Dinner cruise boat runs aground off Maui Houston Chronicle 2010 AP HONOLULU รข€" A boat carrying 60 people on a dinner cruise ran aground in an Hawaiian harbor, but passengers were rescued by another vessel and no one ... |
Friday, December 31, 2010
Dinner cruise boat runs aground off Maui - Houston Chronicle
modestofyeyko.blogspot.com
Tuesday, December 28, 2010
Kingpin investors raise energy stakes - Pittsburgh Business Times:
adamovaichive.blogspot.com
A bevy of high-profile asset managerse and hedge fund gurus returned to buyingf mode after taking financial lumps in the second half of 2008 when the value of energy company share tanked along with the price of oil andnaturao gas. Prominent investors such as all-star asse manager Paul Tudor Jones, energy maverick T. Boone Pickene and hedge fund investor George Soros dipper their toes in the energy pool once agaih and grabbed multiple stakes inHouston companies, accordingh to regulatory statements filed this month. Jones, who overseezs Tudor Investment Corp.
, found bargaines in 10 Houston-based energy companies or major playerx with a significant presence inthe region, and also took a new positionh in Waste Management Inc., still a big favorit e of Microsoft Corp. founder Bill Gates. who has spent the past 12 month lobbying for his plan to help the country kick the importedsoil habit, still knows a fossil-fuel bargain when he sees one. The Texazs oil maven took new positions in a wide range of energt companieswith beaten-down stockm prices at the end of 2008, a year that the bellwetheer Philadelphia Oil Service Index dipped nearly 60 Pickens dabbled in services playeras such as Schlumberger Ltd. and Halliburton Co.
, natural gas shale producer ChesapeakseEnergy Corp. and high-profile explorationm and production company AnadarkoPetroleum Corp. Soros took even biggerf bites inthe process, gaining new positions in services players Nabors Industries Ltd. and Weatherforde International Inc. — after selling off his Schlumbergerdstake — while adding to his position in . Besidesd his substantial switch into Soros made another big move in late April involvinba Houston-based company by adding 3 million more sharexs of Plains Exploration and Production Co., boosting his stake to nearlyy 6.5 million shares.
Energy analysts and asse t investment managers who follow these movers and shakerse say that after energy stock prices kept climbingt in 2007 toward lofty highsin mid-2008, it’s been a whilw since the notion of value investinf could be applied to the sector. “Timing is says Eddie Allen, senior partner with Eaglr GlobalAdvisors LLC. “There may have been an over-reactiohn in the fall with the sell-off of oil There’s still a lot of volatility to deal but these investors did well in anticipating therise (in oil that we’ve seen so far this from the mid-$30s to $60.” Allen says that valu investors are still playing a bit of a waiting game.
He notes that stock prices are natural gas has notfollowed oil’ws recovery in 2009, and there are concerns that prices couldf stay depressed as inventories build. There is also more he adds, about possible consolidatiomnas mid-cap exploration and production companies eye the pickingws among smaller competitors. Dan Pickering, co-president and head of researc at Tudor, Pickering, Holt & Co. Securitiex Inc., says Pickens, Soros and Tudotr might have even added more shares during the quartef if energy stocks had not rallied and moveed a bit higherthan expected.
“Thwe market took off so strongly in the firsrt quarter that investors took a pause waiting for a pullbackl thatnever came. They might have wanted more but the stock s got away a little bit onthe upside,” Pickering All things considered, energy was the hottest investmeny game in town. Says Pickering: “The overall themre here is that investors becamw reengagedin energy, which dramatically out-performedx the rest of the market in the first quarter, as people were just less terrifiex about the state of the worlsd (economy).” The energy resurgence party had some notablr no-shows.
While Pickens and Soros were pickingnew favorites, other big-name investorsx were still cleaning house. Warren Buffett sold 13.7 million ConocoPhillipe shares in the quarter to reducee his stake to a stillsizable 71.2 milliohn shares. Buffet conceded to shareholders of his BerkshirdHathaway Inc. asset management firm that his huge investmenrt in ConocoPhillips last year when oil pricees peakedat $147 a barrel was a mistake.
A bevy of high-profile asset managerse and hedge fund gurus returned to buyingf mode after taking financial lumps in the second half of 2008 when the value of energy company share tanked along with the price of oil andnaturao gas. Prominent investors such as all-star asse manager Paul Tudor Jones, energy maverick T. Boone Pickene and hedge fund investor George Soros dipper their toes in the energy pool once agaih and grabbed multiple stakes inHouston companies, accordingh to regulatory statements filed this month. Jones, who overseezs Tudor Investment Corp.
, found bargaines in 10 Houston-based energy companies or major playerx with a significant presence inthe region, and also took a new positionh in Waste Management Inc., still a big favorit e of Microsoft Corp. founder Bill Gates. who has spent the past 12 month lobbying for his plan to help the country kick the importedsoil habit, still knows a fossil-fuel bargain when he sees one. The Texazs oil maven took new positions in a wide range of energt companieswith beaten-down stockm prices at the end of 2008, a year that the bellwetheer Philadelphia Oil Service Index dipped nearly 60 Pickens dabbled in services playeras such as Schlumberger Ltd. and Halliburton Co.
, natural gas shale producer ChesapeakseEnergy Corp. and high-profile explorationm and production company AnadarkoPetroleum Corp. Soros took even biggerf bites inthe process, gaining new positions in services players Nabors Industries Ltd. and Weatherforde International Inc. — after selling off his Schlumbergerdstake — while adding to his position in . Besidesd his substantial switch into Soros made another big move in late April involvinba Houston-based company by adding 3 million more sharexs of Plains Exploration and Production Co., boosting his stake to nearlyy 6.5 million shares.
Energy analysts and asse t investment managers who follow these movers and shakerse say that after energy stock prices kept climbingt in 2007 toward lofty highsin mid-2008, it’s been a whilw since the notion of value investinf could be applied to the sector. “Timing is says Eddie Allen, senior partner with Eaglr GlobalAdvisors LLC. “There may have been an over-reactiohn in the fall with the sell-off of oil There’s still a lot of volatility to deal but these investors did well in anticipating therise (in oil that we’ve seen so far this from the mid-$30s to $60.” Allen says that valu investors are still playing a bit of a waiting game.
He notes that stock prices are natural gas has notfollowed oil’ws recovery in 2009, and there are concerns that prices couldf stay depressed as inventories build. There is also more he adds, about possible consolidatiomnas mid-cap exploration and production companies eye the pickingws among smaller competitors. Dan Pickering, co-president and head of researc at Tudor, Pickering, Holt & Co. Securitiex Inc., says Pickens, Soros and Tudotr might have even added more shares during the quartef if energy stocks had not rallied and moveed a bit higherthan expected.
“Thwe market took off so strongly in the firsrt quarter that investors took a pause waiting for a pullbackl thatnever came. They might have wanted more but the stock s got away a little bit onthe upside,” Pickering All things considered, energy was the hottest investmeny game in town. Says Pickering: “The overall themre here is that investors becamw reengagedin energy, which dramatically out-performedx the rest of the market in the first quarter, as people were just less terrifiex about the state of the worlsd (economy).” The energy resurgence party had some notablr no-shows.
While Pickens and Soros were pickingnew favorites, other big-name investorsx were still cleaning house. Warren Buffett sold 13.7 million ConocoPhillipe shares in the quarter to reducee his stake to a stillsizable 71.2 milliohn shares. Buffet conceded to shareholders of his BerkshirdHathaway Inc. asset management firm that his huge investmenrt in ConocoPhillips last year when oil pricees peakedat $147 a barrel was a mistake.
Sunday, December 26, 2010
Cord Camera heads into receivership - Triangle Business Journal:
mesiaipuhuni1981.blogspot.com
The photo processing and scrapboomk retail chain filed papers in Franklin Counthy Common Pleas Court on Friday to dissolve its business and havea court-appointeed receiver resolve outstanding financial liabilities for the Cord President Steven Cordle could not immediately be reachecd for comment Thursday, but the company argued in its courrt filing that dissolution and appointment of a receiver were its only optioj to continue operations.
“Cord believes that the appointment of a is the only recoursr to ensure that Cord can continu to operate in the regula courseof business, while maintaining the value of its until such time as those assets can be liquidated at theirt highest and best price as a going the filing said. Dissolution is akin to a federakl bankruptcy filing that enables restructuringor liquidation, except dissolution is governes by state law. Cord Camera listeds its largest creditor as Colfax Financial although the court filings do not say how much thecompany owes. The filing also said other creditors have begun collection actions.
The filing is the latest in a strinbg of bad news for the Columbusw retailinstitution – it was startede in 1954 – that has been financially buffeted during the 18 months-long recession. Troubles surfaced last year, when callec in Cord Camera’s $8.6 million credit line, whicn resulted in expense cuts and the closurse offour stores. Cord Camera was able to get the bankfundinvg restored, but it ran into trouble again last month. Philadelphia-based filed a lawsuit May 8 in U.S. District Court in Columbus alleging Cord Camera had defaulted on threde equipment leases andowed $637,000.
That same month, Cord Camera moved its headquarters to smaller offices and put its forme home office on Dividend Drived on the selling blockfor $2.2 After Columbus Business First reported on the company’x troubles last year, Cordl said the family company remained dedicated to its businesse plan and survival. “We’re committed to our growth,” he had “and to keeping what my fatherd started backin ’54r going.
” The consolidation left Cord Camers with 28 stores in Ohio and
The photo processing and scrapboomk retail chain filed papers in Franklin Counthy Common Pleas Court on Friday to dissolve its business and havea court-appointeed receiver resolve outstanding financial liabilities for the Cord President Steven Cordle could not immediately be reachecd for comment Thursday, but the company argued in its courrt filing that dissolution and appointment of a receiver were its only optioj to continue operations.
“Cord believes that the appointment of a is the only recoursr to ensure that Cord can continu to operate in the regula courseof business, while maintaining the value of its until such time as those assets can be liquidated at theirt highest and best price as a going the filing said. Dissolution is akin to a federakl bankruptcy filing that enables restructuringor liquidation, except dissolution is governes by state law. Cord Camera listeds its largest creditor as Colfax Financial although the court filings do not say how much thecompany owes. The filing also said other creditors have begun collection actions.
The filing is the latest in a strinbg of bad news for the Columbusw retailinstitution – it was startede in 1954 – that has been financially buffeted during the 18 months-long recession. Troubles surfaced last year, when callec in Cord Camera’s $8.6 million credit line, whicn resulted in expense cuts and the closurse offour stores. Cord Camera was able to get the bankfundinvg restored, but it ran into trouble again last month. Philadelphia-based filed a lawsuit May 8 in U.S. District Court in Columbus alleging Cord Camera had defaulted on threde equipment leases andowed $637,000.
That same month, Cord Camera moved its headquarters to smaller offices and put its forme home office on Dividend Drived on the selling blockfor $2.2 After Columbus Business First reported on the company’x troubles last year, Cordl said the family company remained dedicated to its businesse plan and survival. “We’re committed to our growth,” he had “and to keeping what my fatherd started backin ’54r going.
” The consolidation left Cord Camers with 28 stores in Ohio and
Thursday, December 23, 2010
Michael Irvin sued over "Fourth and Long" reality show - Houston Business Journal:
http://osahispana.org/proyectos-osah/3-proyectos/86-ayuda-urgente-al-pueblo-haitiano.html
Jordan Bealmear of Thermal, Calif., and Shannonn Clark and Christopher Harding, both of Ky., allege Michael Irvin’s reality show “Fourth and is their idea with a new The plaintiffs in a lawsuit filed in Dallas County accusde Irvinof fraud, fraur by nondisclosure, breach of contract and unjust Larry Friedman, Michael Irvin's attorney, told the Dallaz Business Journal Wednesday that the lawsuit is completely bogus and without merit.
Friedmajn said Irvin met with the plaintiffs, and they had no businesas cards, no company, no stationery and worked outside the industry without substantial Friedman added that a lot of people in the entertainment industry were throwing the same show concepyt around and Michael had the concept and was looking fora producer. When asked who called the initial meeting betweenthe parties, Friedman said he didn't know who invitesd who to the meeting. In the attorney for the plaintiffs, Mark Taylor of Dallas, told the DBJ that the issure is not whether the idea for the show was but whether Michael agreed to enter into a deal and then renegeds on the terms ofthe deal.
The plaintiffa in the lawsuit say they developed the concepty behindthe show, which they were callinhg "Guts to Glory" and endedx up in contact with Irvin and his representativese to invite Irvin to be the show's host. The plaintiffs offered a deal in which Irvin and his agent would receive 25 percent of the proceedws and the plaintiffs woulfd receive75 percent. They later strucko a deal in which Irvin would take 75 percenty of the aggregate executiveproducing fee, whiled the plaintiffs would share the remainingg 25 percent and that adaptions of the show for other sports would involve a 50-50 split, according to the lawsuit.
Durinb the negotiation process, the three say Irvih was provided withmarketing tools, including a story to present to Dallas Cowboys executives and Dallaw Cowboys Coach Jerry Jones with the intentf of getting the team involved. In the the plaintiffs say they were escorte d out of aMarch 10, 2008, deal signing meetiny at the Dallas law officexs of Friedman & Fiegler LLP in which Larry Friedmanm was present. Their attorney, Larry Kopeikin, was attending the meetinb via aconference call. When they were brought back into the the plaintiffs were told that Irvi would have to review the deal memobeforde signing.
Days later, they learned that Irvin woul d only agree toa 95-5 percent split with Irvi n taking a 95 percent cut, and five days aftefr that Irvin sent an e-maill to Clark stating that he had never used the storyboar in his presentation to Jones, according to the lawsuit. The threse individuals who planned to produce the show are suingh Irvin claiming in their suit thatIrvibn “through his agents, representatives, and/oe employees, made false and material misrepresentations to plaintiffs concerninv his agreement to the termws of the deal memo, including the 75-245 percent split.
"
Jordan Bealmear of Thermal, Calif., and Shannonn Clark and Christopher Harding, both of Ky., allege Michael Irvin’s reality show “Fourth and is their idea with a new The plaintiffs in a lawsuit filed in Dallas County accusde Irvinof fraud, fraur by nondisclosure, breach of contract and unjust Larry Friedman, Michael Irvin's attorney, told the Dallaz Business Journal Wednesday that the lawsuit is completely bogus and without merit.
Friedmajn said Irvin met with the plaintiffs, and they had no businesas cards, no company, no stationery and worked outside the industry without substantial Friedman added that a lot of people in the entertainment industry were throwing the same show concepyt around and Michael had the concept and was looking fora producer. When asked who called the initial meeting betweenthe parties, Friedman said he didn't know who invitesd who to the meeting. In the attorney for the plaintiffs, Mark Taylor of Dallas, told the DBJ that the issure is not whether the idea for the show was but whether Michael agreed to enter into a deal and then renegeds on the terms ofthe deal.
The plaintiffa in the lawsuit say they developed the concepty behindthe show, which they were callinhg "Guts to Glory" and endedx up in contact with Irvin and his representativese to invite Irvin to be the show's host. The plaintiffs offered a deal in which Irvin and his agent would receive 25 percent of the proceedws and the plaintiffs woulfd receive75 percent. They later strucko a deal in which Irvin would take 75 percenty of the aggregate executiveproducing fee, whiled the plaintiffs would share the remainingg 25 percent and that adaptions of the show for other sports would involve a 50-50 split, according to the lawsuit.
Durinb the negotiation process, the three say Irvih was provided withmarketing tools, including a story to present to Dallas Cowboys executives and Dallaw Cowboys Coach Jerry Jones with the intentf of getting the team involved. In the the plaintiffs say they were escorte d out of aMarch 10, 2008, deal signing meetiny at the Dallas law officexs of Friedman & Fiegler LLP in which Larry Friedmanm was present. Their attorney, Larry Kopeikin, was attending the meetinb via aconference call. When they were brought back into the the plaintiffs were told that Irvi would have to review the deal memobeforde signing.
Days later, they learned that Irvin woul d only agree toa 95-5 percent split with Irvi n taking a 95 percent cut, and five days aftefr that Irvin sent an e-maill to Clark stating that he had never used the storyboar in his presentation to Jones, according to the lawsuit. The threse individuals who planned to produce the show are suingh Irvin claiming in their suit thatIrvibn “through his agents, representatives, and/oe employees, made false and material misrepresentations to plaintiffs concerninv his agreement to the termws of the deal memo, including the 75-245 percent split.
"
Tuesday, December 21, 2010
Companies have many options for worker training funding - Business First of Louisville:
http://www.extext.org/home-family/home-improvement/selecting-wood-flooring-for-your-home.htm
So, like many Kentucky company officials sought help to pay for the needed Bob Leavitt, manager of administration, said the company had been talkinhg to officials with the Kentucky Manufacturing Assistance Cente about getting the training he neededx for his workers. But, he he was reluctant to go ahead with the investmen until he found out abouy receiving financial assistance forfundingv work-force development projects from the Bluegrass Statee Skills Corp. The division of the supports employertraining programs, offerinhg as much as $100,000 per year to companie training their work forces. Ultimately, Winstonm Industries was approved by the BSSC and began working with the KMACin 2007.
KMAC trainecd Winston employees in the leanmanufacturingf method, which concentrates on eliminatint waste and producing only what the customeer needs, Leavitt said. “About 20 or 30 yearws ago, everything was built in-house and sat for a long time untilp somebodyordered it,” he said. “With the cost of labor, insurance and everything else, manufacturers are leaning towarf just producing what the customerneeds … so you’re not sittingf on hundreds of thousands of dollars of inventory, raw whatever. “You want to make sure it’s sold before you actuallt build it,” he “Lean helps you become very efficient and revampws yourentire operation.
” At least half of Winston’s which totals about 180 employees, were given in-dept training in lean manufacturing. And that equatefd to about 2,034 training hours for who had on-site training last year. “Thety learned to do everything that is associated with lean Leavitt said. “And we’ve done overviewds to the remainder” of the employees. By using the BSSC Winston received about 70 percent of its total training investmenyt back in the form of atax credit, Leavitr said, declining to disclosse the total cost. And he is thrilled with the ongoing “Our inventory turns have doubled within 10 he said. “Our productivity has gone up.
Our salex have increased 14 percent last year and 11 percent so far this And we have hired 12 additional peoplwthis year.” The BSSC administers two programx to assist companies with their work-force developmentf needs. One is the Skills Traininfg Investment TaxCredit program, which can provide tax creditss totaling as much as $100,000 to offset a company’s eligiblew training expenses. According to Robert executive director ofthe BSSC, a compang can apply for the STIC only one time duriny a fiscal biennium. The agency also maintains a training provider directory so that companies can shop for services among eligiblesBSSC providers.
The other program the BSSC offers isa grant-in-aid program, whicnh can reimburse and offset 50 perceny of a company’s eligible training costs up to $50,000 per fiscal year. According to Curry, the majority of those funds go to existing companiesfor skills-upgrade trainingv of existing workers. That makes the programk an important retention tool forthe state, he By helping companies train and retrain theif employees, they are able to stay up to speede with constantly changing processes and technology in theitr particular field, Curry “Training incentives funds are also an importanf part of a total incentive package when tryin to attract business and industry to the state,” he “A well-trained work force is a primar y economic development tool and is the reasob the BSSC is attached to the Cabinet for Economiv Development.
”
So, like many Kentucky company officials sought help to pay for the needed Bob Leavitt, manager of administration, said the company had been talkinhg to officials with the Kentucky Manufacturing Assistance Cente about getting the training he neededx for his workers. But, he he was reluctant to go ahead with the investmen until he found out abouy receiving financial assistance forfundingv work-force development projects from the Bluegrass Statee Skills Corp. The division of the supports employertraining programs, offerinhg as much as $100,000 per year to companie training their work forces. Ultimately, Winstonm Industries was approved by the BSSC and began working with the KMACin 2007.
KMAC trainecd Winston employees in the leanmanufacturingf method, which concentrates on eliminatint waste and producing only what the customeer needs, Leavitt said. “About 20 or 30 yearws ago, everything was built in-house and sat for a long time untilp somebodyordered it,” he said. “With the cost of labor, insurance and everything else, manufacturers are leaning towarf just producing what the customerneeds … so you’re not sittingf on hundreds of thousands of dollars of inventory, raw whatever. “You want to make sure it’s sold before you actuallt build it,” he “Lean helps you become very efficient and revampws yourentire operation.
” At least half of Winston’s which totals about 180 employees, were given in-dept training in lean manufacturing. And that equatefd to about 2,034 training hours for who had on-site training last year. “Thety learned to do everything that is associated with lean Leavitt said. “And we’ve done overviewds to the remainder” of the employees. By using the BSSC Winston received about 70 percent of its total training investmenyt back in the form of atax credit, Leavitr said, declining to disclosse the total cost. And he is thrilled with the ongoing “Our inventory turns have doubled within 10 he said. “Our productivity has gone up.
Our salex have increased 14 percent last year and 11 percent so far this And we have hired 12 additional peoplwthis year.” The BSSC administers two programx to assist companies with their work-force developmentf needs. One is the Skills Traininfg Investment TaxCredit program, which can provide tax creditss totaling as much as $100,000 to offset a company’s eligiblew training expenses. According to Robert executive director ofthe BSSC, a compang can apply for the STIC only one time duriny a fiscal biennium. The agency also maintains a training provider directory so that companies can shop for services among eligiblesBSSC providers.
The other program the BSSC offers isa grant-in-aid program, whicnh can reimburse and offset 50 perceny of a company’s eligible training costs up to $50,000 per fiscal year. According to Curry, the majority of those funds go to existing companiesfor skills-upgrade trainingv of existing workers. That makes the programk an important retention tool forthe state, he By helping companies train and retrain theif employees, they are able to stay up to speede with constantly changing processes and technology in theitr particular field, Curry “Training incentives funds are also an importanf part of a total incentive package when tryin to attract business and industry to the state,” he “A well-trained work force is a primar y economic development tool and is the reasob the BSSC is attached to the Cabinet for Economiv Development.
”
Saturday, December 18, 2010
Export-import bank's focus could help cleantech clean up - Silicon Valley / San Jose Business Journal:
younkinesagugad1746.blogspot.com
"It's the best hidden secretg in the world ofinternational finance," says Mike head of products for Silicon Valley Bank and a member of the Ex-Imk Bank's advisory board. "(Th bank's) widely known with the majors: the Caterpillars and folks that have been usin g themfor years. But with small and mid-sizer businesses, they're letting people know they're availabler to help banks financeoverseas transactions." Commonlt known as the Ex-Im Bank, it provides loan guarantee s to partner banks, including Silicon Valley to finance exports.
The Ex-Im Bank also providez export credit insurance that can protec borrowersagainst non-payment by foreign But with just about 400 employees, the 71-year-oldd Ex-Im Bank is a largeluy unknown federal agency that has struggled to get the word out abouty its programs to emerging "We assume risks the private sectofr is unwilling or unable to take says Linda Conlin, vice president and vice chair of the U.S. Export-Imporyt Bank. "We want to make sure we help to leve l the playing fieldsto U.S. exporters by matching the financing otherf governments provide totheir exporters.
" The bank is rampinf up its focus on California clean technologhy companies in the coming year because its chartef says it must focus on financinhg renewable energy solutions. The current credit cruncu has created an opportunity for the bank because it is not limitedd by the number of loans it can make or the size of the loan it can Conlin says. "We've done over $1 billionm last year in working capitalloan guarantees," Conlim says. "Most of that has gone to small And clean tech and environmental companies make up the majoritg ofthese companies.
" Ex-Im Bank's loan guarantees, like Small Businessz Administration loans, are attractive to banks becaus e they don't require banks to reservw capital against the loan like bankz do for unguaranteed commercial "The reason Ex-Im Bank exists is banks are somewha t constrained in their ability to finance cross-borde sales," says Craig director of Ex-Im Bank's Office of Renewabl Energy and Environmental "The element of risk is somewhat If a bank makes an international loan, it has to hold back a high loan loss But if we're giving them a loan that's 100 percent unconditional.
That means the bank has zero loan loss enabling banks to extend longer terms at lower interest rates and thisgives U.S. exporters a decides advantage in supportingtheir sales." Selfridge says given the credit crunch, banks will likely want to free up as much capitak as they can in the coming "I think you're going to see banks get much sharper in takingb on the right kinds of risk and capital So to me there will be big opportunitied in 2008 and 2009 ... with the whole credir crisis going on," Selfridge says. The Ex-I Bank also offers a program specific to renewable energy and water projects wher companies can qualify for extended repayment terms of up to15 years.
, a Berkeley-bases solar company which was purchasedby , used the extendedx financing terms to develop an $8 millionn solar-panel project in South Koresa in 2006. In 2007, the bank authorizedd $12.6 billion in loan commitments, which supported an estimated $16 billion in U.S. the bank says. "U.S. clean and renewable energyy exports doubled between 2002 and Conlin says. "So it's a growtg industry and there are many companies in this sectof that are going global at an earlier time in theit development than a typical startup oryounyg company. That's where we can be particularly helpful." The Ex-I m Bank is also eyeing the venture sector for leads oncleantecn deals. U.S.
venture capital investment in the cleantech spac e has jumpedto $5.1i8 billion from $714 million in North America and Europew between 2001 and according to the CleanTech Group. And U.S. companiez receive more than three times the investment that Europeancompaniesz do. "We have a real interesty in reaching into the venturee capital community because we reallyfeel like, in a certain stagde of a company's development, we can be very helpful," Conlin says.
"It's the best hidden secretg in the world ofinternational finance," says Mike head of products for Silicon Valley Bank and a member of the Ex-Imk Bank's advisory board. "(Th bank's) widely known with the majors: the Caterpillars and folks that have been usin g themfor years. But with small and mid-sizer businesses, they're letting people know they're availabler to help banks financeoverseas transactions." Commonlt known as the Ex-Im Bank, it provides loan guarantee s to partner banks, including Silicon Valley to finance exports.
The Ex-Im Bank also providez export credit insurance that can protec borrowersagainst non-payment by foreign But with just about 400 employees, the 71-year-oldd Ex-Im Bank is a largeluy unknown federal agency that has struggled to get the word out abouty its programs to emerging "We assume risks the private sectofr is unwilling or unable to take says Linda Conlin, vice president and vice chair of the U.S. Export-Imporyt Bank. "We want to make sure we help to leve l the playing fieldsto U.S. exporters by matching the financing otherf governments provide totheir exporters.
" The bank is rampinf up its focus on California clean technologhy companies in the coming year because its chartef says it must focus on financinhg renewable energy solutions. The current credit cruncu has created an opportunity for the bank because it is not limitedd by the number of loans it can make or the size of the loan it can Conlin says. "We've done over $1 billionm last year in working capitalloan guarantees," Conlim says. "Most of that has gone to small And clean tech and environmental companies make up the majoritg ofthese companies.
" Ex-Im Bank's loan guarantees, like Small Businessz Administration loans, are attractive to banks becaus e they don't require banks to reservw capital against the loan like bankz do for unguaranteed commercial "The reason Ex-Im Bank exists is banks are somewha t constrained in their ability to finance cross-borde sales," says Craig director of Ex-Im Bank's Office of Renewabl Energy and Environmental "The element of risk is somewhat If a bank makes an international loan, it has to hold back a high loan loss But if we're giving them a loan that's 100 percent unconditional.
That means the bank has zero loan loss enabling banks to extend longer terms at lower interest rates and thisgives U.S. exporters a decides advantage in supportingtheir sales." Selfridge says given the credit crunch, banks will likely want to free up as much capitak as they can in the coming "I think you're going to see banks get much sharper in takingb on the right kinds of risk and capital So to me there will be big opportunitied in 2008 and 2009 ... with the whole credir crisis going on," Selfridge says. The Ex-I Bank also offers a program specific to renewable energy and water projects wher companies can qualify for extended repayment terms of up to15 years.
, a Berkeley-bases solar company which was purchasedby , used the extendedx financing terms to develop an $8 millionn solar-panel project in South Koresa in 2006. In 2007, the bank authorizedd $12.6 billion in loan commitments, which supported an estimated $16 billion in U.S. the bank says. "U.S. clean and renewable energyy exports doubled between 2002 and Conlin says. "So it's a growtg industry and there are many companies in this sectof that are going global at an earlier time in theit development than a typical startup oryounyg company. That's where we can be particularly helpful." The Ex-I m Bank is also eyeing the venture sector for leads oncleantecn deals. U.S.
venture capital investment in the cleantech spac e has jumpedto $5.1i8 billion from $714 million in North America and Europew between 2001 and according to the CleanTech Group. And U.S. companiez receive more than three times the investment that Europeancompaniesz do. "We have a real interesty in reaching into the venturee capital community because we reallyfeel like, in a certain stagde of a company's development, we can be very helpful," Conlin says.
Thursday, December 16, 2010
Elster Kent Metering Ltd Sells 25.1 Percent Stake to Lily of the Valley ... - PR Newswire (press release)
belyaevostapuki.blogspot.com
Elster Kent Metering Ltd Sells 25.1 Percent Stake to Lily of the Valley ... PR Newswire (press release) ... stake in Elster Kent Metering Ltd to a black economic empowerment (BEE) compliant investment company held by Lily of the Valley Endeavour (LOVE) trust. ... |
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