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North Korea military appears to back Kim succession
(Reuters) - North Korea's military has nominated the third son of ailing leader Kim Jong-il as a delegate to a rare meeting of the ruling party, a South Korean newspaper said, supporting reports he is his father's chosen successor.
In isolated North Korea, the backing of the army is seen as vital in a smooth power transition, particularly given the younger Kim's inexperience.
Kim Jong-un, believed to be in his mid-20s, is expected to be anointed eventual successor at a Workers' Party conference starting on Tuesday, when experts say he will likely be given his first official role.
Chosun Ilbo cited sources as saying the army had nominated both the father and son as its delegates to the biggest party meeting in three decades.
It added that while only Kim Jong-il's election was publicly known, "Kim Jong-un's election as a delegate is widely known among executives of the North Korean People's Army."
Regional powers will all be watching for clues as to how the transfer of power proceeds in the country with enough fissile material for at least six to eight nuclear weapons, as well as a military with nearly 1.2 million combat-ready troops.
State media has reported for the past month on the regional appointments of delegates to the conference, and said on Sunday the appointees had arrived in the capital for the meeting.
Kim, who is believed to have suffered a stroke in 2008, has called the conference to elect the party's "supreme leadership body," in a move experts say is part of an overall plan to ensure the continuation of his family's dynastic rule.
Experts say the most market-friendly outcome is an approximate continuation of the current system. The biggest concern are any signs of regime collapse that could result in internal unrest, massive refugee flows and military exchanges.
"North Korea is an unknowable risk," said Shaun Cochran, head of research at the brokerage CLSA in Seoul. "We either see dramatic change or none at all."
Tensions have soured on the peninsula since conservative South Korean President Lee Myung-bak took office in 2008, demanding an end to its nuclear ambitions in return for massive aid and investment from the south.
Relations deteriorated further this year after the South, with U.S. backing, accused the North of torpedoing one of its navy ships, killing 46 sailors. Pyongyang denies the charge and threatened to retaliate by force if Seoul imposed sanctions.
On Monday, the South Korean and U.S. militaries began a joint anti-submarine drill off the west coast near where the South Korean warship sank. It is the second such exercise in response to the sinking of the warship.
Pyongyang condemned the exercise, saying it was a "deliberate military provocation to hamstring the efforts for detente on the Korean Peninsula," state media reported.
The North has made conciliatory gestures in recent weeks, engaging in dialogue with the South over flood aid and family reunions, and also indicating it was willing to restart talks with regional powers aimed at scrapping its nuclear arms projects in return for economic aid.
The last WPK meeting in 1980 marked the start of Kim's own succession, when he himself began his official role to succeed his father and state founder, Kim Il-sung, by taking on a Workers' Party title at the age of 38.
But Kim senior, now 68, is not expected to retire just yet despite declining health, experts say, because his son is considered too young to take over.
Intelligence sources said the North's top military and party officials have been asked to pledge loyalty to Jong-un but the public is still in the dark about his future role, never having even been informed that Kim Jong-il has sons.
In the event Kim Jong-il dies suddenly, analysts expect a collective leadership centered on Jong-un and his uncle Jang Song-taek, who is expected to be promoted to a senior role during the meeting. Experts say Jang will likely act as regent until Jong-un is fully ready to take over.
(Additional reporting by Brett Cole; Editing by Nick Macfie)
Venezuela opposition pegs back Chavez in parliament
By Frank Jack Daniel and Patricia Rondon
CARACAS | Mon Sep 27, 2010 4:54am EDT
CARACAS (Reuters) - Venezuelan President Hugo Chavez won a majority in parliament but opponents took more than a third of the seats, threatening his ability to pass socialist reforms before seeking re-election in 2012.
Although it did not win a majority in the National Assembly elections on Sunday, the opposition Democratic Unity umbrella group claimed it won a slim majority of the popular vote which, if confirmed, would be a significant blow to Chavez in the 12th year of his rule.
"We are the majority!" sang opposition supporters after the results were announced in the early hours of Monday.
After years of defeats and missteps, they will now focus on trying to topple Chavez in 2012.
Election authorities said Chavez's ruling Socialist Party and allies won at least 93 seats in the 165-member Assembly.
Benefiting from discontent at a deep recession, soaring violent crime and electricity shortages in South America's top oil exporter, Democratic Unity took at least 59 seats, with almost all the votes counted.
The government was always likely to get a higher percentage of seats than votes due to changes to electoral districts and voting rules that favored it.
A baseball-mad former tank soldier who rose from a poor rural childhood, Chavez first tried to take power in a 1992 coup and has only lost one election since he won the presidency at the ballot box in 1998.
He has become one of the world's most recognizable politicians, taking the crown from Cuba's Fidel Castro as Latin America's leading critic of Washington and putting swathes of Venezuela's economy in state hands.
Though he failed in his stated goal of winning a two thirds majority, Chavez sought to put a brave face on the election, declaring on his Twitter site: "A new victory for the people. I congratulate you all."
The opposition said it had won 52 percent of the national popular vote in Sunday's election, but there was no immediate confirmation of that from electoral authorities.
"This gives us a lot of political power," said Armando Briquett, spokesman for the umbrella opposition group Democratic Unity. "We are very happy."
DOMINANT FIGURE
Chavez was not on the ballot for parliament but he was the dominant figure throughout the campaign, in yet another vote that was essentially a referendum on his rule.
While not an outright defeat for 56-year-old Chavez, the result confirms Venezuela's opposition forces are galvanizing.
Chavez would now need opposition support to have the two thirds of votes needed for major legislation or appointments to important institutions like the Supreme Court.
He needs to win more of the remaining seats to bypass parliament via special fast-track "decree" powers requiring three fifths -- or 99 seats -- of parliament.
Should he be able to use that, analysts are unsure whether he might radicalize his self-styled "Bolivarian Revolution", named for Venezuelan independence hero Simon Bolivar, or try to soften policies to appeal to the many who voted against him.
"He has always been impossible to predict. That's been a secret of his success," said a senior Western diplomat in Caracas.
The election result signals the unofficial starting gun for the 2012 presidential race, where Chavez hopes to extend what will by then be nearly 14 years in power.
Investors have paid close attention to the vote, particularly because debt issued by the government and state oil company PDVSA offers very high yields for those willing to bear what some consider a significant chance of default.
Venezuela's benchmark bonds rose in recent days as the election campaign closed peacefully, but the yield spread over U.S. Treasuries remains the widest among nations listed on JP Morgan's Emerging Markets Bond Index Plus (EMBI+).
The EMBI+ is an indicator of the perceived riskiness of the country's debt.
On Chavez's legislative agenda are political reforms that would give more power and funding to local neighborhood groups largely supportive of him. He may also be eyeing more nationalizations in the bank and food sectors.
For the opposition, the election has given them a first significant presence in parliament for years. They boycotted the last vote in 2005, and have since regretted it as it handed Chavez complete control of the Assembly.
They managed to unite for the parliament election, and will hope to replicate that in 2012 behind a single candidate.
"It's going to be a hostile parliament, that's for sure," the Caracas secretary-general of the opposition Democratic Action Party, Guillermo Miguelena, told Reuters.
"Now we need to keep the unity we have achieved."
(Additional reporting by Andrew Cawthorne, Enrique Andres Pretel, Deisy Buitrago, Eyanir Chinea, Marianna Parraga; Editing by Kieran Murray)
Four Surging Stocks That Remain Reasonably Priced: John Dorfman
September 26, 2010, 9:16 PM EDT
Sept. 27 (Bloomberg) -- A recent surge has carried stocks from losses to gains. Investors may not be smiling, but at least they’re frowning less. The Standard & Poor’s 500 Index is up 9 percent so far this month, and for the year it’s gained 3 percent. In the past 30 days, about 20 percent of U.S. stocks have risen 10 percent or more.
Few of September’s stars still strike me as bargains. Here are a few that do.
The largest one is UnitedHealth Group Inc. with a market value of about $40 billion. Based in Minnetonka, Minnesota, UnitedHealth runs what it calls organized health systems. That includes health maintenance organizations, preferred provider organizations, traditional health insurance, dental insurance, and other plans.
I was surprised when I looked at a chart of UnitedHealth’s sales and earnings growth since 2003: It was stronger than I had expected. Revenue climbed to $87 billion last year from $37 billion five years earlier.
Granted, much of the increase came through acquisitions. Still, I’m impressed with a five-year earnings growth rate of 7 percent during a time when many businesses were thrown into reverse by the longest recession since the Great Depression.
Critics might say that some of the company’s sales resulted from questionable tactics. This month the California Department of Insurance, expanding on a previous complaint, said UnitedHealth’s PacifiCare Life and Health Insurance unit has committed almost 1 million violations. If the company is found guilty of each violation and fined the maximum amount, it could face penalties of as much as $9.9 billion.
Alleged Violations
The allegations include failing to tell health providers they could appeal denied claims, wrongfully denying claims, taking too long to acknowledge claims, paying incorrect amounts and taking too much time to process claim appeals.
I don’t believe that these accusations are a fair representation of the business practices of UnitedHealth Group as a whole. And I’m confident that any fine the company ends up paying will be a lot less than $9.9 billion.
UnitedHealth Group stock looks quite attractive to me at 10 times earnings and less than 0.5 times revenue.
Corn Products International Inc. also managed to stay on its feet through the recession. Its five-year earnings growth rate is 7 percent and this year analysts expect it to have its second-best year ever, earning $2.60 a share.
You might expect a company based in Westchester, Illinois, to be provincial, but Corn Products gets almost 70 percent of its revenue from outside the U.S.
The stock is up about 30 percent this year and sells for 14 times earnings.
Raising Expectations
Macy’s Inc., the second-largest U.S. department-store chain, has gained about 17 percent in September and is up about 36 percent this year. Its advance defies the conventional wisdom that most retailers can’t do well until more people find jobs.
Unemployment continues to hovers at 9.6 percent. Yet U.S. retail sales edged up in August, and Macy’s raised its profit guidance for the second time in four months.
The Cincinnati-based company expects to earn $1.89 a share in its current fiscal year. Its best year was 2006, when it had a profit of $3.24 a share while 2009 was its low point, with a loss of $11.40 a share.
I think the stock will continue to surprise people pleasantly in the next few months. But investors should keep an eye on the debt level, which was an uncomfortable 166 percent of equity as of June 30.
Speculative Pick
For my final and perhaps most speculative choice, I recommend Dorman Products Inc., a maker of replacement auto parts, located in Colmar, Pennsylvania.
In the past five years, Dorman’s earnings rose at about a 9 percent annual clip. The company set an earnings record of $1.47 a share last year, and analysts expect $2.22 this year.
Dorman stock is up about 82 percent this year, and it sells for 14 times earnings.
I don’t know when U.S. auto sales will again hit the pace of 16 million to 17 million vehicles a year posted from 2001 through 2006. In 2009, the figure was about 11 million.
In this case, what’s bad for General Motors is good for Dorman. Fewer new-car sales means consumers are likely to buy more replacement parts to keep their old cars going.
Disclosure note: I own shares in Dorman for clients and personally. I have no long or short positions in the other stocks discussed in this column.
(John Dorfman, chairman of Thunderstorm Capital in Boston, is a columnist for Bloomberg News. The opinions expressed are his own. His firm or clients may own or trade securities discussed in this column.)
--Editors: Steven Gittelson, James Greiff.
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To contact the writer of this column: John Dorfman at jdorfman@thunderstormcapital.com.
To contact the editor responsible for this column: James Greiff at jgreiff@bloomberg.net
Companies Reluctant to Hike Prices Despite Rising Costs
Commodity prices and other corporate costs are headed higher, but many consumers refuse to pay more for products. The result could be weaker profits and slower hiring
By Ben Steverman
U.S. companies are reluctant to raise prices on their frugal customers, a trend that economists and investors warn could squeeze profits as many corporate costs rise.
According to the U.S. Producer Price Index data released Sept. 16, the cost of "crude materials"—inputs for the products made by U.S. companies—rose 2.7 percent from June to July and another 2.3 percent from July to August. The Dow Jones-UBS Commodity Index is up 12 percent since July 1.
Yet, despite higher costs, many executives say they can't raise prices. "We don't think it's prudent of us to plan on that in this environment," ConAgra Foods (CAG) Chief Executive Officer Gary Rodkin told analysts Sept. 21, as his company reported that inflation exceeded cost savings last quarter.
Airlines are cutting prices despite the higher fuel costs. Domestic airfares fell 2.1 percent from June to July and 1.8 percent from July to August, according to Air Transport Assn. data released Sept. 20. The cost of jet fuel is up 10.8 percent since July 1 in New York trading.
Regulation Impact
Commodity prices aren't the only worry for cost-conscious corporations. New government rules are pushing costs higher in certain industries, says David Chalupnik, head of equities at First American Funds. Federal legislation reforming the health-care and financial systems could push up prices in those sectors, he says.
Higher labor costs in China are raising the cost of apparel, technological devices, and other imported goods. JCPenney (JCP) Chairman and Chief Executive Officer Myron Ullman acknowledged those cost pressures at an investment conference Sept. 14. "As an industry, we're going to have difficulty passing on price increases to the consumer," he said.
With the U.S. unemployment rate at 9.6 percent in August and the important holiday retail season approaching, "it's those companies offering deals that will pull in consumers," Chalupnik says.
With costs jumping, some companies and industries are going through with price increases anyway.
Commodity Squeeze
Commodity costs at food producer Sara Lee Corp. (SLE) will rise 15 percent in the fiscal year that began in July, the company estimated while reporting earnings Aug. 12. As a result, C.J. Fraleigh, the head of North American retail and food service operations, told Bloomberg News that Sara Lee would raise prices in "a majority of our businesses."
Moody's Corp. (MCO), the credit ratings agency, may raise the fees it charges issuers in the "mid-single-digit range" to cover higher regulatory and compliance costs, according to Piper Jaffray (PJC) analyst Peter Appert, writing Sept. 20 after a meeting with top Moody's executives.
For companies that have seen raw material costs surge, price increases may be inevitable. Companies have been cutting costs and boosting productivity since 2007, says Michele Gambera, head of quantitative analysis at UBS Global Asset Management.
"How much more can they tighten the belt?" Gambera says. "I don't think there is a lot of fat to trim." Companies "have to sooner or later pass it on to the consumer or final user," he says.
Cooper Tire & Rubber Co. (CTB) plans to hike prices up to 6.5 percent starting in November, Bloomberg News reported Sept. 17. The company is reacting to a jump in the price of rubber, which is up 43 percent in the past year for rubber traded in Tokyo. According to Bloomberg News on Sept.22, Tyson Foods (TSN) spokesman Gary Mickelson said in an e-mail that the U.S.'s largest chicken processor may be "forced to raise our prices to offset the increase in input costs," especially the higher cost of corn. On Sept. 24, corn futures hit their highest level since Oct. 1, 2008.
Cautious Consumers
It remains to be seen how customers react to these price moves. Recent examples suggest it may be difficult to get consumers to open up their wallets any wider.
Wal-Mart Stores (WMT), the world's largest retailer, has cut prices on detergent, cereal, and other items, but the price-cutting hasn't produced the sales or traffic the company had expected, executives said last month. "Gas prices and unemployment continue to influence how our core customers shop," U.S. stores chief William Simon told analysts Aug. 17. "Customers are spending cautiously."
The movie industry has in effect raised prices by charging an extra $3 or more for tickets to 3D movies. The result, according to Hollywood.com Box Office estimates released Aug. 30, has been 2.4 percent higher summer box-office revenue. However, attendance—the number of tickets actually purchased—fell 2.6 percent, to the lowest level since the summer of 1997.
Companies can only charge more if they offer a unique, higher-quality product, says Thomas Stemberg, the founder and former chief executive of Staples (SPLS) who is now managing general partner of Highland Consumer Partners in Lexington, Mass. "The consumer is very smart and in most products has figured out where they can get the best deal," Stemberg says.
Pricing Power
Brand names can provide companies pricing power. Kraft Foods (KFT) Chief Executive Officer Irene Rosenfeld told Bloomberg Television Sept. 16 her company's emphasis on its brand names is paying off. "We are finding we are able to price to reflect those [higher] input costs," Rosenfeld said. "Given the strength of our brands, we are able to get that pricing realized."
It's the sort of strategy that works only if you "have a brand that is really different," Stemberg says. So, it might work for Kraft Philadelphia Cream Cheese—"a truly differentiated product"—but not Kraft mayonnaise. Kraft can call its cream cheese the "category leader," while rival Unilever (UN) claims that its Hellmann's brand—known as Best Foods in the western U.S.—is the most popular mayonnaise.
New, innovative products are the best way to get consumers to pay more, ConAgra's Rodkin told analysts.
"The more intense value mindset of consumers is here to stay," he said. "The food industry, both manufacturers and retailers, will not win by continuously dropping prices. Value does not just mean a cheaper price. It's much more holistic."
Technology companies may be in the best spot when it comes to pricing, First American Funds' Chalupnik says. They can charge more because of growth in the global economy, companies' need for technology that boosts productivity, and consumers' desire for hot new products. "People will spend money on an iPhone but they don't want to pay extra for apparel," he said. His fund owns shares of Apple (AAPL), the maker of the iPhone.
Profit Worries
If prices continue to rise and consumers remain frugal, the result could be lower-than-expected profits in several sectors, says Gary Wolfer, chief economist at Univest Wealth Management. Most of the effect could be felt in 2011, when it becomes tougher for companies to top 2010 results, he says.
According to analysts surveyed by Bloomberg, earnings per share for the Standard & Poor's 500-stock index are expected to rise 24 percent and 31 percent year-over-year in the final two quarters of 2010, but 10 percent and 8 percent in the first two quarters of 2011.
In the meantime, the shrinking profit margins could discourage job creation by corporations. Against the backdrop of rising costs and weak sales, Wolfer says, "What is going to be the trigger for companies to hire?"
Steverman is a reporter in Bloomberg's Chicago bureau.
Unilever to buy hair-care firm Alberto Culver
Deal boosts Unilever’s presence in hair conditioning, shampoo, styling
MADRID (MarketWatch) — Consumer-products group Unilever PLC announced Monday it has reached a deal to buy hair-products group Alberto Culver Co. for $3.7 billion in cash.
Unilever /quotes/comstock/13*!un/quotes/nls/un (UN 29.37, +0.52, +1.80%) /quotes/comstock/13*!ul/quotes/nls/ul (UL 28.56, +0.47, +1.67%) /quotes/comstock/23s!e:ulvr (UK:ULVR 1,839, +46.00, +2.57%) plans to acquire all the outstanding shares of U.S.-based Alberto Culver /quotes/comstock/13*!acv/quotes/nls/acv (ACV 31.48, +0.18, +0.58%) for $37.50 per share in cash, representing a 33% premium to the hair-care group’s 12-month, volume-weighted average share price.
The deal is subject to approval by majority owners of the hair-products company, while the boards of directors of both companies have already approved the merger.
Shares of Unilever were trading up 2.1% in London. In the U.S. on Friday, shares of Alberto Culver closed at $31.48.
Unilever said the purchase of Alberto Culver, home to TRESemme, VO5, Nexxus, St. Ives and Simple, makes it the biggest global company in hair conditioning, the second-biggest in shampoo and third-largest in styling.
The deal also lifts Unilever’s presence in key markets such as the U.S., Canada, the U.K., Mexico and Australia in what it terms an “attractive, high-growth category.” Unilever said it intends to expand Alberto Culver into emerging markets as well as increase its standing in existing markets.
“Personal Care is a strategic category for Unilever and growing rapidly,” said Paul Polman, chief executive of Unilever. “Ten years ago it represented 20% of our turnover; strong organic growth has driven it to now reach over 30%, with strong positions in many of the emerging markets.”
Alberto Culver, which operates in nine countries, generated sales of approximately $1.6 billion and earnings before interest, taxes, depreciation and amortization of over $250 million for the 12-month period ended June 30.
In erratic market, boring works
Commentary: Number-crunching fundamentalism can get results
NEW YORK (MarketWatch) — Boring works in this erratic market — and sometimes it’s exciting.
The top-performing portfolio over the last 12 months by Hulbert Financial Digest count is Toronto-based The Investment Reporter’s Speculative Stocks list, up 53.6% through August versus 14.86% for the dividend-reinvested Wilshire 5000 Total Stock Market Index. Currently it consists of just one stock: PFB Corp. /quotes/comstock/11t!pfb (CA:PFB 5.79, 0.00, 0.00%) .
PFB Corp. is a Canadian stock, and it has of course benefitted from the Canadian dollar’s appreciation. But although you often get fluke results when you look at the top-performing portfolio among the 640-odd portfolios offered by the 180-odd letters currently followed by the Hulbert Financial Digest, Investment Reporter’s overall record, which includes a significant exposure to U.S. stocks, is consistently strong. Having the current top-performing portfolio may be atypically exciting, but it’s not out of line.
Over the year to date, an average of The Investment Reporter’s ten portfolios, arranged according to risk, is up 27.4% by Hulbert Financial Digest count versus 5.75% for the dividend-reinvested Wilshire 5000 Total Stock Market Index.
Over the past five years, the letter was up an annualized 5.5%, versus negative 0.52% annualized for the total return Wilshire 5000. Over the past fifteen years, the letter was up an annualized 12.36%, versus a 6.22% annualized gain for the total return Wilshire.
The Investment Reporter gives no investment allocation advice and is therefore treated as fully invested at all times by the HFD. Accordingly, its performance reflects a heart-stopping overall loss of negative 50.9% in the Crash year of 2008, when the Wilshire finished down negative 37.2%. But it bounced back.
The Investment Reporter’s portfolios are divided equally between U.S. and Canadian stocks, but in recent years it has told its subscribers to be only 25% exposed to U.S. equities.
Its top-performing U.S. list: its “Average Risk U.S. Stocks,” up 12.8% annualized, versus 7.13% for the Wilshire since the HFD started following it in 1991. Current holdings: Paychex Inc. /quotes/comstock/15*!payx/quotes/nls/payx (PAYX 27.23, +0.98, +3.73%) and PPG Industries Inc. /quotes/comstock/13*!ppg/quotes/nls/ppg (PPG 72.92, +1.47, +2.06%) .
Over many years in journalism, I’ve found that U.S. editors regard Canada as boring. And up to a point The Investment Reporter kind of bears that out. It is fully invested. It offers no exciting macro theories. It doesn’t even use technical analysis, just number-crunching fundamentalism.
But it gets results — as does the very similar Canadian service Successful Investor. (See Dec. 17, 2009 column). This not may not be a coincidence. Successful Investor editor Pat McKeough ran Investment Reporter for many years.
In its relatively short commentaries, the Investment Reporter is currently showing an intense interest in dividends. It writes:
“The fact is, dividend yields are now significantly higher than bond yield…High-quality companies usually maintain their dividends. Many of our Key Stocks raise their dividends regularly. Also, high-quality companies usually remain in business, prosper in good times and share that prosperity with you.
“Just remember to diversify across the five main sectors of the economy: finance; utilities; consumer products and services; manufacturing; and resources. This will reduce the risk to your dividends.”
This approach was evident in the service’s most recent bulletin, which recommended Chevron Corp. /quotes/comstock/13*!cvx/quotes/nls/cvx (CVX 80.12, +1.58, +2.01%)
After reviewing the oil company’s operations, Investment Reporter noted in a very Graham-and-Doddish way:
“The shares trade at a mere eight times earnings. So there’s room for multiple expansion in addition to the positive effect of rising earnings.
“What’s more, the stock has a healthy dividend yield of 3.6 per cent, and the dividend is bound to continue to rise in coming years. All told, the shares are an attractive buy for growth and income.”
Wal-Mart bids $4.26 bln for S. African’s Massmart
Deal would be platform for growth in Africa, retail giant says
TEL AVIV (MarketWatch) -- Wal-Mart Stores Inc., the world’s No. 1 retailer, made a non-binding proposal to acquire Massmart Holdings Ltd., the Johannesburg consumer-products and food retailer, for 148 rand ($21.13) a share, or $4.26 billion, the companies said in Monday statements.
Massmart shares (ZA:MSM 13,475, +125.00, +0.94%) last traded at 134.75 rand a share, indicating that the Bentonville, Ark., retailer /quotes/comstock/13*!wmt/quotes/nls/wmt (WMT 54.08, +0.43, +0.80%) is proposing a 9.8% premium.
Massmart operates 290 stores in 13 African countries, mostly in South Africa.
Acquiring Massmart would be “a compelling growth opportunity” would “provide a platform for growth and expansion in other African countries,” said Andy Bond, Wal-Mart’s executive vice president with responsibility for the U.K. and Africa.
Massmart said the proposal is “the beginning of the process and it is difficult to say how long it will take or whether it will lead to an offer.”
And Massmart Chief Executive Grant Pattison said that Wal-Mart’s interest “represents a vote of confidence” in South Africa, the firm and its employees.
Doug McMillon, president and CEO of Wal-Mart International, said, “We respect and honor pre-existing union relationships and are committed to abiding by South African labor laws.
“We also look forward to serving communities and working with the leaders to support the continuing development and momentum in the region.”
The proposed deal is subject to conditions including a due-diligence financial review as well as regulatory clearances and a vote of Massmart holders.
Robert Daniel is MarketWatch's Middle East bureau chief, based in Tel Aviv.
JPMorgan Top Bank for Underwriting but Revenue Halves
Global stock underwriting proceeds have slipped 9 percent so far in 2010 as investors have proved less willing to take risks amid an uncertain economic recovery.
CNBC.com
JP Morgan Chase
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Proceeds from global equity capital markets underwriting activity have fallen to $496.14 billion from $544.96 billion so far this year.
But the number of deals has increased 5.6 percent to 2,817 deals compared with a year earlier as banks have been willing to underwrite smaller offerings.
Globally, JPMorgan Chase [JPM 39.7525 0.6525 (+1.67%) ] nabbed the top spot among banks for equity capital markets underwriting in the first three quarters of 2010, but it hauled in less than half of what it did a year earlier.
While the bank kept its No.1 ranking, it brought in proceeds of just $39.5 billion compared with $80.07 billion in the same period a year earlier. The bank underwrote 224 offerings according to Thomson Reuters data at the close of U.S. markets on Friday, compared with 290 in the period a year earlier.
Equity capital markets data includes underwriting of initial public offerings, follow-on offerings and other equity-related securities.
A slow economic recovery may have affected companies' quarterly results and valuations, meaning that IPOs in the pipeline may not be able to fetch top dollar, said Frank Maturo, co-head of equity capital markets for the Americas at Bank of America Merrill Lynch.
That, along with an attractive debt market, may have caused some companies to wait, Maturo said.
In contrast to lagging global ECM activity, global mergers and acquisitions activity has risen as improved financing options and substantial war chests have allowed corporate and private equity buyers to pursue deals.
Worldwide M&A has totaled $1.678 trillion so far this year, up 21 percent from a year earlier, according to preliminary data from Thomson Reuters. Still, the third quarter saw a handful of landmark ECM deals.
China's AgBank IPO in July raised $22.1 billion. Last Thursday, Brazilian state oil company Petrobras sold $70 billion in shares at a higher-than-expected price, making it the world's biggest ever public offering.
To date, Morgan Stanley [MOR 10.19 --- UNCH (0) ] is in the No. 2 spot (194, $38.64 billion) on the global equity capital markets league table and Goldman Sachs [GS 147.28 2.37 (+1.64%) ] is third (149, $36.34 billion). Bank of America Merrill Lynch [BAC 13.60 0.43 (+3.26%) ] is fourth (179, $33.42 billion), and UBS fifth (171, $25.32 billion).
"Data points for how robust the IPO markets are post-Labor Day are still to be determined," Maturo said.
Improved Outlook?
The outlook for equity capital markets globally could be improving. In the U.S., for example - where top U.S. automaker General Motors could raise as much as $20 billion in November - a strong stock market could buoy investors' optimism.
As of the close of markets on Friday, the S&P 500 was up 9.47 percent so far in September - its strongest monthly gain since March 2000 when it rose 9.67 percent. The end of summer holidays and a lessening worry that the European sovereign debt crisis will spread may also help, analysts say.
"It will continue to be selective, deal by deal, and deals will be priced for their own, specific fundamentals, but on balance I think we're in a much more constructive phase of the market than we have been in some time," said Mark Hantho, global co-head of equity capital markets at Deutsche Bank.
In October the Asian life insurance business of American International Group [AIG 36.47 1.40 (+3.99%) ], AIA Group, could raise about $15 billion. The IPO comes after AIG failed to sell its Asian business earlier this year to Britain's Prudential [PRU 56.01 1.46 (+2.68%) ]for $35.5 billion.
The British insurer had asked AIG to cut the price to $30.4 billion, but was turned down, leading to the termination of the agreement.
AIG, which is nearly 80-percent owned by the U.S. government, is disposing of assets to repay taxpayers who committed $182.3 billion to prop up the insurer during the financial crisis.
In November, GM, another company bailed out by U.S. taxpayers, is expected to hold its IPO.
The IPO, scheduled for directly after U.S. mid-term congressional elections will begin the process of repaying the U.S. government for its $50 billion bailout, after which it retained a 61-percent stake.
There are also a handful of large private equity-backed IPOs in the U.S. pipeline. Hospital operator HCA has filed to raise up to $4.6 billion and Toys R Us [TYHR 0.015 --- UNCH (0) ] has filed to raise up to $800 million. Nielsen Holdings BV, best known for viewership ratings that often determine the fate of TV shows, hopes to raise $2.01 billion.
"Clearly if the deals price well and trade well there will be follow through to that," Bank of America's Maturo said, when asked about a broader pickup in IPOs. He added that with the cheap cost of debt, the private equity-backed deals are not being forced into IPOs.
"The market has picked up substantially in September, but valuations are not quite as attractive as some might like to see," he added. "It's possible we'll see a number of deals pushed to late 2010 or 2011."
Unilever leads European stocks higher
HSBC Holdings drops after changes to leadership team
FRANKFURT (MarketWatch) -- European stocks gained on Monday, buoyed by deal news and Wall Street’s strong gains in the previous session.
The Stoxx Europe 600 index /quotes/comstock/22c!sxxp (ST:SXXP 264.35, +0.38, +0.14%) edged up 0.2% to 264.51. It rose 1.1% on Friday and has gained 5% so far this month.
Stocks on Wall Street ended with strong gains on Friday, with the blue-chip Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 10,860, +197.84, +1.86%) rallying 1.9%. Overnight, Asian equities also rose. No major economic data are scheduled for release on Monday in Europe or the U.S.
”With the month and quarter end now fast approaching, the temptation to start booking some profits could end up weighing on sentiment,” said Ben Potter, market strategist at IG Markets, in a note to clients.
“There’s little in the way of fundamental data due today either to help provide any meaningful support,” he said.
Investors instead focused on deal news. Consumer-products giant Unilever /quotes/comstock/13*!ul/quotes/nls/ul (UL 28.56, +0.47, +1.67%) /quotes/comstock/23s!e:ulvr (UK:ULVR 1,839, +46.00, +2.57%) /quotes/comstock/13*!un/quotes/nls/un (UN 29.37, +0.52, +1.80%) said it’s agreed to buy U.S.-based Alberto Culver Co. /quotes/comstock/13*!acv/quotes/nls/acv (ACV 31.48, +0.18, +0.58%) for $3.7 billion in cash. The deal will make Unilever the world’s leading company in hair conditioning, the second largest in shampoo and the third largest in styling, the Anglo-Dutch firm said.
Shares of Unilever advanced 2.5% in London, making it one of the top gainers in the FTSE 100 index /quotes/comstock/23i!i:ukx (UK:UKX 5,595, -3.25, -0.06%) , which was little changed at 5,598.75.
Germany’s DAX 30 index /quotes/comstock/30p!dax (DX:DAX 6,304, +5.48, +0.09%) added 0.2% to 6,310.96. It was led higher by sportswear firm Adidas AG /quotes/comstock/11e!fads (DE:ADS 46.53, +0.88, +1.93%) , which gained 1.3%.
In the banking sector, shares of HSBC Holdings PLC /quotes/comstock/23s!a:hsba (UK:HSBA 663.00, -3.30, -0.50%) fell 0.4%. The bank announced a new leadership team on Friday. Douglas Flint will succeed Stephen Green as group chairman and Stuart Gulliver will become chief executive, succeeding Michael Geoghegan.
Shares of rival Barclays PLC /quotes/comstock/23s!a:barc (UK:BARC 311.15, -0.60, -0.19%) dropped 0.5%.
In France, the CAC 40 index /quotes/comstock/30t!i:px1 (FR:PX1 3,786, +3.19, +0.08%) gained 0.2% to 3,788.69.
Shares of Accor SA /quotes/comstock/24s!e:ac (FR:AC 26.68, +0.47, +1.79%) rose 2% after the hotel group was upgraded to outperform from neutral at Credit Suisse.
Beverage firm Pernod Ricard SA /quotes/comstock/24s!e:ri (FR:RI 60.81, +1.46, +2.46%) advanced 2.4%, making it one of the top gainers in the CAC index.
On the downside, retailing giant Carrefour SA /quotes/comstock/24s!e:ca (FR:CA 40.54, -0.74, -1.79%) dropped 1.2%.
In Switzerland, shares of food giant Nestle SA /quotes/comstock/06p!nesn (CH:NESN 53.05, +0.35, +0.66%) gained 0.6% after the firm announced the creation of Nestle Health Science S.A., a new subsidiary. The new company will be run at arm’s length from Nestle’s main food, beverages and nutrition activities and incorporate the existing global Nestle HealthCare Nutrition business.
Polya Lesova is reporter for MarketWatch, based in Frankfurt.
Dow set for best September since 1939
By Hibah Yousuf, staff reporterSeptember 27, 2010: 4:22 AM ET
NEW YORK (CNNMoney.com) -- The summer has come to an end, and so has the market slump that came with it. With little on tap to challenge the recent rally, stocks are on track to close September with the biggest monthly gains in over a year.
Though September is typically down month on Wall Street and the economic recovery remains sluggish, investors have taken cues from recent upbeat economic news to propel major indexes sharply higher during the month after a sell-off in August.
"We've been seeing modestly favorable economic numbers lately, which has allowed markets to keep moving up," said Stephen Carl, head equity trader at Williams Capital Group.
So far, the Dow has rallied 8.4%, which would be the best monthly gain since July 2009, when the blue-chip index added 8.6%. The latest lift also puts the Dow on track for its best September since 1939, when it rose 13.5%.
The S&P has rallied 9.5%, the largest increase since April 2009, and the Nasdaq has surged 12.6%, the biggest jump since October 2002.
Last week, stocks rose more than 2% after the major indexes broke above key technical levels early in the week. That encouraged investors to keep the momentum going, and stocks ended with a rally to fresh four-month highs.
Though the economy is still not out of the woods, analysts don't foresee a pullback in stocks in the week ahead.
"We've got a frilly light week ahead in economic data until the last couple of days, and as long those readings come in near expectations, the markets will be able to sustain the recent gains," said Michael Sheldon, chief market strategist at RDM Financial Group.
And even if poor economic news triggers some volatility and puts pressure on stocks, Sheldon said the recent momentum should be enough for investors to close September and the third quarter on a positive note.
On the docket
Monday: There are no market-moving economic or corporate events expected on Monday.
Tuesday: The Case-Shiller 20-city home price index is expected to have increased 3.4% in July after rising 4.2% in June.
After the start of trading, the Conference Board releases its Consumer Confidence index for September. Economists forecast the index to have edged down to 52.9 during the month from 53.5 in August.
Wednesday: The government's weekly oil inventory report is due after the start of trading.
Thursday: The third and final reading on gross domestic product growth in the second quarter is due before the bell. The economy is expected to have expanded at a 1.6% annualized rate, unchanged from the previous reading, and still sharply lower from the initial reading had been for a 2.4% growth rate in the period.
At the same time, the Department of Labor releases a weekly report on jobless claims. The number of Americans filing new claims for unemployment insurance is expected to have decreased to 457,000 last week from 465,000 in the previous week.
Continuing claims, a measure of Americans who have been receiving benefits for a week or more, are expected to have dropped to 4.45 million from 4.49 million claims the previous week.
The Chicago PMI, a regional reading on manufacturing activity, will be released after the bell. The measure is expected to have eased to 56.0 in September from 56.7 in August.
Friday: A government report on personal income and spending is due before the opening bell. Economists surveyed by Briefing.com expect income to have edged up 0.3% in August after rising 0.2% in July. Spending is forecast to tick up 0.3% after increasing 0.4%.
The University of Michigan's final reading on consumer sentiment in September is due shortly after the market open. It's expected to inch up to 67.1 from the last reading 66.6.
The Institute for Supply Management's (ISM) index of manufacturing is also due after the start of trading. Economists forecast the index to have slipped to 54.5 in September from 56.3 in August. Any number above 50 indicates growth in the sector.
Meanwhile, the government is expected to report that construction spending fell 0.5% in August, after dropping 1% in July.
Auto and truck sales for September are due throughout the day.
Asian Stocks Rise to Five-Month High on U.S. Capital Goods Data
September 27, 2010, 4:24 AM EDT
Sept. 27 (Bloomberg) -- Asian stocks gained, driving the MSCI Asia Pacific Index to a five-month high, as a bigger-than- estimated increase in U.S. capital-goods orders bolstered optimism exports to the world’s largest economy will rise.
Komatsu Ltd., the world’s No. 2 maker of construction equipment, jumped 3.2 percent in Tokyo, while Canon Inc., which gets 28 percent of its sales in the Americas, advanced 2.5 percent. Korea Zinc Co. surged 5.4 percent in Seoul, on higher metal prices. Television Broadcasts Ltd., Hong Kong’s biggest broadcaster, soared 17 percent as billionaire Lee Shau-kee’s son sought a stake in the company.
The MSCI Asia Pacific Index climbed 1.2 percent to 127.04 as of 5:20 p.m. in Tokyo, set to close at the highest level since April 27, as the U.S. capital-goods report fueled expectations a global economic recovery will strengthen. The gauge has climbed 9 percent this month, putting it on course for its biggest monthly advance since May 2009 and the steepest quarterly gain in a year.
“Rising capital investments in the U.S. is a positive sign that shows companies expect demand to increase in the next few months,” said Ng Soo Nam, Singapore-based chief investment officer at Nikko Asset Management Co., which has $123 billion in assets globally. “The stock rally may continue given that valuations are fair, but we have to watch whether the improvements in economic data are sustainable.”
Japan’s Nikkei 225 Stock Average climbed 1.4 percent. The government is considering a stimulus package worth as much as 4.6 trillion yen ($54.6 billion), a government official said.
Capital Goods
China’s Shanghai Composite Index and Australia’s S&P/ASX 200 Index rose at least 1.4 percent today. Hong Kong’s Hang Seng Index increased 1 percent, while South Korea’s Kospi index advanced 0.8 percent.
Futures on the Standard & Poor’s 500 Index were little changed. The index surged 2.1 percent on Sept. 24 to the highest level since May 13 following the capital-goods report and better-than-estimated earnings at Nike Inc.
Orders for U.S. capital equipment rebounded 4.1 percent in August from a 5.3 percent decline in July, figures from the Commerce Department showed on Sept. 24 in Washington. The median forecasts of 11 economists surveyed by Bloomberg was for an increase of 3 percent.
“It’s positive for the whole global economy that demand for capital investment in the private sector is strong,” said Tomochika Kitaoka, a senior strategist at Mizuho Securities Co. in Tokyo. “Demand should rise further. Capital investment is still at 80 percent of the peak.”
Metals Prices
Komatsu rose 3.2 percent to 1,935 yen in Tokyo and Canon advanced 2.5 percent to 3,890 yen. Honda Motor Co., which generates about 46 percent of its sales in North America, climbed 2.9 percent to 3,015 yen.
Material producers accounted for 13 percent of the MSCI Asia Pacific Index’s advance. The London Metal Exchange Index of prices for six industrial metals including copper and aluminum climbed 0.7 percent on Sept. 24 to its highest level since April.
Korea Zinc, which also produces precious metals, climbed 5.4 percent to 300,000 won in Seoul, as silver reached a 30-year high and gold traded close to a record.
BHP Billiton Ltd., the world’s largest mining company, rose 1.6 percent to A$39.66 and Equinox Minerals Ltd., which owns Africa’s biggest copper mine, jumped 5.7 percent to A$5.71 in Sydney.
Cnooc Ltd., China’s largest offshore oil producer, advanced 2.1 percent to HK$14.86 as crude-oil futures rose 1.7 percent to $76.49 a barrel in New York on Sept. 24, the biggest increase in two weeks. Mitsubishi Corp., Japan’s largest commodities trader, gained 3.2 percent to 1,977 yen in Tokyo.
Global Growth
The MSCI Asia Pacific Index tumbled as much as 16 percent from this year’s high on April 15 to its 2010 low on May 25 amid concern Europe’s debt crisis and Chinese steps to curb property- price inflation will derail global growth. The gauge has since climbed 17 percent, including a 13 percent rally since June 30 that has put the index on course for its biggest quarterly advance in a year.
Stocks have rallied as U.S. and Chinese economic reports buoyed confidence in the global economy, while Japanese intervention to weaken the yen boosted the outlook for companies reliant on overseas revenue. Government figures today showed a deeper slowdown than forecast in Japan’s exports,
The stimulus package that Japan is considering will be funded by tax revenue and left over funds from the 2009 budget, a government official said on condition of anonymity.
Estimated Earnings
The Asian benchmark increased 4.2 percent in 2010 through last week, compared with gains of 3 percent by the S&P 500 and 4 percent by the Stoxx Europe 600 Index. Stocks in the MSCI Asia pacific Index are valued at 14.3 times estimated earnings on average, compared with 13.8 times for the S&P and 12 times for the Stoxx.
Television Broadcasts soared 17 percent to HK$46.50 in Hong Kong before trading in its shares was halted. Henderson Land Development Co. Vice Chairman Lee Ka-kit, son of the company’s founder Lee Shau-kee, may buy a stake in the broadcaster, a spokeswoman from the developer said today.
Lee Ka-kit’s interest in TVB is preliminary and no agreement has been reached, Bonnie Ngan, the spokeswoman, said. The Apple Daily reported on Sept. 25 that Lee’s billionaire father may pay about HK$9 billion ($1.16 billion) for a majority stake in TVB. Henderson Investment Ltd., of which the senior Lee is chairman, climbed 25 percent to 90 Hong Kong cents.
Also in Hong Kong, Geely Automobile Holdings Ltd. gained 9.1 percent to HK3.59 and Guangzhou Automobile Group Co. climbed 3.1 percent to HK$12.16. The companies were rated “overweight” in new coverage by JPMorgan Chase & Co., which said they’re proxies for the “strong secular growth” of China’s passenger vehicle industry.
Improving Margins
In Wellington, Hallenstein Glasson Holdings Ltd. rose 2.9 percent to NZ$4.24 after the New Zealand-based clothing retailer said full-year profit surged 53 percent on improving margins.
Japanese consumer lenders slumped today after the Nikkei newspaper reported that Takefuji Corp., Japan’s third-biggest consumer lender, is preparing to file for bankruptcy protection.
Takefuji said in response that it’s considering various steps to restructure itself. The company’s shares closed untraded today as sell offers outweighed bids.
Acom Co., which also lends to consumers, plunged 10 percent to 1,344 yen and Promise Co. tumbled 11 percent to 689 yen.
In Sydney, Murchison Metals Ltd. fell 10 percent to A$1.625 after the Australian newspaper reported that Mitsubishi Corp. may pull out of a A$4 billion iron-ore venture. Murchison said it found “no substance” in the report.
--With assistance from Akiko Ikeda and Toshiro Hasegawa in Tokyo. Editors: Darren Boey, Sam Waite.
To contact the reporters for this story: Shani Raja in Sydney at sraja4@bloomberg.net; Jonathan Burgos in Singapore at jburgos4@bloomberg.net.
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net.
CanAlaska Uranium Announces Results of Annual General Meeting
Sep. 27, 2010 (Canada NewsWire Group) --
VANCOUVER, Sept. 27 /CNW/ - CanAlaska Uranium Ltd. (CVV - TSX.V) (the "Company" or "CanAlaska") The Company is pleased to report the voting results of the 2010 Annual General Meeting of Shareholders held on September 23rd, 2010. There were 250 shareholders holding 33.2% of the issued and outstanding shares represented in person or by proxy at the meeting.
All of the resolutions proposed by management in its August 26th, 2010 Information Circular were approved. The original Information Circular can be accessed on either the SEDAR or EDGAR public databases.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt) is undertaking uranium exploration in twenty one uranium projects in Canada's Athabasca Basin -- the "Saudi Arabia of Uranium". Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). To-date, CanAlaska has expended over Cdn$70 million exploring its properties and has delineated multiple uranium targets.
For more information visit www.canalaska.com
<<
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
>>
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIPNo. 13708P 10 2. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
Emil Fung, Director & V.P. - Corp. Dev., Tel: (604) 688-3211, Email: info@canalaska.com
Source: Canada Newswire (September 27, 2010 - 5:00 AM EDT)
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Attitude Drinks Retains KCSA Strategic Communications as Agency of Record
Company Plans Nations Rollout of World's First Real Ultra-Filtered Milk Recovery Drink
Phase III Leverages Chocolate Milk to Support Athletes' Workout Regimes
Sep. 27, 2010 (Marketwire) --
PALM BEACH GARDENS, FL -- (Marketwire) -- 09/27/10 -- Attitude Drinks (OTCBB: ATTD), an innovative beverage brand developer and marketing company, has selected KCSA Strategic Communications (www.kcsa.com) as its integrated marketing and communications firm of record.
Attitude Drinks has retained KCSA to build brand awareness and help drive sales of Phase III, the world's first shelf stable, real milk recovery drink. KCSA will integrate all communications tools and tactics to launch Phase III, initially in New York City, then nationwide to build brand awareness and help drive sales.
Phase III is a reduced sugar, low fat, grade-A flavored milk recovery drink that contains 29 percent less sugar and more than two times the protein of regular chocolate milk. It is a rich and creamy milk recovery drink that delivers 35 grams of naturally occurring protein. In creating this revolutionary drink, lactose and much of the sugar naturally found in low-fat milk, is removed using a patented ultra filtration process. Attitude Drinks' proprietary process enables them to deliver scientifically balanced protein and carbohydrate levels as well as fortification with a robust list of nutrients. Phase III is packaged in 14.5 ounce re-sealable, environmentally "green" bottles.
"Unlike nearly every other competitor on the market, Attitude Drinks' Phase III uses real milk, tastes great and leverages cutting edge science to give any athlete who drinks it the best recovery experience possible," said Lewis Goldberg, Managing Director of KCSA Strategic Communications. "Attitude Drinks' management team has built a solid foundation to create a national brand, drive tremendous sales and really provide a world class product to the market."
KCSA will be designing and launching a new website for Phase III which will integrate social media, user generated video, training tips, store locators, scientific research to support the recovery value of milk-based drinks, and a wide range of other functionalities. Additionally, KCSA will conduct a grass-roots public relations campaign designed to educate the athletic community about the value of milk-based recovery drinks and to drive direct sales.
Roy Warren, president and CEO of Attitude Drinks stated, "We looked long and hard for a firm like KCSA that understands our strategic goals for building our brands to the point that they have true value and equity in the market. KCSA's ability to bring a truly integrated marketing/communications offering to the table is why we chose them to launch, market and promote Phase III."
About Attitude Drinks Inc.:
Attitude Drinks Inc. is an innovative, beverage brand development company with a focus on functional milk, ready-to-drink beverages. Phase III 'Recovery'® is the company's first, functional milk drink exploiting recent scientific evidence of the benefits of milk and protein as an exercise recovery aid. The February 2010 launch of Phase III marks the first time a sports drink has been formulated from real milk. For more information, visit www.attitudedrinks.com.
About KCSA Strategic Communications
Now in its 41st year, KCSA Strategic Communications (www.kcsa.com) is the only corporate communications firm in the nation that integrates investor relations, public relations and marketing services. The firm's customized programs and strategic counsel create communications solutions for public and private companies allowing them to effectively reach their desired audiences and achieve their business marketing goals.
This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Contact:
Attitude Drinks Incorporated
Roy Warren
CEO
877-799-5053
roy@attitudedrinks.com
http://www.attitudedrinks.com
Source: Marketwire (September 27, 2010 - 5:00 AM EDT)
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Jonway Celebrates ZAP Acquisition at Taizhou Factory
Sep. 27, 2010 (Business Wire) -- Zhejiang Jonway Automobile Co. Ltd. of Taizhou, China announced its acquisition agreement with U.S. electric vehicle pioneer ZAP (OTCBB:ZAAP) to the Chinese media Friday, which included a ceremony and celebration attended by thousands at its factory for the A380 SUV.
ZAP CEO Steve Schneider with Jonway Auto officials celebrate new auto and electric vehicle venture in China. (Photo: Business Wire)
ZAP's acquisition of Jonway Auto is the most significant business transaction of its kind this year in Taizhou, a coastal city of six million people, said ZAP CEO Steve Schneider and Jonway Auto CEO Alex Wang. The two hosted an event Friday with thousands in attendance, including autoworkers, politicians, business leaders and media.
The celebration for the new venture between ZAP and Jonway Auto continued over the weekend. ZAP Jonway sponsored Taizhou's Green Crab Festival on Saturday, an annual event that attracted more than 18,000 people, including several Hong Kong movie stars and celebrities. The Green Crab festivities aired on major television networks throughout China, highlighting the "green" connection to ZAP Jonway.
The celebration and ceremonies accompany a series of business meetings to advance the goals of the newly formed company, ZAP Jonway, which combines ZAP electric vehicle expertise with Jonway's manufacturing capabilities. Business proceedings continue this week and company officials expect further announcements over the next several days.
About ZAP
ZAP is one of the oldest and most experienced EV providers, having delivered over 117,000 of a broad range of vehicles to more than 75 countries since 1994. ZAP supplies electric trucks and vans to military, government and corporate fleets and is an innovator of electric motorcycles, scooters and ATVs. The Santa Rosa, California based company offers some of the only electric city-speed cars and trucks in production today. ZAP is also developing a freeway capable electric vehicle called the Alias. Further news and information is available at http://zapglobal.wordpress.com.
Safe Harbor Statement
This press release contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of ZAP's products, increased levels of competition, new products and technological changes, ZAP's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the ZAP's periodic reports filed with the Securities and Exchange Commission.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6443931&lang=en
ZAP Jonway USA
Alex Campbell, +1-707-525-8658 ext. 241
acampbell@zapworld.com
or
ZAP Jonway China
Jessica Gao, +86 13511038395
juan.gao@zapworld.com
Source: Business Wire (September 27, 2010 - 4:00 AM EDT)
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Alberta Star Completes One of Five Standing Cased Wells Acquired in Asset Purchase With Western Plains Petroleum Ltd.
Sep. 24, 2010 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 09/24/10 -- Alberta Star Development Corp. (TSX VENTURE: ASX)(OTCBB: ASXSF)(FRANKFURT: QLD) ("Alberta Star" or the "Company") announces that it has completed one of the five (5) standing cased wells that had been previously drilled but not completed by a former operator in late 2009. The Company acquired a 33 1/3% net interest in these five (5) standing cased heavy oil wells interest from its working interest partner and new operator, Western Plains Petroleum Ltd. ("Western Plains") in late August of 2010. The newly completed well, located on 10-06-50-1 W4M in Lloydminster, Alberta is currently producing approximately 40 bbls/day of heavy oil (13 bbls/day net to Alberta Star) from the Sparky oil formation.
THE COMPANY IS ON TARGET TO COMPLETE 3 MORE STANDING CASED WELLS BY THE END OF SEPTEMBER
The Company is on schedule and expects to complete three (3) of the remaining four (4) standing cased wells by the end of September/early October, with the production rates from each well expected to be approximately 40 bbls/day (13 bbls/day net to Alberta Star) for a total estimated production of approximately 160 bbls/day (53 bbls/day net to Alberta Star). Western Plains has been appointed operator of these newly acquired well interests. Completion costs are expected to average $150,000 per well ($50,000 net to Alberta Star).
DRILLING UPDATE - DRILLING TO COMMENCE SEPT. 30, 2010
In respect to the Company's previously announced in-fill drilling program from section 6-50-25-W3M in Landrose, Saskatchewan, the Company has submitted and is expecting to receive its formal drilling license approval on the C-14-06-50-25 W3M and the C11-06-50-25 W3M locations early next week. The Company expects two additional drill locations C5-06-50-25 W3M and C6-06-50-25 W3M to receive their formal license approvals the following week. A drill contractor has been appointed and the drilling rig is tentatively booked for September 30, 2010 start date, weather permitting.
The Company expects these four (4) in-fill wells to be drilled and completed by the end of October 2010. Drilling completion and equipping costs are expected to average $400,000 per well ($200,000 net to Alberta Star). Alberta Star holds a 50% working interest in these assets and Western Plains is the operator. The locations of the four (4) in-fill wells are adjacent to the Company's successful C12-06-50-25 W3M well which was drilled and completed in July 2010 in accordance with a farm-out with Arctic Hunter Uranium Inc. The C12 well is currently producing 80 bbls/d gross of heavy oil (4 bbls/d net BPO and 20 bbls/net APO to the Company).
ALBERTA STAR DEVELOPMENT CORP.
The Company is a Canadian resource exploration and development company that identifies, acquires and finances oil and natural gas assets in Western Canada and advanced stage mineral exploration projects in North America. The Company has recently made two strategic oil & gas acquisitions in Lloydminster, Alberta and Saskatchewan which has expanded its diversification into the oil and natural gas resource sector with the acquisition of revenue producing resource assets which compliments its existing, advanced stage mining interests. The strategic acquisitions further strengthen the Company's relationship with an experienced working interest partner and industry leader, for future aggressive expansion into the oil and natural gas resource sector through exploration drilling, existing asset development and asset acquisition.
The Company maintains a strong balance sheet and a qualified management team in exploration and development of natural resources. The Company is committed to creating long term shareholder value through the acquisition, exploration and development of petroleum and natural gas resources and the discovery of base and precious metals and by seeking to acquire additional exploration, development and production resource projects.
INVESTOR RELATIONS
Investors are welcomed to contact Benjamin Curry of Progressive I.R. Consultants Corp. at (604) 689-2881, the Company's Investor Relations specialists for all corporate updates, and investor inquiries, or Morgan Brewster, Corporate Development of the Company at (778) 989-2739 or mbrewster@alberta-star.com.
The calculation of barrels of oil equivalent ("boe") are based on a conversion rate of six thousand cubic feet ("mcf") of natural gas to one barrel of crude oil. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is base on energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Reader Advisory
Certain information in this Press Release is forward-looking within the meaning of certain securities legislation, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Alberta Star's beliefs, plans, expectations, anticipations, estimates and intentions, including the licensing, completion and success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services and prevailing commodity prices. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this Press Release describes Alberta Star's expectations as of the date of this Press Release.
Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, commodity price and exchange rate fluctuations; reliance on contractual rights such as licenses and leases in the conduct of its business, reliance on third parties, reliance on key personnel, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, competition, environmental matters, and insurance or lack thereof.
Alberta Star cautions that the foregoing list of material factors is not exhaustive, is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on Alberta Star's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Alberta Star Development Corp.
Tim Coupland
President and CEO
(604) 681-3131
(604) 408-3884 (FAX)
www.alberta-star.com
Source: Marketwire (September 24, 2010 - 9:00 AM EDT)
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Cross Border Financing Opportunities from Greater China
Sep. 24, 2010 (PR Newswire) --
VANCOUVER, Sept. 24 /PRNewswire-FirstCall/ - ChineseWorldNet.com Inc. is proud to announce the participation of China Merchant Securities Co. (HK) Ltd., a major Chinese state-owned financial institution and other Greater Chinese investor interests for the upcoming Global Chinese Financial Forum - Access Asian Capital Forum (AACF) held on October 15th, 2010.
With North America's financial markets still in recovery, promising companies in Canada and the US are seeking alternative source of financing in order to advance their projects. Likewise, China, with its wealth in capital, seeks to acquire the resources and technologies needed to continue its economic growth.
As stated by Ms. Joe Tai, President and CEO of ChineseWorldNet.com Inc., "The AACF will harness China's buying power and its need to fuel its economic growth to provide financing opportunities to North American companies."
Held at the Hilton Toronto in downtown Toronto, the AACF will bring over 30 representatives of investor interests from Greater China, including public companies, state-owned enterprises, and institutional investors and to meet with promising projects in the North American mining, oil and gas and life sciences industries.
The AACF will be a full day event with topics including coverage on the financing opportunities from Greater China region, preparing and presenting companies for cross-border deals with overseas investors, and China's growing economic influence effect on commodities prices. Speakers for the AACF include representatives from this year's Global Corporate Sponsors, including China Merchant Securities, Fraser Milner Casgrain LLP, Pricewaterhouse Coopers, Toronto Stock Exchange, Edgemont Capital Markets Inc., CWN Capital Inc. and industrial experts from across North America and Greater China.
Part 2 of the AACF will be held in Shanghai, China on December 9 and 10. The Shanghai Conference 2010 will provide a channel for North American companies to meet with Chinese buying interests directly in China's financial centre.
Financial Expo - October 16
A major financial event for Toronto's local Chinese community, the Day 2 event - Financial Expo will feature cutting edge financial information, wealth management strategies and its unique brand of cross-cultural IR/PR outreach to the Chinese investors. Held in Richmond Hill at the Sheraton Parkway Hotel, the Financial Expo will be hosting 2,000 local Chinese investors, 3 speaking tracks and over 50 exhibitors.
This year's Financial Expo is proud to welcome its many sponsors and exhibitors, including Platinum Sponsor, TD Waterhouse. Exhibitors include Callinan Mines, Western Potash Corp., Yukon-Nevada Gold Corp. and more.
For continued updates on all GCFF events, please visit: www.gcff.ca.
About the Global Chinese Financial Forum
With over 10 years of history, the GCFF, the conferencing arm of ChineseWorldNet.com Inc. (www.cwnof.com), hold annual events in Vancouver, Toronto, San Francisco, Los Angeles, Shanghai and Dalian. The focus of the GCFF is to foster cross border financing opportunities and transactions between North America and Greater China by linking interested investors and buyers with qualified North American companies.
CONTACT: Ms. Fornia Lau, Vice President, Business Development, fornia@chineseworldnet.com, ChineseWorldNet.com, Inc., Tel (604) 488-8878 or 1-866-833-5517
SOURCE ChineseWorldNet.com Inc.
Ms. Fornia Lau, Vice President, Business Development, fornia@chineseworldnet.com, ChineseWorldNet.com, Inc., Tel (604) 488-8878 or 1-866-833-5517
Source: PR Newswire (September 24, 2010 - 9:00 AM EDT)
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MMRGlobal Prevails in Biotech Assets Case With Lymphoma Research Foundation
Sep. 24, 2010 (Marketwire) --
LOS ANGELES, CA -- (Marketwire) -- 09/24/10 -- MMRGlobal, Inc. (OTCBB: MMRF) (MMR) announced today that it has successfully opposed a Summary Judgment Motion brought by the Lymphoma Research Foundation (LRF) as part of its efforts to protect a portion of the Company's intellectual property, which it previously disclosed on May 3, 2010.
The Company acquired the biotech assets from its reverse merger with Favrille, Inc., a San Diego biotech company, in January 2009. Over the past year, MMR identified a collection of these biotech assets, which include biotech samples that were in the possession of the Lymphoma Research Foundation. They do not include other pre-merger biotech assets, including the Company's anti-CD20 monoclonal antibodies, results of clinical trials data, patents and other intellectual property.
According to declarations filed on behalf of MMR, the Company understands that the biotech samples could have a value as high as $1.376 million. However, based on other information currently maintained by the Company, the samples could have a far greater value, depending on the extent and depth of the clinical data collected at trial initiation, the extent and depth of the clinical data collected during patient follow-up, whether follow-up tissue samples are available, and whether accompanying whole blood or serum is available from patients from trial enrollment or during trial progression.
Robert H. Lorsch, Chairman and CEO of MMRGlobal, said, "We are pleased by this early ruling. When combined with clinical data from the Company's vaccine research into the causes and potential treatment of B-Cell Non-Hodgkin's Lymphoma, including data from patient follow-ups which the Company has, the value could be significant."
The Company understands its intellectual properties may also be of value in a possible reinterpretation of the pre-merger Favrille vaccine trials and that the IP may also unlock ways to create other "custom-made" cancer vaccines and be valuable in discovering additional opportunities in cancer research. The Company hopes to enter into licensing agreements with biopharmaceutical companies, academic institutions, research organizations and others regarding the use of its assets.
About MMRGlobal, Inc.
MMR Global, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. MyMedicalRecords enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. The MyMedicalRecords Personal Health Record is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health. To learn more about MMR Global, Inc. and its products, visit www.mmrglobal.com.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature constitute "forward-looking statements." Such statements include, but are not limited to, statements regarding MMRGlobal, Inc.'s assets including but not limited to its primary Health IT businesses, samples and data from vaccine and clinical trials, and anti-CD20 antibody assets. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the development and approval of biotechnology/biopharmaceutical product candidates and Health IT products and additional risks discussed in the Company's filings with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to the Company (or any person acting on the Company's behalf) are qualified by the cautionary statements in this notice. MMRGlobal, Inc. is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information.
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CONTACT:
Michael Selsman
Public Communications Co.
(310) 553-5732
ms@publiccommunications.biz
Source: Marketwire (September 24, 2010 - 9:07 AM EDT)
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WECOSIGN Creates New Software to Evaluate Credit-Challenged Applicants for the Rental Housing Market
Sep. 24, 2010 (PR Newswire) --
SANTA ANA, Calif., Sept. 24 /PRNewswire/ -- (OTC Bulletin Board: WECS) (www.wecosign.com) -- CIO Carlos Padilla announced today that WECOSIGN will begin using their own proprietary software to evaluate rental applicants with poor credit scores. "We've worked hard over the past two years to develop this software, and we're excited to implement it starting in early November," says Padilla. "We'll use the program in cooperation with our vast network of apartment and rental homes, and it's certain to be a great tool to help both property managers and qualified applicants."
Since their inception, one of the main challenges facing WECOSIGN has been their ability to evaluate rental applicants using methods that go beyond traditional credit scores. The success of WECOSIGN depends on the company's ability to determine which applicants are victims of simple and unintentional credit problems, while conversely identifying those "red-flag" applicants with a history of irresponsible behavior and poor credit. "In analyzing different segments of the rental population, we found certain patterns that surfaced among both groups," explains Padilla. "By analyzing thousands of applicants over a two year period, we were able to determine which behavioral patterns could provide us with the information we need to find reliable tenants."
There is a significant advantage to WECOSIGN's method of evaluation when compared with traditional credit score assessment. "No one analyzes behavioral traits in the same way that we do, and it's becoming increasingly important to look beyond the numbers," says Padilla. A FICO score of 700 traditionally means a qualified applicant, but that magic number has become more and more difficult to reach in this economic climate. "A very large segment of today's population is restricted by their sub-standard credit scores, and it's one of the factors that is choking the growth of our economy. The economy can't get moving again if people can't find a place for their families to live," explains Padilla. "This business has been a real eye opener for all of us to see how much people are struggling. We want to help them, and we don't want to see families forced to live with relatives, or worse, living out of their cars."
Padilla is excited about WECOSIGN's new proprietary software that can help determine, "who will pay their rent, and who won't," simply by plugging in certain variables. "We're here to offer property managers and owners a way to find stable tenants," says Padilla. "This new software is a way for us to confidently recommend applicants that might have a checkered credit history." WECOSIGN is expected to make its software commercially available in the upcoming months.
SOURCE WECOSIGN Inc.
Carlos Padilla for WECOSIGN, +1-714-556-6800, ext 13
Source: PR Newswire (September 24, 2010 - 9:00 AM EDT)
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TRX Strengthens Position As A World Leading Authority On Airline Carbon Emissions Modeling
Sep. 24, 2010 (PR Newswire) --
ATLANTA, Sept. 24 /PRNewswire/ -- TRX, Inc. (www.trx.com) (Other OTC: TRXI.PK), the world's leading provider of travel technology, process automation, consulting and data services, continues to advance efforts to provide access to the leading carbon emissions calculations, the TRX Airline Carbon Emissions Calculator.
TRX has further strengthened its position as one of the world's leading authorities on Carbon Emissions Modeling with several new clients' recent adoption of the world-class TRX Airline Carbon Emissions Calculator. The clients cite not only the value but also the high level of accuracy in the carbon emissions calculations as key factors in making their vendor decisions. New clients Nordic Offset OY and DBee join Nootrol, Carbon Salon, and OAG, who've recently adopted the TRX Airline Carbon Emissions Calculator to provide accurate and reliable emissions data to businesses and individuals seeking to offset the impact of air travel.
"Our proprietary Airline Carbon Emissions Calculator provides unmatched accuracy, completeness, and is setting the industry standard for measuring airline carbon emissions," said Shane Hammond, President and CEO, TRX. "As we continue to partner with organizations like Nordic Offset OY and DBee, we further our goals of positively impacting the environment through the deployment of our carbon emissions calculations and data related technologies."
TRX CO2 calculations and reporting services, based on its award-winning, proprietary Airline Carbon Emissions Calculator, was identified by the Stockholm Environment Institute (SEI) as being the best-in-class, citing transparency and overall comprehension as key factors. SEI is an independent, international research institute specializing in sustainable development and environment issues.
Additionally, TRX received the "Best Technology in 2008/2009" ICARUS Award for Airline Carbon Emission measurement technology from the Institute of Travel and Meetings (ITM). ITM is the leading professional body for buyers, managers and suppliers of business travel in the UK and Ireland with over 1,000 members from large corporations, government departments and NGOs, SMEs, and travel suppliers.
About TRX
TRX is a world-leading travel technology and data services provider, offering more than 20 software-as-a-service utilities for online booking, reservation processing, data intelligence, and process automation. We deliver our technology applications in an on-demand environment to travel agencies, corporations, travel suppliers, government agencies, credit card associations, credit card issuing banks, and third-party administrators. We provide patented savings maximization solutions via our travel analytics consulting practice, extending spend management services to travel buyers all over the world. We complement all of these offerings with a global workforce focused on travel process automation and re-engineering. For more information about TRX or to contact a TRX sales office, phone 404.929.6100 or visit the Company's website at www.trx.com.
SOURCE TRX, Inc.
Stephen Carroll, Senior Director, Product Marketing, TRX Inc., stephen.carroll@trx.com, +1-214-346-4758
Source: PR Newswire (September 24, 2010 - 9:00 AM EDT)
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Genta Initiates New Trial of Tesetaxel, the Leading Clinical-Stage Oral Taxane, in Patients with Advanced Bladder Cancer
Sep. 24, 2010 (Business Wire) -- Genta Incorporated (OTCBB: GETA.OB) today announced that the Company has initiated a new Phase 2 clinical trial of tesetaxel in patients with advanced bladder cancer. Tesetaxel is the leading oral taxane in clinical development. The new trial will be conducted at Memorial Sloan-Kettering Cancer Center, New York, NY, the Kimmel Cancer Center at Jefferson University, Philadelphia, PA, and at least one site in the EU.
The new study will examine the efficacy and safety of tesetaxel in patients with advanced bladder cancer who have developed progressive disease after treatment with a single 1st-line regimen. The 1st-line regimen is expected to be a combination of cisplatin plus gemcitabine (Gemzar®; Eli Lilly, Inc.). The primary endpoint of this study is overall response rate. Secondary endpoints include durable response, disease control, progression-free survival, and safety. The dose for the new trial was determined from Genta’s ongoing studies in patients with advanced gastric cancer and advanced melanoma.
Patients who progress on 1st-line treatment for invasive bladder cancer have a poor prognosis, and toxicity is an important issue in clinical care. Compared with standard taxanes, clinical and preclinical data show that tesetaxel:
Eliminates serious (occasional fatal) hypersensitivity reactions
Eliminates requirements for premedication (e.g., steroids, antihistamines, etc.)
Reduces damage to peripheral nerves
Is not cross-resistant with standard taxanes
Offers flexible and convenient dosing for patients
“Standard taxanes are active in bladder cancer, but as yet none has received regulatory approval”, said Dr. Raymond P. Warrell, Jr., Genta’s Chairman and Chief Executive Officer. “Recently, two large companies terminated their programs with potentially competitive agents in this indication. Thus, an important unmet need has opened for a highly active agent that may reduce side effects. Having observed preliminary activity in Phase 1, we wish to swiftly clarify the potential activity of tesetaxel in this disease that, if confirmed, could lead to registration-directed clinical trials.”
About Bladder Cancer
According to the American Cancer Society, approximately 314,000 new cases of bladder cancer are diagnosed each year, which annually results in the death of 124,000 individuals. In the U.S., annual deaths from bladder cancer are approximately one-half the number of deaths due to prostate cancer. Agents approved or commonly used for 1st-line use in advanced bladder cancer include methotrexate, cisplatin, doxorubicin, mitomycin, and gemcitabine. There is no standard of care, nor are any agents approved in the U.S., for patients whose disease has progressed disease after 1st-line chemotherapy.
About Tesetaxel
Taxanes (including paclitaxel and docetaxel) are the most widely used chemotherapy drug class in cancer medicine. However, these agents are associated with serious safety issues, particularly hypersensitivity reactions related to intravenous infusions that are occasionally fatal and that require careful premedication and observation. Other prominent side-effects of this drug class include myelosuppression (low blood counts) and peripheral neuropathy (disabling nerve damage).
Tesetaxel is a novel taxane that is administered by mouth as a capsule. The drug was developed with a goal of maintaining high antitumor activity while eliminating infusion reactions, reducing neuropathy, and increasing patient convenience. The oral route also enables the development of novel schedules that may expand dosing options when tesetaxel is combined with other anticancer drugs (such as “all oral” chemotherapy programs). In experimental models, tesetaxel has demonstrated high activity against tumors that are resistant to paclitaxel and docetaxel.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. The Company is developing tesetaxel, a novel, orally absorbed taxane that is in the same class of drugs as paclitaxel and docetaxel. As the leading oral taxane in clinical development, tesetaxel has been evaluated in a broad program of completed or ongoing Phase 2a/Phase 2b clinical trials. The Company has announced that gastric (stomach) cancer will be the lead indication for Phase 3 registration studies. Genasense® (oblimersen sodium) Injection is a modified DNA-based antisense drug that may enhance the effectiveness of anticancer therapy. Genta has completed enrollment in a randomized, double-blind Phase 3 study of Genasense® in patients with advanced melanoma, known as “AGENDA”. Final data on survival and durable response from AGENDA, which may be pivotal for regulatory approval, are expected in the first half of 2011. Genta is exclusively marketing Ganite® (gallium nitrate injection) in the U.S., which is indicated for treatment of symptomatic patients with cancer-related hypercalcemia that is resistant to hydration. The Company has developed proprietary oral formulations of the active ingredient in Ganite® that are being evaluated as potential treatments for diseases associated with accelerated bone loss. Ganite® and Genasense® are available on a “named-patient” basis in countries outside the United States. For more information about Genta, please visit our website at: www.genta.com.
Safe Harbor
This press release may contain forward-looking statements with respect to business conducted by Genta Incorporated. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such forward-looking statements include those that express plan, anticipation, intent, contingency, goals, targets, or future developments and/or otherwise are not statements of historical fact. The words “potentially”, “anticipate”, “could”, “calls for”, and similar expressions also identify forward-looking statements. The Company does not undertake to update any forward-looking statements. Factors that could affect actual results include, without limitation, risks associated with:
the Company’s ability to obtain necessary regulatory approval for its product candidates from regulatory agencies, such as the U.S. Food and Drug Administration and the European Medicines Agency;
the safety and efficacy of the Company’s products or product candidates;
the commencement and completion of any clinical trials;
the Company’s assessment of its clinical trials;
the Company’s ability to develop, manufacture, license, or sell its products or product candidates;
the Company’s ability to enter into and successfully execute any license and collaborative agreements;
the adequacy of the Company’s capital resources and cash flow projections, or the Company’s ability to obtain sufficient financing to maintain the Company’s planned operations;
the adequacy of the Company’s patents and proprietary rights;
the impact of litigation that has been brought against the Company; and
the other risks to the Company’s Business as described in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
There are a number of factors that could cause actual results and developments to differ materially. For a discussion of those risks and uncertainties, please see the Company's Annual Report on Form 10-K for 2009 and its most recent quarterly report on Form 10-Q.
Genta Investor Relations
908-286-3980
info@genta.com
Source: Business Wire (September 24, 2010 - 9:00 AM EDT)
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Vertex Energy, Inc. Secures $3.5 Million Line of Credit from Bank of America Merrill Lynch
Sep. 24, 2010 (Business Wire) -- Vertex Energy, Inc. (“Vertex” or the “Company”)(OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced that it has received approval for a new revolving line of credit of $3.5 million from Bank of America Merrill Lynch (NYSE:BAC) to be used to help fund the operations of the Company.
Vertex Chief Executive Officer Benjamin P. Cowart said, “We are very pleased to be working with Bank of America Merrill Lynch and believe that this relationship can grow over time as Vertex moves forward.” Mr. Cowart continued, “The credit line will be used to provide additional working capital and to help fund our growth. We believe that our new banking relationship will provide us with greater stability in financing our business.”
Further terms of the line of credit agreement are disclosed in the Company’s most recent Form 8-K filed with the Securities and Exchange Commission (SEC).
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (OTCBB:VTNR) is a leader in the aggregation, recycling and processing of distressed hydrocarbon streams thereby reducing the United States’ reliance on foreign crude oil. Vertex’s focus, as a participant in the alternative energy and environmentally friendly investment sectors, is on creating increased value in the products it manages and produces through a variety of strategies and technologies that facilitate the re-refining of used oil and off specification commercial chemical products into higher value commodities. By creating higher value products from distressed hydrocarbon streams, the Company is positioned to produce both financial and environmental benefits. Vertex is based in Houston, Texas with offices in Georgia and California. More information on the Company can be found at www.vertexenergy.com.
ABOUT BANK OF AMERICA CORPORATION
Bank of America Corporation, a financial holding company, provides banking and nonbanking financial services and products to individual consumers, small- and middle-market businesses, large corporations, and governments in the United States and internationally. The company’s Global Banking segment offers lending products, including commercial loans and commitment facilities, real estate lending, leasing, trade finance, short-term credit, asset-based lending, and indirect consumer loans; capital management and treasury solutions, such as treasury management, foreign exchange, and short-term investing options; and investment banking services comprising debt and equity underwriting and distribution, and merger-related advisory services. Bank of America Corporation serves customers through a network of approximately 6,011 banking centers, 18,262 automated teller machines, telephone, and online and mobile banking channels. The company was founded in 1874 and is based in Charlotte, North Carolina.
This press release may contain forward-looking statements, including information about management’s view of Vertex’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex.
Vertex Energy, Inc.
Matthew Lieb, 310-230-5450
matthewl@vertexenergy.com
or
Gross Capital, Inc.
Barry Gross, 361-949-4999
vertex@grosscapital.com
Source: Business Wire (September 24, 2010 - 9:00 AM EDT)
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GigOptix to Present at the Houlihan Lokey Technology, Media & Telecom Conference on October 14, 2010
Sep. 24, 2010 (Business Wire) -- GigOptix (OTCBB: GGOX), a leading supplier of high performance electronic and electro-optic components that enable next generation 40G and 100G fiber-optic telecommunications and data-communications networks, today announced that management will present at the Houlihan Lokey Technology, Media & Telecom Conference at the Grand Hyatt Hotel in New York, NY. Dr. Avi Katz, GigOptix’ Chairman and CEO, and Ron Shelton, CFO, are scheduled to present at 10:00 a.m. Eastern Time on Thursday, October 14, 2010 and will be available for investor meetings throughout the day.
Portfolio managers and analysts who wish to request a meeting with management at the conference should contact their Houlihan Lokey representative or email TMTConference1x1@HL.com. A live webcast of GigOptix’ presentation may be accessed in the investor relations section of the Company’s Web site at www.GigOptix.com. Access to the replay will be available one hour after the live webcast.
About GigOptix, Inc.
GigOptix is a leading supplier of high performance electronic and electro-optic components that enable next generation 40G and 100G fiber-optic telecommunications and data-communications networks. The Company offers a broad portfolio of high speed electronic devices including polymer electro-optic modulators, modulator drivers, laser drivers and receiver amplifiers for telecom, datacom, Infiniband and consumer optical systems, covering serial and parallel communication technologies from 1G to 100G. GigOptix also offers the widest range of mixed-signal and RF ASIC solutions in the market including Standard Cell, Hybrid and Structured ASICs targeting the Consumer, Industrial, Defense & Avionics industries. For more information, please visit http://www.GigOptix.com.
Media Contact:
GigOptix, Inc.
Parker Martineau, 650-424-1937
Corporate Communications Manager
pmartineau@gigoptix.com
or
Investor Contact:
Shelton Group Investor Relations
Leanne Sievers, EVP, 949-224-3874
lsievers@sheltongroup.com
Source: Business Wire (September 24, 2010 - 9:00 AM EDT)
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Standard & Poor's Initiates Factual Stock Report Coverage on Grupo Financiero Banorte
Sep. 24, 2010 (Business Wire) -- Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Grupo Financiero Banorte.
Grupo Financiero Banorte, S.A.B. de C.V. (OTC: GBOOY), together with its subsidiaries, provides various banking and financial services in Mexico and the United States. The company offers various deposit and loan products. Its deposit product portfolio includes money market deposits, time deposits, demand deposits, payroll accounts, checking accounts, and promissory notes. The company's loan product line comprises loans to families, such as payroll loans, car loans, credit cards, and mortgages; loans to institutions; loans to small and medium sized enterprises consisting of factoring and leasing; loans to corporate and entrepreneurial entities; and government loans.
In addition, the company also manages a broker dealer operation in the United States under the Banorte Securities International name, and owns a Texas-based bank named Inter National Bank, as well as two remittance companies named Uniteller, based in New Jersey, and Motran, based in California. Further, it provides long term savings products, including life, car, casualty, and education insurance; retirement savings funds; and annuities.
Grupo Financiero Banorte has a network (as of June 2010) of 1,102 branches, and operates 4,685 automatic teller machines and 52,117 point-of-sale terminals.
As of June 30, 2010, assets totaled Mexican Peso (Ps.) 601.1 billion.
The company's business sectors include the banking sector, long term savings sector, brokerage sector, and specialized entities sector.
This report will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.banorte.com for additional information.
About Standard & Poor's Factual Stock Reports
This Standard & Poor’s service provides factual research coverage enabling information about Grupo Financiero Banorte and other securities to reach a wide investor audience of Buy and Sell-side investors, helping them understand a company’s fundamentals and business prospects. Currently profiling over 500 issuers, S&P Factual Stock Reports increase market awareness for issuers in the investment community with insightful commentary and key statistics/information. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, Industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is sponsored by the issuer, S&P does not offer investment opinions concerning the advisability of investing in these stocks.
Standard & Poor’s Factual Stock Reports are produced separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Factual Report research has no access to non-public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.
Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 10,000 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6442039&lang=en
Grupo Financiero Banorte:
David Suarez, 52 55 52 68 1680
investor@banorte.com
or
Standard & Poor's:
Customers:
Richard Albanese, 212-438-3647
richard_albanese@standardandpoors.com
or
Media Relations:
Michael Privitera, 212-438-6679
michael_privitera@standardandpoors.com
Source: Business Wire (September 24, 2010 - 9:00 AM EDT)
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CSB Bancorp, Inc. Declares Third Quarter Cash Dividend
Sep. 24, 2010 (Business Wire) -- CSB Bancorp, Inc., (OTCBB:CSBB) today announced that the Company’s Board of Directors has declared a third quarter cash dividend of $.18 per share on its common stock, payable October 26, 2010 to shareholders of record as of October 5, 2010.
CSB Bancorp, Inc. is a $450 million financial holding company headquartered in Millersburg, Ohio. CSB provides a complete range of banking and other financial services to consumers and businesses through its wholly owned subsidiary, The Commercial and Savings Bank, with fourteen banking centers in Holmes, Stark, Tuscarawas, and Wayne counties and Trust offices located in Millersburg and Wooster, Ohio. CSB is located on the web at http://www.csb1.com.
CSB Bancorp, Inc.
Paula Meiler, SVP and CFO, 330-763-2873
paula.meiler@csb1.com
Source: Business Wire (September 24, 2010 - 8:51 AM EDT)
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Freddie Mac Issues Monthly Volume Summary for August 2010
Sep. 24, 2010 (PR Newswire) --
MCLEAN, Va., Sept. 24 /PRNewswire-FirstCall/ -- Freddie Mac (OTC Bulletin Board: FMCC) today issued the company's Monthly Volume Summary for August 2010.
The summary, available on the company's Web site at www.FreddieMac.com/investors/volsum, provides information on Freddie Mac's mortgage-related portfolios, securities issuance, risk management and delinquencies, including data on seriously delinquent mortgage loans in related mortgage Participation Certificate (PC) pools.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. www.FreddieMac.com
SOURCE Freddie Mac
Media, Michael Cosgrove, +1-703-903-2123, or Investors, Linda Eddy, +1-703-903-3883, both of Freddie Mac
Source: PR Newswire (September 24, 2010 - 8:32 AM EDT)
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China Kangtai Cactus Biotech Retains Equiti-trend Advisors for Market Awareness Campaign
Sep. 24, 2010 (Business Wire) -- China Kangtai Cactus Biotech Inc. (OTCBB: CKGT - News), a vertically integrated grower, developer, manufacturer and marketer of a variety of cactus-based products in China, announced today that it has retained Equiti-trend Advisors, LLC to assist in its investor awareness and shareholder relations activities. A San Diego-based agency, Equiti-trend provides a suite of custom services for public companies seeking results-oriented investor awareness programs.
"Market awareness and shareholder relations are of critical importance to China Kangtai Cactus Biotech, and we are extremely pleased to have retained Equiti-trend to assist in a comprehensive investor communications program," said Jinjiang Wang, the President and CEO of CKGT. "We look forward to working with Equiti-trend to bring information to both our current shareholders and a broader market audience."
"We are very impressed with China Kangtai Cactus Biotech, and I feel that our team is ready to effectively communicate the true value of the company, and its long-term potential, to the current shareholders as well as to investors in search of that next big emerging growth stock idea," said James J. Mahoney, Managing Director of Equiti-trend. "We look forward to a long relationship."
For more information about Equiti-trend Advisors, please visit the Company's corporate website: www.equititrend.com. All investors and current shareholders interested in receiving information on China Kangtai Cactus Biotech, Inc. are encouraged to call Equiti-trend toll-free (800) 953-3350 to speak with an Investor Communication Representative.
About China Kangtai Cactus Biotech, Inc.
China Kangtai Cactus Biotech, Inc. is a leading grower, developer, producer, and marketer of cactus-derived products, including nutraceuticals, nutritious food, health and energy drinks, beer, wine and liquor, extracts and powders, and animal feed. China Kangtai controls over 387 acres of plants and maintains an active R&D group that holds 18 product patents and is seeking another 12. China Kangtai's high-quality “green” products are sold throughout China via a distribution network that covers 12 of China's 23 provinces and two of China's four municipalities. More information may be found at http://www.biocactus.com or via e-mail: chinakangtai@gmail.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Equiti-trend
Brian Barnes, 858-436-3350 or 800-953-3350
Source: Business Wire (September 24, 2010 - 8:30 AM EDT)
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Lyris to Share Top 10 Vital Factors for Email Marketing Success in a Tough Economy
Free Webinar Will Teach Marketers How to Maximize Email Campaigns Using Best Practices
Sep. 24, 2010 (PR Newswire) --
EMERYVILLE, Calif., Sept. 24 /PRNewswire/ -- Lyris, Inc. (OTC Bulletin Board: LYRI), the online marketing expert, today announced their upcoming Webinar, "Top 10 Vital Factors for Email Marketing Success: How to Generate Results in a Tough Economy." In spite of an economy yet to find its feet, email marketing is still the foundation of any successful online marketing program. To be more effective, marketers must stay current in online marketing best practices and employ these techniques to generate the greatest results. Understanding which actions to take and which to avoid can make all the difference in the outcome of any campaign.
On September 28, 2010 at 11:00 a.m. PT, Andrea Scarnecchia, Lyris' vice president of marketing will discuss best practices and tips to get maximum results from email marketing campaigns that enable companies to remain competitive in this economy.
The Webinar will highlight the top 10 most critical elements for email marketing success and how to put them into action. They will be broken down into three digestible categories:
How to build and maintain opt-in lists when challenged with churn rates of up to 30 percent
Using messaging and design to develop campaigns that will create relevancy and encourage engagement
Ensure deliverability by understanding best practices and legal requirements
WHO:
Lyris Vice President of Marketing, Andrea Scarnecchia
WHAT:
Webinar – Top 10 Vital Factors for Email Marketing Success:
How to Generate Results in a Tough Economy
WHEN:
Tuesday, September 28, 2010 at 11:00 a.m. PT
WHERE:
To register for the Webinar, click here
Webinar attendees will be able to submit questions either directly through the Webinar interface or via Twitter to @Lyris using the #LyrisResults hashtag. Following the Webinar, participants will receive a complimentary copy of "25 Essentials for Exceptional Email Campaigns," an actionable guide filled with best practices and how-to's to help marketers take quick actions to optimize marketing campaigns in this down economy.
About Lyris, Inc.
Lyris, Inc. (OTCBB:LYRI.OB) is the first online marketing solution provider to integrate email marketing with diverse online marketing channels to create more efficient and effective marketing organizations. The company's flagship offering, Lyris HQ, is an all-in-one online marketing solution that combines email marketing with search, social, and mobile channels, enhanced by embedded deliverability and web analytics. Lyris HQ provides online marketers actionable insights that help them make intelligent decisions and improve results. Clients include American Apparel, Body Glove, British Museum Company Ltd., Minnesota Timberwolves, PC Recycler and Student Advantage. For more information, please visit www.lyris.com.
SOURCE Lyris, Inc.
Dan Gould, +1-415-262-5959, for Lyris
Source: PR Newswire (September 24, 2010 - 8:00 AM EDT)
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