Tag Archives: Managing Director

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Avon Chairman Hassan Departs Suddenly

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By 24/7 Wall St.

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In another sign that the nonexistent turnaround at Avon Products Inc. (NYSE: AVP) may be in even more trouble, its non-executive chairman, in office for only a few months, is leaving — without explanation.

Avon’s fortunes have been awful for two years, mostly because former CEO Andrea Jung ruined the company through wild expansion. Her replacement, Sheri McCoy, has done nothing to reverse the slide.

Avon announced both Chairman Fred Hassan‘s departure (he severed his relationship so sharply that he will not stay on the board) and the name of his replacement:

Fred Hassan has resigned from the Avon Board of Directors in order to focus more time on his other professional commitments. Mr. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.

Doug Conant, who currently serves on the Board, has been elected to the position of non-executive Chairman. Both are effective immediately.

“Avon is a great company and I am honored to have served on the Board of Directors,” said Mr. Hassan. “However, my other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my Board colleagues to take on the Chairmanship.”

If he was so honored to serve, why did he leave so quickly?

Filed under: 24/7 Wall St. Wire, Corporate Governance, Management Change Tagged: AVP

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

What Is Important in the Financial World (4/29/2013)

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By 24/7 Wall St.

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Consumer Confidence in Europe

In another blow to the recovery of the European economy, consumer confidence across the region fell in April. The reading was the lowest since December and is another marker that whatever brief recovery there might have been late last year is over. Europe‘s number can be added to evidence in the United States that its economic activity has slowed. That leaves the world’s two largest economies tipping more negative. (The EU is often measured as on nation for GDP measurement purposes). Some data out of China show that its normally white hot economy has flagged also. Bloomberg said of economic confidence in Europe:

Economic confidence in the euro area decreased more than economists forecast in April as the 17- nation currency bloc struggled to emerge from a recession and the bailout of Cyprus renewed debt-crisis concerns.

An index of executive and consumer sentiment dropped to 88.6 from a revised 90.1 in March, the European Commission in Brussels said today. That’s the lowest since December. Economists had forecast a decline to 89.3, according to the median of 26 estimates in a Bloomberg News survey.

Business confidence and investor sentiment in Germany, Europe‘s largest economy, dropped more than expected in April.

Avon Chairman Departs

In another sign that the nonexistent turnaround at Avon Products Inc. (NYSE: AVP) may be in even more trouble, its non-executive chairman, in office for only a few months, is leaving — without explanation. Avon’s fortunes have been awful for two years, mostly because former CEO Andrea Jung ruined the company through wild expansion. Her replacement, Sheri McCoy, has done nothing to reverse the slide. Avon announced both Chairman Fred Hassan‘s departure (he severed his relationship so sharply that he will not stay on the board) and the name of his replacement:

Fred Hassan has resigned from the Avon Board of Directors in order to focus more time on his other professional commitments. Mr. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.

Doug Conant, who currently serves on the Board, has been elected to the position of non-executive Chairman. Both are effective immediately.

“Avon is a great company and I am honored to have served on the Board of Directors,” said Mr. Hassan. “However, my other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my Board colleagues to take on the Chairmanship.”

If he was so honored to serve, why did he leave so quickly?

Disappointing Corporate Revenues

Earnings may be up as U.S. public companies report their quarterly results. Revenues, however, are not. This may be a sign of trouble ahead, perhaps driven largely by a slowing in exports to Europe. The USA Today reports on U.S. corporate revenues:

Investors were hoping by this point in the economic cycle, companies would be able to find growth selling new products and services or tapping new customers. But

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Enphase Microinverter System Available in Greece

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By Business Wirevia The Motley Fool

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Enphase Microinverter System Available in Greece

New EMEA leadership established for continued growth and expansion

PETALUMA, Calif. & LYON, France–(BUSINESS WIRE)– Enphase Energy, Inc. (NAS: ENPH) , today announced the availability of the Enphase® Microinverter System in Greece through authorized distribution. With shipments now in eight countries in the region, Enphase also announces the appointment Olivier Jacques as Managing Director for Enphase Europe, Middle East and Africa (EMEA) to oversee execution and future expansion of the business.

“I am focused on growing the international business for Enphase and using regional resources and relationships as leverage to capitalize on new market opportunities,” said Olivier Jacques, Managing Director for Enphase EMEA. “Geographic expansion through existing distribution partnerships, while at the same time establishing new local partners, is a model that increases our market presence in Europe in an efficient and scalable way.”

Europe remains the world’s largest solar market, and Enphase continues to gain share due to the value delivered by its pioneering technology. Last month, Enphase announced it is shipping in Switzerland through existing strategic partnerships with large PV suppliers. Following this model, the Enphase Microinverter System will be marketed and sold in Greece through an official network of authorized distributors.

Greece presents favorable conditions for the solar industry due to its geography, climate and plentiful solar irradiation. Over the last few years the solar market has grown rapidly. According to NPD Solarbuzz Marketbuzz 2013 report, the market was 414MW in 2011. Growth continued in 2012 based upon strong PV economics, and in spite of the country’s financial constraints, NPD Solarbuzz reported the market reached 961MW.

The Greek government is also targeting the solar sector as a way to bolster the weak economy. On March 27th, the launch of a close cooperation between Greece and Germany (with the support of an EU Commission’s Task Force for Greece) was announced in the field of renewable energy. The cooperation involves technical assistance for investments from the Task Force, with the German environment ministry co-financing the first stage of the program.

For more information about Enphase in Greece, visit: enphase.com/gr.

About Enphase Energy, Inc.

Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation,

From: http://www.dailyfinance.com/2013/04/18/enphase-microinverter-system-available-in-greece/

Business, Finance, Occupation & Industry

KKR to Partner with Management to Acquire SMCP Group

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By Business Wirevia The Motley Fool

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KKR to Partner with Management to Acquire SMCP Group

KKR is investing in SMCP Group to drive further growth under strong leadership of current management team and to create a global leader in affordable luxury

PARIS & LONDON–(BUSINESS WIRE)– Kohlberg Kravis Roberts & Co. LP (together with its affiliates, “KKR“) and SMCP Group (Sandro, Maje and Claudie Pierlot) (“SMCP” or “the Company”), a leading ready-to-wear affordable luxury apparel retailer, today announced that KKR signed a definitive agreement with SMCP‘s current shareholders to acquire a majority stake in the Company alongside its management team. KKR will own approximately 65% of the Company’s share capital with management retaining approximately 35%. The agreement remains subject to regulatory approvals and customary closing conditions.

“I have created this beautiful family history with my sister, Judith Milgrom, and I am pleased to embark on a new phase of our lives with KKR. Alongside Elie Kouby and Frédéric Biousse, Judith and I are reaffirming our full commitment to the business and have great ambitions for the group: building a global leader in the affordable luxury segment”, said Evelyne Chétrite, President of SMCP Group.

“We are excited to partner with KKR“, added Frédéric Biousse, the CEO of SMCP Group. “We are proud of the Company’s strong development over the recent years and would like to thank our shareholders L Capital and Florac for their support. We look forward to working with KKR as we accelerate the international expansion of our brands, particularly in the United States and Asia. KKR‘s global presence and extensive experience and track-record in the international retail sector will be important assets in helping us continue our growth trajectory”.

Jacques Garaïalde, Partner and Managing Director in charge of KKR‘s French operations, added, “SMCP is a remarkable business with an outstanding management team. The Company has developed strong French brands with international appeal, and high quality products at affordable prices that meet the needs of consumers around the world. We are pleased to support the team in their growth strategy”.

Over the past five years, the Company has experienced significant growth driven by a combination of like-for-like growth and new store openings across its four brands: Sandro, Sandro Men, Maje and Claudie Pierlot. Today, the Company has established a leading position in the French affordable luxury segment and a fast-growing international business with strong positions in Europe and a growing presence in the USA and more recently Asia. SMCP operates more than 570 points of

From: http://www.dailyfinance.com/2013/04/18/kkr-to-partner-with-management-to-acquire-smcp-gro/

Business, Finance, Occupation & Industry

Midway Gold Appoints New CFO

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By Business Wirevia The Motley Fool

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Midway Gold Appoints New CFO

DENVER–(BUSINESS WIRE)– Midway Gold Corp. (MDW:TSX-V; MDW:NYSE-AMEX) (“Midway”) is pleased to announce that Mr. John Labate will be joining the Midway team as the new Chief Financial Officer. Mr. Labate will work with Mr. Fritz Schaudies, the Company’s current CFO, to ensure a seamless transition of his Chief Financial Officer duties.

Ken Brunk, the Company’s Chairman, President and CEO stated, “First, we would like to thank Fritz for his work at Midway. His advancement of the company’s financial systems has been very valuable and is extremely appreciated. While we are sad to see him go, we all wish him the very best in health and happiness. As we move forward, we are delighted to welcome John Labate to Midway. John brings a wealth of financial experience gained from his many years in the mining industry and we believe he will be a great fit for the company.”

Mr. Labate brings over 30 years of financial experience to the Midway team having been CFO of dually listed mining companies since the mid-90s. Mr. Labate is joining Midway from Behre Dolbear where he has been Managing Director in the management-consulting group. Prior to his consultancy, he was Senior Vice President and CFO of Golden Star Resources. While SVP and CFO of Golden Star, Mr. Labate established lines of credit, including revolving debt and reclamation bonding, implemented strong spending controls and analysis, and strengthened supply chain functions. Prior to his tenure with Golden Star, Mr. Labate was Vice President and CFO of Constellation Copper Corporation where he was responsible for all financial and administrative activities for the TSX-listed copper/zinc mining and development company. John holds a B.S. in Accounting from San Diego State University.

ON BEHALF OF THE BOARD

“Kenneth A. Brunk”
Kenneth A. Brunk, Chairman, President and CEO

About Midway Gold Corp.

Midway Gold Corp. is a precious metals company with a vision to explore, design, build and operate gold mines in a manner accountable to all stakeholders while assuring return on shareholder investments. For more information about Midway, please visit our website at www.midwaygold.com or contact Jaime Wells, Investor Relations Analyst, at (877) 475-3642 (toll-free).

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the

From: http://www.dailyfinance.com/2013/04/17/midway-gold-appoints-new-cfo/

Business, Finance, Occupation & Industry

GOWEX Strengthens Its Board Advisors and Directors by Engaging World Experts in Telecommunications

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By Business Wirevia The Motley Fool

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     GOWEX Strengthens Its Board Advisors and Directors by Engaging World Experts in Telecommunications

• Paul Ryb, former Managing Director of Global Banking & Markets at Royal Bank of Scotland and specialized in Telecom Equity analysis for over 20 years, will join the company as an Advisory Director

• Carlos Gomez and Alfonso García-Villaraco will create a “more social and international GOWEX” with a clear commitment to user’s environments and Mobile ecosystems

MADRID–(BUSINESS WIRE)– Regulatory News :

GOWEX (Paris:ALGOW) (OTCQX:LGWXY) (GOW-MAB, ALGOW-NYSE Alternext, LGWXY- OTCQX), a leader in creating Smart Wi-Fi Cities (Wireless Smart Cities ®) and Intelligent Wi-Fi Transport, announces the expansion of its advisor and directors network to assist the Company’s growth plan, especially in the international area.

Paul Ryb, ex senior Telecom Industry Equity Specialist at Royal Bank of Scotland, will help GOWEX to achieve its Strategic Growth Plan, that is to reach 300 world capitals within the next 3 years and will join GOWEX Advisors Board.

Meanwhile, Alfonso García-Villaraco and Carlos Gómez will develop strategic services oriented to mobile’s environment and apps’ ecosystem, Public Administration, transport, end users, private entities… and all stakeholders in a city, with the aim to integrate them within Wireless Smart Cities®. From a disruptive technology vision, this process development will set a pattern and an innovative approach to telecommunications in our cities.

Paul Ryb

After more than 20 years working in investment banking in the City and at a senior level within the Telecoms Sector, Paul’s knowledge of the sector will bring unparalleled experience to GOWEX. Paul most recently served as a Managing Director within the Global Banking & Markets Division at RBS Group (Royal Bank of Scotland).

Alfonso García-Villaraco

One of the most important and fastest growing areas in GOWEX is the mobile environment and ecosystem of apps, whose manager is Alfonso García-Villaraco, GOWEX Mobile CEO. With over 20 years experience in

From: http://www.dailyfinance.com/2013/04/17/gowex-strengthens-its-board-advisors-and-directors/

News, Politics, Government

NASCAR, Sprint, and Coca Cola's Sustainability and Recycling Initiatives Are Driven by Their Fans

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By Philip Fava, Contributor

“Before I say anything about what our team has done, credit goes to our fans who come to the to the track and to our entire industry, “said Dr. Michael Lynch, Managing Director of Green Innovation for NASCAR .

From: http://www.forbes.com/sites/philfava/2013/04/16/nascar-sprint-and-coca-colas-sustainability-and-recycling-initiatives-are-driven-by-their-fans/

Business, Finance, Occupation & Industry

Eco-Trade Corp. Announces Letter of Intent for $5 Million Financing

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Eco-Trade Corp. Announces Letter of Intent for $5 Million Financing

Oil Company to develop first well on its Property in the Alberta Bakken Fairway in Montana

GREAT FALLS, Mont.–(BUSINESS WIRE)– Eco-Trade Corp. (OTCQB:BOPT), an independent oil and gas exploration Company, announced today that it has signed a letter of intent with Ambrosia Holding and Finance ltd. (Ambrosia) for a $5 million dollar financing for the development its first Bakken well. Ambrosia is a private syndicate fund based in London, England and Geneva, Switzerland.

Ambrosia and the Company shall be executing a mutually acceptable definitive legal documentation for the transaction whereby Ambrosia will commit an initial $5 million on a “Farm-In” agreement for drilling of the first well on the Company’s property. Subject to the definitive agreement, the funds shall be used by the Company for exploration and drilling of a petroleum well (Oil and/or Gas) at the Prospect.

Manoli Vaindirlis, Managing Director of Ambrosia, stated, “We are extremely excited to have the opportunity to work with Eco-Trade on the development of the first well on this very dynamic property in the Bakken. Our historic investment portfolio to date has included resource and international oil and gas, and this first foray into what may be the most exciting oil find in North America, has us focused on efforts to close and drill as expeditiously as possible.”

Leasing and drilling activity in the Bakken Fairway region has increased dramatically since late 2010. Over 60 wells have been drilled in Alberta and Montana with the Bakken as the principal target and over 30 of these wells were vertical wells with the primary purpose of delineating the Bakken formation. In Montana, Rosetta and Newfield are considered to be the most active drillers with over 12 wells each. In Alberta, it is Crescent Point, Murphy Oil and Shell who are the most active Bakken drillers. Analyst Wood Mackenzie estimated 2.6 Billion BO may be recovered from the Bakken Fairway.

Eco-Trade CEO, Canon Bryan, noted, “Our policy is to focus on our core competency of building a financial model that is profitable and structuring additional asset-bases through potential acquisitions of high value properties. The Company outsources its drilling operations to key-trusted partners who propose, permit and engage in the drilling process. By managing our operations in this manner, we are able to keep costs low and margins relatively high. And

From: http://www.dailyfinance.com/2013/04/12/eco-trade-corp-announces-letter-of-intent-for-5-mi/

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ScanSource Restructures Communications Business in Europe for Profitable Growth

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By Business Wirevia The Motley Fool

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ScanSource Restructures Communications Business in Europe for Profitable Growth

Names Rudy De Meirsman as Managing Director for ScanSource Communications, Europe

GREENVILLE, S.C.–(BUSINESS WIRE)– ScanSource, Inc. (NAS: SCSC) , the leading international value-added distributor of specialty technology products, today announced the restructuring of its Communications business unit in Europe to support a pan-European strategy for profitable growth. The restructuring includes new leadership and also provides cost savings from the elimination of positions and the centralization of support services.

In support of this new structure, ScanSource has named Rudy De Meirsman as Managing Director for ScanSource Europe Communications, a newly-created position. Mr. De Meirsman is responsible for implementing a pan-European strategy for the Communications business unit and leading a focused, dynamic team. He reports to Buck Baker, Interim President of ScanSource Europe.

Mr. De Meirsman joined ScanSource in 2010 and previously served as the Senior Director of Merchandising for ScanSource’s Communications business unit in Europe. He has over 20 years of experience in technology distribution, including sales and marketing leadership positions with Plextor Europe and distributor Tech Data.

“Rudy has proven himself as a leader with the experience we need to take the next step in our Communications business in Europe. These moves will provide focused leadership and operational efficiencies, as we continue to implement our pan-European strategy to serve our key partners, including Avaya, Extreme, LifeSize, and ShoreTel,” said Baker.

The restructuring includes the elimination of positions to set the cost structure in line with current operations and move to more global shared support services. The organizational structure provides focused business unit leadership, as well as dedicated merchandising, sales and technical support teams, at a scale for profitable growth. In addition, ScanSource will move certain European support functions to centralized global teams in the United States to gain efficiencies.

The annualized cost savings in connection with the restructuring, principally associated with the elimination of positions, are estimated to be approximately $3.1 million. The Company expects to incur approximately $1.2 million in associated one-time costs, which include related severance expenses, during the quarter ending March 31, 2013.

“ScanSource continues to adapt our business model to better address the changing demands of the global marketplace. The new scale of our operations fits with our present vendor and sales opportunities, while positioning us for future expansion as we add to our vendor portfolio and pan-European

From: http://www.dailyfinance.com/2013/04/11/scansource-restructures-communications-business-in/

Business, Finance, Occupation & Industry

Defined Contribution Assets Grow at Northern Trust

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By Business Wirevia The Motley Fool

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Defined Contribution Assets Grow at Northern Trust

$78 Billion Propelled by Innovative DC Investment Solutions

CHICAGO–(BUSINESS WIRE)– Defined Contribution Solutions at Northern Trust has grown rapidly in the last three years, more than doubling assets under management through an expanding array of multi-asset class structures, including target-date and global balanced funds, and providing integrated participant communications for corporate and public retirement plans.

Assets managed by Northern Trust for defined contribution (DC) plans rose to approximately $78 billion as of December 31, 2012, from $37 billion at the end of 2009. Northern Trust‘s target-date retirement solution, the Northern Trust Focus Funds™, recently exceeded $4 billion in assets with the addition of several large corporate DC plan clients.

“DC plans have grown in stature as the primary workplace retirement vehicle for most Americans, and the marketplace is responding to our comprehensive approach for both design and implementation of cost effective solutions that capture global market exposure,” said Jim Danaher, Managing Director, Defined Contribution Solutions at Northern Trust. “Our strategies consider the perspectives of plan sponsors and participants, with a global range of solutions that empowers participants to meet their retirement investment goals.”

Northern Trust offers a diversified array of strategies to support DC plan investment menus, including multi-asset solutions like the Focus Funds suite of target retirement date funds and the Global Balanced Fund, which allocates across stocks, bonds and real assets to achieve both growth and income investment objectives. Other strategies include core options in index equity, fixed income and multi-manager funds, as well as customized asset allocation solutions.

The Northern Trust Focus Funds have gained greater adoption by DC plan sponsors in recent years, as assets grew at an annualized rate of 136 percent from the end of 2009 through January 31, 2013, when the funds topped $4 billion in assets under management.

“The Focus Funds incorporate many of Northern Trust‘s strengths as a multi-capability asset manager: a core competency in strategic asset allocation, globally diversified investments and a cost-efficient structure,” said Susan Czochara, senior product manager of Northern Trust‘s DC Solutions Group. “And because innovation is nothing without participation in retirement plans, we also work with plan sponsors, their consultants and record-keepers to design effective communications programs that educate, engage and empower participants.”

The DC Solutions team also includes Lee Freitag, senior product manager and a 20-year financial services veteran, Ashish Gandhi, investment strategist,

From: http://www.dailyfinance.com/2013/04/11/defined-contribution-assets-grow-at-northern-trust/

Business, Finance, Occupation & Industry

Monster Italy Joins KONGnews to Explore Work-Related Issues

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By Business Wirevia The Motley Fool

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Monster Italy Joins KONGnews to Explore Work-Related Issues

Monster.it’s alliance with KONGnews helps to expand network and provide fresh content to users, in an effort to successfully connect people to job opportunities

MAYNARD, Mass.–(BUSINESS WIRE)– Monster, the worldwide leader in successfully connecting people to job opportunities and flagship brand of Monster Worldwide, Inc. (NYS: MWW) and KONGnews (www.kongnews.it), an online magazine geared toward the younger workforce, have formed an alliance which will allow the two companies to share articles and advice related to employment trends and work-related themes.

“This new initiative allows us to provide our users with the KONGnews team’s unique content and create a richer resource,” says Elisa Schiavon, Marketing Manager of Monster.it. “That, coupled with our experience in the world of work and our deep understanding of the HR environment, creates a way to further help anyone who is searching for new or better employment opportunities, or those interested in keeping up-to-date on job search trends and advanced tools and technology.”

By cross-populating their websites with news about the job environment and labor trends, both Monster.it and KONGnews will be able to offer new perspectives and ideas to audiences.

“Our alliance with Monster.it allows us to take advantage of the expertise, the prestige and the popularity of the main player in online recruiting,” says Filippo Di Nardo, Founder and Managing Director of KONGnews.

KONGnews will also add a built-in job search tool on their “Le opportunità di lavoro” (“Job Opportunities“) webpage. The search tool will redirect users to Monster.it – a win for both companies.

About Monster

Monster is the worldwide leader in successfully connecting people to job opportunities. From the web, to mobile to BeKnown® on Facebook and Monster.com, Monster helps companies find people with customized solutions, using the world’s most advanced technology to match the right person to the right job. With a local presence in more than 40 countries, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. To learn more about Monster’s industry-leading products and services, visit www.monster.com. More company information is available at http://about-monster.com/.

…read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

KKR Appoints New Chairman, New CEO for Japan

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By Business Wirevia The Motley Fool

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KKR Appoints New Chairman, New CEO for Japan

Shusaku Minoda Elevated to Chairman, Hirofumi Hirano Joins as CEO

TOKYO & NEW YORK & HONG KONG–(BUSINESS WIRE)– Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, “KKR“) today announced the elevation of Shusaku Minoda to Chairman of KKR Japan from his position as Managing Director & Chief Executive Officer. Mr. Hirofumi Hirano has been hired as the new Managing Director & Chief Executive Officer of KKR Japan. Mr. Hirano joins KKR from AlixPartners Asia LLC where he was Managing Director and Head of Asia Financial Service Industry Practice. Both appointments are effective April 15, 2013.

Henry R. Kravis, Co-Founder, Co-Chairman and Co-CEO of KKR, said: “Shu Minoda has led our business as CEO of KKR Japan for six years and has built an excellent platform for future growth. As Chairman, we look forward to his continued leadership in maintaining trusted relationships with our business partners and key stakeholders as well as in our government relations.”

“The appointment of Hiro Hirano as MD and CEO of KKR Japan is an important step forward as KKR continues to grow our private equity franchise and broaden our focus to other areas of asset management and capital markets,” said Joseph Y. Bae, Managing Partner of KKR Asia.

“Hiro has a unique combination of private equity investing and operational consulting with a 30-year track record of helping Japanese companies revitalize their businesses and expand globally to achieve their full potential,” added Mr. Bae. “He will lead our team on a day-to-day basis at KKR Japan as we build on the firm foundation that KKR has created in Japan.”

Prior to joining AlixPartners, a turnaround specialist consulting firm, Mr. Hirano was CEO of the merchant-banking group of Nikko Cordial Group (now known as SMBC Nikko Securities) and also chairman of Nikko Principal Investments. During his career, he also served as a director of numerous companies, including Nikko Citigroup and Nikko Asset Management.

At AlixPartners, he led the team that advised on the turn-around efforts of Japan Airlines, as well as Sumitomo Trust‘s acquisition of Nikko Asset Management from Citigroup, and the subsequent acquisition by Nikko Asset Management of DBS’s Singapore asset management subsidiary. Mr. Hirano graduated from Keio University and holds an MBA from the University of Chicago.

About KKR
…read more

Source: FULL ARTICLE at DailyFinance

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Providing Capital and Technology, GE is Farming the Wind in America's Heartland with Enel Green Powe

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By Business Wirevia The Motley Fool

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Providing Capital and Technology, GE is Farming the Wind in America’s Heartland with Enel Green Power

GARDEN CITY, Kan.–(BUSINESS WIRE)– Providing capital and technology to farm the wind in America’s heartland with global renewable energy company Enel Green Power, GE (NYS: GE) is investing common equity and supplying turbines for the 250-megawattBuffalo Dunes Wind Project in Kansas.

GE is providing capital and technology for a wind farm under construction in Kansas that will harness the wind in the American heartland to provide clean electricity to the eastern United States. Link to digital rendering: http://bit.ly/Z3p49j (Photo: Business Wire)

This transaction expands GE Energy Financial Services’ and Enel Green Power North America’s portfolio of co-owned wind projects. Last year, the companies invested in the 235-megawatt Chisholm View wind project in Oklahoma, and in the 200-megawatt Prairie Rose wind project in Minnesota. Both projects also feature GE wind turbines. The GE unit and Enel Green Power North America also invested in the 101-megawatt Smoky Hills wind farm in Kansas and the 63-megawatt Snyder wind farm in Texas.

GE unit GE Energy Financial Services now owns 51 percent of the Buffalo Dunes project under construction southwest of Garden City, Kansas in Finney, Grant and Haskell counties. Enel Green Power North America, a subsidiary of Enel Green Power, maintains a 49 percent ownership stake, retains an option to increase this stake to 75 percent if elected during certain periods in 2013 and 2014, and serves as project manager. In addition to capital, GE is supplying 135 wind turbines for the project and will provide operations and maintenance after completion. Alabama Power Company will buy most of the electricity from the project under a 20-year agreement.

“This project is a fresh example of how to harness the strong wind in America’s heartland to power the eastern United States with low-cost, clean electricity,” said Kevin Walsh, Managing Director of Power and Renewable Energy at GE Energy Financial Services. “It also showcases GE‘s ability to provide both world-class technology and flexible financing structures, and advances our long-term partnership with renewable energy leader Enel Green Power.”

Construction, managed by RES Americas, is expected to be completed by December. The wind project is expected to employ 150 construction workers, create 15 permanent jobs, generate enough electricity to power 65,000 homes and – according to Environmental Protection Agency methodology – avoid approximately 800,000 tons of greenhouse gas emissions per year – equivalent to the annual emissions …read more

Source: FULL ARTICLE at DailyFinance

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American Water's John Bigelow to Moderate National Water Infrastructure Summit

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By Business Wirevia The Motley Fool

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American Water’s John Bigelow to Moderate National Water Infrastructure Summit

Free event focuses on economic need for resilient water infrastructure to meet current, future challenges

VOORHEES, N.J.–(BUSINESS WIRE)– American Water Works Company, Inc. (NYS: AWK) , the largest publicly traded U.S. water and wastewater utility company, today announced that John R. Bigelow, senior vice president of Business Services, will moderate the panel of experts at the National Water Infrastructure Summit on Tuesday, April 16, in Washington, D.C. Hosted by Water Environment Federation (WEF) and its Water for Jobs campaign partners from across the country, including American Water, the free Summit aims to raise awareness that water infrastructure must be a top national priority, and that reinvestment in water creates jobs, drives innovation and safeguards public health. It will be held from 10 a.m. to 12 p.m. at the Ronald Reagan Building and International Trade Center, 1300 Pennsylvania Ave., NW, Washington, D.C. Registration by April 10 is required to attend the event.

Bigelow, recognized in the water industry for his decades of senior management expertise, will engage discussion among the following leaders in local and state governments and the private sector on the economic need for resilient water infrastructure systems to meet current and future challenges:

  • Harlan Kelly, Jr., General Manager, San Francisco Public Utilities Commission
  • George Hawkins, General Manager, DC Water
  • Howard Neukrug, Commissioner of the Philadelphia Water Department
  • Brian T. Pallasch, CAE, Managing Director, Government Relations & Infrastructure Initiatives, American Society of Civil Engineers
  • George R. Schink, Ph.D., Managing Director and Principal, Navigant Economics
  • Carter Strickland, Commissioner of the New York City Department of Environmental Protection

The speakers will also share their perspectives on such challenges as the impact of ongoing under-investment in water infrastructure, how to bridge the funding gap, and what is responsibility to the future of water infrastructure.

“The D grade that U.S. water and wastewater systems received in the ASCE‘s newly-released Report Card on America’s Infrastructure is the latest reminder of how much the nation stands to gain or lose by either investing …read more

Source: FULL ARTICLE at DailyFinance

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Polo Resources Limited: Listing on the Bermuda Stock Exchange

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By Business Wirevia The Motley Fool

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Polo Resources Limited: Listing on the Bermuda Stock Exchange

Voluntary TSX Delisting

TORONTO–(BUSINESS WIRE)– Polo Resources Limited (AIM, TSX: POL) (“Polo” or the “Company“), the natural resources investment company with interests in gold, oil and gas, coal and iron ore, today announces that it has received approval for the listing of its ordinary shares on the Bermuda Stock Exchange (“BSX“). The Company’s ordinary shares commenced trading on the BSX on 4 April 2013 under the symbol POL:BH.

Following the receipt of approval to list on the BSX, the Company has also applied for a voluntary delisting from the Toronto Stock Exchange (“TSX“). Following the listing on BSX and delisting from the TSX, Polo’s ordinary shares will be listed for trading on the AIM market of the London Stock Exchange (“AIM“) and listed on the BSX.

The BSX is listed as a recognised exchange under the United Kingdom Income Tax Act, 2007 enabling Polo shares to be held by Individual Saving Accounts (“ISAs”).

Neil Herbert, Executive Co-Chairman and Managing Director, said: “We believe that the ability to hold shares through ISAs is very attractive to our many retail shareholders and that was a key factor in our decision to list on the BSX, where they can continue to do so.”

Voluntary delisting from the TSX

The Company’s board has decided that the costs of maintaining the TSX listing are not in the best interests of the Company’s shareholders. Subject to the application being accepted by the TSX, it is expected that the ordinary shares will be delisted from the TSX at the close of trading on 5 April 2013.

No change will occur to Polo’s ordinary shares on AIM, which will continue to be listed and trade as normal under the symbol “POL”. Following delisting from the TSX, the Company may apply to the applicable securities commissions in Canada for cessation of the Company’s reporting issuer status and the Canadian register will be closed.

Implications of the delisting for shareholders on the Canadian branch register only

As a consequence of the TSX delisting, and prior to the closing of the Canadian branch register, shareholders currently on the Canadian branch register …read more

Source: FULL ARTICLE at DailyFinance

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CorEnergy Infrastructure Trust Announces Additions to the Leadership Team of its Manager, Corridor I

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CorEnergy Infrastructure Trust Announces Additions to the Leadership Team of its Manager, Corridor InfraTrust Management and Wholly-Owned Subsidiary, Mowood

LEAWOOD, Kan.–(BUSINESS WIRE)– CorEnergy Infrastructure Trust, Inc. (NYS: CORR) today announced three new additions to its senior management team. Mike Jonagan and Jeff Fulmer joined Corridor InfraTrust Management, LLC, CorEnergy’s manager, as Senior Directors and will be primarily responsible for originating acquisitions, structuring lease agreements, managing operating partner relationships and overseeing CorEnergy’s portfolio of energy infrastructure real property assets. Rick Kreul has been named President of Mowood LLC, the company’s wholly-owned subsidiary. Mr. Kreul will be responsible for overseeing operations and developing strategic growth opportunities for both Mowood and its wholly-owned subsidiary, Omega Pipeline Company (“Omega”).

“These three new executive team members raise the bar for CorEnergy, expanding our capacity to evaluate and oversee a diverse portfolio of real property energy assets,” said David Schulte, Managing Director of Corridor and Chief Executive Officer of CorEnergy. “Jeff, Mike and Rick are engineers who bring a diverse range of energy sector experience to our team and we are pleased to have them on board.”

Mr. Jonagan comes to Corridor with more than 25 years of U.S. and international experience in the energy sector. He is a petroleum and mechanical engineer and has taken on a wide range of executive roles including managing electric and natural gas assets (regulated and unregulated) as well as telecommunications, construction, mining and energy trading operations. He has expertise in business restructuring, asset divestiture via sale or public offering and structured finance to support large capital investment projects. Most recently, Mr. Jonagan served as a Vice President and Country Manager for AES Corporation. Prior to his work with AES, Mr. Jonagan spent more than a decade in various roles, including Vice President of Capacity Services and Chief Executive Officer of U.S. Networks at Aquila Inc., which was an international electric and gas utility.

Mr. Fulmer has more than 29 years of energy industry experience and spent the last six years as a Senior Advisor with Corridor’s affiliate Tortoise Capital Advisors L.L.C. (“Tortoise”), an investment manager specializing in listed energy investments. At Tortoise he led the company’s retail marketing efforts. He will continue to support the Tortoise team as they transition his role. As a petroleum engineer and professional geologist, Mr. Fulmer’s experience includes work for the U.S. Department of Defense (DoD), where he headed a group of infrastructure analysts engaged globally in critical infrastructure analysis, assessment and protection. Prior to the DoD, Mr. Fulmer served as president of Redland Energy, was senior vice president …read more

Source: FULL ARTICLE at DailyFinance

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Navigant Introduces FATCA FILTERSM Account Analysis Accelerator

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By Business Wirevia The Motley Fool

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Navigant Introduces FATCA FILTER SM  Account Analysis Accelerator

New Capability Offers an End-to-End Solution for FATCA Pre-existing Account Analysis

CHICAGO–(BUSINESS WIRE)– Navigant (NYS: NCI) announced today the launch of a new proprietary software solution, FATCA FILTERSM, which leverages the firm’s expertise to help financial services institutions jumpstart Foreign Account Tax Compliance Act’s (FATCA) pre-existing account analyses.

Navigant’s FATCA FILTERSM is a technology-enabled tool which helps financial institutions filter through millions of accounts to identify those subject to the FATCA regulations. FATCA FILTERSM also classifies the accounts and summarizes the required remediation steps for incorporation into Navigant’s FATCA FINDSM, a remediation solution that expedites the manual review, automates, documents, reports and manages the FATCA pre-existing account analysis. The FATCA FILTERSM rules and process flows are set to respond to both Intergovernmental Agreements (IGAs) and the general FATCA regulations.

“When you have to leverage Know Your Customer (KYC) data, assess the results of electronic searches against millions of records, perform manual reviews of files and use personal knowledge to confirm balances and account information, you need to work smart,” stated Ellen Zimiles, Managing Director and leader of Navigant’s Global Investigations & Compliance practice. “FATCA FILTERSM and FATCA FINDSM simplify a process that would otherwise be overwhelming.”

FATCA requires non-U.S. financial institutions to identify U.S. citizens and residents and to categorize entity account holders into one of numerous classifications. The data points required for this analysis can often be found in the electronic records associated with each account. With approaching deadlines for the pre-existing account analysis and the complexity and sheer volume of data that financial institutions are required to examine, many organizations are beginning the process of identifying affected accounts. The 40+ rules of FATCA FILTERSM help financial institutions search these electronic records for U.S. indicia for individuals and for data to provisionally classify entity account holders.

More information about Navigant’s FATCA services can be found at www.navigant.com/fatca.

About Navigant’s Global Investigations & Compliance Practice

Navigant’s Global Investigations & Compliance helps clients identify, assess and manage the compliance and business risks relating to FATCA, money laundering, sanctions, bribery, corruption and financial and economic crimes, and provides investigative due diligence, monitoring and forensic accounting investigations related to fraud, waste and abuse. Together with Navigant’s Legal Technology Solutions professionals, the team provides innovative technology-enabled solutions for complex data …read more

Source: FULL ARTICLE at DailyFinance

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Macquarie Capital Broadens Industry Coverage with Key Hire in Consumer/Retail

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By Business Wirevia The Motley Fool

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Macquarie Capital Broadens Industry Coverage with Key Hire in Consumer/Retail

  • Industry veteran Greg Shaia joins Macquarie Capital as US Head of its Consumer/Retail practice
  • Builds on Macquarie Capital‘s US momentum in advisory and capital markets

NEW YORK–(BUSINESS WIRE)– Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY) today announced that Greg Shaia has joined Macquarie Capital in its Industrials industry coverage group as a Senior Managing Director and US Head of Consumer/Retail coverage.

“Greg’s deep expertise in the consumer and retail sector will help us to continue to broaden our industry coverage,” said Robert Bertagna, Global Head of Industrials for Macquarie Capital. “He has been a trusted advisor to companies in this important sector for years.”

Mr. Shaia has 24 years of experience and has advised retail and consumer companies on a wide range of transactions, including M&A, leveraged buyouts, public and private equity and debt financings, and restructurings. He has advised corporate clients such as Estée Lauder, Church & Dwight, Coty, Party City and Pilot Travel Centers, and a number of financial sponsors.

Mr. Shaia most recently served as Head of Consumer/Retail at Moelis & Co. where, as a Managing Director, he covered consumer/retail companies since joining that firm in 2008. Prior to his time at Moelis, Mr. Shaia worked as a Senior Managing Director and the Head of Retail and Apparel Investment Banking at Bear Stearns & Co.

Before joining Bear Stearns in 2004, Mr. Shaia was a Managing Director and ran Soft-Lines and Broad-Lines Retail and Apparel Investment Banking at Citigroup. Mr. Shaia began his career in investment banking as an associate in the Corporate Finance department of Drexel Burnham Lambert in 1989.

“Greg’s appointment will enable our firm to continue the expansion of our advisory and capital markets business in the US,” said Robert Redmond, Head of Macquarie Capital for the US and Latin America. “We have significant momentum and aim to build on it with Greg’s track record of success.”

Mr. Shaia graduated with a B.A. in Literature from Georgetown University and graduated Beta Gamma Sigma with an M.B.A. in Finance from Columbia Business School.

About Macquarie Group

Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management …read more
Source: FULL ARTICLE at DailyFinance

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Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

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By Business Wirevia The Motley Fool

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Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

NEW YORK–(BUSINESS WIRE)– Assured Guaranty Corp. (AGC) announced today that it has reached an agreement on a forbearance and restructuring plan with Xenia Rural Water District, Iowa. The plan provides for the full repayment of all claims made under the bond insurance policy for Xenia’s Water Revenue Bonds, Series 2006, while providing Xenia additional time to repay such amounts. At the same time, USDA Rural Development has agreed to restructure its outstanding loans with Xenia. These steps will help Xenia meet its future obligations and return to financial stability, as well as meet the needs of the customers of its water system. In addition, under the forbearance agreement the pending litigation between AGC and Xenia will be dismissed.

Robert Tucker, Managing Director, Investor Relations and Corporate Communications commented: “We are pleased that AGC, Xenia and USDA Rural Development have been able to agree on a restructuring plan. This restructuring is a good example of the way AGC is able to work with a distressed municipal debtor to achieve a consensual and long-term financial solution that addresses the needs of all parties. The holders of the Xenia bonds continued to receive scheduled payments under the AGC municipal bond insurance policy throughout this process and now have the benefit of both a stronger underlying credit and our insurance. We thank Xenia and USDA Rural Development for their assistance and efforts in reaching this resolution.”

The Xenia Policy was a “Covered Policy” under the Quota Share Reinsurance Agreement dated January 21, 2009 between AGC and CIFG Assurance North America, Inc. and was subsequently novated to AGC.

About AGC

AGC is a Maryland-domiciled insurance company regulated by the Maryland Insurance Administration and licensed to conduct financial guaranty insurance business in all 50 states of the United States, the District of Columbia and Puerto Rico. AGC commenced operations in 1988. AGC is a wholly owned, indirect subsidiary of Assured Guaranty Ltd. (“AGL“), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol “AGO.” AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and international public finance, infrastructure finance and structured finance markets. Neither AGL nor any of its shareholders is obligated to pay any debts of AGC or any claims under any insurance policy issued by AGC.

Cautionary Statement …read more
Source: FULL ARTICLE at DailyFinance

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GSE Systems' 21st Century Simulation Technology Gets Medieval on Training

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By Business Wirevia The Motley Fool

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GSE Systems’ 21 st Century Simulation Technology Gets Medieval on Training

900-year-old English court will be transformed into world-class energy industry training facility featuring 3D interactive learning tools

SYKESVILLE, Md.–(BUSINESS WIRE)– GSE Systems, Inc. (NYSE MKT: GVP) will provide its state-of-the-art simulation tools to EDF Energy for its flagship training facility being built in a 900-year-old medieval monastery in southwest England. GSE Systems will supply Activ3Di™ visualization technology for maintenance training, GPWR generic nuclear simulators, VPanel™ glass-top simulators and other cutting-edge simulation technologies for training energy industry workers.

A £15-million renovation (approximately US $22.3 million) of Cannington Court in Somerset by EDF Energy, one of the UK‘s largest energy companies, will convert the historic buildings and grounds into the central hub for EDF‘s network of training facilities across the UK. The campus will also include on-site housing for up to 50 people at a time. The facility is slated to open in early 2014.

GSE’s Activ3Di interactive visualization tools provide trainees with immersive 3D virtual training environments for field operations and maintenance. The company’s real-time nuclear simulators generate industry-leading accuracy and responsiveness for operator training. The result is a more realistic experience for trainees. When used in a multiple-format learning scenario, this type of training is shown to be the fastest way to competency.

“This collaboration utilizes the respective skills and experience from both sides which are complementary. We will combine the world-class training technology from GSE Systems in support of EDF Energy’s visionary leadership and industry knowledge to deliver an unparalleled learning experience that is unique in content and method of engagement,” said Graham Wren, European SVP and Managing Director of GSE Systems UK.

Located about 110 miles west of London, Cannington Court is owned by Bridgewater College. The buildings date back to the 12th century, at which time they were connected to a Benedictine nunnery. The project will include some new construction and repairs to the medieval barn, lodge, dairy and walled gardens.

For more on the Cannington Court project, visit http://careers.edfenergy.com/campus/cannington-court.

For more information on Activ3Di click on www.gses.com/products/visualization-tools.

About GSE Systems, Inc.

GSE Systems, Inc. is a world leader in real-time high-fidelity simulation, providing a wide range of simulation, training and engineering solutions to the energy and process industries. Its comprehensive and modular …read more
Source: FULL ARTICLE at DailyFinance