Proper investment policy, disclosure, governance and accountability should be mandated under the law for EPF’s near half a trillion ringgit funds
THE recent brouhaha over the Employees Provident Fund (EPF) financing a government-sponsored RM1.5bil housing scheme highlights several issues facing the nation’s premier retirement fund.
Considering that it is a major heavyweight, which manages almost RM470bil belonging to some 12 million members, it is important to ensure that the EPF does its job, and does it as well as it should.
Questions swirl around three main issues: The kind of projects that the EPF should finance and the risk they bear; the amount of government influence over what the EPF should do; and the level of transparency and accountability that the fund shows to its members.
Sadly, on all three counts, it shows serious deficiencies. Although it has improved in recent years, in terms of the quality of investments, it has in the past made some dubious investments which have never been fully explained.
In part this is due to substantial government influence over its operations, specifically, the Finance Minister, who not only appoints board members but also has substantial influence over them, the law requiring directors in most cases to be subservient to the Finance Minister.
Meantime, the way the EPF reports its results, and its investments and losses and gains, leaves much to be desired. It is impossible for a fund member or anyone else to independently verify the soundness of its investment decisions. There is no or little statutory requirement for appropriate standards of disclosure, governance and accountability.
Because of its huge size, approaching half a trillion ringgit (it should exceed that mark easily this year), a multitude of sins can be easily hidden in its massive books. That’s all the more reason for an eagle eye to be kept on it at all times.
The way to ensure that the EPF keeps on the straight and narrow is to mandate that unambiguously through an amendment to the EPF Act. That should start with clear definitions of directors’ qualifications, requiring them to be those who have impeccable integrity and have an unblemished and distinguished record of service in the finance, accounting and investment fields.
The current Act gives the power to the Government, through the Finance Minister, to nominate the board members, but this should be preferably done through a committee rather than a single individual.
The Act should then specify clearly the role of the directors, which would be to oversee the implementation of measures which will follow a highly specified investment policy and return objectives.
The investment policy should specify a low risk approach that would preserve members’ contributions, while at the same time providing a moderate rate of return.
It should also specify very broad allocation strategy between various classes of assets, for example Malaysian Government Securities, other investment-grade bonds, equities, property and real estate and other investments.
Changes to the EPF Act should clearly specify that directors and the fund should at all times act solely in the interest of members who own the funds in the first place. While the Government can borrow money from the EPF, it has no business inducing it to invest in businesses that have high risk.
That will stop the board from making a decision to invest in a project just because the Finance Minister or someone else told it so. Those with long memories will remember that the EPF has made strange investments before, like Time dotCom.
The changes to the Act should also specify in fairly specific terms the kind of disclosure that it makes. It should itemise all the investments it makes, and state when they were made and at what price, and how much it is losing or making on each one.
Averages have a way of disguising major outliers. On average, gains may be respectable but that does not mean major losses may not have been made on some investments. The only way to ensure that does not get buried under the mountain of funds is to disclose it.
These are not unrealistic changes. Many retirement funds act this way. Take CalPERS or California Public Employees’ Retirement System, the United States’ largest public pension fund with assets totalling some US$220bil (about RM660bil).
It publicly discloses its investment policy and asset allocation decisions. Those interested can view its investment track record. Journalists can ask for and receive its investment details for specific companies, areas and regions.
Here’s what it says in its own words: “Our goal is to efficiently and effectively manage investments to achieve the highest possible return at an acceptable level of risk. In doing so, CalPERS has generated strong long-term returns.”
We want EPF, whose size is not very far away from CalPERS, to do the same for all its members. The EPF does not belong to the Government and therefore the Government must not have full powers over the way it acts.
Until these changes to the Act are made and the EPF board acts professionally and above board in every decision it makes, taking all the required professional advice, we can’t ever be sure that EPF is always acting purely in the interests of its constituents – the Malaysian working public.
Independent consultant P Gunasegaram (t.p.guna@gmail.com) is happy that the EPF declared 6% dividends. He hopes it can continue to do so.
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2012年2月25日星期六
2012年2月17日星期五
UK Private Equity Sector Will Be Unhappy With Pre-Budget Report
08 December 2006
Private equity funds will have good reason to feel disappointed following the Chancellor’s failure to redress the unfair retrospective legislation which will attack their fund returns, claim business and financial advisers Grant Thornton.As a result of restrictions on the deductibility of finance costs in investee companies from April 2007, funds will see a significant increase in tax costs which in many cases could not have been predicted when their investments were made.
Stephen Quest, head of tax transactions at Grant Thornton, comments: “The taxation of private equity funds has been in a state of flux for the last two years. The market needs stability to enable deals to be completed with a degree of certainty. Clarity in this area would have provided a boost to the private equity sector which has brought so much to the British
economy over the last year.”
In light of the unchanged conditions, says Grant Thornton, the major issues facing the private equity market remain the deductibility of interest, withholding tax, and the tax treatment of management teams.
For portfolio companies, the most draconian measure to impact funds is the retrospective application of the transfer pricing regulations to the financing of investee companies. From April 2007, amounts payable to private equity
funds in respect of finance deemed not to be available on an arm’s length basis may not qualify for a deduction for corporation tax relief. The effect on returns is significant and unfair; the new rules can increase the cost of finance by 3-5% for investee companies, despite the fact that at the time finance was put in place no such legislation existed.
Quest says: “We had hoped to see a Pre-Budget in which the Chancellor put this right. His failure to do so will result in private equity funds taking a hit in April. It also sets a dangerous precedent and undermines the basis upon which funds will make investment decisions in the future.”
As regards withholding tax, Grant Thornton says that significant uncertainty exists as to whether withholding tax needs to
operate on interest paid on many international fund structures. This needs to be clarified as soon as possible.
For management teams, the treatment of ratchets remains worrying. AlthoughiIn August 2006, HMRC provided welcome confirmation that the British Venture Capital Association (BVCA) safe harbour would apply to ‘ratchets’
where management teams acquire sweet equity, the Pre-Budget Report has failed to address the thorny issue of post-acquisition changes to ratchets which cause so much difficulty when private equity investments are re-financed.
Grant Thornton says that tax law remains unclear with regard to earn-outs. Quest remarks: “The tax law in this area is in a considerable mess with uncertainty as to whether future receipts are taxed on a current or deferred basis. There is urgent need for a reform in this area.”
Stephen Quest concludes, “Private equity has become a mainstream and permanent factor in capital markets and deserves a fiscal regime that is consistently applied and delivers certainty to the funds in assessing investment opportunities in the UK. It remains the case that there is significant uncertainty and this is disrupting the flow of funds into the UK market. We hope that there will be substantive changes in the next Budget and that the introduction of retrospective attack on pre-2005 investments is dropped.”
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2012年2月13日星期一
China tells banks to roll over local govt loans – FT
SYDNEY (Reuters) – China has told its banks to start a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a $1.7 trillion debt hangover from the global financial crisis.
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
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The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
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China tells banks to roll over local govt loans: report
SYDNEY (Reuters) – China has told its banks to start a huge roll-over of loans to local governments, the Financial Times reported, aiming to give itself more time to deal with a $1.7 trillion debt hangover from the global financial crisis.
The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
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The move underscores China’s determination to contain its 10.7 trillion yuan debt mess and forestall a potential loan crisis in the world’s No. 2 economy, analysts say.
As early as June 2011, the Chinese government had vowed to clean up its local debt either by shifting 2-3 trillion yuan of debt off local governments, forcing state banks to take some bad debt losses and selling select projects to private investors, sources told Reuters earlier.
Investors worry that China’s banks would suffer billions of bad loan losses and hobble the world’s growth engine at a time of anaemic global economic growth.
China’s mountain of local debt piled up after the 2008-09 financial crisis when Beijing ordered local governments to spend massively on infrastructure projects to buoy economic growth, which they did by borrowing heavily.
Analysts say Chinese banks are already rolling over or restructuring troubled loans to cash-strapped local governments unable to repay their debt. But the amount of loans being rolled over is not known as banks — and Beijing — are tight-lipped.
Worse, analysts say Chinese banks are hiding troubled loans by adamantly refusing to mark them as non-performing loans in financial statements before restructuring them, as per global best practice.
“This is bad regulation but I don’t think we are going to get a bank crisis,” said a bank analyst in Hong Kong.
In some cases, loans are being restructured by extending their maturities by as much as four years, the Financial Times said, citing bankers and analysts familiar with the matter.
Not all local government loans would be rolled over, the paper said, citing a person with knowledge of the plan.
Banks would determine if there was real demand for the investment. Continued funding for the construction of highways would be approved but less important projects, like massive city squares, might be cut off.
Banks would also consider whether investments were consistent with the government’s five-year plan for industrial upgrading and cleaner growth.
China has said that about half of the 10.7 trillion yuan of loans will mature over the next three years.
(Reporting by Richard Pullin in MELBOURNE and Koh Gui Qing in SINGAPORE, Editing by Dean Yates & Kim Coghill)
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2012年2月1日星期三
5 bad financial fumbles by NFL players
Hall of Fame quarterback John Elway often escaped trouble on the field. But in 2010, Elway and a business partner invested $15 million with a hedge-fund manager who was arrested on charges that he ran a Ponzi scheme, The Denver Post reported. Elway lost $3 million.
Athletes can fall victim to Ponzi schemes if they do a poor job vetting the people who are handling their investments, says Michael Chasnoff, chief executive of Truepoint Inc., a wealth management company in Cincinnati.
Athletes often think they can trust the person investing their money if he or she was recommended by someone the athlete respects.
Investors have to perform their own due diligence no matter how much they trust the person who recommends an investment adviser, Chasnoff says.
The National Association of Personal Financial Advisors offers a questionnaire to help investors interview potential advisers. Before signing on, an investor should also contact the adviser’s other clients as a reference.
Look for advisers who are known in the community and give back to the community through charities or nonprofit groups. “They are usually very professional, high-integrity people,” Chasnoff says.
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Athletes can fall victim to Ponzi schemes if they do a poor job vetting the people who are handling their investments, says Michael Chasnoff, chief executive of Truepoint Inc., a wealth management company in Cincinnati.
Athletes often think they can trust the person investing their money if he or she was recommended by someone the athlete respects.
Investors have to perform their own due diligence no matter how much they trust the person who recommends an investment adviser, Chasnoff says.
The National Association of Personal Financial Advisors offers a questionnaire to help investors interview potential advisers. Before signing on, an investor should also contact the adviser’s other clients as a reference.
Look for advisers who are known in the community and give back to the community through charities or nonprofit groups. “They are usually very professional, high-integrity people,” Chasnoff says.
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2012年1月30日星期一
Saxo Capital Markets Launches Australian Retail Operations
SYDNEY, January 30, 2012 /PRNewswire/ –
Saxo Capital Markets (Australia) Pty Ltd (‘SCM Australia‘) , the online trading and investment specialist, today announced the launch of its retail operations in Australia, offering investors the opportunity to trade thousands of asset classes across award-winning online platforms.
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission.
The move extends Saxo Bank Group’s reach in the fast-growing Asia-Pacific, and is consistent with its goal of being the premier multi-asset online trading platform in the world.
SCM Australia offers local traders sophisticated trading platforms such as SaxoTrader and SaxoWebTrader, permitting the trading of foreign exchange, CFDs and stocks with live streaming prices and lightning-fast stock trades. SCM Australia provides clients with access to over 160 foreign exchange crosses, more than 13,000 stocks from 25 major exchanges and over 140 Futures contracts on live market prices from over 19 exchanges. SCM Australia’s CEO Anthony Griffin said the company believed it had the services and competitive offering to transform the online trading market in Australia.
Mr Griffin states, “In Australia, we will be adopting the standard Saxo business model that has been successfully implemented in over 20 countries and bringing our award-winning platforms to the market.”
Further, he states, “it was critical to ensure that investors were educated as much as possible on the asset classes they were trading in and the risks involved. As a result, SCM has a number of online educational tools available to ensure investors are informed.”
SCM Australia recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd, bringing with it an excellent client base and broadening its suite of services.
Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement:
“While opening an office in Sydney is a strategic decision to support our Asia-Pacific expansion and growth strategy, it has always been a priority for Saxo Bank. The acquisition has brought with it both tremendous staff as well as a great range of clients. That has given us the critical mass for doing business here. This is a good time for us to prove our commitment to the Australian market.”
Saxo Bank was founded in 1992. Saxo Bank’s trading platforms have defined the company’s success in the online trading space for over a decade. Since introducing the SaxoTrader in 1998, Saxo Bank has enhanced and improved its platforms to meet the evolving needs of traders and investors in a continuously changing industry. The Group has expanded overseas since 2006 and now has operations in more than 20 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
Disclaimer:
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission. Leveraged investments in foreign exchange or derivatives carry a high degree of risk and may result in significant gains or losses. You should carefully consider your financial situation and consult your independent financial advisors as to the suitability of your situation prior to making any investments. For further information, please see: http://au.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets (Australia) Pty Ltd
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It holds an Australian Financial Services Licence and is regulated by the Australian Securities & Investments Commission. Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms. SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
For more information, please visit http://www.saxomarkets.com.au/
http://tourism9.com/ http://vkins.com/
Saxo Capital Markets (Australia) Pty Ltd (‘SCM Australia‘) , the online trading and investment specialist, today announced the launch of its retail operations in Australia, offering investors the opportunity to trade thousands of asset classes across award-winning online platforms.
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission.
The move extends Saxo Bank Group’s reach in the fast-growing Asia-Pacific, and is consistent with its goal of being the premier multi-asset online trading platform in the world.
SCM Australia offers local traders sophisticated trading platforms such as SaxoTrader and SaxoWebTrader, permitting the trading of foreign exchange, CFDs and stocks with live streaming prices and lightning-fast stock trades. SCM Australia provides clients with access to over 160 foreign exchange crosses, more than 13,000 stocks from 25 major exchanges and over 140 Futures contracts on live market prices from over 19 exchanges. SCM Australia’s CEO Anthony Griffin said the company believed it had the services and competitive offering to transform the online trading market in Australia.
Mr Griffin states, “In Australia, we will be adopting the standard Saxo business model that has been successfully implemented in over 20 countries and bringing our award-winning platforms to the market.”
Further, he states, “it was critical to ensure that investors were educated as much as possible on the asset classes they were trading in and the risks involved. As a result, SCM has a number of online educational tools available to ensure investors are informed.”
SCM Australia recently completed the acquisition of Logos Commodities Pty Ltd, the holding company of Commodity Broking Services Pty Ltd, bringing with it an excellent client base and broadening its suite of services.
Kim Fournais and Lars Seier Christensen, co-founders and CEOs of Saxo Bank, said in a joint statement:
“While opening an office in Sydney is a strategic decision to support our Asia-Pacific expansion and growth strategy, it has always been a priority for Saxo Bank. The acquisition has brought with it both tremendous staff as well as a great range of clients. That has given us the critical mass for doing business here. This is a good time for us to prove our commitment to the Australian market.”
Saxo Bank was founded in 1992. Saxo Bank’s trading platforms have defined the company’s success in the online trading space for over a decade. Since introducing the SaxoTrader in 1998, Saxo Bank has enhanced and improved its platforms to meet the evolving needs of traders and investors in a continuously changing industry. The Group has expanded overseas since 2006 and now has operations in more than 20 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
Disclaimer:
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It holds an Australian Financial Services Licence 280372 and is regulated by the Australian Securities & Investments Commission. Leveraged investments in foreign exchange or derivatives carry a high degree of risk and may result in significant gains or losses. You should carefully consider your financial situation and consult your independent financial advisors as to the suitability of your situation prior to making any investments. For further information, please see: http://au.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets (Australia) Pty Ltd
Saxo Capital Markets (Australia) Pty Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It holds an Australian Financial Services Licence and is regulated by the Australian Securities & Investments Commission. Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms. SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
For more information, please visit http://www.saxomarkets.com.au/
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2012年1月27日星期五
Four banks roped for SARA 1Malaysia
KUALA LUMPUR: The Malaysian Development Holdings Sdn Bhd, the special purpose vehicle for the newly-launched Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia), today signed an agreement with four local banks.
Maybank, CIMB Bank, RHB Bank and Bank Simpanan Nasional will offer investment loans for the scheme, PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman said.
The total financing offered is RM500 million with 100,000 householders expected to participate in the scheme, he said after the signing.
Applications for the PNB-implemented scheme open on Monday and will extend for a year or upon full subscription.
Eligible applicants can apply for a RM5,000 investment loan to be invested in the Amanah Saham 1Malaysia, with a five-year repayment period.
He said priority will be given to applicants with a household income of RM500 to RM3,000 a month and are not beneficiaries of other special schemes by the government managed by Amanah Saham Nasional Bhd.
Hamad Kama Piah said SARA 1Malaysia was not a get-rich-quick scheme but a government-initiated savings and investment scheme to educate and help low-income earners to invest since they are not financially capable.
He said loan applicants without salary slips will have to furnish salary verification documents from related parties.
SARA 1Malaysia is a hybrid of a unit trust investment and a loan product aimed at encouraging low-income earners to save and invest.
On another matter, Hamad Kama Piah said the PNB, Malaysia’s biggest fund manager, will continue to seek opportunities despite the uncertain global economic landscape.
“We have been in the market for more than 30 years. We are certainly looking for the best to make sure all of our investments will create value,” he said.
On SP Setia’s revised offer price jointly proposed by its president and chief executive officer Tan Sri Liew Kee Sin and PNB, Hamad Kama Piah said: “I think it’s a good deal and the management should carry on.” – Bernama
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Maybank, CIMB Bank, RHB Bank and Bank Simpanan Nasional will offer investment loans for the scheme, PNB president and group chief executive Tan Sri Hamad Kama Piah Che Othman said.
The total financing offered is RM500 million with 100,000 householders expected to participate in the scheme, he said after the signing.
Applications for the PNB-implemented scheme open on Monday and will extend for a year or upon full subscription.
Eligible applicants can apply for a RM5,000 investment loan to be invested in the Amanah Saham 1Malaysia, with a five-year repayment period.
He said priority will be given to applicants with a household income of RM500 to RM3,000 a month and are not beneficiaries of other special schemes by the government managed by Amanah Saham Nasional Bhd.
Hamad Kama Piah said SARA 1Malaysia was not a get-rich-quick scheme but a government-initiated savings and investment scheme to educate and help low-income earners to invest since they are not financially capable.
He said loan applicants without salary slips will have to furnish salary verification documents from related parties.
SARA 1Malaysia is a hybrid of a unit trust investment and a loan product aimed at encouraging low-income earners to save and invest.
On another matter, Hamad Kama Piah said the PNB, Malaysia’s biggest fund manager, will continue to seek opportunities despite the uncertain global economic landscape.
“We have been in the market for more than 30 years. We are certainly looking for the best to make sure all of our investments will create value,” he said.
On SP Setia’s revised offer price jointly proposed by its president and chief executive officer Tan Sri Liew Kee Sin and PNB, Hamad Kama Piah said: “I think it’s a good deal and the management should carry on.” – Bernama
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2012年1月3日星期二
Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Dec …
LEAWOOD, Kan.–(BUSINESS WIRE)– Tortoise Energy Capital Corp. (NYSE: TYY – News) today announced that as of Dec. 31, 2011, the company’s unaudited total assets were approximately $859.8 million and its unaudited net asset value was $532.3 million, or $27.16 per share.
As of Dec. 31, 2011, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 580 percent, and its coverage ratio for preferred shares was 411 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.
The company issued 17,300 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $0.5 million during the month of December 2011.
Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2011, and a summary of its top 10 holdings.
Unaudited Balance Sheet
19.60 million common shares currently outstanding.
Top 10 Holdings (as of Dec. 31, 2011)
(1) Percent of Investments and Cash Equivalents.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Nov. 30, 2011, the adviser had approximately $7.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
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As of Dec. 31, 2011, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 580 percent, and its coverage ratio for preferred shares was 411 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.
The company issued 17,300 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $0.5 million during the month of December 2011.
Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2011, and a summary of its top 10 holdings.
Unaudited Balance Sheet
| (in Millions) | Per Share | |||||
| Investments | $857.8 | $43.77 | ||||
| Cash and Cash Equivalents | 0.1 | 0.01 | ||||
| Receivable for Investments Sold | 0.5 | 0.02 | ||||
| Other Assets | 1.4 | 0.07 | ||||
| Total Assets | 859.8 | 43.87 | ||||
| Short-Term Borrowings | 17.3 | 0.88 | ||||
| Senior Notes | 104.1 | 5.31 | ||||
| MRP Shares | 50.0 | 2.55 | ||||
| Total Leverage | 171.4 | 8.74 | ||||
| Payable for Investments Purchased | 0.4 | 0.02 | ||||
| Other Liabilities | 2.7 | 0.14 | ||||
| Deferred Tax Liability | 153.0 | 7.81 | ||||
| Net Assets | $532.3 | $27.16 |
19.60 million common shares currently outstanding.
Top 10 Holdings (as of Dec. 31, 2011)
| Name | Market Value (in Millions) | % of Investment Securities(1) | ||||
| Sunoco Logistics Partners L.P. | $ 63.0 | 7.3% | ||||
| Enterprise Products Partners L.P. | 58.9 | 6.9% | ||||
| Magellan Midstream Partners, L.P. | 51.9 | 6.0% | ||||
| Williams Partners L.P. | 49.3 | 5.7% | ||||
| Kinder Morgan Management, LLC | 46.5 | 5.4% | ||||
| Buckeye Partners, L.P. | 45.8 | 5.3% | ||||
| Enbridge Energy Partners, L.P. | 45.6 | 5.3% | ||||
| ONEOK Partners, L.P. | 44.8 | 5.2% | ||||
| El Paso Pipeline Partners, L.P. | 43.4 | 5.1% | ||||
| Plains All American Pipeline, L.P. | 40.7 | 4.7% | ||||
| Total | $ 489.9 | 56.9% |
(1) Percent of Investments and Cash Equivalents.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Nov. 30, 2011, the adviser had approximately $7.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
http://tourism9.com/
Red Fort Capital to raise $500 mln property fund
MUMBAI (Reuters) – Red Fort Capital, an India-focussed real estate private equity firm, is set to raise $500 million fund that will invest in commercial and residential assets in Asia’s third-largest economy, two sources with knowledge of the matter told Reuters.
The company is in the final stages of fund raising, at a time when global fund raising markets are besieged by economic growth concerns, and will formally announce a “closure soon”, said the sources, who declined to be named as they were not authorised to speak to the media.
Subhash Bedi, founding partner at Red Fort, declined to comment.
The private equity fund has made a first close of about $80 million in April last year.
Private equity investments in Indian property sector grew 14.5 percent to $1.26 billion in 2011, compared with $1.1 billion a year ago, data from industry tracker VCCircle.com showed.
Higher interest costs and nearly dried-up public markets forced developers to look out for alternative options for funds last year.
The Sensex shed 24.6 percent in 2011 to be the world’s worst-performing major equity market, while 13 interest rate increases since March 2010 by the central bank have pushed up borrowing costs and slowed down economic growth, making investors wary.
The latest property fund is Red Fort Capital’s second fund. It has fully invested a $400 million fund earlier, said one of the sources.
Last March, Red Fort Capital said it has returned more than $100 million to investors since 2009. In the first quarter of 2011, the firm exited four investments in residential and office sectors located in New Delhi and Chennai, it said.
(Reporting by Indulal PM and Rajesh Kurup; editing by Malini Menon)
http://tourism9.com/
The company is in the final stages of fund raising, at a time when global fund raising markets are besieged by economic growth concerns, and will formally announce a “closure soon”, said the sources, who declined to be named as they were not authorised to speak to the media.
Subhash Bedi, founding partner at Red Fort, declined to comment.
The private equity fund has made a first close of about $80 million in April last year.
Private equity investments in Indian property sector grew 14.5 percent to $1.26 billion in 2011, compared with $1.1 billion a year ago, data from industry tracker VCCircle.com showed.
Higher interest costs and nearly dried-up public markets forced developers to look out for alternative options for funds last year.
The Sensex shed 24.6 percent in 2011 to be the world’s worst-performing major equity market, while 13 interest rate increases since March 2010 by the central bank have pushed up borrowing costs and slowed down economic growth, making investors wary.
The latest property fund is Red Fort Capital’s second fund. It has fully invested a $400 million fund earlier, said one of the sources.
Last March, Red Fort Capital said it has returned more than $100 million to investors since 2009. In the first quarter of 2011, the firm exited four investments in residential and office sectors located in New Delhi and Chennai, it said.
(Reporting by Indulal PM and Rajesh Kurup; editing by Malini Menon)
http://tourism9.com/
2012年1月2日星期一
Web-sharing company draws $1.7M investment
A Halifax-based company that promises to take sharing the web in a whole new direction is attracting interest from some of the hottest investors in the industry.
Prince Edward Islander Jevon MacDonald, co-founder and CEO of the company, is one of the creative minds behind the software, which allows two or more people in different locations to surf the web together, as if they’re sitting side-by-side, each with their own mouse clicking on the same page. MacDonald’s software allows users to do this within seconds, without downloads or plugins.
“The basic premise is the future of the web is shared,” said MacDonald.
So far, he is finding the software is of particular interest to companies that sell online.
“We had the biggest websites in the world calling,” he said.
“We were really surprised that they had been looking for something like this and hadn’t been able to find it.”
The company also received calls from investors. A consortium including Freestyle Capital and Yuri Milner, known for his investments in Facebook and Groupon, put $1.7 million in seed capital into the company earlier this year.
While only 29, MacDonald is far from a neophyte. He launched his first software company in the summer before he started high school.
Rob Paterson, a P.E.I. IT industry consultant, has been following MacDonald’s work, and is excited about this latest venture.
“This is going to be customer service on steroids,” said Paterson.
“I think this could be massive. To be able to work with somebody directly in a hands-on kind of way is, I think, tremendously exciting.”
While the idea is exciting, GoInstant is just getting started. MacDonald said his current focus is to shore up big-name clients, and ensure that his software is ready for launching.
http://tourism9.com/
Prince Edward Islander Jevon MacDonald, co-founder and CEO of the company, is one of the creative minds behind the software, which allows two or more people in different locations to surf the web together, as if they’re sitting side-by-side, each with their own mouse clicking on the same page. MacDonald’s software allows users to do this within seconds, without downloads or plugins.
“The basic premise is the future of the web is shared,” said MacDonald.
So far, he is finding the software is of particular interest to companies that sell online.
“We had the biggest websites in the world calling,” he said.
“We were really surprised that they had been looking for something like this and hadn’t been able to find it.”
The company also received calls from investors. A consortium including Freestyle Capital and Yuri Milner, known for his investments in Facebook and Groupon, put $1.7 million in seed capital into the company earlier this year.
While only 29, MacDonald is far from a neophyte. He launched his first software company in the summer before he started high school.
Rob Paterson, a P.E.I. IT industry consultant, has been following MacDonald’s work, and is excited about this latest venture.
“This is going to be customer service on steroids,” said Paterson.
“I think this could be massive. To be able to work with somebody directly in a hands-on kind of way is, I think, tremendously exciting.”
While the idea is exciting, GoInstant is just getting started. MacDonald said his current focus is to shore up big-name clients, and ensure that his software is ready for launching.
http://tourism9.com/
Loan gives Zidian boost
Zidian Manufacturing Inc. will create 58 full-time jobs in Boardman after receiving a $600,000 state research and development and investment loan Monday from the Ohio Development Financing Advisory Council for an $11.05 million project.
The investment, which also will retain 58 full-time jobs, will include $6.5 million for building, $3.8 million for machinery and equipment and $740,000 for other investments, according to the Regional Chamber.
The average hourly wage for new positions will be $12.75.
Zidian’s Summer Garden Food Manufacturing produces its flagship brand, Gia Russa, as well as celebrity chef brands, private label and store brands.
The company’s 10-acre campus on McClurg Road includes a “Green LEED Certified” food manufacturing facility, as well as a building housing onsite research and development center, quality assurance laboratories and a Culinary Arts Center.
In 2010, an adjacent building and property were purchased to expand warehousing and distribution.
http://tourism9.com/
The investment, which also will retain 58 full-time jobs, will include $6.5 million for building, $3.8 million for machinery and equipment and $740,000 for other investments, according to the Regional Chamber.
The average hourly wage for new positions will be $12.75.
Zidian’s Summer Garden Food Manufacturing produces its flagship brand, Gia Russa, as well as celebrity chef brands, private label and store brands.
The company’s 10-acre campus on McClurg Road includes a “Green LEED Certified” food manufacturing facility, as well as a building housing onsite research and development center, quality assurance laboratories and a Culinary Arts Center.
In 2010, an adjacent building and property were purchased to expand warehousing and distribution.
http://tourism9.com/
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