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2011-04-19 00:00:00 UTC

Accused Payment Processor Pleads Not Guilty in New York in Web Poker Case

http://www.bloomberg.com/news/2011-04-19/accused-payment-processor-pleads-not-guilty-in-new-york-in-web-poker-case.html

B y C h r i s D o l m e t s c h

A Las Vegas man who allegedly acted as a payment processor for online poker companies pleaded not guilty in New York federal court to bank fraud and illegal gambling charges. Chad Elie, 31, entered the plea before U.S. Magistrate Judge Frank Maas to nine counts, including conspiracy to violate the Unlawful Internet Gambling Enforcement Act and conspiracy to commit bank fraud and wire fraud . Wire fraud alone carries a maximum sentence of 30 years in prison and a $1 million fine. “Client pleads not guilty, intends to aggressively defend,” his attorney, William Cowden of Mallon & McCool in Washington , told reporters after today’s proceeding. Asked why he surrendered Elie’s 500-gigabyte hard drive to prosecutors, Cowden replied, “Don’t want to waste any time with the government.” Elie was one of 11 people charged on April 15 in a revised indictment against the founders of PokerStars, Full Tilt Poker and Absolute Poker. Prosecutors allege that after the U.S. enacted a law in 2006 barring banks from processing payments to offshore gambling websites, the three companies worked around the ban to continue operating in the U.S. Elie is one of a group of people accused of serving as “payment processors” for the poker companies and lying to U.S. banks about the nature of the financial transactions they were processing, according to the indictment. He was released today on a $250,000 bond secured by $50,000 cash to be paid by three people, including his wife, Destiny Davis, who was in court today. He is scheduled for his next appearance before U.S. District Judge Lewis A. Kaplan on May 11. Elie married Davis, who was Playboy Magazine’s Miss January in 2005, at Little Church of the West in Las Vegas the day after his April 15 arrest, the Las Vegas Review-Journal reported. The case is U.S. v. Scheinberg, 10-cr-00336, U.S. District Court, Southern District of New York ( Manhattan ). To contact the reporter on this story: Chris Dolmetsch in New York at [email protected] To contact the editor responsible for this story: Michael Hytha at [email protected] .

2011-04-19 00:00:00 UTC

Brazil Reports 92,675 Registered Jobs Created in March

http://www.bloomberg.com/news/2011-04-19/brazil-reports-92-675-registered-jobs-created-in-march-correct-.html

B y I u r i D a n t a s

(Corrects revised jobs number in February in second paragraph.) Brazil ’s economy created 92,675 government-registered jobs in March, the Labor Ministry said. The figures compare with a revised 315,315 registered jobs created in February, the ministry said in a report distributed today in Brasilia. Government-registered job creation is a balance of posts created minus job eliminated. Registered jobs, so-called formal work, assure employees a range of benefits such as unemployment insurance, bonuses and retirement payments by the government. To contact the reporter on this story: Iuri Dantas in Brasilia at [email protected] To contact the editor responsible for this story: Harry Maurer at [email protected]

2011-04-19 00:00:00 UTC

NATO Sees Limit to Airstrikes’ Power to Stop Qaddafi Forces

http://www.bloomberg.com/news/2011-04-19/nato-sees-limit-to-airpower-s-ability-to-stop-qaddafi-attacks-on-misrata.html

B y P a t r i c k D o n a h u e a n d J e f f r e y D o n o v a n

A NATO commander said “there is a limit” to the alliance’s ability to stop the Libyan regime’s shelling of Misrata, as the U.K. sent a team of military advisers to assist rebels fighting to end Muammar Qaddafi’s 42- year rule. Qaddafi’s troops have been using artillery and rockets in Misrata, under siege for about 50 days, with rebels holding part of the city and the port area that is their only supply link. Unicef, the UN Children’s Fund, said a ship carrying first aid kits, drinking water and other supplies for up to 25,000 people was expected to reach the port today, and the World Health Organization described Misrata Hospital as “overwhelmed,” with 120 civilian patients in need of emergency evacuation. The North Atlantic Treaty Organization reported its warplanes hit a mobile rocket launcher, which was firing into the city, and a loyalist convoy of armored vehicles heading there. NATO Brigadier General Mark van Uhm said that Qaddafi’s forces fire “indiscriminately” and that allied airstrikes seek to protect civilians under the United Nations Security Council mandate. “But there is a limit to what can be accomplished by airpower to stop fighting in a city,” he said yesterday at a press conference at NATO headquarters in Brussels. NATO must limit strikes in urban areas to avoid inadvertently causing civilian casualties, he said. Oil Sales The Italian government is helping Libyan rebels sell oil from opposition-held parts of the country, Italian Foreign Minister Franco Frattini said at a press conference in Rome after meeting with the head of Libya’s rebel council, Mustafa Abdel Jalil. The rebels have agreed to honor existing treaties between Italy and Libya, Frattini said. Oil exports from Libya, which has Africa’s biggest oil reserves, dropped by about 1.3 million barrels a day to a “trickle,” the Paris-based International Energy Agency said last month. Oil rose for the fourth time in five days. Crude oil for May delivery rose $1.03, or 1 percent, to settle at $108.15 on the New York Mercantile Exchange . In other regional developments, Syria ’s cabinet endorsed a draft decree to lift a 48-year-old emergency law, the main demand of protesters challenging President Bashar al-Assad’s rule. Syrian activists said at least 18 protesters have died in clashes in the three days since Assad ordered the cabinet to make changes aimed at calming dissent. Regional Turmoil In Yemen, protesters were injured by gunfire and stones as clashes erupted between with police in the center of the Yemeni capital, Sana’a, during a crackdown on an anti-government demonstration, witnesses said in telephone interviews. In Bahrain, Foreign Minister Khalid Bin Ahmed Al-Khalifa said in a posting on Twitter that troops from Persian Gulf allies will remain in Bahrain to counter Iranian influence. Bahrain’s Sunni monarchy called in security forces from Saudi Arabia and other Sunni-led neighbors to forcefully suppress Shiite protests, which it blamed in part on Shiite Iran . The U.K is sending a contingent of “experienced British military officers” to help Libyan rebels organize communications and logistics, Foreign Secretary William Hague said in a statement from London . As many as 20 military personnel will be involved, the Associated Press said. “Developments change on the ground so what we have to do to implement the UN resolution does change over time,” Hague said in a Sky News television interview. “I expect other countries also to be involved in this but they must make their own announcements.” British Officers British officers won’t be involved in training or arming rebels or planning military operations, the government said. They will operate “within the legal authority” of the five- week-old United Nations mandate authorizing military action, Hague said on ITV. UN Security Council resolution permits “all necessary measures” to protect civilians “excluding a foreign occupation force of any form on any part of Libyan territory.” The U.S. supports the U.K. action, said State Department spokesman Mark Toner. “That doesn’t necessarily mean that we’re going to follow suit and bring our capabilities to bear in areas where they’re already bringing their capabilities to bear,” he told reporters. As the situation deteriorates in Misrata, the third largest city, the rebels are struggling to take and hold cities in Libya ’s central coastal areas, the focus of most of the fighting since the uprising began in mid-February. NATO has targeted tanks some 40 near Misrata alone which has prompted many Qaddafi forces to shift to pickup trucks , which are difficult to be targeted for airstrikes since they are similar to those used by the rebels. ‘Up and Down’ Situation “At the moment on the ground, I don’t know if it’s a stalemate; certainly it’s not necessarily moving forward,” Admiral Giampaolo di Paola, the chairman of NATO’s Military Committee, said yesterday in Rome. “The eastern front is constantly moving up and down.” NATO is seeking to reduce Qaddafi’s ability to sustain attacks by hitting supply lines and targets considered “command and control” locations, van Uhm said. Allied targets reported by NATO yesterday included the headquarters south of Tripoli of the elite 32nd brigade, which has been commanded by Muammar Qaddafi ’s youngest son, Khamis. That military force has spearheaded operations threatening civilians, NATO said. More Warplanes Five days after NATO Secretary General Anders Fogh Rasmussen told alliance foreign ministers in Berlin that commanders needed more ground-attacks jets, van Uhm said the alliance had more military assets than it did last week. He declined to say what the new assets were or which countries had supplied them. NATO aircraft flew 53 “strike” missions seeking to identify and engage ground targets on April 18, down from 60 a day earlier. The World Food Program said it moved wheat, flour and other food aid into western Libya for the first time since conflict erupted in February. The Rome-based UN agency said eight trucks crossed into Libya from Tunisia April 18 and that the Libyan Red Crescent will deliver the supplies to the “crisis-affected population, particularly women and children,” in Tripoli, Zintan, Yefrin, Nalut, Mezda, Al Reiba and Al Zawia. The trucks carried enough food to feed 50,000 people for 30 days, the WFP said yesterday. To contact the reporters on this story: Patrick Donahue in Berlin at [email protected] ; Jeffrey Donovan in Rome at [email protected] To contact the editor responsible for this story: Andrew J. Barden at [email protected]

2011-04-19 00:00:00 UTC

TMX Group Should Get More Board Seats in LSE Deal, Ontario Committee Says

http://www.bloomberg.com/news/2011-04-19/tmx-group-should-get-more-board-seats-in-lse-deal-ontario-committee-says.html

B y D o u g A l e x a n d e r

An Ontario government committee reviewing TMX Group Inc. (X) ’s sale to the London Stock Exchange Group Plc (LSE) recommended the Toronto bourse appoint more directors at the combined company. The committee report, submitted today in Ontario’s legislature, said the TMX Group and LSE should appoint an equal number of directors. Under the merger proposal, TMX would name only seven of 15 board members. The legislative group made nine recommendations on the C$3.2 billion ($3.4 billion) takeover. The committee said it has no power to impose its view on the sale, which requires approval from the federal government and the Ontario Securities Commission. The report “essentially says that if in fact the conditions that we’ve set out can be met, then we would support the proposed merger, but with very strong conditions,” Frank Klees, vice chairman of the committee, said in an interview in Toronto today. The recommendations include a commitment that jobs remain in Canada after the sale and that the OSC’s role not be diminished. The committee also recommended that the TMX, owner of the Toronto Stock Exchange, should have the right to control the LSE. “We now have a report that sends a strong signal that we will not and should not be compromising our regulatory sovereignty,” said Klees, a member of the opposition Progressive Conservative Party. Committee Hearings The nine-member committee held four days of hearings last month on the proposed sale of TMX to LSE Group, which included presentations by the chief executive officers of both companies, as well as industry groups, executives and Ontario regulators. Ontario Finance Minister Dwight Duncan has called the Toronto exchange a “strategic asset” and questioned the impact of the deal on the province and country. Duncan said today he’ll pass the committee’s recommendations on to the federal government for its review of the sale. “The committee takes no position on the transaction whether a transaction should be approved or not but focuses on some of the key concerns,” said Chairman Gerry Phillips. The LSE announced its offer Feb. 9. The London Stock Exchange owner agreed to buy TMX in an all-stock transaction that would give LSE shareholders 55 percent of the combined company. To contact the editors responsible for this story: David Scanlan at [email protected] ; Nick Baker at [email protected]

2011-04-19 00:00:00 UTC

EDF Can Sell Nuclear Power to Rivals at $60/MWH, Minister Besson Says

http://www.bloomberg.com/news/2011-04-19/edf-can-sell-nuclear-power-to-rivals-at-60-mwh-minister-besson-says.html

B y V i d y a R o o t

Electricite de France SA can sell nuclear power to rivals at 40 euros a megawatt-hour from July 1 and at 42 euros a megawatt-hour starting Jan. 1, 2012, Industry Minister Eric Besson said in an interview with Europe 1 radio station. To contact the editor responsible for this story: Vidya Root at [email protected]

2011-04-19 00:00:00 UTC

News Corp. In Talks With Bidding Group for Formula One, Sky Says

http://www.bloomberg.com/news/2011-04-19/news-corp-in-talks-with-bidding-group-for-formula-one-sky-says.html

B y B e n L i v e s e y

News Corp. is in talks about forming a bidding group for Formula One, Sky News reported, without citing a source for the information. News Corp. has been in early talks in recent weeks with people associated with Formula One car manufacturers, and with billionaire Carlos Slim , Sky reported. Click here for web link To contact the editor responsible for this story: Ben Livesey at [email protected]

2011-04-19 00:00:00 UTC

Obama Joins Energy Industry to Fight Climate Change Suits Challenging EPA

http://www.bloomberg.com/news/2011-04-19/white-house-joins-aep-to-fight-climate-lawsuits-with-epa-off-its-duff-.html

B y G r e g S t o h r

In 2004, eight states decided they wouldn’t wait for President George W. Bush to take steps against climate change. They sued to force five power companies to cut plant emissions. The Obama administration today will urge the U.S. Supreme Court to throw out the suit, arguing alongside American Electric Power Co., Xcel Energy Inc. (XEL) , Duke Energy Corp. (DUK) and Southern Co. (SO) The administration contends the Environmental Protection Agency is already taking steps against climate change. “In some respects, the case has already achieved its objective,” said Patrick Parenteau , a professor who specializes in climate-change law at Vermont Law School. “The whole point of filing this case back in the Bush administration was to get EPA off its duff to regulate greenhouse gases from coal-fired power plants , and they are.” The states, now numbering six including New York and California , aim to keep the suit alive. They say the EPA still hasn’t taken action to reduce carbon dioxide emissions from the plants that are the subject of the suit. “This case is all about the contribution of these five companies to the problem of global warming, and EPA is not addressing that contribution at all,” said Matthew Pawa, a lawyer representing three land trusts that also sued the power companies. The suits also name the Tennessee Valley Authority , the government-owned corporation that has 59 coal-burning units. Companies Involved Trade groups representing automakers, oil companies , farmers, mining companies, chemical companies and manufacturers all urge rejection of the suits, in some cases saying their members might face similar claims. DuPont Co. and oil companies led by Chevron USA Inc. also filed a brief backing the power companies. “The case will determine whether American energy policy, and to a great extent economic policy, is determined by juries in the context of the climate-change tort lawsuits, as opposed to the people’s elected representatives,” said Peter Glaser, a Washington lawyer who filed a brief on behalf of the American Farm Bureau Federation and the National Mining Association. The case marks the Supreme Court ’s second foray into the debate over climate change. In a 2007 case decided 5-4, the court ordered the EPA to consider regulating greenhouse-gas emissions. Nuisance Alleged The states and land trusts contend that carbon emissions are a “public nuisance,” a legal theory more typically used in cases of localized pollution. In letting the suits proceed, the New York-based 2nd U.S. Circuit Court of Appeals overturned a judge who concluded the dispute belonged in the political arena, not the courts. The suits are part of a multifaceted battle over climate change. Opponents including businesses, Republicans and some Democrats say the EPA’s new carbon emission limits will destroy jobs and increase electricity bills without any environmental benefit. The EPA began regulating greenhouse gases from vehicles and industrial polluters in January. The rules became President Barack Obama’s lever to limit carbon emissions after Congress failed to pass climate-change legislation last year. Earlier this month, the House of Representatives facing a threatened Obama veto voted to repeal the agency’s authority, while the Senate rejected an identical measure. Right to Sue The states said in their 2004 lawsuit that carbon dioxide from the utilities involved in the case represents about 25 percent of emissions from U.S. power plants and 10 percent from all domestic sources. Vermont, Rhode Island, Iowa, Connecticut and New York City are also plaintiffs. The companies say the states lacked the legal right, or standing, to sue because they can’t show that they were harmed by anything the utilities did or that they would benefit from a ruling against the power companies. State officials say they have standing because a reduction in carbon dioxide emissions from the plants would ease climate change . They point to the 2007 Supreme Court decision, which allowed a state suit that sought to make the EPA regulate auto emissions. In arguing for dismissal, the Obama administration is pointing to the EPA’s actions against climate change under the Clean Air Act. The government says those steps override the right of the states and land trusts to press a nuisance suit under federal law. Speaking Directly “EPA’s regulatory activities speak directly to the issue of greenhouse-gas emissions,” acting U.S. Solicitor General Neal Katyal argued. The states and land trusts counter that the agency has begun imposing limits only on new and modified plants, not on the existing ones at issue in the lawsuits. Although the EPA is working on rules to govern existing plants, the administration said in court papers that the agency won’t necessarily limit emissions from those plants. “They’ve promised to engage in a process that may come to something and may come to nothing,” Pawa said. “You can’t just assume that something is going to happen when this is an area that’s clearly in flux.” Justice Sonia Sotomayor , who heard arguments in the case as a judge on the 2nd Circuit, isn’t taking part in deciding it now. The court probably will rule by the end of June. The case is American Electric Power v. Connecticut, 10-174. To contact the reporter on this story: Greg Stohr in Washington at [email protected] . To contact the editor responsible for this story: Mark Silva at [email protected] .

2011-04-19 00:00:00 UTC

Canada February Wholesale Trade Report (Text)

http://www.bloomberg.com/news/2011-04-19/canada-february-wholesale-trade-report-text-.html

B y I l a n K o l e t

The following is the text of Canada 's wholesale trade report for February from Statistics Canada . Wholesale sales fell 0.6% in February to $46.9 billion, largely as a result of lower sales in the motor vehicle and parts and the miscellaneous subsectors. This decline followed six months of consecutive increases. In volume terms, wholesale sales declined 1.0% in February. Despite the decrease in February, wholesale sales were 16.8% higher than their most recent low in March 2009. Since then, wholesalers have increased in 18 of the past 23 months. Declines were observed in four of the seven subsectors in February, representing approximately half of the total sales. Motor vehicle sales post the largest decrease Sales in the motor vehicle and parts subsector fell 3.1% in February, owing to decreased sales in the motor vehicle industry. This industry registered a 4.3% decline, partially offsetting the strong growth in January. Sales in this industry have remained relatively stable since the end of 2009. Sales in the miscellaneous subsector were down 3.5%, reflecting lower sales in all of its component industries. The agricultural supplies industry led the decline, with a 5.6% decrease in sales. The other subsectors with lower sales included personal and household goods (-0.7%) and farm products (-3.2%). These decreases were partially offset by a 2.0% sales increase in the machinery, equipment and supplies subsector. Sales down in most provinces Sales fell in eight provinces in February, while sales edged up in Ontario and New Brunswick . Quebec wholesalers contributed the most to the decline, followed by wholesalers in Alberta and Saskatchewan. In Quebec, sales were down for the first time in five months, falling 1.7%. This decrease was largely a result of lower sales in the miscellaneous subsector and in the personal and household goods subsector. In Alberta, sales decreased for a second consecutive month. These declines followed a period of robust growth that began in late 2009, driven by strong sales in the machinery, equipment and supplies subsector. In Saskatchewan, the 2.5% decrease in February followed a strong sales increase in January. Inventories up slightly Inventories rose 0.3% in February to $54.3 billion. Wholesale inventories have been up since the start of 2010, after falling sharply in 2009. In February, increases were reported by wholesalers in 14 of the 25 industries, led by the metal service centres industry (+3.3%) and the motor vehicle industry (+2.2%). The inventory-to-sales ratio edged up from 1.15 in January to 1.16 in February. The inventory-to-sales ratio is a measure of the time in months required to exhaust inventories if sales were to remain at their current level. Note to readers All the data in this release are seasonally adjusted and in current dollars, unless otherwise noted. Unadjusted monthly data were revised back to January 2009, while seasonally adjusted data were revised back to January 2006. Factors influencing revisions include late receipt of respondent information, correction of information in the data provided, the replacement of estimated figures with actual values (once available), the reclassification of companies within, into and out of the wholesale trade industry and updates to seasonal factors. Data in volume terms have also been revised back to January 2004. Wholesale sales in volume terms are calculated by deflating current dollar values using import and industry product price indexes. Since many of the goods sold by wholesalers are imported, fluctuations in the value of the Canadian dollar can have an important influence on the prices of goods bought and sold by wholesalers. The wholesale sales series in chained (2002) dollars is a chained Fisher volume index with 2002 as the reference year. To contact the reporter on this story: Ilan Kolet in Ottawa at [email protected] To contact the editor responsible for this story: Marco Babic at [email protected]

2011-04-19 00:00:00 UTC

Houston Rockets Won’t Retain Rick Adelman as Coach for Next NBA Season

http://www.bloomberg.com/news/2011-04-19/houston-rockets-won-t-retain-rick-adelman-as-coach-for-next-nba-season.html

B y E r i k M a t u s z e w s k i

Rick Adelman won’t return as coach of the Houston Rockets next season, ending a four-year tenure during which he had the best winning percentage in franchise history. Rockets General Manager Daryl Morey said in a statement that the team and Adelman agreed to part ways after missing the National Basketball Association playoffs the past two seasons even though they had a winning record. “He is a Hall of Fame coach who earned the respect and admiration of our entire organization during his time here,” Morey said. “These situations are always difficult, but we would like to personally thank Rick and his staff for their efforts the past four seasons.” Adelman, 64, had a 193-135 record with Houston for a franchise-best .588 winning percentage. The Rockets’ lone playoff series victory during the past 14 years came under Adelman after the 2008-09 season, when they beat Portland in the first round before losing to the Los Angeles Lakers in the conference semifinals. All-Star center Yao Ming was injured in that playoff series and has played in five games over the past two NBA seasons. The Rockets have since transitioned from a team that was built around the 7-foot-6 Yao and fellow All-Star Tracy McGrady, who was traded in February 2010. Houston went 43-39 this season, finishing three games behind Memphis for the final playoff spot in the Western Conference. The Rockets are the first team to miss the playoffs in consecutive years with a winning record since the Phoenix Suns in 1971-72, the Houston Chronicle said. “We accomplished quite a bit, despite overcoming numerous obstacles during the past few years,” Adelman said in a statement. “I especially enjoyed coaching this group of players the past two seasons. Despite difficult circumstances, they never gave in and they never quit.” Adelman has a career coaching record of 945-616 and his win total ranks eighth in NBA history. He also coached the Portland Trail Blazers from 1988 to 1994, the Golden State Warriors from 1995 to 1997 and the Sacramento Kings from 1998 to 2006. To contact the reporter on this story: Erik Matuszewski in New York at [email protected] To contact the editor responsible for this story: Michael Sillup at [email protected]

2011-04-19 00:00:00 UTC

Colombian Peso Advances to Six-Month High on Higher FDI Flows

http://www.bloomberg.com/news/2011-04-19/colombian-peso-advances-to-six-month-high-on-higher-fdi-flows.html

B y A n d r e a J a r a m i l l o

Colombia’s peso climbed to a six- month high on increased foreign direct investment flows and speculation funds from abroad will continue to flow into the South American country. The peso rose 0.5 percent to 1,790.32 per U.S. dollar at 11:16 a.m. New York time, from 1,799.01 yesterday. Earlier it touched 1,788.84, the strongest level since Oct. 13. The currency has jumped 4.7 percent in the past month, the second- best performance after the Brazilian real among 25 emerging- market currencies tracked by Bloomberg. “Strong FDI flows have been coming in, especially in the last two to three weeks,” said Camilo Perez , head analyst at Banco de Bogota SA, the country’s second-biggest bank. The higher dollar inflows have increased the dollar cash positions of financial intermediaries, according to Perez. Colombian regulations don’t allow banks to have negative dollar positions. “You don’t have that technical constraint that was helping limit gains in the peso,” he said. The yield on the nation’s 10 percent bonds due July 2024 was little changed at 8.27 percent, according to Colombia ’s stock exchange. The bond’s price fell 0.035 centavo to 113.592 centavos per peso. To contact the reporter on this story: Andrea Jaramillo in Bogota at [email protected] To contact the editor responsible for this story: David Papadopoulos at [email protected]

2011-04-19 00:00:00 UTC

Apple Said to Add Foxconn’s Chimei as Supplier of Parts for IPad

http://www.bloomberg.com/news/2011-04-19/apple-said-to-add-foxconn-affiliate-chimei-as-supplier-of-parts-for-ipad.html

B y T i m C u l p a n a n d A d a m S a t a r i a n o

Apple Inc. (AAPL) has agreed to add Foxconn Technology Group affiliate Chimei Innolux Corp. (3481) as its third supplier of sensors for the iPad 2’s touch screen, two people familiar with the matter said. Chimei Innolux will begin supplying the components next month, said the people, who declined to be identified because the details aren’t public. Taiwan’s TPK Holding Corp. and Wintek Corp. (2384) remain Apple’s key suppliers of the sensors that help the iPad tablet computer recognize finger movements, the people said. The order may deepen Apple’s ties with billionaire tycoon Terry Gou’s Foxconn, the Taiwanese assembler of the iPad and iPhone. The iPad, the fastest-selling technology product in history as measured by revenue, will continue to dominate the global market for tablet computers, controlling more than three- fifths of the market next year, Gartner Inc. said this month. Carolyn Wu, a Beijing-based spokeswoman for Apple, declined to comment, while Ron Lee at Wintek and Freddie Liu at Taipei- based TPK declined to comment on specific products or customers. Chimei Innolux continues to develop its touch-screen product line and expects to offer it to major customers, spokesman Eddie Chen said, declining to comment on specific clients. Chimei Innolux shares had lost 24 percent this year as of yesterday amid falling prices for displays. The company was created last year through the merger of Foxconn’s Innolux Display Co., Chi Mei Optoelectronics Corp., and TPO Displays Corp. To contact the reporters on this story: Tim Culpan in Hong Kong at [email protected] ; Adam Satariano in San Francisco at [email protected] To contact the editors responsible for this story: Young-Sam Cho at [email protected] ; Tom Giles at [email protected]

2011-04-19 00:00:00 UTC

CEZ, Bank Pekao Shares May Move: Central European Stock Preview

http://www.bloomberg.com/news/2011-04-19/cez-bank-pekao-shares-may-move-central-european-stock-preview.html

B y P a w e l K o z l o w s k i

The following is a list of companies whose shares may have unusual price changes in central European markets. Stock symbols are in parentheses after company names. Share prices are from the last close. Poland ’s WIG20 Index fell 1.5 percent, the Czech PX Index lost 1.4 percent and Hungary ’s BUX Index slumped 3.8 percent. CEZ AS (CEZ) : The Czech Republic’s largest utility said unit 4 at its Dukovany nuclear plant is now at 75 percent of output while unit 2 has reached 90 percent of output. Unit 4 was unexpectedly shut down on April 14 and unit 2 is returning to full power after a planned service outage. CEZ shares declined 1.1 percent to 871 koruna. Bank Pekao SA (PEO) : Shareholders of Poland’s second- largest bank are scheduled to vote on a dividend payout from 2010 profit. Pekao shares declined 1.5 percent to 173.3 zloty. To contact the reporters on this story: Pawel Kozlowski in Warsaw [email protected] To contact the editor responsible for this story: Gavin Serkin at [email protected]

2011-04-19 00:00:00 UTC

Popolare di Milano May Join Intesa, Paschi in Selling Shares This Year

http://www.bloomberg.com/news/2011-04-19/popolare-di-milano-may-join-intesa-paschi-in-selling-shares-this-year.html

B y S o n i a S i r l e t t i

Banca Popolare di Milano Scrl, Italy ’s oldest cooperative bank, may join Intesa Sanpaolo SpA and Banca Monte dei Paschi di Siena SpA in selling new shares this year to boost capital. The board of the Milan-based lender will meet today to consider a rights offer after the Bank of Italy sent a letter asking it to reinforce its capital, two people familiar with the situation said April 14. Popolare Milano, which has to reimburse a 500 million-euro ($725 million) government bond by 2013, rejected two weeks ago a proposal to sell new shares to boost its capital ratios , according to the people. Bank of Italy Governor Mario Draghi in February urged the country’s lenders to use profits to strengthen their reserves and said he expects banks to raise money ahead of this year’s stress test, which should be completed by June. Popolare di Milano would be the fifth Italian lender to announce a capital increase. Banco Popolare SC concluded a 2 billion-euro share sale in February, while Unione di Banche Italiane SCPA in March asked investors to buy 1 billion euros of new shares. Intesa and Monte Paschi, the country’s No. 2 and No. 3 banks, have approved rights offer of 5 billion euros and 2 billion euros respectively. Basel Rules “Rights issues are unavoidable for Italian banks to have an adequate capital base to face new Basel rules,” said Angelo Manca, a portfolio manager at Ockham Capital Partners in London . “Recent decisions taken by banks traditionally seen as solid, such as UBI and Intesa, confirm that.” The Group of 20 nations last year endorsed rules proposed by the Basel Committee on Banking Supervision that would triple the highest-quality capital that lenders need to hold. The committee may also apply tougher rules to European banks considered “systemically important financial institutions.” UniCredit SpA, which raised 7 billion euros in the last three years through two capital increases, is the only bank among Italy’s top five lenders that hasn’t asked for money from its investors this year. Chief Executive Officer Federico Ghizzoni said April 2 that the capital of Italy’s biggest bank is sufficient and its ratios already meet the Basel III requirements. To contact the reporter on this story: Sonia Sirletti in Milan at [email protected] To contact the editor responsible for this story: Frank Connelly at [email protected]

2011-04-19 00:00:00 UTC

Gold Rises to Record $1,498.90 an Ounce as Weakening Dollar Stokes Demand

http://www.bloomberg.com/news/2011-04-19/gold-may-top-1-500-extending-rally-to-record-as-u-s-credit-outlook-cut.html

B y M a r i a K o l e s n i k o v a a n d K y o u n g w h a K i m

Gold extended gains to a record in New York as a drop in the dollar buoyed demand for the metal as an alternative investment. Futures surged yesterday after Standard & Poor’s revised its U.S. credit outlook to negative. Gold has jumped 5.3 percent this year as the dollar dropped 4.8 percent against a basket of six other currencies including the euro and British pound. Gold prices may keep rising for “some years into the future,” Blackrock Inc. (BLK) fund manager Evy Hambro said in an interview with Mark Barton on Bloomberg TV’s “On the Move.” Gold for June delivery rose $1.60, or 0.1 percent, to $1,494.60 an ounce by 8:20 a.m. in New York after earlier today climbing to $1,498.90. Immediate-delivery gold was little changed at $1,493.93 an ounce in London . The 14-day relative strength index of gold futures rose to 70.135, above the level of 70 that some analysts who study charts view as a sign that prices are poised to drop. “$1,500 is definitely a psychological level,” said Mark O’Byrne, executive director of brokerage GoldCore Ltd. in Dublin. “Any correction is likely to be short and shallow, given the very strong fundamentals.” At current prices, gold is still $900 below the inflation- adjusted level, GoldCore’s O’Byrne said, adding that gold may reach as much as $2,400 in the coming years. ‘Debt Issue’ “The focus has moved to the U.S. sovereign debt issue,” O’Byrne said. “There are very significant risks in the world, that’s why people are diversifying into gold. Before, the U.S. government debt was meant to be risk free. Now that is in question.” Gold has gained in the last 10 years on increased investment demand for commodities and on concern that currencies may be debased as central banks stimulate their economies. Unrest in the Middle East, sovereign-debt turmoil in Europe and Japan’s nuclear crisis have bolstered sales, propelling bullion 32 percent higher in the past year. Additional support for gold came from quickening inflation that has prompted policy makers across the globe to raise interest rates . Consumer prices in China rose at their quickest pace since 2008 in March, exceeding the government’s 2011 target for a third month. Inflation ‘Impetus’ Inflation in the 17-nation euro region quickened to 2.7 percent from 2.4 percent in February, the European Union’s statistics office said last week. U.S. wholesale costs rose 5.8 percent in March compared with a year earlier, and the government said that the cost of living rose for a ninth month. “Growing fears of rising inflation and a weak dollar continue to benefit gold and silver,” Marc Ground, an analyst at Standard Bank , wrote in a note. “Inflation-hedge buying is providing the main impetus.” Gold held in exchange-traded products rose 0.36 metric tons to 2,070.32 tons yesterday, the highest level since Jan. 24, data compiled by Bloomberg from 10 providers show. Silver for May delivery gained 0.7 percent to $43.275 an ounce. Palladium for June delivery was up 0.7 percent at $744.35 an ounce and platinum for July delivery rose 0.3 percent to $1,788.70 an ounce. With assistance from Chanyaporn Chanjaroen in Singapore. Editors: John Deane, Dan Weeks To contact the reporters on this story: Kyoungwha Kim in Singapore at [email protected] ; Maria Kolesnikova in Moscow at [email protected] To contact the editor responsible for this story: Claudia Carpenter at [email protected]