10/13/2011 (5:36 am)

Retailer 99 Cents Only to be sold for $1.6 billion

Filed under: Finance, economics |

Discount chain 99 Cents Only Stores Inc. said Tuesday that it has agreed to be acquired for about $1.6 billion by private equity firm Ares Management LLC and the Canada Pension Plan Investment Board, the latest big investors to bet on the increasingly popular dollar store industry.

The $22 per share cash offer is 7.4 percent higher than the retailer’s shares finished at on Monday. But it is a 32 percent premium over the company’s closing price on March 10, the day before 99 Cents Only disclosed that it had received an acquisition offer from a different private equity firm.

Dollar store operators like 99 Cents Only have thrived in the weak economy. Shoppers have turned to the discounters for deals on necessities like food and cleaning supplies, and for bargains on toys and other household goods one hour payday loan.

99 Cents Only, based in Commerce, Calif., operates 289 stores in the Western U.S.

99 Cents must have its deal approved by its shareholders. The retailer’s board is recommending approval. And members of the Schiffer-Gold family, which founded the company, said in a statement that they support the deal. They will hold a significant minority stake after the deal is complete.

The deal is expected to close in the first quarter of next year.

Shares of the company rose 90 cents, or 4.4 percent, to close at $21.39 Tuesday.

Source

Fast and Secure application for cash advance lenders and payday loans. We offer cash advance loans with a low cost guarantee.

10/04/2011 (8:08 pm)

Yum Brands Q3 profit boosted by strong China sales

Filed under: economics, technology |

Yum Brands Inc., owner of the Pizza Hut, Taco Bell and KFC chains, reported Tuesday that its third-quarter profit grew thanks to strong sales in China and elsewhere overseas that offset another sluggish showing in the U.S.

Yum said it added 138 restaurants in China during the quarter, and is on track to open a record 600 new units there this year. Operating profit in China was up in the single digits, adjusted for currency fluctuations, as the company faced rising commodity and labor costs.

In Yum’s international division, operating profit rose 3 percent, adjusted for currency fluctuations. And its franchise fees are on pace for a record year of more than $850 million in the division, which excludes China.

But in the U.S., operating profit fell 16 percent and sales dropped at its three main brands.

“We’re obviously disappointed in our U.S. performance,” Yum Chairman and CEO David C. Novak said in a statement.

Yum, based in Louisville, earned $383 million, or 80 cents per share, for the quarter ending Sept. 3. That’s up from $357 million, or 74 cents per share, a year earlier.

The company reported losses of 3 cents per share, stemming from decisions to refranchise its Pizza Hut business in the United Kingdom and its planned sale of the Long John Silver’s and A&W All American Restaurants chains. The company, which put the brands up for sale earlier this year to focus on its international business, said last month that it has found buyers for them but didn’t disclose financial terms.

Excluding those special items, Yum posted a profit of 83 cents a share, which is one cent per share above what analysts were expecting. Total revenue rose 14 percent to nearly $3.3 billion, well above the $3.08 billion in revenue analysts surveyed by FactSet were expecting.

But revenue at KFC and Pizza Hut restaurants in the U.S. open at least a year fell 3 percent each, while Taco Bell had a 2 percent drop business cards.

Taco Bell, which accounts for about 60 percent of U.S. profit for Yum, has been struggling to regain momentum after publicity from a now-dropped lawsuit questioned the beef content of filling in the chain’s tacos and burritos. Taco Bell called the accusations false and fought back with marketing on television and in newspapers.

“It looks like it’s stabilizing and we’ll get to the point next year where they’ll be bouncing up against some easier comparisons so that will help,” Edward Jones analyst Jack Russo said of Taco Bell. “They’ve got a job to do PR-wise to repair that.”

The company is having better luck overseas.

In its international division, which excludes China, Yum opened 193 new restaurants in 50 countries during the quarter and expects to open 900 new units for the year.

In its key China business, operating profit rose 7 percent, adjusted for currency fluctuations.

Novak said the robust restaurant growth overseas puts Yum in position for strong growth in 2012 and the performance in China, in particular, “gives us even more confidence our China business model is as strong as ever.”

He said Yum plans to roll out new products along with productivity initiatives that he predicted will improve U.S. sales and profits next year. The company reaffirmed its full-year earnings-per-share growth of at least 12 percent.

Yum operates nearly 38,000 restaurants in more than 110 countries and territories. Company officials will discuss the quarter’s results on a conference call Thursday morning.

Yum reported earnings after the market closed. Its shares slipped 85 cents, or 1.7 percent, to $48.59 in extended trading. They had closed the regular session up 99 cents, or 2 percent, at $49.44.

Source

If you would like to learn more about the convenience of pay day loans or how to apply for one, simply visit our site.

09/08/2011 (9:28 pm)

Online red-light district opens

Filed under: Rates, economics |

The first names to go were hot, free, live and sexy. Porn.xxx is still up for grabs.

The brainchild of Toronto entrepreneur Jason Hendeles, the domain suffix .xxx has been approved by the U.S. based organization that oversees web addresses. Names are going fast.

Frank Schilling, a Canadian who operates out of the Cayman Islands, bought 25 names for $1.7-million, including sexe.xxx to capture the French market, and sexo.xxx to accommodate Spanish-speaking porn-seekers.

08/18/2011 (5:08 pm)

La. casino regulators approve riverboat complex

Filed under: Lenders, economics |

The Louisiana Gaming Control Board gave unanimous approval Thursday to a $181 million proposal to build a sixth riverboat casino-hotel in the Shreveport-Bossier City market in that state.

A group known as Bossier City Casino Venture LLC has an option to buy one of the two riverboat licenses in Lake Charles that are now owned by Isle of Capri Casinos Inc. Plans call for a one-story casino boat to be built on a Red River site in Bossier City, along with a 396-room hotel, four restaurants and a multi-use facility for concerts and meetings.

The development is named the Margaritaville Resort Casino. Bossier City Casino Venture has a licensing agreement with Jimmy Buffett’s Margaritaville Properties, which has hotels, restaurants and consumer items.

The development company is owned by Louisiana businessman William Trotter and Silver Slipper Gaming LLC, which has a casino in Hancock County, Miss.

Plans call for the project to open in May 2013. Voters in Louisiana’s Bossier Parish must approve it in a Nov. 19 referendum for the project to proceed.

If the plan wins voter approval, Isle of Capri would be shutting down its Crown Casino in Lake Charles. It also owns the Grand Palais riverboat casino in that city. The Crown typically is the lowest-winning riverboat in the state, taking in less than $2 million a month.

Paul Alanis, chief executive officer of Silver Slipper, discounted the idea that Margaritaville would only chop away at gambling winnings of the other riverboat casinos in Shreveport-Bossier City, along with the Louisiana Downs track casino. In recent years, Indian nation casinos in Oklahoma have grown to about $3 billion in annual winnings from players, while the Shreveport-Bossier City market has leveled out at around $780 million a year, he said.

Both markets compete for players from the Dallas-Fort Worth area. Analysts have said Oklahoma has gained an advantage because of its closer proximity to the area.

“We will grow this market and capture some of that $3 billion that is going to Oklahoma,” he said.

Alanis said the Margaritaville brand will appeal to middle- and high-end players, will attract players back from Oklahoma and will be appealing to those who have had experiences with the Margaritaville label. Its site will be adjacent to the Louisiana Boardwalk, a riverside complex of 92 stores and restaurants.

Although Bossier City Casino Venture is buying the Crown Casino as part of the license deal, Alanis said an all-new one-story dockside gambling boat would be built on-site in Bossier City.

According to what the developers called conservative figures, Margaritaville will help grow the Shreveport-Bossier City market to $842 million in gambling revenue in 2014.

Alanis was once a top official with Horseshoe Casinos, which has a Bossier City riverboat _ now owned by Caesars Entertainment Corp. _ that leads the market in casino winnings. He and Trotter said they immediately began working on bringing a casino to Bossier City after losing a competitive heat for the state’s final riverboat license in Lake Charles.

.

Source

08/17/2011 (12:08 am)

China mulls lawsuit over Bohai Bay oil spill

Filed under: economics, money |

China’s oceanic administration says it is preparing to sue ConocoPhillips China for damages to the environment resulting from offshore oil spills that began in June.

The State Oceanic Administration said Tuesday in a notice on its website that it was recruiting legal advisers to pursue compensation claims against the company, which operates the leaking oil wells in Bohai Bay.

ConocoPhillips said in a statement Monday that it expects to have mud affected by the oil cleaned up by the end of August. A company spokesman said the process was slowed by concerns for worker safety in the unclear waters affected by the spill.

The spills have added to concerns over damage to the marine environment in Bohai, a major fisheries base, from industrial, agricultural and other types of pollution.

ConocoPhillips China operates the wells in the Bohai’s Penglai 19-3 oilfield in partnership with state-run China National Offshore Oil Corp. The spills covered 840 square kilometers (324 square miles), according to oceanic administration reports, and have drawn criticism from environmentalists and local media over potential damage and apparent delays early on in notifying the public.

The ConocoPhillips spokesman, John McLemore, said in an e-mailed message that local media reports of a fresh leak were erroneous.

“To my knowledge there are no new leaks. If there are they are very small and cleaned up immediately,” he said. “All we actually reported was that we found some additional drilling mud on the seabed.”

Most of what was released was drilling mud, which sinks to the seabed and is relatively easy to clean up, he noted.

The company said the seep was less than 1 liter (0.26 gallon) per day. Resumption of pumping in some wells that had been shut down earlier was helping to reduce pressure and “should help alleviate the seep,” it said.

“We are taking some heat for not cleaning it up faster but as you know Bohai Bay is not the most pristine water to begin with so our 60 plus divers can only see a meter or two in front of their face,” said McLemore. “ConocoPhillips is not going to be put on a time schedule by anyone that puts workers at risk. We say safety comes first at ConocoPhillips and we mean it.”

ConocoPhillips said it had recovered 326 cubic meters (2,050 barrels) of “mineral oil-based mud” from around the Penglai 19-3 platform and has more than 900 staff and more than 30 vessels working to resolve the problems.

The company said the total amount of oil and drilling fluids leaked in the spills was estimated at about 240 cubic meters (1,500 barrels). Some of the oil found on the sea surface was analyzed and determined to be coming from a seep in the seabed rather than Penglai 19-3 wells, it said.

Source

07/23/2011 (6:20 pm)

E-Trade hiring Morgan Stanley for strategic review

Filed under: UK, economics |

Days after its largest shareholder demanded E-Trade Financial Corp. let shareholders consider proposals including the hiring of new financial advisers to explore options such as selling the company, the online brokerage said Friday that it is bringing in Morgan Stanley & Co. to review its strategic opportunities.

In a Wednesday letter to E-Trade that was disclosed in a regulatory filing, hedge fund Citadel LLC said that mismanagement by the company’s board and executives caused it to lose money every year since 2006, extinguishing shareholder value and wasting growth opportunities. Citadel demanded the company hold a special shareholder meeting to consider proposals to remove directors Michael Parks and Donna Weaver, change how it elects directors and explore strategic alternatives, including selling the company.

E-Trade said Friday that it created a special board committee composed of independent directors that instructed the company hire Morgan Stanley & Co. to perform a strategic alternatives review. Morgan Stanley will share its findings with the board’s finance and risk oversight committee, whose members include Citadel founder and CEO Kenneth Griffin, and that committee will give E-Trade’s board a recommendation, the company said quick pay day loan.

E-Trade pointed out that the company hired J.P. Morgan Securities LLC to go over its strategic alternatives in the fourth quarter of last year. After this review, the board decided that selling the company then would not increase shareholder value, E-Trade said.

In a statement, E-Trade said it feels it “has already addressed the substance of Citadel’s proposals,” and that it is not in its shareholders’ best interest to hold a special meeting. The company also said called Citadel’s proposal to consider removing two directors “inappropriate” and said it violates the law in Delaware, where E-Trade was incorporated.

Citadel, which rescued the online brokerage four years earlier with a $2.5 billion investment, currently owns about 9.8 percent of E-Trade’s common shares _ about half the amount it owned at the beginning of the year. In April, it sold 27.5 million shares and converted separate investments into 31.4 million new shares.

E-Trade shares rose 67 cents, or 4.3 percent, to $16.31 in extended trading. The stock finished regular trading up 20 cents at $15.64.

Source

07/15/2011 (5:40 pm)

Egyptians rally, demand trials for police shooters

Filed under: Rates, economics |

Thousands of Egyptians, increasingly impatient with their interim military rulers, rallied Friday in the nation’s two largest cities, ringing a security building with chants of “Oh police, you are thugs” and demanding trials for police officers suspected in the killing of hundreds of activists in the uprising that brought down Hosni Mubarak.

Organizers of the protests, billed as the “Friday of Last Warning,” said soaring temperatures were keeping many people away, but noted that in recent days, crowds have swelled after sunset. The Muslim Brotherhood, Egypt’s best-organized political group, did not attend.

For the past week, hundreds of hardcore activists have camped out at Cairo’s Tahrir Square, birthplace of the 18-day popular uprising that ousted Mubarak on Feb. 11. Their main demand is that the military council which took over after the uprising purge all remnants of the Mubarak regime.

“We want to cleanse the country’s institution,” one of the demonstrators, standing on a stage in a corner of the square and holding a microphone, told a group nearby. “Until we see the government officials (talking to protesters) in Tahrir, we will not leave this place.”

“Bread, freedom and social justice,” he chanted.

The protesters’ frustration was reflected in new graffiti on the wall of Cairo’s biggest government building which faces the square. “The revolution has protectors,” read one slogan, referring to the protesters’ determination to keep going until their demands are met. A second depicted the military council as hand holding a hammer crushing the “Egyptian will.”

Another new drawing reflected widespread skepticism that Mubarak will be punished. The graffiti showed Mubarak dangling from a rope, with the caption: “Message from the military council: don’t believe this drawing.”

Mubarak and his two sons will be tried on August 3, over the killings of protesters and corruption charges. In a transcript of his interrogation published by two newspapers Thursday, the 83-year-old Mubarak denied any responsibility for the killing of nearly 900 protesters by his security forces. Mubarak, Egypt’s president for three decades, is in custody in an Egyptian hospital.

“The revolution is not complete yet,” said demonstrator Wael Malak, who temporarily closed his shop in the Egyptian Red Sea resort of Sharm el-Sheik because the political turmoil in Egypt led to a sharp drop in tourism. Malak complained of a lack of security in post-uprising Egypt.

A second protester, Salim Youssef, said the military only responds to public pressure and that marches must therefore continue.

Though Friday’s crowd was smaller than usual, the number of tents and those camping in Tahrir Square increased since earlier in the week. Coils of barbed wire were added to makeshift security checkpoints set up at the entrances to the square. The checkpoints, staffed by volunteers, are meant to deter sudden attacks from assailants or a police crackdown.

In the Mediterranean port city of Alexandria, thousands of protesters rallied outside the local security headquarters, chanting: “O police you are thugs.”

Some jumped over a high fence surrounding the building, the local branch of the Interior Ministry, tore down the police flag and replaced it with the Egyptian flag. They sprayed anti-police graffiti on the walls and covered the ministry’s golden emblem with the words “The Ministry of Torture.”

Some angry protesters tried to storm the building, but others prevented them while chanting “peaceful, peaceful.”

Activists distributed leaflets listing names of police officers believed to have been involved in killings of protesters and torture. One of the protest groups, known as April 6, said a notorious police commander in Alexandria, known as the “flogger of the activists,” had been promoted to a top security position in the city.

Security forces stayed away from Friday’s protests.

Earlier this week, Egypt’s security chief dismissed hundreds of high-ranking members of the security forces, including those charged in the killing of protesters.

Source

05/31/2011 (10:24 pm)

Advertising: Web tangles traditional ad bans, study finds

Filed under: Lenders, economics |

There

05/28/2011 (10:44 pm)

Alwaleed: Saudis Seek Oil Price of $70-$80 - Bloomberg

Filed under: Rates, economics |

Prince Alwaleed bin Talal said an oil price of $70 to $80 a barrel is in the best interests of Saudi Arabia because it diminishes the urgency in the U.S. and Europe to develop alternative energy sources.

“We don’t want the West to go and find alternatives,” Alwaleed, a nephew of Saudi King Abdullah, said in an interview on CNN’s “Fareed Zakaria GPS,” scheduled for broadcast today. “The higher the price of oil goes, the more they have incentives to go and find alternatives.”

The rebellion in Libya, political turmoil in Bahrain and speculative buying are responsible for driving oil prices to more than $100 a barrel, Alwaleed said. Crude for July delivery rose 36 cents to settle at $100.59 a barrel on the New York Mercantile Exchange May 27. Prices have increased 35 percent in the past year.

Alwaleed, who owns Citigroup Inc. (C) shares and ranks 26th on Forbes magazine’s list of the world’s richest billionaires with a net worth of $19.6 billion, said he continues to invest in the U.S. and that the nation is “down, for sure, but it is not out.” Standard & Poor’s lowered its U.S. credit-rating outlook on April 18 to negative, citing the widening budget deficit.

Saudi Arabia needs to enact laws that allow for greater public participation in government, Alwaleed said. U.S. President Barack Obama’s administration is seeking to encourage pro-democracy movements inspired by those that ousted longtime leaders in Tunisia and Egypt as part of the so-called Arab Spring to create broader, regional changes.

Source

04/27/2011 (10:52 pm)

Bernanke sees risks in further steps to spur jobs

Filed under: economics, management |

Federal Reserve Chairman Ben Bernanke said Wednesday that the Fed can’t take additional steps to try to ease high unemployment without escalating high inflation.

If inflation were to accelerate, the Fed would have to raise rates to slow borrowing and spending and blunt price increases. Hiring might then slow.

Speaking at a news conference with reporters, Bernanke sketched a picture of an economy growing steadily but still weighed down by a prolonged period of unemployment, now at 8.8 percent. He acknowledged the pain that is causing, noting that around 45 percent of the unemployed have been without a job for six months or longer.

“We know the consequences of that can be very distressing because people who are out of work for a long time, their skills tend to atrophy,” Bernanke said.

But he added:

“It’s not clear that we can get substantial improvements in payrolls without some additional inflation risks, and in my view we can’t achieve a sustainable recovery without keeping inflation under control.”

The news conference was the first time in the Fed’s 98-year history that a chairman has begun holding regular sessions with reporters.

Bernanke appeared relaxed with reporters, projecting a calming presence and saying nothing that might rattle investors.

The Fed chairman offered some clues about when and how the Fed would begin raising interest rates.

Bernanke said that as long as the Fed continues to say rates will remain at record lows for “an extended period,” rates won’t rise until the Fed has met at least twice more. The Fed, which ended a two-day meeting Wednesday, gathers about every six weeks.

Stocks rose after Bernanke said he expects the economy to continue growing through next year and 2013. The Dow Jones industrial average, which was up about 50 points when Bernanke began speaking, gained another 50 points half an hour before the market closed.

Bernanke acknowledged that higher gasoline prices are creating a financial hardship for many Americans. But he said the Fed doesn’t think gas prices will continue to rise at their recent pace.

The news conference offered Bernanke a chance to drive a debate about Fed policy. Critics have said the Fed’s efforts to boost growth raise the risk of high inflation. Investors are seeking clues about when the Fed will start raising interest rates to help slow price increases.

Bernanke said the first step in tightening interest-rate policy could occur when the Fed stops reinvesting the proceeds of its bond holdings. Bernanke would not be specific about when that might occur. He said it will depend on inflation and economic growth in coming months.

He said that step would be a relatively modest one. But it would constitute the Fed’s first tightening because it would allow interest rates to creep up.

The news conference, the first of three scheduled this year, is part of a long-standing Bernanke effort to make the Fed more transparent.

Source

Next Page »