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January 4, 2012

Philippines May Offer as Much as 142 Billion Pesos of Projects This Year - Bloomberg

Filed under: banks, online — Tags: , , , — Gladiator @ 7:52 am

The Philippines pledged to speed up a proposed offering of infrastructure projects to investors as President Benigno Aquino seeks investments to shield the economy from a global slowdown.

The government may offer eight to 16 of the so-called public-private partnership projects worth as much as 142 billion pesos ($3.2 billion) this year, Cosette Canilao, executive director of the program, said in an interview in her Manila office yesterday. One contract was awarded last year, against an earlier estimate of as many as 10. San Miguel Corp., Ayala Corp. (AC) and Metro Pacific Tollways Corp. are among companies that have expressed interest in some of the projects, she said.

January 2, 2012

Caterpillar locks out 420 workers at London plant

Filed under: loans, online — Tags: , , , — Gladiator @ 4:56 pm

Unionized workers at the Caterpillar Inc. manufacturing plant in London, Ont. have been locked out after negotiations failed between the company and the Canadian Auto Workers.

The CAW said Sunday it had not called a strike, despite earlier threatening one if Caterpillar’s Electro-Motive Canada unit implemented the terms of its latest offer, which included unilaterally implementing lower wage and benefit terms for about 450 workers. The hourly wage, $35, would be cut in half.

The company

December 22, 2011

Last chance to buy paper savings bonds

Filed under: finance, online — Tags: , , , — Gladiator @ 1:17 pm

+%3Cp%3E+This+holiday+season+is+your+last+chance+to+stop+by+the+bank+and+buy+a+paper+savings+bond%2C+either+for+yourself+or+your+loved+ones.+%3C%2Fp%3E%3Cp%3EStarting+Jan.+1%2C+you%27ll+no+longer+be+able+to+purchase+paper+savings+bonds+at+banks+or+other+financial+institutions.+Instead%2C+the+savings+bonds%2C+which+have+been+around+since+1935%2C+will+be+replaced+by+electronic+bonds+that+can+only+be+purchased+online.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EThe+Treasury+Department%27s+Bureau+of+Public+Debt+announced+the+%26quot%3Ball-electronic+initiative%26quot%3B+last+year%2C+and+the+agency+has+already+ended+the+sale+of+paper+bonds+through+traditional+payroll+plans.+%3C%2Fp%3E%3Cp%3EThe+department+estimated+that+the+digital+initiative%2C+which+eliminates+costs+associated+with+printing%2C+mailing%2C+storage+and+fees+paid+to+financial+institutions+for+processing+savings+bond+applications%2C+could+result+in+a+total+savings+of+%24120+million+over+the+next+five+years.+%3C%2Fp%3EDo+I+have+to+pay+taxes+on+savings+bond+interest%3F%3Cp%3EIf+you+want+to+buy+a+savings+bond+in+2012%2C+you%27ll+need+to+have+an+online+account+with+the+Treasury+Department.+To+give+a+bond+to+another+person%2C+they+will+also+need+an+account+so+you+can+transmit+the+bond+electronically+to+them.+And+if+you%27re+giving+a+bond+to+anyone+under+the+age+of+18%2C+a+parent+or+guardian+must+open+the+account.%3C%2Fp%3E%3Cp%3EBut+until+Jan.+1%2C+you+still+have+the+chance+to+scoop+up+the+last+paper+savings+bonds+that+banks+have+–+potentially+even+turning+your+gift+of+a+once+common+slip+of+paper+into+a+collector%27s+item.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3E%26quot%3BAbout+7+billion+paper+bonds+have+been+sold+and+circulated%2C+so+the+rarity+of+it+is+another+question%2C+but+certainly+some+people+might+look+at+it+as+collector%27s+item%2C%26quot%3B+said+Joyce+Harris%2C+a+spokeswoman+for+the+Treasury+Department%27s+Bureau+of+Public+Debt.+%26quot%3BIf+someone+looks+at+the+issue+date+100+years+from+today+they+may+say%2C+%27this+is+one+of+the+last+paper+bonds+ever+issued.%27%26quot%3B+%3C%2Fp%3E%3Cp%3EThere%27s+one+exception%2C+however%3A+you%27ll+still+be+able+to+use+your+tax+refund+to+buy+Series+I+paper+savings+bonds+come+2012.+But+Joyce+said+she+isn%27t+sure+how+long+that+option+will+be+offered.+%3C%2Fp%3E%3Cp%3E%26quot%3BWe%27re+definitely+transitioning+to+electronic%2C%26quot%3B+she+said.+%26quot%3BIt%27s+still+a+good+investment+and+a+safe+investment+…+it%27s+just+that+we+have+decided+to+transition+into+a+different+form+and+really+focus+the+program+online+to+save+taxpayers+money.%26quot%3B+%3C%2Fp%3EWhat%27s+your+savings+bond+worth%3F%3Cp%3EIn+2012%2C+you+will+only+be+able+to+buy+electronic+savings+bonds+in+Series+EE+and+I+through+TreasuryDirect%2C+a+free+online+bond-buying+portal+that+has+been+available+since+2002.+%3C%2Fp%3E%3Cp%3EFor+current+paper+bond-holders%2C+you+can+still+redeem+them+at+financial+institutions.+Paper+bonds+that+have+yet+to+reach+their+maturity+date+and+have+been+lost%2C+stolen+or+destroyed%2C+may+also+be+converted+to+electronic+form.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F16%2Fpf%2Fpaper_savings_bonds%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

December 15, 2011

Russia’s TNK-BP to invest $10 Bln in Arctic

Filed under: houses, technology — Tags: , , , — Gladiator @ 12:28 am

TNK-BP, a Russian joint venture of British oil giant BP, said Wednesday it will invest up to $10 billion in developing Arctic oilfields.

The company, half-owned by BP and Russian billionaires, said in a statement that up to $10 billion will be spent on building infrastructure at the fields and a pipeline that will link them with the export pipeline.

Russian oil companies have been drawing up plans to move to the oil and gas-rich Arctic as mature fields in Western Siberia are getting depleted.

TNK-BP said an agreement with Russia’s pipeline monopolist Transneft will allow it to connect its Arctic oil fields to the export pipeline in Russia’s Far East mainly aimed at Chinese customers.

TNK-BP will be able to ship oil through the Zapolyaryev-Purpe pipeline, which is expected to be built by 2016 to become a key link between Arctic resources and the main east and westbound pipeline routes.

The company said it expects to start shipments from new fields in the Yamal region in 2015. Its fields in the region are estimated to hold 5 billion barrels of oil.

TNK-BP’s executive German Khan described in the statement cooperation between oil companies and state-owned Transneft as “one of the most important conditions for putting new fields into development and efficiently developing the abundant resources of the region.”

Source

December 11, 2011

Interstate truck drivers face cellphone ban on Jan. 3

Filed under: management, money — Tags: , , , — Gladiator @ 6:32 pm

FORISTELL

November 23, 2011

October durable goods orders fell 0.7 percent

Filed under: economics, management — Tags: , , , — Gladiator @ 10:04 pm

Business orders for long-lasting manufactured goods fell for a second straight month in October.

While much of the weakness came from a big drop in demand for commercial aircraft, a key category that tracks business investment spending fell by the largest amount since January.

The Commerce Department says that orders for durable goods fell 0.7 percent in January following a September decline of 1.5 percent. Orders for core capital goods, considered a good proxy for business investment spending, dropped 1 payday loans for bad credit.8 percent, the biggest decline since a 4.8 percent fall in January.

Manufacturing has been one of the strongest sectors in the economy in this sub-par recovery, but this sector slowed this year as consumer demand faltered and auto factories had trouble getting parts following the March natural disasters in Japan.

Source

November 20, 2011

Egypt stocks tumble on Cairo unrest

Filed under: banks, economics — Tags: , , , — Gladiator @ 4:12 pm

Egypt’s benchmark stock index tumbled more than 2 percent on Sunday as clashes between protesters and security forces entered their second day and rattled investor confidence in the country’s already stumbling economy.

The Egyptian Exchange’s EGX30 index was down 2.45 percent, or at 4,023 points, by 12:15 p.m. on the first day of the work week in the country. The slide built on a week of declines that have helped push the index’s year-to-date losses to almost 44 percent. The index had tumbled almost 3 percent earlier in the day, but recouped some of the losses.

Brokers attributed the drop to the clashes between rock-throwing protesters and security forces in Cairo’s iconic Tahrir Square, the epicenter of the uprising that ousted former President Hosni Mubarak in February.

The fighting had entered its second day, with the protesters demanding the country’s military rulers quickly announce a date when they plan to hand over power to a civilian government. The unrest comes days before the Nov. 28 parliamentary elections _ the first national vote in roughly 30 years that doesn’t include candidates from the former ruling National Democratic Party.

“These are bad times,” said Khaled Naga, a senior broker with Mega Investments, adding that even after a thousands-strong demonstration on Friday went relatively peacefully, there were expectations that the market would decline.

“All things considered, this is a reasonable decline,” said Naga. “We were expecting worse _ maybe 5 percent.”

Shares of Commercial International Bank were down almost 2.2 percent to 23.22 Egyptian pounds while Orascom Construction Industries’ shares were off 3.24 percent to 220.2 Egyptian pounds.

The Jan. 25 revolution that toppled Mubarak and ended nearly three decades of authoritarian rule has battered the country’s economy.

Foreign investment and tourism, which are two of the country’s economic pillars, are reeling from the unrest, while frequent labor strikes and other mass protests have disrupted daily life and forced the government to adopt populist policies that have widened the deficit and added to expenses.

Already, Egypt has run through almost 40 percent of its net international reserves since December.

Brokers said continued unrest in the capital would likely only add to the drop and expected that the market’s support point _ where it could bounce back _ could be around 3,800 points. But hitting that level would involve a number of days of heavy losses and so far the Egyptian market has shown a surprising ability to bounce back despite the continuing unrest and tension in the nation.

Source

November 19, 2011

New St. Peters hotel tax proposal set for Feb. 7 ballot

Filed under: management, technology — Tags: , , , — Gladiator @ 1:16 am

ST. PETERS

November 14, 2011

10 militants killed in Yemen; UN pushes peace plan

Filed under: legal, uk — Tags: , , , — Gladiator @ 4:28 am

Yemeni government forces and allied tribesmen killed 10 militants in attacks around the country Sunday, security officials said, as a visiting United Nations envoy met with embattled President Ali Abdullah Saleh to push for a solution to the country’s political crisis.

Security has collapsed across the Arab world’s poorest nation during the nine-month popular uprising seeking to oust Saleh, who has been in power for 30 years.

Pro-Saleh forces regularly engage in deadly clashes with armed tribesmen and military defectors who support the protesters in Yemen’s largest cities, and al-Qaida-linked militants have taken control of entire towns in the country’s restive south.

Two of Sunday’s clashes took place near Zinjibar, the largest town overrun by al-Qaida-linked militants in Yemen’s southern Abyan province, now partially recaptured by the army. In one clash, tribesmen allied with government forces exchanged fire with militants at a checkpoint, killing three, including two Somali citizens, an official said. In the other, the army shelled a militant position, killing five, including two Saudi citizens.

Months of violence have forced more than 100,000 residents of Zinjibar to flee to neighboring provinces, where some have sought refuge in schools.

In the Arhab region, north of the capital Sanaa, Yemeni forces shelled positions held by armed anti-government tribesmen, killing two, another security official said.

The officials spoke on condition of anonymity because they were not authorized to brief reporters.

Months of international diplomacy has failed to resolve the crisis. Saleh has refused numerous times to follow through on a U.S.-backed proposal crafted by Yemen’s powerful Gulf Arab neighbors, under which he would transfer power to his vice president in exchange for immunity from prosecution.

In Sanaa, U.N. envoy Jamal Benomar met Saleh Sunday to push for a transfer of power.

The U.N. said Benomar’s weeklong visit to Yemen was intended to encourage the Gulf-backed proposal, which the Security Council has endorsed.

A spokesman for the Yemen Observatory for Human Rights, Al-Galil Waddah, told The Associated Press that about 400 people have been killed in protests that began in February. He estimated that the number of fighters and civilians killed in clashes in the south and Arhab region could be much higher.

Saleh’s critics accuse him of allowing the militants to take over cities in the south to support his argument that without him, al-Qaida would take control of the country.

“Saleh has used war and chaos to suppress the protests. He is trying to say that his presence is the only way for Yemen’s stability and so he allowed al-Qaida and fighters to run free in southern Yemen,” Waddah said.

He said the group’s office in Sanaa was taken over by security forces in mid-September and continues to be used as a rest house by soldiers, who also confiscated the group’s computers and files.

In those files, he said, the group documented dozens of cases of political prisoners alleging abuse at the hands of security forces in Sanaa and the country’s second largest city, Taiz.

Some of the prisoners are missing, while others who were released said they were beaten and threatened with rape. The abuse, according to Waddah, took place in government facilities as well as abandoned residential buildings.

Taiz, a hotbed of the opposition to Saleh, has been particularly violent recently, with government troops regularly clashing with soldiers who have defected to side with the protesters.

Source

November 9, 2011

Market pressure on Italy increases

Filed under: news, usa — Tags: , , , — Gladiator @ 7:40 am

Italy’s borrowing rates spiked early Tuesday to their highest level since the euro was established in 1999 ahead of a budget vote in Parliament that could force the resignation of Premier Silvio Berlusconi.

With speculation over Berlusconi’s future swirling, the markets are focused in on developments in Rome, which has become the epicenter of Europe’s debt crisis. Berlusconi’s government is under market pressure to enact quick reforms to protect Italy from the growing sovereign debt crisis, but has been hobbled by a weak coalition and political gridlock.

What happens in Italy is a particular worry as it’s the eurozone’s third-largest economy. With debts of around euro1.9 trillion ($2.6 trillion), Italy’s debts are thought to be too big for Europe to bail out.

Higher rates would make it more difficult for Italy to rollover its debts and will mean they consume more and more of national income. Italy has over euro300 billion ($412 billion) to raise in 2012 alone.

By mid-morning, the yield on Italy’s ten-year bonds was up 0.12 percentage point at 6.66 percent, down from an earlier high of 6.74 percent. A rate of over 7 percent is considered unsustainable and proved to be the trigger point that forced Greece, Ireland and Portugal into accepting the need for financial bailouts.

The vote later looks like it’s on a knife-edge, with Berlusconi’s coalition showing signs of fracture. Italian news agency ANSA reported that Finance Minister Giulio Tremonti hurriedly departed from a meeting of eurozone finance ministers in Brussels to return to Rome payday loan lenders in states.

In less tense times, the vote would have meant routine approval of the 2010 state accounts, but instead it has become a crucial test of Berlusconi’s survival as head of his 3 1/2 year-old center-right government. Last month, the vote of the same measure failed by one vote. Chamber whips were meeting a few hours before the vote to map out a strategy for the vote, which is likely to take place Tuesday afternoon.

Opposition forces were considering boycotting the vote so the numbers would more clearly show just how many deputies still support the government. If Berlusconi’s forces number less than 316 deputies _ or one more than half the number of the 630-member chamber, it would be plain that the media mogul no longer can count on a majority in the lower house of Parliament.

The government could still win the vote, by commanding more than half of those showing up to vote, but a dismal showing could show Berlusconi is too weak politically to continue to govern.

If he gets through Tuesday’s hurdle, Berlusconi has indicated he would put a vote next week on the anti-crisis measures to a confidence vote. If it loses that vote, Berlusconi would have to resign.

Source

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