Posts Tagged ‘bank’


New lease on life for Saab with Chinese firm’s investment

Kris Alingod – AHN News Contributor

Trollhattan, Sweden (AHN) – Saab owner Spyker Cars on Tuesday announced that it had secured an investment from a little known Chinese company, allowing it to resume production at its Saab plant.

The Dutch automaker will receive euros 120 million ($222 million) from the Hawtai Motor Group in return for a 30 percent equity stake in

Spyker. It will also get euros 30 million under a convertible loan agreement with an annual interest rate of 7 percent and a six month maturity.

The transaction, which still needs the approval of the Chinese and European regulators, adds to the other short-term funding Spyker obtained from other sources. The automaker entered into another euros 30 million convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It plans to make a euros 29.1 million drawdown request to the European Investment Bank.

Spyker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

The loans and medium-term financing from Hawtai will let Spyker restart production at its factory in Sweden, where assembly lines were stopped last month after suppliers stopped deliveries due to unpaid bills. In addition, the investment from Beijing-based Hawtai gives Spyker access to the Chinese market.

“We expect that Saab’s unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market,” Victor Muller, chief executive of Spyker and chair of Saab, said in a statement.

Saab Automobile was a unit of Swedish aircraft maker Saab before it was owned by General Motors, which sold the brand to Spyker last year.

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New lease on life for Saab with Chinese firm’s investment

Kris Alingod – AHN News Contributor

Trollhattan, Sweden (AHN) – Saab owner Spyker Cars on Tuesday announced that it had secured an investment from a little known Chinese company, allowing it to resume production at its Saab plant.

The Dutch automaker will receive euros 120 million ($222 million) from the Hawtai Motor Group in return for a 30 percent equity stake in

Spyker. It will also get euros 30 million under a convertible loan agreement with an annual interest rate of 7 percent and a six month maturity.

The transaction, which still needs the approval of the Chinese and European regulators, adds to the other short-term funding Spyker obtained from other sources. The automaker entered into another euros 30 million convertible loan agreement with Bahamas-based Gemini Investment Fund Limited. It plans to make a euros 29.1 million drawdown request to the European Investment Bank.

Spyker is still working to sell Saab property in Sweden, a transaction that must meet requirements set by the European Investment Bank and the Swedish National Debt Office.

The loans and medium-term financing from Hawtai will let Spyker restart production at its factory in Sweden, where assembly lines were stopped last month after suppliers stopped deliveries due to unpaid bills. In addition, the investment from Beijing-based Hawtai gives Spyker access to the Chinese market.

“We expect that Saab’s unique brand values based on its aviation heritage, Scandinavian origins and innovation-driven character will do very well in the Chinese market,” Victor Muller, chief executive of Spyker and chair of Saab, said in a statement.

Saab Automobile was a unit of Swedish aircraft maker Saab before it was owned by General Motors, which sold the brand to Spyker last year.

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Article © AHN – All Rights Reserved

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Chrysler says it will repay $7.5 billion in bailout money

Chrysler Group will take out bank loans and sell bonds to repay $7.5 billion in bailout money from the U.S. and Canadian governments, another sign that the automaker is recovering from its near-collapse in 2009.

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Porsche to issue shares at 38 euros a share

SYDNEY (MarketWatch) — German automaker Porsche Automobil Holding SE said Sunday that it will issue ordinary and preferred shares at 38 euros ($53.3) a share. Net proceeds will amount to around 4.89 billion euros and will be used to repay liabilities under the firm’s credit facilities, it said. The firm will issue 65.63 million ordinary shares and 65.63 preferred shares. One existing share carries the right to subscribe for 0.75 new shares. All new ordinary shares will be underwritten by Deutsche Bank while all new preferred shares will be underwritten by members of a banking syndicate led by Deutsche Bank, J.P. Morgan Securities Ltd. and Morgan Stanley Bank.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Cleanup Continues after Signal Mountain Tornado

The EF-1 tornado was packing 90 mile per hour winds when it hit Signal Mountain, so it was a little stronger than when it roared through Red Bank.

About 61,000 EPB customers were without power or had an interruption in their service during the peak of Monday’s storms.

As of Wednesday afternoon, around 1,800 customers remain without power.

Adele Castleberry toured the devastation Wednesday, spreading a little cheer. She said, “These men, everybody, the Electric Power Board. The telephone company. All of their contractors worked through the night and you know it’s been a mess. And I’m taking them Girl Scout cookies.”

People living on the some of the hardest hit streets on Signal Mountain seem to be staying in pretty good spirits as they tackle the clean-up and wait for the power to come back on. Fern Trail was cut-off from the outside world when Monday’s storms hit. Castleberry explains what she did on Monday to help clear the road. She explained, “Social Security lady out there taking those trees down. I love it. Talk about being empowered.”

Downed trees and powerlines still line the Signal Mountain street. The Cash family’s favorite pickup truck survived two teenage boys but was a casualty of the storm. Sherry Cash explained, “It has been stolen and recovered, it has been wrecked a couple of times, it has had a fire, the rubber liner in the bed has caught on fire. It has just been the most wonderful truck and to see it meet its demise in our driveway was really surprising. That’s not how we thought it would go out.”

All of the homes are without power. But EPB crews and contractors have been working around the clock to get the lights back on. David Wade with EPB talked about the magnitude of the damage. He said, “We have identified already about 102 poles that have been broken due to the storm and these winds. And in a typical year we replace about 200 poles that are broken from cars hitting them and trees falling. So in the last two days we’re replacing a half a year’s worth of poles,”

EPB says in just one half-mile stretch here on Signal Mountain, about 13 power poles were broken. And it takes between four and 12 hours to replace just one power pole.

Cash said even though they are still without power, she feels furtunate. She said, “We just feel so blessed that we aren’t hurt. We’re inconvienced and that’s it.”

EPB says the amount of damage from Monday’s storms rival that of the 1993 blizzard.

During that storm 87 power poles were broken, compared with the 102 from Monday.

But after the blizzard crews had to wait until the streets were again drivable, instead of being able to respond quickly like they are now.

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Campbell diaries: Diana funeral fear

St James’s Palace feared the Prince of Wales would be attacked by the public unless his sons accompanied him, say extracts

St James’s Palace feared that the Prince of Wales would be attacked by members of the public on the way to Diana’s funeral in September 1997 unless his sons accompanied him as he walked behind her coffin, Alastair Campbell writes in his diaries serialised in the Guardian.

In one of the most detailed accounts of events following the death of Diana, Princess of Wales, Campbell says a senior official was despatched from St James’s Palace to Balmoral to warn Prince William.

The fears about Prince Charles’s safety appear in today’s final extracts from Power and the People – which also disclose that:

– William had a “total hatred” of the media after the relentless press harassment of his mother.

– Tony Blair believed Charles briefed against Downing Street on other matters in the years after the funeral. Campbell writes: “TB felt his relationship with the Queen was good, but he felt Charles had people spreading stuff against us a fair bit of the time.”

– Amid a public backlash against the royal family, who were criticised for an unfeeling response to the death of Diana, Blair advised the Queen to show her vulnerable side.

– Buckingham Palace thought that William Hague, then leader of the Conservative party, was “pathetic” after he accused Blair of hijacking Diana’s legacy.

– Margaret Thatcher warned Blair soon after his election landslide in 1997 that Gordon Brown was “arrogant and insensitive” in his treatment of the late Bank of England governor, Eddie George.

– Campbell admits he was the inspiration for the explosive claim in January 1998 that Gordon Brown had “psychological flaws”. Blair complained to Campbell that the problem with the description, reported by Observer columnist Andrew Rawnsley, was that it amounted to the brutal truth.

– Peter Mandelson’s memoirs, published last year, were an “insufferably self-indulgent account”.

Fresh details about the turbulent week after the death of Diana dominate the final extracts of Campbell’s diaries. Blair’s former communications director writes that fears for the Prince of Wales’s safety became clear during a conference call on 4 September 1997 with courtiers who were with the Queen and Duke of Edinburgh at Balmoral. These included Sandy Henney, then press secretary to the Prince of Wales, who was sent to Balmoral to advise Prince William that his mother would have wanted him to follow her coffin.

Campbell writes: “Sandy Henney had been sent up to try to explain why he might do it. She [Henney] was obviously saying it was what his mother would have wanted whilst there was also the fact it would avoid the risk of Charles being publicly attacked.”

The conference call involved Sir Robin Janvrin, then the Queen’s deputy private secretary, who was with the Queen and the Duke of Edinburgh at Balmoral. Campbell was at Buckingham Palace with Sir Robert Fellowes, the Queen’s private secretary.

Campbell writes that the courtiers were divided as to whether the Prince of Wales should walk behind the coffin with his two sons. “Robin said if William did not do it then Charles couldn’t ‘for obvious and understandable reasons’. So he was back to proposing cars for the princes but Charles S[pencer] was against that.

“They realised that if William doesn’t go behind the coffin, they have a real problem because Charles would have to go behind the coffin with Charles Spencer. There is no way he can do this without the boys, he said. When I said to Fellowes it was possible to sell the idea of the boys going behind by car if they left from Kensington Palace, he said they were just against cars full stop. He said they had to keep pushing for it.”

William believed the plan was designed to appeal to the media. Campbell writes: “William was refusing to speak to anyone and he was consumed by a total hatred of the media … I sensed the boys were holding firm, and they seemed to feel it was being done for the media and the public, not for their mother.”

Campbell, who listened to Blair’s call with the Queen after the death of Diana, wrote: “It was the first time I’d heard him [TB] one on one with the Queen and he really did the ma’am stuff pretty well, but was also clear and firm too. He said he felt she had to show that she was vulnerable and they really were feeling it. He said: ‘I really do feel for you. There can be nothing more miserable than feeling as you do and having your motives questioned’.”

The diaries also include new details of the tensions between Blair and Brown. Campbell writes that Blair was given an early warning about his chancellor by Margaret Thatcher at their first meeting in Downing Street a few weeks after Labour’s landslide victory. Thatcher was angered by Brown’s behaviour towards Eddie George, the late governor of the Bank of England. The bank had been granted independence but stripped of its powers of regulation over the City.

Campbell writes: “Thatcher had said to TB she thought GB was arrogant and insensitive, that you could not treat a Bank Governor with anything but respect and that was not coming over.”

The former Downing Street communications director also owns up to being the inspiration behind the claim in 1998 that Brown had “psychological flaws”. Campbell writes that Sue Nye, a senior member of the Brown circle, regarded the comments as a declaration of war.

“Sue said as far as GB was concerned, this was a deliberate AC/Peter M[andelson] operation, authorised by TB and it was therefore ‘war’,” Campbell writes. “Sue said the ‘psychological flaw’ headline was like a bullet.”

Blair complained because Campbell had delivered a home truth. “TB said the problem with ‘psychological flaws’ was its brutal truth, which is why it hurt him so much. Then he said ‘But I’m worried, Ali.’ He was the one person who called me Ali when he was being serious.” Alastair Campbell Prince Charles Prince William Prince Harry Diana, Princess of Wales Tony Blair Margaret Thatcher Nicholas Watt guardian.co.uk © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds

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Update: Wikileaks Founder Targeted for International Hunt

Tom Ramstack – AHN News Correspondent

Washington, D.C., United States (AHN) – The hunt was on, Wednesday, for Wikileaks founder Julian Assange after Sweden issued an arrest warrant for him. The Swedish government is investigating him for rape while the U.S. government is outraged against him for leaking more than 251,000 documents that describe sometimes secret State Department communications.

Assange, 39, says the rape charges against him hide the real motives of government officials who want to silence his Web site that leaks secret documents.

He says he had only consensual sex with two Swedish women.

Nevertheless, Interpol added his name to its Most Wanted list.

Assange’s whereabouts were unknown by Wednesday afternoon after the globe-trotting Australian hacker apparently went into hiding.

Government officials from Ecuador initially offered him asylum but later tempered the offer by saying they would consider any request Assange might make to stay in their country to avoid prosecution.

On Monday, Ecuadorean Deputy Foreign Minister Kintto Lucas was quoted in the local media saying the government was trying to contact Assange.

“We are inviting him to give conferences and, if he wants, we have offered him Ecuadorean residency,” he said.

On Wednesday, Ecuadoran President Rafael Correa backed off his foreign minister’s comments.

He said WikiLeaks “has committed an error by breaking the laws of the United States and leaking this type of information.”

Lucas was speaking on his own behalf but “no official offer was made” of residency by the Ecuadoran government, Correa said.

Correa is one of several Latin American leaders who have sharply criticized U.S. foreign policy previously.

As early as this year Assange has checked into possibilities of obtaining residency in Switzerland and Sweden.

He dropped his plans to move to Sweden when he was investigated for the sexual assault charges this summer.

Even if Assange escapes from Swedish authorities, he could face U.S. criminal charges.

U.S. Attorney General Eric Holder announced Monday that he has launched an investigation of Wikileaks and Assange’s methods for obtaining classified information.

Former Vice Presidential candidate Sarah Palin joined other politicians in saying he should be prosecuted.

So far, the damage from the leaked documents appears to be modest. It consists mostly of comments made by diplomats in private conversations and memos that are embarrassing but not devastating to U.S. foreign policy.

Assange appears to be unrepentant, even planning to publish more leaked documents soon.

Some of the next documents are likely to involve Russian government officials and businessmen, he said in a report published in the Christian Science Monitor.

Assange was quoted telling a Moscow reporter, “We have [compromising materials] about Russia, about your government and businessmen. We will publish these materials soon.”

He also has said he will publish documents about an American bank after the New Year.

Forbes magazine quoted Assange saying he would publish a “megaleak” of corporate secrets. “It could take down a bank or two,” he said.

One bank would be hit hardest but he refused to name it.

However, last year he was quoted in Computerworld magazine saying he had obtained a 5-gigabyte hard drive from a Bank of America executive.

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Safaricom in talks to raise M-Pesa limit

Safaricom is in talks with Central Bank of Kenya to revise limits imposed on mobile electronic money transfers.

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37 Indicted for Using Internet to Steal Money From Bank Accounts

Cyber-scheme to siphon nearly $900,000 out of American bank accounts

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