AsiaNet Daily Summary - Press Releases for Friday, August 31
CVRD ANNOUNCES… RIO DE JANEIRO: Companhia Vale do Rio Doce (CVRD) announces that the forward stock split proposal was approved at the Extraordinary General Shareholders’ Meeting. After giving effect to the stock split, CVRD’s capital will be composed of 4,919,314,116 shares, 2,999,797,716 common shares and 1,919,516,400 preferred class “A” shares, including 12 golden shares.
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Thailand Focus 2007 to welcome global investors in September
The Stock Exchange of Thailand (SET), Phatra Securities PCL (PHATRA) and Merrill Lynch (Asia Pacific) Ltd. said, at a joint press conference today, that they were looking forward to hosting Thailand Focus 2007 during September 12 – 14, 2007. The event, whose theme is Platforms for Growth, will be an opportunity to inform top-level executives, managers and analysts from leading international funds and institutions about Thailand’s economy, government policies and listed companies.
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SEAGATE TECHNOLOGY UPDATES FISCAL FIRST QUARTER 2008 OUTLOOK Raising revenue, gross margin and earnings outlook for the september quarter
Seagate Technology (NYSE: STX) today provided an update of its expected results for the fiscal first quarter 2008 which ends September 28, 2007. The company now expects revenue of $3.15 - $3.25 billion, GAAP diluted earnings per share of $0.57 - $0.61 and non-GAAP diluted earnings per share, which excludes $27 million of purchased intangibles amortization and other charges associated with the Maxtor and EVault acquisitions, of $0.62 - $0.66.
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High-Yield Market Still Cool As Subprime Worries Persist, Says Report
The high-yield market succumbed to heightened instability in August, as credit market conditions deteriorated from fears over subprime exposure and accentuated hedge-fund liquidations in related areas, according to an article published today by Standard & Poor’s.
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ETIHAD FLIGHTS SET TO BOOST UAE LINKS WITH ITALY
The National Airline of the United Arab Emirates, which operates highly popular twice daily flights from Bangkok to Abu Dhabi and onwards to 45 destinations around the globe, commercial and cultural ties between Abu Dhabi and Milan are set to increase significantly with the launch of its new route to the Italian industrial and fashion centre on 2 September.
The Abu Dhabi-based airline will operate three flights a week to Milan, which will be Etihad’s ninth European destination, and takes place at a time when investment opportunities in both countries have never been greater.
Credit Card Club invites cardholders to donate reward points to the King’s Chaipattana Foundation
The Credit Card Club, an organization under the Thai Bankers’ Association, has initiated a program to allow cardholders to redeem their reward points as a cash donation to His Majesty the King’s Chaipattana Foundation. For every 2,000 reward points, cardholders will be able to make a Baht 200 donation to the foundation.
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TMB Bank announces goodwill written-off in half fiscal year 2007 audited financial results
TMB Bank Public Company Limited (TMB) today announced that the audited financial results for its first half of fiscal year 2007 were impacted by a non-cash impairment charge of Bt12.24 billion to write off goodwill arising from the merger with The Industrial Finance Corporation of Thailand (IFCT) and DBS Thai Danu Bank.
TMB, in consultation with an independent financial advisor, has reassessed the carrying value of goodwill to determine the future economic benefits of the goodwill.
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Mitsubishi UFJ Trust and Banking to focus corporate lending into four core outlets
The three companies, Mitsubishi UFJ Financial Group, Inc. (MUFG), Mitsubishi UFJ Trust and Banking Corporation (MUTB) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), which have been proceeding with preparations for the rationalization of MUTB’s corporate business outlets (those conducting lending business, etc.) into four core outlets: Tokyo,
Nagoya, Osaka and Kyushu (the “four core outlets”), announced today that the rationalization is scheduled to be completed in early December 2007.
Visa Announces Post-Restructuring Board of Directors and Appointment of Byron Pollitt, Jr. as CFO of Visa Inc.
Visa announced today the individuals who will serve as members of Visa Inc.’s Board of Directors after the completion of the proposed restructuring and the appointment of Byron Pollitt, Jr. as Chief Financial Officer designate of Visa Inc.
The proposed restructuring, which remains subject to member approval, contemplates a series of transactions by which Visa Canada, Visa USA and Visa International will become subsidiaries of Visa Inc.
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Moody’s comments on US investment banks’ exposure to dislocation in leveraged loan market
The leveraged loan commitments of the major US investment banks (BSC, GS, LEH, MER, MS) do not have negative rating implications at this time, says Moody’s Investors Service in a new report. Firms have sufficient liquidity to fund their commitments, while continuing to maintain strong liquidity profiles, and the earnings impact of marking down the commitments to reflect today’s wider credit spreads should be manageable.
“Firms maintain a strong cash capital and overall liquidity position to deal with the funding risks presented by the challenging conditions in leveraged loan distribution,” says Moody’s Senior Vice President Peter Nerby.
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