Caixin Online: The basics of Chinese inbound investment deals

By Andrew Ross
BEIJING (
Caixin Online
) — An accelerating number of Chinese companies are engaging in acquisitions and joint ventures in the United States and while it’s generally understood that a large number of other Chinese companies are also considering doing so, many still hesitate.
The first point to note is that the rate of deals is increasing, and is doing so dramatically. A second point is that as a percentage of the total number of deals, small- to medium-size deals make up the majority, although there are a few larger ones, and the buyers are generally not SOEs (state-owned enterprises). Third, the industries of the acquired companies cover a broad range, from technology, apparel, consulting services, auto parts, hotels and many more.

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In 2011, several Chinese companies announced their intentions to enter into deals in the U.S., including Shanghai Pharmaceuticals

, with its publicly stated reasons being to seek new drugs to expand its product line and noting declining overseas prices and a strong Yuan, Bright Food Group, China National Materials Co. (Sinoma)

 and Fosun Group, which stated it is looking at consumer brands. Many Chinese companies are going global in the U.S., more and more will be doing so, and for those Chinese companies for which this makes sense and which proceed to do so, they will be in very good company.
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So what are some of the strategies, procedures and lessons on pitfalls that can be garnered from recent deals?
Perhaps one of the most important points regarding engaging in transactions in the United States is to recall the reaction of many Chinese businesses when foreign companies came to China and sought to dictate that deals in China be done in the same manner as in those companies’ respective homelands. This generated ill feelings and often did and can easily result in failure in a deal. The same is true in the United States. Companies from many different countries make acquisitions in the U.S. all the time, and one of the accepted norms is that the deal will be done in “U.S. style.”
While not successful on occasion, the advisor for the U.S. company looking to be sold (especially a “hot” company) may seek to create an auction for the company, thus seeking to maximize the price and otherwise obtain the most favorable terms. Even if they do not succeed in doing this, they will generally seek to have the process move as rapidly as possible. Prospective buyers who are unwilling to follow an auction process when established or move too slowly are simply left behind. An important aspect in dealing with this is to be prepared. This means having done industry and market analysis in advance so as to be able to readily determine one’s interest and willingness to devote the necessary resources to explore the deal, and have ready or be able to quickly assemble a team of qualified Chinese and U.S. advisors.

Clinton calls U.N. veto on Syria a ‘travesty’

U.S. Secretary of State Clinton called the veto by Russia and China of the U.N. resolution on Syria a “travesty” as Syria’s President Bashar al-Assad attended mosque service. (Video: Reuters/Photo: Getty Images)

Many U.S. businessmen object to the alleged slow deal pace of foreign businessmen (and not just Chinese), thus often giving U.S. buyers an advantage. Timing delays are, of course, a tactic to be considered; however they should only be used as deemed appropriate, such as to express reservations or concerns so as to try and enhance one’s bargaining position. However, a buyer should not allow its perceived slowness to cost it a deal it otherwise wants.
While most people properly say “a deal is not done until it is done,” in many U.S. negotiations the same often is not true of individual issues. Once an issue is resolved, it is generally not renegotiated absent special circumstances. A party which acts contrary to this undercuts its counter-party’s trust in it.
There is great significance in the U.S. placed on the transaction contract, as each party seeks to maximize its benefits and protections. As a general rule, legal counsel for a U.S. party, will seek as much protection for its client and clarity in the terms of an agreement as possible. This can be especially important for a buyer or investor. This often means lengthy detailed contracts, and also emphasizes the need for the parties to make decisions relatively quickly with respect to the many points involved. In fact, one view is that many U.S. business persons and their lawyers will only encourage ambiguity in an agreement if they think that addressing the ambiguity in the negotiations would result in it being resolved contrary to their interests or if they think they will have greater negotiating leverage on the point once the agreement is signed or the deal is consummated.
By having a contract be as detailed and precise as possible, the likelihood of a dispute is reduced. This is augmented by the fact that in the U.S. there is a very substantial body of court rulings and laws which help determine what a particular contractual phrase will mean in a particular context, thus creating even greater potential certainty. Finally, it should be recognized that other than private arbitrators and mediators and the courts — all of which are objective but the last of which is slow — no governmental entity or person such as a governmental bureaucrat plays a meaningful role in resolving contractual disputes.
While concerns abound over the possible legal burdens that Chinese companies face in the U.S., there are many reasons for Chinese companies to go global, and in particular to do so in the United States.
Read this commentary on Caixin Online.

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Andrew Ross is partner and chair of the mergers and acquisitions practice group at Loeb & Loeb LLP. This article is an abridged version of a paper titled, “Acquisitions by Chinese companies in the United States: The case for moving forward now.”

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Growth-Stage Technology Investor WestSummit Capital Adds Two New Partners

PALO ALTO, Calif. & BEIJING–(BUSINESS WIRE)– WestSummit Capital, a private equity fund with a core focus on growth-stage technology companies that have a substantial presence or a strategic interest in China, announced venture capital and private equity specialist David Lam has joined the firm as managing director, and Elise Huang has been promoted to partner. With over $200 million under management, WestSummit Capital is focused on fostering business growth and technology innovation as well as job and value creation in the technology, Internet/new media, telecommunications and clean technology sectors.
Founded in 2010 by four former technology executives, Raymond Yang, Datong Chen, Jay Deng and John Yu, WestSummit Capital holds a distinctive position in the market as an investor with strong Chinese roots, decades of executive and operational experience in Silicon Valley and China, and thirty-plus years of combined technology investment experience at venture capital and private equity firms in the United States and in China.
The founding partners have worked together in different ways since the mid-1900’s, graduated within three years of each other from China’s prestigious Tsinghua University, and hold over 110 years of combined executive operating experience including three NASDAQ listings and one M&A transaction.
“WestSummit Capital is one of the first China-based funds to go global and our portfolio spans China, the United States and Europe,” said Raymond Yang, a co-founder partner and Managing Director of WestSummit Capital. “We believe 2012 is a breakout year for growth-stage companies interested in moving into the Chinese market. We view ourselves as a value-add, strategic partner with regard to China-value creation for the companies we invest in. That’s where we add tremendous insight.”
Yang added, “Many executives are still wary of doing business in China because they do not know where to start or how to navigate in China’s business culture. And conversely, Chinese-based companies feel the same way about expanding into the West.
“Everyone on the WestSummit team has deep industry relationships, solid credentials, and hands-on operational and investment experience in both the U.S. and in China. Our team knows first-hand the key role that transparency plays in creating lasting shareholder value, and understands what it takes to win in the global marketplace. David’s addition and Elise’s promotion reflect our ongoing commitment to extending our team’s capabilities, reach and experience.”
The team
The WestSummit Capital partnership includes:
Two new partners with extensive private equity, technology and international investment banking experience and extensive industry connections:
Investment Portfolio
WestSummit Capital has been quietly building its portfolio over the past two years. The firm has lead or participated in investment rounds in companies based in the U.S., Europe, and China. Investments include:

• Accent, supplier of a System-on-a-Chip (SoC) platform for smart meters (Italy)
• GigaDevice, provider of NOR flash memory (China)
• Inside Secure, provider of technology solutions for contactless payment and near-field communications (NFC) (France)
• SilkRoad Technologies, cloud-based human resource management software solutions (USA)
• Tilera, developer of a multi-core processors for Cloud Computing environments (USA)
• Unity Technologies, 3D gaming development software platform (USA)
• VeriSilicon, provider of custom silicon solutions and SoC turnkey services (China)

About WestSummit Capital
WestSummit Capital is one of the first China-based technology growth-stage private equity firms in the industry. The firm invests in companies that have a substantial presence in or strategic interest in China and focuses on the technology, media, telecommunications and enabling clean tech sectors. WestSummit has offices in Beijing, China and Palo Alto, USA. More information can be found on the WestSummit Capital website at: www.westsummitcap.com
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United Silver Corp. and Hale Capital Partners Complete Financing

VANCOUVER, BRITISH COLUMBIA–(Marketwire -02/01/12)- United Silver Corp. (“USC” or the “Company”) (TSX: USC.TO – News)(OTCQX: USCZF.PK – News) and Hale Capital Partners (“Hale” or the “Lender”) are pleased to announce that, subject to final approval from the Toronto Stock Exchange (the “TSX”), they have successfully closed their previously announced financing transaction. USC is now in a position to begin its four-year exploration and development plan to test the mineralization of the South Vein and Alhambra Vein at depth and along the east/west strike extensions of the veins.
In the financing transaction, USC issued to Hale a convertible note (the “Convertible Note”) in the principal amount of USD$6,300,000 (being the Canadian equivalent of $6,332,760.00, based on the Bank of Canada noon rate on January 31, 2012) evidencing a loan the proceeds of which were advanced by Hale pursuant to the Convertible Note and a securities purchase agreement (the “Securities Purchase Agreement”) entered into among a wholly owned subsidiary of Hale, as agent and initial purchaser, and USC. USC also issued to Hale 5,040,000 common share purchase warrants (the “Warrants”). Hale will have the right at any time to convert any or all of the principal owing under the Convertible Note into common shares (“USC Common Shares”) of USC at a conversion price of USD$0.50 (being the Canadian equivalent of $0.50, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share. In addition, Hale will have the right at any time to convert any or all of the accrued and unpaid interest that USC has elected (provided that USC has satisfied certain conditions set out in the Convertible Note) to add to the principal amount of the Convertible Note (“PIK Interest”). The conversion price with respect to PIK Interest will be an amount equal to the “market price” (as defined in the Toronto Stock Exchange Manual) on the applicable interest payment date, subject to the approval of the TSX in each instance. Each whole Warrant will entitle the holder to acquire one USC Common Share at an exercise price of US$0.42 (being the Canadian equivalent of $0.42, based on the Bank of Canada noon rate on January 31, 2012) per USC Common Share for a period of four years from the date of issuance.
If the principal amount of the Convertible Note is fully converted, Hale would hold 12,600,000 or 14.4% of the total number of issued and outstanding USC Common Shares. In the event that all of the Warrants are also exercised, Hale’s holdings would increase to 17,640,000 or 19% of the total number of issued and outstanding USC Common Shares. As the number of USC Common Shares issuable to Hale in respect of PIK Interest, if any, is contingent, in part, upon future values and share prices, the number of USC Common Shares which Hale may acquire should it exercise its conversion rights in respect thereof cannot be determined at this time.
None of the Convertible Note, the Warrants or the USC Common Shares that may be issued upon conversion or exercise, respectively, of these securities, have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Under the terms of the Securities Purchase Agreement, USC is required to appoint to its board a person mutually agreed upon with Hale and to permit an observer from Hale to attend its Board meetings, subject to conditions.
Hale has filed an early warning acquisition report on SEDAR. A copy of the report may be obtained by contacting Martin Hale at (212) 751-8228.
USC intends to use the net proceeds from the financing for exploration and development and working capital purposes. The loan proceeds will allow USC to continue its exploration and development drifting, bulk sampling and test mining on the South Vein. USC proposes to mill ore from the bulk sampling and test mining under a milling JV agreement with New Jersey Mining Company and to refine it under a contract with Formation Metals at its refinery located less than three miles from the mill. USC intends to use cash generated from operations, including the bulk sampling and test mining activities, to fund an extensive surface and underground drilling program to test the mineralization of the entire Crescent property and develop a property-wide mine plan without further equity raises and dilution.
Hale may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors material to Hale’s investment decisions and reserves the right to dispose of any or all of its securities in the open market or otherwise, at any time and from time to time and to engage in hedging or similar transactions with respect to the securities.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated mining company with operations in Idaho, USA. It has earned, through development and operations, an 80% interest in the Crescent Silver Mine project in Idaho’s prolific Silver Belt – directly between two of the world’s historically largest silver producing properties, the Sunshine and Bunker Hill mines. USC also offers a full suite of mining services including contract mining and mine machine repair and fabrication services to silver miners in the district. USC’s common shares trade on the Toronto Stock Exchange under the symbol “USC”. For more information about USC, please visit: www.unitedsilvercorp.com.
ABOUT HALE CAPITAL PARTNERS
Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners’ team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners’ mining portfolio spans all stages of mine development from exploration to commercial production.
Hale’s contact information is as follows:

Hale Capital Partners, L.P.
570 Lexington Avenue, 49th Floor
New York, NY 10022
Attn: Martin Hale, CEO and Portfolio Manager

ON BEHALF OF UNITED SILVER CORP.
Graham Clark, Chairman and Interim CEO
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. Forward-looking statements in this press release include statements about USC’s intended use of the net proceeds and that they will enable USC to continue its exploration and development activities, its proposal to mill ore under a milling agreement with New Jersey Mining Company and refine it under a contract with Formation Metals, its intent to use cash from operations to fund an extensive surface and underground drilling program and that it can develop a property-wide mine plan without further equity raises and dilution. These forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. These assumptions include management’s assumption that the net proceeds of the financing, together with revenue from operations, will generate sufficient cash flow to fund the budget and that the price for metals will continue to make the Company’s activities economically feasible. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company’s control. These risks and uncertainties include the risks inherent in the Company’s activities and the risks identified in the Company’s periodic disclosure filings on the SEDAR website maintained by the Canadian Securities Administrators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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UnitedHealth Group Provides $15 Million to Help Fund Connections Housing Residential Community in San Diego

SAN DIEGO–(BUSINESS WIRE)– UnitedHealth Group (NYSE:UNH – News) announced $15 million in financing to help build Connections Housing, an integrated service and residential community in San Diego that will provide permanent supportive housing to homeless people in the region.
The investment is part of UnitedHealth Group’s partnership with Enterprise Community Investment, Inc. (Enterprise), a national leader in the affordable-housing and community-development industry, to provide up to $50 million to finance affordable-housing projects in targeted communities throughout the United States.
The Connections Housing community development project includes acquiring, rehabilitating and converting the historic World Trade Center in Downtown San Diego to create a permanent year-round shelter, housing and an array of services for homeless people. Affirmed Housing Group (AHG) and PATH Ventures are the co-developers and general partners for the project, with Family Health Centers of San Diego and People Assisting the Homeless (PATH) as community partners.
The multi-use project will serve as a one-stop service center and housing for homeless people. The residential portion will consist of 73 studio units of permanent supportive housing, 16 “transitional” housing units and 134 additional transitional housing beds. The project will also provide resources a person needs to break the cycle of homelessness. This includes a primary health care clinic, a multiservice homeless center, a large commercial kitchen, related dining facilities and administrative offices, among other amenities.
“UnitedHealth Group is grateful for the opportunity to work with Enterprise and the many state and local organizations to give hope and new beginnings to San Diegans in need,” said Steven Henry, director for community investment management, UnitedHealth Group. “The UnitedHealth Group Affordable Housing Investment Program is just one example of how the private and public sectors work together to build stronger communities and make a difference in the lives of people most vulnerable.”
The UnitedHealth Group Affordable Housing Investment Program invests in projects that qualify for federal Low Income Housing Tax Credits (Housing Credit) or Historic Rehabilitation Tax Credits. Through Enterprise, the program provides critical equity for the development of affordable rental housing developments to which housing tax credits have been allocated. UnitedHealth Group’s $50 million commitment supports efforts to strengthen local community-based organizations that create affordable housing with a focus on serving low-income families, households with special needs and the growing population of aging adults.
“Enterprise is proud to partner with UnitedHealth Group to provide much-needed Housing Credits for the development of an important resource for homeless people in San Diego,” said Raoul Moore, senior vice president of Syndication at Enterprise Community Investment. “Connections Housing is a national model for reversing homelessness, and Enterprise is pleased to be a part of the development team.”
UnitedHealth Group’s UnitedHealthcare business offers health benefits, including commercial and Medicare health plans, to more than 2.3 million Californians and partners with about 50,000 physicians across the state. OptumHealth provides behavioral health administrative services for Medicaid members in San Diego County and operates the county’s Access and Crisis line.
Enterprise helps communities build and preserve affordable housing and has a history of financing good-quality homes and apartment buildings that are specifically intended to be affordable to low- and modest-income people and families.
The UnitedHealth Group Affordable Housing Investment Program is one of several company initiatives that provide millions of dollars each year to help fund local infrastructure projects to improve the quality of life for residents in communities where UnitedHealth Group conducts business. For example, the California Health Care Investment Program has provided more than $200 million in total capital to 29 health care organizations statewide that serve low-income, underserved and underinsured communities and populations.
About Enterprise Community Investment, Inc.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $11 billion in equity, grants and loans to help build or preserve nearly 300,000 affordable rental and for-sale homes to create vital communities. Visit www.EnterpriseCommunity.org and www.EnterpriseCommunity.com to learn more about Enterprise’s efforts to build communities and opportunity.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH – News) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide. Visit UnitedHealth Group at www.unitedhealthgroup.com for more information.
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Financial Stocks: Analysts Expect Bank Profits To Rise 57% in 2012

(Written by Alexander Crawford. Institutional data sourced from Fidelity.)
The perennial bullishness of analysts is back again this year, and it (surprisingly) still includes the financial sector. According to a Bloomberg survey, analysts expect profits for the six largest banks (including JP Morgan, Bank of America, and Goldman Sachs) to jump 57% in 2012, despite 2011 being a dismal year for the sector.
This time last year analysts expected financial institutions to see profits rise 32% over 2011, but profits probably fell 18% as financials were the worst performing sector in the US for 2011. Now, analysts are pinning their hopes on “improved trading results, more investment-banking deals, expense-cutting measures and lower credit costs.” (via Bloomberg)
Last year, banking profits were pummeled by Europe’s sovereign-debt crisis, protests across the world, and natural disasters in Japan. US GDP only expanded an estimated 1.8% last year, when 3.1% growth was expected. According to Paul Miller, analyst at FBR Capital Markets Corp., “The banks need GDP growth to grow loans. We all thought there would be loan growth, and Europe didn’t help anybody.”
Analysts predict that the 2012 rise in banking earnings will be led by Morgan Stanley and Goldman Sachs, which are most reliant on trading revenue and investment-banking operations according to Bloomberg.
Business Section: Investment Ideas
Do you agree with analysts that 2012 will see the grand return of the financial sector? If so, here are some ideas to get you started.
We ran a screen on the financial sector for stocks exhibiting the technical “golden cross,” in which the stock’s 50-day moving average has recently crossed above its 200-day moving average. This indicates recent momentum to the upside that may persist.
We screened these momentum stocks for those seeing the most significant net institutional purchases over the current quarter.
Do you think these companies will see the large earnings growth analysts expect for the industry?
Analyze These Ideas (Tools Will Open In A New Window)
1. Access a thorough description of all companies mentioned
2. Compare analyst ratings for all stocks mentioned below
3. Visualize annual returns for all stocks mentioned
List sorted by net institutional purchases as a percent of share float.
1. First Republic Bank (FRC): Provides private banking, private business banking, investment management, brokerage, trust services, and real estate lending services in California, Nevada, and New York. Market cap of $4.04B. SMA50 at $28.85 vs. SMA200 at $28.80 (current price at $31.26). Net institutional shares purchased over the current quarter at 20.2M, which is 37.57% of the company’s 53.77M share float.
2. EastGroup Properties Inc. (EGP): Focuses on the development, acquisition, and operation of industrial properties in the United States. Market cap of $1.19B. SMA50 at $41.98 vs. SMA200 at $41.16 (current price at $43.83). Net institutional shares purchased over the current quarter at 2.8M, which is 10.87% of the company’s 25.76M share float.
3. Avalonbay Communities Inc. (AVB): Engages in the development, redevelopment, acquisition, ownership, and operation of multifamily communities in the United States. Market cap of $12.12B. SMA50 at $125.73 vs. SMA200 at $124.94 (current price at $127.48). Net institutional shares purchased over the current quarter at 8.0M, which is 8.49% of the company’s 94.24M share float.
4. Presidential Life Corp. (PLFE): Engages in the marketing and sale of various fixed annuity, life insurance, and accident and health insurance products in the United States. Market cap of $311.96M. SMA50 at $9.85 vs. SMA200 at $9.80 (current price at $10.55). Net institutional shares purchased over the current quarter at 2.1M, which is 8.43% of the company’s 24.91M share float.
5. Glimcher Realty Trust (GRT): Operates as a real estate investment trust (REIT) in the United States. Market cap of $976.01M. SMA50 at $8.69 vs. SMA200 at $8.69 (current price at $9.08). Net institutional shares purchased over the current quarter at 7.8M, which is 7.41% of the company’s 105.32M share float.
6. Excel Trust, Inc. (EXL): Engages in financing, developing, leasing, owning and managing community and power centers, grocery anchored neighborhood centers and freestanding retail properties. Market cap of $367.11M. SMA50 at $10.99 vs. SMA200 at $10.75 (current price at $12.12). Net institutional shares purchased over the current quarter at 1.8M, which is 6.26% of the company’s 28.75M share float.
7. Platinum Underwriters Holdings Ltd. (PTP): Provides property and marine, casualty, and finite risk reinsurance products worldwide. Market cap of $1.26B. SMA50 at $33.37 vs. SMA200 at $33.30 (current price at $33.87). Net institutional shares purchased over the current quarter at 2.2M, which is 6.07% of the company’s 36.23M share float.
8. Pebblebrook Hotel Trust (PEB): Operates as a real estate investment trust. Market cap of $983.90M. SMA50 at $18.43 vs. SMA200 at $18.42 (current price at $19.33). Net institutional shares purchased over the current quarter at 2.3M, which is 4.55% of the company’s 50.58M share float.
9. Health Care REIT, Inc. (HCN): Engages in investment, development, and management of properties. Market cap of $10.29B. SMA50 at $50.81 vs. SMA200 at $49.67 (current price at $53.77). Net institutional shares purchased over the current quarter at 7.9M, which is 4.44% of the company’s 178.01M share float.
10. Aspen Insurance Holdings Ltd. (AHL): Provides insurance and reinsurance products and services worldwide. Market cap of $1.85B. SMA50 at $25.95 vs. SMA200 at $25.58 (current price at $26.17). Net institutional shares purchased over the current quarter at 2.9M, which is 4.43% of the company’s 65.39M share float. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc

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UC Funding Provides $16.8 Million of Capital for Chicago Portfolio

BOSTON–(BUSINESS WIRE)– UC Funding recently closed a $16.8 million investment on a portfolio of properties located in Chicago, IL and Tennessee. The transaction was underwritten and closed in under 30 days. The Investment is secured by a variety of different collateral structures including first mortgages, mezzanine positions, and equity. UC Funding’s capital solution assisted the borrower in refinancing and acquired ten properties; nine of which are multifamily assets, located in urban and suburban Chicago with 647 units. The tenth asset is a 245-key hotel located in Memphis, TN, in close proximity to the Memphis International Airport and Graceland, requires significant capital work. The sponsor has a proven track of acquiring and renovating well-located properties with significant upside potential. UC’s loan provides the sponsor with funds to continue its successful program on this new group of assets.
Dan Palmier, CEO of UC said, “This deal represents a majority of what UC does; helping great operators create unique financial solutions to fit the most complicated deals and fund them quickly.”
UC Funding LLC (www.ucfunds.com) is a national, diversified, real estate finance company, founded in 2010 and headquartered in Boston, with offices in New York and Miami. UC Funding provides commercial real estate financing solutions throughout the United States. Nearing 1 Billion in capital and a growing staff of 50 team members, UC Funding serves as one of the nation’s fastest growing real estate financing institutions. UC Funding was nominated company of the month during 2011 by both the New York Real Estate Journal and New England Real Estate Journal. UC Funding’s core belief is that real estate ownership and real estate financing should work together as a partnership. By working together, UC Funding shares each and every client’s vision of creating innovative financial solutions.
UC Funding provides financial solutions throughout the entire capital stack, including joint venture equity. UC Funding is one of the nation’s most entrepreneurial lending institutions focused on Multi Family, Retail, Office, Hotel and Industrial/Warehouse assets nationwide. For more about the UC Funding’s commercial real estate platform, visit (http://www.ucfunds.com/).

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OPIC Records Net Income of $269 Million in FY2011, Helping Reduce U.S. Budget Deficit for 34th Consecutive Year

WASHINGTON–(BUSINESS WIRE)– The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, generated net income of $269 million in Fiscal Year 2011, helping to reduce the federal budget deficit for the 34^th consecutive year.
In addition to generating revenue for the U.S. taxpayer, OPIC recorded a three-fold increase in the amount of capital the agency’s financing mobilized, rising to $4.4 billion.
In fiscal year 2011, OPIC committed $3.2 billion to companies expanding into emerging markets and supported 92 new investment projects in the power sector, hotels and housing, telecommunications and other infrastructure, as well as many other sectors like agriculture, education and microfinance. Consistent with its focus on supporting U.S. small and medium-sized enterprises, in FY2011, 78 percent of OPIC’s projects, representing nearly $1 billion in commitments, involved American small and medium-sized businesses.
OPIC responded quickly to the events of the Arab Spring, targeting up to $3 billion in financial support for investment and job creation in the Middle East and North Africa. Since setting that goal, the agency has already approved $657 million in transactions for the region, mainly to support investments in small business.
This year, OPIC also lent powerful support to U.S. companies seeking investment opportunities in the high growth renewable resources sector in emerging markets. Its commitment of $1.1 billion in financing and insurance to the sector in FY2011 represented a roughly three-fold increase over last year’s figure. Financing was provided to companies investing in a wide range of projects and regions: solar projects in Peru, India and Thailand, hydropower in Georgia, geothermal in Kenya and biomass in Liberia, among many others. Projects supported by OPIC in FY2011 will generate nearly 728 megawatts of electricity from renewable energy sources, more than a ten-fold increase from FY2010, and help avoid nearly one million tons of CO₂ emissions annually.
“OPIC generated net income and contributed to the reduction of the budget deficit for the 34th consecutive year,” said OPIC President and CEO Elizabeth Littlefield. “We did this while out performing on our core mission of mobilizing U.S. private capital to catalyze markets and support development in developing countries. OPIC’s work tangibly and profitably advances both U.S. interests and economic development abroad.”
“OPIC projects delivered important economic, environmental and developmental benefits to local populations that will make both the partner countries and the United States more secure and prosperous,” Ms. Littlefield said.
OPIC’s earnings were generated through financing and insurance provided to support U.S. private investment overseas, as well as interest earned on reserves. Those investments helped foster economic development in new and emerging markets, advance U.S. national security, and support growth in U.S. jobs and exports.
OPIC’s financial statements were audited by an independent accounting firm in accordance with Generally Accepted Accounting Principles (GAAP) as well as government audit standards specified by the Comptroller General of the United States and the Office of Management and Budget.
OPIC is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical development challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC has supported nearly $200 billion of investment in over 4,000 projects, generated $74 billion in U.S. exports and supported more than 275,000 American jobs.


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Air travel safer than ever: industry report

Air travel has never been safer despite the steadily rising number of passengers worldwide, with one lethal accident per some 1.5 million flights in 2011, a new report released Tuesday revealed.
More than 2.8 billion people took to the skies last year in some 38 million flights, according to an analysis by Ascend, a leading consultancy that monitors the aviation industry.
But out of those 38 million flights, there were only 25 deadly accidents — about one accident per 1.52 million flights, it said.
A total of just 497 people were killed in the incidents.
“2011 is the safest year yet,” Paul Hayes, director of air safety at the consultancy, told AFP. “Most of accidents involve small local carriers, local operators which are probably not known outside the communities they serve.”
The safest regions are Australia, the United States and Western Europe, followed by Latin America, Africa and ex-Soviet countries, he said.
According to Ascend, there were some 28 lethal air accidents worldwide in 2010 that killed 828 people.


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Online Retail: Amazon Trouble a Signal of Trouble for Other Online Retailers?

Bad news for online retailers: Amazon‘s (Nasdaq: AMZN  ) stock dropped Thursday morning after Goldman Sachs said the online retailer may miss analysts’ fourth-quarter sales estimates, reports Bloomberg.
According to a note from Goldman, the company’s sales may grow 38% from last year to $17.9 billion. That figure misses analysts expectations of $18.2 billion.
E-commerceBecause Amazon in the U.S.’s largest online retailer, and usually outpaces holiday e-commerce spending growth, a dip in sales may serve as an indicator for the online retail market as a whole.
Bloomberg reports data from ComScore.com, which showed Amazon has historically outpaced other online retailers by 23%.
In addition to a variety of products available on Amazon’s site, Amazon also sells its Kindle line. The retailer said it sold “well over” 1 million kindles per week in December, with demand led by its Kindle Fire tablet (via Bloomberg). If Amazon is still losing out, given its additional revenues from Kindles, other e-commerce retailers may be in trouble.
Business section: Investing ideasSo, how could this trend affect other online retailers?
To find out we created a list of popular online retailer trading on the U.S. market exchanges.
Do you think these names will take a hit? (Click here to access free, interactive tools to analyze these ideas.)
1. Amazon.com: Operates as an online retailer in North America and internationally. Market cap of $79.08B. The stock is currently stuck in a downtrend, trading -6.62% below its SMA20, -14.08% below its SMA50, and -14.01% below its SMA200. The stock has performed poorly over the last month, losing 10.44%.
2. E-Commerce China Dangdang (Nasdaq: DANG  ) : Operates as a business-to-consumer e-commerce company in the People’s Republic of China. Market cap of $340.07M. The stock is currently stuck in a downtrend, trading -7.72% below its SMA20, -18.4% below its SMA50, and -62.99% below its SMA200. It’s been a rough couple of days for the stock, losing 5.51% over the last week.
3. eBay (Nasdaq: EBAY  ) : Provides online marketplaces for the sale of goods and services, as well as other online commerce, platforms, and online payment solutions to individuals and businesses in the United States and internationally. Market cap of $39.26B. The stock has gained 7.23% over the last year.
4. IAC/InterActiveCorp. (Nasdaq: IACI  ) : Engages in the Internet business in the United States and internationally. Market cap of $3.49B. Relatively low correlation to the market (beta = 0.61), which may be appealing to risk averse investors. The stock has gained 42.03% over the last year.
5. Overstock.com (Nasdaq: OSTK  ) : Operates as an online retailer offering discount brand, non-brand, and closeout merchandise in the United States. Market cap of $180.89M.  The stock is a short squeeze candidate, with a short float at 10.71% (equivalent to 18.87 days of average volume). The stock has lost 53.61% over the last year.
Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned above. Analyst ratings sourced from Zacks Investment Research.
List compiled by Eben Esterhuizen, CFA. Kapitall’s Eben Esterhuizen does not own any of the shares mentioned above. Rebecca owns shares of AMZN. Short data sourced from Yahoo! Finance

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New Payday Loans Online Application Instructions Announced By USAPaydayForever.com

New Instructions For Applying For Payday Loans Online Have Been Announced By USAPaydayForevr.com. This News Comes After Reports Of The Stock Market Ending The Year Flat
(PRWEB) December 31, 2011
It has been reported by a Yahoo financial article that the stock market has ended the year 2011 at practically the same level it started at the beginning of the year. This news release stated, “In the final tally, despite big climbs and falls, unexpected blows and surprising triumphs, all the hullabaloo proved for naught. On Friday, the Standard & Poor’s 500 index closed at 1,257.60. That’s exactly 0.04 point below where it started the year.” USAPaydayForever.com has said they think this means that the economy in the United States of America has not fully recovered. They have to write new payday loans online application instructions for consumers who need to fill out the form to obtain payday loans online.
A statement has bee released by USAPaydayForever.com concerning the stock new from Yahoo, as well as their newer instructions for filling out applications for payday loans online application. USAPaydayForever.com says in this statement, “We do not think the economy is done with its struggles. We think that the flat stocks are an indication of that. We feel that this mean our payday loans online promotional efforts still need to be adhered to. An easier to use application for our payday loans online is just one piece of this puzzle. We want our customers to more easily fill out our payday loans online application forms. Our newest website copywriter is going to go ahead and create these new instructions, just as others have done with past iterations.”
In other news from USAPaydayForever.com, they have reported yet another milestone with applications for payday loans online. They have said that they will release a statement about this report within a few days. Their promotional campaign is their effort to educate customers about using payday loans online, how to get them, and how to be responsible with them.
About USAPaydayForever.com – USAPaydayForever.com is an online company that helps consumers to find and obtain payday loans online. For more information about USAPaydayForever.com, please visit http://www.usapaydayforever.com.
###
Lehi Drew
http://articlesearchenginemarketing.com/
435-714-0482
Email Information

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John Hancock Hedged Equity & Income Fund Required Notice to Shareholders – Sources of Distribution Under Section 19(a)

BOSTON , Dec. 30, 2011 /PRNewswire/ – John Hancock Hedged Equity & Income Fund (NYSE: HEQ – News) (the “Fund”), a closed-end fund managed by John Hancock Advisers, LLC (the “Adviser”), and subadvised by Wellington Management Company, LLP (the “Subadviser”), announced today sources of its quarterly distribution of $0.3079 per share payable today to all shareholders of record as of December 12, 2011 . This press release is issued as required by the exemptive order received from the U.S. Securities and Exchange Commission.
This notice provides shareholders of the Fund with important information concerning the distribution declared in December 2011 and payable on December 30, 2011 . No action is required on your part.

Distribution Period:	December 2011
Distribution Amount Per Common Share:	$0.3079

The following table sets forth the estimated sources of the current distribution, payable December 30, 2011 , and the cumulative distributions paid this fiscal year to date from the following sources:  net investment income; net realized short term capital gains; net realized long term capital gains; and return of capital or other capital source. All amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Source		Current Distribution ($)		% Breakdown of the Current Distribution		Total Cumulative Distributions for the Fiscal Year to Date ($)(1)		% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
Net Investment Income		0.0308		10%		0.0308		10%
Net Realized Short Term Capital Gains		0.0585		19%		0.0585		19%
Net Realized Long Term Capital Gains		0.0000		0%		0.0000		0%
Return of Capital or Other Capital Source		0.2186		71%		0.2186		71%
Total per common share		0.3079		100%		0.3079		100%
Average annual total return (in relation to NAV) for the period commencing on May 26, 2011 and ending on November 30, 2011								(7.91%)
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2011								7.16%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2011								1.18%
Cumulative fiscal year to date distribution rate expressed as a percentage of NAV as of November 30, 2011								1.79%
(1) The Fund’s current fiscal year began on November 1, 2011.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution plan.
The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital.  A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you.  A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”
The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.  The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
The Fund has declared this distribution pursuant to the Fund’s managed distribution plan (the “Plan”).  Under the Plan, the Fund makes quarterly distributions of an amount equal to 1.8125% of the Fund’s NAV as of each measuring date, based upon an annual rate of 7.25% as of such measuring dates. The amount of each quarterly distribution is determined based on the NAV of the Fund at the close of the New York Stock Exchange on the last business day of the month ending two months prior to each quarterly declaration date.
If you have questions or need additional information, please contact your financial professional or call the John Hancock Funds Closed-End Fund Information Line at 1-800-843-0090, Monday through Friday between 8:00 a.m. and 7:00 p.m., Eastern Time .
Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Wellington Management Company, LLP is an independent and unaffiliated investment sub-adviser to John Hancock Funds.
About John Hancock Funds
The Boston -based mutual fund business unit of John Hancock Financial, John Hancock Funds, manages more than $62.3 billion in open-end funds, closed-end funds, private accounts, retirement plans and related party assets for individual and institutional investors at September 30, 2011 .
About John Hancock Financial and Manulife Financial Corporation
John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and in most of Asia , and primarily as John Hancock in the United States , Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$492 billion ( US$473 billion ) at September 30, 2011 .
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ’945′ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States . John Hancock offers a broad range of financial products and services, including life insurance, fixed and variable annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at http://www.johnhancock.com/.

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Triangle Capital Corporation Invests $8.0 Million in WorkForce Software, Inc.

RALEIGH, N.C., Dec. 6, 2011 (GLOBE NEWSWIRE) — Triangle Capital Corporation (NYSE:TCAP – News) (“Triangle” or the “Company”), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced that it closed an $8.0 million investment in WorkForce Software, Inc. (“WorkForce”) as part of a $17.0 million growth transaction. Triangle’s investment consisted of subordinated debt and equity. WorkForce provides enterprise clients with software solutions to manage employee time and labor schedules, control and manage employee absences, create employee schedules, and track employee compliance.
About Triangle Capital Corporation
Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 million – $20.0 million per transaction in companies with annual revenues between $20.0 million and $100.0 million and EBITDA between $3.0 million and $20.0 million.
Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NYSE, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.
Forward Looking Statements
This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle’s filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC’s website at www.sec.gov. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future

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Cuba says travel restrictions to remain in place

HAVANA (AP) — President Raul Castro on Friday put on ice highly-anticipated plans to ease travel restrictions on Cubans, telling lawmakers the nation would not be pressured into moving too fast and citing continued aggression from the United States as the reason for his cautious approach.
Cuba has been awash in speculation the much-hated regulations, which prevent most Cubans from leaving the island, might be lifted during Friday’s session of the National Assembly. But Castro said the time still wasn’t right, despite a year of free-market reforms that has seen the Communist government legalize a real estate market and greatly increase private business ownership.
“Some have been pressuring us to take the step … as if we were talking about something insignificant, and not the destiny of the revolution,” Castro said, adding that those calling for an end to the travel restrictions “are forgetting the exceptional circumstances under which Cuba lives, encircled by the hostile policy … of the U.S. government.”
Castro criticized U.S. President Barack Obama, saying he was the 11th American president since the 1959 revolution led by his brother Fidel, and appeared “not to understand” the sacrifices Cuba had made in its struggle for independence and sovereignty, including the Bay of Pigs invasion and the Cuban Missile Crisis, as well as Washington’s 49-year trade and travel embargo.
“Sometimes, he (Obama) gives the impression he has not even been informed of this reality,” Castro said, repeating his willingness to normalize relations with the U.S. under the right conditions.
Castro also announced an amnesty for 2,900 prisoners ahead of next year’s visit by Pope Benedict XVI, but a senior official told the Associated Press that jailed American subcontractor Alan Gross would not be among those freed.
The Cuban president told legislators he still hoped to enact the travel reforms, but did not say when. If hopes were high among islanders that Friday would be the big day, Castro had only himself to blame.
At parliament’s last session, in August, he announced that the government was committed to ease the travel restrictions. He said the measures were originally adopted because many who left in the years after the revolution were a threat to the nascent government, including people backed by the United States who sought its overthrow.
Castro said in August that most of those who leave now do so for economic reasons and are not enemies. He said removing travel restrictions would help “increase the nation’s ties to the community of emigrants, whose makeup has changed radically since the early decades of the revolution.”
Cubans had been clamoring for the elimination of the “tarjeta blanca,” or exit visa, which the government requires of all seeking to travel abroad, even for vacation. Many people are denied, particularly doctors, scientists and military officials whose departure would be considered a threat to the state.
“The need for permission to leave should never have been invented in the first place,” Victor Salgado, a 73-year-old retiree, told the Associated Press ahead of Castro’s speech. “They should have eliminated this long ago. Why should I have to ask permission if I want to leave my country?”
Another Havana resident, Yamila Baez, said she was hoping the restrictions would be scrapped as soon as possible.
“It isn’t normal that one has to ask the government for its okay,” she said. “If you have the money to buy a ticket you should be able to go.”
Castro’s speech was the highlight of an otherwise humdrum parliament session in which legislators approved a budget for 2012 and heard from senior officials on the state of the economy.
Economy Minister Adel Yzquierdo told lawmakers the government expected economic growth to come in at 3.4 percent in 2012, a bit better than the 2.7 percent expected to be registered this year. Finance Minister Lina Pedraza added that the government expects both revenue and costs to rise in 2012, with the government running a deficit of about 3.8 percent.
Cuban officials also used the session to criticize Washington for its trade and travel embargo, and to call on the U.S. to release four Cuban agents still imprisoned there. A fifth left jail earlier this year, but has been blocked from returning to Cuba until he completes parole.
Cuba is ending the first year of a drive by Castro to reform its state-dominated economy. The government has allowed citizens to get business licenses for nearly 200 approved jobs, and 355,000 have taken them up on the offer. The state has also legalized a real estate market for the first time in nearly half a century, begun extending bank credits to entrepreneurs and those wishing to fix up their homes, and removed restrictions on the sale of used cars.
A parallel effort to trim half a million workers from state payrolls largely foundered.
___
Paul Haven can be reached at www.twitter.com/paulhaven/

 

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Cubans agog at chance to travel, 50 years on

After half a century of Orwellian obstacles to travel, Cubans are marveling at the thought President Raul Castro is expected to unveil reforms Friday that could let them see the world, and their loved ones, at long last.
“I hope Raul will remove the road block, and that we will be able to travel without so many problems. It would be a great Christmas gift,” said Luis Pena, a 37-year-old engineer whose mother has lived in the United States for 30 years.
Pena, optimistic and hopeful yet cautious about whether the travel freedoms so many Cubans want so badly will materialize, admitted: “I don’t have any of my old childhood friends around any more. They have all left.”
The Roman Catholic Church and regime-friendly musicians like Silvio Rodriguez and Pablo Milanes have joined a chorus of Cubans calling for an end to the rules, including one that penalizes “permanent emigrants” from the only one-party Communist regime in the Americas.
Observers in Havana say Raul Castro is widely expected to make the announcement in an address to the National Assembly.
Local experts believe Castro will end the requirement of exit visas (for Cubans on the island), entrance visas (for Cubans living overseas who return home) and the legal status of “permanent emigrant.”
Those who are deemed to have left illegally (permanent emigrants) in essence are classed as defectors, their homes and assets seized.
Cubans can already leave the country in theory but only when they have received a letter of invitation from overseas. Then, they have to file for permission for an exit visa, just at the start of a maze-like bureaucratic process that costs about 500 dollars.
They also need entry visas from countries to which they would travel.
That might not all sound so insumountable in wealthier countries. But workers in Cuba — doctors and streetcleaners alike — make about 20 dollars a month.
So the system has kept travel painfully limited, year in and year out, from the Cold War through today, given that about one in six Cuban nationals lives abroad. Separation from family and friends makes the issue a highly emotional one in Cuba.
It also has drawn criticism from some rights groups about Cubans’ basic freedom of movement.
Since 2006 Raul Castro’s government has ended several unpopular restrictions. Among other things Cubans are now allowed to rent rooms in hotels geared to international tourism, sign cell phone contracts, and buy electric appliances.
In September, the government authorized Cubans to buy and sell cars, and this month private homes.
On August 1, Castro announced that there would be forthcoming easing of travel restrictions, which started fueling hopes.
“Everybody is waiting for that law (change) … really, nobody knows what is going to be approved,” said a more downbeat Adonis Gonzalez, 38, a driver who was waiting in line to get a Spanish (EU) passport as the grandson of a Spaniard, in order to be able to travel without fuss and high cost.
“Whatever gets approved on Friday, I don’t think anybody will be traveling anywhere Saturday,” he added skeptically.
But engineer Pena was trying to stay optimistic. He has only seen his mom once in 30 years, though she lives only a 30-minute flight away in Miami.
“If like they are saying, all of that is eliminated, my mom could come more often” to visit, Pena said, hopeful that she will have a chance to see his new baby boy, her new grandson.
If Havana makes the changes, they could be a stunning wake-up call to the United States, as they have potential to fuel a bilateral migration crisis.
As part of held-over Cold War policy, the United States still grants any Cuban who reaches US soil legal US residency on request. The United States does not have this policy for nationals of any other country.
With the US economy weak and the US presidential race in gear, the United States has not been planning a welcome for many thousands of new Cuban immigrants who soon may be calling, legally, by sea and by air.

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