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.
2012年2月24日星期五
2012年2月20日星期一
Home, study loans become cheaper
For a loan of Rs 400,000, the interest rate has been reduced by 25 bps to 11.75 per cent, while for loans between Rs 4 lakh and 750,000, the rate reduction is 100 bps to 12.50 per cent.
And, for the loans of above Rs 750,000, rates have been cut 25 bps to 12.25 per cent.
SBI also offers a concession of 50 bps on interest rates for loans given to female students.
Education loans, which constitute about seven per cent of SBI’s Rs 1.75-lakh-crore (Rs 1.75 trillion) retail portfolio, saw a growth of 14.17 per cent as of December-end.
Another state-run lender, Central Bank of India, has announced a reduction of 25-50 bps on home loan rates to boost credit demand, which has seen a slow growth in the current financial year.
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And, for the loans of above Rs 750,000, rates have been cut 25 bps to 12.25 per cent.
SBI also offers a concession of 50 bps on interest rates for loans given to female students.
Education loans, which constitute about seven per cent of SBI’s Rs 1.75-lakh-crore (Rs 1.75 trillion) retail portfolio, saw a growth of 14.17 per cent as of December-end.
Another state-run lender, Central Bank of India, has announced a reduction of 25-50 bps on home loan rates to boost credit demand, which has seen a slow growth in the current financial year.
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Tags
HONG KONG, February 20 (Reuters) – News and developments in Asia private equity from Reuters News for Lunar New Year and the week ending Feb. 17.
FEBRUARY 17
CARLYLE GROUP has begun the process of selling its over $300 million stake in Taiwan’s Ta Chong Bank Ltd, sources said, as it joins other private equity firms in looking to exit the island’s low-margin financial sector.
MMI INTERNATIONAL, a technology company owned by private equity fund KKR & Co LP, will price its $300 million five-year bond at 8 percent in New York, the bottom end of price guidance, after receiving strong support from U.S. investors, according to a source familiar with the matter.
AUSTRALIAN SURFWEAR company Billabong International rebuffed a $820 million private equity bid from TPG Capital , announcing plans to sell a stake in its Nixon watch brand and close up to 150 stores, sending its shares up by more than 50 percent.
CHINA HAS launched a 50 billion yuan ($7.93 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies as part of efforts to promote international use of the yuan and build the commercial hub into a global financial center.
HANA FINANCIAL Group said that it had reached a deal with the labour union of Korea Exchange Bank (KEB) which had threatened to strike over possible job losses following Hana’s acquisition of KEB.
FEBRUARY 16
WINS INVESTMENT, the fund arm of Chinese property developer Gemdale, says it plans to double funds under management to take advantage of a government clampdown on property financing that could see smaller developers starved of funds.
L CAPITAL Asia, the private equity arm of the world’s biggest luxury goods group LVMH Moët Hennessy Louis Vuitton SA , could begin raising a new fund of more than $1 billion this year, as competition from Western brands creates opportunities to invest in Chinese retailers, its top executive said.
CANADA PENSION Plan Investment Board, which manages the country’s second largest pension fund, has hired former Goldman Sachs banker Mark Machin to head its Asia-Pacific business, according to a source close to the matter.
FEBRUARY 15
L CAPITAL has bought the 8 percent stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia, two sources with direct knowledge of the matter said.
SOUTH KOREA’S National Pension Service (NPS), the world’s No.4 largest pension fund, plans to invest around $300 million in a real estate opportunity fund led by Blackstone Group , an NPS official said, amid the fund’s efforts to step up its investments in real estate assets.
U.S PRIVATE equity fund Norwest Venture Partners has invested $15 million in Manthan Systems, an unlisted Indian software products company, for a minority stake, the Indian company said on Wednesday.
WANT WANT China Holdings, the buyer of private equity fund MBK Partners’ Taiwan cable TV unit, will have to give more information to the island’s broadcast regulator concerning its media operations, the latest delay in the $2.4 billion deal.
JAPANESE PRIVATE equity secondary fund Ant Capital Partners said it closed its third Japanese secondaries fund at the end of December 2011 raising $140 million, attracting commitments from 15 Japanese institutional investors.
SOUTH KOREA’S SK Group is in talks to take over U.S. oil and gas company Chaparral Energy, a company 36 percent owned by CCMP, according to a source familiar with the matter.
FEBRUARY 14
TALKS BETWEEN Yahoo Inc and China’s Alibaba Group over the U.S. Internet giant’s Asian assets have hit an impasse, throwing their plans for a $17 billion tax-free asset swap into question, according to sources briefed on the situation.
CARLYLE SAID it would sell Talaris, a provider of cash-counting equipment, to Japan’s Glory Ltd for 650 million pounds ($1 billion), twice the value of its original investment.
INDONESIA WILL not implement a planned regulation to limit ownership in domestic banks, since it does not want to scare away potential foreign investors from the sale of state-owned Bank Mutiara, the state deposit agency (LPS) said.
FIDELITY GROWTH Partners, the private equity arm of Fidelity Worldwide Investment, along with existing investors have invested 2 billion rupees ($40.6 million) in Aptuit Laurus Pvt Ltd, an unlisted Indian pharma company.
EXCLUSIVE-AN Abu Dhabi sovereign wealth fund is exploring the sale of its $1.3 billion stake in Malaysian lender RHB Capital Bhd six months after buying the shares, sources familiar with the matter told Reuters, and has engaged in early talks with Japan’s Sumitomo Mitsui Banking Corp (SMBC).
FEBRUARY 13
U.S.-BASED private asset management firm Rohatyn Group said on Monday that it has agreed to acquire 60 percent of CapAsia, the private equity arm of Malaysia’s CIMB Group Holdings Bhd .
FEBRUARY 10
INDIA’S RELIANCE Communications reported its 10th straight quarter of declining profit as interest costs soared, with investors betting on a sale of the No. 2 mobile operator’s tower business to pare its heavy debt load.http://tourism9.com/ http://vkins.com/
FEBRUARY 17
CARLYLE GROUP has begun the process of selling its over $300 million stake in Taiwan’s Ta Chong Bank Ltd, sources said, as it joins other private equity firms in looking to exit the island’s low-margin financial sector.
MMI INTERNATIONAL, a technology company owned by private equity fund KKR & Co LP, will price its $300 million five-year bond at 8 percent in New York, the bottom end of price guidance, after receiving strong support from U.S. investors, according to a source familiar with the matter.
AUSTRALIAN SURFWEAR company Billabong International rebuffed a $820 million private equity bid from TPG Capital , announcing plans to sell a stake in its Nixon watch brand and close up to 150 stores, sending its shares up by more than 50 percent.
CHINA HAS launched a 50 billion yuan ($7.93 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies as part of efforts to promote international use of the yuan and build the commercial hub into a global financial center.
HANA FINANCIAL Group said that it had reached a deal with the labour union of Korea Exchange Bank (KEB) which had threatened to strike over possible job losses following Hana’s acquisition of KEB.
FEBRUARY 16
WINS INVESTMENT, the fund arm of Chinese property developer Gemdale, says it plans to double funds under management to take advantage of a government clampdown on property financing that could see smaller developers starved of funds.
L CAPITAL Asia, the private equity arm of the world’s biggest luxury goods group LVMH Moët Hennessy Louis Vuitton SA , could begin raising a new fund of more than $1 billion this year, as competition from Western brands creates opportunities to invest in Chinese retailers, its top executive said.
CANADA PENSION Plan Investment Board, which manages the country’s second largest pension fund, has hired former Goldman Sachs banker Mark Machin to head its Asia-Pacific business, according to a source close to the matter.
FEBRUARY 15
L CAPITAL has bought the 8 percent stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia, two sources with direct knowledge of the matter said.
SOUTH KOREA’S National Pension Service (NPS), the world’s No.4 largest pension fund, plans to invest around $300 million in a real estate opportunity fund led by Blackstone Group , an NPS official said, amid the fund’s efforts to step up its investments in real estate assets.
U.S PRIVATE equity fund Norwest Venture Partners has invested $15 million in Manthan Systems, an unlisted Indian software products company, for a minority stake, the Indian company said on Wednesday.
WANT WANT China Holdings, the buyer of private equity fund MBK Partners’ Taiwan cable TV unit, will have to give more information to the island’s broadcast regulator concerning its media operations, the latest delay in the $2.4 billion deal.
JAPANESE PRIVATE equity secondary fund Ant Capital Partners said it closed its third Japanese secondaries fund at the end of December 2011 raising $140 million, attracting commitments from 15 Japanese institutional investors.
SOUTH KOREA’S SK Group is in talks to take over U.S. oil and gas company Chaparral Energy, a company 36 percent owned by CCMP, according to a source familiar with the matter.
FEBRUARY 14
TALKS BETWEEN Yahoo Inc and China’s Alibaba Group over the U.S. Internet giant’s Asian assets have hit an impasse, throwing their plans for a $17 billion tax-free asset swap into question, according to sources briefed on the situation.
CARLYLE SAID it would sell Talaris, a provider of cash-counting equipment, to Japan’s Glory Ltd for 650 million pounds ($1 billion), twice the value of its original investment.
INDONESIA WILL not implement a planned regulation to limit ownership in domestic banks, since it does not want to scare away potential foreign investors from the sale of state-owned Bank Mutiara, the state deposit agency (LPS) said.
FIDELITY GROWTH Partners, the private equity arm of Fidelity Worldwide Investment, along with existing investors have invested 2 billion rupees ($40.6 million) in Aptuit Laurus Pvt Ltd, an unlisted Indian pharma company.
EXCLUSIVE-AN Abu Dhabi sovereign wealth fund is exploring the sale of its $1.3 billion stake in Malaysian lender RHB Capital Bhd six months after buying the shares, sources familiar with the matter told Reuters, and has engaged in early talks with Japan’s Sumitomo Mitsui Banking Corp (SMBC).
FEBRUARY 13
U.S.-BASED private asset management firm Rohatyn Group said on Monday that it has agreed to acquire 60 percent of CapAsia, the private equity arm of Malaysia’s CIMB Group Holdings Bhd .
FEBRUARY 10
INDIA’S RELIANCE Communications reported its 10th straight quarter of declining profit as interest costs soared, with investors betting on a sale of the No. 2 mobile operator’s tower business to pare its heavy debt load.http://tourism9.com/ http://vkins.com/
2012年2月6日星期一
$800 Million Chinese Fund to Back Film Projects
By MICHAEL CIEPLY
Published: February 6, 2012
LOS ANGELES — If Chinese versions of Rupert Murdoch and Oprah Winfrey teamed up with, say, China’s J. P. Morgan to start a film fund, this would be it.
Sun Media Group, founded by Bruno Wu, who is often compared to Mr. Murdoch, and his wife, Yang Lan, sometimes likened to Ms. Winfrey, is joining Harvest Fund Management to create an $800 million fund that will back entertainment ventures in China and around the world, company executives said Saturday. “The goal is pretty straightforward; it’s to make a maximum return, of course, for the investors,” Mr. Wu said of the enterprise, which is aimed at a booming Chinese market for global film. He and Lindsay Wright, the vice chairman of a Harvest global investment unit, spoke jointly by telephone.
The fund, called Harvest Seven Stars Media Private Equity, is expected to invest in existing entertainment companies. But it also will provide backing for individual filmmakers and build an entertainment distribution system in China and elsewhere, Mr. Wu and Ms. Wright said. Its initial pool of capital, they added, will probably be expanded in the near future.
Last year, the Motion Picture Association of America said it expected the number of cinema screens in China to increase to more than 16,000 in 2015 from about 6,200 in 2011, as Chinese box-office receipts grow to a projected $5 billion from $1.5 billion. At the same time, China has been under pressure from the entertainment industry in the United States to ease censorship, open its markets and crack down on chronic film piracy.
“The awareness, and urge, and strong desire to protect” intellectual property has never been higher in China, Mr. Wu said. He and others, he said, have been lobbying the Chinese government for tougher antipiracy measures.
Regarding markets, Mr. Wu said he and fellow investors are eager to ease the way in China for blockbuster-style films from abroad — one of the biggest hits there lately has been “Mission: Impossible — Ghost Protocol” — by joining in substantial co-productions.
Asked whether the venture might back a company as large as the current incarnation of DreamWorks Studios, which was built around a $325 million stake from Reliance Entertainment of India but is now in search of new financing, Mr. Wu said, “Yes.” Harvest Seven Stars is being advised by the Creative Artists Agency, through its Beijing office. Several deals with film producers are being completed, Ms. Wright and Mr. Wu said. Given the agency’s involvement and the producer negotiations under way, the new venture appears to be pointed toward a Hollywood alliance sooner rather than later.
Mr. Wu, one of China’s wealthier entrepreneurs, and Ms. Yang, long a television talk show hostess, already control a media empire with television, print and online components. The new film-oriented fund is backed by their Sun Redrock Investment Group. Harvest is participating in the new venture through its Harvest Alternative Investment Group, which Ms. Wright leads. She described Harvest as the second-largest asset manager in mainland China.
The new venture will operate from Hong Kong and Beijing, Ms. Wright and Mr. Wu said.
Asia Private Equity Weekly News, February 6, 2012
HONG KONG, February 6 (Reuters) – News and developments in Asia private equity from Reuters News for the Lunar New Year and week ending Feb. 3.
FEBRUARY 3
HONG KONG’S Hutchison 3G will buy Orange Austria from France Telecom SA and Mid-Europa Partners in a deal valued at 1.3 billion euros ($1.7 billion) including debt, expanding the corporate footprint of Asia’s richest man in Europe (Chicago Options: ^REURUSD – news) .
BLACKSTONE GROUP LP, the largest publicly listed alternative asset manager, reported lower fourth-quarter earnings as performance fees declined, but management fees increased from assets that grew to a record $137 billion.
FEBRUARY 2
ANALYSIS-It’s the year’s hottest initial public offering, but some wealth managers find themselves having a hard time recommending Facebook to their clients.
PRIVATE EQUITY firm TPG Capital LP has held initial discussions with a group of eight banks to fund a takeover bid for Australian underwear maker Pacific Brands Ltd, according to a source familiar with the matter.
THE U.S. private equity industry’s lobbying group said on Thursday that it has launched a campaign to tackle what it called a lack of understanding of the industry in the face of attacks on Republican presidential contender Mitt Romney.
CHINA INVESTMENT Corp (CIC) has acquired a minority stake in Washington-based asset manager EIG Global Energy Partners, the latest energy-related investment from China’s $410 billion sovereign wealth fund.
LOS ANGELES-based media and communications investment firm Saban Capital Group, which has Asia investments including Media Nusantara Citra PT and China’s Taomee Holdings Ltd , said it has opened a Hong Kong office led by Sumeet Jaisinghani.
FEBRUARY 1
CARLYLE GROUP and Warburg Pincus LLC took advantage of India’s recent market gains to pare stakes in two financial companies in deals worth $440 million, a sign of investor wariness about the sustainability of the rally.
CARYLE SOLD about 20 million shares of Housing Development Finance Corp Ltd in market deals on Wednesday, the chief executive of the Indian mortgage lender said, citing market sources.
WARBURG PINCUS sold about 17.5 million shares in India’s Kotak Mahindra Bank Ltd via stock market deals to raise about $170 million, three sources with direct knowledge of the matter said.
A UNIT (Berlin: UN7.BE – news) of the Swire group of companies, a Hong Kong conglomerate with interests ranging from properties to airlines, is among bidders for electronics and furniture retailer Courts Asia Ltd, two sources close to the matter said, an asset that could fetch close to $400 million.
UNITAS CAPITAL has acquired Carlyle’s stake in China restaurant chain Babela Group, said a source familiar with the matter, in a small deal but one that underscores the tough exit conditions for private equity investors.
BAIN CAPITAL and Unitas are among suitors to submit second-round bids to buy Prestolite Electric Inc from First Atlantic, two sources told Reuters, in a deal worth about $400 million.
INDIAN MICROFINANCE company Ujjivan Financial Services said on Wednesday that it has raised $25.5 million by diluting a minority holding in the company to private equity funds including Netherlands Development Finance Co, Wolfensohn Capital Partners and existing investors.
JANUARY 30
JAPAN (EUREX: FMJP.EX – news) ‘S ORIX Corp has dropped out of the race to buy software developer Yayoi, a source familiar with the matter told Reuters on Tuesday, which could be a blow to MBK Partners’ plan to sell the business. (Compiled by Stephen Aldred; Editing by Chris Lewis)
http://tourism9.cm/ http://vkins.com/
FEBRUARY 3
HONG KONG’S Hutchison 3G will buy Orange Austria from France Telecom SA and Mid-Europa Partners in a deal valued at 1.3 billion euros ($1.7 billion) including debt, expanding the corporate footprint of Asia’s richest man in Europe (Chicago Options: ^REURUSD – news) .
BLACKSTONE GROUP LP, the largest publicly listed alternative asset manager, reported lower fourth-quarter earnings as performance fees declined, but management fees increased from assets that grew to a record $137 billion.
FEBRUARY 2
ANALYSIS-It’s the year’s hottest initial public offering, but some wealth managers find themselves having a hard time recommending Facebook to their clients.
PRIVATE EQUITY firm TPG Capital LP has held initial discussions with a group of eight banks to fund a takeover bid for Australian underwear maker Pacific Brands Ltd, according to a source familiar with the matter.
THE U.S. private equity industry’s lobbying group said on Thursday that it has launched a campaign to tackle what it called a lack of understanding of the industry in the face of attacks on Republican presidential contender Mitt Romney.
CHINA INVESTMENT Corp (CIC) has acquired a minority stake in Washington-based asset manager EIG Global Energy Partners, the latest energy-related investment from China’s $410 billion sovereign wealth fund.
LOS ANGELES-based media and communications investment firm Saban Capital Group, which has Asia investments including Media Nusantara Citra PT and China’s Taomee Holdings Ltd , said it has opened a Hong Kong office led by Sumeet Jaisinghani.
FEBRUARY 1
CARLYLE GROUP and Warburg Pincus LLC took advantage of India’s recent market gains to pare stakes in two financial companies in deals worth $440 million, a sign of investor wariness about the sustainability of the rally.
CARYLE SOLD about 20 million shares of Housing Development Finance Corp Ltd in market deals on Wednesday, the chief executive of the Indian mortgage lender said, citing market sources.
WARBURG PINCUS sold about 17.5 million shares in India’s Kotak Mahindra Bank Ltd via stock market deals to raise about $170 million, three sources with direct knowledge of the matter said.
A UNIT (Berlin: UN7.BE – news) of the Swire group of companies, a Hong Kong conglomerate with interests ranging from properties to airlines, is among bidders for electronics and furniture retailer Courts Asia Ltd, two sources close to the matter said, an asset that could fetch close to $400 million.
UNITAS CAPITAL has acquired Carlyle’s stake in China restaurant chain Babela Group, said a source familiar with the matter, in a small deal but one that underscores the tough exit conditions for private equity investors.
BAIN CAPITAL and Unitas are among suitors to submit second-round bids to buy Prestolite Electric Inc from First Atlantic, two sources told Reuters, in a deal worth about $400 million.
INDIAN MICROFINANCE company Ujjivan Financial Services said on Wednesday that it has raised $25.5 million by diluting a minority holding in the company to private equity funds including Netherlands Development Finance Co, Wolfensohn Capital Partners and existing investors.
JANUARY 30
JAPAN (EUREX: FMJP.EX – news) ‘S ORIX Corp has dropped out of the race to buy software developer Yayoi, a source familiar with the matter told Reuters on Tuesday, which could be a blow to MBK Partners’ plan to sell the business. (Compiled by Stephen Aldred; Editing by Chris Lewis)
http://tourism9.cm/ http://vkins.com/
2012年1月30日星期一
Asia Private Equity Weekly News, January 30, 2011
HONG KONG, Jan 30 (Reuters) – News and developments in
Asia private equity from Reuters News for Lunar New Year and the
week ending January 27.
JANUARY 27
INDIAN CONSUMER products maker Jyothy Laboratories
has raised 5.5 billion rupees ($110 million) through a 5-year
loan from Axis Bank to refinance part of the debt it
incurred to acquire a controlling stake in the Indian unit of
Henkel AG, Managing Director Ullas Kamath said.
SOUTH KOREAN regulators endorsed Hana Financial Group Inc’s
3.9 trillion won ($3.48 billion) acquisition of
Korea Exchange Bank, paving the way for U.S. private
equity firm Lone Star’s sale of the local lender and closing the
final chapter of a drawn out and acrimonious saga.
JANUARY 26
SHARES IN solar wafer maker Comtec Solar fell over
5 percent after the Shanghai-based company agreed to buy back
convertible bonds issued to TPG Capital, in a sign that
a glut in the industry is putting expansion plans on hold.
JANUARY 25
PT BANK Himpunan Saudara 1906, a small Indonesian
lender, plans to expand in Southeast Asia’s biggest economy by
bringing in a strategic investor through a rights issue next
year.
JANUARY 24
MOUNT KELLETT Capital Management has agreed to invest $225
million in Australia’s Lynas Corp through a convertible
bond, giving the rare earths miner a cheaper source of funding
to finish building its flagship plant in Malaysia, which is
awaiting a licence to open.
BC PARTNERS-owned health club operator Fitness First is set
to meet lenders to discuss a potentially looming covenant breach
as well as its debt maturities, Thomson Reuters LPC reported,
citing sources close to the company.
JANUARY 23
INDIA’S RED Fort Capital has raised $500 million for its
real estate private equity fund, aimed at tapping increasing
demand for housing and commercial spaces in Asia’s third largest
economy, its top official said.
JANUARY 20
BARING PRIVATE Equity Asia acquired 15 percent of Magic
Holdings, a unit of listed Huan Han Bio-Pharmaceutical Holdings
Ltd, for around HK$451 million ($58 million), Hua Han
said in a statement.
TPG and Singapore sovereign fund GIC will invest
around $115 million in China sportwear maker Li Ning Co Ltd
through a convertible bond, giving much needed capital
to a company whose stock fell more than 60 percent last year.
CARLYLE GROUP has sold 18 million shares in China
Pacific Insurance (Group) Co Ltd, taking its holding
below 5 percent, CPIC said.
PT ANCORA Indonesia Resources, a resources-focused
investment firm, aims to take advantage of the nation’s coal
boom by tripling its ammonium nitrate production, said the
firm’s chief executive.
ASIAN INVESTORS will account for over 20 percent of central
London office property deals this year, attracted by the British
capital’s safe-haven allure, transparency and high returns,
property consultancy Jones Lang LaSalle said.
JANUARY 19
JAPAN’S UNISON Capital cut the size of one of the largest
private equity funds in Japan by around a quarter to 107 billion
yen ($1.4 billion) in October due to limited opportunities for
new deals, two sources familiar with the matter said.
BLACKSTONE GROUP LP said that it is actively pursuing
further property investments in China, after a fund it controls
turned a profit on the sale of its stake in a real-estate joint
venture with Evergrande Real Estate Group Ltd.
INDIA’S KINGFISHER Airlines is in talks with Hong
Kong-based distressed debt firm SC Lowy Financial for a possible
investment, a sign the cash-strapped carrier may be running out
of more attractive traditional funding options.
JANUARY 18
OLYMPUS CAPITAL said it has invested 5 billion rupees (about
$98.7 million) for a significant minority stake in Indian
healthcare firm, DM Healthcare Pvt Ltd.
JANUARY 17
HEDGE FUNDS owning a large chunk of the $2.8 billion debt in
Australia’s Nine Entertainment, owned by buyout firm CVC
, have prepared a proposal to convert their debt into
equity in the TV network, a source told Reuters, in a plan that
would wipe out most of CVC’s equity.
NEW SILK Route Partners, an Asia-focused private equity
fund, said it picked a significant minority stake in educational
support services provider Varsity Education Management Pvt Ltd
for an undisclosed sum.
ANALYSIS-OLYMPUS Corp should be the easiest of
takeover targets: a profitable business with its share price in
tatters, its management in utter disgrace and its balance sheet
in need of fresh capital. But not in Japan.
http://tourism9.com/ http://vkins.com/
Asia private equity from Reuters News for Lunar New Year and the
week ending January 27.
JANUARY 27
INDIAN CONSUMER products maker Jyothy Laboratories
has raised 5.5 billion rupees ($110 million) through a 5-year
loan from Axis Bank to refinance part of the debt it
incurred to acquire a controlling stake in the Indian unit of
Henkel AG, Managing Director Ullas Kamath said.
SOUTH KOREAN regulators endorsed Hana Financial Group Inc’s
3.9 trillion won ($3.48 billion) acquisition of
Korea Exchange Bank, paving the way for U.S. private
equity firm Lone Star’s sale of the local lender and closing the
final chapter of a drawn out and acrimonious saga.
JANUARY 26
SHARES IN solar wafer maker Comtec Solar fell over
5 percent after the Shanghai-based company agreed to buy back
convertible bonds issued to TPG Capital, in a sign that
a glut in the industry is putting expansion plans on hold.
JANUARY 25
PT BANK Himpunan Saudara 1906, a small Indonesian
lender, plans to expand in Southeast Asia’s biggest economy by
bringing in a strategic investor through a rights issue next
year.
JANUARY 24
MOUNT KELLETT Capital Management has agreed to invest $225
million in Australia’s Lynas Corp through a convertible
bond, giving the rare earths miner a cheaper source of funding
to finish building its flagship plant in Malaysia, which is
awaiting a licence to open.
BC PARTNERS-owned health club operator Fitness First is set
to meet lenders to discuss a potentially looming covenant breach
as well as its debt maturities, Thomson Reuters LPC reported,
citing sources close to the company.
JANUARY 23
INDIA’S RED Fort Capital has raised $500 million for its
real estate private equity fund, aimed at tapping increasing
demand for housing and commercial spaces in Asia’s third largest
economy, its top official said.
JANUARY 20
BARING PRIVATE Equity Asia acquired 15 percent of Magic
Holdings, a unit of listed Huan Han Bio-Pharmaceutical Holdings
Ltd, for around HK$451 million ($58 million), Hua Han
said in a statement.
TPG and Singapore sovereign fund GIC will invest
around $115 million in China sportwear maker Li Ning Co Ltd
through a convertible bond, giving much needed capital
to a company whose stock fell more than 60 percent last year.
CARLYLE GROUP has sold 18 million shares in China
Pacific Insurance (Group) Co Ltd, taking its holding
below 5 percent, CPIC said.
PT ANCORA Indonesia Resources, a resources-focused
investment firm, aims to take advantage of the nation’s coal
boom by tripling its ammonium nitrate production, said the
firm’s chief executive.
ASIAN INVESTORS will account for over 20 percent of central
London office property deals this year, attracted by the British
capital’s safe-haven allure, transparency and high returns,
property consultancy Jones Lang LaSalle said.
JANUARY 19
JAPAN’S UNISON Capital cut the size of one of the largest
private equity funds in Japan by around a quarter to 107 billion
yen ($1.4 billion) in October due to limited opportunities for
new deals, two sources familiar with the matter said.
BLACKSTONE GROUP LP said that it is actively pursuing
further property investments in China, after a fund it controls
turned a profit on the sale of its stake in a real-estate joint
venture with Evergrande Real Estate Group Ltd.
INDIA’S KINGFISHER Airlines is in talks with Hong
Kong-based distressed debt firm SC Lowy Financial for a possible
investment, a sign the cash-strapped carrier may be running out
of more attractive traditional funding options.
JANUARY 18
OLYMPUS CAPITAL said it has invested 5 billion rupees (about
$98.7 million) for a significant minority stake in Indian
healthcare firm, DM Healthcare Pvt Ltd.
JANUARY 17
HEDGE FUNDS owning a large chunk of the $2.8 billion debt in
Australia’s Nine Entertainment, owned by buyout firm CVC
, have prepared a proposal to convert their debt into
equity in the TV network, a source told Reuters, in a plan that
would wipe out most of CVC’s equity.
NEW SILK Route Partners, an Asia-focused private equity
fund, said it picked a significant minority stake in educational
support services provider Varsity Education Management Pvt Ltd
for an undisclosed sum.
ANALYSIS-OLYMPUS Corp should be the easiest of
takeover targets: a profitable business with its share price in
tatters, its management in utter disgrace and its balance sheet
in need of fresh capital. But not in Japan.
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2012年1月27日星期五
Verizon Investment Join $8M Round for Skyfire Labs
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Posted January 26, 2012
Skyfire Labs, a leader in mobile video optimization and cloud solutions for mobility, today announced it has raised $8 million in its Series C financing. Verizon Investments LLC, a subsidiary of Verizon Communications Inc. participated in the round, alongside current investors Matrix Partners, Trinity Ventures, and Lightspeed Venture Partners. Verizon’s investment was arranged by Verizon Ventures, which seeks promising entrepreneurial companies that complement Verizon networks and service platforms. Skyfire will use the funds to meet the demands of its growing list of wireless operator customers through increased engineering, sales and support resources, and also to expand into European and Asian markets.
“Wireless operators around the world are facing an explosion in mobile data on their networks, driven largely by mobile video,” said Andrew Verhalen, general partner at Matrix Partners. “Skyfire is well positioned with solutions for operators that can expand network capacity by over 25 percent, as well as generate incremental revenue.”
“Skyfire is poised to expand globally in 2012 after winning deployments with two tier-one operators in North America, and adding world-class international executive talent,” added Larry Orr, general partner at Trinity Ventures.
Concurrent with this latest financing, Skyfire has announced a new European footprint. John Rintoul has been named vice president of sales for Skyfire’s newly-opened EMEA office, based in London. Rintoul previously led sales with the Vodafone account for Cisco’s Mobile Internet Technology Group, and prior to that, was a sales executive at Starent Networks, Juniper Networks, and Kagoor Networks. Skyfire also announces Scott Boehmer has been named vice president of sales for Americas. Boehmer previously was vice president of sales for SEVEN networks, and a product executive at Sprint. Both regional leads will now report to Skyfire’s SVP Global Sales, Jason Guesman.
“Skyfire’s Rocket Optimizer product is delivering an average of 60 percent savings for operators on video bandwidth,” said Jeff Glueck, CEO of Skyfire. “We welcome the participation of Verizon, which is renowned for its network planning sophistication.”
Rocket Optimizer 2.0, the latest iteration of Skyfire’s powerful carrier-grade network video and data optimization platform, was launched in October 2011. With mobile video demand expected to rise steeply over the next three years, Rocket 2.0 aims to help carriers solve capacity issues linked to the rapid rise of mobile video streaming. The solution offers real-time optimization of mobile video to enable smoother streaming, and can be applied to specific cell towers or backhaul regions as soon as congestion is detected. Rocket Optimizer 2.0 also offers the broadest support for video formats, including the world’s first instant MP4 optimization (which comprises more than 50 percent of today’s mobile video, including most HTML5 and iOS video). By leveraging cloud computing power, Skyfire’s solution is highly cost effective to scale on both 3G and 4G LTE networks.
Full details about the Rocket 2.0 platform can be found here: http://www.skyfire.com/en/for-operators.
Skyfire also offers the Rocket Toolbar product line, a fully customizable web-based operator portal embedded in the default browser of new smartphones. The Rocket Toolbar adds value for users on every page of the Internet by making browsing more social, facilitating app discovery, m-commerce, and quick access to news updates. The Rocket Toolbar has been selected by a tier one North American carrier for upcoming deployment, and is in numerous trials across the U.S. and Europe.
Full details about the Rocket Toolbar platform can be found here:
http://www.skyfire.com/en/for-operators/rocke….
Skyfire will continue to maintain its consumer app business as a showcase and laboratory for its technology. Skyfire apps across Apple iOS® and Google Android® devices have been downloaded by over 12 million users.
To learn more about Skyfire, visit: http://www.skyfire.com.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed’s investment professionals and advisors are located in Silicon Valley, China, India and Israel. Over the past two decades, the Lightspeed team has backed more than 150 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth, Galileo Technology, Growth Networks, Informatica, Kiva Software, LightLogic, Maker Communications, Metasolv, Openwave, Quantum Effect Devices, Riverbed, Sirocco, Virsa Systems and Waveset.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Gilt Groupe, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong.
About Trinity Ventures
Founded in 1986, Trinity Ventures is an early stage venture capital firm dedicated to partnering with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1 billion under management, Trinity Ventures believes in personal engagement, mutual respect and goal alignment with the entrepreneurs. Trinity focuses on early stage and seed technology investments with particular emphasis on social shopping and entertainment, cloud computing, mobility, and internet infrastructure areas.
Trinity Ventures has invested in such leading companies as Aruba Networks, 21Vianet, Blue Nile, LoopNet, Photobucket, SciQuest, Starbucks, BeachMint, Infoblox, Trion Worlds and Zulily.
About Verizon Ventures
Verizon Ventures arranges investments in promising entrepreneurial companies to drive innovation in Verizon Communications Inc. The portfolio arranged by Verizon Ventures focuses on new products, technologies, applications and services that complement Verizon networks, service platforms and distribution channels. Deal size ranges from seed capital to $5 million depending on the needs and opportunities. Verizon Ventures often arranges investments with other venture firms and strategic partners.
About Skyfire:
Skyfire is dedicated to leveraging the power of cloud computing to improve radically the mobile Internet experience for both Operators and Consumers. Skyfire’s solutions provide game-changing cost savings, better end-user experiences, and compelling incremental revenue opportunities. Skyfire was recently recognized as no. 4 on Light Reading’s 2011 Startups to Watch list; and by OnMobile as a Top 100 Private Company. As both a laboratory and showcase for new capabilities, Skyfire has honed its technology through a variety of consumer apps, which have more than 12 million downloads to date.
Skyfire is based in Mountain View, Calif., in the heart of Silicon Valley.
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Posted January 26, 2012
Skyfire Labs, a leader in mobile video optimization and cloud solutions for mobility, today announced it has raised $8 million in its Series C financing. Verizon Investments LLC, a subsidiary of Verizon Communications Inc. participated in the round, alongside current investors Matrix Partners, Trinity Ventures, and Lightspeed Venture Partners. Verizon’s investment was arranged by Verizon Ventures, which seeks promising entrepreneurial companies that complement Verizon networks and service platforms. Skyfire will use the funds to meet the demands of its growing list of wireless operator customers through increased engineering, sales and support resources, and also to expand into European and Asian markets.
“Wireless operators around the world are facing an explosion in mobile data on their networks, driven largely by mobile video,” said Andrew Verhalen, general partner at Matrix Partners. “Skyfire is well positioned with solutions for operators that can expand network capacity by over 25 percent, as well as generate incremental revenue.”
“Skyfire is poised to expand globally in 2012 after winning deployments with two tier-one operators in North America, and adding world-class international executive talent,” added Larry Orr, general partner at Trinity Ventures.
Concurrent with this latest financing, Skyfire has announced a new European footprint. John Rintoul has been named vice president of sales for Skyfire’s newly-opened EMEA office, based in London. Rintoul previously led sales with the Vodafone account for Cisco’s Mobile Internet Technology Group, and prior to that, was a sales executive at Starent Networks, Juniper Networks, and Kagoor Networks. Skyfire also announces Scott Boehmer has been named vice president of sales for Americas. Boehmer previously was vice president of sales for SEVEN networks, and a product executive at Sprint. Both regional leads will now report to Skyfire’s SVP Global Sales, Jason Guesman.
“Skyfire’s Rocket Optimizer product is delivering an average of 60 percent savings for operators on video bandwidth,” said Jeff Glueck, CEO of Skyfire. “We welcome the participation of Verizon, which is renowned for its network planning sophistication.”
Rocket Optimizer 2.0, the latest iteration of Skyfire’s powerful carrier-grade network video and data optimization platform, was launched in October 2011. With mobile video demand expected to rise steeply over the next three years, Rocket 2.0 aims to help carriers solve capacity issues linked to the rapid rise of mobile video streaming. The solution offers real-time optimization of mobile video to enable smoother streaming, and can be applied to specific cell towers or backhaul regions as soon as congestion is detected. Rocket Optimizer 2.0 also offers the broadest support for video formats, including the world’s first instant MP4 optimization (which comprises more than 50 percent of today’s mobile video, including most HTML5 and iOS video). By leveraging cloud computing power, Skyfire’s solution is highly cost effective to scale on both 3G and 4G LTE networks.
Full details about the Rocket 2.0 platform can be found here: http://www.skyfire.com/en/for-operators.
Skyfire also offers the Rocket Toolbar product line, a fully customizable web-based operator portal embedded in the default browser of new smartphones. The Rocket Toolbar adds value for users on every page of the Internet by making browsing more social, facilitating app discovery, m-commerce, and quick access to news updates. The Rocket Toolbar has been selected by a tier one North American carrier for upcoming deployment, and is in numerous trials across the U.S. and Europe.
Full details about the Rocket Toolbar platform can be found here:
http://www.skyfire.com/en/for-operators/rocke….
Skyfire will continue to maintain its consumer app business as a showcase and laboratory for its technology. Skyfire apps across Apple iOS® and Google Android® devices have been downloaded by over 12 million users.
To learn more about Skyfire, visit: http://www.skyfire.com.
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed’s investment professionals and advisors are located in Silicon Valley, China, India and Israel. Over the past two decades, the Lightspeed team has backed more than 150 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth, Galileo Technology, Growth Networks, Informatica, Kiva Software, LightLogic, Maker Communications, Metasolv, Openwave, Quantum Effect Devices, Riverbed, Sirocco, Virsa Systems and Waveset.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Gilt Groupe, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Sycamore Networks, Veritas, Zendesk, and Zong.
About Trinity Ventures
Founded in 1986, Trinity Ventures is an early stage venture capital firm dedicated to partnering with passionate entrepreneurs to transform revolutionary ideas into reality. With over $1 billion under management, Trinity Ventures believes in personal engagement, mutual respect and goal alignment with the entrepreneurs. Trinity focuses on early stage and seed technology investments with particular emphasis on social shopping and entertainment, cloud computing, mobility, and internet infrastructure areas.
Trinity Ventures has invested in such leading companies as Aruba Networks, 21Vianet, Blue Nile, LoopNet, Photobucket, SciQuest, Starbucks, BeachMint, Infoblox, Trion Worlds and Zulily.
About Verizon Ventures
Verizon Ventures arranges investments in promising entrepreneurial companies to drive innovation in Verizon Communications Inc. The portfolio arranged by Verizon Ventures focuses on new products, technologies, applications and services that complement Verizon networks, service platforms and distribution channels. Deal size ranges from seed capital to $5 million depending on the needs and opportunities. Verizon Ventures often arranges investments with other venture firms and strategic partners.
About Skyfire:
Skyfire is dedicated to leveraging the power of cloud computing to improve radically the mobile Internet experience for both Operators and Consumers. Skyfire’s solutions provide game-changing cost savings, better end-user experiences, and compelling incremental revenue opportunities. Skyfire was recently recognized as no. 4 on Light Reading’s 2011 Startups to Watch list; and by OnMobile as a Top 100 Private Company. As both a laboratory and showcase for new capabilities, Skyfire has honed its technology through a variety of consumer apps, which have more than 12 million downloads to date.
Skyfire is based in Mountain View, Calif., in the heart of Silicon Valley.
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2012年1月23日星期一
Europe woes won’t stall trade finance in Asia
By V. Phani Kumar, MarketWatch
HONG KONG(MarketWatch) — Lessons from the global financial crisis and relatively stronger U.S. banks will likely protect Asian businesses from a repeat of the 2008 horror show, even as European debt troubles make trade loans more expensive and difficult to access.
A full-blown euro-zone crisis could still hit demand for Asian products and services harder than it has so far. But unlike the turmoil they faced in the aftermath of Lehman Brothers’ collapse, the region’s exporters are unlikely to suffocate this time around, gasping for credit like fish out of water, say bankers and analysts.
“The importance of trade finance to the global economy is better understood now than in 2008,” said Mark Williams, chief economist for Asia at Capital Economics. “One of the factors that contributed to the recovery in 2009 was the $250 billion of trade-finance guarantees announced by the [Group of 20 major economies]. In the event of a second global financial crisis, future guarantees are likely to be forthcoming.”
Trade finance is often compared to the oil that greases the moving parts of a machine. A simple and frequently used form of trade finance is a letter of credit, which is provided by an importer’s bank to pay for goods shipped by an exporter. As the U.S. dollar is the currency of transaction in most cases, trade is affected whenever there is a scarcity of dollars.
According to Dealogic figures, several European banks have consistently ranked among the top 30 providers of trade finance in the Asia-Pacific region, excluding Japan, between 2007 and 2011.
BBVA S.A.
, which has a major presence in Spain and Latin American markets, was the largest provider of such loans in 4 of the last 5 years. BBVA lost the top spot to China Development Bank Corp. only in 2009, when mainland Chinese banks opened their lending taps to fashion a recovery from the financial crisis.
/quotes/zigman/254684/quotes/nls/bbva BBVA
+1.03%
European banks’ exposure to trade finance in Asia is disproportionately large to their overall loans in the region.
But Capital Economics’ Williams cited the latest data from Bank of International Settlements as showing that euro-zone banks account for only 2.3% of total credit in emerging Asia. That is meager compared to their 47.3% share of lending in emerging Europe and 17.1% in Latin America.
One consequence of the ongoing sovereign-debt crisis in Europe is that it has effectively shut out several major European banks from U.S. money markets. Many of the European lenders that have historically been the big providers of trade finance in Asia are now scaling back their dollar-loan books.
.
/quotes/zigman/5065548/quotes/nls/c C
+1.06%
Saxena said that in the past, exporters could easily convert a letter of credit into money on presentation at a bank. But a scarcity of dollars is making that more difficult.
Edward George, a London-based soft-commodities specialist at Africa-focused Ecobank, said the cost of trade finance has risen by as much as 5 percentage points in some cases over the past year.
“Short-term trade finance has been the worst affected, whereas project finance is mostly protected by long-term agreements,” said George.
The impact is being felt, even after the U.S. Federal Reserve agreed late last year to lower the interest rates on currency swaps with five other major central banks from around the world.
Under such swaps, the Fed provides dollar liquidity to its counterparts, including the European Central Bank and the Bank of Japan. Those central banks can then inject dollars into their respective jurisdictions, when required.
Read full story on the currency swaps.
“Demand for U.S. dollars remains high, but the supply has dried up, and many banks are hoarding U.S. dollars for their preferred clients,” said George.
HONG KONG(MarketWatch) — Lessons from the global financial crisis and relatively stronger U.S. banks will likely protect Asian businesses from a repeat of the 2008 horror show, even as European debt troubles make trade loans more expensive and difficult to access.
A full-blown euro-zone crisis could still hit demand for Asian products and services harder than it has so far. But unlike the turmoil they faced in the aftermath of Lehman Brothers’ collapse, the region’s exporters are unlikely to suffocate this time around, gasping for credit like fish out of water, say bankers and analysts.
“The importance of trade finance to the global economy is better understood now than in 2008,” said Mark Williams, chief economist for Asia at Capital Economics. “One of the factors that contributed to the recovery in 2009 was the $250 billion of trade-finance guarantees announced by the [Group of 20 major economies]. In the event of a second global financial crisis, future guarantees are likely to be forthcoming.”
Asia’s Week Ahead: Central banks in focus
Asia’s spotlight is on monetary policy, including decisions from the Reserve Bank of India, the Bank of Japan and the Bank of Thailand. MarketWatch’s Rex Crum reports. (Photo: Getty Images)According to Dealogic figures, several European banks have consistently ranked among the top 30 providers of trade finance in the Asia-Pacific region, excluding Japan, between 2007 and 2011.
BBVA S.A.
, which has a major presence in Spain and Latin American markets, was the largest provider of such loans in 4 of the last 5 years. BBVA lost the top spot to China Development Bank Corp. only in 2009, when mainland Chinese banks opened their lending taps to fashion a recovery from the financial crisis.
/quotes/zigman/254684/quotes/nls/bbva BBVA
+1.03%
European banks’ exposure to trade finance in Asia is disproportionately large to their overall loans in the region.
But Capital Economics’ Williams cited the latest data from Bank of International Settlements as showing that euro-zone banks account for only 2.3% of total credit in emerging Asia. That is meager compared to their 47.3% share of lending in emerging Europe and 17.1% in Latin America.
One consequence of the ongoing sovereign-debt crisis in Europe is that it has effectively shut out several major European banks from U.S. money markets. Many of the European lenders that have historically been the big providers of trade finance in Asia are now scaling back their dollar-loan books.
Increased funding costs
That is in turn forcing an increase in the interest rates banks charge on trade finance./conga/story/misc/international.html
140756
“The reality is spreads have gone up fairly significantly — almost to the 2008 peak levels — over the last six weeks. I think that, in general, there will be some tapering off, but the higher spreads are here to stay,” said Ravi Saxena, managing director and Asia trade head at Citibank 140756
.
/quotes/zigman/5065548/quotes/nls/c C
+1.06%
Saxena said that in the past, exporters could easily convert a letter of credit into money on presentation at a bank. But a scarcity of dollars is making that more difficult.
Edward George, a London-based soft-commodities specialist at Africa-focused Ecobank, said the cost of trade finance has risen by as much as 5 percentage points in some cases over the past year.
“Short-term trade finance has been the worst affected, whereas project finance is mostly protected by long-term agreements,” said George.
The impact is being felt, even after the U.S. Federal Reserve agreed late last year to lower the interest rates on currency swaps with five other major central banks from around the world.
Under such swaps, the Fed provides dollar liquidity to its counterparts, including the European Central Bank and the Bank of Japan. Those central banks can then inject dollars into their respective jurisdictions, when required.
Read full story on the currency swaps.
Dollar hoarding
The situation is aggravated by hoarding of U.S. dollars, even when they are available.“Demand for U.S. dollars remains high, but the supply has dried up, and many banks are hoarding U.S. dollars for their preferred clients,” said George.
/quotes/zigman/254684/quotes/nls/bbva
Volume: 634,167
Jan. 20, 2012 4:01p
Jan. 20, 2012 4:01p
/quotes/zigman/5065548/quotes/nls/c
2012年1月19日星期四
Gold Investment Demand Grows Faster Than Jewelry And Tech Demand – Elizabeth Collins – Morningstar, Inc.
67 WALL STREET, New York – January 18, 2012 – The Wall Street Transcript has just published its Gold and Precious Metals Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Investment and Central Bank Demand – Dividends Dependent on Gold Prices – Gold Producers vs. Gold ETF – Midcap and Small-Cap Consolidation Activity
Companies include: Endeavour Silver (EXK); Alacer (ASR.TO); Apogee Silver (APE.V); Barrick (ABX); Eldorado (EGO); and many more.
In the following brief excerpt from the Gold And Precious Metals Report, expert analysts discuss the outlook for the sector and for investors.
Elizabeth Collins, CFA, is the Associate Director of equity research for the basic materials team at Morningstar, Inc. Her responsibilities include oversight of coverage for companies in the following industries: agriculture, chemicals, coal, engineering and construction, metals and mining, steel, wood products and building materials. Before becoming an Associate Director, Ms. Collins was a Senior Analyst on the energy team, where she had oversight for Morningstar’s coverage of oil services firms, oil and gas companies, and coal companies. She earned her MBA from DePaul University in March 2005 and holds a B.A. in psychology from Boston College.
TWST: Gold is still trading at a high price. Should it be at this point?
Ms. Collins: I think, in the current economic environment, it makes a lot of sense for gold to be at such a high price. In the third quarter of 2011, we saw a very high level of demand for gold. Jewelry demand for gold was actually down and demand from the technology sector was flat, but we saw demand from the investment community be very strong because of the strong performance of gold to date, as well as because of worries about macroeconomic uncertainty.
TWST: You mentioned jewelry demand was down. Does that reflect the general economic weakness around the world?
Ms. Collins: I think it can reflect economic weakness and it can also just be a result of some response to the high price of gold. So somebody who is going to purchase jewelry, say in India, is going into a shop and they go in with the intent to spend a certain amount of money on gold jewelry. When the price of gold goes up, it means that they’ll be buying fewer ounces, but they’ll be spending the same amount.
TWST: Is it because of that equation they are getting less for their investment dollar, or is it because in a weak economy people buy less jewelry?
Ms. Collins: The year-over-year decrease in gold jewelry demand, say from India, was 26% in volume terms. But in terms of the amount of money they put into jewelry, it was actually up about 2%. So they are spending more. They are spending a little bit more in money, but getting that much less in gold ounces because of the higher price.
TWST: How important is technology segment demand?
Ms. Collins: It’s small. Number one is jewelry, number two is investment – those are relatively close to each other. And technology is a much smaller part of overall demand for gold on a global basis.
TWST: Has that been the pattern in the industry?
Ms. Collins: It wouldn’t necessarily be different than in the past. But I guess this round we haven’t seen as much M&A activity yet. We’ve seen a few big purchases. But Barrick (ABX), for example, their most recent purchase wasn’t even a gold company – it was a copper company. I guess when people are talking about M And A activity being one candidate for closing the disconnect between gold miners and gold prices, it’s probably smaller companies that are hopeful, and they are hoping to see more M And A activity.
TWST: Given your kind of cautious outlook, what are you telling investors to do?
Ms. Collins: As a group, a lot of our gold miners are fairly valued. We have one company that we think is slightly undervalued, and we think it’s worth taking a closer look at, and that’s Yamana Gold (AUY) ticker AUY in the U.S. and YRI in Canada. And that’s a company with a portfolio of low-cost South American mines, and they have some very attractive growth projects in the pipeline. And we think that the market is not fully factoring in their future production growth when there are signs that they should be able to bring those mines on line. And we think Yamana is attractively valued. It’s not a deep discount at these levels, but we do think it’s attractively valued. Yamana is one of the few gold miners whose share prices have kept pace with bullion so far in 2011.
The Wall Street Transcript is a unique service for investors and industry researchers – providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
For Information on subscribing to The Wall Street Transcript, please call 800/246-7673
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Topics covered: Investment and Central Bank Demand – Dividends Dependent on Gold Prices – Gold Producers vs. Gold ETF – Midcap and Small-Cap Consolidation Activity
Companies include: Endeavour Silver (EXK); Alacer (ASR.TO); Apogee Silver (APE.V); Barrick (ABX); Eldorado (EGO); and many more.
In the following brief excerpt from the Gold And Precious Metals Report, expert analysts discuss the outlook for the sector and for investors.
Elizabeth Collins, CFA, is the Associate Director of equity research for the basic materials team at Morningstar, Inc. Her responsibilities include oversight of coverage for companies in the following industries: agriculture, chemicals, coal, engineering and construction, metals and mining, steel, wood products and building materials. Before becoming an Associate Director, Ms. Collins was a Senior Analyst on the energy team, where she had oversight for Morningstar’s coverage of oil services firms, oil and gas companies, and coal companies. She earned her MBA from DePaul University in March 2005 and holds a B.A. in psychology from Boston College.
TWST: Gold is still trading at a high price. Should it be at this point?
Ms. Collins: I think, in the current economic environment, it makes a lot of sense for gold to be at such a high price. In the third quarter of 2011, we saw a very high level of demand for gold. Jewelry demand for gold was actually down and demand from the technology sector was flat, but we saw demand from the investment community be very strong because of the strong performance of gold to date, as well as because of worries about macroeconomic uncertainty.
TWST: You mentioned jewelry demand was down. Does that reflect the general economic weakness around the world?
Ms. Collins: I think it can reflect economic weakness and it can also just be a result of some response to the high price of gold. So somebody who is going to purchase jewelry, say in India, is going into a shop and they go in with the intent to spend a certain amount of money on gold jewelry. When the price of gold goes up, it means that they’ll be buying fewer ounces, but they’ll be spending the same amount.
TWST: Is it because of that equation they are getting less for their investment dollar, or is it because in a weak economy people buy less jewelry?
Ms. Collins: The year-over-year decrease in gold jewelry demand, say from India, was 26% in volume terms. But in terms of the amount of money they put into jewelry, it was actually up about 2%. So they are spending more. They are spending a little bit more in money, but getting that much less in gold ounces because of the higher price.
TWST: How important is technology segment demand?
Ms. Collins: It’s small. Number one is jewelry, number two is investment – those are relatively close to each other. And technology is a much smaller part of overall demand for gold on a global basis.
TWST: Has that been the pattern in the industry?
Ms. Collins: It wouldn’t necessarily be different than in the past. But I guess this round we haven’t seen as much M&A activity yet. We’ve seen a few big purchases. But Barrick (ABX), for example, their most recent purchase wasn’t even a gold company – it was a copper company. I guess when people are talking about M And A activity being one candidate for closing the disconnect between gold miners and gold prices, it’s probably smaller companies that are hopeful, and they are hoping to see more M And A activity.
TWST: Given your kind of cautious outlook, what are you telling investors to do?
Ms. Collins: As a group, a lot of our gold miners are fairly valued. We have one company that we think is slightly undervalued, and we think it’s worth taking a closer look at, and that’s Yamana Gold (AUY) ticker AUY in the U.S. and YRI in Canada. And that’s a company with a portfolio of low-cost South American mines, and they have some very attractive growth projects in the pipeline. And we think that the market is not fully factoring in their future production growth when there are signs that they should be able to bring those mines on line. And we think Yamana is attractively valued. It’s not a deep discount at these levels, but we do think it’s attractively valued. Yamana is one of the few gold miners whose share prices have kept pace with bullion so far in 2011.
The Wall Street Transcript is a unique service for investors and industry researchers – providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations.
For Information on subscribing to The Wall Street Transcript, please call 800/246-7673
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No FDI, no portfolio cash | Business Recorder
January 19, 2012
BR RESEARCH
BR RESEARCH
By financing the current account deficit, transferring new technology and creating employment, foreign direct investment (FDI) can provide important macroeconomic benefits to the host country.After somewhat calm journey, Foreign Direct Investment (FDI) has been going though a jittery phase since the end of 2008 when the financial crisis resulted in global recession.
Before the effects the global financial crisis could subside, the world entered another gloomy phase with European bloc nearing bankruptcy, MENA region falling apart and Iran-US relationship intensifying.
Such ambiance raises serious concerns about the tendency and ability of multinationals to continue their investing activities.
UNCTAD has also painted a very bleak picture, expecting a sharp decline global FDI.
This is not surprising given the euro crisis tipping the world into a recessionary pit.
This is a bad news for country like Pakistan that has its FDI falling rapidly since FY09.
To some extent the falling trend of FDI in Pakistan can be attributed to the global investment scenario.
Though China posted a 9.72 percent rise in FDI in CY11 to a record high of $116 billion, FDI has fallen for a second straight month in December by almost 13 percent.
However, amongst its regional peers, Pakistans position is apparently weaker, particularly due to due to domestic issues.
According to the World Investment Prospects 2011 by The Economist Intelligence Unit, Pakistan ranks the lowest in FDI inflows amongst China, India and Vietnam, based on the averages of 2007-2011 FDI, Inflows of FDI in Pakistan have dipped by 37 percent to $513 million during 6MFY12 from $840 million in 6MFY11.
The net foreign investment (foreign direct investment and portfolio investment) has contracted by 64 percent during the first half of FY12.
Portfolio investment witnessed a decline of 165 percent during 6MFY12 as investors shun the countrys main stock exchange due to rising incidents of violence.
The figures reveal a very depressing picture of approximately $1 billion of FDI for FY12, a decline of more than 80 percent of the highest from FY01-FY11.
The reasons are hidden from no one.
Lack of foreign investors interest as a result of ongoing energy crisis, adverse law and order situation and political uncertainty top the list.
Amongst the critical factors for FDI, Pakistan performs poorly in Macro economic stability, institutional efficiency, and security and worker education.
Indirect signals are being given out by the MNCs as they adopt the policy of remitting high dividends and repatriating profits.
A little better law and order situation at present can result in a tentative respite in FDI in Pakistan next year.
However, macro economic indicators still remain pretty weak for any recovery.
Amongst the regional peers, US is expected to remain the top destination for FDI.
China is to remain the biggest emerging market destination followed by India.
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2012年1月17日星期二
New Silk Route invests in Varsity Education Management
MUMBAI (Reuters) – New Silk Route Partners, an Asia-focused private equity fund, said on Tuesday it picked a significant minority stake in educational support services provider Varsity Education Management Pvt Ltd for an undisclosed sum.
The Hyderabad-based Varsity Education provides operational and support services to educational institutes across Karnataka, Andhra Pradesh, Maharashtra and Tamil Nadu, the fund said in a statement.
“Education is another great sector, if you are an investor and intending to capture India’s growing consumer story,” said Jacob Kurian, one of the partners of the fund.
Private equity funds invested have invested $10.58 billion of capital across 501 deals in 2011, up more than a fifth compared to $8.47 billion across 416 deals in 2010, according to data from industry tracker VCCircle.com.
The investment in Varsity would be New Silk Route’s second investment in the educational sector. The fund, which manages more than $1.4 billion, has invested in the Lahore-headquartered Pakistani firm, Beaconhouse, one of the world’s largest primary and secondary education chains, it said.
(Reporting by Indulal PM; Editing by Harish Nambiar)
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The Hyderabad-based Varsity Education provides operational and support services to educational institutes across Karnataka, Andhra Pradesh, Maharashtra and Tamil Nadu, the fund said in a statement.
“Education is another great sector, if you are an investor and intending to capture India’s growing consumer story,” said Jacob Kurian, one of the partners of the fund.
Private equity funds invested have invested $10.58 billion of capital across 501 deals in 2011, up more than a fifth compared to $8.47 billion across 416 deals in 2010, according to data from industry tracker VCCircle.com.
The investment in Varsity would be New Silk Route’s second investment in the educational sector. The fund, which manages more than $1.4 billion, has invested in the Lahore-headquartered Pakistani firm, Beaconhouse, one of the world’s largest primary and secondary education chains, it said.
(Reporting by Indulal PM; Editing by Harish Nambiar)
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2012年1月9日星期一
Tatas’ unlikely golden goose
When Tata Motors acquired Jaguar Land Rover, it was pilloried for poor judgement. Now, JLR is a roaring success.
Alongside his warning last week that Tata Group expansion plans would have to be tempered by the troubled global environment, Mr Ratan Tata noted that in its drive to take heed of risks, it shouldn’t lose out on good opportunities.Four years ago, the “good” opportunity that the company didn’t pass up provoked much tut-tutting. When Tata Motors first took Jaguar Land Rover off Ford’s hands for $2.3 billion in 2008, many asked: how could a company known for commercial vehicles and cheap cars, and for whom there were no obvious synergies in the acquisition, do any better than a gargantuan of the global auto world, which had pumped billions into the iconic brand?
Those that didn’t tut then, certainly did a few months later, when the financial crisis struck and sales at JLR plunged. Even worse, Tata Motors had taken out a $3-billion bridge loan to finance the acquisition, and struggled to refinance its debts, which remained firmly high. Attempts to secure financial support from the British government failed, forcing the Tata Group to pump its own funds into the company.
In March 2009, Tata Motors posted a Rs 25.1 billion loss for the year. “Troublesome trophy” declared the Financial Times, adding that it “raised questions about the wisdom of fast-growing companies from emerging markets acquiring their developed-world counterparts in struggling sectors.”
Those “questions” have now been turned on their head: far from being a trophy, JLR survived the crisis to become the biggest earnings contributor to Tata Motors, something that has continued — and is expected to continue — through this second round of the crisis.
For the year ending March, Umesh Karne at BRICS Securities expects JLR to make a net profit of Rs 71 billion, against a group profit of Rs 79.5 billion, with sales up 14 per cent, and a further rise of 8 per cent the following year.
Turnaround factors
JLR seems to be preparing itself for such an upbeat scenario. The threatened closure of one of its British plants never happened; the company has since announced plans to expand the workforce at its Solihull plant, and build an engine factory near the city of Wolverhampton, a move that will gradually reduce its dependence on Ford engines. It’s in talks over a joint venture in China.It’s easy to look for one reason for this remarkable turnaround, but there are a number of answers. Firstly, Tata Motors wasn’t afraid to seek external assistance, bringing in KPMG and Roland Berger Strategy Consultants to design a turnaround for the immediate, medium and short term. In 2009, the company unveiled a business plan, which involved aggressive cost cutting (reducing employee numbers, more efficient IT systems and marketing spend), changes to cash flow management, and a multi-year plan for product launches.
Luckily, there was lots of room for improvement. Ian Fletcher, an automotive analyst at IHS Global Insight, who worked for JLR under Ford, argues that the American firm had a “feast and famine” approach, lavishing cash on JLR at points, while starving it of investment at others. Cash was often directed in unhelpful ways, such as a Jaguar F1 programme.
“If you want to make a profit don’t put millions into racing it round a car track,” Mr Fletcher says. “You need to build a car that people want and charge what you can get away with.”
Restoring ‘Cool’
Building a coveted car also proved challenging in the Ford years: its launch of the X-Type — which was known to some in the industry as a “Ford Mondeo with a pretty frock” — was just one example, while others such as the “S” type were seen as overly retro, and unappealing to audiences below the age of 50. (By contrast BMW and Mercedes were able to attract mid to late 30s buyers too).Under Tata, the XF and XJ updates did much to restore the company’s “cool” reputation while the launch of the Discovery in 2009 proved timely for the recovery. Tata Motors’ pledge to pump 1.5 billion pounds a year up until 2014, into a total of 40 new product actions — including new vehicles, and updates — has added to that credibility and created a buzz (rumours that it was considering expanding its Halewood plant had observers asking whether it could mean a new compact Jaguar was on the cards).
Part of the problem in the past was too much interference from Ford: something that Tata Motors has reversed. Tata brought in (and retained from Ford days) senior engineers and management, with many years of experience, particularly in the German industry, pretty much leaving them to their own devices, but with the assurance of having the sizable resources and support of the Tata Group behind them.
The CX-16 concept car that wowed audiences at the Frankfurt auto show last year was a case in point. “10 years ago, something with such cutting-edge technology would have been left on the drawing board,” says Mr Fletcher.
Niche focus
The trouble with Ford’s approach was that it understood and applied volume manufacturing, but not the global niche marketing and product that JLR needed to be successful, and which Tata Motors embraced through its hands-off approach, says Professor Peter Cooke, Professor of Automotive Management at Buckingham University.“Fundamentally, Jaguar and Land Rover have to be global niche products,” he says. Now each product is targeted at specific niche audiences, such as the high-spending city dweller in the case of the Range Rover Evoque, the petit SUV, 15,000 of which have been sold since its launch in September.
As a result, Tata seems to be pushing demand in all the right directions: China is now JLR’s third largest and fastest growing market, accounting for around 16 per cent of sales, while demand in Russia, Brazil and India continues to grow.
Overall, with the investment from Tata Motors, JLR was able to position itself in the right space, just in time for the upswing that came in 2009. It is not the only luxury branded car to be doing well: Bentley saw sales rise 37 per cent in 2011, again driven by China, and is preparing for further growth with plans to expand its range.
There are, of course, challenges: currency movements, which have in the past worked well for JLR’s profitability, have hurt it in recent months, with the appreciation of the pound against the dollar. As a result, JLR profits for the quarter ending in September fell 2.1 per cent. Moreover, the financial climate will make the quality and timing of its 40 product actions all the more important.
The success of JLR doesn’t make or break the case for acquisitions of distressed foreign companies (There is only so much a company can do in the face of unremittingly weakened demand, as has been the case with Tata Steel’s European operations). But it does go to show, bad timing is often overrated. After all, had it waited a few months more, Tata Motors would never have secured the financing to acquire the company that has turned out to be its golden goose.
blfeedback@thehindu.co.in
(This article was published on January 8, 2012)
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2012年1月6日星期五
2012年1月2日星期一
Private equity players, venture capitalists cautious about 2012
Private equity players and venture capitalists are cautiously optimistic about the prospects of their businesses, yet are hopeful of clinching more deals in the New Year, say industry experts.
“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.
He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
© Copyright 2011 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.“We are cautiously optimistic about 2012 as global uncertainty still looms large. However, the number of deals is likely to be higher as valuation looks attractive,” IDG Ventures vice-president Ranjith Menon said.He also said global PE players may invest less in 2012 due to the risk aversion of foreign investors to emerging markets.
In 2011, there was an increase in private equity investments as companies found rise in cost of borrowing due to repeated rate hikes by the Reserve Bank. Even some sectors found debt flow drying up from commercial banks as financial institutions deliberately cut exposure to certain sectors fearing rising delinquency.
According to a KPMG India [ Images ] report on PE investments, it is estimated that PE deals marginally rose and touched USD 8.6 billion in 2011 up from USD 8.2 billion in 2010.
Similarly, according to a Grant Thorton report, the top sectors for PE investments in 2011 were realty, infrastructure, automotive, power and energy, banking and financial services and information technology, contributing to around 67 percent of the total investment during the year.
While about 22 per cent of the total private equity investments were in the real state and infrastructure sectors, 13 per cent was in the automotive, and 12 percent in the power and energy sector during 2011, the report added.
“In 2012, total investment will be similar or higher than 2011 by PE players as a number of players are likely to take pre-IPO exposure in companies, which was nearly absent last year,” Fire Capital chief executive Om Chaudhry said.
As domestic economy does better, there is a line up of good IPOs that are expected to hit the market and they will provide good investment opportunities for PEs, he added. Even industry experts said that the number of PIPE (private investment in public equities) are also likely to be higher in the new year.
“Promoters are more realistic about valuations these days after the bad performance of equity market. So, there should be higher deals in the form of PIPE in 2012,” he said.
Referring to sectors, Chaudhry said real estate, financial services, education, and private sector healthcare would see higher PE fund inflows during 2012.
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Investment opportunity for NRIs knocking on the doors of Indian Banks
With the latest deregularisation of NRE deposits rates by RBI, it has brought to light a brilliant opportunity for NRIs to invest in India. More and more banks have revised their NRE TD’s rates thereby making NRE deposits much attractive in terms of returns overseas.
NRE TD’s are suddenly in the limelight because of the following features:
NRE deposit ratesLooking at the above comparison, NRE TD’s are a big opportunity both for the customer and the bank due to its repatriability and tax free return aspect.
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NRE TD’s are suddenly in the limelight because of the following features:
- Returns are tax free in India and
- Balances in these deposits are freely repatriable abroad.
NRE deposit rateshttp://tourism9.com/
PTC India in talks with sovereign wealth fund for PE venture
New Delhi, Jan 1:
Power trading firm PTC India is in talks with a sovereign wealth fund for setting up a private equity fund, which is likely to have an initial capital of about $100 million.
Sources said PTC India is looking to float a private equity fund and is in advanced talks with a sovereign wealth fund. To begin with, the PE fund would at least have $100 million as capital, they said. However, they did not disclose further details. The new fund is likely to be floated sometime next fiscal, sources added.
The firm already has a subsidiary PTC India Financial Services (PFS), which lends to power sector including renewable energy projects.
In May 2010, PTC India had announced the launch of an infrastructure fund in a joint venture with specialist emerging markets asset manager Ashmore.
‘PTC Ashmore India Energy Infrastructure Fund’, which was to provide equity financing to power projects, did not take off due to various reasons.
PTC India has entered into Power Purchase Agreements (PPAs) for over 15,000 MW, including 1,416 MW of cross border projects.
In November, PTC India said that around 1,500 MW capacity is expected to be commissioned in FY 13 while about 4,500 MW is to be ready in FY 14.
PTC India’s profit after tax surged over 19 per cent to Rs 80.80 crore in the six months ended September 30.
The entity’s trading volumes had surged 34 per cent to 24,481 million units in the last fiscal.
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Power trading firm PTC India is in talks with a sovereign wealth fund for setting up a private equity fund, which is likely to have an initial capital of about $100 million.
Sources said PTC India is looking to float a private equity fund and is in advanced talks with a sovereign wealth fund. To begin with, the PE fund would at least have $100 million as capital, they said. However, they did not disclose further details. The new fund is likely to be floated sometime next fiscal, sources added.
The firm already has a subsidiary PTC India Financial Services (PFS), which lends to power sector including renewable energy projects.
In May 2010, PTC India had announced the launch of an infrastructure fund in a joint venture with specialist emerging markets asset manager Ashmore.
‘PTC Ashmore India Energy Infrastructure Fund’, which was to provide equity financing to power projects, did not take off due to various reasons.
PTC India has entered into Power Purchase Agreements (PPAs) for over 15,000 MW, including 1,416 MW of cross border projects.
In November, PTC India said that around 1,500 MW capacity is expected to be commissioned in FY 13 while about 4,500 MW is to be ready in FY 14.
PTC India’s profit after tax surged over 19 per cent to Rs 80.80 crore in the six months ended September 30.
The entity’s trading volumes had surged 34 per cent to 24,481 million units in the last fiscal.
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Tough India IPO market drives deals between private equity funds
MUMBAI (Reuters) – When Ind-Barath Power Infra Ltd dropped plans for a $200 million IPO earlier this year, it not only thwarted the fundraising plans of its controlling shareholder, but blocked an exit route for a clutch of private equity investors.
Those funds, including Sequoia Capital, Citigroup’sventure capital arm and 3i , invested a combined $223 million in Ind-Barath and may get a breather as the firm is in talks to sell a big chunk to buyout giants such as TPG Capital and Apollo Global Management .
So-called secondary deals, when a private equity investor sells its holding to another such investor, have traditionally been less favored by buyout firms than an exit through an IPO or the sale of a company to an industry rival.
But with weak capital markets shutting off the IPO option for now and mergers between domestic corporate rivals still rare, owners of Indian companies and their private equity investors eyeing the exits will be forced to look at alternatives, including secondary market deals.
KPMG figures roughly $95 billion in maturing Indian private equity investments made during the bull market years of 2006-2008 will come up for sale over the next three years.
“Logic suggests that a good time for exits is not a good time for investing and vice versa,” said Raja Parthasarathy, managing director at IDFC Private Equity, one of India‘s largest private equity funds.
“But the current environment appears to be challenging on both fronts, largely on account of continuing uncertainties around the macro outlook,” he said.
In India, companies tend to want to go public, ready or not.
But India‘s benchmark stock index <.bsesn> is down more than a fifth this year, and 13 rate interest increases since early 2010 by the central bank have pushed up borrowing costs, slowed economic growth and made investors wary.
Private equity exits through the Indian IPO market dropped 66 percent this year to $85 million in 15 deals, according to data from VCCircle.
Overall, some $7 billion worth of public offers were either scrapped or deferred in 2011, of which $1.8 billion was backed by private equity investors, SMC Global said in a recent study.
However, secondary market private equity transactions are up 9 percent this year to $704 million in 29 deals, from $646 million in 14 deals last year, according to VCCircle data, and industry players expect that figure to grow.
SECOND-HAND SHOPPING
While private equity investors in India have generally been reluctant to sell to another buyout firm, as a partial exit through a secondary sale does not provide the liquidity that an IPO does, the current environment and pressure to exit are forcing a re-think.
“A secondary sale should not be viewed as a forbidden option, as it sometimes is,” KPMG said in a recent report on Indian private equity.
“Secondary transactions offer relatively high returns…As the industry matures, more and more PE-funded companies will come up for sale,” it said.
Recent deals include the partial exit in November by UK-based Aureos Capital, when it sold part of its $15 million investment in Continental Warehousing Corp to U.S. fund Warburg Pincus, which invested about $100 million in the company.
Earlier this year, Kotak Realty Fund, a unit of India’s Kotak Mahindra Banksold its holding in Peepul Tree Properties to local rival Tata Realty Fund for $115 million.
The KPMG study said about one-third of private equity investments in India are in the red.
“In an exit environment driven by IPOs, such underperformers would indeed be hard to exit,” it said.
GHOSTS OF INVESTMENTS PAST
Private equity funds invested more than $31.5 billion in India between 2006 and 2008, according to KPMG.
Assuming a five-year holding period and funds’ expectations for returns of roughly three times, Indian exits valued at roughly $95 billion are poised to take place over the next three years, or $28 billion of exits per year, the study found.
By comparison, private equity funds spent a total of just $14 billion in Indian in their most active year of 2007, KPMG said.
Investors in private equity funds, known as limited partners, typically commit their money for 10 years, but fund managers generally like to turn over specific investments after roughly five years.
“Fund managers are definitely under pressure…as their average holding period is increasing,” said Ajit Kumar, India head of Dubai-based fund Evolvence Capital, who expects a growing number of secondary exits as the industry matures.
Evolvence has invested about $400 million in India and is raising a $400 million India-dedicated fund.
“We may see improvement in secondary deal volumes in the second half of 2012. The public markets are also likely to turn better,” he said.
Meanwhile, worries about the fate of boom-era investments have dampened sentiment in the fundraising market, as some 60 India-focused funds attempt to raise about $15 billion.
Investors whose previous investments in Indian private equity deals have not yet borne fruit may be reluctant to write checks to fund managers this time around.
“Ironically, those investments made then are proving to be one of the most vital roadblocks confronting the industry today,” said Subbu Subramaniam, who was a founding partner at Baring India before setting up his own private equity firm, M-Cap fund advisors.
(Editing by Tony Munroe and Matt Driskill)
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Those funds, including Sequoia Capital, Citigroup’s
So-called secondary deals, when a private equity investor sells its holding to another such investor, have traditionally been less favored by buyout firms than an exit through an IPO or the sale of a company to an industry rival.
But with weak capital markets shutting off the IPO option for now and mergers between domestic corporate rivals still rare, owners of Indian companies and their private equity investors eyeing the exits will be forced to look at alternatives, including secondary market deals.
KPMG figures roughly $95 billion in maturing Indian private equity investments made during the bull market years of 2006-2008 will come up for sale over the next three years.
“Logic suggests that a good time for exits is not a good time for investing and vice versa,” said Raja Parthasarathy, managing director at IDFC Private Equity, one of India‘s largest private equity funds.
“But the current environment appears to be challenging on both fronts, largely on account of continuing uncertainties around the macro outlook,” he said.
In India, companies tend to want to go public, ready or not.
But India‘s benchmark stock index <.bsesn> is down more than a fifth this year, and 13 rate interest increases since early 2010 by the central bank have pushed up borrowing costs, slowed economic growth and made investors wary.
Private equity exits through the Indian IPO market dropped 66 percent this year to $85 million in 15 deals, according to data from VCCircle.
Overall, some $7 billion worth of public offers were either scrapped or deferred in 2011, of which $1.8 billion was backed by private equity investors, SMC Global said in a recent study.
However, secondary market private equity transactions are up 9 percent this year to $704 million in 29 deals, from $646 million in 14 deals last year, according to VCCircle data, and industry players expect that figure to grow.
SECOND-HAND SHOPPING
While private equity investors in India have generally been reluctant to sell to another buyout firm, as a partial exit through a secondary sale does not provide the liquidity that an IPO does, the current environment and pressure to exit are forcing a re-think.
“A secondary sale should not be viewed as a forbidden option, as it sometimes is,” KPMG said in a recent report on Indian private equity.
“Secondary transactions offer relatively high returns…As the industry matures, more and more PE-funded companies will come up for sale,” it said.
Recent deals include the partial exit in November by UK-based Aureos Capital, when it sold part of its $15 million investment in Continental Warehousing Corp to U.S. fund Warburg Pincus, which invested about $100 million in the company.
Earlier this year, Kotak Realty Fund, a unit of India’s Kotak Mahindra Bank
The KPMG study said about one-third of private equity investments in India are in the red.
“In an exit environment driven by IPOs, such underperformers would indeed be hard to exit,” it said.
GHOSTS OF INVESTMENTS PAST
Private equity funds invested more than $31.5 billion in India between 2006 and 2008, according to KPMG.
Assuming a five-year holding period and funds’ expectations for returns of roughly three times, Indian exits valued at roughly $95 billion are poised to take place over the next three years, or $28 billion of exits per year, the study found.
By comparison, private equity funds spent a total of just $14 billion in Indian in their most active year of 2007, KPMG said.
Investors in private equity funds, known as limited partners, typically commit their money for 10 years, but fund managers generally like to turn over specific investments after roughly five years.
“Fund managers are definitely under pressure…as their average holding period is increasing,” said Ajit Kumar, India head of Dubai-based fund Evolvence Capital, who expects a growing number of secondary exits as the industry matures.
Evolvence has invested about $400 million in India and is raising a $400 million India-dedicated fund.
“We may see improvement in secondary deal volumes in the second half of 2012. The public markets are also likely to turn better,” he said.
Meanwhile, worries about the fate of boom-era investments have dampened sentiment in the fundraising market, as some 60 India-focused funds attempt to raise about $15 billion.
Investors whose previous investments in Indian private equity deals have not yet borne fruit may be reluctant to write checks to fund managers this time around.
“Ironically, those investments made then are proving to be one of the most vital roadblocks confronting the industry today,” said Subbu Subramaniam, who was a founding partner at Baring India before setting up his own private equity firm, M-Cap fund advisors.
(Editing by Tony Munroe and Matt Driskill)
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ADB $113 M loan to help Himachal tap hydropower potential
New Delhi, Dec.15 (ANI): A 113 million dollar ADB loan for the Himachal Pradesh Clean Energy Transmission Investment Program was signed today by officials from the Asian Development Bank (ADB) and the Government of India.
is the first loan in a 350 million dollar multi-tranche financing facility for the upgrading of transmission system to help Himachal Pradesh take greater advantage of its vast hydropower resources.
The Himachal Pradesh Clean Energy Transmission Investment Program, approved by the ADB Board of Directors on 30 September 2011, will help expand the supply of power, within and outside the state, and thereby contribute to job creation and poverty reduction.
Taking part in the signing ceremony on behalf of the Government of India was Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, and on behalf of the ADB, Hun Kim, Country Director of ADB’s Resident Mission.
The project agreements were signed by Deepak Sanan on behalf of the Government of Himachal Pradesh and Vijay Kumar Kaprate, Director (Planning and Contracts) on behalf of H.P. Power Transmission Corporation Ltd. (HPPTCL).
“This program will not only benefit Himachal Pradesh, but will also enable a clean, indigenous source of energy to flow to other parts of the country where demand is rising as a result of strong economic growth,” said Rajamony.
It will be complemented by ADB’s technical assistance grant of $600,000 from its Technical Assistance Special Fund that will provide support to HP Power Transmission Corporation to implement and plan future projects.
Himachal Pradesh, a small mountainous state with five major rivers, has about a quarter of India’s total potential hydropower resources. It wants to scale up generation, but its transmission facilities in certain locations are currently unable to handle large amounts of additional power.
“The program will fund much needed new high voltage lines and other transmission infrastructure to allow the state to increase output to meet growing local and national demand for electricity” said Kim.
“It will also enable the recently formed standalone transmission utility, HP Power Transmission Corporation, to get assistance to strengthen its financial and asset management capabilities, allowing it to press ahead with a transmission development plan that seeks to support current and future investment in new hydropower facilities.”
HP Power Transmission Corporation will carry out the program which is expected to be completed in December 2017.
The first tranche loan from ordinary capital resources, signed today, has a 25-year term, with a grace period of five years and interest determined in accordance with ADB’s LIBOR-based lending facility. The Government of Himachal Pradesh will provide counterpart funds of over 29 million dollars for a total first tranche project investment cost of about 142 million dollars.
The ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members — 48 from the region. In 2010, ADB approvals, including, cofinancing, totaled 17.51 billion dollars. In addition, ADB’s ongoing Trade Finance Program supported 2.8 billion dollars in trade. (ANI)
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is the first loan in a 350 million dollar multi-tranche financing facility for the upgrading of transmission system to help Himachal Pradesh take greater advantage of its vast hydropower resources.
The Himachal Pradesh Clean Energy Transmission Investment Program, approved by the ADB Board of Directors on 30 September 2011, will help expand the supply of power, within and outside the state, and thereby contribute to job creation and poverty reduction.
Taking part in the signing ceremony on behalf of the Government of India was Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, and on behalf of the ADB, Hun Kim, Country Director of ADB’s Resident Mission.
The project agreements were signed by Deepak Sanan on behalf of the Government of Himachal Pradesh and Vijay Kumar Kaprate, Director (Planning and Contracts) on behalf of H.P. Power Transmission Corporation Ltd. (HPPTCL).
“This program will not only benefit Himachal Pradesh, but will also enable a clean, indigenous source of energy to flow to other parts of the country where demand is rising as a result of strong economic growth,” said Rajamony.
It will be complemented by ADB’s technical assistance grant of $600,000 from its Technical Assistance Special Fund that will provide support to HP Power Transmission Corporation to implement and plan future projects.
Himachal Pradesh, a small mountainous state with five major rivers, has about a quarter of India’s total potential hydropower resources. It wants to scale up generation, but its transmission facilities in certain locations are currently unable to handle large amounts of additional power.
“The program will fund much needed new high voltage lines and other transmission infrastructure to allow the state to increase output to meet growing local and national demand for electricity” said Kim.
“It will also enable the recently formed standalone transmission utility, HP Power Transmission Corporation, to get assistance to strengthen its financial and asset management capabilities, allowing it to press ahead with a transmission development plan that seeks to support current and future investment in new hydropower facilities.”
HP Power Transmission Corporation will carry out the program which is expected to be completed in December 2017.
The first tranche loan from ordinary capital resources, signed today, has a 25-year term, with a grace period of five years and interest determined in accordance with ADB’s LIBOR-based lending facility. The Government of Himachal Pradesh will provide counterpart funds of over 29 million dollars for a total first tranche project investment cost of about 142 million dollars.
The ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members — 48 from the region. In 2010, ADB approvals, including, cofinancing, totaled 17.51 billion dollars. In addition, ADB’s ongoing Trade Finance Program supported 2.8 billion dollars in trade. (ANI)
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2011年12月30日星期五
Travel & Adventure Show Explores New Territory for 2012
ROSEMONT, IL–(Marketwire -12/29/11)- The nation’s largest travel and adventure show returns to Chicago January 28-29 for its eighth consecutive year with new additions and returning favorites. Between well-known travel experts, adventurous activities, more than 120 world-class destinations on exhibit and non-stop cultural music and dance performances, guests will uncover unlimited inspiration and information to plan their next vacation.
New additions this year include appearances by travel insiders like Samantha Brown (host of multiple shows on The Travel Channel), Patricia Schultz (author of 1,000 Places To See Before You Die) and Marc Peyser (editor at Arthur Frommer’s Budget Travel magazine.) Also debuting is an audience “cook-off” hosted by Chicago native and Travel Channel star Mark DeCarlo, with the winner receiving a vacation to the Mexican Yucatan. Crowd favorites return, such as free scuba diving and rock wall climbing, along with non-stop music and dance and more than 120 exhibits of amazing destinations from every continent.
“Whether it’s a short weekend getaway to Wisconsin or traveling to Tanzania next summer, the Travel & Adventure Show brings together an amazing array of travel ideas and expert advice,” said John Golicz, CEO for Unicomm, which produces the event in five cities nationally. “Chicago is always one of our largest events, and we’re looking forward to bringing great information and entertainment to our guests.”
Must-see stops on your itinerary at the show include:
The Travel and Adventure Show is the longest-running series of consumer travel events in the U.S., with shows in Los Angeles, San Francisco Bay Area, Dallas and Washington D.C. The national magazine sponsor is Arthur Frommer’s Budget Travel. For more information on attending or exhibiting in the event, please visit www.adventureexpo.com/Chicago or call 203-878-2577 x100.
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This article is from http://tourism9.com/
New additions this year include appearances by travel insiders like Samantha Brown (host of multiple shows on The Travel Channel), Patricia Schultz (author of 1,000 Places To See Before You Die) and Marc Peyser (editor at Arthur Frommer’s Budget Travel magazine.) Also debuting is an audience “cook-off” hosted by Chicago native and Travel Channel star Mark DeCarlo, with the winner receiving a vacation to the Mexican Yucatan. Crowd favorites return, such as free scuba diving and rock wall climbing, along with non-stop music and dance and more than 120 exhibits of amazing destinations from every continent.
“Whether it’s a short weekend getaway to Wisconsin or traveling to Tanzania next summer, the Travel & Adventure Show brings together an amazing array of travel ideas and expert advice,” said John Golicz, CEO for Unicomm, which produces the event in five cities nationally. “Chicago is always one of our largest events, and we’re looking forward to bringing great information and entertainment to our guests.”
Must-see stops on your itinerary at the show include:
- Domestic and International Exhibitors – Representatives from Africa, Asia, Canada, the Caribbean, Central and South America, India, Indonesia, Israel, Mexico, the Philippines, Turkey and the South Pacific join domestic destinations from Alaska to West Virginia. Tour operators who can give you expert advice on countless other locales will also be on-hand. “Computer research is one thing, but there’s nothing like talking to someone face-to-face who has been where you want to go,” said Golicz.
- Fiery Foods Challenge – Local chefs representing some of the destinations you’ll find at the show will be on hand to cook traditional “hot” dishes. Audience members will sample these spicy creations and vote for their favorites, as well as take home the recipes to try them at home.
- Mark DeCarlo Interactive Cooking Class and Competition – The host of the Travel Channel show “Taste of America” and author of “A Fork In The Road” will select three lucky audience members at random to recreate a dish of Mark’s choosing – right on the spot. The winner (chosen by the audience) will win an all-inclusive Yucatan vacation!
- Scuba Do! – Scuba diving in the world’s largest mobile scuba diving pool (no matter HOW cold it is outside, this pool – all 15,000 gallons of it! — is a toasty 72 degrees, mimicking the temperatures of Bonaire in the Caribbean.) All equipment is provided, even hair dryers.
- Global Beats Stage – musical and dance performances will transport you to an exotic destination, running non-stop throughout the show
The Travel and Adventure Show is the longest-running series of consumer travel events in the U.S., with shows in Los Angeles, San Francisco Bay Area, Dallas and Washington D.C. The national magazine sponsor is Arthur Frommer’s Budget Travel. For more information on attending or exhibiting in the event, please visit www.adventureexpo.com/Chicago or call 203-878-2577 x100.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1842618
This article is from http://tourism9.com/
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