| GM Shares Drop to 17-Month Low
Deepening concerns about deteriorating credit-market conditions helped send shares of General Motors Corp. to their lowest level in about 17 months on Monday. The auto maker, in the midst of a restructuring aimed at restoring profitability, has been stung in recent months by the weak performance at GMAC Financial Services, which has struggled due to losses at its residential-mortgage business even as auto loans continue to be profitable. .
MTD Capital Steps Up Infrastructure Work In Sri Lanka
Colombo, Nov 20 (Bernama) -- A top Malaysian conglomerate involved in construction and infrastructure development which has taken a majority stake in a Sri Lankan company is stepping up work on road development and housing projects here. MTD Capital Bhd recently bought out Kapila Heavy Equipment Plc and last week renamed the Colombo firm as MTD Walkers Plc. It is the company's third subsidiary in Sri Lanka, after MTD CML Construction Ltd and MTD Construction Ceylon Pvt Ltd which handle housing and road development. MTD Walkers will tackle engineering tasks. MTD group managing director Datuk Azmil Khalid told shareholders of MTD Walkers at an extraordinary general meeting here last week that it has submitted bids under the guidance of the Malaysian government to undertake construction of the Colombo-Kandy Alternate Highway and the Colombo-Katunayake Expressway.
Posted: 12-11-2007 , 11:00 GMT
The most active initial public offering (IPO) market and largest stock market by capitalisation in the Middle East is set to double over the next two years, according to Brad Bourland, Chief Economist at Jadwa Investment. Bourland made the remarks during the 2nd Saudi IPO Summit which opened on, 11 November 2007 at the Four Seasons Hotel, Riyadh. �Currently, there are 100 companies listed on the Tasi and I would expect that number to double within the coming two years. Being held in Saudi Arabia, this IPO Summit is creating a healthy environment for IPO partners and bankers to do business together for the benefit of the stock market and the wider Saudi economy." Dr. Nassir Al Dawood, Deputy Governor of Riyadh, opened the summit, on behalf of its patron, Prince Salman Ibn Abdul Aziz Al Saud, Governor of Riyadh.
(AFX UK Focus) 2007-11-20 12:25 GMT: Vocento to focus on press operations, internet in Spain until 2010
MADRID (Thomson Financial) - Vocento SA will focus on its press and internet businesses in Spain, aiming to become a leading player in the free press segment, until 2010, CEO Belarmino Garcia said. The media group is also "open to selective international expansion," he said in a presentation on the restructuring of the group's organisation to the investment community. With regard to television, Garcia said Vocento will "explore" the possibility of taking on partners who can complete their offer and provide content. Vocento's restructured business lines are divided up by the local market, which includes press, websites, local television, the national market, including the ABC daily and new markets, including free newspaper Que. The company will provide an update on the business plans for each division in January, Garcia said.
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Pleased as it is with strong half-time sales growth, management at paper maker James Cropper has warned the second half is likely to be hit by rising prices of paper pulp and energy. These creeping costs are projected to mostly affect the speciality papers division, which enjoyed 6% sales growth during the first half. Price increase have been scheduled to absorb some of the impact, but the next six months are expected to be roughly flat. Another external influence on the company has been weakness of the dollar, which quashed most of the benefits of the internal investment at the converting division. Thus profits were only in line with last year despite sales rising 6%. With half its sales made across the pond, performance at technical fibre products was similarly dampened by the weak greenback: profits were flat despite 30% turnover growth within the division.
The combined library system will be a
$1.2B Outstanding GOs 09/11/2007 21:16:00 Business Wire US0934421019 Fitch Ratings has assigned an AAA rating to the City of Minneapolis, Minnesota s (the city) $5,400,000 general obligation (GO) improvement bonds, series 2007.
Fitch has also affirmed the long-term AAA rating on $1.2 billion of outstanding GO debt.
The Rating Outlook is Stable.
The bonds will sell competitively on Nov.
14, 2007, with Springsted Inc.
serving as financial advisor.
The city pledges its full faith and credit and unlimited ad valorem taxes in repaying the bonds, but special assessment payments are expected to be the primary source of debt repayment.
The city s AAA rating reflects a broad economy having limited volatility, strong and consistent budgetary performance, ample financial flexibility and moderate tax-supported debt levels.
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