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Posted By admin on February 23, 2012

By Christopher Martin

Feb. 16 (Bloomberg) — Nstar’s agreement to purchase power from Cape Wind Associates LLC may lead to financing of the first U.S. offshore wind project.

Nstar agreed to purchase 129 megawatts of capacity from the planned 468-megawatt project as part the Boston-based utility holding company’s $4.8 billion acquisition by Northeast Utilities, in a deal approved yesterday by Massachusetts regulators.

That means the developer has lined up buyers for 77.5 percent of the wind farm’s total output and will be enough to seek financing, said Mark Rodgers, a Cape Wind spokesman. State regulators must approve the Nstar contract, as they did with National Grid Plc’s 2010 agreement to buy 234 megawatts of capacity from the project off the coast of Nantucket.

“We believe these two contracts will be enough for us to get financing,” Rodgers said in a phone interview. “We’ll continue to look for buyers for the remainder as that process moves forward.”

The Cape Wind project has been in development for more than a decade.

Opposition to the project, which would place 130 Siemens AG turbines in Nantucket Sound, say that offshore wind is too expensive compared to onshore wind and solar energy. Offshore wind costs almost three times as much as onshore, and four times that of an efficient natural-gas plant, according to Bloomberg New Energy Finance data.

“Ratepayers are not going to stand still for the kind of bills that the governor, Nstar, National Grid and Cape Wind want to impose on them,” Audra Parker Culotte, president of Alliance to Protect Nantucket Sound, said in a statement. “Other green energy is available at a fraction of the price.”

Tax Credit Expiring

The contract with Nstar, similar to National Grid Leather and Suede, will probably include provisions for the potential loss of a federal tax credit that provides wind-power producers 2.2 cents a kilowatt-hour, Rodgers said.

National Grid agreed to pay Cape Wind 18.7 cents a kilowatt-hour for half the output that the project produces. The price will increase 3.5 percent annually for the 15-year life of the contract.

The production tax credit for wind will expire at the end of this year unless Congress passes an extension.

Even a two-year extension may not help Cape wind and other offshore developers qualify for the credit, because large offshore projects take longer than that to complete, said Amy Grace, a wind energy analyst at New Energy Finance in New York.

“There’s still a lot of uncertainty,” Grace said.

–With assistance from Ehren Goossens in New York. Editors: Will Wade, Charles Siler

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

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Posted By admin on February 23, 2012

By Franz Wild

Feb. 9 (Bloomberg) — Mining officials from Democratic Republic of Congo were attacked at a conference in Cape Town by men protesting against the country’s election results, said Bene M’Poko, the country’s ambassador to South Africa.

At least five people, including an official from Freeport McMoRan Copper & Gold Inc.’s Congo unit, were attacked by a group of protestors at the Investing in African Mining Indaba conference this week, M’Poko said in an interview at the gathering yesterday.

“Two people were taken to an empty building and beaten,” M’Poko said. “They are attacking anyone attached to the government, anyone in the elite. They’re acting, basically, like terrorists, like al-Qaeda.”

President Joseph Kabila in November won a second five-year term in elections in the central African nation, which boasts the world’s largest cobalt reserves. The vote was marred by irregularities including lost ballots, contested results and violence, according to electoral observation missions from the U.S.-based Carter Center, the European Union and Congo’s Catholic Church.

About 30 protestors waved placards and chanted outside Cape Town’s convention center yesterday, urging investors to stay away from Congo, where they alleged Kabila was illegally elected.

Anti-government demonstrators in December attacked the Congolese embassy in the South African capital, Pretoria Replica Rolex Watches, smashed M’Poko’s car, and still make death threats against him “every day,” he said in the interview, just after making a public announcement to Congolese executives warning them of the threat.

–Editor: Ben Holland Replica Breitling Watches, Karl Maier.

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

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Posted By admin on February 23, 2012

By Kyunghee Park and Andrea Rothman

Feb. 15 (Bloomberg) — Airbus SAS formed an alliance with Singapore Technologies Engineering Ltd. to convert A330 wide- body passenger jets into freighters, helping the European planemaker expand in a market largely dominated by Boeing Co.

ST Aerospace will lead the A330P2F engineering development, working with Airbus and EADS’s EFW facility in Dresden, which will subsequently be responsible as program lead during the industrial phase, Airbus said today in a statement. Most of the conversions will be done at EFW’s facilities in Dresden.

With more than 830 A330s operating worldwide today, airlines would be able to wring value from older A330 planes by having them converted for cargo before replacing them.

“This is something we have been looking at within Airbus for some time, which a number of our customers have been asking us to evaluate,” said Airbus Chief Executive Officer Tom Enders today at a briefing in Singapore.

The only cargo plane Airbus currently builds itself is the A330-200 freighter. A converted passenger model would offer a less costly alternative. A freighter-refit facility in Dresden, Germany, owned by the planemaker’s parent European Aeronautic, Defence & Space Co. currently works only on the A300 and A310 models, which has left a gap in the market.

Boeing Offering

Boeing has a far larger offering of new-build cargo planes than does Airbus, producing cargo versions in every size including the 737-700 convertible, the 767-300 freighter, 777 freighter, the 747-400, and the 747-8 freighter, which began service two years late in 2011. Airbus had planned to build an A380 freighter, though difficulties with the passenger variant of the plane forced it to postpone the plan indefinitely.

Enders said Airbus sees a need for 2,700 or 2,800 cargo aircraft in the next 20 years, with “almost all of this demand will in the mid-sized category” occupied by the A330. The converted A330 would “compliment very nicely our new-build 330-200 freighters,” he said.

Qatar Airways Ltd Watches Replica, is looking to convert 15 A330s for cargo use by 2016, CEO Akbar Al Baker told journalists in May. The airline might opt to use converted Boeing Co. 767s instead. if Airbus is unable to undertake the conversion, the executive said at the Dubai Air show.

European Center

EADS EFW will become the European center for ST Aerospace’s global maintenance, repair and overhaul operations, Airbus also said. The project is subject to the definitive agreements being finalized in the coming weeks and also to regulatory clearances.

Airbus several years ago sought to establish a joint venture with Russia’s United Aircraft Corp. converting narrow- body jetliners to cargo planes. It scrapped the venture in June, saying demand had dropped and used jets were being bought for passenger use.

–Editors: Thomas Mulier Watches Replica, Robert Valpuesta

To contact the reporters on this story: Kyunghee Park in Singapore at kpark3@bloomberg.net; Andrea Rothman in Paris at aerothman@bloomberg.net

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Posted By admin on February 22, 2012

By Robert Hutton

Feb. 14 (Bloomberg) — U.K. Prime Minister David Cameron will meet representatives of insurance companies today to discuss ways to reduce the number of lawsuits, with the goal of cutting car premiums.

The average cost of insuring a car rose 17 percent last year to 410 pounds ($650), according to Cameron’s office. The average premium for a young male driver is almost 3 Replica Watches,000 pounds, with young women paying just over half that. Insurers say much of this is the result of record numbers of people suing for whiplash injuries, which the Association of British Insurers says adds 90 pounds to the average premium.

The government will pledge to cut the number of whiplash claims by requiring more medical evidence. It will also reduce the fees lawyers can earn from small personal injury claims. The meeting will take place at 5 p.m. in Cameron’s London office.

“I am determined to tackle this damaging compensation culture which has been pushing up premiums,” Cameron will say, according to his office. “I want to stop trivial claims, free up businesses from the stranglehold of health-and-safety red tape and look at ways we can bring costs down.”

Lawmakers blamed insurers last month for “sharp practices” including colluding with no-win no-fee lawyers and car-rental firms to ramp up costs for rivals.

–Editors: Andrew Atkinson, James Hertling

To contact the reporter on this story: Robert Hutton in London at rhutton1@bloomberg.net;

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Posted By admin on February 22, 2012

By Simeon Bennett

(Updates with CFO’s comment in third, fourth paragraphs.)

Feb. 14 (Bloomberg) — Actelion Ltd., the Swiss maker of the Tracleer lung treatment, aims for profit this year to be unchanged as the economic crisis puts pressure on drug prices and it loses market share to Gilead Sciences Inc.

Product sales will decline in the low-to mid-single-digit percentage range this year, the Allschwil Replica Watches, Switzerland-based company said in a statement today. Actelion set a goal for core earnings, defined as product sales minus cash operating expenses, to be unchanged from 437.5 million Swiss francs ($476.6 million) in 2011 in local currencies.

The pricing environment will be “a little bit worse” this year, Chief Financial Officer Andrew Oakley said in a phone interview today. Tracleer will also continue to lose ground to Gilead’s Letairis after U.S. regulators last year allowed the company to remove a reference to the risk of liver damage from the drug’s label.

“It’s not falling off a cliff, but it’s just slowly declining,” Oakley said. “We still hold overall more than 80 percent share globally.”

Actelion will pay an annual dividend of 80 centimes a share, unchanged from 2010.

The company’s shares fell 2.3 percent to 34.63 francs at 9:01 a.m. in Zurich. The stock, including reinvested dividends, lost 35 percent in the 12 months through yesterday, the worst performance on the Bloomberg Europe Pharmaceuticals Index of 18 companies. The index returned 18 percent.

’Very Hopeful’

Actelion is betting on results from a late-stage trial of macitentan, its successor to Tracleer, to fuel sales growth when that drug loses patent protection in 2015. The company said it expects to announce the results in the second quarter.

“I am as confident as you can be at this stage” that the results of the trial will be positive, Jean-Paul Clozel, Actelion’s chief executive officer, said in a telephone interview today. “I’m very hopeful that if we show macitentan is a very good drug, doctors will prescribe it.”

Earnings before interest and taxes totaled 12.2 million Swiss francs last year, compared with 457.3 million francs in 2010, the company said today. Actelion was expected to report a 9.8 million-franc loss, according to the average of eight analyst estimates compiled by Bloomberg.

Actelion posted a net loss for the year of 146.3 million francs, or 1.23 francs per share, wider than the average analyst estimate of a 109.2 million franc loss, or 88 centimes per share.

’A Lot Worse’

The loss was because of a provision of 340.6 million francs for a lawsuit Actelion lost to Asahi Kasei Corp. and a further 43 million francs for “doubtful debts” including from southern European health-care providers. Actelion said it filed an appeal against the lawsuit in December.

“The situation in southern Europe has got a lot worse in the second half of the year,” Oakley said.

Sales of Tracleer fell 7 percent to 1.52 billion francs, representing 85 percent of full-year revenue of 1.8 billion francs. Sales of Gilead’s Letairis rose 22 percent to $293 million last year, the Foster City, California-based company said Feb. 2.

Tracleer, macitentan and Letairis are all designed to treat pulmonary arterial hypertension, a condition in which the arteries that move blood from the heart to the lungs narrow, forcing the heart to work harder and causing elevated blood pressure. Over time the heart muscle can weaken and fail, causing death. The three drugs block a chemical called endothelin that causes blood vessels to constrict.

–Editors: Thomas Mulier, Marthe Fourcade

To contact the reporter on this story: Simeon Bennett in Geneva at sbennett9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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Posted By admin on February 22, 2012

By Maud van Gaal

Feb. 17 (Bloomberg) — Deutsche Bank AG closed a 12 billion-euro longevity swap with Aegon NV to help the Dutch insurer hedge against increased life expectancy.

The swap was targeted directly to the capital markets and the first in its kind based on population data in continental Europe Herve Leger, Deutsche Bank said in a statement today.

To contact the reporter on this story: Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

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Posted By admin on February 21, 2012

MANILA, Philippines – Did you know that in Japan, women give chocolates to their boyfriends, male friends and co-workers on Valentine’s Day?

In celebration of the day of hearts next week, here are some interesting facts about Valentine’s Day:

Sales of condoms and contraceptive pills are higher during Valentine’s week, several companies that sell these products have claimed. Among them are Durex and Yes2condom, a 24/7 online retail service.
Last year, a party-list group in the Philippines gave out free condoms on Valentine’s Day as part of an effort to inform people on reproductive rights and secure support for the passage of the Reproductive Health Bill.
On February 14, 2001, 34 couples from 22 countries exchanged wedding vows ten meters underwater near Kradan Island in Southern Thailand. This currently holds the Guinness World Record for the most number of couples married simultaneously underwater.
Last year, Iran banned Valentine tokens such as teddy bears as part of an Islamic republic backlash against Western culture. In 2003, religious activists in India raided shops and burned Valentine’s Day cards, while some in Pakistan condemned the occasion as "a day of shame and lust."
In Japan, women give chocolates to their boyfriends, male friends and co-workers on Valentine’s Day. Men return the favor on March 14, known as White Day, by handing out white chocolates, lingerie and jewelry to their female friends and loved ones.
A group of feminists began to celebrate an occasion called "Quirkyalone Day" as an alternative to Valentine’s Day. It is geared toward people who "resist the tyranny of coupledom." The SAD or Single Awareness Day, on the other hand, aims to remind people that they do not need to be in a relationship to celebrate the 14th of February.
The largest chocolate bar mosaic on the Guinness World Records was made in Switzerland during February 14, 2011. It is 18.35 meters long and made with 1,500 bars of white chocolate and red-colored white chocolate.
Flowers given during Valentine’s Day have different meanings. Red roses mean love, yellow roses mean friendship, and pink roses mean friendship or sweetheart. Red carnations mean admiration, white carnations mean pure love, red chrysanthemums mean love, and primrose means young love.
In Germany, young girls would plant onions in a pot on Valentine’s Day, and place the name of a boy next to each onion. They believed that they would marry the boy whose name was nearest to the first onion to grow.
Young girls in the United States and the United Kingdom believed that they could tell the type of man they would marry based on the type of bird they first saw on Valentine’s Day. A blackbird means a clergyman, a robin redbeast means a sailor, while a goldfinch indicates that they would marry a rich man. A sparrow means a farmer, a blue bird a happy man, a crossbill an argumentative man, and a dove a good man. Seeing a woodpecker is said to mean that they would not marry at all.
A kiss on Valentine’s Day is said to bring good luck all year.
In the medieval times, doves are widely believed to choose their mates on February 14. It has become a favorite symbol for Valentine cards.
In 2010, the Emirates Palace in Abu Dhabi had what may be the priciest Valentine offer: a seven-day stay for $1 million. The offer included a romantic dinner in-suite or on a yacht at sea, helicopter flights, use of the Abu Dhabi golf course, horse riding Replica watches, watching camel racing, and perfume making. A private jet was also on call for a quick shopping spree to other countries in the region.
Last year, the New York Bronx Zoo gave people a chance to name a Madagascar-hissing cockroach after their special someone as a Valentine’s Day offering. The Madagascar is the largest and noisiest variety of cockroach.
It is said that teachers receive the most Valentine cards, followed by children, mothers and wives. Children ages 6 to 10 exchange more than 650 million Valentine cards every year.

Sources:

Random History
Guinness World Records

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Posted By admin on February 21, 2012

By Elizabeth Lopatto

(Adds Defense Department in the fifth paragraph.)

Jan. 4 (Bloomberg) — By altering the speed of light beams, like those used for data transmission, U.S. military-funded scientists created a hidden pocket in time that one day may be used in computer espionage.

Researchers from Cornell University in Ithaca, New York showed that it’s possible to cloak very fast events — those lasting less than about 40 trillionths of a second. Further investigation may enable longer occurrences to be obscured as well, according to a paper published in the journal Nature.

The scientists took a stream of light and shifted it through a lens, causing some beams to travel faster and others slower. That created a so-called temporal void, where events — in this case, a fast pulse of light — can happen without being observed. When the stream passed through a second lens, no one watching it would know that the light pulse had taken place, the paper said.

“The cartoon version is a robber coming in, opening a safe, stealing and running out, while a closed-circuit television just sees the safe as closed,” said Martin McCall, a theoretical physicist at Imperial College London. He wasn’t a study author, though today’s research was inspired by work his team published in November 2010 online in the Journal of Optics.

The project was funded by the Defense Advanced Research Projects Agency, part of the U.S. Department of Defense responsible for developing new technology for the military.

Temporal Cloaking

Most computer data passes through optical fiber cables, where data is compressed as light, enabling communication to pass over long distances at high speeds, said Alexander Gaeta, an applied physicist at Cornell who led the research team. If the research can expand the time pocket from its current scale of picoseconds, or a trillionth of a second, to a nanosecond, or a billionth of a second, it may enable groups like the U.S. National Security Agency or the Central Intelligence Agency to sneak looks at computer data without being detected.

In other words, time spent computer snooping would be cloaked in a temporal void.

“When you put the word ‘cloaking’ in your title, there are a number of applications like that,” Gaeta said, referring to his paper’s title “Demonstration of temporal cloaking.”

There may be other uses, including enabling faster emergency processing of data, he said.

The bank-robbing cartoon idea, though it serves well as a nifty visual to understanding the concept, wouldn’t realistically work, said McCall.

“To cloak minutes, you’d need an apparatus that’s the size of the solar system,” he said. “This is likely to impact at the nanoscale, where it can start to work with timescales of current communication systems.”

–Editors: Angela Zimm Replica Watches, Bruce Rule

To contact the reporter on this story: Elizabeth Lopatto in New York at elopatto@bloomberg.net.

To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net.

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Posted By admin on February 21, 2012

By Susanne Walker

Jan. 7 (Bloomberg) — Treasuries fell in the first week of the year as reports showed gains in U.S. factory output and jobs, trimming the haven appeal of government securities even as rising yields on Italian and Spanish debt indicated concern Europe’s debt crisis may widen.

U.S. debt yields pared a weekly gain yesterday after Federal Reserve Bank of New York President William Dudley said more monetary accommodation to bolster the economy is appropriate, even after employers added 200,000 positions during December. A report on Jan. 12 is forecast to show retail sales rose and the U.S. will auction $66 billion in three, 10- and 30- year debt next week.

“The U.S. economy continues to show good signs,” said Jason Rogan, director of U.S. government trading at Guggenheim Partners LLC, a New York-based brokerage for institutional investors. “It will be important to see if yields stay around here, if that will entice people to take down that supply.”

The benchmark 10-year note yield rose eight basis points, or 0.08 percentage point for the week, to 1.96 percent in New York, according to Bloomberg Bond Trader prices. The 2 percent note due in November 2021 dropped 23/32, or $7.19 per $1,000 face amount, to 100 3/8. The yield dropped four basis points yesterday.

The 30-year yield added 12 basis points to 3.02 percent.

Debt Returns

U.S. government securities handed investors a 0.5 percent loss this month as of Jan. 5, after returning 9.8 percent last year, Bank of America Merrill Lynch data show.

Yields on 10-year debt traded in a 36-basis-point range since November, with a high of 2.16 percent and a low of 1.8 percent. The yield range was 210 basis points for all of 2011.

Hedge-fund managers and other large speculators reversed to a net-long position in 10-year note futures in the week ending Jan. 3, according to U.S. Commodity Futures Trading Commission data.

Speculative long positions, or bets prices will rise, outnumbered short positions by 6,236 contracts on the Chicago Board of Trade. The previous week, traders were net-short 2,981 contracts.

The U.S. 10-year yield will increase to 2.66 percent by the end of 2012 Replica watches, according to the average forecast in a Bloomberg News survey of banks and securities companies, with the most recent projections given the heaviest weightings.

European Developments

U.S. yields ticked up even as the euro fell to a 15-month low against the dollar and Italy’s 10-year bond yields climbed above the 7 percent level that preceded bailouts for Greece, Ireland and Portugal from the European Union and the International Monetary Fund.

Spain’s 10-year yields posted their biggest weekly increase in almost 17 years, climbing by 62 basis points this week.

“The euro broke down to new lows, but there wasn’t any of that fear resonating throughout the market,” said Rogan of Guggenheim Partners. “Europe was at least somewhat quiet.”

Yields curbed weekly losses yesterday as Dudley called on the U.S. government to try new programs to revive the housing market while saying the central bank may still consider ways to cut interest rates.

“Implementing such policies would improve the economic outlook and make monetary accommodation more effective,” Dudley said in a speech to bankers in Iselin, New Jersey. At the same time, it’s “appropriate” for the Fed to consider steps to ease monetary policy, he said. The Federal Open Market Committee meets Jan. 24-25.

FOMC Preview

“Maybe Dudley’s comments are an early glimpse of what’s coming at the FOMC meeting,” said George Goncalves, head of interest-rate strategy at Nomura Holdings Inc., one of 21 primary dealers that trade Treasuries with the Fed. “The doves will try to dominate. They can try to talk the markets into believing they will be on hold for longer.”

Minutes released Jan. 3 of the Federal Reserve’s Dec. 13 policy meeting said policy makers for the first time will make public their own forecasts for the federal funds rate beginning at the Jan. 24-25 meeting. Fed officials will show investors their forecast for the benchmark interest rate in the fourth quarter of 2012 and the next few calendar years, the minutes said.

The central bank purchased $4.93 billion in Treasuries due in 2018 and 2019 this week and sold $8.7 billion of securities maturing in 2013. It also sold $1.35 billion of Treasury Inflation Protected Securities.

It will buy about $45 billion of Treasuries in January and sell about $44 billion as part of the program, known by traders as Operation Twist after a similar effort in the 1960s.

Jobs Update

A report yesterday showed gains in jobs last month after an increase of 100,000 positions the previous month, the Labor Department said in Washington. The median forecast of 81 economists in a Bloomberg News survey was for an increase of 155,000 jobs. The jobless rate fell to almost a three-year low 8.5 percent.

A report Jan. 3 showed manufacturing in the U.S. expanded in December at the fastest pace in six months. The Institute for Supply Management’s factory index climbed to 53.9 last month from 52.7 in November, the Tempe, Arizona-based group’s data showed. Fifty is the dividing line between growth and contraction, and economists surveyed by Bloomberg News forecast the gauge would rise to 53.5.

A report Jan. 12 is forecast to show retail sales rose by 0.3 percent, compared with 0.2 percent the previous month, according to the median forecast of 56 economists in a Bloomberg News survey.

The Treasury will sell $32 billion in three- year notes, $21 billion in 10-year securities and $13 billion in 30-year bonds in three consecutive days starting Jan. 10.

“It will be absorbed really well,” said Michael Franzese, managing director and head of Treasury trading at Wunderlich Securities Inc. in New York. “There are tensions all over the globe right now. Everybody is still in a wait-and-see mode.”

–Editor: Paul Cox, Dave Liedtka

To contact the reporter on this story: Susanne Walker in New York at swalker33@bloomberg.net;

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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Posted By admin on February 20, 2012

By Jim Brunsden and Klaus Wille

Jan. 26 (Bloomberg) — The Swiss National Bank’s franc limit against the euro may cause the country’s economy to overheat if authorities aren’t vigilant to its effects, according to a report by the Financial Stability Board.

“The combination of the floor with a protracted low interest rate environment could potentially result in excessive credit creation and contribute to the build-up of imbalances in the domestic real-estate and mortgage markets,” the FSB said in an assessment of the nation.

It’s “essential” that regulators “remain vigilant in monitoring trends,” the FSB said. The currency floor is a “bold stance against an overvaluation” of the Swiss franc, it said in the report published yesterday.

Property prices have risen in Switzerland, fueled by zero interest rates and rising demand from foreigners seeking a job. While increasing the benchmark rate may prevent a property bubble from emerging, it would also put upward pressure on the Swiss franc and stand in the way of the limit of 1.20 francs versus the euro introduced in September to fight deflation threats. SNB Vice President Thomas Jordan said last month that “monetary policy is currently unable to react to potential imbalances in the mortgage market.”

Swiss regulators won FSB praise for imposing tough capital and supervisory rules on the country’s two biggest lenders, UBS AG and Credit Suisse Group AG, in the wake of the crisis that followed Lehman Brothers Holdings Inc.’s 2008 collapse. These included a requirement that they hold core reserves equivalent to ten percent of their assets, weighed for risk.

‘More Ambitious’

The Swiss measures are “more ambitious in certain respects” than international rules agreed upon last year for globally systemic lenders, the FSB said. Follow-up measures should include ensuring the two banks have a “rigorous corporate governance framework,” the FSB said.

Authorities should also consider removing government guarantees of the liabilities of some local, so-called cantonal Replica Watches, lenders, the FSB said.

The Financial Stability Board brings together regulators, central bankers and finance ministry officials from the Group of 20 countries. The board coordinates financial rules.

–Editors: Peter Chapman Replica Watches, Leon Mangasarian

UBSN VX CSGN VX

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

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