CHARLESTON, S.C., Feb. 22, 2012 (GLOBE NEWSWIRE) — First Financial Holdings, Inc. (“First Financial”) (Nasdaq:FFCH – News), the holding company for First Federal Savings and Loan Association of Charleston (“First Federal”), announced today that First Federal has converted from a federal savings and loan association to a South Carolina-chartered commercial bank and a member of the Federal Reserve System. In connection with First Federal’s conversion, First Financial also announced that it has registered with the Federal Reserve as a bank holding company.
R. Wayne Hall, President and Chief Executive Officer stated, “As an important part of our strategic re-positioning, we are delighted to complete our conversion to a state-chartered commercial bank, to be a member of the Federal Reserve System and to have become a bank holding company. Converting to a commercial bank charter reinforces our focus on commercial banking as we execute our business strategy. From our customers’ perspective, the charter conversion will be seamless; we will continue to operate through our current network of branch offices and the terms and conditions of our customers’ loans and deposit accounts will not be affected in any manner.”
As a result of the charter conversion and membership in the Federal Reserve System, the South Carolina State Board of Financial Institutions and the Federal Reserve will serve as First Federal’s primary regulators. The Federal Reserve will also serve as First Financial’s primary regulator.
About First Financial
First Financial Holdings, Inc. (“First Financial”) (Nasdaq:FFCH – News) is a Charleston, South Carolina bank holding company with $3.1 billion in total assets as of December 31, 2011. First Financial offers integrated financial solutions, including personal, business and wealth management services. First Federal Savings and Loan Association of Charleston (“First Federal”), which was founded in 1934 and is the primary subsidiary, serves individuals and businesses throughout coastal South Carolina, Florence, South Carolina and Wilmington, North Carolina. First Financial subsidiaries include: First Federal; First Southeast Investor Services, Inc., a registered broker-dealer, and First Southeast 401(k) Fiduciaries, Inc., a registered investment advisor. First Federal is the largest commercial bank headquartered in the Charleston, South Carolina metropolitan area and the third largest commercial bank headquartered in South Carolina, based on asset size. Additional information about First Financial is available at http://www.firstfinancialholdings.com/.
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2012年2月22日星期三
2012年1月31日星期二
Peter O'Malley teams with South Korea investor in bid for Dodgers
Peter O’Malley’s bid to buy back the Dodgers is supported by financing from the South Korean conglomerate E-Land, two people familiar with the Dodgers’ sale process said Monday.
If the O’Malley bid is successful, E-Land Chairman Song Soo Park will become a major investor in the Dodgers, one of the people said.
The ownership group also would have investors from Los Angeles. O’Malley has had discussions with Tony Ressler, a minority owner of the Milwaukee Brewers and co-founder of Los Angeles-based Ares Capital, according to a person familiar with the talks.
O’Malley would be the Dodgers’ chief executive. Foreign investment is not necessarily an obstacle to MLB ownership; the Seattle Mariners’ ownership group includes a significant Japanese presence.
An E-Land spokesman confirmed Tuesday the company is involved in the Dodgers bidding but would not elaborate. O’Malley declined to comment.
On Tuesday, as South Koreans woke up to the news that local investors might own one of America’s most storied baseball teams, the Korean Baseball Organization — the top professional league in South Korea — had no comment.
Among the baseball fans in chat rooms and on bulletin boards, the reaction leaned negative.
Rather than being proud of owning a foreign franchise as a way to extend Korean cultural and economic influence abroad, many fans here wondered why their moneyed elite didn’t invest their millions in Korean clubs. And, despite the experience of the Mariners, the fans expressed skepticism that foreign-backed ownership would be permitted.
“If an outsider could purchase a Major League Baseball team, then Chinese companies would’ve gotten their hands on it already,” wrote one bulletin board contributor.
Wrote another: “Why won’t they invest in finding a new Korean Baseball team instead?”
The people who liked the idea said it would pave the way for more Korean talent to make its way to the major leagues.
“Having a hand in the Dodgers will allow Korean players to more easily make the jump. It’s good marketing,” wrote one fan.
O’Malley is one of at least eight prospective owners to make last Friday’s first cut.
The others include East Coast investment baron Steven Cohen, St. Louis Rams owner Stan Kroenke, and groups led by Magic Johnson, Beverly Hills developer Alan Casden, Los Angeles developer Rick Caruso and former Dodgers manager Joe Torre, investor and civic leader Stanley Gold and the family of the late Roy Disney, and New York media investor Leo Hindery and investor Tom Barrack of Santa Monica-based Colony Capital.
Frank McCourt, the Dodgers’ departing owner, expects the team to sell for at least $1.5 billion. That would be almost double the previous record price for a major league club, set when the Ricketts family bought the Chicago Cubs for $845 million in 2009.
Under O’Malley, the Dodgers were pioneers in international baseball, particularly in Asia. In 1994, three years before O’Malley sold the team to News Corp., Dodgers pitcher Chan Ho Park became the first Korean player to appear in a major league game.
In November, O’Malley joined Park and former Dodgers pitcher Hideo Nomo — the second Japanese player to appear in the majors — in an investment partnership to own and operate the Dodgers’ old spring home in Vero Beach, Fla. Park and Nomo agreed to use their homeland connections to help lure teams, camps and clinics to Vero Beach.
E-Land, a dominant fashion retailer in South Korea, has expanded its business interests into such areas as hotels and resorts, restaurants and construction, according to the company website. The company is family-run and privately held.
According to the E-Land website, the company opened its first U.S. retail store in 2007 at a mall in Stamford, Conn., under the brand name “Who A.U.” The slogan for the brand: California Dream.
bill.shaikin@latimes.com
twitter.com/BillShaikin
Shaikin reported from Los Angeles and Glionna reported from Seoul.
http://tourism9.com/ http://vkins.com/
If the O’Malley bid is successful, E-Land Chairman Song Soo Park will become a major investor in the Dodgers, one of the people said.
The ownership group also would have investors from Los Angeles. O’Malley has had discussions with Tony Ressler, a minority owner of the Milwaukee Brewers and co-founder of Los Angeles-based Ares Capital, according to a person familiar with the talks.
O’Malley would be the Dodgers’ chief executive. Foreign investment is not necessarily an obstacle to MLB ownership; the Seattle Mariners’ ownership group includes a significant Japanese presence.
An E-Land spokesman confirmed Tuesday the company is involved in the Dodgers bidding but would not elaborate. O’Malley declined to comment.
On Tuesday, as South Koreans woke up to the news that local investors might own one of America’s most storied baseball teams, the Korean Baseball Organization — the top professional league in South Korea — had no comment.
Among the baseball fans in chat rooms and on bulletin boards, the reaction leaned negative.
Rather than being proud of owning a foreign franchise as a way to extend Korean cultural and economic influence abroad, many fans here wondered why their moneyed elite didn’t invest their millions in Korean clubs. And, despite the experience of the Mariners, the fans expressed skepticism that foreign-backed ownership would be permitted.
“If an outsider could purchase a Major League Baseball team, then Chinese companies would’ve gotten their hands on it already,” wrote one bulletin board contributor.
Wrote another: “Why won’t they invest in finding a new Korean Baseball team instead?”
The people who liked the idea said it would pave the way for more Korean talent to make its way to the major leagues.
“Having a hand in the Dodgers will allow Korean players to more easily make the jump. It’s good marketing,” wrote one fan.
O’Malley is one of at least eight prospective owners to make last Friday’s first cut.
The others include East Coast investment baron Steven Cohen, St. Louis Rams owner Stan Kroenke, and groups led by Magic Johnson, Beverly Hills developer Alan Casden, Los Angeles developer Rick Caruso and former Dodgers manager Joe Torre, investor and civic leader Stanley Gold and the family of the late Roy Disney, and New York media investor Leo Hindery and investor Tom Barrack of Santa Monica-based Colony Capital.
Frank McCourt, the Dodgers’ departing owner, expects the team to sell for at least $1.5 billion. That would be almost double the previous record price for a major league club, set when the Ricketts family bought the Chicago Cubs for $845 million in 2009.
Under O’Malley, the Dodgers were pioneers in international baseball, particularly in Asia. In 1994, three years before O’Malley sold the team to News Corp., Dodgers pitcher Chan Ho Park became the first Korean player to appear in a major league game.
In November, O’Malley joined Park and former Dodgers pitcher Hideo Nomo — the second Japanese player to appear in the majors — in an investment partnership to own and operate the Dodgers’ old spring home in Vero Beach, Fla. Park and Nomo agreed to use their homeland connections to help lure teams, camps and clinics to Vero Beach.
E-Land, a dominant fashion retailer in South Korea, has expanded its business interests into such areas as hotels and resorts, restaurants and construction, according to the company website. The company is family-run and privately held.
According to the E-Land website, the company opened its first U.S. retail store in 2007 at a mall in Stamford, Conn., under the brand name “Who A.U.” The slogan for the brand: California Dream.
bill.shaikin@latimes.com
twitter.com/BillShaikin
Shaikin reported from Los Angeles and Glionna reported from Seoul.
http://tourism9.com/ http://vkins.com/
2012年1月29日星期日
Mega hub of opportunities
ABU DHABI – UAE’s investors can build a mega business district in South Korea’s capital Seoul, besides buying shares and equities, and bonds. They can also set up joint ventures in technology, Research & Development, manufacturing and financial services, officials said.
The economic planners at the Korea Trade Investment Promotion Agency in Seoul think that the UAE’s money can create hundreds of ‘wonder projects’ in both the countries and elsewhere, using their technological prowess.
South Korea, which invests more than five per cent of the $1 trillion gross domestic product into research and development annually, is proud of technology and highly skilled human resources. They believe that UAE’s financing can help translate their hi-tech research into finished goods for the global consumers.
These views were expressed by South Korean officials unofficially at the Foreign Investment Week, held at Seoul recently. Organised by Korea Trade Investment Promotion Agency, or KOTRA, the seminar attracted investors and investment advisors from around the world.
Sharing the thinking in the agency, an official said, “Abu Dhabi has an ambitious economic transformation plan aiming at creating new economic sectors to diversify its growth by 2030.”
The UAE’s investors can benefit from Korean business intelligence on Asia, and vice versa South Koreans could make use of the UAE’s influence in the MENA region.
South Korean industrial and technology-rich companies are in a position to contribute their expertise and knowledge to realise Abu Dhabi’s industrial ambitions in a big way by setting up joint venture projects in the Khalifa Industrial Zone Abu Dhabi, or Kizad.
An official of KOTRA, which was behind South Korea’s great strides of attracting $17 billion in foreign direct investments last year, told Khaleej Times, the UAE’s investors can enter into joint ventures with the thousands of South Korea’s SMEs, which have technology and expertise in different industries in their bid to expand their product base in and outside of the Korean Peninsula.
South Korea’s industrial sector is fast catching up the biggest manufacturing power house in the world that’s why it needs capital.
Already it ranks number one in ship-building with 44.4 per cent share in the world market; it’s the third in semi-conductor making with 11.2 per cent of the global share; its fourth in electronics, as in one in two of the LCDs, and one in four mobile phone sets under use in the world are manufactured there.
Capital-hungry, South Korea also wants investments to set up hi-tech industries in almost all sectors, particularly to manufacture PV solar panels, organic LEDs, apart from aluminum smelters, cables and wires, auto parts and others.
One of the most exciting areas of investment in the fast growing economy is the real estate development, where several of the UAE companies with global exposure can make money.
The South Korean economy, which was least affected by the sovereign debt crisis in the Europe and US, is also welcoming portfolio investors from the UAE to invest into its stock exchange, which is really doing well on the back of strong industrial economy. The bond market and private equity are also quite attractive for the UAE investors.
While the industrial economies in the West are threatened by the downgrades in their credit worthiness, Korea’s credit rating forecast has been upgraded.
Korea ranked 8th out of 183 countries in the World Bank’s 2011 Doing Business report, up 8 levels from last year. And, according to the recent OECD report on the restrictiveness of FDI regulations, Korea has jumped from ranking 41st out of 42 countries in 1997 to 10th in 2010. South Korea is seeking foreign investments into its high growth economic sectors of renewable energy, service industry, research and development and logistics.
Other areas in which, Asia’s third biggest economy is attracting investments include chemical and electronic material industries.
Incentives to attract foreign investors in FEZs include: corporate tax, income tax break for a period of 5-7 years (100 per cent in the first 3-5 years and then 50 per cent in the next two years); acquisition and registration tax 100 per cent for the first 15 years; property tax 100 per cent for the first 10 years, 50 per cent for the next three years; rent/lease reduction is also providing depends on the investment amount.
Among exciting investment opportunities for the UAE investors include a new business district in the heart of Seoul is being developed by a group of 30 companies. Along with several other mega infrastructure projects including the development of six economic free zones and mixed use real estate projects.
Investment is also sought for Yongsan International Business District, a project to be completed in 2016, which will comprise 67 multi-storied buildings and big civic structures including a landmark, the tallest 100-floors. The $30 billion mega project’s gross floor area is as huge as 3.46 million square metres. The mega development will include office and retail spaces, luxury apartments, hotels, and cultural facilities. It will be the world’s brightest LED skyline, as all the buildings will be covered with LED, which will light-up in evenings.
Foreign direct investment in South Korea gained 4.6 per cent last year on largely increased investment from advanced countries. South Korea attracted $13.67 billion in FDI last year, compared with $13.07 billion in 2010, according to the Ministry of Knowledge Economy.
“Foreign investment in South Korea is beginning to grow and the amount reached more than $13 billion in 2011 for the second consecutive year since 2010, while the average amount since 2000 stayed below $12 billion,” it said in a latest report.
“This appears to reflect the growing confidence of the international community in the South Korean economy.”
Direct investment from advanced countries surged 33.6 per cent on-year to about $9.69 billion with FDI from EU nations jumping 57.4 per cent and the United States 20.2 per cent.
Investment from China increased 21.6 per cent to $1.94 billion over the cited period but investment from the Middle East plunged 46.2 per cent to $92 million as investor sentiment remains low amid continued political unrest in the region.
The FDI in South Korea’s service sector gained 15.4 per cent from a year earlier to $7.27 billion while foreign investment in the country’s manufacturing industry dropped 15.1 per cent to $5.65 billion.
The ministry said FDI in 2012 will likely remain at around $13 billion. The UAE-Korea economic partnership is strengthening every passing day, as the leadership of the both nations values fostering these relations. The warm relations have also resulted in the closer cooperation in developing economic projects for mutual benefits.
Abu Dhabi’s confidence in South Korea is also reflected from the award of the $20 billion project to build 1600 megawatt Nuclear Plants deal, which has deepened the relations since then. This is not it, in the last 18-months Korea’s engineering and construction companies have snatched $25 billion worth oil and gas development projects in Abu Dhabi.
Sky is the limit for Korea’s companies in the UAE.
haseeb@khaleejtimes.com
http://tourism9.com/ http://vkins.com/
The economic planners at the Korea Trade Investment Promotion Agency in Seoul think that the UAE’s money can create hundreds of ‘wonder projects’ in both the countries and elsewhere, using their technological prowess.
South Korea, which invests more than five per cent of the $1 trillion gross domestic product into research and development annually, is proud of technology and highly skilled human resources. They believe that UAE’s financing can help translate their hi-tech research into finished goods for the global consumers.
These views were expressed by South Korean officials unofficially at the Foreign Investment Week, held at Seoul recently. Organised by Korea Trade Investment Promotion Agency, or KOTRA, the seminar attracted investors and investment advisors from around the world.
Sharing the thinking in the agency, an official said, “Abu Dhabi has an ambitious economic transformation plan aiming at creating new economic sectors to diversify its growth by 2030.”
The UAE’s investors can benefit from Korean business intelligence on Asia, and vice versa South Koreans could make use of the UAE’s influence in the MENA region.
South Korean industrial and technology-rich companies are in a position to contribute their expertise and knowledge to realise Abu Dhabi’s industrial ambitions in a big way by setting up joint venture projects in the Khalifa Industrial Zone Abu Dhabi, or Kizad.
An official of KOTRA, which was behind South Korea’s great strides of attracting $17 billion in foreign direct investments last year, told Khaleej Times, the UAE’s investors can enter into joint ventures with the thousands of South Korea’s SMEs, which have technology and expertise in different industries in their bid to expand their product base in and outside of the Korean Peninsula.
South Korea’s industrial sector is fast catching up the biggest manufacturing power house in the world that’s why it needs capital.
Already it ranks number one in ship-building with 44.4 per cent share in the world market; it’s the third in semi-conductor making with 11.2 per cent of the global share; its fourth in electronics, as in one in two of the LCDs, and one in four mobile phone sets under use in the world are manufactured there.
Capital-hungry, South Korea also wants investments to set up hi-tech industries in almost all sectors, particularly to manufacture PV solar panels, organic LEDs, apart from aluminum smelters, cables and wires, auto parts and others.
One of the most exciting areas of investment in the fast growing economy is the real estate development, where several of the UAE companies with global exposure can make money.
The South Korean economy, which was least affected by the sovereign debt crisis in the Europe and US, is also welcoming portfolio investors from the UAE to invest into its stock exchange, which is really doing well on the back of strong industrial economy. The bond market and private equity are also quite attractive for the UAE investors.
While the industrial economies in the West are threatened by the downgrades in their credit worthiness, Korea’s credit rating forecast has been upgraded.
Korea ranked 8th out of 183 countries in the World Bank’s 2011 Doing Business report, up 8 levels from last year. And, according to the recent OECD report on the restrictiveness of FDI regulations, Korea has jumped from ranking 41st out of 42 countries in 1997 to 10th in 2010. South Korea is seeking foreign investments into its high growth economic sectors of renewable energy, service industry, research and development and logistics.
Other areas in which, Asia’s third biggest economy is attracting investments include chemical and electronic material industries.
Incentives to attract foreign investors in FEZs include: corporate tax, income tax break for a period of 5-7 years (100 per cent in the first 3-5 years and then 50 per cent in the next two years); acquisition and registration tax 100 per cent for the first 15 years; property tax 100 per cent for the first 10 years, 50 per cent for the next three years; rent/lease reduction is also providing depends on the investment amount.
Among exciting investment opportunities for the UAE investors include a new business district in the heart of Seoul is being developed by a group of 30 companies. Along with several other mega infrastructure projects including the development of six economic free zones and mixed use real estate projects.
Investment is also sought for Yongsan International Business District, a project to be completed in 2016, which will comprise 67 multi-storied buildings and big civic structures including a landmark, the tallest 100-floors. The $30 billion mega project’s gross floor area is as huge as 3.46 million square metres. The mega development will include office and retail spaces, luxury apartments, hotels, and cultural facilities. It will be the world’s brightest LED skyline, as all the buildings will be covered with LED, which will light-up in evenings.
Foreign direct investment in South Korea gained 4.6 per cent last year on largely increased investment from advanced countries. South Korea attracted $13.67 billion in FDI last year, compared with $13.07 billion in 2010, according to the Ministry of Knowledge Economy.
“Foreign investment in South Korea is beginning to grow and the amount reached more than $13 billion in 2011 for the second consecutive year since 2010, while the average amount since 2000 stayed below $12 billion,” it said in a latest report.
“This appears to reflect the growing confidence of the international community in the South Korean economy.”
Direct investment from advanced countries surged 33.6 per cent on-year to about $9.69 billion with FDI from EU nations jumping 57.4 per cent and the United States 20.2 per cent.
Investment from China increased 21.6 per cent to $1.94 billion over the cited period but investment from the Middle East plunged 46.2 per cent to $92 million as investor sentiment remains low amid continued political unrest in the region.
The FDI in South Korea’s service sector gained 15.4 per cent from a year earlier to $7.27 billion while foreign investment in the country’s manufacturing industry dropped 15.1 per cent to $5.65 billion.
The ministry said FDI in 2012 will likely remain at around $13 billion. The UAE-Korea economic partnership is strengthening every passing day, as the leadership of the both nations values fostering these relations. The warm relations have also resulted in the closer cooperation in developing economic projects for mutual benefits.
Abu Dhabi’s confidence in South Korea is also reflected from the award of the $20 billion project to build 1600 megawatt Nuclear Plants deal, which has deepened the relations since then. This is not it, in the last 18-months Korea’s engineering and construction companies have snatched $25 billion worth oil and gas development projects in Abu Dhabi.
Sky is the limit for Korea’s companies in the UAE.
haseeb@khaleejtimes.com
http://tourism9.com/ http://vkins.com/
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