| (AFX UK Focus) 2007-11-19 05:53 GMT: Richemont mulls splitting luxury ops from other units incl BAT interest
LONDON (Thomson Financial) - Compagnie Financiere Richemont said it is considering restructuring its business to split its luxury goods operations from its other interests, which include its stake in British American Tobacco. Richemont said the proposed restructuring reflects impending changes in the legal environment in Luxembourg where Richemont SA, the principal subsidiary of Compagnie Financiere Richemont SA and the co-issuer of Richemont units, is established. Richemont SA is currently a Luxembourg "1929" holding company. The special status of such 1929 holding companies will be abolished at the end of 2010. Richemont currently has a 19.3 pct stake in BAT and the restructuring may give Richemont unitholders the option of becoming direct shareholders in BAT. The restructuring plans remain subject to further review and there can be no certainty that any such review would lead to a proposal being announced, Richemont said.
Hutto maintains bond rating
The city of Hutto, 20 miles north of Austin, will maintain its bond rating of BBB+, according to a review with Standard & Poor's. Standard & Poor's also upgraded Hutto's rating of BBB+ in 2006, which city officials say reflects the city's high debt burden and its limited local economy. "These two general weaknesses are mitigated in part by the city's rapidly growing suburban community with direct transportation access to the Austin metropolitan area and employment opportunities and sustained rapid property tax base growth," says Laurie Brewer, director of finance with Hutto. Standard & Poor's determined Hutto's financial management practices "good" and indicated the city's financial performance and position have significantly improved with a moderate property tax rate and increased financial reserves.
Foreclosure rescue: Saving a home
When Darlene Stutzman visited the offices of the East Side Organizing Project, a community advocacy group in Cleveland, she didn't know if she'd be able to keep her home. She showed up on a Wednesday - "intake day" - when ESOP offers group and individual counseling for borrowers trapped in bad loans. With qualified borrowers, they can also try to work out a compromise with lenders. The Wednesday sessions are well-attended with as many as 150 people showing up at their peak. Cleveland has one of the highest numbers of foreclosures in the nation. Stutzman, a young wife and mother from suburban Parma, and her husband, Michael, got in trouble when he got sick and had to take an unpaid leave from work. She found out about ESOP when she called Cleveland's 211 government resources line.
BPZ Energy Closes $15.5 Million Convertible Debt Financing with International Finance Corporation
BPZ Resources, Inc. d/b/a BPZ Energy (Nachrichten) (AMEX:BZP) announced today the closing of $15.5 million convertible debt financing which represents the first tranche of the overall debt package with International Finance Corporation (IFC). As announced, the conversion price is $10.39 per share and includes a forced convert price of $18.19 per share. The instrument will have a 10 year term with a variable interest rate of 2% per annum above 6-month LIBOR. The Company and IFC are now focused on the �A�� Loan, the second tranche of the debt package which will be structured as a reserve-based, borrowing base credit to fund the Company's ongoing development work in the Corvina Field. While anticipated to be approximately $35 million, the final amount will be a function of IFC's evaluation of the Company's proved reserves.
Amid bankruptcy rumors, Countrywide says it's solid
Countrywide Financial Corp., the nation's largest mortgage lender, sought to reassure investors Tuesday, declaring it has ample capital, access to cash and is well-positioned to benefit from the financial turmoil rocking the mortgage sector. The company's statement came amid rumors the Calabasas, Calif.-based company could be looking to seek bankruptcy protection and as its stock tumbled at one point more than 15 percent. .
Islamic Republic of Afghanistan - Statement by the IMF Mission at the Conclusion of the Discussions for the 2007 ...
An IMF staff team visited Kabul during October 30-November 15, 2007. Discussions with the government and Da Afghanistan Bank (DAB) focused on maintaining macroeconomic stability, reform priorities under the IMF-supported program, and preparations for the Afghanistan National Development Strategy (ANDS). The program remains on track, but waning commitment to market-based development and political interference are hampering effective economic management and posing risks to investor confidence. Looking ahead, continued macroeconomic discipline, commitment to economic reform-underpinned by decisive actions to strengthen governance and implement structural reforms-will be essential for Afghanistan to achieve its growth and poverty reduction objectives and to keep the program with the IMF on track.
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