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Syndicate
Aug
30
Arrival of Gustav threatens Gulf of Mexico so deeply that crude oil advanced for its highest weekly gain in approximately two months as well as natural gas went up as prior to the arrival of Gustav producers abandoned rigs. After Katrina, Gustav is predicted to be the biggest hurricane in the Gulf of Mexico.
Workers are started to be pull out from the Gulf of Mexico platforms in the region by Royal Dutch Shell Plc and ConocoPhillips. 26 percent of U.S. oil and 14 percent of the nation’s gas are extracted from these region’s platforms usually.
According to director of market research at TFS Energy LLC in Stamford, Connecticut Addison Armstrong the prediction about the Gustav hurricane will hit the central region of oil and natural gas production in the Gulf of Mexico caused the price rise. There is a possibility that some refiners could be knocked out for a number of weeks if Gustav strikes near the Texas-Louisiana border.
On the New York Mercantile Exchange crude oil went up $2.50, or 2.2 percent, to $118.09 a barrel for October delivery. Since the week ended July 4, futures made biggest gain this week and up 3.1 percent while in New York natural gas for October delivery climbed 18.6 cents, or 2.3 percent, to $8.236 per million British thermal.
Aug
30
With a view to finance equipment and services from the US for hydrocarbon exploration and production service in the Krishna-Godavari Basin, US Export-Import Bank has approved a long-term loan of $400 million to Reliance Industries Ltd.
RIL will utilize the loan for its purchases of American engineering services, oilfield equipment, offshore platform support, and drill & well services according to US official export-credit agency, in a statement released by the Washington-based Export-Import Bank. Including this ongoing construction work at the Jamnagar refinery will also take a part of the fund for its expenses. Bechtel Corp, J. Ray McDermott Inc. and Canyon Offshore Inc. are included in the list of main US exporters.
For the time being Indian has been identified as the vital market for export financing according to statement.
In different sectors from power, energy to healthcare, Ex-Im established the Indian Infrastructure Facility to aid US exports to Indian projects in April. Now nine Indian financial institutions are included in the facility that has a funding ability of $2.45 bn.
Ex-Im Bank Chairman and President James H. Lambright stated that, Ex-Im Bank is glad to support this hefty energy-development transaction on behalf of American exporters.
Aug
30
Hedge funds team plans to invest minimum $500 million to complete takeover of Huntsman Corp.
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On Friday a team of hedge funds and the Huntsman family indicated their plan to invest minimum $500 million to induce Apollo Management unit Hexion to conclude a $6.5 billion takeover of competitor chemicals manufacturer Huntsman Corp. earlier the Hexion said that it would go insolvent and seeking to evade the conclusion of the deal.
A group comprising Citadel Investment, D.E. Shaw, MatlinPatterson and Pentwater, along with the Huntsman family, presented a proposal to finance minimum $500 million of the payment outstanding Huntsman Corp by means of contingent value rights as per the letter filed with the Securities and Exchange Commission.
Earlier believed reasonable rate of return will have a boost through this proposal according the hedge funds. If the future cumulative rate of return on Hexion equity bypass an assured hurdle rate, only then the securities entitles holders to compensation of the invested amount.
According to Hexion’s statement shareholders these efforts are appreciated and proposal does not come close to making the pooled company solvent because of the vibrant increase in Huntsman’s net debt and decrease in its earnings since last July.
Aug
30
ABN AMRO Asset Management Canada Limited announce their official name change to Fortis Investment Management Canada Ltd
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With effect from August 29, 2008 ABN AMRO Asset Management Canada Limited adopt their official name change to Fortis Investment Management Canada Ltd.
Global presence of Fortis Investments has expanded to cover 40 locations on 5 continents by the thriving acquisition of ABN AMRO Asset Management in April 2008, along with this Fortis Investments has integrated the best of both worlds for their clients. To insure the strongest investment team placement all the investment teams that both companies were having before the merger were put through a severe selection. Amalgamation with Fortis Investments is a greeting jump ahead which allows the ABN AMRO Asset Management Canadian team to provide clients with a superior range of capabilities and global expertise.
For the Canadian operation, Christine Girvan will continue as Chief Executive Officer as well as she has also been selected as Head of Sales for North America. In the new role Christine Girvan will supervise business development and client servicing for the US and along with this she will continue to handle the responsibility for business development, client servicing and overall business strategy for Canada. In the portfolio management field she has over 18 years experience.
Aug
30
Increased inflation, faded impact of rebate checks slowed the consumer spending
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In July US consumer spending slowed as the impact of rebate checks washed out and American consumer’s buying power worn out due to high inflation. In Washington Commerce Department said yesterday that compared to purchases rate in June, purchases went up with one third speed. Purchases rose 0.2 percent however prices rose at its highest in 17 years. The Reuters/University of Michigan final index of consumer sentiment was at 63 this month, from 61.2 in July.
Savings rate dropped to 1.2 percent from 2.5 percent the previous month pressed by fall in income. There was 1.1 percent decrease in disposable income, or the money left over after taxes.
As the report showed yesterday Americans are cutting back on costly things like automobiles and furniture because of the dropping home values and increasing unemployment.
According to Nigel Gault, principal U.S. economist at Global Insight Inc. in Lexington, Massachusetts, who precisely predicts the gain in spending, price increase has been burning up spending power.
In New York the Standard & Poor’s 500 Stock Index plunged 1 percent to 1,287.57 yesterday.
As per the economist prediction the US domestic demand is reduced already and along with this US is probable to be hit by overseas economy slump that would wear down export gains.
Aug
30
Deere & Co. gains most after announcing a $177 million expansion plan
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In more than a month world’s largest tractors maker- Deere & Co. gained the most in New York trading subsequent to declaring a $177 million growth plan to meet up demand urged by increase in U.S. farm income this year.
In New York Stock Exchange composite trading Moline, Illinois based Deer moved up $3.05, or 4.5 percent, to $71.01 showing the biggest gain since 21 July.
To spread out U.S. production of its large, high-horsepower tractors, investment of $97 million is planed by the company as stated yesterday by it along with probable spending of $80 million in Brazil to raise competence at two factories. For this year Deer hope increase in farm machinery sale by38 percent.
U.S. Department of Agriculture estimated net farm income of $92.3 billion in February for 2008 that is now raised to $95.7 billion by higher prices for corn, soybeans and wheat.
To enlarge the plant in Waterloo, Iowa U.S. investment will more than twice a $90 million program revealed in February. According to Deer statement both projects will encourage the high-horsepower tractors production capacity by 40 percent. High-horsepower tractors are more beneficial and in bigger demand compared to smaller models.
Demand for tractors and combines in South America is augmented by the improved sugarcane plantings and demand for soybeans. In South America Deer expects 40 percent increase in allover industry sales for this year.
Aug
30
In the period of tough economy condition while the businesses hit by layoffs, costs increase, lower profits, decreased sales there is a segment which is flourishing day by day that is Carmichael enterprise.
According to co- owner of America’s Recycling Center Tracy White they are off the hook. Over the previous year business has noticed around 50 percent growth in recycling according to Mitchell l. Hoffelt business partner at America’s Recycling Center.
As per the state Department of Conservation -regulator of recycling business, increase in recycling is not exceptional to Carmichael.
Department spokesman said that there were 1.5 billion more bottles and cans in 2007 and in total 14.7 billion drink containers were recycled in 2007 compared to 2006. This indicated that there is increase of 7 percent from the last year and recycling rate for 2007 was 67 percent for cans and bottles. Comparison between can and bottles deposits paid by the consumers at cash register and the amount recycling centers pay out in redemptions is made to calculate this average.
Aug
30
Economy boost is not expected to last
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In recent time economy has seen a recovery from a gloom with the help of increased exports. Advanced exports helped US economy to recoil unexpectedly but this recovery is not expected to last. Exports might come to an end due to overseas economic slowdown. Similar to this in early year time rebate checks given in incentive plan gave a boost to economy but after the end of this Americans are hunkering down dipping the country into a new groove afterward this year.
Chief economist at Bank of America’s Investment Strategies Group predicted that in the next pair of quarters there will be deep sledding for the U. S. economy.
On Thursday Commerce Department informed that in the April-June quarter Gross domestic product grew at the fastest speed in nearly a year at a 3.3 percent annual rate. Government’s initial estimated a 1.9 percent speed while economist expected a growth rate of 2.7 percent.
Growth lift up was not a signal of better days ahead according to analysts. Economy will be weak throughout the rest of 2008 as warned by Federal Reserve Chairman Ben Bernanke. With a speed of around 1.5 percent growth will slow in the July-September quarter and in fourth quarter it will turn even weaker according to economists.
Aug
30
Lehman Brothers Holdings, Inc. financed a tax equity investment in the 20MW Steel Winds Power Project
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Announcement in connection with Lehman Brothers Holdings, Inc.’s funding of a tax equity investment in the 20 MW Steel Winds wind power project working in Lackawanna N.Y.
First Wind’s SVP of Finance, Tim Rosenzweig stated his delight to close and fund this tax equity financing of Clipper turbines along with one of the world’s top investment banks. Before this Lehman Brothers financing victorious turbine supply and construction loans for Clipper equipment that was closed with HSH Nordbank and Nord LB last year took place.
Wind power is taken as cost relevant with usual sources of electricity, such as oil and gas in addition to increasing domestic energy production and energy security. Wind has no fuel cost that makes it natural hedge against traditional energy sources unstable fuel costs. In most of the United States market unstable fuel prices comprise an important part of monthly electricity bills. Along with this wind power also not harm the green house gases.
First Wind’s exclusive center of attention is development, ownership and operation of wind energy projects.
Aug
30
Recently signing of merger agreement between Microsoft Corporation and Greenfield Online announced under which the Microsoft Corporation will acquire Greenfield Online for paying around $486 million in cash. The transaction is valued for approximately $486 million in cash.
In addition to this Greenfield Online also announced termination of its earlier announced merger agreement with affiliates of Quadrangle Group LLC after the end of the matching rights approved to Quadrangle under the Quadrangle merger agreement, just before entering into merger agreement with Microsoft Corporation. Greenfield Online is obligatory to pay Quadrangle a $5 million fee for the termination of the agreement.
Greenfield Online, Inc. provides worldwide interactive media and services that accumulates customer outlook about products and services, permitting consumers to make well-versed purchasing decisions about the products and services they want to buy; and help companies to understand better their customer with a view to prepare efficient product marketing approach. Microsoft Corporation is the leading software, services and solutions provider and help people and businesses in recognizing their full potential.
On the recommendation of Microsoft, agreement to sell the assets of Greenfield Online’s Internet survey solutions (ISS) business to an unspecified financial buyer is undertaken.
In the fourth quarter of 2008, Microsoft’s sale of the ISS business is probable to close along with merger of Greenfield Online and Microsoft.
According to Greenfield Online’s President and Chief Executive Officer, Albert Angrisani via this superior offer from Microsoft stockholders will be provided with addirional value.
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