| (AFX UK Focus) 2007-11-21 13:35 GMT: Hydrogenics to cut 50 full-time positions as part of restructuring
NEW YORK (Thomson Financial) - Hydrogenics Corp. Wednesday said it will eliminate 50 full-time positions in order to streamline its operations. On Nov. 8, the company also laid off 50 employees as part of a decision to windup its test equipment business. In total, the company's work force was reduced from 250 to 150, or 40%, by the two reductions. As a result of the new job cuts, Hydrogenics expects to incur a fourth-quarter charge of $3 million, or 3 cents a share. By the third-quarter of 2008, the company said, it expects to recognize $5.2 million in annual savings from the eliminations. Hydrogenics is a Mississauga, Ontario-based developer of hydrogen fuel cells. Its stock closed Tuesday at $1.09. Ryan Vlastelica rv/pc COPYRIGHT Copyright Thomson Financial News Limited 2007.
Aleris International to sell its zinc business
Aleris International Inc. of Beachwood has reached a definitive agreement to sell its zinc business to affiliates of Votorantim Metais Ltda. of Sao Paulo, Brazil, for about $295 million. KeyBanc Capital Markets advised Aleris on the deal. Proceeds will be used to reduce debt. Aleris' U.S. Zinc operations recycle zinc metal for use in galvanizing steel and produce zinc oxide and zinc dust for use in vulcanizing rubber products, making corrosion-resistant paint and other applications. The sale allows Aleris to focus on its core aluminum business. RETAIL Plenty of options for shoppers Bargain hunters have plenty of options on Thanksgiving and the day after. Kmart stores will be open from 7 a.m. to 9 p.m. Thanksgiving Day. CompUSA in Fairlawn will serve pumpkin pie before opening Thanksgiving night from 9 p.m.
(AFX UK Focus) 2007-11-19 12:00 GMT: Northern Rock's bank financial strength cut to 'd+'; outlook negative - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Services downgraded Northern Rock PLC's bank financial strength rating (BFSR) to 'D+' with a negative outlook from 'C-' with a developing outlook. It said the 'D+' maps into a Baseline Credit Assessment of 'Ba1'. Moody's said that the downgrade of the bank's BFSR reflects the more significant impairment of the bank's franchise as the effort to find a corporate solution has proven more protracted than initially expected. The rating agency said it sees the likelihood of a swift sale of the bank to a large and highly rated financial institution to be possible but less likely than initially anticipated. The downgrade also reflects its view on the bank's future profitability as a result of its increased cost of funding, expected lower levels of new business and possible restructuring costs.
probing Chinese multinationals, banking, stock market, finance, management politics
Is China's economy and trade to dominate the world market and wealth soon? What is really inside Chinese multinationals, society, finance, trade, outsourcing, technology, banking, investment, stock market, politics? Get inside info and analysis from leading thinker George Zhibin Gu. Chinese Multinationals, Stock Markets, Banks, Oil and hightech players: The biggest in the world? Free Market News Is it China�s turn to produce giant multinational firms? China�s largest companies are mostly state run and will have to be privatized before they can straddle the world eye-to-eye with European and American giants. Chances are Chinese �privatization� will produce hybrid firms, with characteristics of both state and private enterprises. However, this blending has produced European powerhouses such as Airbus � which has only survived with regular injections of state capital, yet has proved a surprisingly effective competitor to Boeing.
Commentary: U.S. must confront essential economic problems
Federal Reserve policymakers and critics labor under false assumptions. Hawks believe tighter credit can stave off inflation. Doves hew to lower rates to mitigate risks of recession. Rocketing oil prices may accelerate inflation, while the credit and housing crises and the huge trade deficit threaten recession. However, these cannot be countered adequately by modulating interest rates. China and India are growing 10 percent a year, causing global oil demand to outrun supply and pushing prices to near $100 a barrel. The United States consumes only one-quarter of the world's oil, and accounts for a smaller share of growth in demand. Trimming U.S. gross domestic product with tight credit would slice an inconsequential fraction off global oil consumption and little affect broader U.S.
H&R Block Boss Resigns As Chairman, CEO
H&R Block Inc., the tax preparation and accounting services company that is reeling from its foray into the collapsing subprime mortgage business. The company said Tuesday that Ernst's replacement as chairman is Richard Breeden, the former head of the Securities and Exchange Commission, who led a dissident shareholder group that won three seats on the H&R Block board. A retired Aetna Inc. chief financial officer, Alan Bennett, was named interim CEO while H&R Block looks for a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from its core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
China's trade, finance, politics revolution: entrepreneurship, law, family business, jobs
Is booming Chinese economy and finance sustainable? What is behind rising China? How are 700,000 international companies performing inside China? Are the Chinese going to dominate world finance, trade, outsourcing, investment, labor, politics? Talk to leading thinker George Zhibin Gu. essential business and investment book : China and the new world order, by George Zhibin Gu Reviewed by China Venture News, http://www.chinaventurenews.com The subject of Chinese entrepreneurship continues to resonate with global investors and especially the venture capital markets. George Zhibin Gu, author, business consultant and investment banker in his latest book, China and the New World Order, brilliantly reflects on how entrepreneurship, globalization and the borderless communities are reshaping a new China.
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