Archive for November, 2009
Fighting a rising cost
by admin on Nov.24, 2009, under Uncategorized
Huddersfield Daily Examiner (Huddersfield, England), Nov 20, 2009
Byline: MAURICE GLOVER
THE COST of running a car has increased by more than 11 per cent over the last two years.
Finance company statisticians reckon annual running costs now add up to pounds 2,338 – up from an estimated pounds 2, 277 last year and pounds 2,100 in 2007.
The most significant cost increase this year has been car insurance – almost 13 per cent higher than it was in 2008 and 23 per cent up on average costs two years ago.
Sainsbury’s car insurance manager Ben Tyte said: “Tax has also risen by eight per cent, and though fuel prices are actually lower than at this time last year, drivers are still shelling out an average pounds 1,266 per year at the filling stations.
“But the cost of driving a car can be kept in check by shopping around.”
The RAC said this week that petrol prices could soar past 110p a litre – pounds 5 a gallon – in the weeks leading up to the festive period.
CAPTION(S):
HIGH INFLATION: Motoring running costs are said to be 11 per cent higher than two years ago
Macquarie Infrastructure Company Enters into Agreement to Sell Minority Stake in District Energy Business
by admin on Nov.24, 2009, under Uncategorized
Business Wire, Nov 23, 2009
NEW YORK — Macquarie Infrastructure Company (NYSE: MIC) announced that it has
entered into an agreement to sell a 49.99% interest in its district
energy business, Thermal Chicago, to an affiliate of The John Hancock
Life Insurance Company for $29.5 million.
The Company expects the transaction to close prior to the end of the
first quarter of 2010. MIC, through its downstream entity MDE Holdings
LLC, will remain the managing member of the company that owns the
district energy business.
James Hooke, Chief Executive Officer of Macquarie Infrastructure
Company, said The sale of a non-controlling interest in the district
energy business has two distinct benefits. First, the sale generates
cash that will help eliminate our long-term holding company debt and
advances the point at which we may be able to resume distributions to
shareholders. Second, the sale affirms the value in the businesses MIC
owns and the value that has been added to these businesses under MICs
ownership.
The implied valuation for the whole of the district energy business
equates to an 11.6 times multiple of trailing twelve month enterprise
value to EBITDA. The multiple reflects improvements in the business made
during MICs ownership including:
- operational improvements;
-
the extension of the Use Agreement with the City of Chicago from 2020
when MIC acquired the business to 2040; -
successful management of the transition to a deregulated electricity
market in Illinois; and - system capacity expansion.
Were pleased to be able to retain the upside in this business, Hooke
added, and equally pleased to have a partner in John Hancock who
clearly recognizes the benefits inherent in an investment in
infrastructure. We believe that John Hancock will be an excellent
business partner as we move forward.
Closing is subject to satisfaction of certain conditions consistent with
a transaction of this type and size.
The Companys district energy business comprises five cooling plants in
downtown Chicago, a standalone facility outside of the central business
district and a separate operation in Las Vegas. The Chicago plants
produce chilled water for use in cooling approximately 100 high rise
buildings. The smaller Las Vegas facility provides cold and hot water
for cooling and heating to a number of Las Vegas buildings.
MIC intends to combine the net proceeds of the sale with existing
resources to repay its holding company revolving credit facility. The
Company had $66.4 million of holding company debt outstanding at
September 30, 2009 on a facility that matures March 31, 2010.
About Macquarie Infrastructure Company
Macquarie Infrastructure Company owns, operates and invests in a
diversified group of infrastructure businesses providing basic, everyday
services, to customers in the United States. Its ongoing businesses
consist of three energy-related businesses including a 50% indirect
interest in a bulk liquid storage terminal business (International-Matex
Tank Terminals), a gas production and distribution business (The Gas
Company in Hawaii) and a district energy business (Thermal Chicago) as
well as an aviation-related airport services business (Atlantic
Aviation). The Company is managed by a wholly-owned subsidiary of the
Macquarie Group. For additional information, please visit the Macquarie
Infrastructure Company website at www.macquarie.com/mic.
Macquarie Group refers to the Macquarie Group of companies, which
comprises Macquarie Group Limited and its worldwide subsidiaries and
affiliates. Macquarie Infrastructure Company LLC is not an authorized
deposit-taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia) and its obligations do not represent
deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583
542 (MBL)
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Research and Markets: Malaysia Retail Report Q1 2010 Reveals Total Retail Sales to Grow From an Estimated US$33bn in 2009 to More than US$61bn by 2014
by admin on Nov.24, 2009, under Uncategorized
Business Wire, Nov 24, 2009
DUBLIN — Research and Markets (http://www.researchandmarkets.com/research/b8b0cc/malaysia_retail_re)
has announced the addition of the “Malaysia
Retail Report Q1 2010″ report to their offering.
Malaysia Retail Report provides industry professionals and strategists,
corporate analysts, retail associations, government departments and
regulatory bodies with independent forecasts and competitive
intelligence on Malaysia’s retail industry.
The Q110 BMI Malaysia Retail Report predicts that total retail sales
will grow from an estimated US$33bn in 2009 to more than US$61bn by
2014. A low unemployment rate, rising disposable income and a strong
tourism industry are key factors behind the forecast growth.
Malaysia’s nominal GDP was US$196bn in 2009. Average annual GDP growth
of 2.9% is predicted by BMI to 2014. With the population expected to
increase by 7.9% over the period, GDP per capita is predicted to rise
from US$7,140 in 2009 to US$11,023 by 2014. Our assumption of consumer
spending per capita is for an increase from US$1,961 in 2009 to US$3,227
by the end of the forecast period.
Malaysia is classified as an upper-middle-income country by the World
Bank, with the proportion of middle-income households estimated at more
than 50% in 2007. According to the Department of Statistics Malaysia
(DSM), urban households on average spent 1.8 times more than rural
households in 2004-2005. Average consumer spending was MYR2,285 per
month in urban areas and MYR1,301 per month in rural areas. With the
urban population predicted to account for almost 76% of the total by
2015, according to UN data, this is likely to have a positive effect on
retail sales.
BMI estimates automotive sales at US$5.51bn in 2009, and forecasts that
these will rise to US$7.05bn towards the end of the forecast period
( 28%). Over-the-counter (OTC) pharmaceutical sales are estimated at
US$0.34bn in 2009, and are expected to increase to US$0.56bn by the end
of the forecast period ( 65%). Consumer electronics sales are predicted
to rise from US$8.18bn in 2009 to US$10.54bn before the end of the
forecast period ( 29%).
Aided by the Visit Malaysia campaign in 2007, which marked the 50th
anniversary of Malaysia’s independence – the country recorded 20.9mn
visitors in 2007, according to data published by Ministry of Tourism
Malaysia (MTM)
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Keeping centre work ‘in house’
by admin on Nov.24, 2009, under Uncategorized
Huddersfield Daily Examiner (Huddersfield, England), Nov 23, 2009
TRADE workers in Calderdale have already secured pounds 600,000 worth of business to help build new leisure facilities in the borough.
Brighouse and Sowerby Bridge will both get new leisure centres next year.
Work is already underway on the 25 metre main pool, learner pool, fitness studio and multi-purpose room at Wellholme Park, off Bradford Road Brighouse, which is due to open in October 2010.
Calderdale Council invited local companies to get involved and a number, ranging from roofing contractors to surveyors, have now been selected to work on the projects.
The council said 86% of the traders come from a 15 mile radius of both sites – with most of the workers living in Calderdale.
Clr Amanda Byrne, cabinet member for economy and environment said: “The council are committed to ensuring that local companies have the opportunity to take advantage of any developments taking place in Calderdale.
“It is important that we do all we can to support local businesses during the current economic downturn and I look forward to other local suppliers winning contracts for both these and other developments in the future.”
David Garbiak, financial director for Elland-based Thistle Roofing Services Limited, heads one of the businesses who have secured work with contractors Willmott Dixon.
Praxair China Signs Agreement with MAGI Solar Energy Technology Co.
by admin on Nov.23, 2009, under Uncategorized
Business Wire, Nov 23, 2009
SHANGHAI — Praxair China has signed a multi-year agreement with MAGI Solar Energy
Technology Co., Ltd. to supply bulk and process gases for its solar cell
and module manufacturing facility, located in the Jiangsu Yixing
Economic Development Zone, Jiangsu Province. MAGI uses advanced
processing technology to manufacture high efficiency, high quality
monocrystalline solar cells and modules.
“The Praxair team helped us meet a tight schedule at our new facility in
Jiangsu Province,” said Ms. Wen Zhang, Managing Director of Magi Solar.
And Praxairs service reaches beyond the supply of gases to include
safety training on specialty gases handling and advice on complying with
local regulations.”
“We look forward to supporting MAGI Solars growth in China, said David
Chow, president of Praxair China. Praxair is well positioned to serve
the rapidly growing China solar market with our comprehensive offering
of gas products and reliable supply network.
About Praxair China
Praxair (China) Investment Co., Ltd is a leading industrial gas provider
in China. It is headquartered in Shanghai, has 18 wholly owned
companies, 10 joint ventures and over 1200 employees in the country
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10 PREGNANT SQUADDIES SENT HOME
by admin on Nov.23, 2009, under Uncategorized
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LETTERS
by admin on Nov.22, 2009, under Uncategorized
American Agent & Broker, Apr 2009
“MODERN LOVE” STRIKES A CHORD
Chris Amrhein, you’ve done it again – another great fun-with-lyrics article! (”‘Modern Love’ not reflected in auto policy,” Feb. 2009) If, indeed, one’s auto customer feels that “love and marriage” went out with the “horse and carriage,” the best way to ensure any auto coverage would be to add it as a specific named insured – did I get that right?
Ah, Chris, I may be your No. 1 fan. Of all the industry rags we receive here, I look for American Agent & Broker just to read the Amrhein articles.
As for the family auto policy versus PAP, you’re so right – ISO remains fluid enough that I should have listened when Mr. Dylan accurately prophesied: “And the present now will soon be the past, The order is rapidly fading, And the first one now will later be last, For the times they are a-changin.”
Judy Rapp
Wolf-Majeskey-Rapp
Spokane, Wash.
I guess the Beatles should have sang: “Baby you drive my car… but first let me check my auto policy.” Great article, both thought provoking and funny!
Mark R Mocnik, ARM
UPAC LP&C;
Lenexa, Kan.
LEASED HUNTING PROPERTY
While I appreciate that the advice to RL Taylor addressed his question (”Leased hunting property raises risks,” Feb. 2009) and you must be as broad as possible to be pertinent to the majority of readers, it may have been beneficial to Taylor to note that in Colorado (the article is not specific as to where the leased land is located) the legislature has seen fit to provide immunity to landowners who lease land for recreational purposes, and hunting is specifically mentioned in the definition of recreation.
Keep up the great work on your column, Barry Zalma – it is always interesting.
Greg Spaight, CLCS
Keller-Lowry Insurance Inc.
Denver, Colo
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Obituary: HANNI, RAYMOND
by admin on Nov.22, 2009, under Uncategorized
0 Comments | Deseret News (Salt Lake City), Nov 21, 2009
Raymond A.
Hanni
1918 ~ 2009
Raymond Alfred Hanni returned home to his Heavenly Father on Nov. 19, 2009. He was born on June 23, 1918 in Salt Lake City to Elizabeth Littlewood and Samuel Hanni, the seventh of 10 children. Ray served his country in World War II in the United States Army, Medical Corps.
He married Gloria Reid on Dec
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San Leandro maven turns 80
by admin on Nov.22, 2009, under Uncategorized
0 Comments | Oakland Tribune, Nov 21, 2009 | by Jason Sweeney
SAN LEANDRO — Lena Fong is quite the firecracker.
So says her daughter, Jill Au, who today will be one of about 200 guests at Fong’s 80th birthday party at Scott’s Seafood Terrace in Walnut Creek.
Fong, born in Oakland and a 40-year San Leandro resident, is well- known in town for her philanthropy, as well as her cooking. She stays busy playing golf with friends once a week, is active in her church in Castro Valley, and still cooks up a storm for her five grown children and eight grandchildren.
Every year, Lena Fong and her children present scholarships to San Leandro High School students from her husband Dr. Joshua Fong’s foundation. Joshua Fong was a local optometrist and banker whose foundation has been supporting local high school students since his death in 1999.
He opened six local optometry offices before becoming one of the founders of the Bay Bank of Commerce, which later merged into GreaterBay Bank, which in turn was bought by Wells Fargo.
When Lena Fong presents the scholarships, she also gives students a copy of her husband’s memoirs, which detail his childhood as a farm boy in Fremont’s Niles district, his schooling, travels to China and financial success.
In the memoirs, Joshua Fong describes a July 4 weekend in 1954 when he dropped in at a UC Berkeley alumni picnic at the Los Altos Country Club.
“It was there I spotted a cute young lady named Lena Chew and asked her for a date,” he wrote. Three months later, they married.
While Joshua Fong found success in the medical and banking fields, Lena became well-known for her cooking — and she can cook a mean Chinese meal. In her younger days, she taught Chinese cooking in her home in the hills above San Leandro, worked as a caterer and did research for recipes for the Martin Yan television show, “Yan Can Cook.” Fong even appeared on the show.
On Nov. 15, Fong was mentioned in a Boston Globe article about the opening of the Angel Island Immigration Station museum. A large banner hanging at the museum depicts a young Chinese woman holding an infant
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Fitch Affirms Codelco's L-T Foreign Currency IDR at 'A'; Outlook
by admin on Nov.22, 2009, under Uncategorized
0 Comments | Wireless News, Nov 21, 2009
Fitch Ratings has affirmed the Issuer Default Rating (IDRs) and outstanding debt ratings of of Chile’s Corporacion Nacional del Cobre (Codelco) as follows:
–Foreign currency IDR at ‘A’;
–Local currency IDR at ‘A ‘;
–National scale rating at ‘AAA(cl)’;
–Codelco US$435 million 6.375 percent notes due Nov 30, 2012, long-term rating at ‘A’;
–Codelco US$500 million 5.5 percent notes due Oct 15, 2013, long- term rating at ‘A’;
–Codelco US$500 million 4.75 percent notes due Oct 15, 2014, long-term rating at ‘A’;
–Codelco US$500 million 5.625 percent notes due Sept 21, 2035, long term rating at ‘A’;
–Codelco US$500 million 6.15 percent notes due Oct 24, 2036, long-term rating at ‘A’;
–Codelco US$600 million 7,5 percent notes due Jan 15, 2019, long- term rating at ‘A’;
–Codelco UF7.000.000 million 4,0 percent notes due Sept 01, 2012, long-term rating at ‘AAA(cl)’;
–Codelco UF 6.900.000 3,29 percent notes due April 1, 2025, long- term rating at ‘AAA(cl)’.
The Rating Outlook is Stable.
Codelco’s credit ratings incorporate the state’s 100 percent ownership of the company and its strategic importance to Chile, illustrated by the company’s contribution of 13.6 percent to government revenues in 2008. The ratings are directly linked to those of the Republic of Chile, which Fitch rates with a foreign currency IDR of ‘A’, a local currency IDR of ‘A ‘ and a Stable Outlook. The strategic importance of Codelco to Chile is further underlined by its vast copper reserves, accounting for 10 percent of the world’s reserves with over 150 years of life. Fitch said it views Codelco’s long reserve life as crucial because it allows the company to remain a contributor to government revenues in the future, while its position enables the company to manage global supply in a way that supports prices during periods of low demand.
Further supporting the company’s ratings, Codelco has benefited from high operational margins even during periods of low copper prices, given its relatively low production cost compared with other market participants. Codelco has one of the lowest cash costs of production in the copper industry of U.S.0.924 cents per pound as of September 2009. The company’s low cost position benefits from its significant molybdenum byproduct production, which further lowers its costs.
Codelco has adequate liquidity, backed by a track record of accessing debt in the local and international markets, and a well- diversified debt maturity profile. Short-term maturities of USD385 million as of Sept. 30, are expected to be financed with cash on hand of USD962 million. In addition, the company has a manageable debt maturity schedule of approximately US$600 million per year for the next five years
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