The Chinese government introduced a “green credit” guideline for commercial lenders on Friday to facilitate economic restructuring in a manner that’s environmentally friendly and saves energy.
The China Banking Regulatory Commission, the top banking regulator, ordered lenders to cut loans to industries with high-energy consumption and high levels of pollution or excessive capacity, and to strengthen financial support for green industries and projects.
The CBRC encouraged banks to evaluate, classify and rate the environmental and social risks inherent in their clients’ businesses and take the results as a key reference in their ratings and access to credit.
“Through credit controls, banks can have an influence on businesses’ awareness of energy savings, emissions-reductions and the benefits to the public,” said Yan Yanfei, deputy director-general of the statistics department at the CBRC.
He said that in the next step, the CBRC will set up some key indexes to make the guideline more specific and try to include adherence to the plan in the rating system.
Lenders also need to improve management of any overseas projects that they support, to ensure that the initiators of those projects comply with local environmental, land, healthcare and security legislation, according to the guideline.
Zhang Rong, the programme manager of environment and social standards at the International Finance Corporation of the World Bank Group, said the guideline is welcome, especially given the increased involvement of Chinese enterprises in the global market, and the increasing number of calls urging the overseas projects to take more care of the local environment and to reduce energy use.
“Actually Chinese banks have already made very good attempts at green credit, and they can learn from the mature technology and management systems that their international counterparts have already been using for some time,” Zhang said.
China Development Bank Corp, which makes nearly half of the total loans supporting overseas projects of Chinese enterprises, has just provided credit to a Chinese company that operates an iron ore mine in Africa. The funds will help the company move surface soil to a place of safety to protect the seeds of local plants, according to Lu Hanwen, deputy director-general of CDB’s Project Appraisal Department II.
By the end of 2011, CDB had lent 658 billion yuan ($104 billion) to support environmental protection, energy-saving and emissions-reduction projects, accounting for 12.7 per cent of the bank’s total outstanding loans.
Yang Bin, deputy general manager of Corporate & Investment Banking at Shanghai Pudong Development Bank Co Ltd, said banks have enough motivation to lend green credits because the demand from clients that they undertake green initiatives has been rising constantly.
Such loans have a lower non-performance ratio than other lending because enterprises can usually obtain strong incentives for green projects from the government to repay the loans, he said.
“And the rate of return against cost for green credits is much higher than other lending,” said Yang, adding that evaluating the environmental impact and energy-consumption of their clients will cost the banks little.
“But State-owned enterprises should also be ordered to implement green policies if the government wishes to achieve its energy-saving and emissions-reduction goals,” Yang said.
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2012年2月25日星期六
2012年2月24日星期五
3 Things That Could Move Financial Stocks Today
NEW YORK (TheStreet) — Here’s the news and headlines that could drive action in the big financial stocks today.
Bank of America(BAC) said in its annual 10K filing with the SEC that it will stop selling new home loans to Fannie Mae(FNMA), citing an ongoing dispute with the housing giant over mortgage repurchase claims. According to press reports, the bank has said its move will not affect customers seeking home loans as it will continue to sell new mortgages to Freddie Mac(FMCC) or retain them in their own books. It will continue to offer loans refinanced and modified through government programs to Fannie Mae. Bank of America has been scaling back its presence in the mortgage origination business. Last year it exited the correspondent mortgages business. The bank also disclosed that it still faces “reasonably possible losses” of $3.6 billion in addition to what it has accrued. http://tourism9.com/ http://vkins.com/
Citigroup(C) is in the process of winding down its nearly 10% stake in India’s HDFC (Housing Development and Finance Corporation). The bank will sell 145.26 million shares in the leading housing finance company as part of a block trade, with an offer range of 630 and 730 rupees, according to Financial Times. At the upper range, the bank will raise $2.1 billion from the sale. The final price will be announced Friday morning. Citigroup had already pared its stake in HDFC from 11.4% to under 10% last June. At that time, the bank had said it was a mere response to the anticipated changes to its capital structure under Basel III and was not a reflection of its outlook on HDFC or the Indian market. Analysts believe the sale may be linked to an anticipated writedown the bank may have to take if Morgan Stanley(MS) exercises its option to buy an additional 14% stake in Morgan Stanley Smith Barney joint venture.
Friday also brings economic data in the form of new homes sales data at 10:00 a.m. St. Louis Federal Reserve President James Bullard will be speaking in New York about housing and monetary policy. His comments may get attention in light of the Fed’s recent calls for policy action to boost housing.
Bank of America(BAC) said in its annual 10K filing with the SEC that it will stop selling new home loans to Fannie Mae(FNMA), citing an ongoing dispute with the housing giant over mortgage repurchase claims. According to press reports, the bank has said its move will not affect customers seeking home loans as it will continue to sell new mortgages to Freddie Mac(FMCC) or retain them in their own books. It will continue to offer loans refinanced and modified through government programs to Fannie Mae. Bank of America has been scaling back its presence in the mortgage origination business. Last year it exited the correspondent mortgages business. The bank also disclosed that it still faces “reasonably possible losses” of $3.6 billion in addition to what it has accrued. http://tourism9.com/ http://vkins.com/
Citigroup(C) is in the process of winding down its nearly 10% stake in India’s HDFC (Housing Development and Finance Corporation). The bank will sell 145.26 million shares in the leading housing finance company as part of a block trade, with an offer range of 630 and 730 rupees, according to Financial Times. At the upper range, the bank will raise $2.1 billion from the sale. The final price will be announced Friday morning. Citigroup had already pared its stake in HDFC from 11.4% to under 10% last June. At that time, the bank had said it was a mere response to the anticipated changes to its capital structure under Basel III and was not a reflection of its outlook on HDFC or the Indian market. Analysts believe the sale may be linked to an anticipated writedown the bank may have to take if Morgan Stanley(MS) exercises its option to buy an additional 14% stake in Morgan Stanley Smith Barney joint venture.
Friday also brings economic data in the form of new homes sales data at 10:00 a.m. St. Louis Federal Reserve President James Bullard will be speaking in New York about housing and monetary policy. His comments may get attention in light of the Fed’s recent calls for policy action to boost housing.
Anxiety to repay biz loans may weaken DOLE program
by Jeremaiah M. Opiniano, OFW Journalism Consortium
PASAY CITY – A months-old program handing out business loans to returning migrant workers does not require collateral from borrowers, and a finance expert thinks borrowers might encounter uneasiness to repay these loans.
The P2 billion Reintegration Fund for returning overseas Filipino workers (OFWs) hands out loans ranging from P200,000 to P2 million to existing migrant entrepreneurs. But microfinance specialist Jun Perez is worried that required documents returning OFWs must present and frequently show might give borrowers hesitation to repay.
The context here, said the managing director of the microfinance network Seed Finance Corp., is the size of the enterprises vis-à-vis returning OFWs’ abilities to repay.
The loan range implies that borrowers run small and medium enterprises (SMEs). Meanwhile, lenders Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) will require OFW borrowers to show documents related to their enterprises, such as purchase orders and titles to equipment purchased. There’s no collateral required for this loan program.
And this is where Perez’s view comes in about borrowers’ “compunction,” or a person’s strong uneasiness caused by a sense of guilt.
Borrowers running SMEs have to title their properties just to secure their loans, though the situation might not be applicable to those running sari-sari (small retail) stores or buy-and-sell ventures. Titling these properties entails costs, in the hope that with the titling the enterprise grows. With such growth the enterprise will now institutionalize having purchase orders (like sari-sari stores) like what usual businesses have.
Then the uneasiness comes in since running the business, producing the titles and business-related documents, and repaying the loans all come into play for the OFW borrower. In such a situation, the scheme of not requiring collateral for these SME loans “might be disadvantageous to the banks (DBP and LBP),” Perez said.
The Reintegration Fund represents the new scheme of the Overseas Workers Welfare Administration (OWWA) and the National Reintegration Center for OFWs (NRCO) to hand out livelihood loans to overseas workers. No less than President Aquino III ordered the Department of Labor and Employment (DOLE) to roll out this program.
But years of previous livelihood programs handled by OWWA, whether handled alone or in collaboration with financial institutions such as the National Livelihood Development Corp. (NLDC), have histories of high non-repayment rates by OFW borrowers.
Risks
The fund has P0.5 billion each from Land Bank and DBP, as well as a guarantee amount of P1 billion from OWWA (the world’s largest migrant welfare fund whose resources come from US$25 membership fees that departing overseas workers pay on a per-contract basis).
Officials of Land Bank and DBP explained during the fund’s launch months ago that both banks will offer an interest rate of only 7.5 percent to each of the loans, payable from two to seven years.
The loans, said Land Bank’s Cressida Mendoza and DBP’s Brillo Reynes during the congress, will make up 80 percent of the total capital needed by the enterprise. There’s also a catch: The businesses to be financed by these loans “must be earning”.
That way, said Mendoza, the situation “will be mutually beneficial to the OFW and to the bank”.
NRCO director Vivian Tornea said in a DOLE release that while there’s no collateral, loan applicants must “guarantee the business enterprise… is viable and profitable —or earning, say, like P10,000 a month”.
Actually, Perez and another development finance expert, Hector de Pedro of the nonprofit Mandato Inc., think both LBP and DBP have proven track records in handing out these reintegration loans.
It’s just that the image of these banks as part of the “government” that worries both Perez and de Pedro. Government-run lending programs “fail,” de Pedro thinks, because “the (word) government is literally synonymous to the word dole out —and the approaches of some agencies do not breed entrepreneurs”.
Thus, Perez said the Reintegration Fund’s implementation “must maintain the discipline and conviction that it must be sustainable, thus must support clearly-viable or potentially viable (enterprises) with community impact”.
Not surprisingly, the Reintegration Fund leaves those OFWs planning to launch start-up enterprises by the wayside—similar to how banks offer loans to existing ventures (but not to start-ups).
The upside of this regulation by DBP and LBP is that government invests its loan resources on proven practices, and that means all figures are (easily) given. Still, new business models coming from OFW enterprise start-ups may not be developed “because there is no support,” said de Pedro.
Repayment
The issue of repayment has haunted previous livelihood programs of OWWA, the most recent of which was the loans OWWA and the NRCO issued to OFWs displaced by the global economic crisis in 2009.
Previous OWWA and NRCO programs on reintegration saw OWWA directly providing these services, especially loans (even if OWWA is not a quasi-financial institution). OWWA also has a running Livelihood Development Program for OFWs (LDPO), in coordination with the National Livelihood Development Corporation —though information is not available on the nationally-run loan program’s repayment performance.
During a press conference after the fund’s launch, Labor Undersecretary Danilo Cruz told the OFW Journalism Consortium that OWWA “will exert extra efforts” to monitor borrowers’ repayment of their loans. Handling loans “is not OWWA’s forte,” Cruz adds, justifying DOLE’s partnership with LandBank and DBP. The partnership sees OWWA’s share to the Reintegration Fund as a guarantee fund in case of non-repayment, Cruz told reporters during a press conference.
LDPO has its own repayment woes. For example, officials of a cooperative in central Philippines that is a conduit of LDPO loans said there is a “high” non-repayment rate among their OFW borrowers. The conduit, the Philippine Cooperative Central Fund Federation, then conducted a financial education and business assessment seminar to some of its borrowers so that the latter are told how to handle the capital they have.
For migrant civil society advocates like Carmelita Nuqui of the Development Action for Women Network (DAWN), the reintegration fund’s regulations are “different from what the government says in public”. Loans for returning migrants, Nuqui says, are available “but why can’t overseas Filipino workers get them right away if these are really for them?” OFW Journalism Consortium
http://tourism9.com/ http://vkins.com/
The P2 billion Reintegration Fund for returning overseas Filipino workers (OFWs) hands out loans ranging from P200,000 to P2 million to existing migrant entrepreneurs. But microfinance specialist Jun Perez is worried that required documents returning OFWs must present and frequently show might give borrowers hesitation to repay.
The context here, said the managing director of the microfinance network Seed Finance Corp., is the size of the enterprises vis-à-vis returning OFWs’ abilities to repay.
The loan range implies that borrowers run small and medium enterprises (SMEs). Meanwhile, lenders Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) will require OFW borrowers to show documents related to their enterprises, such as purchase orders and titles to equipment purchased. There’s no collateral required for this loan program.
And this is where Perez’s view comes in about borrowers’ “compunction,” or a person’s strong uneasiness caused by a sense of guilt.
Borrowers running SMEs have to title their properties just to secure their loans, though the situation might not be applicable to those running sari-sari (small retail) stores or buy-and-sell ventures. Titling these properties entails costs, in the hope that with the titling the enterprise grows. With such growth the enterprise will now institutionalize having purchase orders (like sari-sari stores) like what usual businesses have.
Then the uneasiness comes in since running the business, producing the titles and business-related documents, and repaying the loans all come into play for the OFW borrower. In such a situation, the scheme of not requiring collateral for these SME loans “might be disadvantageous to the banks (DBP and LBP),” Perez said.
The Reintegration Fund represents the new scheme of the Overseas Workers Welfare Administration (OWWA) and the National Reintegration Center for OFWs (NRCO) to hand out livelihood loans to overseas workers. No less than President Aquino III ordered the Department of Labor and Employment (DOLE) to roll out this program.
But years of previous livelihood programs handled by OWWA, whether handled alone or in collaboration with financial institutions such as the National Livelihood Development Corp. (NLDC), have histories of high non-repayment rates by OFW borrowers.
Risks
The fund has P0.5 billion each from Land Bank and DBP, as well as a guarantee amount of P1 billion from OWWA (the world’s largest migrant welfare fund whose resources come from US$25 membership fees that departing overseas workers pay on a per-contract basis).
Officials of Land Bank and DBP explained during the fund’s launch months ago that both banks will offer an interest rate of only 7.5 percent to each of the loans, payable from two to seven years.
The loans, said Land Bank’s Cressida Mendoza and DBP’s Brillo Reynes during the congress, will make up 80 percent of the total capital needed by the enterprise. There’s also a catch: The businesses to be financed by these loans “must be earning”.
That way, said Mendoza, the situation “will be mutually beneficial to the OFW and to the bank”.
NRCO director Vivian Tornea said in a DOLE release that while there’s no collateral, loan applicants must “guarantee the business enterprise… is viable and profitable —or earning, say, like P10,000 a month”.
Actually, Perez and another development finance expert, Hector de Pedro of the nonprofit Mandato Inc., think both LBP and DBP have proven track records in handing out these reintegration loans.
It’s just that the image of these banks as part of the “government” that worries both Perez and de Pedro. Government-run lending programs “fail,” de Pedro thinks, because “the (word) government is literally synonymous to the word dole out —and the approaches of some agencies do not breed entrepreneurs”.
Thus, Perez said the Reintegration Fund’s implementation “must maintain the discipline and conviction that it must be sustainable, thus must support clearly-viable or potentially viable (enterprises) with community impact”.
Not surprisingly, the Reintegration Fund leaves those OFWs planning to launch start-up enterprises by the wayside—similar to how banks offer loans to existing ventures (but not to start-ups).
The upside of this regulation by DBP and LBP is that government invests its loan resources on proven practices, and that means all figures are (easily) given. Still, new business models coming from OFW enterprise start-ups may not be developed “because there is no support,” said de Pedro.
Repayment
The issue of repayment has haunted previous livelihood programs of OWWA, the most recent of which was the loans OWWA and the NRCO issued to OFWs displaced by the global economic crisis in 2009.
Previous OWWA and NRCO programs on reintegration saw OWWA directly providing these services, especially loans (even if OWWA is not a quasi-financial institution). OWWA also has a running Livelihood Development Program for OFWs (LDPO), in coordination with the National Livelihood Development Corporation —though information is not available on the nationally-run loan program’s repayment performance.
During a press conference after the fund’s launch, Labor Undersecretary Danilo Cruz told the OFW Journalism Consortium that OWWA “will exert extra efforts” to monitor borrowers’ repayment of their loans. Handling loans “is not OWWA’s forte,” Cruz adds, justifying DOLE’s partnership with LandBank and DBP. The partnership sees OWWA’s share to the Reintegration Fund as a guarantee fund in case of non-repayment, Cruz told reporters during a press conference.
LDPO has its own repayment woes. For example, officials of a cooperative in central Philippines that is a conduit of LDPO loans said there is a “high” non-repayment rate among their OFW borrowers. The conduit, the Philippine Cooperative Central Fund Federation, then conducted a financial education and business assessment seminar to some of its borrowers so that the latter are told how to handle the capital they have.
For migrant civil society advocates like Carmelita Nuqui of the Development Action for Women Network (DAWN), the reintegration fund’s regulations are “different from what the government says in public”. Loans for returning migrants, Nuqui says, are available “but why can’t overseas Filipino workers get them right away if these are really for them?” OFW Journalism Consortium
http://tourism9.com/ http://vkins.com/
2012年2月22日星期三
Constitution Court OKs two executive decrees
Home » politics » Constitution Court OKs two executive decrees
February 22, 2012 2:59 pmThe Court spent about 50 minutes reading the verdict.
Opposition Democrat party list MP and former finance minister Korn Chatikavanij and Senator Kamnoon Sitthisamarn submitted the petition to the Court for the interpretation of the two decrees.
The first of the two executive decrees involves permission for the government to seek a Bt350 billion loan to finance water management and flood rehabilitation projects while the second is in regard to the transfer of the FIDF’s debt from the Finance Ministry to the Bank of Thailand.
The government has reiterated that the decrees were needed to restore confidence in Thailand after the flood crisis last year.
The opposition questioned the urgency of the decrees, saying the government had enough budget and time to propose the loan decree through the legislative process to the House of Representatives.
The transfer of FIDF’s debt was criticised as government interference with the Bank of Thailand.
The ruling left the government with several bullets to finance its post-flood investment. Economic stability and unavoidable urgency were cited as the reasons for the ruling.
The borrowing executive decree will allow the government to finance 32 long-term flood-protection plans, which require a total investment of about Bt360 billion. The decree empowers the Finance Ministry to borrow Bt350 billion in Baht or other currencies by June 30, 2013.
The second decree will give even more room for investment as the government need not to set aside a budget for principal and interest payment for the Financial Institutions Development Fund (FIDF), starting from the 2013 fiscal year.
In the 2012 fiscal year, Bt68.43 billion was set aside for the purpose. The amount accounted for 2.9 per cent of public expenditures in the year and 16.2 per cent of total investment budget.
nScaled Announces Series A Investment by Almaz Capital and Doughty Hanson Technology Ventures
SAN FRANCISCO, CA–(Marketwire -02/22/12)- nScaled, a pioneering provider of cloud-based Recovery-as-a-Service (RaaS) solutions, today announced that it has completed a Series A round of financing, securing $7 million in investments from Almaz Capital and Doughty Hanson Technology Ventures, as well as leading Silicon Valley angel investors. The investment will be used to fund nScaled’s growth, including expansion of its global network of data centers and new software development, as well as sales and marketing efforts.
Peter Loukianoff, co-founder and managing partner of Almaz Capital, said, “In nScaled, we found a company that is in prime position to command a dominant role in the emerging market of cloud-based disaster recovery. nScaled’s technology platform will enable the company to broaden its service offerings in the future and allow customers to take full advantage of the cloud and its enormous economic and operational benefits. Cloud-computing is forcing dramatic structural changes in the way software applications are consumed by companies of all sizes and nScaled is well-positioned to capitalize on this tectonic market shift.”
“We invested in nScaled because we believe there is a gap in the market for technology that simplifies and reduces the cost of providing disaster recovery,” added George Powlick, managing director at Doughty Hanson Technology Ventures. “nScaled’s early success and the market’s acceptance of Cloud-based recovery services make us confident that nScaled will become a leader in the market.”
“2011 was a stellar year for nScaled. We tripled the size of our business by virtually all measures and we have similarly aggressive growth plans for 2012,” said Mark Hadfield, CEO of nScaled. “This funding will help us achieve that growth and position us as one of the dominant players in Recovery-as-a-Service.”
As part of its growth strategy, nScaled recently announced the availability of free accounts designed to provide prospective customers with a fast and easy way to discover Cloud-based disaster recovery, backup and archiving capabilities for their VMware data centers.
About Almaz CapitalAlmaz Capital is one of the leading venture capital firms serving entrepreneurs and companies with ties to Russia and the Commonwealth of Independent States (CIS). Investors and strategic partners of the firm include industry leaders, such as Cisco, the European Bank for Reconstruction and Development (the “EBRD”), and UFG Asset Management. Almaz Capital primarily targets early and expansion stage investments in high growth sectors, including Technology, Digital Media, and Communications. In addition to extensive experience in Russia and the CIS, the firm’s network in Silicon Valley offers portfolio companies an effective local investment partner with global reach. For more information please go to http://www.almazcapital.com/
About Doughty Hanson Technology VenturesDoughty Hanson Technology Ventures invests in exceptional entrepreneurs and management teams that have the passion, commitment and vision to conceive great ideas and build global businesses. Their investment strategy targets companies that develop sophisticated and proprietary technologies and focuses on three industry sectors: internet software, mobile communications and clean energy technology. For more information please go to http://www.doughtyhanson.com/
About nScaled Inc.nScaled provides Recovery-as-a-Service (RaaS) to mid-size companies worldwide. They provide an all-in-one solution for disaster recovery, business continuity, backup and archiving to customers with zero tolerance for data loss or downtime. nScaled’s customers are banks, law firms, hospitals, manufacturers, retailers, universities — any organization that needs to be ready for the inevitable problems that lead to data or server loss. All services are based on a global network of remote cloud data centers plus on-premises local cloud appliance, all managed as one secure, seamless infrastructure. The company is headquartered in San Francisco, with offices in London. For more information, please visit http://www.nscaled.com or write to info@nscaled.com.
http://tourism9.com http://vkins.com
Peter Loukianoff, co-founder and managing partner of Almaz Capital, said, “In nScaled, we found a company that is in prime position to command a dominant role in the emerging market of cloud-based disaster recovery. nScaled’s technology platform will enable the company to broaden its service offerings in the future and allow customers to take full advantage of the cloud and its enormous economic and operational benefits. Cloud-computing is forcing dramatic structural changes in the way software applications are consumed by companies of all sizes and nScaled is well-positioned to capitalize on this tectonic market shift.”
“We invested in nScaled because we believe there is a gap in the market for technology that simplifies and reduces the cost of providing disaster recovery,” added George Powlick, managing director at Doughty Hanson Technology Ventures. “nScaled’s early success and the market’s acceptance of Cloud-based recovery services make us confident that nScaled will become a leader in the market.”
“2011 was a stellar year for nScaled. We tripled the size of our business by virtually all measures and we have similarly aggressive growth plans for 2012,” said Mark Hadfield, CEO of nScaled. “This funding will help us achieve that growth and position us as one of the dominant players in Recovery-as-a-Service.”
As part of its growth strategy, nScaled recently announced the availability of free accounts designed to provide prospective customers with a fast and easy way to discover Cloud-based disaster recovery, backup and archiving capabilities for their VMware data centers.
About Almaz CapitalAlmaz Capital is one of the leading venture capital firms serving entrepreneurs and companies with ties to Russia and the Commonwealth of Independent States (CIS). Investors and strategic partners of the firm include industry leaders, such as Cisco, the European Bank for Reconstruction and Development (the “EBRD”), and UFG Asset Management. Almaz Capital primarily targets early and expansion stage investments in high growth sectors, including Technology, Digital Media, and Communications. In addition to extensive experience in Russia and the CIS, the firm’s network in Silicon Valley offers portfolio companies an effective local investment partner with global reach. For more information please go to http://www.almazcapital.com/
About Doughty Hanson Technology VenturesDoughty Hanson Technology Ventures invests in exceptional entrepreneurs and management teams that have the passion, commitment and vision to conceive great ideas and build global businesses. Their investment strategy targets companies that develop sophisticated and proprietary technologies and focuses on three industry sectors: internet software, mobile communications and clean energy technology. For more information please go to http://www.doughtyhanson.com/
About nScaled Inc.nScaled provides Recovery-as-a-Service (RaaS) to mid-size companies worldwide. They provide an all-in-one solution for disaster recovery, business continuity, backup and archiving to customers with zero tolerance for data loss or downtime. nScaled’s customers are banks, law firms, hospitals, manufacturers, retailers, universities — any organization that needs to be ready for the inevitable problems that lead to data or server loss. All services are based on a global network of remote cloud data centers plus on-premises local cloud appliance, all managed as one secure, seamless infrastructure. The company is headquartered in San Francisco, with offices in London. For more information, please visit http://www.nscaled.com or write to info@nscaled.com.
http://tourism9.com http://vkins.com
2012年2月21日星期二
FTTN to Scout New Targets at Investment Banking Conference
BRADENTON, Fla.–(BUSINESS WIRE)–
The executive leadership of First Titan Corp. (OTCBB: FTTN.OB – News) will seek out lucrative new business opportunities at the National Investment Banking Association (NIBA) Conference this week in New Orleans.
The conference will provide a forum for emerging companies seeking financing or exposure to present their story to venture capitalists, early-stage investors and industry leaders. The organization’s 121st conference, it is planned to be a comprehensive showcase of cutting-edge, innovative entrepreneurs and businesses from across the country, including up-and-comers in the energy sector.
First Titan is in search of potentially lucrative new partnerships, joint venture candidates and possible acquisitions that will increase the company’s developing foothold in the energy industry. The NIBA Conference will offer a prime opportunity for the company to network with rising stars in need of assistance in funding, marketing and distributing their projects.
The conference runs Thursday through Friday at the Le Pavillon hotel.
For more information on FTTN’s energy exploration initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
http://tourism9.cm/ http://vkins.com/
The executive leadership of First Titan Corp. (OTCBB: FTTN.OB – News) will seek out lucrative new business opportunities at the National Investment Banking Association (NIBA) Conference this week in New Orleans.
The conference will provide a forum for emerging companies seeking financing or exposure to present their story to venture capitalists, early-stage investors and industry leaders. The organization’s 121st conference, it is planned to be a comprehensive showcase of cutting-edge, innovative entrepreneurs and businesses from across the country, including up-and-comers in the energy sector.
First Titan is in search of potentially lucrative new partnerships, joint venture candidates and possible acquisitions that will increase the company’s developing foothold in the energy industry. The NIBA Conference will offer a prime opportunity for the company to network with rising stars in need of assistance in funding, marketing and distributing their projects.
The conference runs Thursday through Friday at the Le Pavillon hotel.
For more information on FTTN’s energy exploration initiative, please visit www.firsttitanenergy.com/investors.
First Titan is working to develop new energy solutions to compete in a booming global industry alongside Chesapeake Energy Corp. (NYSE: CHK), Anadarko Petroleum Corp. (NYSE: APC), SandRidge Energy Inc. (NYSE: SD) and Apache Corp. (NYSE: APA).
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com. Follow us on Twitter at www.twitter.com/firsttitancorp.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words “believes,” “expects,” “anticipate” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone’s past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
http://tourism9.cm/ http://vkins.com/
2012年2月20日星期一
Icelandic Anger Brings Debt Forgiveness in Best Recovery Story
February 20, 2012, 2:31 AM EST
By Omar R. Valdimarsson
Feb. 20 (Bloomberg) — Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
Crisis Lessons
“The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110 percent agreement was here,” said Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik, in an interview. “It’s the broadest agreement that’s been undertaken.”
Without the relief, homeowners would have buckled under the weight of their loans after the ratio of debt to incomes surged to 240 percent in 2008, Matthiasson said.
Iceland’s $13 billion economy, which shrank 6.7 percent in 2009, grew 2.9 percent last year and will expand 2.4 percent this year and next, the Paris-based OECD estimates. The euro area will grow 0.2 percent this year and the OECD area will expand 1.6 percent, according to November estimates.
Housing, measured as a subcomponent in the consumer price index, is now only about 3 percent below values in September 2008, just before the collapse. Fitch Ratings last week raised Iceland to investment grade, with a stable outlook, and said the island’s “unorthodox crisis policy response has succeeded.”
People Vs Markets
Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.
Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.
Activists say the banks should go even further in their debt relief. Andrea J. Olafsdottir, chairman of the Icelandic Homes Coalition, said she doubts the numbers provided by the banks are reliable.
“There are indications that some of the financial institutions in question haven’t lost a penny with the measures that they’ve undertaken,” she said.
Fresh Demands
According to Kristjan Kristjansson, a spokesman for Landsbankinn hf, the amount written off by the banks is probably larger than the 196.4 billion kronur ($1.6 billion) that the Financial Services Association estimates, since that figure only includes debt relief required by the courts or the government.
“There are still a lot of people facing difficulties; at the same time there are a lot of people doing fine,” Kristjansson said. “It’s nearly impossible to say when enough is enough; alongside every measure that is taken, there are fresh demands for further action.”
As a precursor to the global Occupy Wall Street movement and austerity protests across Europe, Icelanders took to the streets after the economic collapse in 2008. Protests escalated in early 2009, forcing police to use teargas to disperse crowds throwing rocks at parliament and the offices of then Prime Minister Geir Haarde. Parliament is still deciding whether to press ahead with an indictment that was brought against him in September 2009 for his role in the crisis.
A new coalition, led by Social Democrat Prime Minister Johanna Sigurdardottir, was voted into office in early 2009. The authorities are now investigating most of the main protagonists of the banking meltdown.
Legal Aftermath
Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.
Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.
That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.
The U.S. subprime crisis sent home prices plunging 33 percent from a 2006 peak. While households there don’t face the same degree of debt relief as that pushed through in Iceland, President Barack Obama this month proposed plans to expand loan modifications, including some principal reductions.
According to Christensen at Danske Bank, “the bottom line is that if households are insolvent, then the banks just have to go along with it, regardless of the interests of the banks.”
–Editors: Jonas Bergman, Tasneem Brogger.
To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.
To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.nethttp://tourism9.com/ http://vkins.com/
By Omar R. Valdimarsson
Feb. 20 (Bloomberg) — Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.
Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.
“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”
The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.
The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.
Crisis Lessons
“The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110 percent agreement was here,” said Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik, in an interview. “It’s the broadest agreement that’s been undertaken.”
Without the relief, homeowners would have buckled under the weight of their loans after the ratio of debt to incomes surged to 240 percent in 2008, Matthiasson said.
Iceland’s $13 billion economy, which shrank 6.7 percent in 2009, grew 2.9 percent last year and will expand 2.4 percent this year and next, the Paris-based OECD estimates. The euro area will grow 0.2 percent this year and the OECD area will expand 1.6 percent, according to November estimates.
Housing, measured as a subcomponent in the consumer price index, is now only about 3 percent below values in September 2008, just before the collapse. Fitch Ratings last week raised Iceland to investment grade, with a stable outlook, and said the island’s “unorthodox crisis policy response has succeeded.”
People Vs Markets
Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.
Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.
Activists say the banks should go even further in their debt relief. Andrea J. Olafsdottir, chairman of the Icelandic Homes Coalition, said she doubts the numbers provided by the banks are reliable.
“There are indications that some of the financial institutions in question haven’t lost a penny with the measures that they’ve undertaken,” she said.
Fresh Demands
According to Kristjan Kristjansson, a spokesman for Landsbankinn hf, the amount written off by the banks is probably larger than the 196.4 billion kronur ($1.6 billion) that the Financial Services Association estimates, since that figure only includes debt relief required by the courts or the government.
“There are still a lot of people facing difficulties; at the same time there are a lot of people doing fine,” Kristjansson said. “It’s nearly impossible to say when enough is enough; alongside every measure that is taken, there are fresh demands for further action.”
As a precursor to the global Occupy Wall Street movement and austerity protests across Europe, Icelanders took to the streets after the economic collapse in 2008. Protests escalated in early 2009, forcing police to use teargas to disperse crowds throwing rocks at parliament and the offices of then Prime Minister Geir Haarde. Parliament is still deciding whether to press ahead with an indictment that was brought against him in September 2009 for his role in the crisis.
A new coalition, led by Social Democrat Prime Minister Johanna Sigurdardottir, was voted into office in early 2009. The authorities are now investigating most of the main protagonists of the banking meltdown.
Legal Aftermath
Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.
Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.
That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.
The U.S. subprime crisis sent home prices plunging 33 percent from a 2006 peak. While households there don’t face the same degree of debt relief as that pushed through in Iceland, President Barack Obama this month proposed plans to expand loan modifications, including some principal reductions.
According to Christensen at Danske Bank, “the bottom line is that if households are insolvent, then the banks just have to go along with it, regardless of the interests of the banks.”
–Editors: Jonas Bergman, Tasneem Brogger.
To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik valdimarsson@bloomberg.net.
To contact the editor responsible for this story: Jonas Bergman at jbergman@bloomberg.nethttp://tourism9.com/ http://vkins.com/
Pakistan's major targets to be lowered
The Pakistan government is working on a plan to lower major economic targets for next financial year because of economic difficulties and transfer the responsibility of financing social sector projects to the provincial governments from the Public Sector Development Programme (PSDP).
According to sources, a major restructuring of the planning process is under way. “Not only the composition of the PSDP will change in the next budget but the Planning Commission will see induction of provincial members to represent their provinces in major policy formulation and development planning in accordance with the 18th Amendment,” they said.
Planning Commission Deputy Chairman Dr Nadeemul Haq’s ‘New Growth Framework (NGF)’ will, for the first time, become part of next year’s development budget and the 10th five-year plan. Haq had shelved the 10th five-year plan two years ago to focus on changing the investment model.
“Starting with the next budget, the federal government will largely move out of the social sector and it will become the responsibility of the provinces. However, the centre will complete the ongoing schemes,” an official said. The NGF would become redundant if not made part of the five-year plan and the budget this year, he said.
He said that despite political compulsions, the size of next year’s federal PSDP would be around 350 billion rupees (US$3.8 billion), instead of 470 billion rupees ($5.1 billion) envisaged under the medium-term budgetary framework (MTBF) and budget strategy paper (BSP) introduced last year.
He did not rule out that owing to political pressures the size of the PSDP might be increased, but hastened to add that the economic managers would resist any unreasonable spending that might push up budget deficit now being targeted at 4.5 per cent of the GDP for next year.
Likewise, the provincial PSDPs will be of around 495 billion rupees ($5.4 billion) instead of 680 billion rupees ($7.4 billion) estimated earlier.
The overall size of the PSDP will hover around 850 billion rupees ($9.3 billion) instead of 1,150 billion rupees ($12.6 million) earlier estimated for the next financial year and the development expenditure will be about 3.6 per cent of the GDP instead of five per cent estimated in the MTBF.
Officials said major macroeconomic targets for the next year envisaged in the MTBF had already become unrealistic and would be scaled down.
The economic (GDP) growth rate for the year is being estimated at five per cent, instead of 5.5 per cent, and the inflation target will be set at 10 per cent.
The target for tax revenue is being lowered to 10.7 per cent from 11.7 per cent and non-tax revenues by 0.2 percentage points to four per cent. The total revenue is estimated at 14.7 per cent instead of the earlier estimate of 15.9 per cent of GDP.
Officials said the existing composition of PSDP, including infrastructure, social sector, would be replaced by productive activities, infrastructure development, social development, special areas and special programmes. The NGF will focus on productivity enhancement, investment in software instead of hardware, competitiveness, domestic markets, new role for cities and entrepreneurship.
The Planning Commission argues that the government and quasi-public sector entities such as the armed forces, railways, Steel Mills and Karachi Port Trust own a disproportionately large portion of real estate in major urban centres. In Karachi, up to 94 per cent of available land is under the administrative and legal control of these entities, sparing very little land for commercial use and resulting in hiking its price to a point where development becomes commercially unfeasible.
Measures will be introduced to make large tracts of prime urban land available for commercial use through long-term lease and outright sale without recourse to the budget for investment in real estate development and commercial activities.
Attention will also be paid to improving the yield of major crops and small businesseshttp://tourism9.com/ http://vkins.com/
According to sources, a major restructuring of the planning process is under way. “Not only the composition of the PSDP will change in the next budget but the Planning Commission will see induction of provincial members to represent their provinces in major policy formulation and development planning in accordance with the 18th Amendment,” they said.
Planning Commission Deputy Chairman Dr Nadeemul Haq’s ‘New Growth Framework (NGF)’ will, for the first time, become part of next year’s development budget and the 10th five-year plan. Haq had shelved the 10th five-year plan two years ago to focus on changing the investment model.
“Starting with the next budget, the federal government will largely move out of the social sector and it will become the responsibility of the provinces. However, the centre will complete the ongoing schemes,” an official said. The NGF would become redundant if not made part of the five-year plan and the budget this year, he said.
He said that despite political compulsions, the size of next year’s federal PSDP would be around 350 billion rupees (US$3.8 billion), instead of 470 billion rupees ($5.1 billion) envisaged under the medium-term budgetary framework (MTBF) and budget strategy paper (BSP) introduced last year.
He did not rule out that owing to political pressures the size of the PSDP might be increased, but hastened to add that the economic managers would resist any unreasonable spending that might push up budget deficit now being targeted at 4.5 per cent of the GDP for next year.
Likewise, the provincial PSDPs will be of around 495 billion rupees ($5.4 billion) instead of 680 billion rupees ($7.4 billion) estimated earlier.
The overall size of the PSDP will hover around 850 billion rupees ($9.3 billion) instead of 1,150 billion rupees ($12.6 million) earlier estimated for the next financial year and the development expenditure will be about 3.6 per cent of the GDP instead of five per cent estimated in the MTBF.
Officials said major macroeconomic targets for the next year envisaged in the MTBF had already become unrealistic and would be scaled down.
The economic (GDP) growth rate for the year is being estimated at five per cent, instead of 5.5 per cent, and the inflation target will be set at 10 per cent.
The target for tax revenue is being lowered to 10.7 per cent from 11.7 per cent and non-tax revenues by 0.2 percentage points to four per cent. The total revenue is estimated at 14.7 per cent instead of the earlier estimate of 15.9 per cent of GDP.
Officials said the existing composition of PSDP, including infrastructure, social sector, would be replaced by productive activities, infrastructure development, social development, special areas and special programmes. The NGF will focus on productivity enhancement, investment in software instead of hardware, competitiveness, domestic markets, new role for cities and entrepreneurship.
The Planning Commission argues that the government and quasi-public sector entities such as the armed forces, railways, Steel Mills and Karachi Port Trust own a disproportionately large portion of real estate in major urban centres. In Karachi, up to 94 per cent of available land is under the administrative and legal control of these entities, sparing very little land for commercial use and resulting in hiking its price to a point where development becomes commercially unfeasible.
Measures will be introduced to make large tracts of prime urban land available for commercial use through long-term lease and outright sale without recourse to the budget for investment in real estate development and commercial activities.
Attention will also be paid to improving the yield of major crops and small businesseshttp://tourism9.com/ http://vkins.com/
2012年2月19日星期日
City fund to invest in business startups and expansions
Anchorage city government is creating a fund that will invest in private businesses — specifically, local start-ups and existing operations that are expanding.
The investment money comes from a $13.2 million federal allocation. Anchorage is the first city in the U.S. to receive an allocation from the Treasury Department’s state small business credit initiative, according to the mayor’s office. Elsewhere, states are operating such funds.
The Anchorage fund, called the 49th State Angel Fund, will loan money or take an ownership interest of up to 10 percent of the value of enterprises it invests in, said Allan Johnston, a former investment firm manager who is helping the city put the fund together. He is married to Assembly member Jennifer Johnston.
The fund’s purpose is to spur economic development, create jobs and promote entrepreneurship, city Chief Financial Officer Lucinda Mahoney said in a written presentation.
Exactly how the program will work is still being developed, Allan Johnston said. Eventually, he said he thinks the best system would be for private “angel funds” to be established and for the city money to go through them.
But in the initial version, the mayor and the city’s chief financial officer will make decisions on which businesses to invest in based on recommendations from an advisory committee of financial experts.
The Anchorage Assembly unanimously approved the plan last week.
Anchorage Assemblyman and mayor candidate Paul Honeman sent out a campaign statement critical of the way the fund management is set up. He thinks the Assembly should have a role in confirming advisory committee members and maybe confirm who gets loans.
But he said Friday that he voted for it without proposing any changes because he didn’t want to jeopardize Anchorage getting the money.
He noted the city has 90 days to set up the program and says there’s time within that period to make changes.
Assembly member Patrick Flynn, in his blog, questioned whether it would be a good idea for the Assembly to be more involved. “We want to substitute our political judgment for the fiscal judgment of financial professionals?” he asked.
Bill Popp, president and CEO of the Anchorage Economic Development Corp., said his group supports the city’s move.
“Angel funds” such as this one fill gaps in the financing of a new or expanding business, Popp said. Such funds tend to be small and community based, he said.
“AEDC is pretty excited this fund is coming into being,” he said.
Popp told the Assembly it “fills a role the private sector has not been willing to take on to this point.”
Strings attached to the federal funds:
• There has to be a 10-to-1 match for the federal money. A $1 investment from the 49th State Angel Fund must lead to at least $10 of private funding, the city news release said.
So the $13.2 million in federal money could generate $140 million or more in economic activity, Popp said.
• The target investment is a firm with 500 or fewer employees. Seven hundred fifty employees is the upper limit.
With these requirements, it won’t be for mom-and-pop retail outfits, Popp said. The start-up or expanding business venture would have to have a sizable investment, he said. Asked what kinds of businesses might qualify, he said a company making high-value electronics might, or an information technology firm with significant reach.
Lance Ahern, now a city employee, testified at the Assembly that when he started Internet Alaska Inc. in 1994 investment money was scarce. The company was the first local and statewide Internet service provider in Alaska, Ahern said.
He wasn’t able to get bank loans. “When I started my first company the investors were me, Visa and Mastercard,” he said. “This program is really good.”
Reach Rosemary Shinohara at rshinohara@adn.com or 257-4340.
http://tourism9.cm/ http://vkins.com/
The Anchorage fund, called the 49th State Angel Fund, will loan money or take an ownership interest of up to 10 percent of the value of enterprises it invests in, said Allan Johnston, a former investment firm manager who is helping the city put the fund together. He is married to Assembly member Jennifer Johnston.
The fund’s purpose is to spur economic development, create jobs and promote entrepreneurship, city Chief Financial Officer Lucinda Mahoney said in a written presentation.
Exactly how the program will work is still being developed, Allan Johnston said. Eventually, he said he thinks the best system would be for private “angel funds” to be established and for the city money to go through them.
But in the initial version, the mayor and the city’s chief financial officer will make decisions on which businesses to invest in based on recommendations from an advisory committee of financial experts.
The Anchorage Assembly unanimously approved the plan last week.
Anchorage Assemblyman and mayor candidate Paul Honeman sent out a campaign statement critical of the way the fund management is set up. He thinks the Assembly should have a role in confirming advisory committee members and maybe confirm who gets loans.
But he said Friday that he voted for it without proposing any changes because he didn’t want to jeopardize Anchorage getting the money.
He noted the city has 90 days to set up the program and says there’s time within that period to make changes.
Assembly member Patrick Flynn, in his blog, questioned whether it would be a good idea for the Assembly to be more involved. “We want to substitute our political judgment for the fiscal judgment of financial professionals?” he asked.
Bill Popp, president and CEO of the Anchorage Economic Development Corp., said his group supports the city’s move.
“Angel funds” such as this one fill gaps in the financing of a new or expanding business, Popp said. Such funds tend to be small and community based, he said.
“AEDC is pretty excited this fund is coming into being,” he said.
Popp told the Assembly it “fills a role the private sector has not been willing to take on to this point.”
Strings attached to the federal funds:
• There has to be a 10-to-1 match for the federal money. A $1 investment from the 49th State Angel Fund must lead to at least $10 of private funding, the city news release said.
So the $13.2 million in federal money could generate $140 million or more in economic activity, Popp said.
• The target investment is a firm with 500 or fewer employees. Seven hundred fifty employees is the upper limit.
With these requirements, it won’t be for mom-and-pop retail outfits, Popp said. The start-up or expanding business venture would have to have a sizable investment, he said. Asked what kinds of businesses might qualify, he said a company making high-value electronics might, or an information technology firm with significant reach.
Lance Ahern, now a city employee, testified at the Assembly that when he started Internet Alaska Inc. in 1994 investment money was scarce. The company was the first local and statewide Internet service provider in Alaska, Ahern said.
He wasn’t able to get bank loans. “When I started my first company the investors were me, Visa and Mastercard,” he said. “This program is really good.”
Reach Rosemary Shinohara at rshinohara@adn.com or 257-4340.
2012年2月17日星期五
Microfinance Operations Office; Associate Operations Officer/Operations Officer
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.
IFC Advisory Services in Vietnam helps Vietnamese firms make their operations more efficient and client-friendly, and raise their international competitiveness by improving social, environmental, and corporate governance practices. We support Vietnam’s sustainable development by helping to attract international investment to vital sectors such as infrastructure, renewable energy, and microfinance. Our Advisory Services are structured into four business lines: Access to Finance, Investment Climate, Sustainable Business Advisory, and Public-Private Partnerships. In the Mekong region covering Cambodia, Lao PDR, and Vietnam, our advisory services are delivered in partnership with the European Union, Finland, Ireland, the Netherlands, New Zealand, and Switzerland.
Their operations in Vietnam will be expanding in 2012, and we are looking for qualified applicants for the following three positions. All positions will be expected to lead existing and potential assistance projects in their Business Line and the IFC portfolio, including developing excellent client relations, designing and implementing projects for meaningful development impact, and ensuring IFC procedures are respected. In addition, all positions are expected to contribute to the development of IFC’s Vietnam Program by actively identifying new opportunities for IFC, providing input to IFC’s strategy for their Business Lines and building relationships with industry stakeholders.
1. Microfinance Operations Officer, Access to Finance – A2F (position no.120038)
IFC intends to support the development of Vietnam’s nascent commercial microfinance sector and increase access to microfinance services to urban and rural poor by creating an enabling environment and a financial sector that can create and manage sustainable private sector institutions to serve a large number of low-income households.
The Microfinance Operations Officer is a local 2 year term appointment based in Hanoi or Ho Chi Minh City. S/he will work closely with and under the supervision of the A2F Vietnam Program Manager. S/he will be primarily responsible for the implementation of A2F Microfinance (MF) projects in Vietnam. S/he must be an experienced professional whose knowledge and skills enable him/her to undertake project design, project implementation, and knowledge management initiatives with limited direct supervision.
Specific duties and accountabilities:
- Lead the MF project development by addressing all key aspects (scope of work, terms, deliverables, etc.), monitoring results, benchmarking against best practice, and consulting with the relevant stakeholders.
- Prepare project work plans, budgets and project operational documents, consistent with overall IFC objectives, plans and budgets. Ensure project(s) compliance with IFC’s overall financial market strategy and IFC procedures.
- Prepare terms-of-reference and help identify, select, and schedule consultant assignments; guide consultants in the effective delivery of their services, including monitoring their work to ensure that agreed deliverables are met and that they are captured in appropriate reports.
- Analyze developmental impact of the project(s). Document progress, resolve issues, and initiate improvements when needed.
- Pro-actively and effectively develop and nurture working relationship with government partners and private sector partners including, but not limited to, banks and MFIs.
- Communicate the progress of the project(s) and overall program to IFC and related partners, and proactively engage with IFC communications to ensure external and internal communications issues are well addressed.
- Liaise and work closely with the IFC investment in joint appraisal teams working on existing or new advisory and investment projects.
- Identify key lessons learned to be shared with the wider IFC A2F team, and develop IFC Smart Lessons and other internal knowledge management documents in Microfinance.
- Contribute to raising external funding and donor relations.
- Contribute to A2F strategy for Vietnam to maximize IFC’s financial and social returns in both investment and advisory services.
- Travel as necessary to support project design and development, and implementation.
Selection criteria:
- Master’s degree in Finance/Economics/Business Administration/Law or equivalent degree from a recognized institution.
- At least 5 years of relevant working experience in financial sector, preferably with hands on experience in Microfinance.
- Proven experience in managing a project, preferably donor-funded, including project design, implementation and completion.
- Ability to work independently, multi-task, deal with conflicting priorities and deliver high quality work on schedule.
- Excellent analytical skills, including ability to evaluate projects and business operations on technical, commercial, managerial, and financial grounds.
- Proven Relationship Management experience: ability to establish strong credibility among senior clients including government and private sector clients.
- Strong interpersonal skills and proven ability to build cooperative networks.
·- Ability to communicate ideas clearly and confidently, articulate issues and recommend practical solutions.
- Strong oral and written English skills, including ability to write and edit project/program documents.
- Ability and willingness to travel in Vietnam.
2. Associate Operations Officer/Operations Officer, Investment Climate (position no.120040)
IFC’s Investment Climate (IC) work focuses on improving the policies, laws, and regulations that affect domestic and foreign investors and influence their decisions to invest. Our East Asia and the Pacific portfolio consists of more than 20 projects with a total volume of more than $20 million, and more than 30 staff working in 9 offices throughout the region.
The Associate Operations Officer/Operations Officer position is a local 2 year term appointment based in Hanoi, with possible renewable extension subject to business need and satisfactory performance. S/he will support the Regional Business Line Leader in building and managing IFC’s regional portfolio of the business line’s respective advisory initiatives in the East Asia and Pacific (EAP) Region and the program in Vietnam. S/he will work in close collaboration with regional colleagues and global experts, and regional departments. S/he is expected to participate in and contribute to IFC strategy discussions, new project development, and donor relations.
Specific duties and accountabilities:
- Maintain IC pipeline activities in line with regional and business line strategies
- Prepare portfolio or topical reviews or analyses and financial projections and present results.
- Manage project reporting cycles, ensuring high quality and on-time (i) Project Supervision Reports (PSRs), (ii) Donor Reports and Presentations, and (iii) Project Completion Reports (PCRs).
- Maintain deadlines for submission and completion of initial review of all reports and ensure project compliance with all IFC and donor requirements.
- Oversee updates to project/pipeline activities in line with management/business line network/portfolio review discussions.
- Serve as proxy to the Regional Business Line Leader in project processing activities.
- Support PMs as necessary with program and administrative needs.
- Prepare documents such as donor/partner concept papers and proposals; monitor program/project funding gaps/needs.
- Coordinate recruitment of business line staff; assist and coordinate selection and monitoring of consultants including the preparation of Terms of Reference, negotiation of fees, processing of contracts; work alongside consultants in technical assistance assignments.
- Coordinate and deliver on (ad-hoc) IFC regional management or head office requests for data or information on IC projects in the region.
- Lead coordination and preparation of business line specific meetings, conferences, study tours and other events.
- Proactively seek out international best practice, national/corporate compliance requirements and internal advice, share information, and work in teams with other colleagues.
- Travel as necessary in the region.
Selection criteria:
- Masters in Business Administration, Law, Economics, Finance or Development or equivalent professional qualification.
- Minimum 5 years of relevant experience, preferably including overseas study/work.
- Experience with international and/or bilateral/multilateral development institutions, as well as prior work in advisory/consulting in private sector development.
- Knowledge of the institutional, legal, regulatory framework and business practices in Vietnam.
- Strong administrative and organizational skills.
- Strong working knowledge of Microsoft Office software, particularly Excel and PowerPoint.
Interested candidates please review the complete job description and apply on-line at http://www.ifc.org/careers and choose the relevant vacancy number. Please note that you need to register before submitting your application. The closing date is 20th February 2012. Only applicants selected for interview will be contacted.
http://tourism9.cm/ http://vkins.com/
IFC Advisory Services in Vietnam helps Vietnamese firms make their operations more efficient and client-friendly, and raise their international competitiveness by improving social, environmental, and corporate governance practices. We support Vietnam’s sustainable development by helping to attract international investment to vital sectors such as infrastructure, renewable energy, and microfinance. Our Advisory Services are structured into four business lines: Access to Finance, Investment Climate, Sustainable Business Advisory, and Public-Private Partnerships. In the Mekong region covering Cambodia, Lao PDR, and Vietnam, our advisory services are delivered in partnership with the European Union, Finland, Ireland, the Netherlands, New Zealand, and Switzerland.
Their operations in Vietnam will be expanding in 2012, and we are looking for qualified applicants for the following three positions. All positions will be expected to lead existing and potential assistance projects in their Business Line and the IFC portfolio, including developing excellent client relations, designing and implementing projects for meaningful development impact, and ensuring IFC procedures are respected. In addition, all positions are expected to contribute to the development of IFC’s Vietnam Program by actively identifying new opportunities for IFC, providing input to IFC’s strategy for their Business Lines and building relationships with industry stakeholders.
1. Microfinance Operations Officer, Access to Finance – A2F (position no.120038)
IFC intends to support the development of Vietnam’s nascent commercial microfinance sector and increase access to microfinance services to urban and rural poor by creating an enabling environment and a financial sector that can create and manage sustainable private sector institutions to serve a large number of low-income households.
The Microfinance Operations Officer is a local 2 year term appointment based in Hanoi or Ho Chi Minh City. S/he will work closely with and under the supervision of the A2F Vietnam Program Manager. S/he will be primarily responsible for the implementation of A2F Microfinance (MF) projects in Vietnam. S/he must be an experienced professional whose knowledge and skills enable him/her to undertake project design, project implementation, and knowledge management initiatives with limited direct supervision.
Specific duties and accountabilities:
- Lead the MF project development by addressing all key aspects (scope of work, terms, deliverables, etc.), monitoring results, benchmarking against best practice, and consulting with the relevant stakeholders.
- Prepare project work plans, budgets and project operational documents, consistent with overall IFC objectives, plans and budgets. Ensure project(s) compliance with IFC’s overall financial market strategy and IFC procedures.
- Prepare terms-of-reference and help identify, select, and schedule consultant assignments; guide consultants in the effective delivery of their services, including monitoring their work to ensure that agreed deliverables are met and that they are captured in appropriate reports.
- Analyze developmental impact of the project(s). Document progress, resolve issues, and initiate improvements when needed.
- Pro-actively and effectively develop and nurture working relationship with government partners and private sector partners including, but not limited to, banks and MFIs.
- Communicate the progress of the project(s) and overall program to IFC and related partners, and proactively engage with IFC communications to ensure external and internal communications issues are well addressed.
- Liaise and work closely with the IFC investment in joint appraisal teams working on existing or new advisory and investment projects.
- Identify key lessons learned to be shared with the wider IFC A2F team, and develop IFC Smart Lessons and other internal knowledge management documents in Microfinance.
- Contribute to raising external funding and donor relations.
- Contribute to A2F strategy for Vietnam to maximize IFC’s financial and social returns in both investment and advisory services.
- Travel as necessary to support project design and development, and implementation.
Selection criteria:
- Master’s degree in Finance/Economics/Business Administration/Law or equivalent degree from a recognized institution.
- At least 5 years of relevant working experience in financial sector, preferably with hands on experience in Microfinance.
- Proven experience in managing a project, preferably donor-funded, including project design, implementation and completion.
- Ability to work independently, multi-task, deal with conflicting priorities and deliver high quality work on schedule.
- Excellent analytical skills, including ability to evaluate projects and business operations on technical, commercial, managerial, and financial grounds.
- Proven Relationship Management experience: ability to establish strong credibility among senior clients including government and private sector clients.
- Strong interpersonal skills and proven ability to build cooperative networks.
·- Ability to communicate ideas clearly and confidently, articulate issues and recommend practical solutions.
- Strong oral and written English skills, including ability to write and edit project/program documents.
- Ability and willingness to travel in Vietnam.
2. Associate Operations Officer/Operations Officer, Investment Climate (position no.120040)
IFC’s Investment Climate (IC) work focuses on improving the policies, laws, and regulations that affect domestic and foreign investors and influence their decisions to invest. Our East Asia and the Pacific portfolio consists of more than 20 projects with a total volume of more than $20 million, and more than 30 staff working in 9 offices throughout the region.
The Associate Operations Officer/Operations Officer position is a local 2 year term appointment based in Hanoi, with possible renewable extension subject to business need and satisfactory performance. S/he will support the Regional Business Line Leader in building and managing IFC’s regional portfolio of the business line’s respective advisory initiatives in the East Asia and Pacific (EAP) Region and the program in Vietnam. S/he will work in close collaboration with regional colleagues and global experts, and regional departments. S/he is expected to participate in and contribute to IFC strategy discussions, new project development, and donor relations.
Specific duties and accountabilities:
- Maintain IC pipeline activities in line with regional and business line strategies
- Prepare portfolio or topical reviews or analyses and financial projections and present results.
- Manage project reporting cycles, ensuring high quality and on-time (i) Project Supervision Reports (PSRs), (ii) Donor Reports and Presentations, and (iii) Project Completion Reports (PCRs).
- Maintain deadlines for submission and completion of initial review of all reports and ensure project compliance with all IFC and donor requirements.
- Oversee updates to project/pipeline activities in line with management/business line network/portfolio review discussions.
- Serve as proxy to the Regional Business Line Leader in project processing activities.
- Support PMs as necessary with program and administrative needs.
- Prepare documents such as donor/partner concept papers and proposals; monitor program/project funding gaps/needs.
- Coordinate recruitment of business line staff; assist and coordinate selection and monitoring of consultants including the preparation of Terms of Reference, negotiation of fees, processing of contracts; work alongside consultants in technical assistance assignments.
- Coordinate and deliver on (ad-hoc) IFC regional management or head office requests for data or information on IC projects in the region.
- Lead coordination and preparation of business line specific meetings, conferences, study tours and other events.
- Proactively seek out international best practice, national/corporate compliance requirements and internal advice, share information, and work in teams with other colleagues.
- Travel as necessary in the region.
Selection criteria:
- Masters in Business Administration, Law, Economics, Finance or Development or equivalent professional qualification.
- Minimum 5 years of relevant experience, preferably including overseas study/work.
- Experience with international and/or bilateral/multilateral development institutions, as well as prior work in advisory/consulting in private sector development.
- Knowledge of the institutional, legal, regulatory framework and business practices in Vietnam.
- Strong administrative and organizational skills.
- Strong working knowledge of Microsoft Office software, particularly Excel and PowerPoint.
Interested candidates please review the complete job description and apply on-line at http://www.ifc.org/careers and choose the relevant vacancy number. Please note that you need to register before submitting your application. The closing date is 20th February 2012. Only applicants selected for interview will be contacted.
http://tourism9.cm/ http://vkins.com/
2012年2月13日星期一
Council backs stalled housing with cash
A council is pumping £770,000 into a series of stalled developments which can now deliver more than 200 new homes and 380 jobs.
Walsall Council is using cash from the New Homes Bonus to issue loans and grants to four construction companies on five sites with a combined value of £20 million.Developers had to satisfy a range of criteria and also have part-built developments or schemes with planning permission which had not yet begun, before they could get the cash.
The loans will be repaid by the developers and reinvested in other schemes to help create new jobs and homes.
Adrian Andrew, Walsall Council member for regeneration, said: ‘I am proud and delighted to be able to announce a financial package of almost £800,000 that will help more than 200 homes get built.
‘This doesn’t just mean new homes taking shape. This is also much-needed jobs being created and fresh investment being unlocked.
‘Around 300 people could be working on the construction schemes. A further 80 jobs will be created in the care and support sector through the development of these sites.
‘All this means we’ll help safeguard jobs and create new ones. It’s a key priority for us to help create and safeguard private sector jobs and this does just that.
‘Walsall is yet again bucking the national trend and shows that we are open for business as a borough.
‘I am delighted that the government is following in our footsteps with a similar scheme called Getting Britain Building.’
Schemes getting cash
- Midland Properties will receive £245,000 loans to help resume building work at the former Field Road industrial estate in Bloxwich to create 18 homes for sale and rent as well as to help build 11 rental properties at the former Chamberlain & Hill site in Reeves Street, Bloxwich
- Stanley Developments are set to receive a £175,000 grant to help work start on 85 private and affordable older person extra care homes for rent or sale at Bentley Road North in Bentley.
- Jessup Brothers Ltd are to receive a £175,000 grant to resume work on the part built Walsall Waterfront development to create 82 private and affordable flats.
- BT Felton and Sons are set to receive a £175,000 loan to build 12 homes for private sale in Romney Way, Pheasey, Great Barr.
http://tourism9.cm/ http://vkins.com/
Greene Co. airport improvements could land jobs for region
The Beavercreek Twp. Board of Trustees is considering financial incentives for potential development of more than 1,000 acres near the Greene County Lewis A. Jackson Regional Airport.
The board plans to vote March 5 on a resolution to establish a tax increment financing fund (TIF) for a 19-parcel, 1,086-acre area south of U.S. 35 that could become an economic engine by serving corporate jets and new businesses. It would enable developers not to shoulder all the cost of roads, water, sewer and other infrastructure.
The mostly agricultural area stretches from Langs Chevrolet near Orchard Lane to south of the airport. The biggest parcel is a 615-acre spot owned by the Valley Springs Farm Co.
Letters of notice have been sent to the superintendents of Beavercreek, Xenia and the Greene County Career Center school districts about the proposed 10-year TIF.
“It can impact them from the standpoint that they lose revenue off of this,” Beavercreek Twp. Trustee Robert Glaser said. “But we have the option to take and make it up. We can take money out of that pool and make them whole. This puts them on notice that it’s going to happen, or it could happen.”
‘Nobody’ knows about TIF plan
Glaser admits most public officials and residents know little of the plan. “We’ve really had no public input on this whatsoever,” Glaser said during a trustee meeting on Feb. 6. “I don’t think the public is aware that we are doing this.
“Nobody seems to know about this. We publish these reports but who reads all this stuff? I think we need to go a little extra step and make sure that the public is aware of what we’re doing, so that there’s no surprises.”
Greene County Auditor David Graham said a TIF was used to develop the land that became The Greene.
“The developer wanted somebody to pay for the infrastructure improvements that needed to be made related to that property. There were no roads, no water, no sewer,” Graham said. “Nobody likes the theory of a TIF, but it gives you an opportunity to control a development.”
A 2008 Beavercreek citizen satisfaction survey performed by Fallon Research showed 52 percent of the city’s residents favored using a TIF-like tool and 37 percent opposed it.
Airport could be economic boon
The area near the airport has long been considered a potential economic resource. With Wright-Patterson Air Force Base positioning itself for more rounds of Base Realignment and Closure, the site could be attractive to defense contractors and others.
Glaser said the runway’s expansion to 5,000 feet is nearly completed, which will enable it to accommodate more private jets per Federal Aviation Administration rules. Glaser said the airport may need a waiver since the setback from the taxiways and some hangars do not meet the FAA regulations.
In 2008, the collection of hangars and runways was in the sights of Beavercreek and Xenia city officials when both proposed joint tax agreements with the township in order to bring services to the property. Officials from both cities hoped to have their foot in the door when the property near the airport begins to develop.
“Our county airport is strategically located. It’s a real jewel,” Greene County Commissioner Rick Perales said in July 2008 after an airport plan was presented. “This gives us a foundation to work from.”
Xenia City Manager Jim Percival said he proposed a Joint Economic Development District that included the TIF idea during a July 2008 board of trustees meeting, but that he “never heard back.”
Percival said Xenia has no plans to annex any land near the airport. He did not know about the township’s newest plan. “There’s potential with the airport, no question,” he said. “We always want to work with our neighbors to provide benefits to the entire region.”
Trustees tried to acquire farm land
Glaser said the trustees tried to purchase a 60-acre parcel just south of the airport from the Beavercreek-based Deccan Group, LLC.
“We were just looking at it as a potential investment, let’s put it that way,” Glaser said of the farm land that includes a 1900 bungalow and another structure. “This was a strategic piece of property for the future of the township . . . Control of the property was important to us on a long-term basis. . . . We couldn’t reach terms with the owner.”
County auditor records show the land was purchased for $300,000 in 2003. Neither side disclosed the negotiated prices or how far apart the sides were.
Jan Venkayya, president of Deccan, said the house is rented out and the land leased to a farmer who grows soybeans and corn. She said the township’s offer was not the right price.
“For development, anyone wants to have utilities,” Venkayya said. “I think (our land) would be very useful for the airport for them to expand. It’s an emotional issue for me. I have an attachment to that land, but maybe at some point I would be willing to sell it.”
http://tourism9.cm/ http://vkins.com/
The board plans to vote March 5 on a resolution to establish a tax increment financing fund (TIF) for a 19-parcel, 1,086-acre area south of U.S. 35 that could become an economic engine by serving corporate jets and new businesses. It would enable developers not to shoulder all the cost of roads, water, sewer and other infrastructure.
The mostly agricultural area stretches from Langs Chevrolet near Orchard Lane to south of the airport. The biggest parcel is a 615-acre spot owned by the Valley Springs Farm Co.
Letters of notice have been sent to the superintendents of Beavercreek, Xenia and the Greene County Career Center school districts about the proposed 10-year TIF.
“It can impact them from the standpoint that they lose revenue off of this,” Beavercreek Twp. Trustee Robert Glaser said. “But we have the option to take and make it up. We can take money out of that pool and make them whole. This puts them on notice that it’s going to happen, or it could happen.”
‘Nobody’ knows about TIF plan
Glaser admits most public officials and residents know little of the plan. “We’ve really had no public input on this whatsoever,” Glaser said during a trustee meeting on Feb. 6. “I don’t think the public is aware that we are doing this.
“Nobody seems to know about this. We publish these reports but who reads all this stuff? I think we need to go a little extra step and make sure that the public is aware of what we’re doing, so that there’s no surprises.”
Greene County Auditor David Graham said a TIF was used to develop the land that became The Greene.
“The developer wanted somebody to pay for the infrastructure improvements that needed to be made related to that property. There were no roads, no water, no sewer,” Graham said. “Nobody likes the theory of a TIF, but it gives you an opportunity to control a development.”
A 2008 Beavercreek citizen satisfaction survey performed by Fallon Research showed 52 percent of the city’s residents favored using a TIF-like tool and 37 percent opposed it.
Airport could be economic boon
The area near the airport has long been considered a potential economic resource. With Wright-Patterson Air Force Base positioning itself for more rounds of Base Realignment and Closure, the site could be attractive to defense contractors and others.
Glaser said the runway’s expansion to 5,000 feet is nearly completed, which will enable it to accommodate more private jets per Federal Aviation Administration rules. Glaser said the airport may need a waiver since the setback from the taxiways and some hangars do not meet the FAA regulations.
In 2008, the collection of hangars and runways was in the sights of Beavercreek and Xenia city officials when both proposed joint tax agreements with the township in order to bring services to the property. Officials from both cities hoped to have their foot in the door when the property near the airport begins to develop.
“Our county airport is strategically located. It’s a real jewel,” Greene County Commissioner Rick Perales said in July 2008 after an airport plan was presented. “This gives us a foundation to work from.”
Xenia City Manager Jim Percival said he proposed a Joint Economic Development District that included the TIF idea during a July 2008 board of trustees meeting, but that he “never heard back.”
Percival said Xenia has no plans to annex any land near the airport. He did not know about the township’s newest plan. “There’s potential with the airport, no question,” he said. “We always want to work with our neighbors to provide benefits to the entire region.”
Trustees tried to acquire farm land
Glaser said the trustees tried to purchase a 60-acre parcel just south of the airport from the Beavercreek-based Deccan Group, LLC.
“We were just looking at it as a potential investment, let’s put it that way,” Glaser said of the farm land that includes a 1900 bungalow and another structure. “This was a strategic piece of property for the future of the township . . . Control of the property was important to us on a long-term basis. . . . We couldn’t reach terms with the owner.”
County auditor records show the land was purchased for $300,000 in 2003. Neither side disclosed the negotiated prices or how far apart the sides were.
Jan Venkayya, president of Deccan, said the house is rented out and the land leased to a farmer who grows soybeans and corn. She said the township’s offer was not the right price.
“For development, anyone wants to have utilities,” Venkayya said. “I think (our land) would be very useful for the airport for them to expand. It’s an emotional issue for me. I have an attachment to that land, but maybe at some point I would be willing to sell it.”
http://tourism9.cm/ http://vkins.com/
2012年2月7日星期二
Heverest.ru Gets a New Round of Investment
MOSCOW–(BUSINESS WIRE)–
Heverest.ru, an online retailer for sport, leisure and travel goods, has attracted another $4.3 million in financing. The majority of the investment was received from one of Russia’s largest investment funds, along with one of the existing finance partners of Heverest.ru, the European venture fund, eVenture Capital Partners. After this new round of investment, the total amount invested in Heverest.ru has now reached $6.7 million.
The company intends to use this additional funding to finance the expansion of their online product offering, as well as improving the quality of their customer service by developing the current CRM system. A proportion of the new funds will be allocated to subsidize the launch of a new marketing campaign, which aims to increase brand awareness of Heverest.ru among current and potential clients.
Heverest.ru is a start-up business launched by Fast Lane Ventures, a company focused on the development, launch and promotion of innovative internet businesses since 1st June 2011.
At present, Heverest.ru has an online collection of more than 6,000 items from 150 major International sport and leisure brands including: Salomon, Nike, Columbia, Adidas, Reebok, Puma, Speedo and others, with the product range being renewed on a regular basis. The website has an average of 600,000 visitors per month.
Vladimir Kim, CEO of Heverest.ru, commented:
“Our ambition is to become Russia’s most popular online store for sport, leisure and travel goods. Before Heverest.ru, there were no such websites offering all kinds of sport, leisure and travel products in one place. We are in a strong position to change this, having joined the club of most successful startups in the Russian market of e-commerce, such as UTINET, KUPUVIP, SAPATO, etc.”
Marina Treshchova, CEO of Fast Lane Ventures, commented:
“We are witnessing two significant trends in this country. First, is an unprecedented growth of e-commerce and second, is an increasing government interest in sports and encouraging active lifestyles. Heverest.ru, as an online supplier of sporting goods, benefits from both of these trends. The Company’s dynamic pace of development and committed support from our investors, supports our own philosophy and proves that this is the right choice of the business model.”
A recent report by Russian market research agency RuMetrika.ru showed that Russia’s sports and leisure industry made about $6 billion in 2010. According to Fast Lane Ventures’ forecast, the market is likely to reach $12 billion by 2015. Equally, the global market of sport and leisure goods is expected to grow from $175 billion in 2010 to $240 billion in 2015 (Data Insight). That means Russia’s share in this segment will increase from 3.5 to 5%.
Fast Lane Ventures is the leading developer of internet companies in the high growth Russian internet market. For more information on Fast Lane Ventures please visit http://fastlaneventures.ru/en/http://tourism9.com/ http://vkins.com/
Heverest.ru, an online retailer for sport, leisure and travel goods, has attracted another $4.3 million in financing. The majority of the investment was received from one of Russia’s largest investment funds, along with one of the existing finance partners of Heverest.ru, the European venture fund, eVenture Capital Partners. After this new round of investment, the total amount invested in Heverest.ru has now reached $6.7 million.
The company intends to use this additional funding to finance the expansion of their online product offering, as well as improving the quality of their customer service by developing the current CRM system. A proportion of the new funds will be allocated to subsidize the launch of a new marketing campaign, which aims to increase brand awareness of Heverest.ru among current and potential clients.
Heverest.ru is a start-up business launched by Fast Lane Ventures, a company focused on the development, launch and promotion of innovative internet businesses since 1st June 2011.
At present, Heverest.ru has an online collection of more than 6,000 items from 150 major International sport and leisure brands including: Salomon, Nike, Columbia, Adidas, Reebok, Puma, Speedo and others, with the product range being renewed on a regular basis. The website has an average of 600,000 visitors per month.
Vladimir Kim, CEO of Heverest.ru, commented:
“Our ambition is to become Russia’s most popular online store for sport, leisure and travel goods. Before Heverest.ru, there were no such websites offering all kinds of sport, leisure and travel products in one place. We are in a strong position to change this, having joined the club of most successful startups in the Russian market of e-commerce, such as UTINET, KUPUVIP, SAPATO, etc.”
Marina Treshchova, CEO of Fast Lane Ventures, commented:
“We are witnessing two significant trends in this country. First, is an unprecedented growth of e-commerce and second, is an increasing government interest in sports and encouraging active lifestyles. Heverest.ru, as an online supplier of sporting goods, benefits from both of these trends. The Company’s dynamic pace of development and committed support from our investors, supports our own philosophy and proves that this is the right choice of the business model.”
A recent report by Russian market research agency RuMetrika.ru showed that Russia’s sports and leisure industry made about $6 billion in 2010. According to Fast Lane Ventures’ forecast, the market is likely to reach $12 billion by 2015. Equally, the global market of sport and leisure goods is expected to grow from $175 billion in 2010 to $240 billion in 2015 (Data Insight). That means Russia’s share in this segment will increase from 3.5 to 5%.
Fast Lane Ventures is the leading developer of internet companies in the high growth Russian internet market. For more information on Fast Lane Ventures please visit http://fastlaneventures.ru/en/http://tourism9.com/ http://vkins.com/
Heverest.ru Gets a New Round of Investment
MOSCOW–(BUSINESS WIRE)–
Heverest.ru, an online retailer for sport, leisure and travel goods, has attracted another $4.3 million in financing. The majority of the investment was received from one of Russia’s largest investment funds, along with one of the existing finance partners of Heverest.ru, the European venture fund, eVenture Capital Partners. After this new round of investment, the total amount invested in Heverest.ru has now reached $6.7 million.
The company intends to use this additional funding to finance the expansion of their online product offering, as well as improving the quality of their customer service by developing the current CRM system. A proportion of the new funds will be allocated to subsidize the launch of a new marketing campaign, which aims to increase brand awareness of Heverest.ru among current and potential clients.
Heverest.ru is a start-up business launched by Fast Lane Ventures, a company focused on the development, launch and promotion of innovative internet businesses since 1st June 2011.
At present, Heverest.ru has an online collection of more than 6,000 items from 150 major International sport and leisure brands including: Salomon, Nike, Columbia, Adidas, Reebok, Puma, Speedo and others, with the product range being renewed on a regular basis. The website has an average of 600,000 visitors per month.
Vladimir Kim, CEO of Heverest.ru, commented:
“Our ambition is to become Russia’s most popular online store for sport, leisure and travel goods. Before Heverest.ru, there were no such websites offering all kinds of sport, leisure and travel products in one place. We are in a strong position to change this, having joined the club of most successful startups in the Russian market of e-commerce, such as UTINET, KUPUVIP, SAPATO, etc.”
Marina Treshchova, CEO of Fast Lane Ventures, commented:
“We are witnessing two significant trends in this country. First, is an unprecedented growth of e-commerce and second, is an increasing government interest in sports and encouraging active lifestyles. Heverest.ru, as an online supplier of sporting goods, benefits from both of these trends. The Company’s dynamic pace of development and committed support from our investors, supports our own philosophy and proves that this is the right choice of the business model.”
A recent report by Russian market research agency RuMetrika.ru showed that Russia’s sports and leisure industry made about $6 billion in 2010. According to Fast Lane Ventures’ forecast, the market is likely to reach $12 billion by 2015. Equally, the global market of sport and leisure goods is expected to grow from $175 billion in 2010 to $240 billion in 2015 (Data Insight). That means Russia’s share in this segment will increase from 3.5 to 5%.
Fast Lane Ventures is the leading developer of internet companies in the high growth Russian internet market. For more information on Fast Lane Ventures please visit http://fastlaneventures.ru/en/
http://tourism9.com/ http://vkins.com/
Heverest.ru, an online retailer for sport, leisure and travel goods, has attracted another $4.3 million in financing. The majority of the investment was received from one of Russia’s largest investment funds, along with one of the existing finance partners of Heverest.ru, the European venture fund, eVenture Capital Partners. After this new round of investment, the total amount invested in Heverest.ru has now reached $6.7 million.
The company intends to use this additional funding to finance the expansion of their online product offering, as well as improving the quality of their customer service by developing the current CRM system. A proportion of the new funds will be allocated to subsidize the launch of a new marketing campaign, which aims to increase brand awareness of Heverest.ru among current and potential clients.
Heverest.ru is a start-up business launched by Fast Lane Ventures, a company focused on the development, launch and promotion of innovative internet businesses since 1st June 2011.
At present, Heverest.ru has an online collection of more than 6,000 items from 150 major International sport and leisure brands including: Salomon, Nike, Columbia, Adidas, Reebok, Puma, Speedo and others, with the product range being renewed on a regular basis. The website has an average of 600,000 visitors per month.
Vladimir Kim, CEO of Heverest.ru, commented:
“Our ambition is to become Russia’s most popular online store for sport, leisure and travel goods. Before Heverest.ru, there were no such websites offering all kinds of sport, leisure and travel products in one place. We are in a strong position to change this, having joined the club of most successful startups in the Russian market of e-commerce, such as UTINET, KUPUVIP, SAPATO, etc.”
Marina Treshchova, CEO of Fast Lane Ventures, commented:
“We are witnessing two significant trends in this country. First, is an unprecedented growth of e-commerce and second, is an increasing government interest in sports and encouraging active lifestyles. Heverest.ru, as an online supplier of sporting goods, benefits from both of these trends. The Company’s dynamic pace of development and committed support from our investors, supports our own philosophy and proves that this is the right choice of the business model.”
A recent report by Russian market research agency RuMetrika.ru showed that Russia’s sports and leisure industry made about $6 billion in 2010. According to Fast Lane Ventures’ forecast, the market is likely to reach $12 billion by 2015. Equally, the global market of sport and leisure goods is expected to grow from $175 billion in 2010 to $240 billion in 2015 (Data Insight). That means Russia’s share in this segment will increase from 3.5 to 5%.
Fast Lane Ventures is the leading developer of internet companies in the high growth Russian internet market. For more information on Fast Lane Ventures please visit http://fastlaneventures.ru/en/
http://tourism9.com/ http://vkins.com/
2012年2月6日星期一
Hana Announces Completion of Non-Brokered Financing and Investment by Strategic Shareholder
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 6, 2012) – Hana Mining Ltd. (“Hana” or the “Company”) (TSX VENTURE:HMG.V – News)(FRANKFURT:4LH) is pleased to report that it has closed the non-brokered private placement previously announced on January 26, 2012. The private placement consists of 11,054,648 common shares at a price of Cdn$1.35 per share for gross proceeds of Cdn$14,923,775. Shares issued pursuant to the private placement will be subject to a 4 month hold period expiring on June 4, 2012.
Cupric Canyon Capital LP (“Cupric”), which is owned by its management and the Barclays Natural Resource Investments division of Barclays Capital, acquired 6,250,000 of the newly issued shares and now holds 10% of the Company’s issued and outstanding shares. Cupric is focused on acquiring interests in undeveloped copper assets with a known resource and adding value to them by assisting in the advancement of the projects through the development process. The management of Cupric, all of whom are former senior executives with major mining companies including Phelps Dodge Corporation, has decades of experience in the exploration, development and operation of world-class copper assets.
Hana Mining’s CEO and Chairman, Marek Kreczmer, commented as follows:
“This agreement is the culmination of many months of building a relationship between the Company and Cupric. Cupric’s management team brings valuable experience in the development and operation of copper projects in North America, South America and Africa, most notably the world-class Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo. I look forward to working with the management of Cupric towards the development of the Ghanzi Project. With this financing in place we are able to proceed with our Cdn$18 million budget for 2012. In addition to completing the PEA, we will submit the Feasibility Study to the Botswana Ministry of Minerals, Energy and Water Resources and will allocate Cdn$5 million for a multiphase regional exploration campaign outside of the Banana Zone at Ghanzi.”
“I also wish to acknowledge the other five long term shareholders who have participated in this placement.”
The CEO of Cupric, Dennis Bartlett, commented as follows:
“We are pleased to have an opportunity to participate in this private placement by Hana Mining. With this investment, we look forward to collaborating with Marek and his team in an effort to further advance the Ghanzi Project, which we believe is one of the most highly prospective undeveloped copper resources in the world today.”
Proceeds from this placement will be used to complete both the Preliminary Economic Assessment and the Feasibility Study and to advance the regional exploration and development of the Ghanzi project and related working capital and general corporate purposes.
Finders’ fee of approximately 2.9%, payable in cash, will be paid on the private placement.
The private placement has been conditionally accepted by the TSX Venture Exchange.
About Hana Mining’s Ghanzi Copper-Silver Project in Botswana:
The Ghanzi Project is located in the center of the Kalahari Copper Belt in northwestern Botswana. The Ghanzi property covers 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres. This favorable geology extends over an estimated strike length of 600 kilometres. Hana Mining released results of its most recent NI 43-101 compliant resource estimate for the Ghanzi Project on December 20, 2010, announcing an Indicated mineral resource of 585 million pounds of copper and 12 million ounces of silver from 19.7 million tonnes at a grade of 1.35% copper and 19.7 g/t silver. All of the Indicated resources are from the Banana Zone. There are also Inferred resources of 2.4 billion pounds of copper and 40.6 million ounces of silver from 91.2 million tonnes. This Inferred mineral resource estimate consists of 69.9 million tonnes grading 1.10% Cu and 14.98 g/t Ag in the Banana Zone, 13.4 million tonnes grading 1.66% Cu and 12.11 g/t Ag in Zone 5, 6.3 million tonnes grading 1.5% Cu and 6.7 g/t Ag in Zone 6, and 1.6 million tonnes grading 0.85% Cu and 6.4 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.75% Cu.
The Banana Zone exhibits certain areas of higher grade Cu and Ag mineralization, particularly between sections 49700 to 52000 on the North limb and sections 63000 to 71000 on both the North and South limbs, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These higher grade pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead to port is at Gobabis, in Namibia, approximately 550 km from our property. Construction has begun on the 600MW expansion of the government-owned Moropule Power Plant, having secured US$825 million project funding in May 2009. The Ghanzi Copper- Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 15 km of the property.
The Ghanzi property is one of Africa’s premier future copper-silver resources.
This news release includes certain “forward-looking statements” within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements relating to the Company’s future performance, are forward-looking statements. Forward-Looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, or “should” occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of metals; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; and other risk and uncertainties disclosed in reports and documents filed by the Company with applicable securities regulatory authorities from time to time. The forward-looking statements made herein reflect our beliefs, opinions and projections on the date the statements are made. Except as required by law, we assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Marek Kreczmer
Hana Mining Ltd.
CEO
604-676-0824
778-370-0146 (FAX)
info@hanamining.com
www.hanamining.com
Patrick Donnelly
Hana Mining Ltd.
VP – Corporate Development
604-676-0824
778-370-0146 (FAX)
info@hanamining.com
www.hanamining.com
Cupric Canyon Capital LP (“Cupric”), which is owned by its management and the Barclays Natural Resource Investments division of Barclays Capital, acquired 6,250,000 of the newly issued shares and now holds 10% of the Company’s issued and outstanding shares. Cupric is focused on acquiring interests in undeveloped copper assets with a known resource and adding value to them by assisting in the advancement of the projects through the development process. The management of Cupric, all of whom are former senior executives with major mining companies including Phelps Dodge Corporation, has decades of experience in the exploration, development and operation of world-class copper assets.
Hana Mining’s CEO and Chairman, Marek Kreczmer, commented as follows:
“This agreement is the culmination of many months of building a relationship between the Company and Cupric. Cupric’s management team brings valuable experience in the development and operation of copper projects in North America, South America and Africa, most notably the world-class Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo. I look forward to working with the management of Cupric towards the development of the Ghanzi Project. With this financing in place we are able to proceed with our Cdn$18 million budget for 2012. In addition to completing the PEA, we will submit the Feasibility Study to the Botswana Ministry of Minerals, Energy and Water Resources and will allocate Cdn$5 million for a multiphase regional exploration campaign outside of the Banana Zone at Ghanzi.”
“I also wish to acknowledge the other five long term shareholders who have participated in this placement.”
The CEO of Cupric, Dennis Bartlett, commented as follows:
“We are pleased to have an opportunity to participate in this private placement by Hana Mining. With this investment, we look forward to collaborating with Marek and his team in an effort to further advance the Ghanzi Project, which we believe is one of the most highly prospective undeveloped copper resources in the world today.”
Proceeds from this placement will be used to complete both the Preliminary Economic Assessment and the Feasibility Study and to advance the regional exploration and development of the Ghanzi project and related working capital and general corporate purposes.
Finders’ fee of approximately 2.9%, payable in cash, will be paid on the private placement.
The private placement has been conditionally accepted by the TSX Venture Exchange.
About Hana Mining’s Ghanzi Copper-Silver Project in Botswana:
The Ghanzi Project is located in the center of the Kalahari Copper Belt in northwestern Botswana. The Ghanzi property covers 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres. This favorable geology extends over an estimated strike length of 600 kilometres. Hana Mining released results of its most recent NI 43-101 compliant resource estimate for the Ghanzi Project on December 20, 2010, announcing an Indicated mineral resource of 585 million pounds of copper and 12 million ounces of silver from 19.7 million tonnes at a grade of 1.35% copper and 19.7 g/t silver. All of the Indicated resources are from the Banana Zone. There are also Inferred resources of 2.4 billion pounds of copper and 40.6 million ounces of silver from 91.2 million tonnes. This Inferred mineral resource estimate consists of 69.9 million tonnes grading 1.10% Cu and 14.98 g/t Ag in the Banana Zone, 13.4 million tonnes grading 1.66% Cu and 12.11 g/t Ag in Zone 5, 6.3 million tonnes grading 1.5% Cu and 6.7 g/t Ag in Zone 6, and 1.6 million tonnes grading 0.85% Cu and 6.4 g/t Ag in the Chalcocite Zone; all at a cut-off grade of 0.75% Cu.
The Banana Zone exhibits certain areas of higher grade Cu and Ag mineralization, particularly between sections 49700 to 52000 on the North limb and sections 63000 to 71000 on both the North and South limbs, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These higher grade pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (funded by the World Bank and the governments of Botswana and Namibia) to support completion of a rail line link that would connect Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The closest existing railhead to port is at Gobabis, in Namibia, approximately 550 km from our property. Construction has begun on the 600MW expansion of the government-owned Moropule Power Plant, having secured US$825 million project funding in May 2009. The Ghanzi Copper- Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 15 km of the property.
The Ghanzi property is one of Africa’s premier future copper-silver resources.
This news release includes certain “forward-looking statements” within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements relating to the Company’s future performance, are forward-looking statements. Forward-Looking statements are frequently, but not always, identified by words such as “plans”, “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results “will”, “may”, “could”, or “should” occur or be achieved. These forward-looking statements may include statements regarding perceived merit of properties; exploration results and budgets; mineral reserves and resource estimates; work programs; capital expenditures; timelines; strategic plans; completion of transactions; market price of metals; or other statements that are not statements of fact. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations include the uncertainties involving the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties involved in the interpretation of drilling results and geological tests and the estimation of reserves and resources; the need for cooperation of government agencies in the development and operation of properties; the need to obtain permits and governmental approvals; risks such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; and other risk and uncertainties disclosed in reports and documents filed by the Company with applicable securities regulatory authorities from time to time. The forward-looking statements made herein reflect our beliefs, opinions and projections on the date the statements are made. Except as required by law, we assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Marek Kreczmer
Hana Mining Ltd.
CEO
604-676-0824
778-370-0146 (FAX)
info@hanamining.com
www.hanamining.com
Patrick Donnelly
Hana Mining Ltd.
VP – Corporate Development
604-676-0824
778-370-0146 (FAX)
info@hanamining.com
www.hanamining.com
2012年2月1日星期三
AHEB Investment Group Reflects on a Successful Year for 2011
MANCHESTER, England, February 1, 2012 /PRNewswire/ –
AHEB Investment Group, the Belize-registered financial services consulting firm, has achieved another great year in 2011, despite the economic turmoil. The company announces 50% increase in its profits for 2011, whilst having laid the foundations for what promises to be an equally successful 2012 with the agreement of 20 client projects. The commitment, professionalism and high levels of expertise displayed by AHEB in the complex area of financing for large ventures and complex banking structures, is evident by the praise received from their clients.
The momentum gathered by AHEB Investment Group and their successful year continued right up to last weeks of December and is no doubt set to keep going into the start of 2012. During the last weeks of the year, meetings carried out with several major European banks and new investors set the pace for stage two of these exciting new developments, expected to take place in early 2012, with the next round of key negotiations. The success and achievements of these negotiations are by no small part down to AHEB’s expertise and professionalism in the field of large venture financing and complex banking structures, but also the clients themselves and the relationships and trust earned.
As AHEB Investment Group confirms its successful negotiation for 20 key projects at the end of 2011, it also announces that company profits have also increased by 50%. Andreas Charalambous, Managing Director of AHEB Investment Group, comments: “It has been an excellent year for AHEB Investment Group and we are pleased to be involved in some very major projects, which have allowed us to demonstrate our level of expertise and professionalism. We are very pleased to have a selection of extremely professional clients to work with and this allows us to bring great results also.”
AHEB Investment Group’s clients and associates are also very pleased with their cooperation and have expressed their gratitude in the testimonials received by the company. William Sickert, Principal and Director of International Zip Line Corporation comments: “Our experience with AHEB Investment group has been of the utmost in integrity and communication with respect to opportunities and programs. Our confidence and partnership led to progressive meetings and program introductions in Europe in the month of November. AHEB investment Group has the tenacity and relationships necessary to provide excellent and realistic programs to assist in the growth of your company. They are now our exclusive partners in our business and I endorse their staff as professional and integral in our future business worldwide.”
Randall Hickman of NCARE comments not only on the work ethic but also the personal touch offered by AHEB: “AHEB Investment Group has led our Funding Group to success by showing strong competence, integrity, and a shared common goal in success. Their dedication to our project (National Center for Autism Research and Education) has been nothing short of stellar. In working with them in Europe to finalize our project they have been nothing short of amazing. Further, AHEB displayed a warmth and personal touch unmatched compared with most financial groups. AHEB Investment Group has been nothing short of the height of professionalism, courtesy, and competence in all of their actions. We would highly recommend them to any project group seeking to arrange financing. They have made our project a reality.”
With these collaborations growing from strength to strength, the results in gaining finance for clients, and the project management and consulting agreements made over the past year, AHEB Investment Group is primed for a consecutively promising 2012. Andreas Charalambous, Managing Director of AHEB Investment Group, reciprocates: “We would once again like to thank our partners, investors, clients and friends for their kind words and reaffirm our commitment towards them. It is due to these partnerships, where all parties work together for mutual benefit, that we have been able to enjoy such a successful year with record profits. We look forward to continuing existing ventures whilst exploring new ones with our partners and clients in the near future.”
About AHEB Investment Group
AHEB Investment Group was founded in 2008 aiming to provide professional support and consulting regarding financing to businesses of large and medium size but also start up enterprises. AHEB specializes in assisting the development of large commercial and industrial projects by offering financing solutions and advisory support. Successful projects include real estate developments, construction including large hotels, energy based projects covering power plants and oil rigs with other major purchases of ships and aircraft. AHEB’s relationships with principal global and regional banking institutions assist businesses in arrangement of collateral via its network of investment partners. For further information about AHEB Investment Group, visit http://www.ahebgroup.com , email info@ahebgroup.com or call +1-347-4166069.
To read further customer testimonials from AHEB Investment Group clients visit: http://www.ahebgroup.com/dotnetnuke/CustomerTestimonials/tabid/201/Default.aspx
http://tourism9.com/ http://vkins.com/
AHEB Investment Group, the Belize-registered financial services consulting firm, has achieved another great year in 2011, despite the economic turmoil. The company announces 50% increase in its profits for 2011, whilst having laid the foundations for what promises to be an equally successful 2012 with the agreement of 20 client projects. The commitment, professionalism and high levels of expertise displayed by AHEB in the complex area of financing for large ventures and complex banking structures, is evident by the praise received from their clients.
The momentum gathered by AHEB Investment Group and their successful year continued right up to last weeks of December and is no doubt set to keep going into the start of 2012. During the last weeks of the year, meetings carried out with several major European banks and new investors set the pace for stage two of these exciting new developments, expected to take place in early 2012, with the next round of key negotiations. The success and achievements of these negotiations are by no small part down to AHEB’s expertise and professionalism in the field of large venture financing and complex banking structures, but also the clients themselves and the relationships and trust earned.
As AHEB Investment Group confirms its successful negotiation for 20 key projects at the end of 2011, it also announces that company profits have also increased by 50%. Andreas Charalambous, Managing Director of AHEB Investment Group, comments: “It has been an excellent year for AHEB Investment Group and we are pleased to be involved in some very major projects, which have allowed us to demonstrate our level of expertise and professionalism. We are very pleased to have a selection of extremely professional clients to work with and this allows us to bring great results also.”
AHEB Investment Group’s clients and associates are also very pleased with their cooperation and have expressed their gratitude in the testimonials received by the company. William Sickert, Principal and Director of International Zip Line Corporation comments: “Our experience with AHEB Investment group has been of the utmost in integrity and communication with respect to opportunities and programs. Our confidence and partnership led to progressive meetings and program introductions in Europe in the month of November. AHEB investment Group has the tenacity and relationships necessary to provide excellent and realistic programs to assist in the growth of your company. They are now our exclusive partners in our business and I endorse their staff as professional and integral in our future business worldwide.”
Randall Hickman of NCARE comments not only on the work ethic but also the personal touch offered by AHEB: “AHEB Investment Group has led our Funding Group to success by showing strong competence, integrity, and a shared common goal in success. Their dedication to our project (National Center for Autism Research and Education) has been nothing short of stellar. In working with them in Europe to finalize our project they have been nothing short of amazing. Further, AHEB displayed a warmth and personal touch unmatched compared with most financial groups. AHEB Investment Group has been nothing short of the height of professionalism, courtesy, and competence in all of their actions. We would highly recommend them to any project group seeking to arrange financing. They have made our project a reality.”
With these collaborations growing from strength to strength, the results in gaining finance for clients, and the project management and consulting agreements made over the past year, AHEB Investment Group is primed for a consecutively promising 2012. Andreas Charalambous, Managing Director of AHEB Investment Group, reciprocates: “We would once again like to thank our partners, investors, clients and friends for their kind words and reaffirm our commitment towards them. It is due to these partnerships, where all parties work together for mutual benefit, that we have been able to enjoy such a successful year with record profits. We look forward to continuing existing ventures whilst exploring new ones with our partners and clients in the near future.”
About AHEB Investment Group
AHEB Investment Group was founded in 2008 aiming to provide professional support and consulting regarding financing to businesses of large and medium size but also start up enterprises. AHEB specializes in assisting the development of large commercial and industrial projects by offering financing solutions and advisory support. Successful projects include real estate developments, construction including large hotels, energy based projects covering power plants and oil rigs with other major purchases of ships and aircraft. AHEB’s relationships with principal global and regional banking institutions assist businesses in arrangement of collateral via its network of investment partners. For further information about AHEB Investment Group, visit http://www.ahebgroup.com , email info@ahebgroup.com or call +1-347-4166069.
To read further customer testimonials from AHEB Investment Group clients visit: http://www.ahebgroup.com/dotnetnuke/CustomerTestimonials/tabid/201/Default.aspx
http://tourism9.com/ http://vkins.com/
RegeneRx Engages Investment Bankers to Assist in Evaluating and Exploring Strategic Opportunities
ROCKVILLE, Md.–(BUSINESS WIRE)– RegeneRx Biopharmaceuticals, Inc. (OTC Bulletin Board: RGRX) (“the Company” or “RegeneRx”) has hired investment bankers, Ameritech Advisors, LLC and Aurora Capital, LLC, to help the Company evaluate and explore potential strategic opportunities. Additionally, the Company is continuing to move forward in early-stage discussions with potential strategic partners related to its ophthalmic drug candidate, RGN-259 for the treatment of dry eye, which it had previously announced. During the past few weeks, a number of additional companies have expressed interest in exploring a partnering transaction involving RGN-259 or a broader strategic transaction, and the Company is exploring these opportunities as well.
About RegeneRx Biopharmaceuticals, Inc. (www.regenerx.com)
RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, or Tβ4, for tissue and organ protection, repair and regeneration. RegeneRx currently has three drug candidates in clinical development and has an extensive worldwide patent portfolio covering its products.
RGN-259 is a sterile, preservative-free topical eye drop for ophthalmic indications. Based on a recently completed Phase 2 clinical trial in patients with dry eye syndrome, RGN-259 was found to show statistically significant improvements in several signs and symptoms of dry eye, as well as positive trends in other outcome measures. We believe the positive results of this Phase 2 exploratory trial reflect RGN-259’s reported mechanisms of action and provide RegeneRx with FDA-approvable endpoints to be targeted in future clinical trials.
RGN-352 is an injectable formulation to treat cardiovascular and central nervous system diseases, as well as other medical indications. RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack. Recent pre-clinical efficacy data suggests that RGN-352 may also benefit patients with multiple sclerosis, stroke and traumatic brain injury. RegeneRx has successfully completed a Phase 1 clinical trial with RGN-352 in which the drug candidate was found to be safe and well-tolerated. In 2010, RegeneRx received a $3 million, three-year development grant from the NIH to support the company’s acute myocardial infarction program.
RGN-137, a topical gel formulation, is currently being evaluated by RegeneRx in a Phase 2 clinical trial for the treatment of the orphan skin disease epidermolysis bullosa. Other potential uses for RGN-137 include the treatment of chronic dermal wounds and reduction of scar tissue. RegeneRx previously received $675,000 in grants from the U.S. FDA to support this clinical trial.
Forward-Looking Statements
Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Forward-looking statements in this press release include statements concerning a potential strategic transaction involving the Company, a potential partnering transaction involving RGN-259 and other statements that include the words “believe,” “continue,” ”may,” “potential” or the negative of those words or other similar expressions. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include risks related to uncertainties inherent in our business, including, without limitation the risk that third parties may be unwilling to engage in a strategic transaction on terms that are acceptable to the Company and its stockholders or at all, the risk that potential commercial partners may be unwilling to enter into a strategic partnership with us involving RGN-259 or terms acceptable to us or at all, the risk that the Company may require additional financing in order to continue as a going concern for a sufficient period of time to consummate a strategic transaction or partnering transaction, the risk that our product candidates do not demonstrate safety and/or efficacy in current clinical trials or future non-clinical or clinical trials; risks related to our ability to obtain financing to support our operations on commercially reasonable terms; the progress, timing or success of our clinical trials; difficulties or delays in development, testing, obtaining regulatory approval for producing and marketing our product candidates; regulatory developments; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the scope and validity of patent protection for our product candidates; competition from other pharmaceutical or biotechnology companies; and other risks described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 31, 2011, and quarterly reports on Form 10-Q, as well as other filings it makes with the SEC. Any forward-looking statements in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. The Company anticipates that subsequent events and developments may cause its views to change, and the Company specifically disclaims any obligation to update this information, as a result of future events or otherwise, except as required by applicable law.
http://tourism9.com/ http://vkins.com/
About RegeneRx Biopharmaceuticals, Inc. (www.regenerx.com)
RegeneRx is focused on the development of a novel therapeutic peptide, Thymosin beta 4, or Tβ4, for tissue and organ protection, repair and regeneration. RegeneRx currently has three drug candidates in clinical development and has an extensive worldwide patent portfolio covering its products.
RGN-259 is a sterile, preservative-free topical eye drop for ophthalmic indications. Based on a recently completed Phase 2 clinical trial in patients with dry eye syndrome, RGN-259 was found to show statistically significant improvements in several signs and symptoms of dry eye, as well as positive trends in other outcome measures. We believe the positive results of this Phase 2 exploratory trial reflect RGN-259’s reported mechanisms of action and provide RegeneRx with FDA-approvable endpoints to be targeted in future clinical trials.
RGN-352 is an injectable formulation to treat cardiovascular and central nervous system diseases, as well as other medical indications. RegeneRx is initially targeting RGN-352 for the treatment of patients who have suffered an acute myocardial infarction, or heart attack. Recent pre-clinical efficacy data suggests that RGN-352 may also benefit patients with multiple sclerosis, stroke and traumatic brain injury. RegeneRx has successfully completed a Phase 1 clinical trial with RGN-352 in which the drug candidate was found to be safe and well-tolerated. In 2010, RegeneRx received a $3 million, three-year development grant from the NIH to support the company’s acute myocardial infarction program.
RGN-137, a topical gel formulation, is currently being evaluated by RegeneRx in a Phase 2 clinical trial for the treatment of the orphan skin disease epidermolysis bullosa. Other potential uses for RGN-137 include the treatment of chronic dermal wounds and reduction of scar tissue. RegeneRx previously received $675,000 in grants from the U.S. FDA to support this clinical trial.
Forward-Looking Statements
Any statements in this press release that are not historical facts are forward-looking statements made under the provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Forward-looking statements in this press release include statements concerning a potential strategic transaction involving the Company, a potential partnering transaction involving RGN-259 and other statements that include the words “believe,” “continue,” ”may,” “potential” or the negative of those words or other similar expressions. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include risks related to uncertainties inherent in our business, including, without limitation the risk that third parties may be unwilling to engage in a strategic transaction on terms that are acceptable to the Company and its stockholders or at all, the risk that potential commercial partners may be unwilling to enter into a strategic partnership with us involving RGN-259 or terms acceptable to us or at all, the risk that the Company may require additional financing in order to continue as a going concern for a sufficient period of time to consummate a strategic transaction or partnering transaction, the risk that our product candidates do not demonstrate safety and/or efficacy in current clinical trials or future non-clinical or clinical trials; risks related to our ability to obtain financing to support our operations on commercially reasonable terms; the progress, timing or success of our clinical trials; difficulties or delays in development, testing, obtaining regulatory approval for producing and marketing our product candidates; regulatory developments; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the scope and validity of patent protection for our product candidates; competition from other pharmaceutical or biotechnology companies; and other risks described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including those identified in the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2010, filed with the SEC on March 31, 2011, and quarterly reports on Form 10-Q, as well as other filings it makes with the SEC. Any forward-looking statements in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. The Company anticipates that subsequent events and developments may cause its views to change, and the Company specifically disclaims any obligation to update this information, as a result of future events or otherwise, except as required by applicable law.
http://tourism9.com/ http://vkins.com/
2011 U.S. Venture Capital Investment in Cleantech Steady at $4.9 Billion Despite Tough Economy
BOSTON, Feb. 1, 2012 /PRNewswire/ – US venture capital (VC) investment in cleantech companies reached $4.9 billion in 2011, flat in terms of deals and down 4.5% in terms of capital invested compared to 2010, according to an Ernst & Young LLP analysis based on data from Dow Jones VentureSource. However, this represents a 29% increase from the $3.8 billion raised in 2009. In Q4 2011 VC investment in cleantech reached $940.5 million with 70 rounds of financing.
“Cleantech is still in the early stages of a long-term journey,” said Jay Spencer, Ernst & Young LLP’s Americas Cleantech Director. “We’ve reached a point where new products and services are ready to be launched, and as these products come to market, we’re seeing renewed interest, innovation and opportunity in cleantech.”
Energy/Electricity Generation segment leads annual growth
The Energy/Electricity Generation segment led investment in 2011 with $1.5 billion raised through a total of 71 rounds, representing a 5% decrease in dollars invested from 2010. The Solar sub-segment received the lion’s share of capital in Q4 2011 with $284.5 million, accounting for 91% of the sector’s total investment of $312.9 million. The top Solar deal for this quarter was completed by Stion Corp., a San Jose-based a manufacturer of high-efficiency, thin-film solar panels, which raised $130.0 million.
The Industry Products and Services segment completed 2011 with the second largest amount raised at $1.0 billion, down 34% from 2010. In Q4 2011, the segment raised $256.2 million, with strong support from the Transportation sub-segment, which raised $203.2 million or 79% of the Q4 2011 total, a 36% increase from the amount raised in Q4 2010. The largest deal was for the quarter was completed by Better Place, a Palo Alto-based provider of electric car networks, which raised $201.0 million.
The Energy Storage segment ranked third in terms of total amount invested in 2011, with $932.6 million through 28 deals representing a 253% increase from 2010 in dollars invested and a 47% increase in number of deals. In Q4 2011, the segment raised $35.0 million, all of which can be attributed to the Batteries sub-segment. With $30.0 million raised, VIA Motors Inc., a Utah-based electric vehicle development and manufacturing company, secured the largest battery transaction in Q4 2011.
Companies in the Energy Efficiency segment attracted $646.9 million in 2011, a 29% decrease from 2010. The segment, however, led both the year and quarter in rounds of financing with 78 deals and 21 deals respectively. Q4 2011 investments in this segment were led by the Energy Efficiency Products sub-segment with $57.5 million raised through 10 deals.
Revenue generating companies lead with investments received
Cleantech companies in the revenue generation stage of development accounted for 69% of dollars invested, up from 50% in 2010. Total dollars invested in companies at this stage of development reached $3.4 billion, a 31% annual increase.
Capital market activity
Growth in the US cleantech market in 2011 was supported by five cleantech IPOs – up from three in 2010. Three of the 2011 deals were completed by companies focused on biofuels: Solazyme Inc., Gevo Inc. and KiOR Inc. Two more IPOs were completed in Q4 2011, one by Intermolecular Inc., a San Jose-based research and development company for the semiconductor and clean energy sectors that raised $96.5 million, and another by Rentech Inc., a Los Angeles-based provider of clean energy solutions, that raised $136.8 million. A total of $688.3 million was raised through cleantech IPOs in 2011.
“There’s a strong appetite among cleantech companies to go public and we see tremendous opportunity as this industry continues to mature,” said Spencer. “The growing IPO pipeline shows viable, long-term potential.”
In terms of other capital market activity, there were 13 mergers and acquisitions (M&A) with a disclosed value of $150.5 million in Q4 2011, according to Bloomberg New Energy Finance. Total M&A activity in 2011 reached 79 deals with a total disclosed value of $2.8 billion.
Additionally, in Q4 2011, the US recorded 39 new–build clean energy asset financings with a total deal value of $1.8 billion, according to Bloomberg New Energy Finance. New-build asset financing in 2011 totaled $23.2 billion in 234 deals, of which the $2.5 billion financing of the 855MW NRG Energy Project Amp PV plant was the largest.
Corporate activity in solar and wind
Corporate activity was especially focused in two areas: solar and wind. In the solar market, Google Inc. and Kohlberg Kravis Roberts & Co. (KKR) invested $189.0 million in four California solar farms totaling 88 MW of capacity. The projects will be built by Recurrent Energy Inc., a unit of Sharp Corp. Additionally, NRG Energy Inc. acquired solar-power developer Solar Power Partners, deepening NRG’s involvement in the solar power market.
On the wind front, MidAmerican Energy bought 49% of the $1.8 billion 290 MW Agua Caliente project based in Yuma County, Arizona, which is being developed by NRG Energy. Duke Energy Corp. and American Transmission Co. bought a power line project to bring wind energy from Wyoming to the US Southwest. MidAmerican Energy acquired three wind power projects with a combined capacity of 404.8 MW in Iowa.
Cleantech partnerships across multiple segments
Vestas is teaming with IBM to improve return on wind power investment by using the IBM BigInsights analytics software and an IBM Firestorm supercomputer to increase energy output. Honeywell is teaming up with AliphaJet to boost the development and eventual commercialization of renewable jet fuels from plant and animal matter. Mascoma is teaming up with Valero Energy to develop its first commercial-scale cellulosic ethanol plant at an expected cost of $232.0 million.
Additionally, key players in the EV space are collaborating to expand the accessibility of EVs. Walmart will participate in ECOtality’s EV Project, which is tasked with overseeing the installation of 14,000 hosted charging stations at select stores in 18 metropolitan areas. ECOtality will integrate its Blink EV charging stations with Silver Spring Networks’ Smart Energy Platform to enable utilities to offer customers more EV charging options globally.
Regional highlights
California continues to lead national cleantech investment in 2011 with $2.8 billion raised. In Q4 2011 alone, California garnered 67% of all dollars with $629.5 million through 26 deals. Massachusetts raised the second highest level of annual investments with $465.1 million, a 63% increase from last year. Colorado had investments of $363.3 million throughout 2011, a 28% increase from 2010, making it the state with the third highest level of investments.
About Ernst & Young‘s Strategic Growth Markets Network
Ernst & Young’s worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of rapid-growth companies. For more than 30 years, we’ve helped many of the world’s most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early stage venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business achieve its potential. It’s how Ernst & Young makes a difference.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit www.ey.com.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
Note to editors:Data analyzed in the press release encompasses equity financings–including cash investments by professional venture capital firms, corporations, other private equity firms, and individuals–into cleantech companies that have received at least one round of venture funding.
Ernst & Young uses the following definitions to classify the cleantech industry and its sub-sectors:
Clean technology encompasses a diverse range of innovative products and services that optimize the use of natural resources or reduce the negative environmental impact of their use while creating value by lowering costs, improving efficiency, or providing superior performance.
“Cleantech is still in the early stages of a long-term journey,” said Jay Spencer, Ernst & Young LLP’s Americas Cleantech Director. “We’ve reached a point where new products and services are ready to be launched, and as these products come to market, we’re seeing renewed interest, innovation and opportunity in cleantech.”
Energy/Electricity Generation segment leads annual growth
The Energy/Electricity Generation segment led investment in 2011 with $1.5 billion raised through a total of 71 rounds, representing a 5% decrease in dollars invested from 2010. The Solar sub-segment received the lion’s share of capital in Q4 2011 with $284.5 million, accounting for 91% of the sector’s total investment of $312.9 million. The top Solar deal for this quarter was completed by Stion Corp., a San Jose-based a manufacturer of high-efficiency, thin-film solar panels, which raised $130.0 million.
The Industry Products and Services segment completed 2011 with the second largest amount raised at $1.0 billion, down 34% from 2010. In Q4 2011, the segment raised $256.2 million, with strong support from the Transportation sub-segment, which raised $203.2 million or 79% of the Q4 2011 total, a 36% increase from the amount raised in Q4 2010. The largest deal was for the quarter was completed by Better Place, a Palo Alto-based provider of electric car networks, which raised $201.0 million.
The Energy Storage segment ranked third in terms of total amount invested in 2011, with $932.6 million through 28 deals representing a 253% increase from 2010 in dollars invested and a 47% increase in number of deals. In Q4 2011, the segment raised $35.0 million, all of which can be attributed to the Batteries sub-segment. With $30.0 million raised, VIA Motors Inc., a Utah-based electric vehicle development and manufacturing company, secured the largest battery transaction in Q4 2011.
Companies in the Energy Efficiency segment attracted $646.9 million in 2011, a 29% decrease from 2010. The segment, however, led both the year and quarter in rounds of financing with 78 deals and 21 deals respectively. Q4 2011 investments in this segment were led by the Energy Efficiency Products sub-segment with $57.5 million raised through 10 deals.
Revenue generating companies lead with investments received
Cleantech companies in the revenue generation stage of development accounted for 69% of dollars invested, up from 50% in 2010. Total dollars invested in companies at this stage of development reached $3.4 billion, a 31% annual increase.
Capital market activity
Growth in the US cleantech market in 2011 was supported by five cleantech IPOs – up from three in 2010. Three of the 2011 deals were completed by companies focused on biofuels: Solazyme Inc., Gevo Inc. and KiOR Inc. Two more IPOs were completed in Q4 2011, one by Intermolecular Inc., a San Jose-based research and development company for the semiconductor and clean energy sectors that raised $96.5 million, and another by Rentech Inc., a Los Angeles-based provider of clean energy solutions, that raised $136.8 million. A total of $688.3 million was raised through cleantech IPOs in 2011.
“There’s a strong appetite among cleantech companies to go public and we see tremendous opportunity as this industry continues to mature,” said Spencer. “The growing IPO pipeline shows viable, long-term potential.”
In terms of other capital market activity, there were 13 mergers and acquisitions (M&A) with a disclosed value of $150.5 million in Q4 2011, according to Bloomberg New Energy Finance. Total M&A activity in 2011 reached 79 deals with a total disclosed value of $2.8 billion.
Additionally, in Q4 2011, the US recorded 39 new–build clean energy asset financings with a total deal value of $1.8 billion, according to Bloomberg New Energy Finance. New-build asset financing in 2011 totaled $23.2 billion in 234 deals, of which the $2.5 billion financing of the 855MW NRG Energy Project Amp PV plant was the largest.
Corporate activity in solar and wind
Corporate activity was especially focused in two areas: solar and wind. In the solar market, Google Inc. and Kohlberg Kravis Roberts & Co. (KKR) invested $189.0 million in four California solar farms totaling 88 MW of capacity. The projects will be built by Recurrent Energy Inc., a unit of Sharp Corp. Additionally, NRG Energy Inc. acquired solar-power developer Solar Power Partners, deepening NRG’s involvement in the solar power market.
On the wind front, MidAmerican Energy bought 49% of the $1.8 billion 290 MW Agua Caliente project based in Yuma County, Arizona, which is being developed by NRG Energy. Duke Energy Corp. and American Transmission Co. bought a power line project to bring wind energy from Wyoming to the US Southwest. MidAmerican Energy acquired three wind power projects with a combined capacity of 404.8 MW in Iowa.
Cleantech partnerships across multiple segments
Vestas is teaming with IBM to improve return on wind power investment by using the IBM BigInsights analytics software and an IBM Firestorm supercomputer to increase energy output. Honeywell is teaming up with AliphaJet to boost the development and eventual commercialization of renewable jet fuels from plant and animal matter. Mascoma is teaming up with Valero Energy to develop its first commercial-scale cellulosic ethanol plant at an expected cost of $232.0 million.
Additionally, key players in the EV space are collaborating to expand the accessibility of EVs. Walmart will participate in ECOtality’s EV Project, which is tasked with overseeing the installation of 14,000 hosted charging stations at select stores in 18 metropolitan areas. ECOtality will integrate its Blink EV charging stations with Silver Spring Networks’ Smart Energy Platform to enable utilities to offer customers more EV charging options globally.
Regional highlights
California continues to lead national cleantech investment in 2011 with $2.8 billion raised. In Q4 2011 alone, California garnered 67% of all dollars with $629.5 million through 26 deals. Massachusetts raised the second highest level of annual investments with $465.1 million, a 63% increase from last year. Colorado had investments of $363.3 million throughout 2011, a 28% increase from 2010, making it the state with the third highest level of investments.
About Ernst & Young‘s Strategic Growth Markets Network
Ernst & Young’s worldwide Strategic Growth Markets Network is dedicated to serving the changing needs of rapid-growth companies. For more than 30 years, we’ve helped many of the world’s most dynamic and ambitious companies grow into market leaders. Whether working with international mid-cap companies or early stage venture-backed businesses, our professionals draw upon their extensive experience, insight and global resources to help your business achieve its potential. It’s how Ernst & Young makes a difference.
About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
For more information, please visit www.ey.com.
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
This news release has been issued by Ernst & Young LLP, a US client-serving member firm of Ernst & Young Global Limited.
Note to editors:Data analyzed in the press release encompasses equity financings–including cash investments by professional venture capital firms, corporations, other private equity firms, and individuals–into cleantech companies that have received at least one round of venture funding.
Ernst & Young uses the following definitions to classify the cleantech industry and its sub-sectors:
Clean technology encompasses a diverse range of innovative products and services that optimize the use of natural resources or reduce the negative environmental impact of their use while creating value by lowering costs, improving efficiency, or providing superior performance.
- Alternative Fuels – Biofuels, natural gas
- Energy / Electricity Generation – Gasification, tidal/wave, hydrogen, geothermal, solar, wind, hydro
- Energy Storage – Batteries, fuel cells, flywheels
- Energy Efficiency – Energy efficiency products, power and efficiency management services, industrial products
- Water – Treatment processes, conservation & monitoring
- Environment – Air, recycling, waste
- Industry Focused Products and Services – Agriculture, construction, transportation, materials, consumer products
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