$254mn Eskom wind power project gets South African regulator's nod

Denmark News.Net - Monday 20th May, 2013

JOHANNESBURG - The National Energy Regulator of South Africa (Nersa) has granted power producer Eskom a licence for its Sere wind farm in the Western Cape, paving the way for the company to start construction of its $254.3 million (R2.4-billion) project. Sere is the Nama word for "cool breeze". The wind farm project is scheduled to become fully commercially operational by the end of ...

Morgan Stanley India to sell wealth management arm to StanChart

Denmark News.Net - Monday 20th May, 2013

MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...

Construction begins on new island off Jumeirah Beach in Dubai

Denmark News.Net - Monday 20th May, 2013

Work began on Monday on the development of a man-made island in Dubai, 500 metres directly opposite the Jumeirah Beach Residence complex. To be known as Bluewaters Island, the new development will house five star hotels and resorts, al fresco dining and entertainment zones, and residential apartments and villas. The focal point of the island city, which will cost $1.6 billion, will be a 688 ...

European Stocks To See Cautious Start On Fed Policy Speculation

RTT News - Tuesday 21st May, 2013

European stocks are set to edge lower on Tuesday as investors await the release of the FOMC minutes and a speech from Fed Chairman Ben Bernanke before the Joint Economic Committee of Congress on Wednesday for cues on the Fed's stance on continuing its easy monetary policy. The dollar retreated from a six-week high against the euro amid speculation that Bernanke would not hint at tapering ...

Metals Stocks Gold prices rise following up on ‘key reversal’

MarketWatch - Tuesday 21st May, 2013

LOS ANGELES (MarketWatch) -- Gold futures rose in electronic trade Tuesday, building on gains from the previous session that ended a lengthy string of ...

Mauritius Drop in tourism hurts earnings

IOL - Tuesday 21st May, 2013

Earnings from tourism in Mauritius fell 12.4 percent from a year earlier to 12 billion rupees (R3bn) in the first three months of this year as the weak economic environment in Europe hurt visitors’ spending. Statistics Mauritius cut its forecast for visitor arrivals this year to 990 000 from a previous estimate of 1 million, but expected tourism revenue to rise to 46.1bn rupees from 44.3bn ...

Ryanair flies high as earnings top forecasts

IOL - Tuesday 21st May, 2013

A sharp rise in earnings from add-on charges for items such as baggage and pre-assigned seating yesterday helped boost Ryanair’s earnings above expectations in the past year, lifting its shares to a record ...

Vodafone Silent on Verizon

CNBC - Tuesday 21st May, 2013

Vodafone posted its largest ever quarterly fall in key organic service revenue on Tuesday, down 4.2 percent, the worst fall in its main sales measurement since the company started using that metric in 2003. As a result the telecommunications giant held onto its dividend from its U.S. arm and reinvested it into the business rather than returning it to shareholders. ...

Divi’s Laboratories tanks over 6 on weak Q4 earnings downgrade

Times of India - Tuesday 21st May, 2013

Divi’s Laboratories Ltd slipped over 6 per cent in morning trade on Tuesday, after the company posted 16.75 per cent decline in its consolidated net profit at Rs 180.57 crore for the fourth quarter ended March 31, ...

Russian retailer X5 Q1 earnings fall beat fcast

Reuters - Tuesday 21st May, 2013

MOSCOW | Tue May 21, 2013 2:21am EDT MOSCOW May 21 (Reuters) - Russian food retailer X5 said on Tuesday its first-quarter net profit fell 1.8 percent year-on-year, mainly due to higher finance costs, to $65.1 million, but beat a $51.1 million analyst forecast. The company also said its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 3.7 percent to ...

Apple said to have avoided billions in tax

Star Tribune - Tuesday 21st May, 2013

WASHINGTON - Even as Apple became the nation's most profitable technology company, it avoided billions in taxes in the United States and around the world through a web of subsidiaries so complex it spanned continents and surprised experts, a congressional investigation has found. Some of these subsidiaries had no employees and were largely run by top officials from the company's ...

Ordering a combo Seamless and GrubHub are merging

New York Post - Tuesday 21st May, 2013

For a city obsessed with food delivery, this was a deal made to order. Two of the fastest growing food-ordering websites - Seamless and GrubHub - have agreed to merge, creating a combination that can satisfy cravings from salad wraps to sushi rolls. New York-based Seamless will join forces with Chicago rival GrubHub to offer a wider menu of takeout options and improved technology to deliver food ...

NYC building owners fear lack of terror insurance when TRIA expires

New York Post - Tuesday 21st May, 2013

New York’s commercial real estate market is facing a threat that could rock its foundations: the loss of federal "terrorism insurance." The Terrorism Risk Insurance Act, enacted a year after the 9/11 attacks, makes American taxpayers the backstop for private insurance companies in the event of such catastrophes. The legislation comes up for renewal in 2014.If Congress fails to ...

Time for Yahoo to move

New York Post - Tuesday 21st May, 2013

Yahoo! is tumbling into the old Times Building on West 43rd Street with a new lease for 176,000 square feet on the 9th through 12th floors of the 16-story building, where it will consolidate its city headquarters.Yahoo! CEO Marissa Mayer announced the move as she and Mayor Bloomberg discussed the $1.1 billion Tumblr acquisition at a press event. The Post first reported the Sunnyvale, ...

More writers join the Voice exodus

New York Post - Tuesday 21st May, 2013

Two more staff writers yesterday joined the growing exodus at the troubled Village Voice."Today, the Village Voice regretfully accepted the resignations of food critic Tejal Rao and staff writer Nick Pinto," the company said in a statement.Pete Kotz, the interim editor, took over when Editor-in-Chief Will Bourne and his deputy, Jessica Lustig, walked off the job on Friday. The duo said ...

Dish Net’s big bid for spectrum

New York Post - Tuesday 21st May, 2013

Charlie Ergen, chairman of satellite-TV provider Dish Network, made a $2 billion bid for radio frequencies from LightSquared, the bankrupt wireless-broadband company owned by Philip Falcone’s hedge-fund firm, said people familiar with the offer. Ergen, 60, has offered to buy the spectrum - the frequencies used for wireless communications - even though the Federal Communications Commission ...

SAC investors fleeing as Cohen faces prosecutors

New York Post - Tuesday 21st May, 2013

Steve Cohen’s looming confrontation with federal prosecutors isn’t sitting well with his investors. His $15 billion hedge fund giant, SAC Capital, is expected to be hit with another round of withdrawals after prosecutors issued a flurry of subpoenas to force Cohen and other execs to testify in the government’s long-running investigation of the firm. "We don’t need ...

A Jamie showdown at the JPM corral today

New York Post - Tuesday 21st May, 2013

Think of it as the tempest in Tampa.JPMorgan boss Jamie Dimon is bracing for a shareholder brouhaha today in the Sunshine State that could set the tone for the future of the Wall Street firm. Dimon is in an epic struggle at the bank’s annual shareholder meeting to retain his dual roles as chairman and CEO.It’s likely that the bank honcho will secure enough votes to keep his titles, ...

That’s $how biz ‘Spidey’ theater sold to Brits for $60M+

New York Post - Tuesday 21st May, 2013

Live Nation has reached a deal to sell Foxwoods Theater - one of Broadway’s biggest houses - to Britain’s Ambassador Theater Group. The 1,932-seat West 42nd Street theater, the current home of "Spider-Man: Turn Off the Dark," fetched between $60 million and $70 million, according to sources. "The owner wants to be hugely respectful to the staff and the ...

Banks may mute Bloomberg chat

New York Post - Tuesday 21st May, 2013

Wall Street is talking, all right - about dumping Bloomberg’s chat tool. JPMorgan Chase is the latest bank to mull a new internal chat system to replace Bloomberg’s instant-messaging function amid concerns about a privacy breach, The Post has learned.The nation’s biggest bank is eyeing a chat service that is still in the early stages of development and is a collaboration ...

Craigslist still in the business of selling sleaze

New York Post - Tuesday 21st May, 2013

John Crudele Are you searching for a hooker? There are still hundreds of them advertising on Craigslist despite the fact that the website banished its controversial "adult services" section more than three years ago. That move, estimated to have deprived Craigslist of around $40 million a year in revenue, came as the result of a highly publicized incident in which a 24-year-old engaged ...

Protech Khuthele Share earnings revenue climb

IPO - Tuesday 21st May, 2013

Protech Khuthele, the listed civil engineering group, yesterday reported a turnaround in its financial performance and a return to profitability in the year to February. Earnings a share improved to 4.4c from the 3.1c a share loss in the previous year. Group revenue rose 6 percent to R1.03 billion. Operating profit before interest improved to R46 million from the R3.8m loss in the previous year ...