Casaubon’s Book

BANGKOK (AP) — Evidence of a steady economic recovery in the U.S. helped push Asian stock markets higher Monday.

A gauge of future economic activity issued Friday rose more than expected, a sign that the world’s biggest economy is improving. Consumer confidence also rose, offsetting several lackluster reports on slowing manufacturing and an increase in applications for unemployment benefits.

Japan’s Nikkei 225 index jumped 1.4 percent to 15,352.84. Hong Kong’s Hang Seng surged 1.7 percent to 23,476.65. South Korea’s Kospi fell 0.1 percent to 1,984.06. Australia’s S&P/ASX 200 advanced 0.7 percent to 5,215.40.

Investors will have a slew of data to sift through this week, including U.S. homes sales and durable goods orders. Analysts are somewhat pessimistic about the strength of China’s recovery but are expecting to see solid improvement in the U.S.

In Washington, remarks by Federal Reserve Chairman Ben Bernanke to members of Congress on Wednesday will be closely examined for hints about the future direction of the central bank’s monetary policy.

The Fed is currently conducting the third round of massive bond purchases known as quantitative easing to help drive down interest rates and spur lending. But recently improving data on the U.S. economy has led to speculation that the Fed might consider winding the program down earlier than expected.

“What everyone is watching for is any comment from the Fed chief on asset purchases or any clarification on current thinking,” said Mitul Kotecha of Credit Agricole CIB in Hong Kong. “The timing of any decision on winding down asset purchases is still very much undecided so it seems unlikely Bernanke will be categorical or provide strong timing about a reduction” in quantitative easing.

HSBC’s survey on China’s manufacturing growth, to be released Thursday, is also highly anticipated. Analysts at Credit Agricole are expecting a slight deceleration due to seasonal factors, from 50.4 in April to 50.3 in May.

“More signs of weakness will add to global growth worries. I think markets are particularly sensitive to this data release,” Kotecha said.

Benchmarks in mainland China and Indonesia rose. Taiwan’s fell.

Wall Street stocks again pushed higher Friday after the Conference Board said its index of leading economic indicators rose 0.6 percent last month after a revised decline of 0.2 percent in March. The index is intended to predict how the economy will be doing in three to six months. Separately, the University of Michigan’s preliminary survey of consumer confidence climbed to 83.7. Economists had predicted that the gauge would climb to 76.8.

The Dow Jones industrial average rose 0.8 percent to close at 15,354.40. The Standard & Poor’s 500 index gained 1 percent, to 1,666.12. The Nasdaq composite index rose 1 percent to 3,498.97.

Benchmark oil for June delivery was down 14 cents at $95.88 a barrel in electronic trading on the New York Mercantile Exchange.

In currencies, the euro rose to $1.2845 from $1.2829 late Friday in New York. The dollar fell to 102.64 yen from 103.18 yen.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

BANGKOK (AP) — Evidence of a steady economic recovery in the U.S. helped push world stock markets higher Monday.

A gauge of future economic activity issued Friday rose more than expected, a sign that the world’s biggest economy is improving. Consumer confidence also rose, offsetting several lackluster reports on slowing manufacturing and an increase in applications for unemployment benefits.

Britain’s FTSE 100 rose 0.7 percent to 6,735.31. Germany’s DAX gained 0.5 percent to 8,440.38. France’s CAC-40 advanced 0.3 percent to 4,012.55. Wall Street looked set for a flat opening, however. Dow Jones industrial futures were nearly unchanged at 15,316. S&P 500 futures were flat at 1,663.10.

Asian stock markets were broadly higher. Japan’s Nikkei 225 index jumped 1.5 percent to 15,360.81. Hong Kong’s Hang Seng surged 1.8 percent to 23,493.03. Australia’s S&P/ASX 200 advanced 0.5 percent to 5,209. Benchmarks in mainland China, Taiwan, and Indonesia also rose. South Korea’s Kospi fell 0.2 percent to 1,982.43.

Investors will have a slew of data to sift through this week, including U.S. homes sales and durable goods orders. Analysts are somewhat pessimistic about the strength of China’s recovery but are expecting to see solid improvement in the U.S.

In Washington, remarks by Federal Reserve Chairman Ben Bernanke to members of Congress on Wednesday will be closely examined for hints about the future direction of the central bank’s monetary policy.

The Fed is currently conducting the third round of massive bond purchases known as quantitative easing to help drive down interest rates and spur lending. But recently improving data on the U.S. economy has led to speculation that the Fed might consider winding the program down earlier than expected.

“What everyone is watching for is any comment from the Fed chief on asset purchases or any clarification on current thinking,” said Mitul Kotecha of Credit Agricole CIB in Hong Kong. “The timing of any decision on winding down asset purchases is still very much undecided so it seems unlikely Bernanke will be categorical or provide strong timing about a reduction” in quantitative easing.

HSBC’s survey on China’s manufacturing growth, to be released Thursday, is also highly anticipated. Analysts at Credit Agricole are expecting a slight deceleration due to seasonal factors, from 50.4 in April to 50.3 in May.

“More signs of weakness will add to global growth worries. I think markets are particularly sensitive to this data release,” Kotecha said.

Wall Street stocks again pushed higher Friday after the Conference Board said its index of leading economic indicators rose 0.6 percent last month after a revised decline of 0.2 percent in March. The index is intended to predict how the economy will be doing in three to six months. Separately, the University of Michigan’s preliminary survey of consumer confidence climbed to 83.7. Economists had predicted that the gauge would climb to 76.8.

Benchmark oil for June delivery was down 57 cents at $95.45 a barrel in electronic trading on the New York Mercantile Exchange.

In currencies, the euro rose to $1.2846 from $1.2829 late Friday in New York. The dollar fell to 102.54 yen from 103.18 yen.

___

Follow Pamela Sampson on Twitter at http://twitter.com/pamelasampson

WASHINGTON (Reuters) – Three congressional committees and the Department of Justice are investigating the Internal Revenue Service‘s scrutiny of conservative groups seeking tax-exempt status as the scandal distracts from President Barack Obama‘s second-term agenda.

Below are some of the major players in the backlash over the IRS paying extra attention to advocacy groups whose names included terms such as “patriot” or “Tea Party” when considering applications for tax-exempt status.

* Steven Miller – The acting head of the Internal Revenue Service while the scandal unfolded. He was fired from the post on Wednesday after an internal IRS report found that poor management, and not partisan politics, led to an “inappropriate” focus on conservative groups starting in 2010. The IRS has acknowledged Miller knew about the targeting of conservative groups in 2012 but did not disclose the practice. He was the former deputy IRS commissioner for services and enforcement and had been at the agency for more than 25 years.

At a House of Representatives hearing on Friday, Miller apologized for “foolish mistakes” made at the IRS and said they resulted from a heavy workload. He leaves the agency in June.

* Douglas Shulman – IRS commissioner before Miller took over in the acting capacity in November 2012. A Democrat, he was appointed to the post under Republican President George W. Bush in 2008.

In March 2012, Shulman told lawmakers that IRS personnel applied no extra scrutiny to conservative groups, although the new report from the Treasury Inspector General for Tax Administration (TIGTA) said that Miller knew of the targeting as early as March 8, 2012.

Congressional leaders sent letters to Shulman inquiring about IRS targeting as early as June 2011. According to the inspector general, the IRS’s Determinations Unit began targeting conservative groups in March or April of 2010.

* Danny Werfel – the White House budget official selected by Obama to replace Miller as acting IRS chief on May 22.

The Obama administration‘s point man in overseeing the “sequestration” budget cuts, he will now tackle the IRS scandal.

* Lois Lerner – director of the IRS’s tax-exempt division who broke the news of the scandal on May 10 at an American Bar Association function when she publicly apologized for the discriminatory practices. The admission came just days after she testified in Congress but did not mention it. According to the inspector general, Lerner learned about the targeting as early as June 29, 2011.

Lawmakers have called for her removal from the IRS.

Miller on Friday acknowledged that the scandal-exposing question-and-answer session had been planned.

* Joseph Grant – IRS acting commissioner of tax exempt/government entities division at the center of the scandal. On Thursday he announced plans to retire on June 3 after joining the IRS in 2005. He took over the reins of the tax exempt division in late 2010 and Lerner worked under him.

* Sarah Hall Ingram – Preceded Grant as head of the IRS’s tax-exempt division when the targeting of conservative groups began. Since December 2010, she has headed up the IRS division handling Obama administration’s healthcare reform.

* William Wilkins – IRS chief counsel who is an Obama political appointee. He is the top legal adviser and takes the lead on all litigation involving the IRS. His office, although not necessarily Wilkins personally, knew of the targeting as early as August 2011, according to TIGTA. The IRS said Wilkins did not participate in the August 2011 meeting, which the agency said involved “staff attorneys several layers below Wilkins.”

* J. Russell George – Treasury Department inspector general for tax administration. Investigated the complaints against the IRS and issued the public report on targeting of conservative groups. The IRS is an arm of the Treasury Department and lawmakers at the hearings are scrutinizing George for not issuing warnings about the practice earlier.

* IRS’s Cincinnati field office employees – oversaw the reviews of tax-exempt applications. According to TIGTA, the Ohio unit set its own criteria for checking tax-exempt groups in the absence of clear guidance from more senior officials.

Republican lawmakers have named five workers they hope to bring in for questioning: Holly Paz, Washington-based director of rulings and agreements for the tax exempt division; Greg Muthert, a veteran Cincinnati office worker; Joseph Herr and Elizabeth Hofacre, who were cited by some Tea Party groups as handling their tax-exempt applications; and John Shafer, whom lawmakers described as “screening group manager.”

A congressional aide said the five workers were chosen based on a timeline from the TIGTA report that listed the job roles involved in the activity. It was unclear whether these employees had any role in any wrongdoing.

* President Barack Obama – has said he was not aware of the ongoing practice, calling it intolerable and inexcusable. His Press Secretary Jay Carney said the White House Counsel was notified of the IRS’s targeting during the week of April 22.

Obama has appeared multiple times in public to condemn the IRS’s actions and has promised to cooperate with congressional investigations and a Justice Department probe, but he has not demanded a special prosecutor look into the allegations.

* Representative Dave Camp – Republican chairman of the House Ways and Means Committee that is investigating the matter. On June 3, 2011, he sent a letter to then-Commissioner Shulman, inquiring about IRS targeting of taxpayers who donated to conservative groups and audits of tax-exempt organizations. The IRS then halted reviews of any tax-exempt groups but never addressed targeting concerns.

* Representative Darrell Issa – Republican chairman of the Oversight and Government Reform Committee also conducting an investigation. He is seeking interviews with five IRS employees to learn more about the tax-exempt reviews.

* Senator Max Baucus – Democratic chairman of the Senate Finance Committee, who said his tax code revamp will examine rules for nonprofit group’s political activities in hopes of preventing such scandals in the future.

(Reporting by Alina Selyukh; editing by Jackie Frank)

By Manash Goswami

SINGAPORE (Reuters) – Brent futures slipped on Friday, staying below $104 as bleak U.S. economic data revived worries about demand growth in the world’s biggest oil consumer, while a stronger dollar also pressured prices.

Barring news on major supply disruption, the dollar will be a key driver for oil with investors increasingly expecting the greenback’s recent surge to peter out.

Brent slipped 5 cents to $103.73 a barrel by 0552 GMT. It is expected to end the week mostly unchanged. U.S. oil was up 18 cents at $95.34, after settling up 86 cents, but was on track to end a three-week winning run.

“The dollar will influence oil quite a bit over the next few sessions because at some point it will start to weaken as it has strengthened too much in recent days,” said Tetsu Emori, a commodities sales manager at Astmax Investments in Tokyo.

“All U.S. economic indications in the last few days have been weak and that is raising doubts about demand.”

The U.S. economy showed fresh signs of slowing in the second quarter, with factory activity slipping in the mid-Atlantic region while groundbreaking declined at home construction sites.

POLICY DOVE

The strong dollar and a weak outlook for demand will keep Brent trading in a $103 to $105 range next week, while the U.S. contract will swing between $95 and $98, Emori said.

The dollar held firm near a 10-month high against a basket of major currencies on Friday after a regional Fed chief, long seen as a policy dove, said the Fed could begin easing up on stimulus this summer and end it late this year.

A firm dollar pressures oil as its strength makes commodities more expensive for holders of other currencies.

Brent has risen about $7 from the low of under $97 for the year touched on April 18. The U.S. contract has gained nearly $10 since the 2013 low of $85.61 was touched on the same day.

The difference between the U.S. benchmark and Brent widened beyond $10 per barrel for the first time since May 7 in the previous session, and was at about $8 on Friday. It hit a 2013 low of $7.20 earlier this week.

However, uncertainty over political tensions in the Middle East cushioned oil prices, with Russia’s foreign minister saying Iran must take part in a proposed international conference to try to end Syria’s civil war.

Charts show that Brent is expected to drop to $102.42 as it failed to break a resistance at $104.13, while U.S. oil is expected to revisit its Thursday low of $93.23, said Reuters technical analyst Wang Tao.

By Ulf Laessing

KHARTOUM (Reuters) – In a cramped government office in Khartoum, engineer Ahmed Taha and dozens of other Sudanese, lured by local newspaper adverts for jobs in the Gulf, sit waiting to get a permit to leave the country and work abroad.

“I’ve had enough of Sudan and will go to Saudi Arabia,” said Taha. “I am so tired of this country, the (economic) crisis, the corruption.”

Taha, who has been working in an office accounts department for two years because he could not find a professional post, has just been hired as an engineer by a construction firm in Saudi Arabia – a move that will increase his salary sevenfold to 2,500 Saudi riyals ($670) a month.

“I also want to find my wife a job as a teacher in Saudi Arabia because she makes only 600 (Sudanese) pounds ($95) a month here. We cannot live on our salaries.”

Like thousands of other Sudanese, Taha is escaping a country gripped by economic crisis since losing 75 percent of its oil production, its lifeline, when South Sudan seceded in July 2011.

Analysts estimate unemployment is running at between 20 and 30 percent, although there is no official data.

Annual inflation topped 41 percent in April and the Sudanese pound has more than halved in value against the dollar since South Sudan’s independence, making life unbearable for many.

Nearly 95,000 Sudanese, from laborers to teachers, nurses and engineers, left the country last year compared to only 10,032 in 2008, according to official data. Some analysts say the number is even higher because travel movements are hard to monitor.

Net migration contrasts with some other African countries, including South Sudan, that are seeing skilled professionals return home as the continent’s economic development and increasing foreign investment create career opportunities.

For Sudan, struggling with a high budget deficit and a shortage of foreign currency needed to pay for imports, migration has economic benefits.

The World Bank estimates migrant workers remitted $1.13 billion to Sudan last year, up from $442 million in 2011. That helped to offset the country’s goods and services trade deficit, estimated at $6.7 billion by the International Monetary Fund.

The exodus of workers should also help reduce unemployment. A prolonged “brain drain” of professionals, however, would put further pressure on the country’s deteriorating public services, adding to the country’s economic problems.

“We are suffering under the economic hardship,” said Omar El Fadli, who left Sudan in 1974 to study in Britain and then worked in France and the United States before coming back in 2005 to buy a restaurant in central Khartoum.

“To be honest with you we have been trying to sell (the restaurant) for over two years … It’s not profitable anymore.”

At the visa office in Khartoum, women in dark blue robes, representatives from government-approved employment agencies, are on hand to help applicants fill in the required paperwork.

“We sort out the paperwork for doctors going to the Gulf, especially Saudi Arabia which is requesting a large number of Sudanese doctors to work there,” says Hamda Kassem, one of the employment agency staff.

While the Sudanese government allows labor agencies to arrange work contracts for doctors heading to the Gulf, a government-commissioned study published in January also expressed concern about the exodus of healthcare professionals.

DOCTORS LEAVING

More than 6,000 Sudanese doctors left for Saudi Arabia alone between 2009 and 2012, according to the government study, commissioned to assess the reasons for migration. Around another 1,000 doctors have gone to Libya since the ousting of ruler Muammar Gaddafi in 2011, it says.

That is leaving health services in Sudan vulnerable as countries in the Gulf and elsewhere snap up the country’s leading specialists. Newspaper reports of patients dying in Sudan hospitals after being misdiagnosed by ill-qualified doctors are not uncommon.

“There is a very bad effect on medical services,” the government study says. “The emigration to Saudi Arabia will result in the loss of specialists which will be felt directly … in the provinces.”

Sudanese medical colleges pump out up to 4,000 doctors annually but some colleges use textbooks that are more than 10 years old and have no surgical equipment.

The study forecasts that emigration from Sudan will continue to increase in the next few years due to economic, social, security and political reasons.

Sudan has for been plagued by insurgencies. Long confined to remote regions such as Darfur, rebels struck a central region last month, triggering fears they might attack Khartoum again like in 2008.

Few Western engineering firms operate in Sudan due to a U.S. embargo in place since 1997, making the country reliant on mostly Chinese companies to build infrastructure and they tend to import their own workers.

Sudanese government efforts to combat unemployment by hiring more young people for public sector jobs and starting infrastructure projects have been hampered by the budget crisis.

Young people complain that corruption also makes it hard to find work – jobs in the public sector, the biggest employer, often go to people with the right connections, known as wasta, they say.

“You cannot find a job without wasta,” said Hisham Hassan, who graduated in civil engineering from the Sudanese university of Atbara in 2008 but has yet to find work.

“I can’t afford to get married or anything,” he said after receiving his exit permit at the visa office.

He has landed a job at a Saudi builder paying him a monthly salary of 3,000 riyals – in Qassim, one of the most conservative regions of Saudi Arabia. “It will be fine. I have no choice anyway,” he said.

Concerns about personal freedom in Sudan are also encouraging emigration. Security agents have cracked down hard on small street protests organized mainly by students dreaming of an “Arab spring”. Divisions in the weak opposition and the army’s support for President Omar Hassan al-Bashir mean Sudan has avoided the uprisings seen in Egypt or Tunisia.

SUDANESE SKILLS

Sudanese professionals have a tradition of going overseas to gain experience and make money. In the 1960s and 70s, they flocked to the Gulf as those economies took off.

Opportunities dried up after the 1991 Gulf war when President Bashir failed to back the U.N.-led military operation to end Saddam Hussein’s occupation of Kuwait. In retaliation, Gulf countries deported thousands of Sudanese once Kuwait was liberated.

With governments in the Gulf spending billions of dollars on roads, schools and universities again, Sudanese are back in demand although prospects in Saudi are dampened by a crackdown on illegal workers and policies to replace foreigners with locals.

Sudanese are also looking further afield. At the Goethe Institute in Khartoum, run by the German government, there’s a waiting list of up to three months to enrol in German classes.

Ahmed Shamun is making a living from the rise in migration. Having worked in Abu Dhabi as an English translator for 13 years, he returned in 1993 and now runs an employment agency in Khartoum, fixing up Sudanese with jobs in the Gulf. Yet, he still laments the trend.

“It’s not just doctors or engineers leaving, most of them are workers,” he said, sitting in his small office next to a travel agent selling air tickets to Saudi Arabia.

“I don’t like it but what else can young people do? There are no jobs here.”

($1 = 3.7502 Saudi riyals)

(Editing by Susan Fenton)

Although loans are solutions during difficult financial times, most people neglect to take forethoughts prior to signing the commitment. Unable to comprehend the implications of taking a personal unsecured loan usually puts individuals poverty and can make anyone to strain something useful. Since loans must be cleared within set durations, you have to be concise and clear about borrowing loans. Making the correct decisions will assist you to in setting your future financial targets without worries. The following are the top things you should know before you take financing.

To start with, you need to ask whether you will need the credit or it is to make the wallet fatter. Should you not use a justifiable reason that are used for taking a loan, then you’ve got to let it sit because it could be stressing if you are paying back. Some individuals take loans without certainty of what to do which is dangerous. For those who have an excuse when planning on taking a loan, it’s okay but if you do not have, just try to keep from the temptation.

Additionally, it’s essential must yourself whether you are effective at repaying the credit soon enough. If your wages is not large enough in order to the loan with time, you don’t to accept personal bank loan. This can constrain you in doing other things in future. If as an example you’re taking ca loan to get a trip, you may find themselves in trouble make payment on cashback.

The duration to settle is yet another crucial point out consider when going for a loan. Clearing loans as soon as possible is a method of managing finances and a chance to manage our financial life. Loans, which are really easy to clear off, are better than loans that will give you decades to stay. You have to be clear about the possibilities.

Moreover, people do not take into account the consequences of failing to pay the borrowed funds in time. If you are not careful, you could possibly wind up choosing a loan that can make one to lose your premises. It is advisable to take a loan you are aware certainly that you can clear.

Further, you need to consider whether you can afford high-priced product for less money as an alternative to taking big loans, which are not an easy task to service. As an illustration, should you be getting a car worth 8,000 dollars, that can be done research and find out whether you may get a cheaper car of high quality. Taking huge loans to acquire liabilities can give you financial strains and perchance bankruptcy.

Some loans adverts are luring and so they look too good for clients. You may notice the good quotes, you may be motivated to try to get the borrowed funds only to realize that you’ve made a big mistake that can include hassles in the future. It’s good to understand all details before you apply.

You’ll find companies, which not clarify the interest rates that they charge on loans and if you’re finding a personal unsecured loan, you have to be careful in regards to the applicable interest levels. In the event you don’t have the knowledge about the eye rates, you could be surprised when you will have to pay over you would expect.

Small print info is very crucial before easy since there is a chance of missing the purpose when having a loan. You’ll want to clarify every place and make sure that you understand all the points before using any loan.

The pattern of payment is very crucial when applying that loan. You’ll want to realize the distribution of the loans repayment. Some companies could have ineffective repayment patterns which will be an excellent issue in managing your financial life. It is good to learn how much premiums applicable before taking the credit.

The security of your job is the one other thing you have to look at when thinking about a personal unsecured loan. Discover permanently employed, you might have problems when clearing the credit timely. It’s good to analyze your job security and ask yourself what direction to go in case you lost the work along with that loan.

Loans are fantastic as they assist you in salvaging abrupt financial needs. However, it’s good to understand the potential risks as well as the implications involved when securing an unsecured loan. It is good to have multiple kind of repaying in case one fails.

By Chikako Mogi

TOKYO (Reuters) – Oil and gold prices fell on Monday as the dollar strengthened, weighing on Asian shares, but Japanese equities outperformed on the back of the yen’s slide to a fresh 4-1/2-year low against the U.S. currency.

European stock markets are seen narrowly mixed after the pan-European FTSEurofirst 300 index closed at a five-year high on Friday, with financial spreadbetters predicting London’s FTSE 100, Paris’s CAC-40 and Frankfurt’s DAX would open between a 0.2 percent rise and a 0.1 percent drop.

U.S. stock futures were down 0.3 percent, pointing to a weak Wall Street open, after the Dow Jones industrial average and the Standard & Poor’s 500 Index ended at record highs on Friday.

“A strength in the dollar is weighing on commodities across the board,” said Ben Le Brun, analyst at OptionsXpress in Sydney. “For oil, worries of ample supplies is putting pressure. We have unprecedented levels of stockpiles in the United States, with uncertainty surrounding economic growth.”

U.S. crude futures slipped 0.8 percent to $95.23 a barrel and Brent dropped 0.7 percent to $103.16.

The dollar’s strong performance also took the shine off gold, which typically serves as an alternative to the U.S. currency. Spot gold fell as much as 1.5 percent to a session low of $1,426.40 an ounce.

Investors were cautious ahead of China’s data. China’s industrial output in April grew 9.3 percent from a year earlier and its fixed-asset investment grew 20.6 percent from a year ago, both slightly below expectations. Retail sales in April rose 12.8 percent from a year earlier, matching forecasts.

The yen slid to a fresh 4-1/2-year low against the dollar of 102.15 yen in Asia on Monday morning, having earlier hit its highest point since January 2010 against the euro at 132.385. The yen last traded at 101.70 against the dollar.

The drop in commodities prices weighed on the Australian dollar, which traded around $0.9987 after hitting an 11-month low of $0.9961 on Friday.

The dollar was also underpinned against the yen after Japan avoided criticism from its peers for pursuing bold reflationary policies which have resulted in a steady decline in the Japanese currency. A weaker yen improves earnings prospects for exporters and underpins the export-reliant Japanese economy.

Group of Seven finance officials agreed on Saturday to redouble efforts to deal with failing banks and gave a green light to Japan’s drive to galvanise its economy.

Having urged Tokyo for years to do something to revive its economy, other world powers are not in a position to complain now that it is doing so. Also, the Federal Reserve and Bank of England have printed money in the way the Bank of Japan is now.

“If international peers criticise the yen’s weakness, investors who are on the nervous side could stop chasing the market higher. Now, such concerns are receding,” said Kenichi Hirano, a strategist at Tachibana Securities.

The Nikkei stock average scaled a fresh peak since January 2008 of 14,849.01, rising as much as 1.7 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.8 percent. Hong Kong shares led the decline with a 1 percent drop as Ping An Insurance fell sharply after a three-month ban was imposed on its brokerage unit for helping list a fraudulent Chinese company.

Australian shares were down 0.3 percent after closing at a five-year high on Friday, while South Korean shares held in a tight range, capped by the yen’s weakness which erodes the competitiveness of Korean exporters.

U.S. labour market data has pointed to a steady recovery trend in the world’s largest economy, boosting the dollar and fuelling speculation that the Federal Reserve could scale back its aggressive monetary stimulus aimed at supporting growth.

Investors were keeping an eye on the U.S. retail sales due later on Monday.

“U.S. retail sales … is always going to be important as it highlights the health of the consumer and the potential to feed into expectations of inflation and also potential job creation,” Chris Weston, chief market strategist at IG markets, said in a note to clients.

U.S. Treasuries extended losses in Asia, with benchmark 10-year yields rising to 1.93 percent from around 1.895 percent on Friday.

Japanese government bond prices tumbled, hurt by the Nikkei’s rally and also tracking U.S. bonds lower, with the 10-year JGB yield hitting a three-month high of 0.750 percent and benchmark JGB futures shedding a full point to their lowest in a year.

Elsewhere, removing a potential source of political instability in the Asian region, Pakistan’s Nawaz Sharif, toppled in a 1999 military coup, has made a comeback over the weekend election, eyeing to form a government to implement reforms needed to rescue the fragile economy.

Asian shares ease, yen hits fresh lows against dollar

TOKYO (Reuters) – Asian shares eased on Monday with sentiment hit by selling in commodities triggered by a strong dollar, which rose to a fresh 4-1/2-year peak against the yen on the back of growing confidence in the U.S. economy. Losses in shares were likely to be limited after U.S. stocks rallied to record highs on Friday.

Analysis: Google+ struggles to attract brands, some neglect to update

SAN FRANCISCO (Reuters) – To mark the Cinco de Mayo holiday this year, Domino’s Pizza festooned its Facebook page with a string of posts, including an image of a Mexican-themed guacamole pizza that garnered over 2,000 “likes”. But visitors to Domino’s companion Google+ page on that day found less festive fare: The most recent post was from October 2012. Two years after introducing its social network, Google Inc is struggling to win over the brands and businesses that have been its most loyal customers in the Internet search market.

For banks in cyber heist, how to get their money back?

NEW YORK (Reuters) – Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based Bank of Muscat lost $40 million and United Arab Emirates-based National Bank of Ras Al Khaimah PSC (RAKBANK) lost $5 million in the global heist, U.S. prosecutors said on Thursday.

Western Union shares could rise in coming years – Barron’s

NEW YORK (Reuters) – Western Union Co. , which facilitates long-distance money transfers between consumers and businesses, could see its shares rise to the low $20 range in the next few years, according to a Barron’s report. In its May 13 edition, Barron’s cited a recent reduction in Western Union’s rates as a catalyst for growth. It also said that business could expand as unemployment levels fall around the world, citing Ariel Investment analyst James Kenney.

Deutsche Telekom says U.S. listing helps it “attack” rivals: paper

FRANKFURT (Reuters) – Deutsche Telekom has given its U.S. operations more autonomy, positioning its business to compete better with bigger and smaller rivals, Chief Executive Rene Obermann told Germany’s Welt am Sonntag newspaper. In an effort to turnaround its U.S. business, which has lost customers to AT&T and Verizon , the German telecoms provider floated its operations there after merging its T-Mobile USA unit with MetroPCS Communications.

HSBC boss can do more to cut bank down to size

LONDON (Reuters) – HSBC’s sale of a stake in a Korean insurer last month was made with little fanfare, just one of 52 deals struck or businesses closed in the last two years by Chief Executive Stuart Gulliver, and analysts are expecting more. With less than a year left of his 3-year restructuring plan, Gulliver will report on how he is doing in meeting his targets on Wednesday.

Mixed signals for the global economy

WASHINGTON (Reuters) – A flood of data this week will paint a mixed picture of the global economy, with belt-tightening continuing to dampen activity in the euro zone, but accommodative policies helping to stimulate growth in Japan. Reports from the United States are expected to show some slowdown in momentum early in the second quarter, and the Chinese economy’s prospects are unlikely to have changed much.

Analysis: Bullish yuan herd leaves China fundamentals in the dust

SHANGHAI (Reuters) – Investors convinced China’s currency is once again a one-way bet upward should think again: signs of slowing economic growth could cut short the yuan’s rally. Investors and companies have been pouring funds into China in recent months, helping send the yuan to a series of record highs.

Germany pushing for faster reform in euro zone: magazine

BERLIN (Reuters) – Germany wants further reforms and savings in crisis-hit euro zone states, according to a report obtained by German magazine Spiegel in which Berlin evaluates progress made under strengthened EU budget rules. The rules have managed to spur in all euro zone countries a “general political mobilization towards structural reforms and greater competitiveness”, Spiegel cited the report as saying in its edition published on Sunday.

India IT watchdog investigating breach in ATM heist

MUMBAI/BANGALORE (Reuters) – The Indian government’s cyber watchdog is investigating how security at two companies that are part of the country’s vast IT services industry was breached in a global ATM heist that saw $45 million stolen from two banks in the Middle East. EnStage Inc, which operates from Bangalore, and ElectraCard Services, based in the Indian city of Pune, processed card payments for the two banks that were hit in the theft, several people familiar with the situation said.

CHICAGO, May 9, 2013 /PRNewswire/ — Claire’s Stores, Inc. (the “Company”) today announced the sale of $320.0 million aggregate principal amount of 7.75% senior notes due 2020.  The notes were priced at par.  Settlement is scheduled to occur on May 14, 2013.

The Company intends to use the net proceeds of the offering to redeem $312.5 million aggregate principal amount of its 9.25% senior notes due 2015 and its 9.625%/10.375% senior toggle notes due 2015.

The notes are being offered only to “qualified institutional buyers” in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States only to non-U.S. persons in reliance on Regulation S under the Securities Act.  The notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-looking Statements:
This press release contains “forward-looking statements” which represent the Company’s expectations or beliefs with respect to future events. Statements that are not historical are considered forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those factors include, without limitation: changes in consumer preferences and consumer spending; competition; our level of indebtedness; general economic conditions; general political and social conditions such as war, political unrest and terrorism; natural disasters or severe weather events; currency fluctuations and exchange rate adjustments; uncertainties generally associated with the specialty retailing business, such as decreases in mall traffic due to high gasoline prices or other general economic conditions; disruptions in our supply of inventory; inability to increase same store sales; inability to renew, replace or enter into new store leases on favorable terms; increases in the cost of our merchandise; significant increases in our merchandise markdowns; inability to grow our store base in Europe and China or expand our international franchising operations; inability to design and implement new information systems or disruptions in adapting our information systems to allow for e-commerce sales; delays in anticipated store openings or renovations; uncertainty that definitive financial results may differ from preliminary financial results due to, among other things, final U.S. GAAP adjustments; results from any future asset impairment analysis; changes in applicable laws, rules and regulations, including changes in federal, state or local regulations governing the sale of our merchandise, particularly regulations relating to the content in our merchandise, general employment laws, including laws relating to overtime pay and employee benefits, health care laws, tax laws and import laws; product recalls; loss of key members of management; increases in the cost of labor; labor disputes; unwillingness of vendors and service providers to supply goods or services pursuant to historical customary credit arrangements; increases in the cost of borrowings; unavailability of additional debt or equity capital; and the impact of our substantial indebtedness on our operating income and our ability to grow. These and other applicable risks, cautionary statements and factors that could cause actual results to differ from the Company’s forward-looking statements are included in the Company’s filings with the Securities and Exchange Commission (the “SEC”), specifically as described in the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2013 filed with the SEC on April 3, 2013. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances. The historical results contained in this press release are not necessarily indicative of the future performance of the Company.

Contact Information:
J. Per Brodin , Executive Vice President and Chief Financial Officer
Phone: (847) 765-1100, or E-mail, [email protected]

 

 

 

SOURCE Claire’s Stores, Inc.

RELATED LINKS
http://www.clairestores.com

AIRPORT CITY BUSINESS PARK, Israel, May 9, 2013 /PRNewswire/ – RRsat Global Communications Network Ltd. (NASDAQ: RRST), a leading provider of comprehensive digital content management and global distribution services to the television and radio broadcasting industries, announced today financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights

“RRsat continued to benefit from the increasing demand for our services as evidenced by our strong backlog,” commented Avi Cohen, CEO of RRsat. “In line with the industry trend of world-wide growth in number of TV channels, especially HD, this solid backlog demonstrates increased booking activities and it is a leading indicator of future contracted, recurring revenues. We are successfully executing on our strategic plan and continue to focus on changing our revenue mix to include a larger share of live events broadcasting services as well as changing customer mix to expand our services to higher tier, larger customers.”

“In addition, during this quarter we completed the integration of the SM2 acquisition as well as the U.S. infrastructure required to accommodate the new business assets from SM2. This acquisition positions RRsat as a leading player in the global distribution of Sports and Live events. As more TV channels are being distributed globally and as the complexity of digital broadcasting intensifies by mobility and service virtualization, the long-term demand for RRsat’s services will continue to support our strong performance,” concluded Mr. Cohen.

First Quarter 2013 Financial Results

Revenues in the first quarter of 2013 were $29.3 million, an increase of 6.5% compared to $27.5 million in the first quarter of 2012 and flat when compared to $29.4 million in the fourth quarter of 2012

Gross profit in the first quarter of 2013 was $7.1 million, an increase of 15.2% compared to $6.1 million in the first quarter of 2012 and a decrease of 4.1% compared to $7.4 million in the fourth quarter of 2012. Gross margin in the first quarter of 2013 was 24.1% compared to 22.3% in the first quarter of 2012 and 25.1% in the fourth quarter of 2012.

As previously stated, there is some level of seasonality associated with the revenue mix outside of the 24/7 services, leading to some fluctuations in revenues and gross margin between quarters.

Non-GAAP operating income, excluding non-cash stock based compensation charges, amortization of acquisition-related intangibles, acquisition related expenses and amortization of acquisition related prepaid compensation expenses, was $2.5 million during the first quarter of 2013, compared to $2.1 million in the first quarter of 2012 and $2.9 million in the fourth quarter of 2012. Non-GAAP operating margin in the first quarter was 8.7% compared to 7.5% in the first quarter of 2012 and 9.9% in the fourth quarter of 2012.

GAAP operating income for the first quarter of 2013 was $2.3 million up 18% compared to $2.0 million in the first quarter of 2012 and down 13.2% compared to $2.7 million in the fourth quarter of 2012. GAAP operating margin in the first quarter of 2013 was 7.9% compared to 7.1% in the first quarter of 2012 and 9.0% in the fourth quarter of 2012.

Non-GAAP net income for the first quarter ended March 31, 2013 was $1.9 million unchanged from the first quarter of 2012 and down 23.4% compared to $2.4 million for the fourth quarter of 2012.

Non-GAAP net income per share on a fully diluted basis was $0.11 for the first quarter of 2013, unchanged from the first quarter last year and $0.14 in the fourth quarter of 2012.

GAAP net income for the first quarter of 2013 was $1.6 million, compared to $2.3 million in the first quarter of 2012 and $2.4 million in the fourth quarter of 2012. GAAP net income per share on a fully diluted basis was $0.09 for the first quarter of 2013 compared to $0.13 in the first quarter of 2012 and $0.14 in the fourth quarter of 2012.

Adjusted EBITDA for the first quarter of 2013 was $4.6 million compared to $4.2 million in the first quarter of 2012 and $5.0 million in the fourth quarter of 2012.

Cash, cash equivalents and marketable securities as of March 31, 2013 totaled $27.2 million compared with $26.4 million as of December 31, 2012. The change in cash position during the quarter was mainly attributable to a continuous positive cash flow from operating activities.

Backlog as of March 31, 2013, was approximately $203 million (compared with $195 million at the end of the fourth quarter of 2012). Approximately $67.3 million of the backlog is expected to be recognized as revenues during the remainder of 2013.

Dividend Distribution

On May 8, 2013, the Board of Directors declared a cash dividend in the amount of $0.16 per ordinary share, and in the aggregate amount of approximately $2.77 million. The dividend will be payable on June 13, 2013 to all of the Company’s shareholders of record at the end of the trading day on the NASDAQ on May 20, 2013.

In accordance with Israeli tax law, the Company will withhold 25% of the dividend amount payable to each shareholder at source, subject to applicable exemptions. The Company’s dividend policy is described in detail in its most recent Annual Report on Form 20-F for the year ended December 31, 2012.

Second Quarter and Full Year 2013 Guidance

Management reiterates its expectation of full-year 2013 revenues in the range of $120 million to $125 million representing 6% to 10% year-over-year growth and gross margin for the year to improve over 2012. Given some level of seasonality associated with the revenue outside of the 24/7 services, management expects some level of variation in mix from quarter to quarter leading to some fluctuations in revenues and gross margin between quarters. For the second quarter of 2013, management expects revenues in the range of $29 million to $30 million representing 3.3% to 6.9% year-over-year growth.

Conference Call Information

The Company will conduct a conference call today, May 9, 2013 at 9 a.m. ET (4 p.m. Israel time). On the call, Mr. Avi Cohen, Chief Executive Officer, Mr. Shmulik Koren, Chief Financial Officer, and Mr. Lior Rival, Chief Commercial Officer, will review and discuss the results and will be available to answer investor questions.

Call time: 9 a.m. Eastern Time; 4 p.m. Israel Time

• Dial-in number from within the United States: 1-877-941-2068
• Dial-in number from Israel: 1809-21-4368     
• Dial-in number from the UK: 0800-358-5258
• Dial-in number (other international):1-480-629-9712
• Playback, available until May 16, 2013 by calling 1-877-870-5176 (United States) or 1-858-384-5517 (international). Please use pin number 4614467 for the replay.
• A live webcast is accessible at http://public.viavid.com/index.php?id=104349.

Use of Non-GAAP Financial Measures

In addition to reporting results in accordance with generally accepted accounting principles, or GAAP, RRsat has also included in this press release non-GAAP measurements of net income, operating income, operating margin, fully diluted net income per share and adjusted EBITDA. RRsat believes that these non-GAAP financial measures are principal indicators of the operating and financial performance of its business. We have provided these non-GAAP measurements to help investors better understand our core operating performance and enhance comparisons of core operating performance from period to period.

Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude: non-cash stock based compensation charges, amortization of acquisition-related intangibles, acquisition-related expenses, amortization of acquisition related prepaid compensation expenses, non-cash income (loss) reflecting changes in the fair value of embedded currency conversion derivatives resulting from the application of FASB ASC Topic 815 and the resulting income tax (increase) decrease of the above items.

Adjusted EBITDA is calculated by adding to operating income, non-cash equity-based compensation charge, depreciation and amortization and amortization of acquisition related prepaid compensation expenses.

Management uses these non-GAAP financial measures to assess its operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain non-cash expenses that are not directly attributable to its core operating results.

The non-GAAP measurements are intended only as a supplement to the comparable GAAP measurements and the Company compensates for the limitations inherent in the use of non-GAAP measurements by using GAAP measures in conjunction with the non-GAAP measurements. As a result, investors should consider these non-GAAP measurements in addition to, and not in substitution for, or as superior to, measurements of financial performance prepared in accordance with GAAP.

The Company expects to continue reporting non-GAAP financial measures, adjusting for the items described above, and the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above. Accordingly, the exclusion of these and other similar items in the presentation of non-GAAP financial measures should not be construed as an inference that these costs are unusual, infrequent or non-recurring. Moreover, because not all companies use identical measures and calculations, the presentation of non-GAAP measurements of net income, operating income, operating margin and fully diluted net income per share and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. These limitations are compensated for by using non-GAAP measures and adjusted EBITDA in conjunction with traditional GAAP financial measures.

Reconciliations of the non-GAAP measures (non-GAAP net income, non-GAAP operating income and adjusted EBITDA) to the most comparable GAAP measures (net income and operating income respectively), are provided in the schedules attached to this release.

Safe Harbor Statement

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry as of the date of this press release. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements, including the risks indicated in our filings with the Securities and Exchange Commission (SEC). For more details, please refer to our SEC filings and the amendments thereto, including our Annual Report on Form 20-F for the year ended December 31, 2012 and our Current Reports on Form 6-K.

About RRsat Global Communications Network Ltd.

RRsat Global Communications Network Ltd. (NASDAQ: RRST) provides global, end-to-end content management and distribution services to the rapidly expanding television and radio broadcasting industries covering more than 150 countries. Through its RRsat Global Network, composed of satellite and terrestrial fiber optic capacity and the public Internet, RRsat provides high-quality and flexible global distribution services 24/7 to more than 630 channels reaching multiplatform operators, Internet TV and direct-to-home viewers worldwide and also offers occasional use services for sports, news and events with a fleet of flyaways and over 10 transportable satellite news gathering services (SNG) units. More than 130 television and radio channels use RRsat’s advanced production and playout centers comprising comprehensive media asset management services. Visit the company’s website www.rrsat.com.

 

Company Contact:                      

    Investor Contacts:

Shmulik Koren, CFO                    

    Hayden/ MS – IR

Tel: +972 3 928 0777                    

    Brett Maas/ Miri Segal-Scharia

Email: [email protected]           

    Tel: 646-536-7331/ 917-607-8654

    [email protected]/ [email protected]

 

RRsat Global Communications Network Ltd. and its Subsidiaries 

Consolidated Statements of Operations

In thousands except share data

Three months ended

Year ended

Mar-31

Mar-31

Dec-31

2013

2012

2012

Revenues

$29,257

$27,459

$113,400

Cost of revenues

22,193

21,325

86,253

Gross profit

7,064

6,134

27,147

Operating expenses:

Sales and marketing

2,254

1,611

7,388

General and administrative

2,505

2,570

10,106

Total operating expenses

4,759

4,181

17,494

Operating income

2,305

1,953

9,653

Interest and marketable securities income

154

154

739

Currency fluctuation and other financing

income (expenses), net

(291)

160

(399)

Changes in fair value of embedded currency conversion derivatives

(135)

627

1,182

Other  expenses, net

-

-

(1)

Income before taxes on income

2,033

2,894

11,174

Income taxes

463

616

2,884

Net income

$1,570

$2,278

$8,290

Net income per Share:

Basic

0.09

0.13

0.48

Diluted

0.09

0.13

0.48

Weighted average number of shares used to compute net income and dividend per share:                 

 Basic

17,346,561

17,346,561

17,346,561

Diluted

17,574,084

17,346,561

17,346,561

 

RRsat Global Communications Network Ltd. and its Subsidiaries 

In thousands except per share data

Three months ended 

Year ended

Mar-31

Mar-31

Dec-31

2013

2012

2012

Reconciliation of GAAP Income to Non-
GAAP Net Income:  

GAAP Net income

$1,570

$2,278

$8,290

Adjustments to reconcile GAAP net income
to non-GAAP net income:

Non-cash equity-based compensation charge 

137

43

302

Amortization of acquisition related intangible

56

67

241

Changes in fair value of embedded currency
conversion derivatives 

135

(627)

(1,182)

Acquisition related  expenses

-

-

50

Amortization of acquisition related prepaid
compensation expenses

42

-

22

Income tax effect of non-GAAP adjustments

(67)

140

214

Non-GAAP  net income 

$1,873

$1,901

$7,937

Non-GAAP  net income per diluted share

$0.11

$0.11

$0.46

Three months ended 

Year ended 

Mar-31

Mar-31

Dec-31

2013

2012

2012

Reconciliation of GAAP Operating Income to
non-GAAP Operating Income:  

Operating income 

$2,305

$1,953

$9,653

Adjustments to reconcile GAAP operating
income to non-GAAP operating income:

Non-cash equity-based compensation charge

137

43

302

Amortization of acquisition related intangible

56

67

241

Acquisition related  expenses

-

-

50

Amortization of acquisition related prepaid
compensation expenses

42

-

22

Non-GAAP operating income

$2,540

$2,063

$10,268

Three months ended 

Year ended

Mar-31

Mar-31

Dec-31

2013

2012

2012

Reconciliation of GAAP Operating Income to
adjusted EBITDA:  

Operating income 

$2,305

$1,953

$9,653

Adjustments to reconcile GAAP operating
income to Adjusted  EBITDA:

Non-cash equity-based compensation charge 

137

43

302

Depreciation and amortization 

2,152

2,205

8,883

Amortization of acquisition related prepaid
compensation expenses

42

-

22

Adjusted  EBITDA 

$4,636

$4,201

$18,860

 

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets 

In thousands except share data

As of

As of

Mar-31

Dec-31

2013

2012

Current assets

Cash and cash equivalents

$14,561

$12,133

Marketable securities and short term investments 

12,657

14,224

Accounts receivable:

Trade (net of provision for doubtful accounts of $8,100

 and $7,580 as of March 31, 2013 and December 31,2012   respectively)

20,970

20,898

  Other 

1,327

803

Fair value of embedded currency conversion derivatives

220

251

Deferred taxes

2,308

2,146

Prepaid expenses

3,188

2,445

Total current assets

55,231

52,900

Fair value of embedded currency conversion derivatives

641

440

Long-term prepaid expenses

2,630

2,484

Long- term land lease prepaid expenses

7,541

7,563

Assets held for employee severance payments

1,973

1,845

Fixed assets, net

43,217

42,671

Goodwill

4,892

4,892

Intangible assets,  at cost, less accumulated amortization

416

472

Total assets

116,541

$113,267

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Balance Sheets (cont’d)

In thousands except share data

As of

As of

Mar-31

Dec-31

2013

2012

Liabilities and shareholders’ equity

Current liabilities

Accounts payable:

 Trade 

$11,627

$9,816

 Other 

4,075

4,945

Fair value of embedded currency conversion derivatives

513

377

Deferred income

9,032

9,398

Total current liabilities

25,247

24,536

Long – term liabilities

Deferred income

6,580

6,257

Fair value of embedded currency conversion derivatives

474

305

Liability in respect of employee severance payments

2,098

2,018

Deferred taxes

2,356

2,200

Total long – term liabilities

11,508

10,780

Total liabilities

36,755

35,316

Commitments, contingent liabilities and liens

Shareholders’ equity

Ordinary shares 

40

40

Additional paid in capital

53,817

53,312

Retained earnings

25,801

24,231

Accumulated other comprehensive gain

128

368

Total shareholders’ equity

$79,786

$77,951

Total liabilities and shareholders’ equity

$116,541

$113,267

 

RRsat Global Communications Network Ltd. and its Subsidiaries

Consolidated Statements of Cash Flows

In thousands 

Three months ended Mar 31

Year ended Dec 31

2013

2012

2012

Cash flows from operating activities

Net income

$1,570

$2,278

$8,290

Adjustments  to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

2,152

2,205

8,883

Non cash stock- based compensation expenses

137

43

302

Provision for doubtful accounts

520

680

2,895

Deferred taxes

(49)

166

692

Discount accretion and premium amortization of available- for- sale securities, net 

(70)

(116)

(587)

Income (losses) on sales of available for sale securities.

(33)

3

92

Changes in liability for employee severance payments, net

(48)

15

111

Capital loss on sale of fixed assets, net

-

-

1

Changes in fair value of embedded currency conversion derivatives

135

(627)

(1,182)

profit from trading securities, net

STELLARTON, NS, May 9, 2013 /CNW/ – Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN) is pleased to report strong results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights (In thousands of CAD dollars, except per unit amounts and as otherwise noted)

• Strong 9.5% growth in Funds From Operations (“FFO”) per unit for the three months ended March 31, 2013 (“Q1″) as FFO per unit fully diluted (“FD”) was $0.28 per unit compared to $0.25 per unit FD for the same period in 2012. Q1 FFO grew 33.3% over the same period in 2012 ($25,721 vs $19,301) with the FFO payout ratio of 79.5% compared to 88.9% for the same period in 2012.

• Strong 10.1% growth in Q1 Adjusted Funds From Operations (“AFFO”) per unit as AFFO per unit FD was $0.23 per unit compared to $0.21 per unit FD for the same period in 2012. AFFO grew 35.0% over the same period in 2012 ($21,606 vs $16,007) for the three months ended March 31, 2013 with the AFFO payout ratio of 94.6% compared to 107.2% for the same period in 2012.

• $164 million in acquisitions of high quality grocery and drug store anchored or other retail properties from third parties, Sobeys and Empire during Q1
• Acquisition of a grocery anchored retail property from Sobeys for $21 million subsequent to the quarter end, bringing year to date acquisitions to $185 million.
• Replacement of $92 million of short term debt with $135 million of 11.3 year average term mortgages at a 4.22% average interest rate.

• Portfolio fair value reaches $2.8 billion – one of the largest retail REITs in Canada.

• Same Asset Cash Net Operating Income (“NOI”) growth of 1.8% in Q1 over Q1 2012.

• Property revenue of $71,006, an increase of $11,559 or 19.4% over the $59,447 for Q1 2012.

• Solid occupancy on a committed basis of 93.5% compared with 92.7% at Q1 2012.

• Crombie completed leasing activity on 243,000 square feet during the quarter, which represents approximately 20.7% of its 2013 expiring lease square footage.

• Lease renewals during the quarter of 119,000 square feet at an average rate of $16.37 per square foot, an increase of 2.2% over the expiring lease rate. Lease renewals of 11,000 square feet for 2014 lease expiries at an increase of 8.6% over the expiring lease rate.

• Weighted average lease term of 10.3 years and weighted average mortgage term of 7.7 years; amongst the longest and most defensive in the REIT industry.

• Weighted average interest rate on mortgages reduced to 5.09% from 5.21% at December 31, 2012 and 5.59% at March 31, 2012. Strong 2.82 times interest coverage.

• Debt to Gross Book Value (fair value basis) of 48.3% (53.0% on a cost basis).

Donald E. Clow , FCA, President and CEO commented: “We are pleased with our cash flow growth and operating performance, as well as with the solid growth of Crombie’s high quality retail portfolio and platform across Canada during the first few months of 2013. With the third party acquisitions of four grocery and drug store anchored shopping centres in Alberta for $132 million and the acquisition of two grocery anchored plazas and two other retail properties in Atlantic Canada and Quebec for $53 million through our strategic relationship with Sobeys and Empire, we are leveraging our strengths and improving our geographic and tenant diversification. The fair value of Crombie’s assets now exceeds $2.8 billion and our market capitalization exceeds $1.35 billion at the end of Q1.”

Financial Highlights

Crombie’s key financial metrics for the first quarter ended March 31, 2013 are as follows:

  (In thousands of CAD dollars, except per unit amounts and
as otherwise noted) Three Months Ended March 31,   2013   2012 Property revenue $ 71,006 $ 59,447 Operating income attributable to Unitholders $ 12,959 $ 9,563 Basic and diluted operating income attributable to Unitholders per unit $ 0.14 $ 0.13 FFO $ 25,721 $ 19,301 FFO per unit – basic $ 0.28 $ 0.26 FFO per unit- diluted $ 0.28 $ 0.25 FFO payout ratio (%)   79.5%   88.9% AFFO $ 21,606 $ 16,007 AFFO per unit – basic $ 0.24 $ 0.22 AFFO per unit – diluted $ 0.23 $ 0.21 Distributions per unit $ 0.22 $ 0.22 AFFO payout ratio (%)   94.6%   107.2%

The increase in FFO and AFFO for the quarter ended March 31, 2013 was primarily due to the significant acquisition activity during 2013 and 2012.

The table below presents a summary of financial performance for the quarter ended March 31, 2013 compared to the same period in fiscal 2012.

  (In thousands of CAD dollars, except per unit amounts and as otherwise noted) Three Months Ended March 31,   2013   2012         (As Restated) Property revenue $ 71,006 $ 59,447 Property operating expenses   26,818   23,502 Property NOI   44,188   35,945 NOI margin percentage   62.2%   60.5% Other items:           Lease terminations   6   113   Depreciation and amortization   (11,122)   (8,525)   General and administrative expenses   (3,206)   (2,520) Operating income before finance costs and taxes   29,866   25,013 Finance costs – operations   (16,807)   (15,750) Operating income before taxes   13,059   9,263 Taxes – deferred   (100)   300 Operating income attributable to Unitholders   12,959   9,563 Finance costs – distributions to Unitholders   (20,438)    (17,167) Finance costs – change in fair value of financial instruments   617   1,860 Decrease in net assets attributable to Unitholders $ (6,862) $ (5,744)

Growth Highlights

  GLA Initial
Purchase Price Occupancy
Rate Key Tenants Acquisitions in Q1   Clearwater Landing Fort McMurray AL 143,000 $ 62,757 100% Sobeys, The Brick, Mark’s Work Warehouse, Sport Chek   West Lethbridge Towne Centre Lethbridge AL 105,000   37,869 100% Safeway   Namao Centre Edmonton AL 34,000   14,544 85% Shoppers Drug Mart   West Highland Towne Centre Lethbridge AL 29,000   16,720 95% Shoppers Drug Mart   Dartmouth Crossing Halifax NS 45,000   15,450 100% Empire Theatres   Findlay Blvd.  Riverview NB 66,000   14,650 100% Sobeys    Riviere-du-Loup Riviere-du-Loup QC 9,000   2,455 100% Societe des alcools du Quebec     431,000   164,445   Acquisition subsequent to Q1               Beaumont Shopping Centre Beaumont AL 59,000   20,875 100% Sobeys Completed to date in 2013  490,000 $ 185,320  

These acquisitions continue Crombie’s growth strategy of acquiring high quality grocery or drug store anchored retail properties in the top 30 markets or stable or growing trade areas in Canada.

Operating Highlights

    Three Months Ended March 31,     (In thousands of CAD dollars)   2013   2012   Variance Property NOI $ 44,188 $ 35,945 $ 8,243 Non-cash straight-line rent   (1,359)   (1,021)   (338) Non-cash tenant incentive amortization   1,970   1,513   457 Property cash NOI   44,799   36,437   8,362 Acquisition, disposition and redevelopment property cash NOI   8,497   792   7,705 Same-asset cash NOI $ 36,302 $ 35,645 $ 657

Property NOI, on a cash basis, excludes straight-line rent recognition and amortization of tenant incentive amounts. The 1.8% increase in same-asset cash NOI for the quarter ended March 31, 2013 is primarily the result of increased average rent per square foot from leasing activity during the past 12 months, completed land use intensification development projects and improved recovery rates.

Crombie believes that cash NOI is a better measure of AFFO sustainability and same-asset property performance.

Capital Highlights

  Three Months Ended March 31,   2013 2012 Weighted Average Mortgage Term 7.7 years 7.7 years Weighted Average Interest Rate 5.09% 5.59% Debt to Gross Book Value (Fair value) 48.3% 47.6% Debt to Gross Book Value (Cost) 53.0% 49.1% Interest Coverage 2.82 2.49 Debt Service Coverage 1.86 1.71

Crombie’s objectives when managing its capital structure are to optimize weighted average cost of capital; maintain financial flexibility through access to long-term debt and equity markets; and maintain ample liquidity. In pursuit of these objectives, Crombie utilizes staggered debt maturities, optimizes its ongoing exposure to floating rate debt, pursues a range of fixed rate secured and unsecured debt and maintains sustainable payout ratios. Crombie has an authorized floating rate revolving credit facility of up to $285,000, subject to available borrowing base of which $145,000 was drawn as at March 31, 2013, and an additional $11,329 encumbered by outstanding letters of credit, resulting in significant available liquidity. On February 22, 2013, Crombie increased the maximum principal amount of its revolving credit facility from $200,000 to $285,000 in conjunction with property acquisitions on that date.

Debt to Gross Book Value on a fair value basis is 48.3% (including convertible debentures) at March 31, 2013, compared to 47.6% at March 31, 2012.

General and Administrative Expenses

General and administrative expenses for the quarter ended March 31, 2013 as a percentage of property revenue, increased by 0.3% from 4.2% to 4.5% when compared to the same period in 2012.

Definition of Non-GAAP Measures

Certain financial measures included in this news release do not have standardized meaning under IFRS and therefore may not be comparable to similarly titled measures used by other publicly traded entities.  Crombie includes these measures because it believes certain investors use these measures as a means of assessing Crombie’s financial performance. 

• Property NOI is property revenue less property expenses.
• Property Cash NOI is Property NOI adjusted to remove non-cash straight-line rent and tenant incentive amortization.
• Debt is defined as bank loans plus investment property debt and convertible debentures.
• Gross book value means, at any time, the book value of the assets of Crombie and its consolidated subsidiaries plus deferred financing charges, accumulated depreciation and amortization in respect of Crombie’s properties (and related intangible assets) and cost of any below-market component of properties less (i) the amount of any receivable reflecting interest rate subsidies on any debt assumed by Crombie and (ii) the amount of deferred income tax liability arising out of the fair value adjustment in respect of the indirect acquisitions of certain properties. Gross book value (fair value basis) differs from gross book value as defined above in that it includes Crombie’s investment properties at fair value and excludes the book value of investment properties and related accumulated depreciation and amortization as well as intangible assets, tenant incentives and accumulated straight-line rent receivable.
• EBITDA is calculated as property revenue, adjusted to remove the impact of amortization of tenant incentives, less property expenses and general and administrative expenses.
• FFO is calculated as Increase (decrease) in net assets attributable to Unitholders (computed in accordance with IFRS), excluding gains (or losses) from sales of depreciable real estate and extraordinary items, plus depreciation and amortization expense, deferred income taxes, finance costs – distributions to Unitholders and after adjustments for equity accounted entities and non-controlling interests.
• AFFO is defined as FFO adjusted for non-cash amounts affecting revenue, amortization of effective swap agreements, less maintenance capital expenditures, maintenance tenant incentives and deferred leasing costs, and the settlement of effective interest rate swap agreements.

About Crombie

Crombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 176 retail and office properties across Canada, comprising approximately 14.5 million square feet with a strategy to own and operate a portfolio of primarily high quality grocery and drug store anchored shopping centers and freestanding stores in the top 30 markets or stable or growing trade areas in Canada.

This news release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie’s future results, performance, achievements, prospects and opportunities. Wherever possible, words such as “may”, “will”, “estimate”, “anticipate”, “believe”, “expect”, “intend” and similar expressions have been used to identify these forward-looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2012 annual Management Discussion and Analysis under “Risk Management”, could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct. Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements.

Crombie’s consolidated financial statements and management’s discussion and analysis for the three months ended March 31, 2013 can be found on Crombie’s web site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at www.sedar.com.

Conference Call Invitation

Crombie will provide additional details concerning its first quarter ended March 31, 2013 results on a conference call to be held Thursday, May 9, 2013, at 12:00 p.m. Eastern time. To join this conference call you may dial (647) 427-7450 or (888) 231-8191. You may also listen to a live audio web cast of the conference call by visiting Crombie’s website located at www.crombiereit.com. Replay will be available until midnight May 23, 2013, by dialling (416) 849-0833 or (855) 859-2056 and entering pass code 45221702, or on the Crombie website for 90 days after the meeting.

 

 

SOURCE Crombie REIT

By Andrea Hopkins

TORONTO (Reuters) – The Canadian dollar was little changed on Thursday after briefly touching its strongest level in more than two months, building on a steady appreciation towards parity with its U.S. counterpart ahead of Friday’s key domestic jobs report.

Global stock markets held near multi-year highs as relatively upbeat economic data and ongoing support from central banks help buoy investor sentiment, though currency moves were mostly subdued.

“Most currencies, with the exception of Australia and New Zealand, are very close to where they closed yesterday. Markets are pretty quiet, we haven’t had a ton of news flow, and we’re really just digesting the host of second-tier but important central bank meetings and commentaries this week,” said Camilla Sutton, chief currency strategist at Scotiabank.

The Australian and New Zealand dollars bounced higher following stellar labor reports in both countries, paring back the risk of a June rate cut in Australia and reinforcing the outlook for steady to higher New Zealand rates.

The Canadian dollar continued its slow-and-steady appreciation against the U.S. greenback, inching towards parity. The currency has gained some 2-1/2 cents on the U.S. dollar since late April.

At 9:24 a.m. EDT (1324 GMT) the Canadian dollar was at C$1.0029, or 99.71 U.S. cents, slightly stronger than Wednesday’s North American session close at C$1.0033, or 99.67 U.S. cents.

Overnight the currency hit C$1.0014 to the greenback, its strongest level since February 15, and Sutton said the Canadian dollar could test parity.

“Momentum seems fairly strong. When we look at CAD on the chart most technical studies suggest CAD is appreciating. Every day we seem to be reaching, in dollar-Canada (terms), lower lows and lower highs,” she said.

“Parity and C$0.9989, which is the 200-day average, are the key levels.”

Over the longer term, the Canadian dollar is expected to weaken against the greenback in the year ahead, according to a Reuters poll published on Wednesday. Forecasters cited concern about the economy’s slow rate of growth compared with that of the United States.

Sutton said all eyes will be on the Canadian employment report due out on Friday, which is expected to show the Canadian economy added 15,000 jobs in April after a steep decline notched in March, according to a Reuters survey of analysts.

“Those that had factored in a very weak domestic outlook have had to question that over the last month as data has improved. Tomorrow’s employment number is probably more important than it typically is,” Sutton said.

Prices for Canadian government bonds were mixed. The two-year bond rose 0.2 Canadian cent to yield 0.975 percent, while the benchmark 10-year bond fell 2 Canadian cents to yield 1.814 percent.

(Editing by Jeffrey Hodgson and Chris Reese)

Some people Today make lucrative salaries but they stay in financial trouble because they do not know how to control their money properly. In these circumstances, they may have to secure rapid cash in sequence to pay their bills for the month or take care of an unexpected expense.

 

Although quick cash can solve their problems for a certain period of time, doing this repeatedly can lead to long-term problems that folks may not be able to recuperate from. As a result, to solve the financial difficulties that they are possessing, the ultimate solution is learning how to deal with money.

 

Learning how to handle human beingal finances does not have to be difficult Currently because there is a wide assortment of information available on the web. Many sites will supply free software program individualal funds tools that can also help with making these techniques uncomplicated for everyone. These budgets can help with identifying and classifying expenses. For example, the software program will separate the fixed expenses from the variable expenses.

 

This is important information because the difference between the two can help with reducing expenses that can be controlled.With a fixed expense, the individual can’t change the volume because it is heading to be the exact same volume each month. Some illustrations of fixed expenses is the mortgage and the rent, since the mortgage has a set sum that they charge their clients each month. This is one the expenses that are unable to be reduced unless the particular person refinances their home.

 

Variable expenses change from one month to the next. Which means, if the homeowner wants to save money on this bill, they may need to make some changes. For illustration, the energy bill is classed as variable expense because is changes in fees each month. Cutting or reducing this bill will often involve using less electricity and gas throughout the complete month.

By Ian Chua and Vidya Ranganathan

SYDNEY/SINGAPORE (Reuters) – Asian stocks rose on Monday as investors gave the thumbs up to an upbeat U.S. labour force report that sent Wall Street to an all-time closing high last week, while the dollar held its ground against the yen.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed nearly one percent with Australia’s main share index also about a percent higher. Malaysian shares were the biggest gainers, rising 3 percent after the ruling coalition government won a tight election.

Japanese financial markets are shut on Monday for a public holiday and will reopen on Tuesday.

The gains in stock markets came after data on Friday showed U.S. employment rose at a faster pace than expected in April and hiring was much stronger than previously thought in the prior two months, a relief to investors nervous about a U.S. slowdown.

But other U.S. data, including a survey of the vast services sectors, was less encouraging and led investors to suspect that the Federal Reserve will probably maintain its aggressive stimulus programme.

“We take the April employment report, in conjunction with other data, as supportive of the Fed keeping its (debt) purchase programme intact,” analysts at Barclays Capital wrote in a note.

“Labour market and inflation trends are soft enough to reduce the likelihood of tapering, in our view, but steady enough to keep the Fed from increasing the pace of its purchases.”

The data helped lift U.S. Treasury yields. The dollar however was less consistent, gaining against the Australian dollar and keeping Friday’s gains against the low-yielding yen, but losing ground to emerging Asian currencies.

Having rallied more than 1 percent against the yen on Friday, the dollar last traded at 99.06 yen, nearly flat on the day. It is within a hair’s breath of a 4-year peak near 100 scaled last month.

The yen was likely to stay on the defensive after the boost to risk sentiment from the better-than-expected U.S. jobs data, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.

“Rather than dollar strength, the sentiment is more along the lines of going risk-on. It feels like yen-selling with cross/yen pairs leading the way,” Okagawa said.

AUSSIE FALTERS

While other currencies in Asia outperformed the greenback, the Aussie slipped 0.3 percent to $1.0285, although it stayed off last week’s low near $1.0220.

The decline followed local retail sales data, where the monthly data disappointed markets but the quarterly number, coupled with U.S. jobs data, gave markets reason to slightly tone down expectations of a cut in interest rates at the Reserve Bank of Australia’s policy meeting on Tuesday.

Commodities also added to gains, having powered higher on Friday in the wake of the U.S. jobs report. U.S. crude rose more than one percent towards $97.00 a barrel, reaching fresh one-month highs.

Copper is in focus after it stole the limelight with a 6.5-percent rally to $7,270.00 on Friday.

However, to put its move in perspective, copper had fallen nearly 20 percent in the past three months partly on worries about a slowing global economy.

Malaysia’s ringgit and stock market were however the regional standouts on Monday, with the ringgit hitting a 20-month high after Sunday’s election saw the governing coalition extend its half-century rule, albeit with its worst-ever performance.

The National Front, or Barisan National (BN), won 133 seats in the 222-member parliament in Sunday’s election, although it failed to regain the two-thirds majority it lost for the first time in 2008.

Weve been hearing about the advantages of pay day advances repeatedly. The convenience that an emergency payday advance offers have also been widely recognized. The questions that arise here are, what exactly is a payday loan? How did the concept of an emergency payday advance evolve and when?A payday loan put in simple terms is a small, unsecured, short-term cash advance that can help consumers to meet their instant cash needs until the next payday. A payday advance is commonly used to meet unexpected expenses that could arise from any situation. A lot of times, these pay day advances are also used to finance a holiday, purchase a gift or have a little extra cash to spend while on a holiday. The biggest advantage of these loans is that these are paid back on the next payday and as a result you do not need to pay interest for a long duration.

The evolution of pay day advancesThe concept of payday loans was introduced in the early 1990s. The main reason why these loans were introduced is the fact that the penalties on late payment of bills and the cost of bounced checks was steadily increasing. This fueled the need for a solution that could help consumers to meet these expenses even if they were running short of cash. Also, the options for short term credit that were available at that time had extremely high costs that were not affordable by most customers.With the acceptance of the advantages that these offered and the resultant increase in consumer demand, these loans became popular and are now easily available. In fact, now these loans are recognized by law and there are regulations that the industry has to adhere to. Availability of consumer protection have made these loans even more popular.How to get a payday loanSo, how can you get a payday loan? Well, the process is extremely simple and at the same time very quick.

All that you, as a customer, need to do is, to find the payday advance that suits you the best. As long as you have a regular job with a regular income, getting an approval for these loans is not a problem. The next prerequisite is that you should have a checking account and should be over 18 years of age. If you fit these criteria then all that you need to do is fill in the application form that is usually available online. Next, go through the terms and conditions and would have to agree to comply with these. After that you would need to write a personal check for the amount of the emergency payday advance you are applying for and the agreed fee. This check would bear the date of your next payday. Once these formalities are taken care of, the payday advance company would process your request and the pay day advance would be deposited directly into your account, usually within 24 hours.

What is a Free Instant Credit Report?Some may know that credit report is actually your credit history. It contains the data collected from various sources by the credit bureaus. Credit report gives detailed information about financial position in your business life. This report also reflects your late credit payment. Hence its very important that you pay all your debts on time. Remember that a good credit report is an added advantage if you are looking to purchase something very expensive. For instance, if you are considering buying a house in the near future you need to have a healthy credit report. A healthy credit report is the best way of impressing your bank or money lenders.Is it necessary to keep a check on our Credit report?Many people want an answer to this.

Knowing your current credit report is important, but one has to be equally cautious while getting this information. You need to check your credit report at least once in six months. Remember checking your credit report helps in protecting your credit rating. Moreover, it also helps you to keep a check on your creditors. There may be times when your creditor might fail to report a past due balance. Free Instant online credit report contains a complete summary of your personal information. It contains your name, your residential addresses, contact number, Social Security number, month and year of birth as well as your employment information. It also contains information about any bankruptcy in your credit report. Your financial institution may periodically obtain your credit report so as to maintain your up to date records. There are various types of credit report such as business credit report, consumer credit report, yearly credit report, etc.

Initially there was strict prohibition on disclosure of instant credit report but now any person can apply for his/her credit report. Many lenders and retailers who extend credit facilities entirely depend on credit report and score to give credit to their customers.

Forex (Foreign Currency Exchange Market) has been used by international banks and large investment companies for years to make millions of dollars. However, with easy access to the Internet, it is now possible for anyone to take advantage of this powerful tool and make money the same way large institutions do, even with minimal startup funds at hand.Even experienced investors seem mystified by Forex and have very little understanding of it. Forex is not much different from the Stock Market, often the same or similar techniques can be used to trade currency as is used to trade stocks and commodities. What make Forex so mysterious is the lack of available information and opportunities of training.I have listed 10 good reasons why I prefer Forex to the Stock Market or any other investment option and why any individual, or small investor, should look at getting involved with Forex:1.

A 24 hour market. You don’t have to worry about running out of time because the Forex is open 24 hours a day, nearly all week.

2. Huge liquidity. Have you ever got stuck trying to get rid of some stocks or options? With Forex, there are always buyers, thousands of them!3. No commission on your trading. This is specially important for individuals with small amount of money to invest. When using other investment vehicles the cost of the investment is often prohibitive no matter how attractive the investment itself is. Brokerage and other government fees can easily eat up your profit even before you completed a transaction. With Forex, there are no brokerage, government etc fees involved.

4. Low transaction costs. Typically less than 0.1%!5. No middleman. The investor is dealing directly with the Market.

6. Instantaneous transactions. Forex is fully computerised and transaction can be completed in as little 2 seconds. The investor does not have to wait for trade confirmation to arrive by email, worst yet, by post. All ‘paper-work’ is in electronic format, easily viewed, search, analysed.

7. Huge leverage yet low margin. Both increase your profit. In most cases leverage of 10:1 to 100:1 is the rule not the exception.

8. Minimal startup requirements. Again very important for individual or small investors. With Forex it is possible to start trading with as little as $300.00 dollars!9. Easy access to the Market and your accounts, online, 24/7. Since Forex is completely computerised, anyone with Internet access can trade online and easily access their account and trading history. Most trading platforms allow the user to export this information to other third party software for storage, graphing, analysis etc.

10. No insider trading. Because of the way Forex is ‘de-centralised’, it is almost impossible for anyone to fraud the system.I could go on for ever about Forex, it is an amazing tool for investors and also a very exciting opportunity for individuals. I hope you’ll catch the fever, too.Wishing you success,Ference.

Have you found that every time your expenditure crosses your revenues? Isn’t it hard to manage all the rising expenditures of a whole month with just few bucks you get as your salary? Or may be, there are months full of holidays and occasions when you are bound to spend more than any other month. And by that, near the end of the month you are left hardly with a note or two! Well, for all those people who have faced situations as these, there are instant payday loans. A payday loan is a short-term loan with a small amount of money. It is designed to serve the purpose of monthly expenditure until the next month’s salary is issued. The instant payday loans are also referred to as cash advances. Typically, the tenure period of such loans are between ten days to twenty days. The amount of the loan ranges from $100 to $1500. The interest rates are generally high with 390% to 900% annualized value.

The instant payday loan is sometimes the only option for people with bad credit or those who face refusals from financial institutions for loans or credit cards facilities.An instant payday loan is the savior in case of emergencies. Accidental incidents form the need for urgent money. And this quick arrangement is possible with this option. There are many financial organizations, especially Christian loan institutions, which can help you out from these terrible situations with payday loans with nominal formalities, sometimes even without a detail credit check in case of no fax payday loans. This is due to the fact that the policy of instant payday loan is to fetch you the money as soon as possible, and every other official details follow later.There are also options available where an instant payday loan does not come up with debt risks or interest payments. This high dependability comes up with the notion that a payday loan is to acquire your own money that you are going to receive in a few weeks.

This type of loan generally takes one to three hours for approval. Then you can have your immediate cash in total two to four hours. There are also other options as same day payday loans and overnight payday loans.With the advent of Internet, online financial loans and banking processes have spun up. The online instant payday loan may quicken the process with lesser complexities and fast reaching facilities. However, online loans generally come up with high interest rates and late fees payments. This results into rising risks for APR of 300 to 1200%. Various online loans systems demand a little more fees and charges than others. This destroys the economic feature of the payday loans.For an instant payday loan, you must be 18 years of age, owning at least a three months’ old direct deposit savings or checking account, employed at least for last three months, earning at least $1000 per month with distinct pay slips details and without multiple balances from previous debts and loans.

With all these requirements prepared now you can shop for your instant payday loan and fetch it really in an instant!.

CHICAGO, May 7, 2013 /PRNewswire/ – General Growth Properties, Inc. (NYSE: GGP, the “Company”) today announced that certain funds affiliated with The Blackstone Group have agreed to sell their 23,431,803 shares of common stock, par value $0.01 per share, in an underwritten public offering.  The Company will not receive any proceeds from the sale of shares in the offering.

Citigroup will act as sole underwriter of the offering.  Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: 800-831-9146 or email: [email protected]) .

The Company has filed a shelf registration statement (including a prospectus) and a preliminary prospectus supplement relating to this offering with the SEC.  Prospective investors should read the registration statement (including the base prospectus), the preliminary prospectus supplement and other documents the Company has filed and will file with the SEC that are incorporated by reference into the Registration Statement for more complete information about the Company and the offering, including the risks associated with the securities and the offering.  This press release does not constitute an offer to sell or the solicitation of any offer to buy securities of the Company, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.  The offering will be made only by means of a prospectus supplement and accompanying base prospectus.  Copies of the registration statement, the preliminary prospectus supplement and other documents that the Company has filed with the SEC that are incorporated by reference into the Registration Statement are available at no charge by visiting EDGAR on the SEC website at www.sec.gov. 

Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management’s current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.  Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to the final terms of the offering and the final size of such offering, the global credit environment and the continuing impacts of the recent U.S. recession, other changes in general economic and real estate conditions, changes in the interest rate environment and the availability of financing, adverse changes in the retail industry, general development risks, and integration and other acquisition risks. Other risks and uncertainties are discussed in the company’s filings with the SEC including its most recent Annual Report on Form 10-K.

ABOUT GGP
General Growth Properties is a fully integrated, self-managed and self-administered real estate investment trust focused exclusively on owning, managing, leasing, and redeveloping high-quality regional malls throughout the United States and Brazil. GGP’s portfolio is comprised of 124 regional malls in the United States and 18 malls in Brazil comprising approximately 128 million square feet. GGP is headquartered in Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP. 

SOURCE General Growth Properties

RELATED LINKS
http://www.ggp.com

ESCAZU, SAN JOSE, COSTA RICA — Costa Rica realtors typically operate as generalists, whose sole market differentiation is geographical. Costa Rica Commercial has altered that paradigm, as the first specialized Costa Rica realtor, solely dedicated to Costa Rica commercial real estate and Costa Rica investment properties for sale, as well as commercial property rentals. Their website is the first bilingual website to exclusively market Costa Rica Commercial real estate and investment properties. Costa Rica Commercial also provides hard money loan brokerage services for private lenders, investors and borrowers seeking bridge financing. 

Marc Schweitzer, CEO, brings more than 20 years of Latin American business experience to Costa Rica Commercial. His professional experience includes 10 years with Price Waterhouse and 5 years as a Sr. Corporate officer with a global, Fortune 250 company. Mr. Schweitzer is the founder of Costa Rica Mortgage, Costa Rica’s only professionally managed commercial and residential mortgage brokerage. In establishing Costa Rica Commercial, he has assembled an experienced team of Costa Rica Commercial real estate brokers and investment property professionals. Specialized expertise is offered to clients across several distinct disciplines. 

Costa Rica Commercial inaugurates operations with over 200 Costa Rica commercial property listings and real estate investment opportunities. Their portfolio of commercial real estate investment opportunities largely consists of Costa Rica hard money loans seeking private lenders, or joint venture opportunities, where Costa Rica real estate developers are seeking equity investors.
 
“We have methodically been working towards this launch for 6 months, such that we’re immediately capable of adding disproportionate value to our clients”, says CEO Schweitzer. “Our firm is poised to immediately assist sellers of Costa Rica Commercial properties, as well as clients seeking Costa Rica office space rentals & offices for sale, retail stores, income producing properties, warehouse rentals and sales, as well as Costa Rica development properties”. 

Costa Rica Commercial works closely with many real estate investment funds, whom are active in the Costa Rica commercial real estate industry. The firm also enjoys close relationships with all of the professionally operated real estate brokerages in Costa Rica, as well as the leading professional service firms, operating within Costa Rica’s commercial real estate industry.

Email – [email protected]
Telephone – US: 310-492-5013 CR: 2288-1858
Address – Plaza Tabriz, Escazu, Costa Rica
Web – www.CostaRicaCommercial.com