added.
Abraaj has been helping to address these challenges in Jordan since 2002, when it bought into logistics company Aramex. Five years later, in 2007, the company realised a 75 per cent return from the sale to Yahoo! of its stake in Maktoob.com, an Arabic-language website.
“We like Jordan as an investment destination,” said Tom Speechley, a senior partner at Abraaj Capital, at the launch. “We think it’s very entrepreneurial… This will involve Jordanian investment managers investing in Jordanian entrepreneurs.”
RED also offers strategic support to SMEs, including assistance in gaining access to new markets and building and maintaining appropriate human resources and business practices.
In September, RED invested in Jordan’s d1g.com, one of the fastest-growing Arabic social media and content sharing platforms in the Middle East and North Africa region.
With one million subscribers and more than 4.8 milion unique visitors per month, d1g.com offers its target audience – Arab youth aged 12 to 25 – Arabic-language discussion forums and video and audio sharing, as well as entertainment content.
“It’s the best investment climate we’ve seen in our region in terms of pure investment opportunity, strong macroeconomic fundamentals and very little competing capital, meaning that asset prices are not in any way inflated,” Speechley said of Jordan.
“Despite the political turmoil, especially in the SME range, businesses continue to grow to serve the needs of the local market,” he added.
Writer is regional editor of Oxford Business Group which is a highly acclaimed global publishing economic intelligence on the markets of the Middle East, Africa, Asia and Latin America.
http://tourism9.com/
Aimed at facilitating investment in new businesses, the fund will enable SMEs to access liquidity from a new source, a vital step as finance coming from traditional means – specifically banks – remains one of the biggest obstacles to business expansion and job creation in the country.
In an October 24 press release, following the World Economic Forum’s Special Meeting on Economic Growth and Job Creation in the Arab World, the Jordan Enterprise Development Corporation (JEDCO), the European Investment Bank (EIB) and Abraaj Capital unveiled the details of the fund.
The $50m Jordan Growth Capital Fund will provide long-term financing and institutional support to up to 15 SMEs with high potential in fast-growth sectors such as technology.
JEDCO, EIB and Abraaj Capital will serve to anchor investors in the fund, which will be managed by an Amman-based team supported by the Riyada Enterprise Development (RED) platform, itself part of the Dubai-based Abraaj Capital Group’s $500m SME investment scheme.
“The Jordan Growth Capital Fund is the first venture capital fund targeting SMEs in the Kingdom,” said JEDCO Chief Executive Officer Yarub Qudah. “This initiative will play a major role in attracting international venture capital funds and foreign direct investors to invest in Jordanian SMEs.
“Moreover, it will help in encouraging Jordanians to establish their own venture capital funds that will create a new sector specialised in fund management activities,” he added.
JEDCO, in partnership with the EIB, spearheaded the Jordan Growth Capital Fund initiative in order to foster the development of the venture capital industry in the Kingdom. Abraaj Capital, which is investing $20 million in the fund, was also awarded the contract to manage it.
As the government’s national development and export promotion organisation, JEDCO helps Jordanian companies compete globally by fostering export opportunities in targeted regional and international markets. It also helps to enhance technical, logistic and administrative expertise.
“The fund is expected to make a key contribution to the emergence of the risk capital industry in Jordan with its talent pool and entrepreneurial energy,” Philippe de Fontaine Vive Curtaz, EIB’s vice president, told reporters.
“The successful launch of this fund is the result of over two years of close cooperation between EIB and JEDCO, and it sends a significant message to the market across the region,” he said.
The EIB, via its financial arm in the Mediterranean, the Facility for Euro-Mediterranean Investment and Partnership, provides support for economic and social development in the Mediterranean region.
The EIB’s involvement in the Jordan project is part of the bank’s annual €2 billion investment in the region, where it is planning to accelerate its investment in Jordan as well as Morocco, Tunisia and Egypt.
As of the end of 2010, the EIB had made overall investments of more than €12 bilion in Mediterranean countries.
In addition to RED, Abraaj Capital group, a private equity manager, oversees more than $6 billion in assets in the Middle East, Turkey, Asia and Africa.
“SMEs are the engine of the region’s future economic growth and a vital source of social and economic stability,” Mustafa Abdul Wadood, the chief executive officer of Abraaj Capital, said.
“Addressing the region’s employment challenge and fostering the growth of entrepreneurship clearly go hand in hand,” he added.
Abraaj has been helping to address these challenges in Jordan since 2002, when it bought into logistics company Aramex. Five years later, in 2007, the company realised a 75 per cent return from the sale to Yahoo! of its stake in Maktoob.com, an Arabic-language website.
“We like Jordan as an investment destination,” said Tom Speechley, a senior partner at Abraaj Capital, at the launch. “We think it’s very entrepreneurial… This will involve Jordanian investment managers investing in Jordanian entrepreneurs.”
RED also offers strategic support to SMEs, including assistance in gaining access to new markets and building and maintaining appropriate human resources and business practices.
In September, RED invested in Jordan’s d1g.com, one of the fastest-growing Arabic social media and content sharing platforms in the Middle East and North Africa region.
With one million subscribers and more than 4.8 milion unique visitors per month, d1g.com offers its target audience – Arab youth aged 12 to 25 – Arabic-language discussion forums and video and audio sharing, as well as entertainment content.
“It’s the best investment climate we’ve seen in our region in terms of pure investment opportunity, strong macroeconomic fundamentals and very little competing capital, meaning that asset prices are not in any way inflated,” Speechley said of Jordan.
“Despite the political turmoil, especially in the SME range, businesses continue to grow to serve the needs of the local market,” he added.
Writer is regional editor of Oxford Business Group which is a highly acclaimed global publishing economic intelligence on the markets of the Middle East, Africa, Asia and Latin America.
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/
2011年12月29日星期四
Tucan Travel Declares 2012 the ‘Year of Adventure’
LONDON , Dec. 27, 2011 /PRNewswire/ — Despite the scope of predictions already being made on what 2012 will hold, with everything from uncertainty in the economy and the end of the European experiment, to end of the world as a whole if you listen to the predictions of the ancient Maya, none of them paint a particularly rosy picture. To counter this and propose an alternative, Tucan Travel is declaring 2012 the Year of Adventure.
There is no doubt that 2011 was a year of big change in the world, from devastating natural disasters to financial upheaval and revolutionary change. What is also true is that no one can be certain of what 2012 will bring. But during this uncertain time there is also opportunity, opportunity for travellers to go on the adventure of a lifetime, wherever in the world that might be.
Tucan Travel has come a long way as a company, offering other travellers a genuine travel experience. And this year will see the company turn 25. To celebrate preparations are underway to make it their biggest and most exciting year yet.
So as the new year approaches, why not forget any of the doom and gloom you might have heard for 2012; the year will be what you make of it. Why not make it a Year of Adventure?
Tucan Travel’s 2012 hot spots
Colombia — This beautiful yet still enigmatic corner of South America is in the forefront of many people’s minds at the moment, and as an up-and-coming destination is absolutely bursting with adventure opportunities.
The Balkans — This under-explored region of Eastern Europe is far too often overlooked by travellers in search of a genuine adventure. From the rugged peaks and stunning bays of Montenegro down to the long, rock and pine covered coastline of Croatia with its hundreds of islands walled cities, to the rich cultural heritage of both Bosnia and Serbia, there is so much to explore in this region as it emerges from its recent history.
Central America — Much has been made of certain readings of the ancient Maya calendar that the world will end this year. Despite the questionable validity of such claims, this fascinating civilization did leave behind many mysterious and astonishing ruins, deep in a lush jungle setting.
Tucan Travel is a specialist adventure tour operator with hundreds of high-quality, affordable and exciting adventures to worldwide destinations. Choose from over 400 group tours, Independent Travel packages and Expedition Cruises to Europe , the Middle East & North Africa , Asia & Russia , East & Southern Africa , Latin America and Antarctica .
Media Enquiries:
Ben McIntosh , Communications coordinator
Direct Line: +44 (020) 8896 6711 | Email: ben@tucantravel.com
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com/.
This article is from http://tourism9.com/
There is no doubt that 2011 was a year of big change in the world, from devastating natural disasters to financial upheaval and revolutionary change. What is also true is that no one can be certain of what 2012 will bring. But during this uncertain time there is also opportunity, opportunity for travellers to go on the adventure of a lifetime, wherever in the world that might be.
Tucan Travel has come a long way as a company, offering other travellers a genuine travel experience. And this year will see the company turn 25. To celebrate preparations are underway to make it their biggest and most exciting year yet.
So as the new year approaches, why not forget any of the doom and gloom you might have heard for 2012; the year will be what you make of it. Why not make it a Year of Adventure?
Tucan Travel’s 2012 hot spots
Colombia — This beautiful yet still enigmatic corner of South America is in the forefront of many people’s minds at the moment, and as an up-and-coming destination is absolutely bursting with adventure opportunities.
The Balkans — This under-explored region of Eastern Europe is far too often overlooked by travellers in search of a genuine adventure. From the rugged peaks and stunning bays of Montenegro down to the long, rock and pine covered coastline of Croatia with its hundreds of islands walled cities, to the rich cultural heritage of both Bosnia and Serbia, there is so much to explore in this region as it emerges from its recent history.
Central America — Much has been made of certain readings of the ancient Maya calendar that the world will end this year. Despite the questionable validity of such claims, this fascinating civilization did leave behind many mysterious and astonishing ruins, deep in a lush jungle setting.
Tucan Travel is a specialist adventure tour operator with hundreds of high-quality, affordable and exciting adventures to worldwide destinations. Choose from over 400 group tours, Independent Travel packages and Expedition Cruises to Europe , the Middle East & North Africa , Asia & Russia , East & Southern Africa , Latin America and Antarctica .
Media Enquiries:
Ben McIntosh , Communications coordinator
Direct Line: +44 (020) 8896 6711 | Email: ben@tucantravel.com
This press release was issued through eReleases(R). For more information, visit eReleases Press Release Distribution at http://www.ereleases.com/.
This article is from http://tourism9.com/
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