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Bipartisan Farm Bill Close to Completion
By Tom Hintgen (Contact) | The Daily Journal
Published Friday, May 2, 2008
The U.S. House and Senate, through conference committee work that lasted until 1 a.m. this morning, are close to completing a bipartisan farm bill that will run from 2008 to through 2012. Leading this effort was Seventh District Congressman Collin Peterson, Detroit Lakes, who heads the House Agriculture Committee.
Peterson and North Dakota Rep. Earl Pomeroy, during a telephone press conference this morning, said the new farm bill will benefit farmers in western Minnesota and eastern North Dakota through increased price supports and better risk protection.
The bill includes protection for farmers that experience storms, floods and other disasters.
Peterson and Pomeroy said a third lawmaker, North Dakota Sen. Kent Conrad, also was instrumental in helping to draft a bipartisan farm bill via the conference committee.
“We three who represent farmers in and near the Red River Valley were able to provide good input for this bill,” Peterson said. “This bill is far reaching and affects people in all areas of the country. We didn’t get everyone we wanted, but we were able to work with others who have a broad base of interests. We’ve also worked very closely with the White House.”
Pomeroy said that the new bill has enhancements to the nutrition program which, he said, will benefit millions of Americans all across the nation.
The three area lawmakers see a need to move from corn based ethanol to cellulose ethanol.
Cellulosic ethanol is a type of biofuel produced from lignocellulose, a structural material that comprises much of the mass of plants. Corn stover, switchgrass, miscanthus and woodchip are some of the more popular cellulosic materials for ethanol production.
Former North Dakota Gov. Ed Schafer, recently named as head of the U.S. Department of Agriculture, also has worked closely with the conference committee in an effort to craft a new five-year bipartisan farm bill and one that the White House staff and President Bush can support.
On Thursday Minnesota U.S. Sen. Norm Coleman also expressed support for a bipartisan farm bill, and one that Congress and the White House can support.
The bill crafted this week also includes wording for new farm loans, milk producer compensation and moving forward with renewable energy, also of benefit to western Minnesota and eastern North Dakota.
“We’ve has less resources (funding) available for this new five-year farm bill than we did five years ago,” Peterson said this morning, “but people in both parties have tried to come together to get this bipartisan bill completed.”
One of the biggest challenges, Peterson said, is to convince lawmakers in larger metropolitan areas of the need for farm supports and risk protection for farmers.
“Even though the conference committee called it quits at 1 a.m., I kept working until 3 a.m.,” Peterson said. “It’s not only me, but others also are working very hard to get this bipartisan bill wrapped up. I’m confident we can do this by Monday this coming week.”
http://www.fergusfallsjournal.com/news/2008/may/02/bipartisan-farm-bill-close-completion/
---- ----
Comment: Farm Bill is worth approx. $300 Billion
Why should I?
It still says 1.2M shares available imho.
What do you think about the news?
No, Moaning and Manning both are associated with BLDV. In fact, there are apparently two Mannings associated with BLDV (Jean and John). There is another Manning associated with NexGen (James). Both James and John are the registered site owners for each of their companies (John for BLDV and James for NexGen). It could certainly be a coincidence. All imho, glta!
At press time, a bankrupt Illinois ethanol plant was scheduled to be sold April 9. Central Illinois Energy’s 37 MMgy plant in Canton, Ill., was listed in the bankruptcy filing at its $33 million appraised price, the minimum amount for which it can be purchased. Florida-based NexGen Biofuels previously submitted a bid for $20 million to $25 million, but it was rejected by the bankruptcy judge. If there isn’t a buyer by April 9, the facility may go to creditors who are owed $80 million. Investors spent $130 million to build CIE nearly to completion (98 percent). Another $25 million may be necessary to finish construction before the facility produces any ethanol. Check EPM’s Web site for an update on the sale.
From the May 2008 Issue
Bankrupt Illinois plant may be sold to creditors
http://ethanolproducer.com/article.jsp?article_id=3945
Anyone see this?
"Any relation to Nextgen? 6-May-08 01:54 am
Any relation to nextgen?
Manning, James is the website owner for nextgen
http://whois.domaintools.com/nexgenbiofu...
nexgenbiofuels.com
nexgenbiofuels.net
Blue Diamond Ventures, Inc.
Officers:
Dr. Jean Bell Manning, Secretary;
Willard Pitts, Treasurer
John Quincey Moaning, CEO;
Two Manning, two different companies. One must wonder if there is a family connection somehow? Certainly makes me wonder if BLDV will be bought out.
All the rumors of a NASDAQ listing floating around, while the stock moves.
Still not sure if this is a good investment or not"
by timsorsdahl on YMB
also...
"Registrant:
BLUEDIAMONDVENTURES
10100 South Gessner
Houston, Texas 77071
United States
Registered through: GoDaddy.com, Inc. ( http://www.godaddy.com)
Domain Name: BLUEDIAMONDVENTURES.COM
Created on: 22-Apr-06
Expires on: 22-Apr-13
Last Updated on: 04-Feb-08
Administrative Contact:
MOANING, JOHN johnmoaning@yahoo.com
BLUEDIAMONDVENTURES
10100 South Gessner
Houston, Texas 77071
United States
4692523032
Technical Contact:
MOANING, JOHN johnmoaning@yahoo.com
BLUEDIAMONDVENTURES
10100 South Gessner
Houston, Texas 77071
United States
4692523032
Domain servers in listed order:
NS1.CASTLEDNS.COM
NS2.CASTLEDNS.COM
Registry Status: ok
Report Invalid Whois
See Underlying Registry Data" by duckhuntress3 YMB
Sounds good, thanks for the tip!
GM DM -- what do you like about Annaly Cap?
Congrats!
B. of A. should exit Countrywide deal: analyst
Deal seen in jeopardy as slumping loan portfolio could trigger losses
By John Spence, MarketWatch
Last update: 12:41 p.m. EDT May 5, 2008
BOSTON (MarketWatch) -- Countrywide Financial Corp. now finds itself in a situation similar to the one faced by many of its customers: The mortgage giant owes more money than its financial house is worth, which could ice a pending merger with Bank of America Corp.
Like a strapped homeowner hit by falling housing prices, Calabasas, Calif.-based Countrywide has been caught in the negative equity trap as it has more debt outstanding than assets backing it. As a result, Bank of America may back away from or renegotiate its $4 billion deal to acquire Countrywide, a Wall Street analyst said Monday.
"Countrywide's loan portfolio has deteriorated so rapidly that Countrywide currently has negative equity, and the acquisition will be a drag on Bank of America's earnings as it works through the elevated credit expenses at Countrywide," wrote Friedman Billings Ramsey analysts led by Paul Miller.
In a research note, they cut their price target on Countrywide shares to $2 from $7, and lowered the company's rating to underperform from market perform.
Shares of Countrywide were off nearly 13% at last check, changing hands at $5.22.
"Given continued deterioration in Countrywide's loan book and weak pricing for non-agency loans in the secondary market, Bank of America could face $20 billion to $30 billion of loan write-downs when it closes the Countrywide transaction," FBR said.
The analysts predicted that Charlotte, N.C.-based Bank of America will likely renegotiate the deal to $2 a share or less, and force the owners of Countrywide bonds to swallow the rest of the potential charges. All the same, they'd like to see a more drastic step taken.
"Bank of America should completely walk away from the Countrywide deal, as Countrywide's loan portfolio will prove a drag on earnings and could force Bank of America to raise additional capital," Miller wrote.
'First step'
Last week, Bank of America in a regulatory filing said it might not back Countrywide's debt.
Standard & Poor's Ratings Services said Friday it lowered ratings on Countrywide due to the disclosure from Bank of America that there was no assurance that any of Countrywide's debt would be "redeemed, assumed or guaranteed" after their pending merger, according to the ratings agency.
FBR called Bank of America's filing "most likely the first step in renegotiating the entire deal."
Countrywide in January agreed to be acquired by Bank of America, which at the time said it expected the deal to close in the third quarter.
Late last month, Countrywide reported it swung to a first-quarter loss of nearly $900 million. The company also said it would increase its residential loan-loss provision to $1.5 billion as it struggles to get a handle on rising delinquencies and plummeting home values.
"Countrywide's credit quality continued to deteriorate in the first quarter," FBR said in Monday's investor note. There exists "significant credit risk" in Countrywide's loan portfolio, which could see big mark-downs if the acquisition closes.
"If fair-value marks sufficiently exceed Bank of America's projections at the time of its due diligence, we believe the deal price for the purchase of Countrywide could be renegotiated lower, or Bank of America could (and should) decide to walk away," the analysts wrote.
They estimated Bank of America could digest $22 billion worth of mark-downs in the Countrywide loan portfolio, adding: "If the loan portfolio marks exceed $22 billion, Bank of America becomes increasingly likely to renegotiate transaction terms."
End of Story
John Spence is a reporter for MarketWatch in Boston.
http://www.marketwatch.com/news/story/analyst-says-bank-america-should/story.aspx?guid=%7B479AEC2B-AEF7-477F-94DE-4AA90EC59156%7D&dist=msr_1
Airline stocks slide as crude oil rallies to record high
05.05.08, 1:03 PM ET
NEW YORK (Thomson Financial) - Shares of airline companies were broadly lower Monday, as a return in crude prices to record highs raised concerns over fuel costs.
The Amex Airline Index shed 3.1% to $23.53, and is now down 31% since the end of 2007.
June crude futures ran up $3.16 to $119.48 a barrel, and reached a record high for the contract of $120.21 a barrel in intraday trading, amid investor jitters over further violence in Nigeria and potential escalation in tensions between Iran and the West.
Within the airline sector, AMR Corp. (nyse: AMR - news - people ) slumped 3.4% to $9.06, Delta Air Lines (nyse: DAL - news - people ) shed 4.7% to $8.10, Continental Airlines (nyse: CAL - news - people ) slid 6% to $17.66, UAL Corp. (nasdaq: UAUA - news - people ) gave up 5.5% to $14.91, US Airways dropped 4% to $8.37 and Northwest Airlines (nyse: NWA - news - people ) declined 5.5% to $9.28.
Southwest Airlines (nyse: LUV - news - people ) lost 0.9% to $13.33, after the company said April load factor increased to 72.6% from 72.3% a year ago, amid a 5.7% rise in traffic and 5.3% growth in capacity.
Elsewhere, Expressjet Holdings traded 4.6% lower at $2.94. Soleil Securities Analyst James Higgins said he was 'substantially reducing' his 2008 estimates for the company, saying he sees a 'high probability of insolvency' by the end of next year if the company keeps its current business model. Higgins said, however, that he 'strongly suspect' that SkyWest (nasdaq: SKYW - news - people ) will succeed in its effort to buy Expressjet.
SkyWest shares slipped 1.4% to $19.22.
http://www.forbes.com/afxnewslimited/feeds/afx/2008/05/05/afx4969954.html
Q1 2008 results show substantial growth.
http://www.firstpacco.com/admin/upload/ir/announcements/ea080430a.pdf
Shareholders' meeting 4 JUN 2008.
The East & West Room
23rd Floor
Mandarin Oriental
5 Connaught Road Central
HK
http://www.firstpacco.com/admin/upload/ir/announcements/ea080430.pdf
TI aims to reduce complexity of ZigBee designs
by Richard Wilson
Monday 5 May 2008
Complexity of the ZigBee protocol stack may be holding back the wider implementation of the short-range wireless link technology, says Texas Instruments and the chip firm has introduced a ZigBee proceesor with re-loaded stack.
“Implementation needs to be more straight-forward and that is what we offer with this device,” said Geir Lauritsen, European business development manager for low power RF at Texas Instruments.
“We have separated the running of the application software from the ZigBee stack, said Lauritsen.
The protocol stack, TI’s Z-Stack runs on the CC2480 network processor while the application runs on a separate microcontroller. The ZigBee processor links with the MCU via an SPI or UART interface.
Microchip, Atmel and Freescale all offer complete modules for ZigBee development, comprising the 802.15.4 radio and ZigBee upper layers and integrating the microcontroller for ZigBee firmware and application hosting.
The TI chip is intended as an quick route to closed ZigBee wireless network design and may not offer the most power or cost efficient design, for that TI like other suppliers, offers a single processor design running both the application and ZigBee stack.
“The ZigBee spec is complex over 500 pages, this is a simpler alternative,” said Lauritsen.
The device supports SimpleAPI, which has only 10 API calls to learn, and features excellent radio performance, low power consumption and an automatic low-power mode in idle periods.
There is also a USB-based wireless demonstration tool providing all the hardware and software necessary to evaluate the CC2480 network processor and the MSP430 MCU. The eZ430-RF2480 is priced at only $99.
http://www.electronicsweekly.com/Articles/2008/05/05/43662/ti-aims-to-reduce-complexity-of-zigbee-designs.htm
Phosphates and the Bay
Why cut a big corporation a break?
Monday, May 5, 2008; Page A16
Washington Post
WITH GOOD cause, Maryland and a growing number of other states have set deadlines for Proctor & Gamble and other manufacturers of automatic dishwasher detergents to rid their products of phosphates. But the soap industry, backed by its insider lobbyists in Annapolis, succeeded recently in persuading Maryland lawmakers to pass legislation that would extend the state's deadline by six months. Gov. Martin O'Malley (D) should veto the bill.
If you live in this region, each time you sprinkle Proctor & Gamble's Cascade detergent into your automatic dishwasher's dispenser cup you are contributing to the slow death of the Chesapeake Bay. Cascade -- the most popular but by no means the only offending automatic dishwasher detergent -- contains phosphates, a cleaning ingredient that is the proximate cause of the bay's "dead zones" -- clouds of algae that choke off sunlight, oxygen and life.
Spurred by legislative action in Washington state, whose ban on detergent-borne phosphates goes into effect this summer, the industry has said that it will market detergents without the ingredient starting in July 2010. Maryland set its deadline six months earlier, a deadline that Mr. O'Malley signed into law last year. Now the industry says that it would be inconvenienced by the Maryland deadline and prefers its own so it can coordinate the phase-in of a new product nationwide. Tough luck.
In fact, this is no more than special pleading by one major manufacturer, Proctor & Gamble, which controls well over half the detergent market through Cascade. A number of smaller companies, notably Colgate-Palmolive, have managed to make and market phosphate-free detergents. Why should Proctor & Gamble get to set Maryland's environmental agenda based on its own ease and convenience?
http://www.washingtonpost.com/wp-dyn/content/article/2008/05/04/AR2008050401575.html
Novellus Systems Inc. (NVLS): CEO Richard Hill Bought 10,000 Shares
Novellus Systems, Inc. (NVLS) engages in the manufacture, marketing, and servicing of semiconductor equipment for thin film deposition, surface preparation, and chemical mechanical planarization. The company shares prices have dropped nearly 10% its value year to date. Due to lower sales, Novellus cut their first quarter earnings 71% to $15.5 million or $0.15 a share compared to $53.8 million or $0.42 a year ago. Revenue declined 21% to $314.7 million. The company expects slower business for the rest of the year.
Bruce Sherman owns 9,324,671 shares since the last quarter of 2007.
CEO Richard Hill bought 10,000 shares on 4/25/08 at $21.82, while officers sold shares at $24.50 to $26.70 in the past two quarters: EVP Jeffrey Benzing sold 4,498 shares; Technical Officer Fusen Ernie Chen sold 4,397 shares; SVP Martin J. Collins sold 1,607 shares; and Director J. David Litster sold 500 shares.
Novellus Systems Inc. has a market cap of $2.23 billion; its shares were traded at around $22.96 with a P/E ratio of 15.12 and P/S ratio of 1.48.
http://www.gurufocus.com/news.php?id=26597
Most surface metrology needs can be met by one of three complementary tools that can be supplied by Veeco - the white light interferometer, the atomic force microscope and the stylus profilometer.
Quantitative measurement of surface topography is now a key QC/QA requirement in an increasingly broad range of industries, products and materials. This includes measurements on finished products, research and development (R&D) into new surfaces and surface treatments and in-process monitoring during volume production.
Materials include metals, composites, plastics, paper, painted and plated surfaces, porous surfaces and glass.
Drivers for these measurements range from critical functional and performance impact, as in the case of a partially processed semiconductor wafer surface, to expected lifetime, such as for hip implant bearing surfaces, to aesthetic considerations, an example being orange peel in automotive paint.
A number of different contact and noncontact techniques currently support this application diversity, the two most widely used being white light interferometry and stylus profilometry. Now another technique with even higher resolution - atomic force microscopy - is poised to transition from the lab to atline and on-line applications.
Figure 1. Optical profilers are well-suited for measuring surface roughness on razor blades and other blade types.
White Light Interferometry
White light interferometry, often referred to as optical profilometry, is a versatile and powerful optical method that uses light waves as an extremely precise ruler. This is accomplished using the same interference phenomenon that produces colored bands when sunlight is reflected off a very thin film of gasoline floating on a water puddle.
An optical profiler is a type of microscope in which light from a lamp is split into two paths by a partially reflecting mirror called a beam splitter.
One path directs light on to the surface under test, the other path directs light to a very flat reference surface.
Reflections from the two surfaces are recombined in the microscope and imaged at a digital camera. When the path difference between the recombined beams is on the order of a few wavelengths of light or less, interference occurs. This produces a series of dark and light bands, called fringes. These fringes correspond to the surface contours of the test surface, mapping its vertical (Z axis) topography at a resolution as high as 0.1 nanometer.
The XY resolution depends on the choice of objective and the number of camera pixels, and can be as fine as 500 nanometers. The technique also provides absolute accuracy ±3 nanometers in the Z-axis.
Current commercially available optical profilers range from benchtop R&D systems to instruments offering streamlined functionality for on-line or at-line process monitoring. The most advanced of these generate statistical surface topography data, such as Ra and Rq (Average & RMS roughness), and even include image analysis software that calculates feature widths and relative positions, and which can be customized to identify deviations from an ideal shape. They also enable screening for defects, such as scratches and pits, at operator-specified lateral and vertical thresholds, with automatic part rejection, and cause-logging for improved process control.
Figure 2. This example highlights the benefits of phase imaging with a AFM. Topography (left) and phase image (right) of a cryo-microtomed multilayer polyethylene sample. While topography is dominated by large-scale undulations, phase provides a clean view of the layered structure. Additional fine structure shows the presence of small droplets.
White Light Interferometry Applications
The advantages of optical profilometry are versatility, speed and wide Z-axis dynamic range. Plus, this is a completely noncontact method. The large dynamic range of today’s digital cameras allows its use with surface reflectivities ranging from 0.5% up to more than 90%. Moreover, because the optical profiler is an imaging tool that makes area measurements with each data acquisition event, it can profile a surface much faster than a tool that has to proceed serially point by point.
And one of the advantages of it being an optical, noncontact tool is that the instrument can make measurements through transparent windows, such as in vacuum chambers or product packaging. Plus the latest software and hardware suites enable these instruments to study dynamic and stopped motion of moving surfaces as in MEMS devices such as the micromirror chips used in projection televisions.
Lastly, the optical profiler offers a very large Z-axis range, from a few nanometers up to feature heights as great as 10,000 microns.
Quality applications for optical profilers span everything from cleanroom applications in aerospace and medical devices to factory floor applications in heavier industries such as automotive.
In terms of high profile applications, this technology is now used by one of the leading U.S. manufacturers of kitchen and bathroom faucets and related fittings. The instruments are used to examine the surface of parts before and after chromium plating.
Originally used for process development, these measurements were developed into process QC specifications that correlate with perceived cosmetic quality as well as resistance to chromium peeling and pitting.
Another optical profiler application is at a major manufacturer of razor blades. Here the instruments are used for two key QC measurements—grind angle of the blade edge and the depth and quality of score marks. The blades are created as a continuous spool of up to tens of thousands of blades, which are then automatically singulated by snapping at these mechanically created score lines. The grind angle is a particularly critical QC measurement because up to 1 million blades are dispositioned based solely on optical profiler data from only a few statistical samples in each batch.
In a very different low volume/high value application, NASA contractors use this type of optical profiler to examine and evaluate the space shuttle windows for micro-pits caused by micro meteorite impacts. Based on the results of these measurements, the expensive sapphire windows are replaced typically after four to five missions.
Figure 3. Optical profilers are widely used in the manufacturer of medical devices as illustrated in these measurements of a variety of implant surfaces: (A) hip implant head, (B) hip implant cup, (C) knee implant (load bearing surface) and (D) dental implant.
Stylus Profilometry
Stylus profilometry has been around for decades, yet it remains the tool of choice in several key applications, in part because of its excellent performance to cost ratio. In a stylus profilometer, a diamond-tipped needle or stylus is drawn across a surface by a precision motion stage. Variations in surface topography cause vertical stylus movement that is sensed by a Linear Variable Differential Transducer (LVDT ). Instrument resolution depends on the stylus tip radius, and can be as fine as 1 nanometer in height.
Although it is clearly a surface contact tool, the low stylus application force of instruments typically makes this technique nondestructive. The advantages of stylus profilometry are its ability to rapidly perform long linear scans - up to 200 millimeters - its capacity to quantify relatively large step heights, and its low cost.
It is best used for generating transect data; while area data can be accumulated by raster scanning, this is typically accomplished at higher speed and throughput using optical profilometry.
The market for stylus profilometers is dominated by quality applications involving films and coatings. One current example is quality control of the copper plating on the write element of virtually every hard disk drive made.
Another is gaging the shape of the microlens used in DVD or similar optical disc players. A key application in the semiconductor industry is control of film stress, both compressive and tensile. This stress warps the wafer and the stylus is used to rapidly measure its curvature and compute the magnitude of the stress from this data.
Figure 4. In a typical optical profiler, a digital camera records fringes that result from reflections off a test surface and a reference surface. The system computer converts these fringes into high resolution
topographic information.
Atomic Force Microscopy
The latest tool in the arsenal of solutions for QC metrology is the atomic force microscope (AFM). In an AFM, a hyper-fine tip, such as a single crystal of silicon or diamond, is mounted on a lightweight cantilever arm and brought into contact with a surface. Interatomic forces cause deflection in the relatively soft cantilever. At first these forces are weakly attractive, but they become strongly repulsive as surface contact is made. The tiny cantilever deflections are sensed by bouncing a laser beam off the cantilever and onto a positionsensing photodetector.
In a modern commercial AFM, the cantilever, or the sample, is mounted on a three-dimensional precision actuator, usually a piezoelectric tubelike structure. Most commonly this is used to maintain a constant interaction force between the sample and the tip. By raster-scanning the tip relative to the sample, a quantitative topographic surface map can be created based on the piezo voltage needed to maintain constant interaction strength. The in-plane (or XY) resolution of an AFM is mainly limited by the tip radius, and it is often 10 nanometers or sometimes better. The resolution in the vertical (Z) dimension is not directly related to the tip, and may be in the range of 0.05 nanometer (0.5 Å).
The instrument also may be operated in TappingMode. Here the cantilever is made to oscillate rapidly like a tuning fork, lightly tapping on the surface. In this mode of operation, the amplitude and phase of the oscillating cantilever are used to gage surface topography. This mode is widely used because it is ideal for delicate samples - even wet membranes - because it avoids lateral forces between the tip and surface. TappingMode is advantageous for hard samples such as metals, because it permits greater precision of force control.
In addition to simply measuring surface topology, the AFM surface-tip interaction can be adapted to make a host of physical, chemical and electromagnetic measurements. Examples include mapping lateral force on the tip (nanoscale friction) and determining piezoelectric activity levels.
Configuring AFM for QC Applications
Because of its nanoscale resolution, the AFM is usually considered the ultimate surface metrology instrument, by some. It can profile surfaces literally at the single molecule level. And unlike earlier research tools, it can work on a variety of surfaces, with no special preparation required. It can even probe surfaces that are immersed in water and other liquids.
However, until very recently, the majority of AFM applications have been confined to the research laboratory and R&D facilities. This is because AFMs did not offer the requisite ruggedization and operational simplicity for use by semi-skilled operators in the production environment. An exception to this has been the semiconductor industry, which now extensively employs AFMs to validate several stages of the memory and logic chip production processes.
A typical commercial research application is at 3M, a major component supplier for disposable diaper products. The adhesive tape on these products should be securely closed by a single hand press to give a secure feeling to the parent changing a child. But this depends on a uniform application of adhesive with no bare spots or unequal adhesion levels. The company recently acquired an AFM to study the adhesive strip using a technique called phase imaging.
This is an extension of TappingMode imaging. By mapping out the phase of the oscillating cantilever, phase imaging goes beyond simple topographical mapping. Specifically, it is sensitive to variations in adhesion and viscoelasticity and can provide information about sample composition and microphase separation.
According to 3M, this technique has revealed interesting features that had not been detected by any other technique. Moreover, 3M believe that these features could be important morphological changes in the formulation.
AFMs also have been successfully used in a number of failure analysis and product improvement applications.
For example, a fish canning company needed to analyze why their tuna had a shorter than expected shelf life. The AFM was used to analyze coating deterioration on the inner can surface. This revealed that characteristics in the specific water used by the cannery was deteriorating the polymer protective coating used to protect the tuna from the exposure to bare metal.
Now a new generation of compact ruggedized AFMs is poised to take these same capabilities from the R&D lab into mainstream QC operations. Early applications for these new instruments are for monitoring surface roughness and defects in coated surfaces and fine finishes. Other early adopters are in the area of films and foils such as aluminized polymer film.
In conclusion, QC measurements of surface topography in a variety of applications can be serviced with three basic types of instruments - the optical profiler, the atomic force microscope and the stylus profilometer.
However, it is not always clear to the uninitiated which of these approaches is best for a given use. Therefore, choosing the right instrument for a particular application requires partnering with a supplier that understands the capabilities and limitations of each of these technologies.
Source: Veeco
http://www.azonano.com/details.asp?ArticleId=2143
Schlumberger, First Reserve to Buy Saxon Energy (Update4)
By Dan Lonkevich
May 5 (Bloomberg) -- Schlumberger Ltd., the world's biggest oilfield contractor, and First Reserve Corp., an energy industry buyout fund, agreed to acquire Canada's Saxon Energy Services Inc. for about C$592.1 million ($583 million) to expand in South America.
Saxon shareholders will get C$7 a share, Calgary-based Saxon said in a statement today. That's a 1.9 percent premium to Saxon's closing price May 2. Saxon, had 84.59 million shares outstanding as of April 30, according to Bloomberg data.
Schlumberger, based in Houston and Paris, is seeking a bigger stake in the growing Latin American market for oilfield- services companies as oil prices surge to records. Saxon has rigs in Venezuela, Colombia, Ecuador, Peru, Mexico, the U.S. and Canada.
The company ``doesn't have a big presence in South America, so it makes terrific sense to add to their footprint,'' said David Rewcastle, an analyst at Argus Research Inc. in New York, who rates Schlumberger shares ``buy'' and doesn't own any.
Schlumberger rose $1.99, or 2 percent, to $101.62 as of 11:06 a.m. in composite trading on the New York Stock Exchange. Saxon gained 10 cents, or 1.5 percent, to C$6.97 in trading on the Toronto Stock Exchange.
``The C$7 a share price is a bit skinny,'' said Irwin Michael, who helps manage $1.25 billion at ABC Funds in Toronto including about 6.25 million shares in Saxon. ``We think it's worth C$7.50 or more.''
Higher Potential
Saxon is worth more because of record oil prices, according to Michael.
``We have a lot of faith in (Chief Executive Officer) Dale (Tremblay),'' he said in an interview. ``The earnings have yet to come through but the potential is there.''
Saxon said on May 1 its first-quarter profit fell 36 percent to $5.1 million, or 6 cents a share, from $8 million, or 10 cents a share, a year earlier. Revenue climbed 31.5 percent to $72.2 million.
Crude oil futures traded in New York have risen 91 percent in the past year. They touched a record $119.93 a barrel on April 28.
Stephen Harris, a Schlumberger spokesman, declined to comment. A spokesman for First Reserve couldn't be reached.
Saxon was advised by Thomas Weisel Partners Canada Inc.
To contact the reporter on this story: Dan Lonkevich in New York at dlonkevich@bloomberg.net.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aWYa9dJqr9lQ&refer=canada
Source: IRIS (05 May 2008)
Dr Reddy`s Laboratories allotted 2,870 equity shares of Rs 5 each of the company on May 03, 2008, to company employees under the Dr. Reddy`s Employees Stock Option Scheme, 2002.
In addition, the compensation committee of the board of directors of the company has allotted 17,604 ADRs of Rs 5 each on May 03, 2008, to the US employees of the company under Dr. Reddy`s Employees ADR Stock Option Scheme, 2007.
Dr. Reddy`s is a vertically integrated, global pharmaceutical company with proven research capabilities and presence across the pharmaceutical value chain. It manufactures active pharmaceutical ingredients (APIs) and finished dosage forms and markets them globally, with a focus on United States, Europe, India and Russia.
Shares of the company gained Rs 6, or 0.95%, to settle at Rs 638.45. The total volume of shares traded was 31,724 at the BSE (Monday).
http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080505180745181&dir=2008/05/05&secID=livenews
All Things Considered, April 28, 2008 · A report appearing the Journal of the American Medical Association says federal health officials permitted studies of blood substitutes to continue for years after learning that the substitutes posed health risks.
http://www.npr.org/templates/story/story.php?storyId=90011534
BUCA, Inc. Announces First Quarter 2008 Earnings Call
Monday May 5, 10:05 am ET
MINNEAPOLIS--(BUSINESS WIRE)--BUCA, Inc. (Nasdaq: BUCA - News) announced today that it will release its financial results for its first quarter of fiscal 2008 (ended March 30, 2008) after the market close on Tuesday, May 6, 2008.
Management will host a conference call on the same day at 4:30 p.m. Eastern Time (3:30 p.m. Central Time). The conference call will be webcast and can be accessed by cutting the following link into your browser: http://viavid.net/dce.aspx?sid=00004FE3.
A telephone replay will also be available for one week beginning at 7:30 p.m. Eastern Time on Tuesday, May 6, 2008, and can be accessed by dialing 888-203-1112, or 719-457-0820 for international callers, and entering pin number 5821244. For those who are unable to listen to the webcast live, an indexed recording of the call will be available for one year at: http://viavid.net/dce.aspx?sid=00004FE3.
About the Company:
BUCA, Inc. owns and operates 89 highly acclaimed Italian restaurants under the name Buca di Beppo in 25 states and the District of Columbia.
Contact:
Investor Relations:
ICR
Kathleen Heaney, 203-803-3585
Source: BUCA, Inc.
http://biz.yahoo.com/bw/080505/20080505005805.html?.v=1
Agree 100%, GLTY
The call report is not very important due to the fact that the FIL CSE transaction terms are in place. All imho.
iBox updated. Call report highlight added.
I will check out YMB, thanks for the tip! So much pumping and dumping on YMB, one tends to stay away. GLTY and have a great weekend.
Okay Spark, good luck!
Asparagus prices much higher than last year!
http://www.yakima-herald.com/stories/3605
Freeze means no green for asparagus
By PAT MUIR
Yakima Herald-Republic
YAKIMA -- As if Central Washington's asparagus industry wasn't suffering enough from Peruvian competition and labor shortages, it now has a weather-shortened harvest season to deal with.
A five-day freeze that ended a week ago didn't get everyone's crop, but even those unscathed by it are suffering, said Alan Schreiber, executive director of the state Asparagus Commission. Statewide there are about 200 asparagus growers, and about half of them are in Yakima and Benton counties, he said.
"Even if you didn't get frosted out, you had a slowdown," Schreiber said. "And right now prices are through the roof, but because it's been so cold you can't bring it to market."
Washington is second in the nation in asparagus production to California, which has not been hit as hard by the recent cold weather.
Locally, those who were frosted out had to hire crews to cut the useless frozen asparagus out of the ground or the plants wouldn't produce new spears. So they took a particularly big financial hit, he said.
Others, such as Toppenish grower Kevin Bouchey, dodged the freeze but are about two weeks behind normal harvesting because of generally colder-than-normal weather this spring. With prices for 28-pound boxes ranging from $40 to $60, compared with prices in the mid-$30s last year, it's tough not to have crops ready, he said.
"The last half of April is just the time to cut asparagus -- it's just the time," Bouchey said. "And grower's haven't been able to do it."
The harvest normally begins around April 10 and goes to mid-June. The bulk of the crop is typically cut in May, but on an average year, 30 percent of a local grower's crop is cut in April, Bouchey said. Nearly all of that could be lost this year.
There's a chance that loss could be made up with a "bumper" May, but it's unlikely to completely offset April's losses, said Mike Miller, a Sunnyside grower and member of the state commission.
"With proper weather, we could have a hell of a May," he said.
There's also a chance the harvest could extend further into June, but a lot of things would have to fall into place, Schreiber said. If it's too hot, the heads of the asparagus spears fall off. And even if it stays cool, field crews will be moving on to other crops by then. Plus the relatively cheap-to-produce Peruvian asparagus starts flooding the market around midsummer.
That means making up for a late start with a late finish is something of a longshot, he said.
"The weather has to go our way, the labor needs to go our way, and the market price needs to go our way," Schreiber said.
It's particularly disappointing to face down the prospect of a bad-production year, because the domestic asparagus market seemed to have finally righted itself, Bouchey said. Imports from Peru have played havoc with the market since a 1991 free-trade deal. But local growers, having shifted from processed to fresh asparagus production in response to the competition, had worked supply and demand back into balance last year, he said.
Now, growers like Miller are pondering a shift to less-labor-intensive crops such as corn and wheat. That was the case regardless of this year's weather, but with already-thin margins, the cold just hurts that much more, he said.
Still, he's not ready to give up hope for this year -- not yet anyway.
"I'll tell you in June," he said.
* Pat Muir can be reached at 577-7693, or at
pmuir@yakimaherald.com.
All imho. GLTA.
Gwyneth's Ex-Chef Serves Faux Duck at Broadway East: Food Buzz
By Ryan Sutton
More Photos/Details
April 22 (Bloomberg) -- There's a Chinatown restaurant that serves Peking duck with no duck. It makes cracklings without pork, chorizo with no sausage, and cheesecake with no cheese. The chicken, however, contains chicken. That's a very tasty exception.
Welcome to Manhattan's Broadway East. Expect mostly vegetables. The diet comes courtesy of Lee Gross. He's been trained classically and macrobiotically. He used to be Gwyneth Paltrow's personal chef, and now he's feeding the rest of us. But is this what we want to eat?
Broadway East has a bias. ``Are you vegan, vegetarian or none of the above?'' asked a waitress. I told her I consume everything. She was pleased. Then she recommended dishes without meat, dairy or eggs.
That's not a bad thing. Per the advice of Michael Pollan and other outspoken omnivores, our health would be well served if we ate less animal flesh and fat. It's just that I'm suspicious of places like Broadway East where some of the plants pretend to be meat.
When my kosher and herbivorous friends ask where to dine, I steer them toward flora-friendly venues that let vegetables be vegetables. My favorites are Per Se, Blue Hill at Stone Barns and Craft. They epitomize the modern American obsession with hyperseasonal, picked-from-the-farm-this-morning produce.
Broadway East, at first glance, reminded me of the other style of American vegetarianism, as a fad, a diet. Get healthy with meat-free burgers.
Al Gore-Friendly
A press release says the venue ``utilizes green practices.'' Is that why the lighting is so dim? Staff uniforms use organic vegetable dyes. Shrubbery covers the rear wall. Junglelike lounge music (bongo drums, rain sticks) plays softly.
Then you try the fake chorizo. It's pretty good. Doesn't taste like sausage. More like crispy falafel. Mix it with fragrant fennel, bitter blood orange, and you have yourself a salad.
That's the brilliant side of Broadway East. Simple veggies with restrained use of faux meat. Try the mushroom terrine. The fungi form a silky, earthy patty flanked by a cool gelee.
Pair it all with a Dr. Frank Rkatsiteli, an unusual wine from the Finger Lakes. Many say it evokes a riesling; our bottle was a dead ringer for a dry, fragrant, Loire Valley white. Broadway East deserves kudos for its New York-heavy wine list.
Skip the oysters gratin. Too many breadcrumbs. Fried cauliflower? Batter's too heavy, too greasy. Butternut and chickpea b'steeya? Bland. Yuba cracklings? Not as much flavor as pork cracklings. And too heavily seasoned.
Cheese Sans Fromage
Read the menu carefully. Three dots mean a dish is vegan. I didn't see that symbol next to my cheesecake, which was made with tofutti. Truly worth avoiding.
Try the chicken. It's rolled around kasha; its skin is crisped into a crunchy, fatty goodness. An intense horseradish jus makes the dish destination-worthy.
Peking-style tofu lacks the rich depth of flavor that the poultry version is known for. But if you don't eat meat, order it. Toothsome yuba surrounds two types of tofu: firm and snow- dried. The goal is to mimic the textural contrast of the bird and its skin. It works -- kind of.
Broadway East isn't for everyone, but Gross does make a good case that vegetarians don't have to eat only vegetables. They can also pretend to eat meat.
Broadway East is at 171 E. Broadway at Rutgers Street. Information: +1-212-228-3100 or http://broadwayeast.com/.
Oink
A famous Japanese restaurant chain has made its debut in Manhattan's East Village. It's called Ippudo. Now let's make this simple: Its ramen with pork belly renders a similar dish at Momofuku Noodle Bar completely irrelevant.
The noodles are firmer. The broth is richer. The pig is more succulent. The wait is longer. Ninety minutes on a Friday night.
No need to order anything else. The pork rolls are horrific. The space can get hot. The fried chicken is tasty, not crispy. The tofu blancmange is too sweet and rich. The sake cocktails are saccharine. Just get the ramen. Trust me.
Ippudo is at 65 Fourth Ave., near 10th Street. Information: +1-212-388-0088 or http://www.ippudo.com/ny.
(Ryan Sutton is a writer for Bloomberg News. The opinions expressed are his own.)
To contact the writer of this story: Ryan Sutton in New York at rsutton1@bloomberg.net.
http://www.bloomberg.com/apps/news?pid=20601088&sid=aYPLzPljBDKk&refer=muse
Old country road shifts into overdrive
New developments sprouting along Milwaukee Avenue
By Jeffrey Steele | Special to the Tribune
May 2, 2008
Decades before it was a corporate corridor, a restaurant mecca or automobile dealership row, Milwaukee Avenue from Wheeling north was a ribbon of quiet country road.
After World War II, Chicagoans would pile the kids in the family sedan and drive up Milwaukee Avenue past forests and farms, deep into the heart of Lake County for Sunday afternoons of fresh air and open spaces. Only after supper at a rural roadhouse would they wearily motor back to the teeming urban enclaves they called home.
But that was long ago, and many current residents would argue there isn't room for another house along the highway. But single-family homes, townhomes and condominiums continue to sprout on the remaining open land. The newest developments along or near bustling Milwaukee Avenue are turning to the past for inspiration. They are being designed to encourage walking and limit car trips up and down the avenue.
"When it's nice out, I put my daughter in the stroller and we walk around," said Kelly Pryor, who with her husband, Dan, and their daughter moved to Waterbury Place in Buffalo Grove a little more than a year ago.
The development stands on a 31-acre site formerly occupied by a light industrial firm at Illinois Highway 22 and Waterbury Lane, just west of Milwaukee Avenue.
"There are ducks, geese and flowers around that she likes to look at," added Pryor. "And the Metra [commuter station] is right near us, so we can hop on the train and go downtown real easily." We can also walk to another community that has a park."
When the Pryors and other newcomers do get behind the wheel, they can reach restaurants, stores, entertainment and recreation with a short drive. Retail centers like Lincolnshire Commons and Rivertree Court beckon shoppers. Gourmands love Wheeling's restaurant row, featuring Tuscany, Benihana, Buca di Beppo, Don Roth's Blackhawk and more. And jazz lovers swear by Pete Miller's.
"Everything is pretty convenient," said Pryor. "In terms of shopping, everything you need is within five miles."
When complete, Waterbury Place will offer 156 single-family homes, duplexes, townhomes, rowhomes and villas. The two- to four-bedroom, 2 to 21/2-bath homes with attached garages are priced from the $360,000s to mid-$800,000s, says Jeanne Martini, director of sales and marketing for Glenview-based Edward R. James Homes.
A little south of Waterbury Place is Willow Place, a development of 58 townhomes at Foster and Old Willow Roads in Wheeling. It's the first development for a Chicago-area builder with a long history in Wheeling: Chicago-based Lexington Homes.
In its previous life, the company built Lexington Commons and Lexington Club in the 1970s and '80s, says Jeff Benach, executive vice president of sales and marketing.
The first company known as Lexington Homes was sold to another firm in 1989, after which Benach and colleagues launched Concord Homes. After selling Concord Homes to Lennar in 2002, the same group founded the new Lexington Homes in 2006.
At Willow Place, the three-bedroom, 21/2-bath townhomes range from 1,789 to 2,012 square feet and are priced from $349,900 to $399,900. Residents there enjoy transportation conveniences, because Willow Place is just three miles west of I-294 and less than a mile from the Prospect Heights station on Metra's North Central line.
"I drove by the station one night, and about a third of the parking lot was empty," Benach marvels. "I was shocked. When did you last see a Metra parking lot that wasn't full? Only time I can think of is midnight."
Transportation convenience is just part of the appeal of a Willow Place home, Benach added.
"Wheeling has had such a renaissance over the last couple of decades, in terms of its entire feeling," he said. "Much of it has had a resurgence in housing."As Milwaukee Avenue continues north, it slices through the formerly wide-open spaces of Vernon Hills. Just west of Milwaukee along the east side of U.S. Highway 45 is Port Clinton Place, a development of 47 three-level rowhomes and 132 single-level condos.
Developed by Rosemont-based Opus North Corp., Port Clinton Place is part of a $125 million, 20-acre mixed-use redevelopment on Vernon Hills' far southeast side. The one-bedroom-plus-den to three-bedroom condos range from 1,036 to 2,187 square feet, with prices starting in the mid $200,000s.
Rowhomes range from 2,028 to 2,464 square feet, feature three bedrooms, 21/2 baths and attached rear-loaded two-car garages, and are priced starting in the mid $400,000s, said Matt Nix, senior real estate director for Opus North.
Also in Vernon Hills but farther north on Milwaukee Avenue stands River's Edge Condominiums, a striking five-story stone structure graced by corner turrets and lovely balconies.
This 40-unit development has 10 condos remaining, ranging from two-bedroom, two-bath units of 1,600 square feet to three-bedroom, 21/2-bath models at 2,325 square feet. Prices range from $349,999 to the $540,000s. Another building mirroring the first will be built to the east of the existing structure in 2009.
As attractive as the building itself is the wooded acreage bordering the property. River's Edge Condominiums by Weiss Development of Lincolnshire is just a few seconds from shopping centers and restaurants, but at the same time removed from them. "We're surrounded by two forest preserves, and protected Lake County property on three sides," said David Schwartz, new home sales adviser. "This is a hidden oasis. It's the community itself, surrounded by miles and miles of trails that will take you along the Des Plaines River."
Drive still farther north to Libertyville, you will find Northbrook-based Ferris Homes is in its second phase of construction on a development called Liberty Grove, at Milwaukee Avenue and Illinois Highway 137.
Complementing a first phase of 25 townhomes finished about two years ago, Ferris is now building 18 single-family homes.
"We have a handful of lots available where you can build from scratch," said Pam Albrecht, the company's vice president of sales and marketing. "We also have 'Designer Showcase' homes, completed but pre-drywall with no color selections, giving buyers the chance to make their own determinations."
Floor plans of each home are unique from all others, Albrecht said. And though it's a custom home community, Liberty Grove offers model homes to walk through. "You can try those on and get a feeling for the quality and floor plans, and that's hard to do with just a blueprint," she added.
Interstate 294 is a three- or four-minute drive east, and Metra trains serve Libertyville's nicely preserved historic downtown, Albrecht said. Liberty Grove residents Ruchi Seth and her husband, Ashim, had a custom single-family home with four bedrooms and 41/2 baths built last year. They liked the proximity to their workplaces in Libertyville and Lincolnshire, as well as the open space and landscaping offered by the community.
"They kept spaces for greenery, and that beautifies the whole area," Ruchi Seth said. "It's a very nice area to just walk around in. And Independence Grove is right across the street, so it's easy for us to bicycle to the forest preserve."
Other FIL owned properties:
http://southflorida.blockshopper.com/foreclosures/years/2008/21
Russia Mulls Stronger Partnership With Uzbekistan
By Sergei Blagov
Friday, May 2, 2008
The Kremlin has moved to strengthen ties with Uzbekistan, Central Asia's most populous nation, through the Russia-led Collective Security Treaty Organization (CSTO) as well as major energy projects.
CSTO Secretary General Nikolai Bordyuzha was in Tashkent from April 27 to 29 to meet top Uzbekistan officials, including the ministers of defense and internal affairs. Few details of the talks were announced, but officials were reported to have discussed military cooperation. The CSTO is due to evolve from its current status of a military-political organization into a multi-faceted international institution, Bordyuzha announced on April 29 (Interfax, RIA-Novosti, April 29). The CSTO includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.
In 1992 Uzbekistan joined the post-Soviet security organization, then known as the Tashkent Treaty group, but left it in 1998. In December 2006 Uzbekistan revived its membership in the CSTO.
Earlier this year, the CSTO came up with new initiatives in an apparent bid to prop up its regional clout. In January 2008 Bordyuzha announced an initiative to convene a top level meeting of the CSTO, the Commonwealth of Independent States (CIS), the Eurasian Economic Commonwealth (EEC), the OSCE and the Shanghai Cooperation Organization (SCO) in 2008.
In the wake of Tashkent's policy shift in Moscow's favor, Russia has been keen to build stronger relations with Uzbekistan. Bilateral ties are based on a partnership agreement, signed by Russian President Vladimir Putin and Uzbek President Islam Karimov in Tashkent in June 2004. In November 2005, Putin and Karimov signed a strategic alliance treaty. In January 2006 Uzbekistan formally joined the Russian-led EEC. In February Putin became the first leader to meet Karimov in Moscow, following his controversial re-election last December.
Trade between Russia and Uzbekistan has been growing fast. In 2007 trade between the two countries amounted $4.2 billion, up 40 percent from the previous year, according to Uzbek statistics. Bilateral trade turnover was $1.6 billion in 2004, $2 billion in 2005, and $3 billion in 2006.
There are more than 700 companies with Russian investments in Uzbekistan, including such major companies Gazprom, LUKoil, RAO UES, as well as smaller Russian firms. Notably, Russia's oil major LUKoil has been pursuing sizable investment projects in Uzbekistan.
LUKoil is to invest $5.5 billion in Uzbekistan, aiming to produce 16 billion cubic meters (BCM) of gas a year by 2015, LUKoil CEO Vagit Alekperov announced on April 24 during a visit to Tashkent. LUKoil is confident in the potential of Uzbekistan’s gas reserves, Alekperov said, adding that the planned 16 BCN per year output would be based on already discovered deposits. Alekperov also said that the project at the Kandym gas fields would become operational in 2009 (Interfax, ITAR-TASS, RIA-Novosti, April 24).
In late 2007 LUKoil started production at the Kandym, Khauzak and Shady gas fields and plan to produce 2.5 BCM there this year. LUKoil also plans to raise gas production there up to 15 BCM a year by 2012, build a new gas-processing plant in Kandym and export 12 BCM a year from these fields.
In March LUKoil Overseas closed a $580 deal to acquire 7 gas deposits in Uzbekistan: Jarkuduk, Gumbulak, Amanata, Pachkamar, Adamtash, South Kyzylbairak and Koshkuduk. Combined reserves of these deposits are estimated at 100 BCM of gas and 6 million tons of oil, while gas production there is expected to reach 3 BCM per year by 2012 at an estimated cost of $700 million.
In 2004 the two sides signed a $1 billion, 35-year Production Sharing Agreement (PSA) to develop Uzbek natural gas deposits. Under the PSA, top Russian oil producer LUKoil is to develop the Kandym, Khauzak and Shady gas fields in the south of the country, which have 280 BCM of proven reserves. LUKoil controls a 90 percent share in the project, with Uzbekneftegaz holding the remaining 10 percent. By April LUKoil had reportedly invested more than $300 million in Khauzak.
Moscow also moved to offer better terms for Uzbek gas exports. In March 2008 Russia agreed to raise the gas price for Turkmenistan, Kazakhstan and Uzbekistan to European levels from 2009 onward. The decision was announced following a meeting in Moscow on March 11 between Gazprom CEO Alexey Miller, KazMunaiGaz CEO Uzakbai Karabalin, Uzbekneftegaz CEO Nurmukhamad Akhmedov and Turkmengaz CEO Yagshigheldy Kakayev. Gazprom reportedly expected gas export prices to Europe to reach about $350 per 1,000 cubic meters (TCM) by mid-2008 and up to $400 per TCM by the end of this year.
The decision is understood to be aimed against the U.S.-backed Trans-Caspian under water gas pipeline, which would bypass the Russian pipeline network by linking Kazakhstan and Turkmenistan directly to the West. Moscow indicated its willingness to pay more for Central Asian energy resources, presumably to undermine the competing Trans-Caspian pipeline project.
In May 2007 the Russian, Kazakh, Turkmen and Uzbek leaders agreed to jointly develop gas pipeline networks in Central Asia. Their declaration agreement paved the way for reviving the Central Asia-Center pipeline network at its original capacity of about 100 BCM per year, aimed at funneling increased gas volumes from Turkmenistan, Kazakhstan and Uzbekistan. It was decided that the joint project should be launched in the first half of 2008, but now implementation appears to be behind schedule. Increasing the Central Asia-Center pipeline network's capacity up to 80 BCM per annum, or roughly doubling the current level, is expected to cost $2 billion, while a further increase up to 100 BCM would require another $1 billion, according to Russian estimates.
Despite Moscow's continuing efforts to develop multi-faceted ties with Uzbekistan, some bilateral projects have tended to take longer than expected.
http://jamestown.org/edm/article.php?article_id=2373025
RUSSIA REINFORCES FORCES IN ABKHAZIA AS A POSSIBILITY OF ARMED CONFLICT LOOMS
By Pavel Felgenhauer
On April 29 the Russian Foreign Ministry accused Georgia of concentrating forces and weapons in the upper part of the Kodori Gorge in Abkhazia. An official foreign ministry communiqué stated, "More than 1,500 Georgian army and police personnel are already in the Kodori Gorge." According to the foreign ministry, the Georgian troop concentrations in the Kodori Gorge "constitute a preparation of a bridgehead to begin a military operation against Abkhazia." On the same day, the Russian Defense Ministry in a separate statement accused Georgia of concentrating troops, of moving mortars and 122mm guns into the Kodori Gorge and of threatening to use force and provocations against Russian peacekeepers. The defense ministry warned Georgia that "Any attempts to use force against Russian peacekeepers or Russian citizens on the territory of Abkhazia and South Ossetia will be met with a stringent and adequate response....(continued)
http://jamestown.org/edm/index.php
...Also this year, Chevron expects its 50%-owned Tengizchevroil affiliate in Kazakhstan to increase total crude-oil production capacity to 540,000 barrels a day from 400,000 barrels per day...
Chevron net rises 10% on higher oil, gas prices
By Steve Gelsi, MarketWatch
Last update: 9:29 a.m. EDT May 2, 2008
NEW YORK (MarketWatch) - Rounding out an impressive set of results from the major oil producers, Chevron Corp. on Friday said first-quarter net income climbed 10% as revenue jumped on higher prices for crude oil, natural gas and refined products.
The San Ramon, Calif. integrated oil and gas giant said earnings for the three months ended March 31 increased to $5.17 billion, or $2.48 a share, from $4.72 billion, or $2.18 a share in the year-ago period, which included a one-time $700 million gain.
Revenue rose to $65 billion from $46 billion, as the company's oil and gas production business grew, even as its refining and marketing results were essentially break-even for the period.
Wall Street analysts expected Chevron to earn $2.39 a share, according to a survey by FactSet.
"Upstream earnings benefited from a significant increase in the price of crude oil from a year ago," said Chairman and CEO Dave O'Reilly. "However, market conditions prevented our downstream business from fully recovering these higher costs through the price of gasoline and other refined products."
Shares of Chevron, a component of the Dow Jones Industrial Average rose 1% in pre-market trade.
Money plowed into capital projects, dividends
Common stock buybacks in the period totaled $2 billion. Chevron announced a 12% increase in its quarterly dividend on common stock earlier this week.
Chevron said capital and exploratory expenditures in the first quarter, including its share of expenditures by affiliates, rose by $1 billion to $5.1 billion, compared with $4.1 billion in 2007.
"Continued strong cash flows from operations have enabled the funding of major development projects that are providing the foundation for the company's growth," Chevron said.
The company expects the 2008 startup of deepwater projects at 68%-owned Agbami in Nigeria, with 250,000 barrels a day of production expected within a year; also 75% -owned Blind Faith in the U.S. Gulf of Mexico, with an expected yield of 70,000 barrels a day.
Also this year, Chevron expects its 50%-owned Tengizchevroil affiliate in Kazakhstan to increase total crude-oil production capacity to 540,000 barrels a day from 400,000 barrels per day.
Chevron's update marks the last of the big five oil majors to report big gains in quarterly profit as oil futures crossed the $100 mark for the first time early in the year and natural gas prices climbed.
http://www.marketwatch.com/news/story/chevron-net-income-rises-10/story.aspx?guid=%7BFD74A427-620D-4E60-96FD-00ADCD71BF12%7D&dist=msr_8
Effective April 25, 2008, BUCA, Inc. (the "Company") entered into a Contract of Sale with Barton Creek Capital, LLC ("Barton Creek"), whereby the Company has agreed to sell, and Barton Creek has agreed to purchase, the Company's restaurant property located in Summerlin, Nevada for a purchase price of $3,150,000. The agreed upon sale is part of a sale and simultaneous leaseback of the property. The transaction is expected to close within the next 60 days, subject to receipt of a satisfactory commitment for title insurance, as well as other customary conditions. At the closing of the transaction, the Company will enter into a lease wherein Barton Creek will lease the property back to the Company for 15 years with three consecutive five year renewal options.
www.sec.gov
Vineyard National Bancorp Reports Revised Results of Operations for the Quarter and Year Ended 2007 and Results for the First Quarter 2008
Thursday May 1, 10:26 pm ET
CORONA, CA--(MARKET WIRE)--May 1, 2008 -- Vineyard National Bancorp (the "company") (NasdaqGS:VNBC - News), parent company of Vineyard Bank, N.A. ("Vineyard") and other subsidiaries today reported a loss for the quarter ended March 31, 2008 of $16.6 million, or $1.77 per common share, compared with net earnings of $5.5 million, or $0.48 per common share, for the quarter ended March 31, 2007. The net loss for the first quarter of 2008 was due primarily to $26.9 million of provision for loan losses, principally associated with Vineyard's construction loans originated between 2005 and 2007. The company also reported revised results for the quarter and the year ended December 31, 2007 of a net loss of $57.0 million, or $5.64 per common share, for the quarter ended December 31, 2007, and a net loss of $40.0 million, or $3.96 per common share, for the year ended December 31, 2007. The company's audit for the year ended December 31, 2007 is not yet complete. These numbers are not audited, and there could be further changes upon completion of the audit.
Source: Vineyard National Bancorp
On January 30, 2008, the company had announced a fourth quarter 2007 net loss of $41.3 million and a net loss for the year of $24.4 million. Since that date, the company has obtained updated appraisals and additional data which indicate further declines in loan values at year end than that which earlier data had indicated. These declines are primarily related to the tract and related land loan portfolios. The company has also completed a review of its current methodology for determining an adequate allowance for loan losses. Based upon the abrupt and severe declines in real estate values reflected in the data, the company has added $26.5 million of provision for loan losses and has charged off an additional $4.5 million of tract construction loans for the fourth quarter of 2007. The increase in provision for loan losses, net of tax, increased the company's fourth quarter 2007 consolidated net loss to $57.0 million, or $5.64 per common share.
The allowance for loan losses at December 31, 2007 totaled $48.8 million, and net charge-offs for the year ended December 31, 2007 equaled $9.2 million. The balance of non-performing loans at December 31, 2007 was $75.4 million.
As previously reported, the company incurred a fourth quarter 2007 non-cash charge of $40.8 million for the write-off of goodwill. As shown below, when this one time charge is excluded from expenses, the company's results reflected net operating earnings of $0.7 million for the year ended December 31, 2007, as compared to the actual net loss of $40.0 million...
cont'd
http://biz.yahoo.com/iw/080501/0392914.html
Vineyard National Bancorp Shareholders Now Focus Efforts to Elect an Alternate Board of Directors
Thursday May 1, 12:50 pm ET
NEW YORK, May 1 /PRNewswire/ -- Jon Salmanson and Norman Morales, longtime shareholders of Vineyard National Bancorp ("Vineyard" or the "Company") (Nasdaq: VNBC - News), issued the following statements today regarding the successfully completed Consent Solicitation, and their next steps in nominating and electing an alternate slate of nominees for the Board of Directors of Vineyard. Messrs. Salmanson and Morales, as shareholders of the Company, delivered to Vineyard yesterday the official list of their nominees to be named for election to the Board of Directors.
Mr. Salmanson stated: "We are grateful for the support received by Vineyard's shareholders in approving our proposed Bylaw amendments through the Consent Solicitation. On Monday, April 21, the Company provided notice that the Bylaw amendments have now become effective. We now urge the Company to act quickly to announce the date of the 2008 Annual Meeting and record date for shareholders eligible to vote at the Annual Meeting."
Mr. Morales also stated: "We are now moving forward with our efforts to nominate and elect our alternate slate of nominees for the Board of Directors. Our platform will continue to be focused on the execution of our strategic initiatives in a very challenging economic market place, and rebuilding shareholder value and confidence, while capitalizing on the continued loyalty of Vineyard's customers and employees. We are strongly committed to this endeavor. We are delighted to have the talents in the team we have put together and are eager to begin the rebuilding process."
A complete list of the alternate slate of nominees to the Board of Directors submitted by Mr. Salmanson and Mr. Morales is below:
David Hardin, Jr. Mr. Hardin has been the President and Chief Executive
Officer of HRE Mortgage, Inc., the parent company of
Covenant Mortgage, since 2004. Prior to that, Mr.
Hardin was Executive Vice President, Chief Banking
Officer of Hawthorne Savings for ten years.
Additionally, Mr. Hardin has served in executive
management positions in retail banking, lending
production and operations for Downey Savings, Valley
Federal Savings and Columbia Savings. Mr. Hardin
served as a director of the parent company for a
community bank located in southern California from
2007 to 2008. Mr. Hardin is a resident of Orange
County, California and is active in numerous
community organizations.
Cynthia Harriss Until 2007, Ms. Harriss served as President of Gap
Brand North America, Gap Inc.'s namesake chain of
apparel stores for two years, and preceded that role
as President of Gap Inc.'s Outlet division for nearly
250 stores. Before joining Gap Inc., Ms. Harriss
served as President of Disneyland Resort for six
years, where she managed all aspects of the
Disneyland and Disney's California Adventure theme
parks, as well as the resort's hotels and retail
operations. Previously, Ms. Harriss held a variety
of senior positions with The Walt Disney Company,
including Senior Vice President of Park Operations at
Disneyland, and Senior Vice President of Stores for
the Disney Store chain. In 2000, Ms. Harriss
received the Tree of Life Award for outstanding
community service from the Jewish National Fund and
is a longtime resident of San Francisco and Orange
County, California.
Thomas Koss II Mr. Koss is a Financial Executive of The Warmington
Group, and its residential development affiliate,
Warmington Homes California, a private home builder
headquartered in southern California. Mr. Koss is
also a director of BayHarbor Management Services,
Inc. and its subsidiary Warmington Capital Partners
LLC. Mr. Koss was formerly at Ernst & Young
specializing in real estate taxation, after beginning
his career at Peat Marwick Mitchell & Co. and
maintains his certified public accountant
designation. Mr. Koss resides in Orange County,
California.
Norman Morales Mr. Morales served as director, President and Chief
Executive Officer of the Company from October 2000
until January 2008. Mr. Morales has an extensive
background in community banking and the financial
markets which has spanned over 25 years. Mr. Morales
has held director and advisory positions in numerous
community, university and charitable organizations.
Mr. Morales is a native of southern California and
resides in Orange County.
Harice Ogle Mr. Ogle is an organizational development executive
at The Ken Blanchard Companies. Mr. Ogle has over 30
years of experience working with senior management
and boards of directors. Mr. Ogle manages clients
within the Fortune 1000 at the "C" levels and with
companies in the United States, Europe and the Far
East in such areas as strategic planning and
executive consulting. Mr. Ogle is a resident in
Marin County, California.
Lester Strong Mr. Strong is a retired aerospace executive with
twenty-five years of management and engineering
expertise in an array of highly sophisticated
scientific environments, including program management
for satellite vehicle processing support and
infrastructure. Mr. Strong's career at Lockheed
Martin Corporation earned him the National
Reconnaissance Office Medal of Distinguished Service
among other recognitions after receiving his
education with advanced degrees from Cornell
University. Mr. Strong resides in Santa Maria,
California.
Glen Terry Mr. Terry is a career banking executive, having held
the positions of President and Chief Executive
Officer of three regional community banks in northern
California -- The Vintage Bank (Napa), Solano Bank
(Vacaville), and Napa Valley Bank (Napa). Mr. Terry
has served on the respective board of directors of
each entity and has held leadership positions within
the communities of the Napa region. His career has
also included senior positions in multi-billion
dollar regional and interstate banks.
The Proxy Solicitation
Questions should be referred to:
Jon Salmanson
212-607-5412
j2salman@yahoo.com
This press release may be deemed to be solicitation material with respect to support for the candidates to be proposed by Messrs. Salmanson and Morales for Vineyard's Board of Directors at the 2008 Annual Meeting of Shareholders of Vineyard (the "Proposed Nominees"). In connection with the Proposed Nominees, Messrs. Salmanson and Morales intend to file a proxy statement with the Securities and Exchange Commission (the "SEC"), to be distributed to the shareholders of Vineyard. SHAREHOLDERS OF VINEYARD ARE ENCOURAGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED NOMINEES. The proxy statement will be mailed to shareholders of Vineyard and shareholders will be able to obtain documents free of charge at the SEC's website, www.sec.gov. In addition, investors may obtain free copies of the documents filed with the SEC by contacting: Jon Salmanson, c/o Northeast Securities, 8th Floor, 100 Wall Street, New York, New York 10005 telephone: 212-607-5412 or by emailing Mr. Salmanson at j2salman@yahoo.com.
Source: Jon Salmanson
http://biz.yahoo.com/prnews/080501/nyth106.html?.v=101
Oregonians critical of rail shutdown
Friday April 25, 1:18 pm ET
By Sarah Skidmore, Associated Press Writer
Oregonians tell feds of problems with rail shutdown, urge more oversight
PORTLAND, Ore. (AP) -- Regional shippers and several members of Oregon's Congressional delegation say the owner of a closed railroad line has shirked its duties and urged federal regulators to increase their oversight of carriers.
Sens. Ron Wyden and Gordon Smith and Rep. Peter DeFazio testified Thursday before the federal Surface Transportation Board, along with Allyn Ford, representing the Coos-Siskiyou Shippers Coalition of shippers.
All complained about the problems the state has faced since Central Oregon & Pacific Railroad -- and its parent company, RailAmerica -- abruptly closed the line that runs between the Eugene and Coos Bay areas last fall.
"We depend on railroads," Smith told the board at the hearing in Washington D.C. "We need owners who are serious about railroads because we are serious about them."
RailAmerica officials declined comment, but are expected to speak before the board Friday.
The Oregon delegation has been vocal about the difficulties the shutdown caused businesses that had to scramble to find alternate means of getting their goods to market. They've also lambasted the owners for conflicting messages about the decision and failure to reopen the line.
"Buying a railroad is not like buying a fast-food franchise," Smith said. "There is a responsibility to serve the public that comes with owning a railroad."
The Surface Transportation Board held the two-day hearing to assess the obligation of carriers on railroads. There is some discussion in the U.S. Senate of increasing federal regulation of railroads.
The Oregon delegation did not ask for heavy regulation, but did push for a clarification of the duties carriers have toward the public.
The federal board has given RailAmerica a month to justify its actions in closing the line. If the board determines RailAmerica abandoned the line, someone else could come in and operate it.
Critics say the carrier neglected its public obligation and acted illegally, possibly for the financial benefit of its parent organization -- hedge fund Fortress Investment Group.
"It grows out of something larger," Smith told The Associated Press. "A lot of hedge funds have looked to invest in railroads and their obligation is short term. We need to make it clear that there are profits to be made in owning a railroad but there are public responsibilities that come with that."
RailAmerica closed the line in September, with just one day's notice, citing safety reasons. Initially, the company said there was not enough to traffic to justify reopening the line. It later said it would reopen it if the state would provide much of the money to do so.
The state has repeatedly rejected such requests, saying the line must reopen first.
CORP has also raised rates and reduced service on its Siskiyou line in southern Oregon, and threatened to cease operations altogether.
Critics and regulators have also questioned the company's actions, saying an inspection showed the safety problems had been developing for some time and the company might have failed to invest in proper maintenance.
"Railroads have a duty to provide service upon reasonable request," Wyden said. "By law, a railroad may not refuse to provide service merely because to do so would be inconvenient or unprofitable."
At the same time the company was requesting subsidies from the state, the hedge fund parent organization loaned $24 million to Michael Jackson for his Neverland ranch. Wyden criticized the move and said the company could have upgraded the entire 136 miles of the track to pristine condition with that money.
"Fortress and CORP are in their own Neverland," Wyden said. "A world where others will pay for their business operations. Who wouldn't want to get a deal like that if they could get away with it?"
http://biz.yahoo.com/ap/080425/or_rail_hearing.html?.v=1
Dr. Reddy's Announces the Completion of Two Acquisitions
Thursday May 1, 7:23 am ET
HYDERABAD, India--(BUSINESS WIRE)--Dr. Reddy’s Laboratories (NYSE:RDY - News) announced that it has completed two acquisitions: The Dow Chemical Company’s Dowpharma Small Molecules Business associated with its Mirfield and Cambridge, UK sites and BASF’s pharmaceutical contract manufacturing business and related facility in Shreveport, Louisiana, USA. Further financial terms and conditions of the transaction are not being disclosed.
The acquisition of The Dow Chemical Company’s Dowpharma Small Molecules Business associated with the 2 UK sites includes the relevant business, customer contracts, associated products, process technology, intellectual property, and trademarks as well as the transfer of the Mirfield and Cambridge facilities. Employees directly related to the business located at the Cambridge and Mirfield sites will become part of Dr Reddy’s. Dr. Reddy’s will also have a non-exclusive license to Dow’s Pfēnex Expression Technology™ for biocatalysis development.
The acquisition of BASF’s pharmaceutical contract manufacturing business and related facility includes the relevant business, customer contracts, related ANDAs and NDAs, trademarks, as well as the manufacturing facility and assets at Shreveport, Louisiana. It also includes a tolling and supply agreement. Employees directly related to the business located at Shreveport site will become part of Dr Reddy’s.
Disclaimer
This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.
About Dr. Reddy’s
Dr. Reddy’s Laboratories was established in 1984 in Hyderabad, India, and is a global pharmaceutical company with proven research capabilities. Dr. Reddy’s conducts research in the areas of diabetes, obesity, cardiovascular diseases, anti-infectives and inflammation. The Indian based company produces finished dosage forms, active pharmaceutical ingredients and biotechnology products which are marketed globally, with focus on India, US, Europe and Russia. (www.drreddys.com)
Contact:
Dr. Reddy's Laboratories
Nikhil Shah, +91-40-66511532
(Investors and Financial Analysts)
nikhilshah@drreddys.com
Mythili Mamidanna, +91-40-66511620 (Media)
mythilim@drreddys.com
Source: Dr. Reddy's Laboratories
http://biz.yahoo.com/bw/080501/20080501005568.html?.v=1
(c) On April 29, 2008, the board of directors of L-3 Communications Holdings, Inc. (the "Company") approved the appointment of Dan Azmon as principal accounting officer. Mr. Azmon, age 45, joined the Company in October 2000 as assistant controller and became an officer in April 2005. He has been the Company's controller since January 2005.
(e) On April 29, 2008, the stockholders of L-3 Communications Holdings, Inc. (the "Company") approved the 2008 Long Term Performance Plan and 2008 Directors Stock Incentive Plan (together, "the Plans") at the Company's annual meeting of stockholders. The Plans became effective upon such stockholder approval. A description of the Plans is set forth in the Company's proxy statement, dated March 17, 2008, for its 2008 annual meeting of stockholders (the "proxy statement"), in the sections entitled "Proposal 2. Approval of the L-3 Communications Holdings, Inc. 2008 Long Term Performance Plan" and "Proposal 3. Approval of the L-3 Communications Holdings, Inc. 2008 Directors Stock Incentive Plan," which are incorporated herein by reference. These descriptions are qualified in their entirety by reference to a copy of the Plans attached to the proxy statement as Exhibits A and B, respectively, which are incorporated therein by reference.
www.sec.gov