The Islamic Bank of Thailand’s managing director admitted bank clients could experience more inconveniences in making international financial transactions after Thailand has been put on the watch list for money-laundering and terrorism financing. The bank also plans to adjust its business strategy this year after it has been slapped with the 0.47 percent premium contribution to the national development fund.
Managing Director of Islamic Bank of Thailand Teerasak Suwanyos played down the impact on overseas investments of the bank’s clients after Thailand’s name appeared on the money laundering and terrorism financing watch list.
Hot on the heels of the triple bomb blasts in Bangkok last week, Thailand was identified by intergovernmental organization, Financial Action Task Force, as uncooperative in the global efforts to combat money laundering and terrorism financing.
Islamic Bank MD said the bank has ten clients who invest heavily overseas with a combined investment value of hundreds of millions of baht. Teerasak noted that the bank will be more rigorous in checking documents and transactions to prevent any possibility of being linked with any money laundering or terrorism activities.
Teerasak also commented on the new 0.47 percent premium that was slapped on all banks by the Finance Ministry and the central bank. The banker said the premium, slated to go towards the National Development Fund, will cost the bank 500 million baht in operating revenue. That’s almost 50 percent of the net profit calculated from its current deposit base of 117 billion baht.
He said the bank may have to revise its strategic business plan for this year to take into consideration the new premium.
The Islamic Bank has set a loan target of 20 billion baht for this year, including six billion baht for SMEs, ten billion baht for retail borrowers and four billion baht for major clients.
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2012年2月4日星期六
Joint exploration of hydropower: Pakistan, Qatar may sign 2 MoUs
Saturday, 04 February 2012 09:00
ISLAMABAD: Pakistan and Qatar are likely to sign two Memoranda of Understanding (MoUs) according to which the two countries will jointly explore development of hydropower, identification of sources of financing, exploration of investment opportunities in energy sector, rehabilitation of existing hydropower plants and construction of National Highway and Motorway infrastructure, official sources told Business Recorder.These MoUs, sources said, will be inked during the visit of Prime Minister Yousaf Raza Gilani, scheduled for February 6-8.
They said that a draft of MoU has been prepared which will be signed between the Ministry of Water and Power and Ministry of Energy, Qatar.
The objective of this MoU is to strengthen bilateral relations between the two countries, which will accelerate the process of providing energy access and sustainable power and water sector development cooperation for the benefit of both countries.
The Ministry of Energy of Qatar and Pakistan’s Ministry of Water and Power will cooperate in accordance with the MoU, subject to the relevant laws of each country, to jointly explore different avenues of cooperation. The MoU will take effect on the date of its signing and will remain in force for a period of three years, unless earlier terminated or extended by mutual consent of the two countries.
Sources said that Ministry of Water and Power has examined the MoU and supports its signing as it pertains to hydropower development through joint research, transfer of technologies and capacity building. However, for procurement or construction of projects and in order to ensure transparency, relevant rules, instructions, international competitive bidding (ICB) and PPRA Rules shall be followed. The MoU was referred to Law Division for vetting on January 30, 2012. Since the MoU will be signed during the Prime Minister’s visit to Qatar in the first week of February, the Ministry of Law and Justice should give its opinion in the Cabinet meeting.
Sources said that to create fiscal space to fund important projects of highways and motorways another MoU is likely to be signed with Qatar on provision of financial assistance through Qatar Development Fund (QDF). Prime Minister, sources said, is also expected to discuss Afghanistan situation with his Qatari counterpart, in addition to situation in Arab countries.
Last month, Director General Inter Services Intelligence(ISI), Lieutenant General Shuja Pasha (retired) visited Qatar to discuss matters relating to Afghanistan after which the United States of America (USA) allowed Afghanistan-based Taliban to open their offices in Qatar, aimed at facilitating talks between Afghan government, USA , Pakistan and other stakeholders. Foreign Minister Hina Rabbani Khar visited Kabul last week where she held meetings with her counterpart and Afghan President Hamid Karzai and discussed different options for peaceful resolution of Afghanistan dispute. -MUSHTAQ GHUMMAN
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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
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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
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2012年1月30日星期一
Financial planner vs adviser: Know the difference
There is a real confusion among investors over who a financial planner is and who an investment adviser is. These terms are used very loosely, so it is necessary that one understands the function of each of these professionals and approach the right people.
A few decades ago, there was confusion between what comprises sales and marketing. People thought they were very much the same. But it is to be understood that sales is just an important ingredient of the functions of marketing. Sales lies in persuading and convincing a person to buy a product that is suitable. Marketing involves all the activities right from the conception of the product, to branding, advertising and retailing.
It is an all-pervasive function from the product being ready to reach the market and ultimately being sold to the customer.
There prevails a similar confusion with who is an investment adviser and who is a financial planner. It is quite common to find these terms used interchangeably, but it is necessary to understand that an investment adviser and a financial planner have vast differences as between sales and marketing.
The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the director and chief financial planner of Holistic Investment Planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in.
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A few decades ago, there was confusion between what comprises sales and marketing. People thought they were very much the same. But it is to be understood that sales is just an important ingredient of the functions of marketing. Sales lies in persuading and convincing a person to buy a product that is suitable. Marketing involves all the activities right from the conception of the product, to branding, advertising and retailing.
It is an all-pervasive function from the product being ready to reach the market and ultimately being sold to the customer.
There prevails a similar confusion with who is an investment adviser and who is a financial planner. It is quite common to find these terms used interchangeably, but it is necessary to understand that an investment adviser and a financial planner have vast differences as between sales and marketing.
The author is Ramalingam K, an MBA (Finance) and Certified Financial Planner. He is the director and chief financial planner of Holistic Investment Planners (www.holisticinvestment.in) a firm that offers Financial Planning and Wealth Management. He can be reached at ramalingam@holisticinvestment.in.
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2012年1月23日星期一
EntreMed Secures $10 Million Financing
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Posted January 23, 2012
ROCKVILLE, Md. — EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has secured $10 million in financing with strategic accredited investors, including IDG-Accel China Growth Fund II L.P., Emerging Technology Partners, LLC, and Dr. Tak W. Mak, Director of The Campbell Family Institute for Cancer Research.
The Company entered into purchase agreements with the investors, pursuant to which the Company has agreed to issue and sell to the investors convertible notes in the aggregate principal amount of $10 million. The investors also will be issued warrants covering a number of shares of common stock equal to 20% of the principal amount of the notes, divided by $1.15. The warrants are exercisable at $1.40 per share. The closing of the transaction is anticipated to occur on or about January 27, 2012 upon the satisfaction of certain conditions.
At the closing, IDG and ETP have the right to designate in the aggregate two members of the Company’s Board of Directors. In addition, it is expected that the Company will select an interim Chief Executive Officer.
Subject to the approval of the Company’s stockholders at the 2012 stockholder meeting, the notes will automatically and immediately convert into shares of common stock and the warrants will become exercisable. The notes have a maturity date of August 31, 2012, bear an interest rate of 6% and will convert at a conversion price of $1.15 per share. The conversion price reflects the 10-day average closing sale price ending on January 20, 2012. The notes are not convertible, and the warrants are not exercisable, prior to receiving stockholder approval. If stockholder approval is not obtained, the Company will be required to pay liquidated damages to the note purchasers equal to an aggregate of $1.2 million.
“We are very pleased to have the support from a group of knowledgeable investors and the validation of the potential of ENMD-2076. The proceeds from the notes will allow the Company to accelerate and expand its research and development activities, fund additional trials, initiatives and long term strategic plans,” said Michael M. Tarnow, the Company’s Executive Chairman.
After deducting transaction fees and expenses, the net proceeds to the Company will be approximately$9.3 million. The convertible notes, the warrants and the common stock into which the notes and warrants are convertible have not been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About ENMD-2076
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently in a Phase 2 trial for ovarian cancer, and preclinical and clinical activities are ongoing in assessing the compound’s applicability for other forms of cancer.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in a multi-center Phase 2 study in ovarian cancer and in several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).
About IDG-Accel Fund
IDG-Accel Fund is a private equity investment fund focused on investment in various sectors and is managed by IDG Capital Partners, a leading investment management team in China with over 18-years of investment experience and industry knowledge.
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Posted January 23, 2012
ROCKVILLE, Md. — EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has secured $10 million in financing with strategic accredited investors, including IDG-Accel China Growth Fund II L.P., Emerging Technology Partners, LLC, and Dr. Tak W. Mak, Director of The Campbell Family Institute for Cancer Research.
The Company entered into purchase agreements with the investors, pursuant to which the Company has agreed to issue and sell to the investors convertible notes in the aggregate principal amount of $10 million. The investors also will be issued warrants covering a number of shares of common stock equal to 20% of the principal amount of the notes, divided by $1.15. The warrants are exercisable at $1.40 per share. The closing of the transaction is anticipated to occur on or about January 27, 2012 upon the satisfaction of certain conditions.
At the closing, IDG and ETP have the right to designate in the aggregate two members of the Company’s Board of Directors. In addition, it is expected that the Company will select an interim Chief Executive Officer.
Subject to the approval of the Company’s stockholders at the 2012 stockholder meeting, the notes will automatically and immediately convert into shares of common stock and the warrants will become exercisable. The notes have a maturity date of August 31, 2012, bear an interest rate of 6% and will convert at a conversion price of $1.15 per share. The conversion price reflects the 10-day average closing sale price ending on January 20, 2012. The notes are not convertible, and the warrants are not exercisable, prior to receiving stockholder approval. If stockholder approval is not obtained, the Company will be required to pay liquidated damages to the note purchasers equal to an aggregate of $1.2 million.
“We are very pleased to have the support from a group of knowledgeable investors and the validation of the potential of ENMD-2076. The proceeds from the notes will allow the Company to accelerate and expand its research and development activities, fund additional trials, initiatives and long term strategic plans,” said Michael M. Tarnow, the Company’s Executive Chairman.
After deducting transaction fees and expenses, the net proceeds to the Company will be approximately$9.3 million. The convertible notes, the warrants and the common stock into which the notes and warrants are convertible have not been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About ENMD-2076
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently in a Phase 2 trial for ovarian cancer, and preclinical and clinical activities are ongoing in assessing the compound’s applicability for other forms of cancer.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in a multi-center Phase 2 study in ovarian cancer and in several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).
About IDG-Accel Fund
IDG-Accel Fund is a private equity investment fund focused on investment in various sectors and is managed by IDG Capital Partners, a leading investment management team in China with over 18-years of investment experience and industry knowledge.
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2012年1月19日星期四
ROTH Capital Partners to Co-Sponsor Bank Director’s 2012 Acquire or Be Acquired Conference
NEWPORT BEACH, Calif.–(BUSINESS WIRE)– ROTH Capital Partners (ROTH), www.roth.com, a full service investment bank recognized for providing financing and advisory services to emerging growth companies worldwide, today announced that it will co-sponsor the 2012 Acquire or Be Acquired conference to be held by Bank Director magazine at the Arizona Biltmore Resort & Spa in Phoenix, Arizona from January 29-31, 2012.
John Hamel, managing director of ROTH Capital Partners’ Financial Institutions Group, will be a featured speaker at the 2012 conference. Mr. Hamel’s presentation will discuss current trends in banking and M&A, as well as provide an overview of the M&A process for financial institutions and give advice for achieving the best possible terms for shareholders.
For the past 17 years, the Acquire or Be Acquired conference has been regarded as the financial industry’s premier M&A and growth event that addresses the most critical and timely issues facing banks. The conference has provided bankers and financial executives the opportunity to learn from knowledgeable speakers through interactive sessions designed to help them explore a variety of growth options. The 2012 conference will be attended by more than 650 financial executives and feature panel discussions on M&A trends, as well as best practices on strategy, capital formation, deposit growth, dealing with criticized assets and alternatives for liquidity.
To learn more or to register to attend the conference, please contact Bank Director’s conference department at conferences@bankdirector.com.
About ROTH Capital Partners Financial Institutions Group
ROTH’s Financial Institutions (FIG) Investment Banking team brings to bear its extensive industry and transaction expertise on a wide range of growth companies within the financial services sector. With deep domain expertise in its areas of focus, the team has insight into the changing dynamics of the industry and is able to develop unique ideas and financing structures that best serve the needs of ROTH’s clients. The ROTH FIG Group focuses on the following sub-sectors: banks and thrifts; consumer finance; commercial finance; mortgage REITs; asset managers; insurance; and financial processing and outsourcing. It offers a full array of investment banking products and services, including public and private offerings of equity and debt, advisory services and recapitalizations.
About Bank Director Magazine
Bank Director Magazine is the leading information resource for senior officers and directors of financial institutions, credit unions, insurance companies and investment advisors. The quarterly publication provides readers with the tools necessary to successfully handle the governance challenges impacting boards including mergers and acquisitions, retail strategies, compensation and technology. Since its inception in 1991, Bank Director has become recognized as the essential resource for top decision makers in the financial services industry. For more information, visit http://www.bankdirector.com/.
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John Hamel, managing director of ROTH Capital Partners’ Financial Institutions Group, will be a featured speaker at the 2012 conference. Mr. Hamel’s presentation will discuss current trends in banking and M&A, as well as provide an overview of the M&A process for financial institutions and give advice for achieving the best possible terms for shareholders.
For the past 17 years, the Acquire or Be Acquired conference has been regarded as the financial industry’s premier M&A and growth event that addresses the most critical and timely issues facing banks. The conference has provided bankers and financial executives the opportunity to learn from knowledgeable speakers through interactive sessions designed to help them explore a variety of growth options. The 2012 conference will be attended by more than 650 financial executives and feature panel discussions on M&A trends, as well as best practices on strategy, capital formation, deposit growth, dealing with criticized assets and alternatives for liquidity.
To learn more or to register to attend the conference, please contact Bank Director’s conference department at conferences@bankdirector.com.
About ROTH Capital Partners Financial Institutions Group
ROTH’s Financial Institutions (FIG) Investment Banking team brings to bear its extensive industry and transaction expertise on a wide range of growth companies within the financial services sector. With deep domain expertise in its areas of focus, the team has insight into the changing dynamics of the industry and is able to develop unique ideas and financing structures that best serve the needs of ROTH’s clients. The ROTH FIG Group focuses on the following sub-sectors: banks and thrifts; consumer finance; commercial finance; mortgage REITs; asset managers; insurance; and financial processing and outsourcing. It offers a full array of investment banking products and services, including public and private offerings of equity and debt, advisory services and recapitalizations.
About Bank Director Magazine
Bank Director Magazine is the leading information resource for senior officers and directors of financial institutions, credit unions, insurance companies and investment advisors. The quarterly publication provides readers with the tools necessary to successfully handle the governance challenges impacting boards including mergers and acquisitions, retail strategies, compensation and technology. Since its inception in 1991, Bank Director has become recognized as the essential resource for top decision makers in the financial services industry. For more information, visit http://www.bankdirector.com/.
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2012年1月16日星期一
NORDIC INVESTMENT BANK: Henrik Normann appointed new President of NIB
The Board of Directors of the Nordic Investment Bank (NIB) has appointed Henrik
Normann (Denmark) President and Chief Executive Officer of the Bank. Mr Normann
will take up his appointment on 1 April 2012. He will succeed Mr Johnny Åkerholm
(Finland), who has been President and CEO of NIB since April 2005.
Mr Normann is currently working as a Managing Director of Danske Markets, the
investment banking arm of the Danske Bank Group. He has held various management
positions within the Danske Bank. He has been a member of the Executive
Committee since 2001.
“Mr Normann has extensive experience in the field of banking in Northern Europe.
With his knowledge and skills in the financial field, NIB will be well-equipped
to fulfil its mandate of supporting competitiveness and enhancing the
environment in the Baltic Sea region, ” says Mr Jesper Olesen, Chairman of the
Board of Directors.
The President is appointed by the Board of Directors for a term of five years at
a time.
The Nordic Investment Bank (NIB) is the common international financial
institution of the eight Nordic and Baltic countries. NIB provides long-term
financing to the energy, environmental, transport, logistics and communications,
and innovation sectors for projects that strengthen competitiveness and enhance
the environment. NIB has the highest possible credit rating, AAA/Aaa, with the
leading rating agencies Standard & Poor´s and Moody´s.
For further information, please contact
Jesper Olesen, Chairman of the Board of Directors, at +45 3392 4161, jol@evm.dk
Henrik Normann, NIB President & CEO as of 1 April 2012, at +45 40 54 77 00,
henrik.normann@danskebank.dk
Jukka Ahonen, Director, Head of Communications, at +358 10 618 0295,
jukka.ahonen@nib.int
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
[HUG#1577709]
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Normann (Denmark) President and Chief Executive Officer of the Bank. Mr Normann
will take up his appointment on 1 April 2012. He will succeed Mr Johnny Åkerholm
(Finland), who has been President and CEO of NIB since April 2005.
Mr Normann is currently working as a Managing Director of Danske Markets, the
investment banking arm of the Danske Bank Group. He has held various management
positions within the Danske Bank. He has been a member of the Executive
Committee since 2001.
“Mr Normann has extensive experience in the field of banking in Northern Europe.
With his knowledge and skills in the financial field, NIB will be well-equipped
to fulfil its mandate of supporting competitiveness and enhancing the
environment in the Baltic Sea region, ” says Mr Jesper Olesen, Chairman of the
Board of Directors.
The President is appointed by the Board of Directors for a term of five years at
a time.
The Nordic Investment Bank (NIB) is the common international financial
institution of the eight Nordic and Baltic countries. NIB provides long-term
financing to the energy, environmental, transport, logistics and communications,
and innovation sectors for projects that strengthen competitiveness and enhance
the environment. NIB has the highest possible credit rating, AAA/Aaa, with the
leading rating agencies Standard & Poor´s and Moody´s.
For further information, please contact
Jesper Olesen, Chairman of the Board of Directors, at +45 3392 4161, jol@evm.dk
Henrik Normann, NIB President & CEO as of 1 April 2012, at +45 40 54 77 00,
henrik.normann@danskebank.dk
Jukka Ahonen, Director, Head of Communications, at +358 10 618 0295,
jukka.ahonen@nib.int
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
[HUG#1577709]
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2012年1月6日星期五
Fitch downgrades Hungary to junk status
BUDAPEST, Hungary (AP) — Fitch downgraded Hungary’s credit rating to junk status on Friday, citing a standoff between the government and international lenders like the IMF and the European Union over possible rescue loans.
Fitch kept a negative outlook on Hungary, indicating a more than a 50 percent chance for another downgrade on the Central European nation of 10 million people within the next two years. The move followed similar action from Moody’s and Standards & Poor’s.
Hungary’s shaky finances have been battered this entire week. Its currency, the forint, fell to all-time lows during two consecutive days and the government suffered through a rough bond auction Thursday in which the interest rates it had to paid to borrow jumped more than 2 percentage points in just a few weeks.
Investors are deeply unsure about the government’s economic policies and whether it can agree upon a rescue loan with the International Monetary Fund.
Fitch Ratings’ decision to cut Hungary’s credit rating one notch, to BB+ from BBB-, was triggered partly “by further unorthodox economic policies which are undermining investor confidence and complicating the agreement of a new IMF-EU deal,” said Matteo Napolitano, Director in Fitch’s Sovereign Group.
Hungary late last year requested financial aid from the EU and the IMF. But the two institutions broke off preliminary negotiations in December amid concerns over new laws that hurt the independence of Hungary’s central bank.
“Even if a (loan) agreement were to be reached, doubts would remain over whether the Hungarian government could submit to its strict conditionality, given its track record of policy unpredictability,” Fitch said.
Government spokesman Andras Giro-Szasz said the downgrade was “surprising” considering statements from Prime Minister Viktor Orban and Tamas Fellegi, Hungary’s chief financial negotiator, confirming the country’s intention to soon reach an agreement with international creditors and affirming its support for the independence of the central bank.
Earlier Friday, Orban met with National Bank of Hungary President Andras Simor and the government’s top economic officials. Orban dismissed market speculation that his conservative government was planning to raid central bank reserves to prop up the state budget and said it would do everything it can to support the central bank’s efforts to stabilize the economy.
On Friday, the forint strengthened to around 215 per euro after falling as low as 224 per euro on Thursday.
Despite government pledges, investors are wary of government policies that boost budget revenues without unpopular austerity measures — such as windfall taxes on banks, telecommunications firms and others. They are also unnerved by Hungary‘s new constitution and new laws that have centralized political power and eroded democratic checks and balances.
Hungary has also been deeply affected by the eurozone’s debt crisis — nearly 80 percent of its exports go to EU countries. Its domestic consumption has been weakened by high levels of household debt, including many mortgages held in soaring Swiss francs.
Many experts see the country falling back into a recession this year, though not as deeply as the 6.7 percent contraction in 2009.
Hungary was given a bailout of euro20 billion ($26 billion) in 2008 after the collapse of U.S. investment bank Lehman Brothers. Yet Orban, whose Fidesz party gained a two-thirds majority in parliament in April 2010 elections, chose to end the deal so IMF would not oversee Hungary’s economic policy
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Fitch kept a negative outlook on Hungary, indicating a more than a 50 percent chance for another downgrade on the Central European nation of 10 million people within the next two years. The move followed similar action from Moody’s and Standards & Poor’s.
Hungary’s shaky finances have been battered this entire week. Its currency, the forint, fell to all-time lows during two consecutive days and the government suffered through a rough bond auction Thursday in which the interest rates it had to paid to borrow jumped more than 2 percentage points in just a few weeks.
Investors are deeply unsure about the government’s economic policies and whether it can agree upon a rescue loan with the International Monetary Fund.
Fitch Ratings’ decision to cut Hungary’s credit rating one notch, to BB+ from BBB-, was triggered partly “by further unorthodox economic policies which are undermining investor confidence and complicating the agreement of a new IMF-EU deal,” said Matteo Napolitano, Director in Fitch’s Sovereign Group.
Hungary late last year requested financial aid from the EU and the IMF. But the two institutions broke off preliminary negotiations in December amid concerns over new laws that hurt the independence of Hungary’s central bank.
“Even if a (loan) agreement were to be reached, doubts would remain over whether the Hungarian government could submit to its strict conditionality, given its track record of policy unpredictability,” Fitch said.
Government spokesman Andras Giro-Szasz said the downgrade was “surprising” considering statements from Prime Minister Viktor Orban and Tamas Fellegi, Hungary’s chief financial negotiator, confirming the country’s intention to soon reach an agreement with international creditors and affirming its support for the independence of the central bank.
Earlier Friday, Orban met with National Bank of Hungary President Andras Simor and the government’s top economic officials. Orban dismissed market speculation that his conservative government was planning to raid central bank reserves to prop up the state budget and said it would do everything it can to support the central bank’s efforts to stabilize the economy.
On Friday, the forint strengthened to around 215 per euro after falling as low as 224 per euro on Thursday.
Despite government pledges, investors are wary of government policies that boost budget revenues without unpopular austerity measures — such as windfall taxes on banks, telecommunications firms and others. They are also unnerved by Hungary‘s new constitution and new laws that have centralized political power and eroded democratic checks and balances.
Hungary has also been deeply affected by the eurozone’s debt crisis — nearly 80 percent of its exports go to EU countries. Its domestic consumption has been weakened by high levels of household debt, including many mortgages held in soaring Swiss francs.
Many experts see the country falling back into a recession this year, though not as deeply as the 6.7 percent contraction in 2009.
Hungary was given a bailout of euro20 billion ($26 billion) in 2008 after the collapse of U.S. investment bank Lehman Brothers. Yet Orban, whose Fidesz party gained a two-thirds majority in parliament in April 2010 elections, chose to end the deal so IMF would not oversee Hungary’s economic policy
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2012年1月3日星期二
Report: Equipment Investment To Grow 9 Pct. In 2012
Report: Equipment Investment To Grow 9 Pct. In 2012
Washington, DC —The Equipment Leasing & Finance Foundation (the Foundation) has launched its 2012 Equipment Leasing & Finance U.S. Economic Outlook. The new report, which is focused on the $628 billion equipment finance sector, forecasts equipment investment and capital spending in the United States, and evaluates the effects on various related and exogenous factors in play currently and into the foreseeable future. Overall, the report forecasts investment in equipment and software will grow by 9 percent in 2012.
The Foundation produced the 2012 Equipment Leasing & Finance U.S. Economic Outlook report in partnership with economics and public policy consulting firm Keybridge Research. The annual economic forecast provides a three-to-six-month outlook for industry investment with data, including a summary of investment trends in key equipment markets, credit market conditions, theU.S. macroeconomic outlook, and key economic indicators. The report will be updated quarterly throughout 2012.
“The Foundation is pleased to present a valuable and unique tool that distills economic data from a variety of sources into a brief analysis specific to the equipment finance industry,” said Foundation Chairman Cameron W. Krueger, a Director at Deloitte. “Our industry is a critical component of the American economy and this report forecasts continued growth.”
“The new Equipment Leasing & Finance U.S. Economic Outlook complements the Foundation’s Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) and the Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25) in providing a full picture of industry and economic conditions affecting the $628 billion equipment finance industry from the historical, present, and future perspectives,” said William G. Sutton, CAE, President of the Foundation and President and CEO of the Equipment Leasing and Finance Association.
Key findings include:
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Primarily funded through donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. Visit the Foundation online at http://www.leasefoundation.org/.
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The Foundation produced the 2012 Equipment Leasing & Finance U.S. Economic Outlook report in partnership with economics and public policy consulting firm Keybridge Research. The annual economic forecast provides a three-to-six-month outlook for industry investment with data, including a summary of investment trends in key equipment markets, credit market conditions, theU.S. macroeconomic outlook, and key economic indicators. The report will be updated quarterly throughout 2012.
“The Foundation is pleased to present a valuable and unique tool that distills economic data from a variety of sources into a brief analysis specific to the equipment finance industry,” said Foundation Chairman Cameron W. Krueger, a Director at Deloitte. “Our industry is a critical component of the American economy and this report forecasts continued growth.”
“The new Equipment Leasing & Finance U.S. Economic Outlook complements the Foundation’s Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) and the Equipment Leasing and Finance Association’s Monthly Leasing and Finance Index (MLFI-25) in providing a full picture of industry and economic conditions affecting the $628 billion equipment finance industry from the historical, present, and future perspectives,” said William G. Sutton, CAE, President of the Foundation and President and CEO of the Equipment Leasing and Finance Association.
Key findings include:
- Overall, investment continues to be a bright spot in the U.S .economy. In particular, investment in equipment and software has grown steadily for eight straight quarters. Expectations for 2012 are that growth will moderate slightly, but remain positive overall.
- Trends in equipment investment include:
- Agriculture equipment investment is likely to decelerate slightly in the next 3-6 months.
- Computers & software equipment investment will remain healthy, but is likely to slow down somewhat.
- Construction equipment investment is likely to slow in the immediate near term, but could be buoyed by the energy and housing sectors later in 2012.
- Industrial equipment investment will likely be hampered by macro-trends, which may cause some deceleration in growth from what appears to be a recent peak in the growth rate.
- Medical equipment is on watch for a leveling-off in investment spending. Investment growth rates, while positive, have softened for six straight quarters and could bottom out in late 2012. Still, near-normal growth is anticipated in the next 3-6 months.
- Transportation equipment investment should remain solidly positive, but is unlikely to maintain the rapid growth rates of 2011.
- Credit market conditions are improving slowly as demand for financing grows and supply constraints gradually ease. However, the growth rate of investment in equipment and software is likely to remain moderate until demand puts more pressure on capacity. Based on an outlook for moderate economic growth in 2012, and the overhang of excess industrial capacity, investment in equipment and software is expected to increase by 8-10 percent in 2012, compared to about 10.5 percent in 2011.
- For the overall economy, recent revisions toU.S.gross domestic product (GDP) show that the 2008-09 recession was deeper and the recovery has been weaker than previously estimated. While investment has buoyed an otherwise weak economy, employment and consumer demand have been tepid. Significant headwinds in the form of persistently high oil prices, household deleveraging, weakened consumer confidence, and the Eurozone financial crisis have all combined to restrain growth prospects for 2012.
- The macro outlook for 2012 is for a slow improvement, as impediments to growth are expected to gradually dissipate, with more positive cyclical trends kicking in later in the year. Compared to the consensus forecast of 2.0 percent growth for 2012, a slightly faster growth rate of 2.4 percent is predicted. This implies that the unemployment rate will remain at 8 percent or higher by the end of 2012.
The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Primarily funded through donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. Visit the Foundation online at http://www.leasefoundation.org/.
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2012年1月2日星期一
Le Château enters into long-term financing arrangement
MONTREAL , January 2, 2012 /CNW Telbec/ – Le Château Inc. (TSX: CTU-A.TO – News) has entered into an agreement with a Corporation controlled by Herschel Segal , the founder of Le Château and a Director and majority shareholder of the Company, for long-term financing of $10 million . The financing is in the form of a four year, unsecured loan which bears interest at a rate of 7.5%, is repayable by way of equal monthly instalments of principal and interest, commencing in February 2013 , and may be prepaid without penalty. The purpose of the loan is for the financing of ongoing capital expenditures and other investment purposes. The loan is in addition to other financing sources the Company has in place or may have in place in the future. The loan will provide the Company with additional capital and operational flexibility as all of its existing credit and other facilities remain in place.
As at the date hereof, the Company has an operating line of credit totaling $20 million under which $2.4 million of letters of credit are currently outstanding. In addition, the Company has an import line of credit of $25 million , which includes a $1 million loan facility, under which $5.3 million of letters of credit are currently outstanding. The Company uses such facilities and lines of credit from time to time in the ordinary course of its business.
The loan from Mr. Segal was approved by the Board of Directors of the Company (with Mr. Segal and Jane Segal abstaining from the vote) and is exempt from the requirements to obtain an independent valuation or minority approval under the related party transaction rules of applicable securities legislation.
Profile
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company’s 244 retail locations, of which 242 are located in Canada . The Company’s outlets are primarily found in major urban shopping malls, as well as street-front locations with high pedestrian traffic. In addition, the Company has 7 stores under license in the Middle East . Le Château’s web-based marketing is further broadening the Company’s customer base among Internet shoppers in both Canada and the United States . With its 52-year tradition of vertical integration, emphasizing a design and manufacturing approach to retailing, Le Château is unique among Canadian fashion merchants.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company’s expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company’s control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; customer preferences towards product offerings; seasonal weather patterns; fluctuations in foreign currency exchange rates; changes in the Company’s relationship with its suppliers; interest rate fluctuations and other changes in borrowing costs; and changes in laws, rules and regulations applicable to the Company.
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As at the date hereof, the Company has an operating line of credit totaling $20 million under which $2.4 million of letters of credit are currently outstanding. In addition, the Company has an import line of credit of $25 million , which includes a $1 million loan facility, under which $5.3 million of letters of credit are currently outstanding. The Company uses such facilities and lines of credit from time to time in the ordinary course of its business.
The loan from Mr. Segal was approved by the Board of Directors of the Company (with Mr. Segal and Jane Segal abstaining from the vote) and is exempt from the requirements to obtain an independent valuation or minority approval under the related party transaction rules of applicable securities legislation.
Profile
Le Château is a leading Canadian brand in specialty retailing, offering a broad array of contemporary fashion apparel, accessories and footwear for style-conscious women and men. The Le Château brand is synonymous with ageless fashion at accessible prices and is sold exclusively through the Company’s 244 retail locations, of which 242 are located in Canada . The Company’s outlets are primarily found in major urban shopping malls, as well as street-front locations with high pedestrian traffic. In addition, the Company has 7 stores under license in the Middle East . Le Château’s web-based marketing is further broadening the Company’s customer base among Internet shoppers in both Canada and the United States . With its 52-year tradition of vertical integration, emphasizing a design and manufacturing approach to retailing, Le Château is unique among Canadian fashion merchants.
Forward-Looking Statements
This news release may contain forward-looking statements relating to the Company and/or the environment in which it operates that are based on the Company’s expectations, estimates and forecasts. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond the Company’s control. A number of factors may cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in other public filings of the Company. Therefore, readers should not place undue reliance on these forward-looking statements. In addition, these forward-looking statements speak only as of the date made and the Company disavows any intention or obligation to update or revise any such statements as a result of any event, circumstance or otherwise except to the extent required under applicable securities law.
Factors which could cause actual results or events to differ materially from current expectations include, among other things: the ability of the Company to successfully implement its business initiatives and whether such business initiatives will yield the expected benefits; competitive conditions in the businesses in which the Company participates; changes in consumer spending; general economic conditions and normal business uncertainty; customer preferences towards product offerings; seasonal weather patterns; fluctuations in foreign currency exchange rates; changes in the Company’s relationship with its suppliers; interest rate fluctuations and other changes in borrowing costs; and changes in laws, rules and regulations applicable to the Company.
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