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daniel888

Samson Oil & Gas Advises on Rodney #1-14H Well and Goshen County Transaction Rodney #1-14H (27% Working Interest)

Wed Aug 04 20:00:00 2010 EDT

DENVER, Aug 04, 2010 (BUSINESS WIRE) -- Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) advises that the Rodney #1-14H well has completed the vertical and the curve portions of the well, such that the well has landed horizontally in the middle member of the Mississippian Bakken Formation at a total vertical depth of 11,288 feet on August 4th.

Very good oil and gas shows were recorded upon drilling into the middle member of the Bakken Formation. Casing will now be run into the hole, and after the cementing of the casing, the horizontal portion of the well will be drilled for another 5,500 feet within the middle member of the Bakken Formation.

The Rodney #1-14H well is located in Township 154N, Range 99W, Section 14 in Williams County, North Dakota. This is Samson's fourth Bakken well in the North Stockyard Field. Based on the previous wells drilled, Samson expects the Rodney #1-14H to take approximately 17 days to drill.

Goshen County Transaction
As previously advised, Samson expects to receive $10 million as a good faith deposit on the transaction this week. Samson will confirm the receipt of cleared funds into its bank account of this deposit on Monday, August 9th. While the receipt of this deposit will not alter the conditions required for the closing of the transaction, all indications at this time suggest that those conditions will be satisfied and the final closing of the cash sale will occur on or about September 6, 2010, at the originally contemplated aggregate purchase price of between US$61 million and US$79 million.

As previously disclosed, the most important conditions affecting the purchase price relate to the protection or extension of existing leases that would otherwise expire later this year, as to which Samson has made significant progress since the June 23 agreement. The purchase agreement also provides that if Samson is unable to deliver marketable title to twenty percent (20%) of the contracted properties other than the expiring leases, then the purchaser has the right, but not the obligation, to cancel the purchase transaction entirely. Samson believes that it has marketable title to all or substantially all of the properties that are the subject of the agreement and also believes that, in any event, the buyer will close on all acreage with marketable title.

Samson's Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN." Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange AMEX under the symbol "SSN." Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,663 million ordinary shares issued and outstanding, which would be the equivalent of 83.15 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$1.26 per ADS on 4 August 2010 the company has a market capitalization of approximately  US$104.77 million. Correspondingly, based on the ASX closing price of A$0.072 on 4 August 2010, the company has a market capitalization of A$119.74 million.

daniel888

SIRIUS XM Radio Turns To Profit In Q2 - Quick Facts

Wed Aug 04 07:39:00 2010 EDT

(RTTNews) - Sirius XM Radio Inc. (SIRI) Wednesday posted a profit for the second quarter, helped mainly by a rise in revenues driven by strong subscriber growth.                     

Net income for the second quarter was $15.27 million versus a loss of $159.64 million in the year-ago quarter. On a per share basis, the company reported a breakeven for the quarter compared with a loss of $0.04 per share in the same quarter of last year.

On average, nine analysts polled by Thomson Reuters expected the company to break even in the quarter.

Analysts' estimates typically exclude special items.

Revenue for the quarter rose to $699.76 million from $590.83 million in the corresponding quarter a year ago. Analysts had a consensus revenue estimate for the quarter of $689.36 million.

SIRIUS XM ended second quarter with a record-high 19,527,448 subscribers, an increase of more than 1.1 million subscribers compared to the end of second quarter 2009.

Further, the company increased its revenue guidance for the full year 2010. The company now expects adjusted revenue to approach $2.8 billion. Previously, the company expected pro forma revenue to be about $2.75 billion. Analysts estimate revenues of $2.79 billion for the full year.

daniel888

CEL-SCI Successfully Produces and Fills Multikine in New Manufacturing Facility Company Completes Key Step in Preparation for Pivotal Phase III Trial

Wed Aug 04 09:45:00 2010 EDT

VIENNA, Va., Aug 04, 2010 (BUSINESS WIRE) -- CEL-SCI Corporation (NYSE AMEX: CVM) announced today that it has successfully produced and filled its first lot of Multikine(R)in preparation for the upcoming pivotal Phase III trial targeting advanced primary head and neck cancer.

The drug was filled in CEL-SCI's state-of-the-art "Cold-Fill" manufacturing facility. The Company completed this test in order to ensure that it is able to produce significant quantities of Multikine to support the 880 patient clinical trial which is expected to commence prior to the end of the year. CEL-SCI's manufacturing facility, located outside of Baltimore, has been designed to fill biologics such as Multikine in true cold conditions (4 degrees Centigrade) which prevents/minimizes the loss of biological activity.

"Over the past few months, we have been highly focused on staffing and testing the facility in order to ensure that we have the equipment, resources and personnel to deliver Multikine to patients in the Phase III trial," said Geert Kersten, CEL-SCI's Chief Executive Officer. "We recognize that in a trial of this scale involving a biologic there are many precautions that we need to take, and we have made excellent progress in completing these tasks so we can begin the trial later this year. With a strong balance sheet, the new manufacturing facility, a global CRO in place and having Phase III partners Teva Pharmaceuticals and Orient Europharma, we are well positioned to take Multikine through this pivotal trial. We believe that Multikine represents a paradigm shift in the way cancer patients are treated."

In Phase II clinical trials Multikine was shown to be safe and well-tolerated, and to eliminate the tumors in 12% of the patients after only three weeks of treatment. Follow-up showed an improvement in the survival rate of those patients treated with Multikine of 33% at a median of three and a half years following surgery. Results of the trial also showed that the treatment regimen killed, on average, about half of the cancer cells before the start of standard therapy like surgery, radiation and chemotherapy. The U.S. Food and Drug Administration gave the go-ahead for a Phase III clinical trial and granted orphan drug status to Multikine in the neoadjuvant therapy of patients with squamous cell carcinoma of the head and neck.

CEL-SCI is also engaged in multiple other activities related to the start its Phase III clinical trial in 9 countries around the world. The trial is expected to be the largest head and neck cancer clinical study ever conducted, and is the first Phase III study in the world in which immunotherapy is given to patients first, prior to receiving any treatment for cancer, including surgery, radiation and/or chemotherapy. This should be the optimal time to stimulate an immune response against the tumor as the immune system has not yet been weakened by the conventional cancer therapies.

daniel888

Icahn Ups Stake In Motorola To 9.99%

Wed Aug 04 22:59:00 2010 EDT

(RTTNews) - Activist investor Carl Icahn has boosted his holding in the Schaumburg, Illinois-based mobile phone maker Motorola, Inc. (MOT) to approximately 232.23 million shares, representing 9.99% stake. Shares of Motorola rose to an intra-day high of $8.18, and closed the day's session at $8.06, up 5.77% from the previous close on a strong volume of 73.99 million shares.

Billionaire Icahn, through his affiliated entities, has bought nearly 10.15 million shares on 2nd and 3rd of this month, at purchase price of $7.62 per share. The aggregate purchase price of these recent transaction totaled approximately $77.3 million, including commissions. The  source of funding for the purchase of these shares was the general working capital of the respective entities.

According to a May 7, 2010 Schedule 13D filing with the U.S. Securities and Exchange Commission, Icahn held nearly 8.75% stake in Motorola, which plans to split up into two. According to a regulatory filing made on May 7, 2008, Icahn owned 7.6% stake.

As a result of this recent purchase, Icahn, who involved in a proxy fight with the company in 2008, would become the largest shareholder of Motorola, holding more shares than Dodge & Cox, which held 229.82 million shares as of March 31, 2010.

In an unrelated matter, Icahn Enterprises, L.P. (IEP) disclosed that Keith Meister, its Principal Executive Officer and Vice Chairman and Senior Managing Director of its Icahn Capital subsidiary, is resigning.

daniel888

Ex-Im Bank Approves $250 Million in Export Financing for 211,000 Ford Motor Company Vehicles

Thu Aug 05 06:00:00 2010 EDT

WASHINGTON, Aug 05, 2010 /PRNewswire via COMTEX News Network/ -- Ford, Small Business Suppliers and Workers in 41 States to Benefit The Export-Import Bank of the United States (Ex-Im) has approved a $250 million working capital loan guarantee for Ford Motor Company in Dearborn, Michigan. The loan facility will finance $3.1 billion of export sales for over 200,000 vehicles being sold to buyers in Canada and Mexico.  

These exports represent 15 percent of Ford's 2009 production and the vehicles will be manufactured in plants located in Chicago, Illinois.; Dearborn and Wayne Michigan; Kansas City, Missouri; Louisville, Kentucky; and Avon Lake, Ohio. The Private Export Funding Corporation (PEFCO) will provide the funding for the revolving $250 million loan backed by Ex-Im's guarantee.

The loan, fees and interest will be paid off in one year.

"Ex-Im's working capital loan guarantee enables both Ford and hundreds of its small business suppliers to maintain their competitiveness in the global marketplace," said Fred P. Hochberg, chairman and president of Ex-Im Bank. "This transaction alone will support thousands of high paying export-related American jobs by exporting superior goods and services to international buyers."

"Ford is committed to using our U.S. manufacturing plants as a growing source of exports to regions all over the world," said Mark Fields, Ford Motor Company president of the Americas. "Our partnership with Ex Im Bank highlights a public-private relationship that supports American jobs and the economy."

Models to be exported using the Ex-Im loan guarantee facility include the F-150 pickup, Explorer SUV, Focus, Escape, Expedition, E-Series Van, Taurus, and Lincoln MKS and Navigator. Of particular note is that the loan facility will support the export of the new, highly fuel-efficient crossover Ford Explorer SUV.  It is scheduled to go into production at the Chicago assembly plant later this year. Ford's investment in the Chicago assembly plant is adding 1,200 new jobs there.Ford reports that key suppliers to the Explorer alone are investing in new facilities and hiring for more than 600 jobs in Michigan, Indiana and Illinois.

According to Tony Brown, group vice president, Ford Global Purchasing, more than 650 companies in 41 states produce parts and components for the vehicles being exported. At the same time thousands of other indirect suppliers provide other services to Ford.

This is an innovative transaction and the first of its kind at Ex-Im Bank. The loan is formula-based and secured by vehicles in transit to Canada and Mexico. The flexibility of the formula-based loan facility will facilitate the continued growth of Ford's exports. Ex-Im Bank is an independent, self-funding federal-government agency that operates entirely on the proceeds of the fees and interest that it charges.   

Ex-Im fill gaps in export financing, strengthens U.S. export competitiveness, and helps creates and maintain U.S. jobs. The Bank provides a variety of financing mechanisms, including working capital loan guarantees to help U.S. businesses acquire the capital needed to produce goods and services for export, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.

In fiscal 2009, overall Ex-Im Bank financing totaled $21 billion. In the first nine months of fiscal 2010 (through June 2010), Ex-Im Bank authorized $17.4 billion in loans, guarantees and insurance - more than the total authorizations for all of fiscal 2009.

daniel888

Motorola and Continuous Computing Select NetLogic Microsystems' Processors to Power TD-LTE Coverage at Shanghai World Expo 2010

Thu Aug 05 08:00:03 2010 EDT

SHANGHAI & SANTA CLARA, Calif., Aug 05, 2010 (BUSINESS WIRE) -- NetLogic Microsystems, Inc. (NASDAQ:NETL), a worldwide leader in high-performance intelligent semiconductor solutions for next-generation Internet networks, today announced that its market-leading multi-core, multi-threaded processors and knowledge-based processors are powering best-in-class TD-LTE equipment from Motorola and Continuous Computing to provide TD-LTE coverage at the Shanghai World Expo 2010.

The exponential growth in global mobile traffic, IP-based smart phones, and rich applications and services is driving carriers to upgrade mobile infrastructure networks from the third-generation (3G) Wideband Code Division Multiple Access (WCDMA), High Speed Packet Access (HSPA), CDMA2000 and TD-SCDMA to fourth-generation (4G) Long Term Evolution (LTE) technology over the next several years in order to provide consumers with higher bandwidth services, to lower capital and operating expenses for carriers, and to mitigate the stress that mobile Internet  services are placing on existing networks. The Global mobile Suppliers Association (GSA) recently reported that 80 operators have made firm commitments to deploy LTE in 33 countries; leading carriers who have publicly announced LTE trials include AT&T, China Mobile, KDDI, NTT DoCoMo, SingTel, Telefonica O2, TeliaSonera, Telstra CSL, T-Mobile, Verizon Wireless, Vodafone and Yota.

Motorola's WBC 700 mobility management entity (MME) is architected around unique, high performance Advanced Telecommunications Computing Architecture (ATCA) packet processing blades from Continuous Computing. These sophisticated ATCA blades feature NetLogic Microsystems' multi-core, multi-threaded processors and knowledge-based processors to deliver the highest levels of security, reliability and performance required for LTE now and in the future.

Motorola's next-generation WBC 700 portfolio - the Evolved Packet Core (EPC) component of the network - helps operators meet rapid growth in subscriber demands for mobile broadband by giving them the opportunity to increase revenue while reducing cost per bit. Motorola's WBC 700 solution is engineered with a design philosophy of a distributed architecture that can scale independently for data traffic or control messaging, giving operators the performance and capacity they will need to effectively operate their LTE networks and the flexibility to support future growth.

"We have partnered with NetLogic Microsystems, the worldwide leader in multi-core and knowledge-based processing technologies, to offer highly  advanced and differentiated ATCA products to our customers," said Mike Coward, CTO and co-founder at Continuous Computing. "The combination of our superior LTE and Deep Packet Inspection (DPI) platforms with NetLogic Microsystems' best-in-class processors has led to our being selected for multiple LTE deployments worldwide."
Continuous Computing's flagship FlexPacket ATCA product line is designed to support 40G and 10G ATCA standards and is targeted at core and edge elements in 3G wireless, Evolved HSPA (HSPA+), LTE, as well as DPI applications such as security, video content delivery, lawful intercept and intelligent traffic shaping. Continuous Computing's FlexTCA pre-integrated platforms provide the highest I/O density, the highest  packet processing performance and establish a new floor for customers' cost-per-Gigabit compared to competitive ATCA solutions.

"We are proud to be part of the LTE deployment at the World Expo in Shanghai this year through our collaboration with Motorola and Continuous Computing," said Chris O'Reilly, vice president of marketing at NetLogic Microsystems. "This global showcase at the World Expo is further testament to our increasing success in leading LTE deployments at multiple carriers worldwide."

NetLogic Microsystems provides an end-to-end wireless infrastructure silicon solution with its market-leading portfolio of multi-core processors, knowledge-based processors, Layer 7 content processors and 10 Gigabit Ethernet PHY devices that offers customers unprecedented breadth, depth and scalability to develop systems from mobile edge to packet core.
NetLogic Microsystems' multi-core, multi-threaded processors offer a rich set of features and functionality with unprecedented performance and power for embedded telecommunications, enterprise, data center, security and storage applications. These processors integrate up to eight high-performance MIPS64(R) cores, each with four-way simultaneous multi-threading, for a total of 32 NXCPUs(TM) to mitigate latency, improve computational efficiency and throughput for network data plane and control plane processing in base stations, eNodeB, RNCs, gateways, switches, routers, ATCA and AMC service cards. The processors also offer a tri-level cache architecture and best-in-class packet management, packet distribution and network accelerator engine, an intelligent Fast Messaging Network(TM) to maximize on-chip communications bandwidth, a superior memory sub-system, high-speed interconnects, and a broad set of acceleration engines. This enables NetLogic Microsystems' multi-core processors to support billions of in-flight messages and packet descriptors between all on-chip elements. The processor family is supported by a comprehensive software development kit (SDK) that contains reference and production-ready software components, which enables customers to accelerate time-to-market.

The knowledge-based processors from NetLogic Microsystems integrate up to 128 high-performance knowledge-based processing engines, and includes an enhanced Intelligent Load Balancing Engine (ILBE) to efficiently allocate multiple tasks and communicate among all the 128 knowledge-based processing engines. The knowledge-based processing engines and ILBE are tightly coupled with integrated advanced Sahasra(R) Algorithmic Engines (SAEs) to dramatically lower the power consumption of search processing. These industry-leading processors also integrate an innovative Range Encoding Engine (REE), which employs advanced  one-hot and fence encoding algorithms to implement range encoding that allows customers to effectively double the efficiency of performing port range inspection.

About NetLogic Microsystems
NetLogic Microsystems, Inc. (NASDAQ: NETL) is a worldwide leader in  high-performance intelligent semiconductor solutions that are powering next-generation Internet networks. NetLogic Microsystems' best-in-class products perform highly differentiated tasks of accelerating complex network traffic to significantly enhance the performance and functionality of advanced 3G/4G mobile wireless infrastructure, data center, enterprise, metro Ethernet, edge and core infrastructure networks. NetLogic Microsystems' market-leading product portfolio includes high-performance multi-core processors, knowledge-based processors, content processors, network search engines, ultra low-power  embedded processors and high-speed 10/40/100 Gigabit Ethernet PHY solutions. These products are designed into high-performance systems such as switches, routers, wireless base stations, security appliances, networked storage appliances, service gateways and connected media devices offered by leading original equipment manufacturers (OEMs). NetLogic Microsystems is headquartered in Santa Clara, California, and has offices and design centers throughout North America, Asia and Europe. For more information about products offered by NetLogic Microsystems, call +1-408-454-3000 or visit the NetLogic Microsystems Web site at http://www.netlogicmicro.com.

NetLogic Microsystems, the NetLogic Microsystems logo, and NXCPU are trademarks of NetLogic Microsystems, Inc. All other trademarks are properties of their respective owners.
SOURCE: NetLogic Microsystems, Inc.

CHLaw

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daniel888

Microchip Technology Profit More Than Triples

Thu Aug 05 19:34:00 2010 EDT

(RTTNews) - Microchip Technology Inc. (MCHP) said Thursday after the markets closed that its first quarter profit more than tripled from last year, as sales surged and margins improved sharply amid strong performance by both its microcontroller and analog businesses.

The Chandler, Arizona-based chipmaker reported GAAP net income for the first quarter of $89.6 million or $0.47 per share, compared to $27.4 million or $0.15 per share for the year-ago quarter.

Excluding items, non-GAAP net income for the first quarter was $110.2 million or $0.58 per share, compared to $35.0 million or $0.19 per share in the prior year quarter. Non-GAAP income from continuing operations for the latest quarter was $104.2 million or $0.55 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.51 per share for the first quarter. Analysts' estimates typically exclude special items.

Quarterly earnings came in better than the company's own expectations. In June, Microchip Technology had reaffirmed its first quarter adjusted earnings outlook of $0.52 per share.

GAAP gross margin for the quarter improved to 62.2% from 50.0% a year ago, while non-GAAP gross margin increased to 63.6% from 51.4% last year.

GAAP operating margin for the quarter improved to 33.2% from 16.2% a year ago, while non-GAAP operating margin increased to 37.9% from 22.1% last year.

Net sales for the first quarter rose 66.3% to $320.80 million from $192.95 million in the same quarter last year. Fifteen analysts had a consensus revenue estimate of $319.28 million for the first quarter.

Microchip Technology completed its acquisition of Silicon Storage Technology, Inc. for $353.8 million in April.

Steve Sanghi, Microchip's President and CEO, said Thursday, "The continuing operations of SST produced $18.4 million in net sales, 90% non-GAAP gross margins, 52.5% non-GAAP operating profit, and 4 cents of non-GAAP earnings per diluted share."

The company said its microcontroller busiess recorded year-over-year revenue growth of 55.3% in the first quarter. Revenue from 16-bit microcontroller business jumped 154% year-over-year, while revenue from 32-bit microcontroller product line showed a 86% sequential growth. The company's analog business recorded a 101.2% year-over-year growth in the first quarter.

During the first quarter, Microchip shipped 49,710 development systems, which is its fifth consecutive quarterly record for development tool shipments.

The company also announced today that its Board of Directors declared a quarterly cash dividend of $0.343 per share, payable on September 2 to shareholders of record on August 19. The latest dividend is up from the previous quarterly dividend of $0.342 per share. Microchip has increased the dividend 26 times since initiating quarterly cash dividend payments in the third quarter of fiscal year 2003.

Looking forward to the second quarter, Microchip said it expects revenue of $340 million to $343 million, GAAP earnings from continuing operations of about $0.52 per share and non-GAAP earnings from continuing operation of about $0.58 per share.

Analysts currently expect the company to earn $0.52 per share on revenue of $329.02 million for the second quarter.

GAAP gross margin and non-GAAP gross margin for the second quarter are expected to be about 62.7% and about 63.6%, respectively.

Microchip shares, which have traded in a range of $23.55 to $31.71 over the past year, closed Thursday's regular trading session at $30.76, up 34 cents and gained an additional 6 cents in after hours trading.

daniel888

Fannie Mae Q2 Loss Narrows; Seeks $1.5 Bln Federal Support

Thu Aug 05 19:28:00 2010 EDT

(RTTNews) - Government-sponsored home mortgage finance company Fannie Mae (FNMA.OB) Thursday reported a loss for the second quarter that narrowed from last year on lower credit related expenses, impairments and fair value losses. Further, the company said it has applied for additional $1.5 billion aid from
the federal government and is dependent on the continued support of Treasury for operation of its business.

The Washington-based company reported a net loss attributable to the company of $1.22 billion or $0.55 per share for the second quarter, compared to a loss of $14.75 billion $2.67 per share in the prior year quarter.

Net loss for the fourth quarter included $1.92 billion of dividends on senior preferred stock held by the U.S. Department of Treasury.

Fannie Mae said the director of Federal Housing Finance Agency or FHFA submitted a request to Treasury in August 2010, for an additional $1.5 billion on the company's behalf to eliminate its net worth deficit.

FHFA has requested that Treasury provide the funds on or prior to September 30, 2010.

So far, the company has received a total of $83.6 billion from Treasury pursuant to the senior preferred stock purchase agreement as of June 30, 2010. Fannie Mae said these funds allowed the company to eliminate our net worth deficits as of the end of each of the six prior quarters.

The aggregate liquidation preference of the senior preferred stock is expected to increase to $86.1 billion upon the receipt of funds from Treasury to eliminate the company's fourth-quarter 2009 net worth deficit.

Segment wise, the company's Single-Family business recorded a net loss of $5.1 billion for the second quarter, due to the reduction in credit-related expenses. For the second quarter, Housing and Community Development business posted net income of $119 million on narrower loss in partnership investments during the quarter. Capital Markets group recorded net income of $4.41 billion in the second quarter.

Net revenues for the quarter decreased to $4.5 billion from $5.6 billion in the prior-year quarter.

Net interest income rose to $4.2 billion from $3.7 billion in the corresponding quarter last year. Net fair value gains were $303 million, down from 823 million in the same quarter last year.

Net other-than-temporary impairments declined to $137 million from $753 million in the same quarter last year, primarily as a result of lower impairment on Alt-A and subprime securities.

Provision for credit losses for the quarter totaled $4.6 billion, compared to $18.2 billion last year, primarily due to the moderate change in our combined loss reserves during the second quarter and first half of 2010 compared with the substantial increase in our combined loss reserves during the second quarter and first half of 2009.

Total expenses eased to $1.4 billion from $16.9 billion in the corresponding quarter last year. Total interest expense increased to $35.2 billion from $6.2 billion in the year-earlier quarter.

FNMA.OB closed Thursday's regular trading at $0.36, down $0.04 or 8.97%, on a volume of 17.95 million shares.

daniel888

Geithner Says Health Reform Strengthens Medicare, Social Security
Thu Aug 05 16:36:00 2010 EDT

(RTTNews) - Treasury Secretary Timothy Geithner, acting in his role as the chief trustee of the Social Security and Medicare trust funds, said Thursday that the administration's health care reform bill enhances the solvency of both.

Geithner noted that the Affordable Care Act did not solve the looming problems that will see both funds running out of money in coming years, but he did say it enacts some "very positive" developments for Social Security and especially Medicare.

"The Affordable Care Act has dramatically improved projected Medicare finances.  Medicare's Hospital Insurance Trust Fund is now expected to remain solvent until 2029," Geithner said, noting that figure is "12 years longer than was projected last year, which is a record increase from one report to the next."

However, Geithner said, the trust fund balance is expected to fall to unacceptably low levels beginning in 2012, necessitating additional measures that he said would be informed by experiments with adjusting the way physicians and hospitals are compensated for care.

"The Affordable Care Act also improves Social Security's finances," he said. "Starting in 2019, a new tax on high-cost health care plans is expected to result in a shift in labor compensation from health insurance to earnings, which are subject to Social Security and Medicare taxes."

Before that tax can kick in, however, Geithner said that the expenditures on Social Security benefits are expected to be higher than revenues brought in for the first time this year, six years earlier than initially expected.
Revenues will then once again exceed expenditures as the economy recovers for some time, he added.
"The improving economy is expected to result in rough balance between Social Security taxes and expenditures for several years before the retirement of the baby boom generation swells the beneficiary population and causes deficits to grow rapidly," he said.

He added, "It is projected that tax and interest income will be sufficient to pay benefits through 2024, after which the Trust Fund will be drawn down until depleted in 2037, the same date of Trust Fund exhaustion projected last year."
Geithner said the figures stress a need for relatively swift action to address the shortfall in Social Security.

"The sooner action is taken the more options for reform will be available and the fairer reforms will be to our children and grandchildren," he said.

He added, "Now that we have taken meaningful steps to put Medicare on a sustainable path and moved quickly and aggressively to rescue our economy and put us a path to continued future growth, we must work to address the other intermediate- and long-term fiscal imbalances that the federal government faces as well."

daniel888

Obama Pledges $250 Million Loan Guarantee For Ford Exports

Thu Aug 05 13:35:00 2010 EDT

(RTTNews) - President Barack Obama Thursday pledged $250 million in Export-Import Bank loan guarantees
to support Ford Motor Co.'s (F) efforts to increase overseas sales.

Speaking to a crowd of workers in a factory in Chicago that Henry Ford built in 1924, Obama said
that manufacturing, and auto manufacturing in particular, had long been the backbone of the U.S. economy.
It was in that context, Obama said, that he was forced to approve the federal bailout of General
Motors and Chrysler shortly after taking office.

"When the financial crisis hit and this great recession hit, that collided with an industry that
for a long time had put off some hard choices, had put off adapting to changing times," he said. "We
had to face a hard, unimaginable reality, which was two of the Big Three automakers -- GM and Chrysler
-- were on the brink of liquidation."

He added, "If that had happened, more than 1 million jobs could have been lost, and that would have
been a devastating blow to the entire economy."

Obama said it was a testament to the hard work and preparedness of Ford that the company did not
require federal assistance, but he pointed out that the company would not have gone unscathed if the
other two automakers had collapsed.

"If your competitors had gone down, they would have taken down a whole bunch of the suppliers you
depend on," he said. "The brand of American autos would have diminished. That would have had severe
consequences for Ford."

He added, "I refused to walk away from this industry and American jobs. I put my faith in the American
worker."

That faith was rewarded, Obama said, by the fact that all three auto manufacturers are now operating
at a profit and adding jobs both at the factories directly and in their suppliers.
"Over the next two months, this plant will bring on a second shift of 1,200 workers to build that
Explorer, nearly doubling your workforce," he said. "That's good for the stamping plant in Chicago Heights,
it's good for the suppliers who are investing in new facilities and adding shifts and hiring more than
600 workers in Illinois and Indiana and Michigan. It's good for the entire community."
He added, "Ford has also committed to selling more of the cars you build around the world, including
the Explorer that you manufacture right here -- we're going to sell it in up to 90 countries."
To support Fords efforts to export its vehicles, Obama pledged a $250 million Export-Import Bank
loan guarantee, saying that it would help the country reach his goal of doubling exports in the next
five years.

"We're tired of just buying from everybody else," he said. "We want to start selling to other people,
because we know we can compete."

He added, "That's how we're going to grow our economy. That's how we're going to support millions
of good jobs for American workers to do what they've always done:  build great products and sell them
around the world."

Obama conceded that the economy has gone through a very difficult time, both broadly and for the
auto industry in particular, and that the recovery is not yet where it needs to be.
"But we're beginning to see our efforts pay off. We are headed in the right direction. We are moving
forward," he said. "The industry isn't just on the way back -- it's on the way to being number one again."
He added, "I'm convinced we're going to rebuild not only the auto industry but the economy better
and stronger than before. And at its heart is going to be three powerful words: Made in America."
For comments and feedback: contact editorial@rttnews.com

daniel888

AIG To Report Q2 Results: Earnings Preview
Fri Aug 06 02:26:00 2010 EDT

(RTTNews) - Insurance company American International Group, Inc. (AIG) is scheduled to report second-quarter
results before the market opens Friday.

AIG, once the world's largest insurer, almost collapsed in September 2008, forcing the government
to come to its rescue by owning 79.9% of the company. The insurer was deemed by the government as too
important to fail, as its collapse could have wreaked havoc on the entire financial system. AIG is presently
in the process of consolidation, by selling assets and spinning off some subsidiaries to repay bailout
loans received from the government.

During the second quarter, the company made an unsuccessful attempt to sell its wholly-owned Asian
insurance unit, American International Assurance Co. Ltd. or AIA, to U.K.-based Prudential plc (PUK,
PRU.L) for about $35.5 billion in cash and stock. The deal fell apart as Prudential's shareholders believed
the offer was too expensive.

Reports said last month that AIA is seeking to be independent of its parent after its proposed listing
on the Hong Kong Stock Exchange and is already in talks to find potential strategic investors from Singapore,
Hong Kong and China. The company may today throw light on its plans for the unit.

Two analysts polled by Thomson Reuters have a consensus earnings estimate of $0.99 per share for
AIG's second quarter, on revenues of $19.18 billion. Analysts' estimates typically exclude special items.
In the second quarter of last year, AIG posted profit attributable to common shareholders of $311
million, or $2.30 per share.

In the first quarter of the current fiscal, net income attributable to the company's common shareholders
was $294 million or $2.16 per share.

While announcing the first quarter results, AIG said that as of March 31, it had outstanding net
borrowings under the Federal Reserve Bank of New York, or FRBNY, Credit Facility of $21.6 billion, plus
accrued interest and fees of $5.8 billion. Recent Fed data showed that AIG owed $23.4 billion as of
July 28. The company is expected to update this today.

Insurer Hartford Financial Services Group, Inc. (HIG) Wednesday said it swung to a second-quarter
profit, helped mainly by higher investment income. However, the company lowered its core earnings forecast
for the full year 2010.

AIG closed Thursday's regular trade at $39.90, down $0.12 or 0.30%, on 4.09 million shares. For the
past year, the stock traded in the range of $21.30-$55.90.

味道的记忆

太长，又是‘鸡肠‘。看不懂。华语，来个华语版本的。

daniel888

回复 14# 味道的记忆


对不起， 我也想放华版本， 但是我收到的是英文版本。 你可以到以下的网翻译 。
http://translate.google.com.sg

味道的记忆

回复 15# daniel888


那，谢了。。。。

daniel888

RBS Posts Profit on Lower Bad Debts, Trading Losses (Update1)

2010-08-06 08:57:56.145 GMT

(Adds chairman’s comment in penultimate paragraph.)

By Andrew MacAskill and Jon Menon

Aug. 6 (Bloomberg) -- Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, swung into profit for the first time since 2007 as it reduced bad-loan provisions and writedowns on credit market investments.

Net income was 9 million pounds ($14 million) in the first six months of the year, compared with a loss of 1.04 billion pounds a year earlier, the Edinburgh-based bank said in a statement. That beat the 47 million pound loss that was the median estimate of six analysts in a Bloomberg survey.

"RBS wasn’t just the U.K.’s worst bank, they were the world’s worst bank," said Ralph Silva, a strategist at London-based Silva Research Network, which provides research to financial companies. "So any return to profitability should be applauded."

RBS joins rivals including Europe’s biggest bank, HSBC Holdings Plc, Lloyds Banking Group Plc, Deutsche Bank AG, Germany’s biggest lender, and BNP Paribas SA in reporting falling bad-loan provisions for the first half or second quarter of 2010. RBS last reported a profit at the end of 2007, after which it needed 45.5 billion pounds of taxpayer-supplied capital during 2008 and 2009, the world’s biggest bank bailout.

The bank set aside 2.36 billion pounds less for souring loans in the first half of 2010 than a year earlier, a 31 percent decline. The bank was also helped by falling trading losses on investments including asset-backed products, "credit exotics" and assets covered by monoline insurers, which were cut by about 3.7 billion pounds, or 97 percent, over the same period, the statement showed.

‘Not Triumphalist’

The bank gained 2.1 percent to 53.1 pence at 9:51 a.m. in London trading, for a market value of 57.9 billion pounds, the fourth-biggest gain in the 54-member Bloomberg Europe Banks and Financial Services Index.

"We are not trying to be triumphalist, we are not trying to get ahead of ourselves," Chief Executive Officer Stephen Hester said during a conference call with journalists today. "We do think there is lots of work to do and that progress will not be linear."

Net interest income rose to 7.22 billion pounds from 6.86 billion pounds as margins widened.

"Everybody knows that bad debts are high and are coming down, but it’s now about margins," said Bruce Packard, an analyst at Seymour Pierce in London. "What people want to know is whether banks can raise their prices."

U.K. Banks Profit

Total operating profit at the so-called core units, those the bank plans to keep, declined by 26 percent to 4.47 billion pounds. The operating loss at the "non-core" division narrowed to 2.88 billion pounds from a loss of 9.36 billion pounds, RBS said.

Operating profit after impairments at the core U.K. consumer and commercial units increased to 1.12 billion pounds from 443 million pounds, while it dropped 44 percent to 2.55 billion pounds at the securities unit. Ulster Bank widened its loss to 314 million pounds from 8 million pounds. RBS, 83 percent government owned, posted losses of 26 billion pounds in 2008 and 2009, meaning the bank was on average losing about 36 million pounds a day during that two-year period.

All the U.K.’s biggest banks are now in profit for the first time since the end of 2007, four months after the subprime crisis struck global financial markets. HSBC, Lloyds, Barclays Plc and Northern Rock Asset Management Plc all reported a first half profit this week.

‘Quietly Confident’

"RBS has brought the half year reporting season to a close in quietly confident fashion," said Richard Hunter, Head of UK Equities at Hargreaves Lansdown Stockbrokers. "The themes it has described are similar to those of its competitors this week, most notably a marked improvement in the impairment situation, coupled with a more challenging environment in investment banking."

The U.K. government had about a 3 billion pound profit on its investment in the bank at the close of trading yesterday. The stake will not be sold before next year’s report on the case for separating retail and investment banks, the government has said.

"It’s a great achievement to be back in profit ahead of our own expectations," Chairman Philip Hampton told analysts today. "It is of course vital that we make a return on the massive amounts of capital that the bank has had." RBS said total assets climbed 4 percent to 1.52 trillion pounds.

daniel888

BP Makes Initial $3 Bln Deposit Into Oil Spill Escrow Trust - Update
Tue Aug 10 00:17:00 2010 EDT

(RTTNews) - British oil giant BP plc (BP, BP.L) announced Monday that it has made an initial deposit of $3 billion into a newly-established escrow trust to pay legitimate claims arising from the Gulf Of Mexico oil and gas spill. In mid-June, BP agreed to create a $20 billion claims fund following consultations with the U. S. government in order to pay claims over the next three and a half years.

"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers. Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast," Bob Dudley, CEO of BP's Gulf Coast Restoration Organization said in a statement. BP said in June that it will make initial payments of $3 billion in the third quarter of 2010 and $2 billion in the fourth quarter of 2010 to the escrow fund. It also agreed to follow up these with payments of $1.25 billion per quarter until a total of $20 billion has been paid in.

The independent claims facility will be managed by Kenneth Feinberg, with two individual trustees being named to the trust that will administer the account. The new trustees are the Honorable John Martin, a former U.S. District Judge for the Southern District of New York, and Kent Syverud, Dean of the Washington University School of Law.

BP revealed that Citigroup, Inc. (C) will serve as corporate trustee and paying agent for the account, with arrangements being made for checks drawn on the fund to be cashed free of charge at any of the 160 Whitney National Bank branches across the Gulf Coast region.

The escrow account is formed to satisfy claims resolved by the facility and certain other claims, including natural resource damages and state and local response costs.

As of August 7, about 145,000 claims have been submitted and more than 103,900 payments have been made, totaling $319 million. Until now BP was making the claim payments directly to individuals and businesses impacted by the oil spill.

BP revealed that the cost of the response to date amounts to a whopping $6.1 billion, including the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid, and federal costs.

Meanwhile, the U.S. government said Sunday that since pressure tests have shown that the procedure to prevent more oil from spilling with a cement plug appears to have succeeded, Development Driller III continues the drilling of the relief well to ensure the well is permanently sealed.

Subsequently on Monday, BP said it expects to permanently plug the well by August 15. BP confirmed Thursday that it completed cementing operations at the damaged Gulf of Mexico well as part of the static kill procedure that commenced last Tuesday.

BP capped the well in mid-July, choking off the flow of oil for the first time since the BP-leased Deepwater Horizon rig explosion on April 20. The 107-day old BP oil spill is regarded as the worst environmental disaster in U.S. history.

daniel888

Freddie Mac Seeks Addl. $1.8 Bln In Federal Aid After Wider Q2 Loss - Update
Mon Aug 09 11:28:00 2010 EDT

(RTTNews) - Government-controlled mortgage finance company Freddie Mac (FMCC.OB) on Monday reported a wider loss for the second quarter, reflecting derivative losses. The company also said it has requested for an additional $1.8 billion in federal funding to stay afloat.

Freddie Mac's second-quarter net loss attributable to shareholders widened to $6.01 billion or $1.85 per share from $840 million or $0.26 per share in the year-ago period. The latest quarter's results include a $1.3 billion dividend payment to the Treasury. However, net loss narrowed from $8 billion or $2.45 per share in the first quarter.

Freddie Mac's net worth deficit at quarter-end was $1.74 billion, reflecting comprehensive loss of $430 million and the dividend payment to the Treasury. As a result, the Federal Housing Finance Agency or FHFA will ask for $1.8 billion in additional funding from the Treasury and expects to receive the funds by September 30, 2010. This compares to net worth of $7.64 billion last year and net worth deficit of $10.53 billion at the end of the first quarter.

Second-quarter net interest income declined to $4.14 billion from $4.26 billion last year, reflecting lower mortgage-related securities balances and increased amounts of non-performing mortgage loans. Non-interest loss was $3.63 billion, compared to non-interest income of $3.22 billion a year ago.

The loss reflects derivative losses of $3.84 billion due to a decline in long-term swap interest rates and implied volatility during the quarter, compared to derivative gains of $2.36 billion last year. The company estimates that while mortgage market conditions remained challenging in the latest quarter, home prices increased 2.6% nationwide during the first half of 2010, including a 3.4% increase in the quarter.

Provision for credit losses was $5.03 billion, down from $5.67 billion last year and $5.40 billion in the preceding quarter. The year-ago provision reflects increases in non-performing loans and severity rates in that period.

Freddie Mac reported an increase in the single-family delinquency rate to 3.96% from 2.89% last year. However, the delinquency rate declined from 4.13% at March 31, 2010 due to tightened underwriting standards.

Freddie Mac's sister company Fannie Mae on Friday reported a net loss for the second quarter that narrowed to $1.22 billion or $0.55 per share from $14.75 billion or $2.67 per share a year ago. Further, the company said it has applied for additional $1.5 billion aid from the federal government.

Both companies were placed under conservatorship in 2008 to prevent potential implosions at the height of the credit crisis. Freddie has asked for more than $64 billion in federal aid, while Fannie's has tapped more than $85 billion.

In Monday's trading, FMCC.OB is trading at $0.399, down $0.023 or 5.45% on a volume of 2.31 million shares.

daniel888

Earnings Reports On The Deck For The Week
Mon Aug 09 03:41:00 2010 EDT

(RTTNews) - The previous week was bustling with major corporate events like Cathie Lesjak, H-P's chief financial officer  being named its interim chief executive after Mark Hurd resigned in the wake of a sexual-harassment investigation; BP's well in the Gulf of Mexico was officially sealed; In earnings news, Berkshire Hathaway reported 40% lower profit for the quarter; AIG was in the red last quarter, posting a $538 million loss. Meanwhile, Kraft foods posted a 13% jump in quarterly profit, boosted by the acquisition of British candy maker Cadbury.

In the macro economic landscape, the Labor Department's monthly employment report showed that total employment fell by much more than expected in July. The FOMC meeting will be on the top of the agenda of the event list of the unfolding week, while retail sales data may also be on the radar. The unfolding week would also witness reporting from two Dow components networking giant Cisco and entertainment giant Walt Disney. Retail earnings are also expected to trickle in, with companies such as Macy's, Kohl's, Nordstrom and J. C. Penney due to release their earnings reports.

August 09
Subscription television service provider DISH Network Corp. (DISH) is set to release second-quarter results before the market opens Monday, with analysts looking for earnings of $0.53 per share on revenues of $3.13 billion. In the corresponding period a year before, the company earned $0.14 per share on revenues of $2.90 billion.

Lifestyle content and interactive services operator Scripps Networks Interactive Inc. (SNI) is set to reveal second-quarter results before the bell, Monday, with analysts expecting earnings of $0.58 per share on revenues of $507.85 million. In the prior year, the company earned $0.49 per share on revenues of $391.27 million.

From meat products producer Tyson Foods Inc. (TSN), analysts expect third-quarter earnings of $0.57 per share on revenues of $7.26 billion. A year earlier, the company earned $0.33 per share on revenues of $6.66 billion. The Springdale, Arkansas-based group will report earnings before the bell, Monday. Monday, after the market closes, Chinese travel service provider Ctrip.com International Ltd. (CTRP) will check in second-quarter numbers. The Street consensus call for earnings of $0.21 per share on revenues of $97.77 million, while the company expects a net revenue growth between 30% and 35% year-over-year.
In the comparable quarter last year, the group earned $0.17 per share on revenues of $69.73 million.

Municipal bond insurer (MBI) will announce its second-quarter results after the market closes on August 09, with analysts projecting a loss of $0.62 per share. In the previous quarter, the company earned $1.95 per share, on revenues of $437.48 million.

Engineering and construction company McDermott International Inc. (MDR) is expected to post second-quarter profit per share of $0.43 on revenues of $1.43 billion, according to analysts. The company will report results after the bell, Monday. In the prior-year quarter, the group earned $0.40 per share on revenues of $1.56 billion.

According to Street view, TW Telecom Inc. (TWTC) is expected to earn $0.09 per share, on revenues of $315.0 million, for the second-quarter. A year earlier, it earned $0.04 per share on revenues of $301.06 million. TW Telecom will release quarterly financials after the market closes, Monday. Monday's earnings slate will also include Amedisys Inc. (AMED), BPZ Resources, Inc. (BPZ), DTS Inc. (DTSI), Ebix Inc. (EBIX), Emeritus Corp. (ESC), Gartner Inc. (IT), WellCare Health Plans, Inc. (WCG)
and few others...

August 10
Tuesday, before the bell, Chinese crystalline-silicon solar cell manufacturer JA Solar Holdings Co. Ltd. (JASO) is set to reveal second-quarter numbers, with consensus calling for earnings per share of $0.23 on revenues of $303.23 million. The company lost $0.18 per share, on revenues of $87.95 million, last year. JA Solar projects shipments of about 275MW in the second quarter.

For fashion accessories company Fossil Inc. (FOSL), which is due to report before the bell, Tuesday, second-quarter earnings of $0.34 per share and revenues of $382.36 million are projected by analysts. This compares with the company's forecast for earnings per share of $0.32-$0.34, on revenue growth of 20% -22%. A year ago, the company earned $0.25 per share on revenues of $315.86 million.

Solar wafers maker LDK Solar Co. Ltd. (LDK) will publish its second-quarter results after the bell, Tuesday. The Street consensus calls for earnings of US$0.22 per share on revenues of US$454.53 million, while the company expects revenues of US$460 million - US$490 million. In the earlier-year quarter, the company lost US$2.03 per share on revenues of US$228.30 million.

From the creator of "Micky", "Donald", "Goofy" and many other cartoons, Walt Disney Co. (DIS), analysts forecast third-quarter earnings of $0.59 per share on revenues of $9.38 billion. The Burbank, California-based Dow component is slated to report after the bell, Tuesday. A year ago, the diversified media and entertainment company earned $0.52 per share on revenues of $8.60 billion.

Tuesday, Applied Industrial Technologies, Inc. (AIT), Aircastle LTD (AYR), CareFusion Corporation (CFN), Northgate Minerals Corp. (NXG), URS Corporation (URS), Zhongpin, Inc. (HOGS) will also report quarterly performance.

August 11
Wednesday, before the bell, Falls Church, Virginia based IT and business process outsourcing service provider Computer Sciences Corp. (CSC) is set to report first-quarter results, with analysts projecting earnings of $0.90 per share on revenues of $4.07 billion. Last year, it earned $0.85 per share on revenues of $3.90 billion.

Wednesday, after the market closes, San Jose, California-based Dow confrere Cisco Systems, Inc. (CSCO) is slated to release final-quarter earnings. The Street view is for earnings of $0.42 per share on revenues of $10.86 billion. A year earlier, the group earned $0.31 per share on revenues of $8.54 billion. Investors will also focus on first-quarter financial performance of department stores operator Macy's Inc. (M). Wall Street consensus calls for earnings of $0.28 per share on revenues of $5.50 billion, for the second-quarter. A year ago, the company earned $0.20 per share on revenues of $5.16 billion.

Canadian silver mining company Silver Wheaton Corp. (SLW, SLW.TO) would check in second-quarter numbers after the bell, Wednesday, with consensus calling for earnings of US$0.16 per share on revenues of US$94.28 million. A year earlier, the group earned US$0.06 per share on revenues of US$41.40 million. Wednesday's earnings release includes Archipelago Learning, Inc. (ARCL), E-House (China) Holdings Limited (EJ), IAMGOLD Corp. (IAG), Teekay Corporation (TK), and few others...