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Human Genome adopta un plan para evitar la oferta hostil de Glaxo

Human Genome Sciences Inc. adoptó un plan de derechos de accionistas con un plan para diluír su base si alguien intenta adquirir un 15% o más de las acciones de la compañía sin la aprobación del directorio tras la oferta de compra hostil de GlaxoSmithKline PLC por US$2.600 millones.

La compañía de biotecnología sigue sugiriendo a sus accionistas rechazar la oferta.

Human Genome Sciences, con sede en Rockville, Maryland, rechazó el mes pasado la oferta de compra de Glaxo por US$13 por acción por ser demasiado baja y señaló que contrató a dos bancos para que lo asesoren sobre “alternativas estratégicas”, incluida una posible venta de la compañía.

La compañía indicó el jueves que su plan de derechos permitirá a su junta directiva la oportunidad de completar su proceso de revisión estratégica y proteger el interés a largo plazo de sus accionistas.

Un plan de derechos, también conocido como poison pill, a menudo se utiliza para evitar potenciales ofertas de compras hostiles al dar a otros accionistas el derecho a comprar más acciones a un precio de descuento si un accionista compra cierto porcentaje de las acciones de la empresa. El plan es válido por un año.

© 2011 Wall Street Journal (www.wsj.com)
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ST Products to Pay $75,000 Penalty for Clean Water Act Violations at Blair County, Pa. Facility

Release Date: 04/12/2012Contact Information: Sternberg, 215-814-5548, sternberg.david@epa.gov

(PHILADELPHIA – April 12, 2012) The U.S. Environmental Protection Agency today announced a settlement with ST Products resolving alleged Clean Water Act violations at the company’s metal tube fabrication facility in Duncansville, Blair County, Pa.

ST Products agreed to pay a $75,000 penalty for allegedly exceeding permit limits when discharging industrial wastewater pollutants to the wastewater treatment plant operated by the Borough of Hollidaysburg (BOH) in Frankston Township, Blair County, Pa. The BOH wastewater treatment plant discharges treated wastewater to the Juniata River which flows into the Susquehanna and ultimately the Chesapeake Bay.

EPA’s complaint alleged that ST Products exceeded its pretreatment permit discharge limits for the pollutants oil and grease, zinc, lead, and copper over a 34-month period. As part of the settlement, ST Products did not admit liability for the alleged violations, but has certified that it is now in compliance with applicable Clean Water Act requirements.

The Clean Water Act requires companies discharging pollutants to Publicly Owned Treatment Works (POTWs) to obtain a permit from the POTW limiting the amount of pollution that may be discharged to the plant. This usually requires some type of pretreatment by the discharging facility.

Under a pretreatment permit, limits for pollutants are established in order to prevent impairment of waterways, either as a result of pollutants passing through the POTW, or interference with the functioning of the treatment plant.

For more information about pretreatment requirements visit: http://cfpub.epa.gov/npdes/home.cfm?program_id=3.

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Published by: United States Environmental Protection Agence (EPA) (yosemite.epa.gov)
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Exclusive: ECB stops operations with some Greek banks


BERLIN/FRANKFURT |
Wed May 16, 2012 5:39pm EDT

BERLIN/FRANKFURT (Reuters) – The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized, the ECB said on Wednesday, confirming news earlier reported exclusively by Reuters.

The news sent the euro lower against the dollar, fanning concerns among investors and in Greece that the country may have to leave the euro zone.

The development highlights the weak state of the banking sector in Greece, where Greeks are pulling euros out of the banks in fear that their country may exit the European single currency despite the declared determination of EU powers Germany and France to keep Athens in the monetary union.

“As recapitalization wasn’t in place, the ECB stopped monetary policy operations,” a euro zone central bank source told Reuters, declining to be identified. “They are now in the ELA of the Greek central bank.”

The ECB only conducts its refinancing operations with solvent banks. Banks which fail to meet strict ECB rules but are deemed solvent by the national central bank (NCB) concerned can nonetheless go to their NCB for emergency liquidity assistance (ELA).

The sources did not name the banks concerned.

An ECB official later added: “Pending the recapitalization of Greek banks that are severely undercapitalized as a result of the recent PSI (debt restructuring) operation, some of the Greek banks have been moved to Emergency Liquidity Assistance.”

“Once the recapitalization process is finalized, and we expect this to be finalized soon, the banks will regain access to standard Eurosystem refinancing operations,” the official added. “The ECB/Eurosystem (of euro zone central banks) continues to support Greek banks.”

It was unclear exactly how many lenders were affected but the development marked a increase in the number of Greek banks depending on emergency borrowing from the Bank of Greece.

One person familiar with the matter said four Greek banks’ capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB cannot provide liquidity to banks in such a situation.

ECB policymaker Luc Coene told the Financial Times in an interview released earlier this week Greek banks on ELA were still solvent.

Greece’s cabinet on April 27 agreed a state bank support fund (HFSF) would provide the country’s four big banks with 18 billion euros worth of European bonds as an interim solution until they are recapitalized later in the year.

The fund will allocate the 18 billion euros by next week to the country’s four biggest lenders as an interim recapitalization, its chief said on Wednesday.

“Procedures to allocate the funds should be concluded by next week,” the head of the Hellenic Financial Stability Fund (HFSF), Panagiotis Thomopoulos, told Reuters.

Athens is working with EU/IMF officials on technical aspects of a recapitalization plan for its banks, likely to be unveiled after the national election.

About 50 billion euros ($66 billion) have been earmarked in Greece’s second bailout to prop up its struggling banking sector.

ECB President Mario Draghi said earlier the central bank wanted Greece to remain in the currency bloc.

“I want to state that our strong preference is that Greece will continue to stay in the euro zone,” he said in a speech, adding: “Since the treaty does not foresee anything on exit (from euro), this is not a matter for the ECB to decide.”

(Reporting by Annika Breidthardt and Andreas Framke; Writing by Paul Carrel; Editing by Noah Barkin/Jeremy Gaunt)

© 2011 REUTERS (www.reuters.com)
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Distributing Nigerian films online

Jason Njoku studied chemistry at university and would probably be working as a scientist had he not thought of a magic formula that he has translated into a huge success: Nigerian films plus online distribution equals big money.

Currently the firm has more than 3,000 Nollywood titles in its library and, according to its website, it is Africa's largest content partner on YouTube and Dailymotion.

The low-budget films, often involving love-triangles and/ or witchcraft, are hugely popular across the continent.

"I wake up every single day super-excited about just being in control of my own time, and about having a real impact and change the world, in my little own way," he said.

African Dream is broadcast on the BBC Network Africa programme every Monday morning.

Every week, one successful business man or woman will explain how they started off and what others could learn from them.

© 2011 BBC News (www.bbc.co.uk)
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Country profile: India

The world's largest democracy and second most populous country emerged as a major power in the 1990s. It is militarily strong, has major cultural influence and a fast-growing and powerful economy.

A peace process, which started in 2004, stayed on track despite tension over Kashmir and several high-profile bombings until the Mumbai attacks of November 2008, which police blamed on Pakistani militants. India announced that the process was on pause the following month.

With its many languages, cultures and religions, India is highly diverse. This is also reflected in its federal political system, whereby power is shared between the central government and 28 states.

However, communal, caste and regional tensions continue to haunt Indian politics, sometimes threatening its long-standing democratic and secular ethos.

In 1984 Prime Minister Indira Gandhi was gunned down by her Sikh bodyguards after ordering troops to flush out Sikh militants from the Golden Temple in Amritsar.

And in 1992, widespread Hindu-Muslim violence erupted after Hindu extremists demolished the Babri mosque at Ayodhya.

Independent India's first prime minister, Jawaharlal Nehru, dreamed of a socialist society and created a vast public infrastructure, much of which became a burden on the state.

From the late 1980s India began to open up to the outside world, encouraging economic reform and foreign investment. It is now courted by the world's leading economic and political powers, including its one-time foe China.

The country has a burgeoning urban middle class and has made great strides in fields such as information technology. Its large, skilled workforce makes it a popular choice for international companies seeking to outsource work.

But the vast mass of the rural population remains impoverished.

Their lives continue to be influenced by the ancient Hindu caste system, which assigns each person a place in the social hierarchy. Discrimination on the basis of caste is now illegal and various measures have been introduced to empower disadvantaged groups and give them easier access to opportunities – such as education and work.

Poverty alleviation and literacy campaigns are ongoing.

Nuclear tests carried out by India in May 1998 and similar tests by Pakistan just weeks later provoked international condemnation and concern over the stability of the region.

The US quickly imposed sanctions on India, but more recently the two countries have improved their ties, and even agreed to share nuclear technology.

India launches its own satellites and in 2008 sent its first spacecraft to the moon. It also boasts a massive cinema industry, the products of which are among the most widely-watched films in the world.

© 2011 BBC News (www.bbc.co.uk)
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Samsonite brings ‘Augmented Reality’ display concept to Middle East

In a step that takes innovations to new levels, Samsonite Group, the worldwide specialist in travel solutions over the last 100 years, has implemented the revolutionary Augmented Reality Interactive display concept, in select Samsonite Classic Stores in the UAE and Middle East.

The Augmented Reality concept has been introduced at Samsonite’s exquisite showroom at Dubai Mall. Augmented Reality is a concept involving computer-generated imagery in live video streams where a person interacts with the objects on screen, giving the perception of being part of that reality.

The introduction of Augmented Reality concept further reinforces Samsonite Middle East’s commitment to innovation, not only in their world-class products and services, but also in the way they communicate and display the products at their stores in the region.

The new concept involves an Interactive TV on the store window, where customers watching the video imagery will feel transposed and step in to appear in the video, interacting and becoming a part of the reality. Samsonite ME also announced that the concept will soon also be introduced at other selected stores across the UAE and the Middle East.

In his comments on the new interactive concept, Subrata Dutta, Managing Director – South Asia and Middle East for Samsonite, said, “By bringing in the concept of Augmented Reality into the region – the first time such an interactive display has been introduced in our category across the region, our aim is to give an exciting and innovative new avenue for our customers to feel the Samsonite experience with us. We are proud to pioneer this type of virtual reality and window display in the region, on this scale.”

He added, “This is a compelling initiative to engage with our customers and make it an interactive fun exercise. We will look at introducing the same at our other stores across the Middle East very soon. The concept is integral to our overarching campaign to strengthen our brand visibility and commitment to innovation across the region and beyond. Moreover, this gives a whole new meaning to the concept of window shopping in the Middle East!”

Samsonite has always been at the forefront for business and casual luggage, as well as travel accessories since 1910. Today, Samsonite is the worldwide leader in superior travel bags, luggage and accessories, combining notable style with the latest design technology and the utmost attention to quality and durability.

Utilizing top designer expertise from around the globe, Samsonite has created unparalleled products that fulfill the travel and lifestyle needs of the sophisticated traveler.

© 2011 AMEINFO (www.ameinfo.com)
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Egypt: Decision to suspend work of election commission criticized

Published May 9th, 2012 – 07:35 GMT

Egyptian election commission announced it was suspending its preparations for the presidential vote later this month after feeling “insulted” by MPs during a parliamentary session Monday. The commission said in a statement it would not meet as planned Tuesday with candidates and representatives of the press waiting for “better conditions”.

It is unclear at this stage, if the decision may have an impact on the elections, whose first round is scheduled on 23 and 24 May.

The commission accuses MPs of insulting its members, whose legitimacy is disputed by some Egyptians. They feel the commission tends to compromise with the old regime of Hosni Mubarak.

The decision aroused wide reactions in Egypt’s political arena. Some accused the Islamist Party of Freedom and Justice in attempts to disrupt the work of the election process.

On his part, presidential candidate Amr Moussa has expressed his surprise by the decision. In a statement issued on Tuesday, Musa stressed “the need to protect democracy” and not to take any action that would influence its track. 

© 2011 Al Bawaba (www.albawaba.com)
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Títulos que causaram crise nos EUA já não parecem tão ruins

A crença dos investidores de que o pior já passou no mercado imobiliário dos Estados Unidos está reacendendo o interesse nos outrora tóxicos ativos que estiveram no centro da crise financeira.

O preço de alguns títulos de dívida com alto risco de inadimplência e lastreados em hipotecas “subprime” — aquelas outorgadas antes da crise para tomadores com duvidoso histórico de crédito — alcançaram rentabilidade de dois dígitos porcentuais este ano, com um índice bastante acompanhado pelo mercado chegando a 14%.

A disparada atraiu investidores de volta para uma área do mercado de crédito que foi castigada entre 2007 e 2009 e se mostrou volátil desde então.

Essa recente virada conta com alguns administradores de capital abrindo fundos de investimento dedicados à compra desses títulos de alto risco lastreados em hipotecas, na esperança de amealhar lucros gordos, enquanto aguardam uma reviravolta no mercado imobiliário.

O ressurgimento desses títulos garantidos por hipoteca, que foram deixados à míngua durante a crise, mostra como o apetite dos investidores para o risco está voltando, mesmo depois que vários bancos e fundos de hedge perderam dinheiro com títulos semelhantes no ano passado.

Mas, dessa vez, investidores dizem que muitos títulos subprime tornam-se atraentes porque refletem um cenário de catástrofe que talvez não se materialize, ainda que o setor imobiliário continue estagnado.

Os preços de mercado dos títulos subprime representam “suposições extremamente pessimistas de como os tomadores vão se comportar”, disse Jeffrey Wheeler, um gerente de portfólio do fundo Smith Breeden Associates, de Durham, no Estado americano da Carolina do Norte. Títulos de dívida que estão rendendo de 7% a 9% — um alto retorno frente às baixas taxas de juros de hoje — refletem uma alta previsão de inadimplência, e o desfecho pode não ser tão ruim, disse ele.

A regional de Nova York do Federal Reserve, o banco central dos EUA, recentemente vendeu títulos subprime que comprou em 2008 durante o resgate da seguradora American International Group Inc., cujas apostas nas dívidas lastreadas em hipotecas a levaram à beira do colapso. O Fed de Nova York vendeu títulos de dívida com valor de face de US$ 13 bilhões para dois bancos de Wall Street via leilões de grande escala, embolsando mais de US$ 6 bilhões em dinheiro. Os bancos — Goldman Sachs Group Inc. e Credit Suisse Group AG — vêm, por sua vez, revendendo os títulos subprime para investidores, incluindo fundos de hedge, seguradoras e fundos de pensão, que estão procurando garantir altos retornos nos próximos anos.

A mais recente virada nos preços das dívidas de risco lastreadas em hipoteca acontece em meio a uma disparada no mercado de ações e no de títulos de dívida corporativos, propelidos por investidores confiantes que os governantes europeus e os bancos resolverão os seus problemas de dívida sem desestabilizar os mercados financeiros globais.

Em todo caso, alguns analistas alertam que os títulos subprime despencaram no ano passado e podem muito bem cair de novo, especialmente se o cenário econômico nos EUA e a crise europeia piorarem. “O mercado foi duramente golpeado no ano passado,” observa Chandra Bhattacharya, um estrategista do Credit Suisse especializado em ativos lastreados em hipotecas residenciais.

Títulos como os que o Fed de Nova York vendeu são garantidos por pagamentos de grandes grupos de empréstimos imobiliários outorgados no auge do boom do setor nos EUA para pessoas de crédito duvidoso. Muitos desses tomadores atrasaram-se nos pagamentos dos empréstimos ou ficaram inadimplentes nos últimos anos. Alguns grupos de empréstimos tiveram índices de inadimplência acima de 40%, a principal razão pela qual muitos títulos subprime são negociados por uma fração do seu valor de face, e os seus detentores não recuperarão a totalidade do principal, apesar da valorização recente.

Mesmo assim, a preços correntes, investir em certos títulos subprime traz “um risco limitado e um retorno talvez substancial”, disse Joe Walsh, presidente do Amherst Securities Group, uma corretora centrada em dívidas de hipoteca. Desde que o mercado imobiliário começou a cair, os preços de imóveis nos EUA despencaram cerca de 33%, e muitos economistas esperam uma queda de até 5% ou mais.

“A probabilidade de um colapso no setor imobiliário ou outra queda significativa diminuiu”, diz Joshua Anderson, um gerente de portfólio do Pacific Investment Management Co.

(Contribuiu Al Yoon.)

© 2011 Wall Street Journal (www.wsj.com)
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Dubai to build new zoo costing Dh150m

Dubai: The Dubai Municipality has started work on developing Dubai Safari in Al Warqa area.

The project, which took about three months of planning, has been given a go-ahead by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

The municipality has already started leveling the site and the Safari will have animals from other countries.

Animals from the existing Dubai Zoo will be shifted to the new Safari, said Hussain Nasser Lootah, Director General of Dubai Municipality.

Article continues below

© 2011 Gulf News (www.gulfnews.com)
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Crise europeia não perturba o euro

Enquanto alguns bolsões do mercado financeiro emitem os agora conhecidos sinais de pânico com a crise da zona do euro, o valor da moeda em si continua no mesmo lugar.

O custo de financiamento da dívida do governo espanhol atingiu um novo recorde, indicando que os investidores estão cada vez mais nervosos com a possibilidade de a crise de dívida da zona do euro fazer mais uma grande vítima. As ações espanholas também estão sofrendo quedas vertiginosas, sendo que o índice principal atingiu o menor patamar em três anos.

Nas manifestações iniciais da crise do euro, especialmente nos primeiros meses da crise grega, movimentações como essas em ações e swaps de crédito golpeavam o euro a cada instante. Agora, a moeda europeia quase não está se mexendo. Ela caiu um pouco em relação ao dólar na sexta-feira, mas continua na faixa habitual em que tem ficado desde o fim de janeiro, entre US$ 1,30 e US$ 1,35.

Com as eleições potencialmente desestabilizantes na França e na Grécia, em maio, e possivelmente também uma série de rebaixamentos nas notas de créditos de bancos italianos, na semana que vem, isso pode refletir uma complacência alarmante. Isso também sugere que os investidores estão tendo dificuldade para encontrar outras grandes moedas que lhes agradem, em meio a uma crise com implicações mundiais. “Se as pessoas tivessem alguma coisa para trocar pelo euro, trocariam”, disse Kit Juckes, analista-chefe de câmbio em Londres do banco francês Société Générale.

Suspeitas persistentes de que o Federal Reserve, o banco central americano, ainda pode aumentar o afrouxamento monetário estão fazendo muitos investidores evitar o dólar, disse Juckes. Para piorar a presente paralisa do mercado, o dólar no momento está se movimentando de maneira pouco comum, caindo quando as notícias sobre a economia americana decepcionam, e subindo quando os dados divulgados são melhores que as projeções. É uma mudança, embora inconsistente, em relação aos padrões habituais, já que os indicadores econômicos otimistas geralmente motivam os investidores munidos de dólares a fazer apostas mais arriscadas no exterior, pressionando a cotação da moeda.

“Esse relacionamento do dólar [com o sentimento dos investidores] está em fluxo. Ele tem subido quando há boas notícias econômicas, e isso está deixando as pessoas confusas sobre como operar com ele”, disse Neil Mellor, analista cambial em Londres do BNY Mellon. Escolher uma alternativa entre as outras moedas mais importantes é mais difícil do que parece. O iene está sendo contido pela aversão explícita das autoridades japonesas a uma moeda forte — algo que eles poderiam combater com mais afrouxamento monetário ou até mesmo, como alguns observadores suspeitam, com intervenções no mercado cambial.

A libra esterlina é, para muitos, uma boa aposta, mas os dados econômicos divulgados pelo Reino Unido exibem um quadro duvidoso e, nas palavras de Juckes, do Société Générale, esperar a libra se valorizar em relação ao euro é como “assistir tinta secar”.

Enquanto isso, o franco suíço está preso pelo limite que o Banco Nacional Suíço impôs para garantir que a cotação do euro não fique abaixo de 1,20 franco. “Se o mercado pudesse levar isso a 1 franco suíço, ele faria”, disse Juckes.

© 2011 Wall Street Journal (www.wsj.com)
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