tag:blogger.com,1999:blog-18004334908047073132024-03-13T23:34:57.483-07:00Commercially savvyBig Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.comBlogger67125tag:blogger.com,1999:blog-1800433490804707313.post-28792126490109225912013-06-05T04:55:00.000-07:002013-06-05T04:55:18.633-07:00LPC Notes - Stage 2I have updated the Dropbox folder and inserted my notes for Advanced Property Law, CDR and Acquisitions.<div>
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Good luck!</div>
Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com18tag:blogger.com,1999:blog-1800433490804707313.post-78251151807504983272013-02-18T12:41:00.001-08:002013-03-10T06:03:55.040-07:00LPC NotesI am sorry I have not posted anything in a very long time as I have been very busy but I will be talking more about that later!<br />
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I am currently undertaking the 7 month LPC and so I have completed the first set of exams.<br />
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I have made all my notes using the textbook, the iTuorials, workshop notes and Guru notes (which I do not recommend buying!) and you can find these, <b>for free</b>, below.<br />
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<a name='more'></a><br />
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I am just putting this up quickly because I know many of you have exams coming up in the next 2 weeks but I promise I will put up my tips and advice as to how to study the LPC/use my notes.<br />
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I am not saying they are perfect, but I think they are great because I tailored them to my liking.<br />
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I know a lot of people are selling their notes, and I REALLY do not recommend buying them! Trust me, I've seen them all! It's not worth it!<br />
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I am not asking for any money, but if you do find these notes helpful then please, please, donate to the link below which helps children who are suffering from the aftermath of war or are still going through war.<br />
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The charity helps children with their education, food, health and more, so please, every little helps!<br />
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<a href="https://www.dropbox.com/sh/w8iavi5tfrjzy9c/OG0nrvHrsr">LPC Notes</a><br />
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<a href="http://www.warchild.org.uk/donate">Donate</a>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com6tag:blogger.com,1999:blog-1800433490804707313.post-26367005427720784762011-08-11T02:30:00.000-07:002011-08-11T02:30:16.550-07:00German nuclear shutdown forces E.ON to cut 11,000 staff<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-w-36Dwd-B9s/TkOhE7-cMbI/AAAAAAAAAAY/_Fyin1IWvi8/s1600/E_on_280_731973a.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" naa="true" src="http://4.bp.blogspot.com/-w-36Dwd-B9s/TkOhE7-cMbI/AAAAAAAAAAY/_Fyin1IWvi8/s320/E_on_280_731973a.jpg" width="229" /></a></div><div sizcache="0" sizset="64"><span style="color: black;">The financial effects of the Fukushima nuclear power crisis continued on Wednesday as Germany's E.ON announced that plans by its government to shut the country's reactors in response to the Japanese disaster would result in up to 11,000 job losses.</span></div><div sizcache="0" sizset="64"><br />
</div><span style="color: black;">As fears mounted that the nuclear shutdown would significantly increase Germany's industrial operating costs – weakening its competitiveness in an already fragile global economy – E.ON announced a swing into the red, a dividend cut, the redundancies and profits warnings for the next three years.</span><br />
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<span style="color: black;">Germany's biggest utility, which on Friday announced an average 15% price rise for its five million domestic UK gas and electricity customers, took a €1.9bn (£1.7bn) charge relating to plant closures and a new tax on spent nuclear fuel rods, pushing the group to its first quarterly loss in 10 years – a second-quarter deficit of €1.49bn.</span><br />
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<div sizcache="0" sizset="66"><span style="color: black;">E.ON was reporting a day after German rival RWE reported its own swing into deficit, reporting that €900m of decommissioning and tax costs dragged it to a €229m loss. This week's utility results are adding to concerns about the cost of closing all 17 of Germany's nuclear reactors by 2022 and making up the shortfall by doubling renewable energy output.</span></div><div sizcache="0" sizset="66"><br />
</div><div sizcache="0" sizset="67"><span style="color: black;">The German government finalised a package of bills in July that will phase out nuclear power plants which generated 23% of the country's total energy use last year, while increasing renewable output from 17% of power consumption to 35%. The move overturned Chancellor Angela Merkel's decision in September last year to extend the life of existing nuclear plants into the 2030s. It will turn Germany from a net exporter of energy to a net importer, making its economy less independent.</span></div><div sizcache="0" sizset="67"><br />
</div><span style="color: black;">Opponents have warned that decommissioning nuclear plants and investing in renewable technologies will cost billions of euros, prompting an increase in Germany's already high energy prices. Furthermore, renewable energy generation can be intermittent, making it less reliable than fossil fuels and prompting fears of blackouts damaging to industry.</span><br />
<br />
<span style="color: black;">Christian Schulz, senior European economist at Berenberg Bank, said estimates suggested the nuclear shutdown would increase Germany's energy bill by a fifth, which will hit the country especially hard since its economy relies heavily on its energy-intensive manufacturing industry to propel growth. Manufacturing accounts for a quarter of the German economy, compared with 15% of Britain's.</span><br />
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<span style="color: black;">"This is very significant for the German economy, particularly in energy intensive industries such as steel production, chemicals and carmaking. As a proportion of its overall economy, you could say that this move is 50% more important than it would be in Britain, because of Germany's reliance on manufacturing," Schulz said.</span><br />
<br />
<span style="color: black;">Bayer, the German pharmaceuticals and chemicals firm, warned at the weekend that the country's electricity costs, already the highest in the EU, were making the country unattractive for the chemicals industry. "It is important that we remain competitive. Otherwise a global company like Bayer will have to consider relocating its production to countries with lower energy costs," said Marijn Dekkers, its chief executive.</span><br />
<br />
<span style="color: black;">His comments came shortly after Robert Hoffmann, head of communications company 1&1, complained that taxes to subsidise renewable energy sources were too high in Germany. Hoffman said he was looking at locations where "green electricity exists without the extra costs".</span><br />
<br />
<span style="color: black;">German households pay twice as much for power than in France, where 80% of energy is generated by nuclear plants. Klaus Abberger, senior economist at the Ifo institute for economic research at the University of Munich, said energy prices had already gone up since plans to end nuclear power generation and would stay at high for at least the next five years.</span><br />
<br />
<span style="color: black;">E.ON in effect issued three profits warnings as the company reduced its net profit forecast for this year by 30% to about €3.35bn and said it expected "results in 2012-2014 to be on a much lower level than 2010" as a result of the overhaul of the power generation industry.</span><br />
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<span style="color: black;">The company cut its full-year dividend target by 23% to €1 a share and announced plans to cut as much as % of its global workforce, mostly in administration</span>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-83052217042827734212011-08-11T02:26:00.000-07:002011-08-11T02:26:25.416-07:00Sale of MySpace knocks News Corp<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-D49YuypUgzc/TkOgGz2_KBI/AAAAAAAAAAU/Eg1hH3AVPHU/s1600/news-corp.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="236" naa="true" src="http://1.bp.blogspot.com/-D49YuypUgzc/TkOgGz2_KBI/AAAAAAAAAAU/Eg1hH3AVPHU/s320/news-corp.jpg" width="320" /></a></div><div class="introduction" id="story_continues_1">Media giant News Corporation has seen its quarterly profits fall 22% on the back of losses caused by the sale of the MySpace social networking website.</div><div class="introduction"><br />
</div>The company, whose UK subsidiary News International has been rocked by the phone hacking scandal, made $683m (£423m) net profit in the three months to 30 June - down from $875m last year. <br />
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News Corp sold MySpace in June for $35m, having paid $580m for it in 2005.<br />
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Chairman Rupert Murdoch said he had the backing of his board.<br />
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"The board and I believe I should continue in my current role as chairman and CEO," he said.<br />
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Mr Murdoch admitted the recent phone-hacking scandal that resulted in the company closing its News of the World newspaper had caused News Corporation difficulty, although its revenues rose 11% to $9bn.<br />
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"Make no mistake, [chief operating officer] Chase Carey and I run this company as a team, and the strength of that partnership is reflected in our improved results," he said.<br />
<br />
"While it has been a good quarter from a financial point of view, our company has faced challenges in recent weeks relating to our London tabloid, News of the World.<br />
<br />
"We are acting decisively in the matter and will do whatever is necessary to prevent something like this from ever occurring again."<br />
<br />
Meanwhile, a 61-year-old man has become the latest person to be arrested on suspicion of phone hacking, Scotland Yard said on Thursday.<br />
<br />
The BBC understands he is former News of the World news editor, Greg Miskiw.<br />
<br />
He was arrested by officers from the Met Police's hacking investigation, Operation Weeting, after visiting a police station by appointment.<br />
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Mr Miskiw is the 12th person arrested and is being held on suspicion of unlawful interception of communications and conspiring to intercept communications.<br />
<br />
The scandal also resulted in the departure of senior News Corp executive Les Hinton, who was chief executive of Wall Street Journal publisher Dow Jones, and News International chief executive Rebekah Brooks.<br />
<br />
And last month Mr Murdoch and his son James, News International chairman and News Corporation deputy chief operating officer, were forced to appear before MPs in London to answer questions about the scandal.<br />
<br />
Investors will have to wait until News Corporation's next quarterly results for more information on how the closure of News of the World has affected its profits, as the title's final edition was on 10 July, 10 days after the three months covered in the company's latest financial results.<br />
<br />
However, News International only provides a very small proportion of News Corporation's revenues and profits.<br />
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Its other main businesses include Hollywood film studio 20th Century Fox, US television network Fox Broadcasting and publisher Harper Collins.<br />
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It also owns the Wall Street Journal.<br />
<br />
And News Corporation's 39% share of UK-based satellite broadcaster BSkyB proves highly lucrative.<br />
<br />
Last month it abandoned its bid to buy the remainder of BSkyB following the hacking scandal.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-39357800233231965242011-08-11T02:18:00.000-07:002011-08-11T02:20:38.629-07:00Stock markets rally as fears of France downgrade abate<div class="separator" style="clear: both; text-align: center;"><a href="http://4.bp.blogspot.com/-QEQh9-r_ooU/TkOeQMW8X3I/AAAAAAAAAAQ/CFudBl4DqQQ/s1600/Traders-at-the-DAX-index--007.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" naa="true" src="http://4.bp.blogspot.com/-QEQh9-r_ooU/TkOeQMW8X3I/AAAAAAAAAAQ/CFudBl4DqQQ/s320/Traders-at-the-DAX-index--007.jpg" width="320" /></a></div><div class="introduction" id="story_continues_1">European markets have rebounded in early trade after Asian markets steadied overnight.</div>In London, the FTSE 100 index was up by 1.85%, Germany's Dax index was 2.2% higher and the Cac 40 in France rose 2.1%.<br />
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French banking shares were among the biggest gainers, with Societe Generale shares up 6%.<br />
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Fears about the financial stability of France and its banks were a key trigger for Wednesday's steep falls. <br />
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Rumours had swept the market that France was about to lose its AAA credit rating, and that Societe Generale was in line for a government bailout. <br />
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Denials came from both the French Treasury and Societe Generale, whose chief executive, Frederic Oudea, said the rumours were "absolutely rubbish" in an interview with CNBC television after the market closed.<br />
<br />
Mr Oudea also spoke to France Info radio. "People are scared," he said, "so the tiniest information touches off irrational fears. To our clients, we have to tell them that these rumours are baseless and that they can have confidence in Societe Generale."<br />
<br />
<div class="story-feature wide ">Earlier on Thursday, Asian shares were mixed, with fears about the European debt crisis still preying on investors' minds. </div><div class="story-feature wide "></div>Asian stocks pulled back from initial steep falls, with Japan's Nikkei 225 index recovering from an opening fall of 1.8% to close 0.63% lower. <br />
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Hong Kong's Hang Seng was down 0.6% - again after an earlier, larger fall.<br />
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South Korea's Kospi was up 0.62%, after earlier dropping by nearly 4%. Australia's ASX index also recouped earlier losses.<br />
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On Wall Street on Wednesday, the Dow Jones Industrial Average lost 520.29 points, or 4.6%, to close at 10,719.48. The index has now risen or fallen by more than 400 points for five trading sessions in a row.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-6620750145372006182011-08-01T00:14:00.000-07:002011-08-01T00:14:55.078-07:00HSBC sells 195 New York branches for $1bn<div class="firstPar"><div class="separator" style="clear: both; text-align: center;"><a href="http://farm4.static.flickr.com/3367/3597815541_4ea74cda91_z.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="http://farm4.static.flickr.com/3367/3597815541_4ea74cda91_z.jpg" t$="true" width="150" /></a></div>The disposal of 195 branches to First Niagara Bank was announced less than 12 hours before the bank publishes its financial results for the first half of the year, which are forecast to show a pre-tax profit of $10.9bn. <br />
<a name='more'></a></div><div class="secondPar">Stuart Gulliver, HSBC chief executive, is expected to give investors and analysts more details on how he intends to reduce costs at the bank by between $2.5bn and $3.5bn over the next three years. <br />
</div><div class="thirdPar">The sale of the New York branches is a further sign of Mr Gulliver's determination to get rid of businesses not considered core to the bank's future. <br />
</div><div class="fourthPar">HSBC recently sold its Russian business and further sales of international retail banking businesses are considered likely, though the bank has ruled out selling any of its UK, French or German operations. <br />
</div><div class="fifthPar">The profit figure, which means HSBC made nearly $1.7bn of profit in each of the first months of the year, is slightly down on the same period in 2010 when the bank reported a before-tax profit of $11.1bn. <br />
<br />
<div class="body">The results mark the first performance figures from the bank since Mr Gulliver, who became chief executive at the start of the year, presented a strategic review of the company. <br />
<br />
HSBC currently employs 335,000 staff around the world and the redundancies would equal about 3pc of its total workforce. <br />
<br />
Mr Gulliver wants to reduce HSBC’s cost income ratio to between 48pc to 52pc. In the second half of last year the bank reported a cost income ratio of 60pc and in the first six months of this year analysts at Credit Suisse estimate this has fallen to 57pc. <br />
<br />
Profits from HSBC’s personal financial services business are forecast to have more than doubled to $3.2bn compared with the same period in 2010, largely as a result of reduced losses in the bank’s North America business, which lost $1.5bn in the first half of last year. <br />
<br />
Investors will be looking particularly closely at what HSBC says about conditions in the US as the economic recovery shows signs of stalling and Credit Suisse expects increased foreclosures to hit the value of its US assets. <br />
<br />
Global banking markets, HSBC’s investment banking division, is expected to have recorded about a £1bn fall in profits compared with the first six months of 2010 at £4.6bn. <br />
<br />
HSBC’s results kick off a crucial week for the UK banking industry with Barclays, Standard Chartered, Lloyds Banking Group and Royal Bank of Scotland all reporting their financial results for the first half. <br />
<br />
The City will be watching closely to see what the banks’ results say about the UK economy. Partially state-owned banks Lloyds and RBS are both expected to remain loss-making, losing before tax close to £3bn and £1bn respectively. <br />
<br />
Like HSBC, Lloyds recently announced a strategic overhaul as new chief executive Antonio Horta-Osorio gets to grips with turning round the performance of Britain’s largest retail bank. <br />
<br />
In June, Lloyds provoked workers’ union outrage after it said it would be cutting a further 15,000 jobs, taking the total number of redundancies at the bank since its rescue by the taxpayer to about 40,000. <br />
<br />
The cuts at HSBC are unlikely to fall heavily on the UK as the bank has said it remains committed to the British market. However, jobs in other countries look less secure. </div></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-40743821830688547482011-08-01T00:08:00.000-07:002011-08-01T00:08:55.500-07:00Iraq - BP will be paid even when production is disrupted?<div class="separator" style="clear: both; text-align: center;"><a href="http://www.inscipa.com/wp-content/uploads/2010/07/IRAQ_-_OIL_FIELD_IN_THE_SOUTH.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="223" src="http://www.inscipa.com/wp-content/uploads/2010/07/IRAQ_-_OIL_FIELD_IN_THE_SOUTH.jpg" t$="true" width="320" /></a></div>BP has been accused of taking a "stranglehold" on the Iraqi economy after the Baghdad government agreed to pay the British firm even when <span style="color: black;">oil is not being produced by the Rumaila field, confidential documents reveal.</span><br />
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<div sizcache="0" sizset="70"><span style="color: black;">The original deal for operating Iraq's largest field – half as big as the entire North Sea – has been rewritten so that BP will be immediately compensated for civil disruption or government decisions to cut production.</span></div><div sizcache="0" sizset="70"><br />
</div><span style="color: black;">This potentially could influence the policy decisions made by Iraq in relation to the Opec oil cartel, and is a major step away from the original terms of an auction deal signed in the summer of 2009, critics claim.</span><br />
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<span style="color: black;">"Iraq's oil auctions were portrayed as a model of transparency and a negotiating victory for the Iraqi government," said Greg Muttitt, author of <em>Fuel on the Fire: Oil and Politics in Occupied Iraq</em>. "Now we see the reality was the opposite: a backroom deal that gave BP a stranglehold on the Iraqi economy, and even influence over the decisions of Opec."</span><br />
<br />
<div sizcache="0" sizset="71"><span style="color: black;">The concerns are shared by the Platform campaign group, which has obtained copies of the original and amended contracts and on Sunday will publish them on its website.</span></div><div sizcache="0" sizset="71"><br />
</div>The oil industry provides 95% of Iraq's foreign earnings and there are plans to lift Rumaila's production almost threefold within the next three years from its existing level of 1m barrels a day.<br />
<br />
Rumaila, which is 20 miles from the Kuwaiti border, already accounts for 40% of Iraq's total output and even before expansion produces almost half the total output of the UK North Sea fields. Growth to 3m barrels a day would make it 50% bigger.<br />
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<br />
The Iraq government argued in 2009, when the agreement was signed, that the country had got a superb deal, and this was endorsed by western oil analysts surprised that BP agreed to such terms.<br />
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The documents seen by the <em>Observer</em> show that the terms of the original agreement proposed by the Iraqi oil ministry, under which BP comes in as a contractor and operator rather than owner, have been amended to put the British-based company and its Chinese partner in a far more advantageous position.<br />
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Section 12.5 of this revised technical service contract shows that BP and its Chinese partner CNPC can obtain payments for "government imposed curtailment" – which could cover quota demands made on Iraq by Opec. This also applies to disruption to the transport of oil – "curtailments of transporter to receive net production at the transfer point through no fault of the contractor or operator".<br />
<br />
The section goes on to say that in the event of such disruptions "the parties shall agree in good faith a mechanism to fully compensate [the] contractor as soon as practicable, which may include, among other things, a revised field production schedule or an extension to the term or payment of lost income in respect of the estimated volumes not produced during the period".<br />
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The original draft makes no reference to any "payment of lost income"; it merely suggests that BP and the government should share the cost by increasing the lifetime of the production agreement. There are other significant changes to the original contract, including one to raise the threshold at which project cost payments must be approved by the government from $50m to $100m (£61m) – something that Platform believes could open the door to abuse.<br />
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The changes are likely to anger internal critics of the Baghdad regime, many of whom were suspicious of the original deal. It will also increase the prejudice of those who saw the UK's involvement in toppling Saddam as part of a "war for oil".<br />
<br />
<div sizcache="0" sizset="72">Samuel Ciszuk, <span style="color: black;">Middle East</span> analyst with IHS Global Insight consultancy, said the details contained in the document "fitted with a notion" that something had been done to deal with a situation where quotas might be reduced in line with Opec policies.</div><div sizcache="0" sizset="72"><br />
</div>The enormous concessions have been obtained in behind-the-scenes negotiations over terms for the Rumaila field since the deal was originally signed. Industry analysts believe the Iraqi project is more important than ever to BP at a time when investors are accusing it of lacking any vision for growth. BP declined to comment on the grounds that the contract was confidential, but industry sources said the oil company had always insisted any changes in the contract conditions were for "clarification purposes" only.<br />
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Alex Munton, an analyst at Wood Mackenzie, remarked in 2009 that Iraq got a great, if not spectacular, deal. Baghdad secured the services of BP and CNPC for $2 a barrel plus a $500m signing bonus, it was believed.<br />
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</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;">The Iraqi oil ministry last year published details of technical service agreements that would apply to foreign oil companies on its website, where they could still be seen last week. It did not specifically publish the BP service contract and could not be reached for comment.</div><div class="separator" style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; clear: both; text-align: center;"></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-20834465530904262392011-08-01T00:02:00.000-07:002011-08-01T00:11:05.650-07:00Commodities hit<div class="firstPar"><div class="separator" style="clear: both; text-align: center;"><a href="http://www.menkind.co.uk/images/products/zoom/1256148730-25876600.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; height: 172px; margin-bottom: 1em; margin-right: 1em; width: 195px;"><img border="0" height="200" src="http://www.menkind.co.uk/images/products/zoom/1256148730-25876600.jpg" t$="true" width="200" /></a></div>First of all, oil prices are hovering at unsustainable levels close to $120 per barrel. </div><div class="secondPar">Then there's the potential debt crises brewing, not in the private banks this time, but the central banks. US officials have been preparing for a possible, though unlikely, default, the dollar is near a record low.<br />
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Inflation is climbing, while analysts are warning that slowing growth could hit commodity demand. <br />
<a name='more'></a></div><div class="thirdPar">With such a cocktail of uncertainty, is there any such thing as a safe haven anymore? The natural solution for many investors would seem to be to buy gold, which is hitting record highs day after day. We've covered gold quite a bit in this column recently, but its continuing march is the most striking news in the world of commodities today. </div><div class="fourthPar">The price hit another record high of $1,625 per troy ounce on Friday on the back of worries about America's debt stalemate. And it has got to the point where pundits are increasingly divided about whether there is going to be a bursting of the bubble or continuing bull run. </div><div class="fifthPar">On the side of the bulls, the World Gold Council (WGC) reports that central banks have bought more gold in the first half of this year than they did in the whole of 2010. <br />
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<div class="body">Furthermore, new money in gold-backed exchange traded funds has su<br />
rged over the last month. ETF Securities said outflows totalled more than $413m in the first half of the year, but in July alone, inflows have exceeded $432m (£263m). <br />
<br />
Adding to the frenzy, South African gold miners have been preparing to go on strike. This has caused worries about supply from the world's fourth-largest gold mining producer. <br />
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On the demand side, Canada's Gold Corp is also predicting that Chinese consumption of the precious metal will outstrip India's traditionally unsurpassable thirst by the end of the year. <br />
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All of this means the gold bugs are buzzing with predictions that the price will soon smash through the $2,000 barrier. <br />
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However, some City analysts urge caution – at least in the short term. Marc Ground of Standard Bank warns that "as we move closer to next week's US [debt] deadline, markets will become increasingly anxious, in turn creating an environment of heightened price volatility. Market participants fear getting caught overly long should a debt ceiling deal or some other related development emerge before Monday. Tempering safe-haven demand is also the assurance from the US Treasury that contingency plans are in place to avoid a default." <br />
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If an agreement is reached, as expected, on the debt ceiling this could lead to a sigh of relief in the markets and withdrawal from gold. But a debt downgrade for the US, which is increasingly looking like an option, would likely support the price. <br />
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Looking over the longer term, analysts are peering into their gloomy economic crystal balls and concluding that demand for gold is unlikely to fall away in a hurry. Fredrik Nerbrand, global head of asset allocation at HSBC, thinks it's the obvious choice in times of economic unease, regardless of short-term twists in the story. "Given debt burdens, the world faces a bipolar choice of inflation or defaults," he says. "We see no reason to move into markets in these uncertain times and leave our asset allocation unchanged. We retain an elevated position in gold and cash in order to mute overall portfolio volatility." <br />
<br />
Analysis from Deutsche Bank adds to this confidence in gold's upward trend. <br />
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"There also appears to be a strong perception among investors that gold can provide protection in environments of inflation and deflation," its analysts conclude. "Consequently, in almost any economic scenario today the advancing gold price appears to be irreversible. While a market-friendly resolution to the US debt ceiling and a recovery in US real economy data may trigger a short-term correction in the gold price, we believe many of the forces that have led to a doubling in the gold price since the start of 2009 remain intact." <br />
<h3>Copper </h3>Copper touched its highest level since April, as continuing strikes in Chile caused supply fears. BHP Billiton declared <i>force majeure</i> after the strike at its Escondida mine. <br />
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The red metal reached $9,895 a tonne in London on Friday, but fell back as all industrial commodities were hit by worries about the US debt argument. Analysts say that if America's woes are sorted out without threatening global growth, copper is likely to continue its bullish streak on tight supply. <br />
<h3>Oil prices fall </h3>il reacted strongly to fears about slowing growth in the US last week. <br />
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The price of West Texas Intermediate crude headed down 2pc on Friday below $96 per barrel on the back of figures showing lower than expected economic activity. Oil had earlier in the week been supported by the threat of hurricanes potentially shutting down production in the Gulf of Mexico. However, the economic news outweighed this price increase. <br />
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North Sea Brent crude for three-month delivery was down $1 or 1pc, at $116.35 per barrel, as the effect of the news was felt across commodities – except in safe haven metals like gold. <br />
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Both US and UK petrol demand has been weak this year and oil companies such as Royal Dutch Shell have said they are noting signs of destruction in demand. <br />
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In the US, demand for gasoline is the weakest in 11 years, while in the UK, petrol sales were down by 1bn litres in the first quarter compared with three years ago. <br />
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Prices at the pump for motorists remain at near record highs, with petrol averaging 136.31p per litre and diesel at 140.42p per litre on Thursday last week. <br />
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The AA has been asking why diesel prices have not fallen more strongly since their peak in May, as the gap between petrol and diesel prices is traditionally narrower in the summer when demand for heating oil has abated. </div></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-23670243091548079952011-07-31T23:56:00.000-07:002011-07-31T23:56:45.823-07:00Obama announces US deficit deal between party leaders<div class="firstPar"><div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.youtube.com/embed/Zm4k73OukzM?feature=player_embedded' frameborder='0'></iframe></div>Just two days before a deadline to lift the so-called debt ceiling, the White House and congressional leaders said the compromise would cut about $2.5 trillion from the deficit over the next 10 years but allow Mr Obama’s administration to carry on borrowing money until 2013. <br />
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British and Japanese officials warned of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the US borrowing limit and averting a debt default.<br />
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Governments across the world fear that because of the key role of the US dollar in global banking and trading systems, there could be severe instability when Asian financial markets reopen on Monday if a US debt deal is not in sight by then.<br />
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While negotiations continued, the Senate, in a partisan vote, rejected an effort to advance a Democratic approach to resolving the debt issue. The vote was 50-49, or 10 short of the 60 votes needed to move forward on legislation proposed by Reid last week. <br />
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That plan would have carried out $2.4 trillion in deficit reduction over 10 years while raising the debt ceiling by $2.2 trillion. <br />
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The outcome of that vote was expected and did not directly affect the behind-the-scenes negotiations on a compromise.<br />
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Immediately afterward, Senate Majority Leader Harry Reid told fellow senators that while they were “not there yet,” a vote on a possible compromise could still happen. <br />
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“We are hopeful and confident it can be done,” he said.<br />
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The broadest outlines of the emerging bargain would increase the debt limit in return for spending cuts of about $1 trillion initially. <br />
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A joint committee of members of Congress would then need to act on a larger package of cuts that included tax and entitlement reform as the price for a second raise in the nation’s borrowing limit through early 2013 — a date that takes the highly partisan issue off the agenda until after next year’s presidential and congressional elections.<br />
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The top Republican in the US Senate, Mitch McConnell, said earlier that he was nearing a recommendation of the tentative agreement to Republicans in the upper chamber. It would, he said, likely extend US borrowing authority past the election, a fundamental demand of Obama.<br />
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At the same time, the agreement would include none of the tax increases Obama has sought and Republicans had steadfastly rejected. It also includes, he said, the requirement that both houses of Congress vote on a constitutional amendment to balance the budget. That outcome of that vote, however, would have no effect on raising the debt limit.<br />
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Senior White House adviser David Plouffe said both sides are generally in agreement on an emerging package that would cut the deficit in two stages, with key details still being worked out.<br />
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But he and Democratic Sen. Chuck Schumer cautioned that there still was no deal and talks on many issues still needed to be settled. Schumer said, however, that there was “relief” in Congress and the White House because serious negotiations were now making headway.<br />
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The deal would raise the nation’s debt limit in two steps by about $2.4 trillion and spending would be cut by a slightly larger amount. The first stage — about $1 trillion — would take place immediately and the second later in the year. <br />
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Schumer said one of the last sticking points is the creation of a “trigger” mechanism that would hit priorities of both parties if the committee does not come up with a plan for further deficit reduction.<br />
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Among the trigger ideas being discussed are automatically reducing spending on entitlement programs such as Medicare — the government health care program for the elderly — along with closing tax loopholes or reducing defense and non-defense programs by an equal amount.<br />
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“It should be equally tough on Democrats and Republicans,” Schumer said.<br />
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McConnell said the bipartisan committee, which would be asked to come up with a plan by the Thanksgiving holiday at the end of November, would have a “broad mandate” to look at all aspects of government finance, including tax reform.<br />
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McConnell said he had spoken to both Obama and Vice President Joe Biden on Saturday. “I particularly appreciate that we are back talking to the only person in American who can sign something into law, and that’s the president of the US,” he said.<br />
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McConnell said the deal being worked on, while raising the debt ceiling in two stages, would satisfy Obama’s demand that there not be another divisive debate on the issue before next year’s election. The scenario being discussed would raise the debt ceiling unless there is a two-thirds majority in both houses of Congress to reject it.<br />
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McConnell said that there would be no tax increases in the deal, and White House National Economic Council Chairman Gene Sperling said there would be no revenue increases over the next year and a half.<br />
Obama is seeking legislation to raise the government’s $14.3 trillion debt limit by enough to tide the Treasury over until after the 2012 elections. He has threatened to veto any legislation that would allow a recurrence of the current crisis next year but has agreed to Republican demands that deficits be cut — without tax increases — in exchange for additional US borrowing authority.<br />
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Without a compromise in place by Tuesday, administration officials say the Treasury will run out of funds to pay all the nation’s bills. The subsequent default could prove catastrophic for the US economy by causing interest rates to rise and financial markets to sink, sending shock waves around the world, they say. With financial markets closed for the weekend, lawmakers had a little breathing room, but not much. Asian markets begin opening for the new work week when it is late Sunday afternoon in the US capital.<br />
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“There is very little time” Obama said Saturday in his weekly radio and Internet address. He called for an end to political gamesmanship, saying “the time for compromise on behalf of the American people is now.”<br />
Obama needs Congress to approve an increase in the government’s borrowing authority. In the past increases have been routine, but Republicans, citing the giant US deficit, have demanded huge spending cuts as a condition for approving the increase.</div></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-3294273718125625982011-07-25T05:19:00.000-07:002011-07-25T05:19:55.825-07:00Iran signs $10 billion gas deal with Syria and Iraq<div class="separator" style="clear: both; text-align: center;"><a href="http://neftegaz.ru/images/Neft%20Perey/irak%20oil.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="271" src="http://neftegaz.ru/images/Neft%20Perey/irak%20oil.jpeg" width="400" /></a></div>Iran on Monday signed a preliminary $10 billion deal with Syria and Iraq to export its natural gas, its latest effort to boost its energy sector that has been targeted by international sanctions.<br />
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Under the memorandum of understanding signed by the three countries’ oil ministers, a 5,000 kilometer (3,100 mile) pipeline will be built to carry gas from the giant South Pars field that Iran shares with Qatar. The gas would move through Iraq, Syria and Lebanon, to the Mediterranean, with Europe targeted as the final export destination, according to state television and the Oil Ministry’s web site, Shana.<br />
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<div class="article_body"> <article> The deal would also supply gas to Syria, which lacks the kind of oil and gas resources of Iran and Iraq — two key OPEC members.<br />
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Deputy Oil Minister Javad Owji was quoted by state television as saying that the pipeline would take three to five years to build. A search for a contractor and financier would begin after the signing of the MOU, Owji, who also serves as the managing director of the National Iranian Gas Company, was quoted as saying by Shana.<br />
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Owji said South Pars has sufficient gas reserves for 250 million cubic meters per day of exports for the next 80 years.<br />
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Iran is under international sanctions over its controversial nuclear program, and those measures have kept many of the major international oil giants at arms length, leery of investments despite Iran’s abundant oil and gas reserves.<br />
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The country is OPEC’s second largest oil exporter, and sits atop 137 billion barrels of conventional crude oil. It also holds the world’s second largest natural gas reserves — roughly 28 trillion cubic meters.<br />
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</article> </div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-49086348228832919902011-07-25T05:09:00.000-07:002011-07-25T05:09:53.170-07:00Clinton says 'confident' of deal on US debt crisis<div class="separator" style="clear: both; text-align: center;"><object class="BLOGGER-youtube-video" classid="clsid:D27CDB6E-AE6D-11cf-96B8-444553540000" codebase="http://download.macromedia.com/pub/shockwave/cabs/flash/swflash.cab#version=6,0,40,0" data-thumbnail-src="http://1.gvt0.com/vi/rxs7Eo1mI_k/0.jpg" height="266" width="320"><param name="movie" value="http://www.youtube.com/v/rxs7Eo1mI_k&fs=1&source=uds" /><param name="bgcolor" value="#FFFFFF" /><embed width="320" height="266" src="http://www.youtube.com/v/rxs7Eo1mI_k&fs=1&source=uds" type="application/x-shockwave-flash"></embed></object></div><br />
U.S. Secretary of State Hillary Rodham Clinton is in Hong Kong to extol the virtues of American financial policies and values despite the currently poor state of the economy and the stalemate over the national debt.<br />
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In a speech Monday to the U.S. Chamber of Commerce here, Clinton will appeal to China and other Asian nations not to lose faith in the American model. U.S. officials say she will assure her audience that a deal on the debt will be reached and remind it that the United States has recovered from economic crises before. The officials spoke on condition of anonymity to preview the speech.<br />
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Clinton's comments come as world financial markets warily watch developments in Washington, where the White House and Congress remain deadlocked in a fiercely partisan debate over increasing the debt ceiling ahead of an Aug. 2 deadline to avoid an unprecedented default. China, the largest foreign holder of U.S. debt, is particularly concerned.<br />
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In her speech, Clinton will acknowledge America's current problems but remind her audience of the resilience of the United States and stress that the country has recovered from previous economic crises, the officials said. She will urge Asia to embrace open, transparent and fair economic policies that have propelled growth in the past, they said.<br />
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Clinton will call on nations around the world to play by those same rules, the officials said. Countries that prosper from the international economic system should not be allowed to subvert it, she will say. They must end protectionism and ease other trade barriers as well as combat corruption and defend intellectual property rights, Clinton will say, according to the officials.<br />
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Her speech in Hong Kong is being delivered at the tail end of a 12-day, around-the-world diplomatic tour that began in Europe but has focused on Asia for the past week. Clinton arrived in this former British colony late Sunday after three days in Bali, Indonesia, where she attended a regional security forum at which North Korea and tensions in the South China Sea topped the agenda.<br />
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Before Monday's address, Clinton met with senior officials from Hong Kong's government. Afterward, she will drive to Shenzhen in southern mainland China for talks with Chinese State Councilor Dai Bingguo. Clinton will return to Washington later Monday.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-45678941580187950592011-07-25T04:55:00.000-07:002011-07-25T05:24:10.657-07:00Toyota output and sales dip in first half of the year<div class="separator" style="clear: both; text-align: center;"><a href="http://t2.gstatic.com/images?q=tbn:ANd9GcQJOHRpSKcaTAwkgyziz2tNgL5VIs-FdHHGDWzIywt9WnxCiPc5JUpIG3sX" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://t2.gstatic.com/images?q=tbn:ANd9GcQJOHRpSKcaTAwkgyziz2tNgL5VIs-FdHHGDWzIywt9WnxCiPc5JUpIG3sX" /></a></div>Japanese auto giant Toyota said on Monday domestic production in the first half of 2011 tumbled 38 percent due to the impact of the March 11 disasters, before mounting a faster-than-expected recovery.<br />
Domestic sales slipped 41 percent in the six months to June to 500,638 units.<br />
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The earthquake and tsunami hammered auto production, shattered supply chains and crippled electricity-generating facilities, including the Fukushima nuclear power plant at the centre of an ongoing atomic crisis.<br />
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Amid the power and parts shortages, Japanese automakers slowed output or closed factories temporarily in Japan and abroad amid a chronic shortage of key parts.<br />
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Since then production has returned to a recovery path. Toyota said it produced 249,660 units domestically in June, or 84.1 percent of production levels at the same time a year ago, compared with 21.6 percent in April and around 70 percent in May.<br />
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The automaker's production abroad stood at 344,179 units in June, 96.4 percent of the same month last year, it said.<br />
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Last month, Toyota said it expected domestic output -- excluding subsidiaries Daihatsu and Hino -- to return to about 90 percent of pre-quake levels in June thanks to a faster-than-expected recovery of parts supplies.<br />
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Toyota rival Nissan said domestic production decreased 18.3 percent year-on-year to 449,492 units, due to the effect of the earthquake and the impact from the end of a government subsidy programme for environmentally friendly vehicles.<br />
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However, it said global production in January-June increased 11.1 percent year-on-year to 2,144,745 units, reaching a record high for that period.<br />
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However, Honda Motor Co., saw a slump in June production with domestic output at around half of last year's levels due to the residual effects of a shortage of electronic parts, rubber products and coating materials a drag on the company's production globally.<br />
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"The parts supplies have returned to the normal level in late June, so the company expects the production will come back to the pre-quake levels in July and August," Honda spokesman Atsushi Nemoto said.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-36190098554703107062011-07-11T12:25:00.000-07:002011-07-11T12:25:55.893-07:00Iran will invest $18b to boost south's oil output<div class="separator" style="clear: both; text-align: center;"><a href="http://previous.presstv.ir/photo/20110704/Baqeri_d20110704091933450.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="http://previous.presstv.ir/photo/20110704/Baqeri_d20110704091933450.jpg" width="320" /></a></div><div style="font-family: Verdana,sans-serif;"><strong><span style="font-weight: normal;">Iran will invest some $18 billion in southern oil-rich part of the country during the Fifth Five-Year Development Plan (2010-15), said deputy oil minister for planning and supervision on hydrocarbon resources. </span><br />
</strong>Mohsen Khojasteh-Mehr further said that until the end of current Iranian year (March 20, 2012), about $3 billion will be invested in the region, Shana reported. </div><a name='more'></a><br />
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"Most of the funds will be procured domestically. During a recent visit of Oil Ministry's caretaker to Khuzestan province, Mohammad Aliabadi underlined the priority for developing joint fields in this region," he noted. <br />
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Joint fields are the top priority for investment and development and Oil Ministry will try to safeguard its resources in the best manner, said Khojasteh-Mehr. <br />
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<strong>Yadavaran Oilfield </strong><br />
"Yadavaran oilfield will reach early production stage by this fall and production will begin with 20,000 barrels per day (bpd). By March 20, 2013 this figure will increase to 85,000 bpd," said the official. <br />
There are some eight new wells in this oilfield, he said, adding at present, five new wells and three repaired wells are ready. <br />
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The official recalled that to expedite the development of joint fields, a number of plans have been drawn up and the ministry has set the target for producing three million bpd of oil from southern oil-rich regions. <br />
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"If this target is achieved, some 75 percent of the oil production will come from southern oil-rich regions," he said. <br />
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He noted the renovation of old installations and fields in this region is underway and the progress in renovating installations of Aghajari oilfield is quite favorable. <br />
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According to the official, new drillings, maintenance and completion of wells and desalination plans are among the priority plans in the region. <br />
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Earlier in May, Khojasteh-Mehr said some $150 billion will be channeled to the country's upstream oil and gas sector during the Fifth Five-Year Development Plan. <br />
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The investment will bring in $179 billion in five years, IRNA quoted Mohsen Khojasteh-Mehr as saying at the time. <br />
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Around $100 billion of the total $150-billion investment will be funded from foreign investments and local bank loans, he further explained. <br />
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The remaining $50 billion will be provided by Iran's Oil Ministry, he noted. <br />
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"Thirty-two billion dollars (of the total sum) will be set aside for maintaining production and logistics, $4billion for oil and gas exploration, $34 billion for the development of oil fields, $75 billion for the development of gas fields, and $5 billion for the development of the midstream sector," the official said. <br />
He reiterated that if the projected investment is realized, Iran's crude oil production will reach 4.7 million barrels per day, natural gas production will climb to 1.47 billion cubic meters a day, and daily production of gaseous condensates will stand at 1.2 million barrels. <br />
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Khojasteh-Mehr pointed out that investment can pave the way for purchasing modern technologies and tapping new management skills as well as technical knowhow.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-14634476052982506042011-07-11T12:18:00.000-07:002011-07-11T12:18:44.096-07:00Gulf Air in marketing partnership with Copenhagen<div class="separator" style="clear: both; text-align: center;"><a href="http://t1.gstatic.com/images?q=tbn:ANd9GcStnA9Zz2p3Wf03jN74AD3KfCx7zpTjsAyv4w2tzl8OJcDEn5wa3Q" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="http://t1.gstatic.com/images?q=tbn:ANd9GcStnA9Zz2p3Wf03jN74AD3KfCx7zpTjsAyv4w2tzl8OJcDEn5wa3Q" width="400" /></a></div><div style="font-family: Verdana,sans-serif;">Gulf Air has signed a joint marketing agreement with Copenhagen Connected, the route development programme of Copenhagen, to aggressively drive inbound tourism from the Middle East to Copenhagen through Gulf Air’s Bahrain hub.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The agreement was signed at a recent press conference marking the airline’s inaugural flight to Copenhagen by Gulf Air’s chief commercial officer Karim Makhlouf, and chairman of the Copenhagen Connected Programme steering committee Lars Bernhard Jorgensen.</div><a name='more'></a><br />
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</div><div style="font-family: Verdana,sans-serif;">“We are delighted to enter this mutual cooperation agreement with Copenhagen Connected to promote Copenhagen in the Gulf region as the vast Middle East market provides enormous growth potential for tourism in Copenhagen,” said Makhlouf. “We believe that with the opening of our new Copenhagen connection and aggressive marketing campaign in collaboration with Connected Copenhagen, Denmark will soon become a popular destination for tourists from the region.”</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The joint approach will focus on marketing and promotion of the airline’s services to Copenhagen throughout the Middle East region, specifically aimed at increasing the number of visitors travelling on Gulf Air’s flights to Copenhagen and generating additional revenue for the Copenhagen economy.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">Gulf Air’s primary role in the context of the agreement is the promotion of Copenhagen through its marketing initiatives to drive tourism traffic from the Middle East to Denmark. The focus of Connect Copenhagen under the agreement is to ensure that Copenhagen is positioned as an attractive destination for tourism.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;"> "Through this agreement we will be able to increase our efforts to make sure we reach as deep as possible into the Middle East market and get as many visitors as possible to come directly to Copenhagen,” added Jorgensen. “Bahrain and the Middle East is an important market for both trade and tourism, and this partnership will help to serve the growing demand for services between the two countries.”</span>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-56088816321501091852011-07-11T12:13:00.000-07:002011-07-11T12:13:49.615-07:00Banks' loan rejection rates rocket<div class="separator" style="clear: both; font-family: Verdana,sans-serif; text-align: center;"><a href="http://t0.gstatic.com/images?q=tbn:ANd9GcT8ln9CCBdXoHebg60lMnamWtIb3pwxxaOiV1NI4EZhbKqL05UrvQ" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="194" src="http://t0.gstatic.com/images?q=tbn:ANd9GcT8ln9CCBdXoHebg60lMnamWtIb3pwxxaOiV1NI4EZhbKqL05UrvQ" width="320" /></a></div><div style="font-family: Verdana,sans-serif;">Labour yesterday blamed the government's economic policies for stymying small business growth as an independent survey showed that a "significant minority" of small businesses seeking loans are failing to gain the credit they seek.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">Banks have adopted a ‘take it or leave it’ approach to small business loans with outright rejection rates rocketing sevenfold since before the financial crisis, a key survey shows.</div><a name='more'></a><br />
<div style="font-family: Verdana,sans-serif;">Businesses less than a decade old and with poorer risk ratings were more likely to be turned down while an existing relationship with a bank made it easier to obtain credit, according to the report by BDRC Continental and commissioned by the banking industry. It found that of the 8% of small- and medium-sized enterprises (SMEs) seeking credit, only 66% were successful in being granted a loan and 85% in being granted an overdraft. </div><div style="font-family: Verdana,sans-serif;"><br />
</div><div class="secondPar" style="font-family: Verdana,sans-serif;"> The bank-funded Business Monitor – which is being used by the Business Department to benchbank the treatment of small businesses by the banks – found that 28pc of firms were turned down when applying for a loan last year.<br />
</div><div class="thirdPar" style="font-family: Verdana,sans-serif;"> A similar proportion failed to secure a loan at the end of the lending process, even after some revised their applications.<br />
</div><div class="fourthPar" style="font-family: Verdana,sans-serif;"> In contrast, just 4pc of firms said they were met with a flat rejection when applying for a loan or mortgage in 2007.<br />
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</div><div style="font-family: Verdana,sans-serif;"> </div><div style="font-family: Verdana,sans-serif;"> </div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-15866741267234754422011-07-11T11:37:00.000-07:002011-07-11T11:37:17.331-07:00Stock markets across Europe fall on debt fears<div class="separator" style="clear: both; font-family: Verdana,sans-serif; text-align: center;"><a href="http://t1.gstatic.com/images?q=tbn:ANd9GcQhUuH923ZFRohyiIhdwPJ7s-rsJ20vRnIpBUzhuxq0tFOTQGAP" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="293" src="http://t1.gstatic.com/images?q=tbn:ANd9GcQhUuH923ZFRohyiIhdwPJ7s-rsJ20vRnIpBUzhuxq0tFOTQGAP" width="400" /></a></div><div style="font-family: Verdana,sans-serif;">Fears that Italy will be forced to seek a bailout sent Italian government bonds falling on Monday, as Europe's most senior finance ministers gathered to discuss the ongoing eurozone debt crisis.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The FTSE Mib sank to a 14 month low.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">In Italy shares were down almost 4%, in France the Cac index fell 2.7%, Germany's Dax fell 2.3%, and London's FTSE 100 was down 1%. Banks across Europe were hit hard, with Italy's Unicredit down 6.3%.</div><a name='more'></a><br />
<div style="font-family: Verdana,sans-serif;">Eurozone finance ministers were holding talks on a new aid plan for Greece, but this was overshadowed by fears of contagion spreading to Italy and Spain.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div class="secondPar" style="font-family: Verdana,sans-serif;"> The market plunge came as ministers tried to assure markets that Italy would not need a bail-out.<br />
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</div><div class="thirdPar" style="font-family: Verdana,sans-serif;"> “Italy can get out of this situation on its own and with the help of all European countries but not with financial aid,” Spanish Economy Minister Elena Salgado insisted before a meeting of euro-area finance ministers in Brussels. </div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The concern was shared in Europe's stock markets, with the FTSE 100 falling 65 points by lunchtime.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The yield, or interest rate, on an Italian 10-year government bond jumped to 5.4%, closer to the 7% level which is generally seen as unsustainable.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">"What will really concentrate the mind of the finance ministers will be the recent upward trend in Italian government bond yields," said Gary Jenkins, head of fixed income research at Evolution Securities. "What would keep me awake at night if I was a European finance minister is that we are only about 2% away from a potential disaster scenario."</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">Britain's FTSE 100 also sank 1.2pc to 5,918.31, while Frankfurt's DAX 30 lost nearly 2pc to 7,352.73, and in Paris the CAC 40 fell 2.15pc percent to 3,878.60. </div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">In New York, the Dow Jones Industrial Average fell 1pc to 12,530 in opening deals. </div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-31771890587730594522011-07-06T01:00:00.000-07:002011-07-07T12:47:05.566-07:00Etihad joins with the French railway SNCF<div class="separator" style="clear: both; text-align: center;"><a href="http://topnews.ae/images/Etihad-Airways_0.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="242" src="http://topnews.ae/images/Etihad-Airways_0.jpg" width="320" /></a></div>Etihad Airways has ome together with the French National Railway, SNCF (Société Nationale des Chemins de fer Français), to provide passengers with connectivity beyond Paris.<br />
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The commercial agreement — Etihad's 32nd codeshare deal, which came into effect yesterday — between the two parties would allow Etihad passengers to book flights beyond Paris Charles de Gaulle airport (CDG), by connecting onward on SNCF's 2,000 km of high-speed TGV rail routes, and vice-versa, the Abu Dhabi-based carrier said yesterday in a statement.<br />
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It added that the seamless air-rail connections comprise 20 cities in France, among them Bordeaux, Le Mans, Lille, Lyon, Marseille, Nantes, Rennes and Strasbourg.<br />
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"We've just gone double daily to Paris, and combined with this exciting new codeshare with SNCF, it illustrates Etihad's growing commitment to passengers travelling to and from France. Allowing them to book tickets closer to their departure and arrival points is a fantastic proposition to our customers," Peter Baumgartner, Etihad Airways Chief Commercial Officer, said in a statement.<br />
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Tickets for the journey, however, can be booked online on Etihad's website via one of the airline's global contact centres, or through travel agents selling Etihad tickets, the carrier said.<br />
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The move comes at a time when the €30.5 billion French railway is aggressively gunning for a slice of the $80 billion in public transport projects earmarked for the Middle East over the next 10 years.<br />
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Etihad Airways said on Tuesday it would start operating flights to China's southwestern city of Chengdu from December 15, subject to government approval. <br />
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The Abu Dhabi carrier will serve its 69th destination, Chengdu — the capital of Sichuan province, with four non-stop return services per week, the carrier said in a statement, adding that the new service would provide the "first ever flight link between the UAE and Sichuan province".<br />
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"With the purchasing power of the Chinese consumer rising in sync with annual GDP growth of 7.5 per cent to 2030, the Chinese travel market has enormous latent potential. The new service will position Etihad strongly to grow its services to daily and beyond," Etihad Airways CEO James Hogan said in a statement.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-69851749079537919212011-07-06T00:53:00.000-07:002011-07-07T12:47:05.567-07:00Portugal's credit rating downgraded to junk status<div class="separator" style="clear: both; text-align: center;"><a href="http://www.forexcrunch.com/wp-content/uploads/2011/01/portugal-bailout.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="320" src="http://www.forexcrunch.com/wp-content/uploads/2011/01/portugal-bailout.jpg" width="320" /></a></div><br />
In early May, I spoke about the <a href="http://commercialsavvy.blogspot.com/2011/05/portugal-bail-out.html">Portugal bailout</a> from the EU and IMF.<br />
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The credit ratings agency Moody's Investors Service has downgraded Portugal's debt to junk status. <br />
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<div class="secondPar"> Moody's slashed Portugal's debt four notches to Ba2, saying that the country was likely to need a second bail-out before it could raise money in the capital markets.<br />
</div><div class="thirdPar"> Based on the conditions imposed on Greece, it was likely that "private sector participation would be required as a precondition" to a second cash injection, said Moody's. <br />
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The agency also said it was concerned that Portugal would not be able to achieve the deficit reduction targets set out as conditions for its first bail-out from the European Union and the International Monetary Fund.<br />
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It blamed this on "the formidable challenges the country is facing in reducing spending, increasing tax compliance, achieving economic growth and supporting the banking system".<br />
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Portugal was supposed to cut its deficit to 3% of its gross domestic product by 2013, from last year's 9.1%.<br />
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</div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-55696927941445733522011-07-04T04:34:00.000-07:002011-07-07T12:47:05.569-07:00Sale of npower 'threat to energy industry investment'<div class="separator" style="clear: both; text-align: center;"><a href="http://static.ecb.co.uk/images/670x455/npower-36.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="217" src="http://static.ecb.co.uk/images/670x455/npower-36.jpg" width="320" /></a></div><div style="font-family: Verdana,sans-serif;">Gas and electricity giant Npower could be sold for up to £5bn after its German parent company RWE put its future under review.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;"> </span><div style="font-family: Verdana,sans-serif;">RWE has hired investment bankers at Goldman Sachs to consider Npower’s future, according to reports, and the options on the table include putting the company up for auction.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">Tim Yeo, the MP and chairman of the Energy and Climate Change Select Committee, said the potential sale is "worrying". </div><a name='more'></a><br />
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</div><div style="font-family: Verdana,sans-serif;">Npower, which supplies energy to 6.8m homes, was bought by RWE in 2002 for £3.1bn. The company, which employs 11,000 staff and generates eight per cent of the UK’s electricity, last year made profits of £245m on sales of £7bn.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">RWE, the second largest power company in Germany, is understood to be mulling a sale because it wants to pay down some of its large debt mountain.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">If the UK fails to attract enough investment then it will be difficult to reduce emissions to committed levels and could even lead to the country struggling to produce enough electricity to meet growing demand, the Conservative MP said. </div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;"></div><div style="font-family: Verdana,sans-serif;"> "We may find we just don't have enough generator capacity in this country," he added. </div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;"> </span><div style="font-family: Verdana,sans-serif;"> Phillip Lee, another member of the committee, warned a sale could worsen consumer choice of electricity and gas providers. Energy providers are already under pressure following price rises this year. </div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-4580843214464193972011-07-04T04:25:00.000-07:002011-07-07T12:47:05.570-07:00Greek rescue package will mean a default, warns S&P<div class="separator" style="clear: both; text-align: center;"><a href="http://www.globalpost.com/sites/default/files/imagecache/gp3_small_article/greece-strike-protest-2011-06-15_0.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="http://www.globalpost.com/sites/default/files/imagecache/gp3_small_article/greece-strike-protest-2011-06-15_0.jpg" width="320" /></a></div><div style="font-family: Verdana,sans-serif;">Standard & Poor's has warned that current proposals for restructuring Greece's debt would effectively constitute a default.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">French banks, which hold some of the biggest exposures to Greek government debt, want to allow the country to extend the maturity of its bonds, which S&P said could be defined as a "selective default". </div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">The euro fell against the dollar, losing around half a cent to $1.4513, after S&P released its analysis.</div><a name='more'></a><br />
<div style="font-family: Verdana,sans-serif;">German and French banks have already agreed in principle to roll over loans to Greece in order to give the country more time to repay its debts.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;"> </span><div style="font-family: Verdana,sans-serif;">This could involve effectively reinvesting the proceeds of maturing Greek debt into newly-issued bonds.</div><span style="font-family: Verdana,sans-serif;"> </span><div style="font-family: Verdana,sans-serif;">Standard & Poor's said that, depending on the circumstances, it viewed "certain types of debt exchanges and similar restructurings as equivalent to a payment default".</div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;"> </span><div style="font-family: Verdana,sans-serif;">The options laid out so far for restructuring Greek debt would constitute such a default, it said.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">Under the Fédération Bancaire Française (FBF) plan, banks would invest some €30bn of maturing Greek debt in new bonds issued by Athens, which would not mature for up to 30 years. These securities would have an interest rate linked to Greece's GDP, and their sale would be restricted. The proposal won support last week from Germany, which is keen for private creditors to share the cost of a new rescue package worth an estimated €110bn (£100bn).</div><div style="font-family: Verdana,sans-serif;"><br />
</div><div style="font-family: Verdana,sans-serif;">S&P, though, has concluded that this plan must be treated as a debt restructuring because investors would receive less value than was promised when they bought their original securities, and because without the deal Greece would almost certainly be unable to service its debts.</div><div style="font-family: Verdana,sans-serif;"><br />
</div><span style="font-family: Verdana,sans-serif;">Chaos could ripple through financial markets if the rating agencies rule that Greece has defaulted. Banks would have to slash the value of the Greek bonds they hold, and would probably not be able to use them as collateral with the European Central Bank (ECB). There are also fears that Portugal and Ireland might also see their credit rating cut. </span>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-74959131873532842262011-06-27T13:24:00.000-07:002011-07-07T12:47:05.571-07:00Nissan reveals 6 year plan<div class="separator" style="clear: both; text-align: center;"><a href="http://www.motor-trade-insider.com/wp-content/file_uploads/nissan-logo.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="271" src="http://www.motor-trade-insider.com/wp-content/file_uploads/nissan-logo.gif" width="320" /></a></div>Nissan Motor Co. CEO Carlos Ghosn said Monday the automaker aims to achieve a global market share of 8 percent by the business year ending in March 2017 by focusing on rapidly expanding emerging markets.<br />
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<div class="jtparagraph">The figure shows that Nissan is taking a bullish stance on strong growth in emerging economies despite the negative impact of the March 11 earthquake and tsunami.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">Ghosn also said Nissan, which currently has a market share of about 5.8 percent, aims to increase its corporate operating profit to 8 percent from 6.1 percent by the 2016 business year.</div><div class="jtparagraph"></div><a name='more'></a><!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> <w:SplitPgBreakAndParaMark/> <w:DontVertAlignCellWithSp/> <w:DontBreakConstrainedForcedTables/> <w:DontVertAlignInTxbx/> <w:Word11KerningPairs/> <w:CachedColBalance/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="--"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
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<div class="jtparagraph">Nissan plans to launch a new product every six weeks, which would give it 51 new Nissan and luxury Infinity models.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">"We will also concentrate on increasing our presence in Brazil, India and Russia, as well as in the next wave of emerging markets, including the ASEAN 5 — Indonesia, Thailand, Malaysia, the Philippines and Vietnam," he told a news conference in announcing a new six-year business plan, dubbed "Nissan Power 88."</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">Amid speculation that Nissan would announce a global sales target of 10 million units with its French parent Renault SA, a target that no automaker has ever achieved, Ghosn ended up avoiding the topic, saying it wouldn't benefit the company.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">Breaking down the six-year plan, Ghosn said Nissan is aiming for a 10 percent share of the rapidly growing Chinese market by 2016, from 6.2 percent at present.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">In Russia, it will seek a 7 percent share, compared with 4.8 percent.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">Ghosn said Nissan and Renault are in negotiations with Russia's largest automaker, AvtoVAZ, to boost their stake to more than 50 percent, of which Renault aims to take a majority and Nissan a minority. He said he's hoping for a positive result from the talks by the end of this year.</div><div class="jtparagraph"><br />
</div><div class="jtparagraph">In Brazil, Nissan will shoot for at least a 5 percent market share, against the current 1.2 percent.</div><div class="jtparagraph">Nissan announced last week that it expects its global sales to increase 9.9 percent to 4.6 million units and net sales to rise 7.1 percent to ¥9.4 trillion for the business year to next March. But it projects a 14.4 percent fall in operating profit to ¥460 billion and a 15.4 percent slide in net profit to ¥270 billion.</div><div class="MsoNormal"><br />
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</tbody></table><div class="JTparagraph"></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-22518148486347407782011-06-27T12:52:00.000-07:002011-07-07T12:47:05.573-07:00LA Dodgers baseball team files for bankruptcy<div class="separator" style="clear: both; text-align: center;"><a href="http://news.bbcimg.co.uk/media/images/53721000/jpg/_53721187_53718850.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://news.bbcimg.co.uk/media/images/53721000/jpg/_53721187_53718850.jpg" /></a></div><div class="introduction" id="story_continues_1">The Los Angeles Dodgers baseball club has filed for bankruptcy in a Delaware court, blaming Major League Baseball for not approving a television deal that could have kept the team secure.</div><div class="introduction" id="story_continues_1"><br />
</div>Bankruptcy permits the Dodgers to use $150m (£94m) for daily operations and gives the team time to to seek a media deal, the club said in a statement.<br />
<br />
The statement added that the team would not be disrupted by its financial woes.<br />
<br />
But reports indicated the Dodgers could have trouble meeting its next payroll.<br />
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"There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans," team owner Frank McCourt said in a statement.<br />
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Mr McCourt has reportedly been struggling to meet payroll, having been heavily in debt and locked in a divorce battle with his estranged wife.<br />
<br />
Baseball Commissioner Bud Selig said last week that he would not approve a Dodgers television deal with the Fox television network that was reportedly worth $3bn (£1.8bn), saying it would not be in the best interests of the team, the game and fans.<br />
<br />
The contract included a $385m upfront payment Mr McCourt has said is crucial to the team's financial stability.<br />
<div class="caption body-narrow-width"> <span style="width: 304px;"><br />
</span> </div>And not striking a deal has left Mr McCourt facing the prospect of missing the team payroll on 30 June, which could lead to a Major League Baseball takeover.<br />
<br />
"We brought the commissioner a media rights deal that would have solved the cash flow challenge I presented to him a year ago," Mr McCourt said.<br />
<br />
"He's turned his back on the Dodgers, treated us differently, and forced us to the point we find ourselves in today," Mr McCourt added, referring to Mr Selig.<br />
<br />
The Dodgers began seeing "cash flow difficulties" last year due to a decline in attendance at the games, according to the bankruptcy filing.<br />
<br />
The documents list debts to current and former players, including retired star Manny Ramirez, who is owed more than $20m.Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-11934982066561991882011-06-27T12:48:00.000-07:002011-07-07T12:47:05.574-07:00Rothschild, the investment bank, takes a bigger role in the European debt market<div class="firstPar">The bank is positioning itself for a major push into the collateralised loan obligation market, which has begun to show signs of recovery following its collapse during the credit crisis.<br />
<br />
</div><div class="secondPar">CLOs are a form of derivative product in which managers package different types of leveraged loans and sell them on to investors.<br />
<br />
</div><div class="thirdPar">The market suffered significant losses in the financial crisis, following a significant boom in the heady days of the leveraged buy-out boom in the middle of the last decade, but has since begun to recover. <br />
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<div class="fourthPar">The bank has established Rothschild Credit Management as a new division, to be spearheaded by Philip Yeates, head of the bank's leveraged finance business. The new arm will focus on buying up management contracts for European CLOs. It is understood Rothschild already has approximately £700m of European leveraged funds, having been active in the area since 2004.<br />
<br />
</div><div class="fifthPar">One City source noted that this was a business area Rothschild has been in for some time, but that the bank is now looking at ways of expanding its book. However, the new push is intended as a speculative movement in order to be ahead of the pack in this area, with Rothschild looking to take on new and existing management contracts for assets, as well as hiring staff from rival banks. </div><br />
<div class="body">It is believed the move will not require major strains on the bank's balance sheet.<br />
<br />
A Rothschild spokesman declined to comment. </div></div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-88698635776689566032011-06-27T12:31:00.000-07:002011-07-07T12:47:05.576-07:00Five biggest threats to the US economy<div style="font-family: Verdana,sans-serif;">The Telegraph recently reported on the 5 biggest threats to the US economy.</div><div style="font-family: Verdana,sans-serif;"><br />
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</div><div class="firstPar" style="font-family: Verdana,sans-serif;"><b>Inflation</b><br />
<b> </b> </div><div class="secondPar" style="font-family: Verdana,sans-serif;">The petrol station is as reliable a place as any to take America's economic pulse. The sharp rise in gasoline prices in the first few months of the year knocked the confidence of consumers, who still account for about 70% of the country's gross domestic product.<br />
<br />
</div><div class="thirdPar" style="font-family: Verdana,sans-serif;">That squeeze has been all the more painful because the majority of Americans have not enjoyed pay rises since the crisis. Indeed, inflation-adjusted average hourly earnings fell 1.6pc in the past 12 months. Like Sir Mervyn King at the Bank of England, Fed chief Ben Bernanke insists that inflation will prove short-lived.<br />
<br />
</div><div class="fourthPar" style="font-family: Verdana,sans-serif;">The good news for the bulls is that gasoline prices have dropped by almost 10pc since reaching a three-year high at the start of May. While the news is improving, the Fed and The White House know their control over such a key variable is very limited. </div><div class="fifthPar" style="font-family: Verdana,sans-serif;"></div><div class="related_links_inline" id="tmg-related-links" style="font-family: Verdana,sans-serif;"><br />
</div><div class="related_links_inline" id="tmg-related-links" style="font-family: Verdana,sans-serif;"><br />
</div><div class="body" style="font-family: Verdana,sans-serif;"><h3><b>House prices</b> </h3>Alongside their wages, house prices are the yardstick most Americans use to measure their financial well-being. Prices have already dropped a third from the peak they reached in 2006, according to the S&P/Shiller Index.<br />
<br />
But the declines aren't, for now at least, over. Almost three years on and the housing market is still grappling with the excess supply of homes left over by the boom. That's meant more than a third of the homes currently being sold are classified as distressed sales.<br />
<br />
The introduction in 2009 of a tax incentive to buy a home briefly spurred the market, but the volume of sales has retreated since it expired. While further declines in prices don't pose the threat to America's financial stability in the way they in 2008, the troubled state of the market remains a ball and chain around the economy.<br />
<br />
<h3><b>Unemployment</b> </h3>It's been the recovery’s Achilles heel. About 8m jobs were lost to the recession. Just over 1m have been created since.<br />
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After a disappointing 2010, the labour market gained momentum in the first four months of this year, helping push the unemployment below 9pc for the first time since the crisis. Importantly, signs of a turn in the market helped consumers battling higher gas prices.<br />
<br />
Last month saw that momentum stall, with just 54,000 jobs created. Few now expect a quick turnaround. The Fed last week forecast that unemployment will stay above 8pc throughout 2012. <br />
The more pressing question is whether May's disappointment is the start of a worrying trend. The release this Friday's release of June’s figure will begin to offer an answer.<br />
<br />
<h3><b>The deficit</b> </h3>As with unemployment, there's no quick fix to America's deficit. A combination of costly, state-funded retirement programmes, high defence spending and the financial crisis have sent America's share of debt to GDP ballooning to 62pc last year from 40pc before the recession.<br />
<br />
Without an agreement to cut spending on programmes such as medicare, as well as tax increases, that ratio will worsen. Any accord before next year's presidential election would be a major surprise.<br />
<br />
But there’s a far more urgent deadline. If Congress fails to lift the country's legal borrowing limit by August 2, the US could potentially default on its debt. Focused on Europe's debt crisis, bond investors have so far paid little attention. But Republicans last week walked out of negotiations that have become increasingly fraught. <br />
Though a failure to lift the limit remains remote, the prospect of negotiations going right to the wire and fraying investors' nerves during a difficult summer is highly likely.<br />
<br />
<h3>Europe's debt crisis </h3>Europe's debt crisis has been lapping against US shores for more than a year now. And the failure of European leaders to find an answer is an increasing source of concern in Washington.<br />
<br />
Mr Bernanke said last week that US banks have little direct exposure to Greek government debt. But there's no doubt a disorderly default by Greece would cause convulsions across financial markets.<br />
<br />
Perhaps the biggest impact of the current episode has been to drain some confidence from financial markets as well as businesses. The US economy can ill afford for more to seep away over the next few months. </div>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0tag:blogger.com,1999:blog-1800433490804707313.post-2633593125713494152011-06-27T12:08:00.000-07:002011-07-07T12:47:05.577-07:00Saab has confirmed a new order that will help some of its financial concerns.<div class="separator" style="clear: both; text-align: center;"><a href="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2011/6/27/1309175765199/Saab-007.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2011/6/27/1309175765199/Saab-007.jpg" width="320" /></a></div><div style="font-family: Verdana,sans-serif;"><br />
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</style> <![endif]--> <span style="font-family: "Verdana","sans-serif";">Last week, the company said it was too short of cash to make the payments.</span><br />
<br />
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</style> <![endif]--> </h2><div style="mso-outline-level: 2;"><span style="font-family: ""sans-serif"","serif";">A Chinese company has provided a lifeline for Saad Automobile with a price order for almost 600 cars and enough cash to pay the wages of its 3,800 workers this month and make some payment to suppliers.</span></div><br />
<span style="font-family: "Verdana","sans-serif";">Now it has said that the pre-payment on a 13m euro ($18m; £12m) order for 582 Saab vehicles would give it the short-term funding it needs.</span><br />
<a name='more'></a><br />
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<div style="mso-outline-level: 2;"><span style="font-family: ""sans-serif"","serif";">Last week the work force was told there was not enough money to pay wages. The order price works out at an average of £19,486 per car compared the current lowest price in Britain of £21,50-5 for a Saab 9-3 SE 2.0/t saloon </span></div><br />
<span style="font-family: ""sans-serif"","serif";">Saab said it will also be able to make some payments to suppliers but would not yet be able to resume production.</span><br />
<br />
<span style="font-family: ""sans-serif"","serif";">Saab did not identify the Chinese buyer.</span><br />
<br />
<span style="font-family: ""sans-serif"","serif";">Earlier this month, Spyker said it had reached a deal with two Chinese firms to invest a total of 245m euros ($350m; £218m) in Saab.</span><br />
<br />
<span style="font-family: ""sans-serif"","serif";">"I am pleased to announce this agreement, as it secures part of the necessary short-term funding for Saab Automobile and allows us to pay our employees' wages before the end of this month," said Victor Muller, head of Saab's owner Spyker Cars, which has just renamed itself Swedish Automobile.</span><br />
<br />
<span style="font-family: ""sans-serif"","serif";">However, bankruptcy looms over the business. The IF Metall union said it would continue with filing a payment request to Saab for production workers this week, while the Swedish Enforcement Authority said it had received its biggest claim yet from International Automotive Components, a parts supplier seeking 45m kronor (£4.4m). </span><br />
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<h2 style="font-family: Verdana,sans-serif; font-weight: normal;"><span style="font-size: small;"><span style="font-family: Verdana,sans-serif;"></span></span></h2>Big Baws Lawyerhttp://www.blogger.com/profile/18030940919489122283noreply@blogger.com0