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PHILIPS TO CUT 6,000 JOBS AFTER LOSS (Netherlands)

Posted by Gilmour Poincaree on January 26, 2009

16:02:00 01/26/2009

Agence France-Presse

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

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PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ELECTRIC / ELECTRONIC INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NETHERLANDS, RECESSION, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, UNEMPLOYMENT | Leave a Comment »

EURO CURRENCY TURNS 10; SEEN FULFILLING PROMISE – TEN YEARS AGO, EUROPE LAUNCHED ITS GRAND EXPERIMENT WITH A SHARED CURRENCY – AND WATCHED IT PLUNGE IN VALUE BEFORE RECOVERING

Posted by Gilmour Poincaree on December 28, 2008

Sunday, December 28, 2008 at 11:35 AM

by Matt Moore and George Frey – Associated Press Business Writers

PUBLISHED BY ‘THE SEATTLE TIMES’ (USA)

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PUBLISHED BY ‘THE SEATTLE TIMES’ (USA)

Posted in AUSTRIA, BANKING SYSTEMS, BELGIUM, CENTRAL BANKS, COMMERCE, CURRENCIES, CYPRUS, ECONOMIC CONJUNCTURE, ECONOMY, EURO, EUROPEAN CENTRAL BANK, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FRANCE, GERMANY, GREECE, INTERNATIONAL, INTERNATIONAL RELATIONS, LUXEMBOURG, NETHERLANDS, PORTUGAL, RECESSION, SLOVAKIA, THE EUROPEAN UNION | Leave a Comment »

PHILIPS SHEDS TELEVISIONS FOR HIGH-END LIGHTS, HEALTH CARE

Posted by Gilmour Poincaree on December 27, 2008

December 25, 2008 6:26 p.m. PT

by Eric A. Taub – The New York Times

PUBLISHED BY ‘THE SEATTLE POST-INTELLIGENCER’ (USA)

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PUBLISHED BY ‘THE SEATTLE POST-INTELLIGENCER’ (USA)

Posted in COMMERCE, COMMODITIES MARKET, COMMUNICATION INDUSTRIES, DIGITAL INDUSTRIES, DOLLAR (USA), ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ELECTRIC / ELECTRONIC INDUSTRIES, ENERGY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, HEALTH CARE, HEALTH CARE - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, NATIONAL WORK FORCES, NETHERLANDS, OUTSOURCED WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, USA | Leave a Comment »

TOUGH CLIMATE GOALS MAY BE EASIER THAN FEARED

Posted by Gilmour Poincaree on December 26, 2008

December 22, 2008

by Alister Doyle – Environment Correspondent – Reuters Environment

PUBLISHED BY ‘SCIENTIFIC AMERICAN’ (USA)

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Posted in ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, ENVIRONMENT, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, GERMANY, GLOBAL WARMING, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, METALS INDUSTRY, MINING INDUSTRIES, NETHERLANDS, PAPER INDUSTRIES, RECESSION, REFINERIES - PETROL/BIOFUELS, THE FLOW OF INVESTMENTS | Leave a Comment »

ROCCO SABELLI PRESENTA LA NUOVA ALITALIA

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008

Amerigo Francia – Milano Finanza

PUBLISHED BY ‘MILANO FINANZA’ (Italy)

La nuova Alitalia non aumenterà i prezzi e non ridurrà l’offerta di voli. Lo ha assicurato l’amministratore delegato di Cai, Rocco ROCCO SABELLISabelli, nella conferenza stampa per la presentazione del closing della vendita di Alitalia a Cai. “Non abbiamo in programma di aumentare i prezzi o ridurre l’offerta, anche sulle rotte dove abbiamo il 100% del mercato”, ha affermato Sabelli illustrando i punti principali del piano industriale.

L’obiettivo, spiega il braccio destro di Colaninno, “mira a ottenere il 56% del mercato interno nel 2009 rispetto all’attuale 30%. Una quota che ci farà tornare in Europa, visto che Air France ha il 91%, Lufthansa il 53%, Turkish Airlines il 43% e Iberia 39%. Puntiamo inoltre ad avere una flotta più moderna ed efficiente: nel 2009 l’età media dei nostri aerei sarà 8,6 anni, mentre attualmente è di 12,4 anni”.

Nel piano industriale, ha spiegato Sabelli, una forte attenzione è legata alla creazione di un network completo ed efficiente focalizzato su medio e lungo raggio. “Non si può fare una compagnia grande quanto si vuole, ma grande quanto si deve. Dico un’ovvietà”, ha osservato Sabelli, “ma è meglio avere meno aerei ma più pieni che tanti aerei mezzi vuoti. Il piano industriale parte dall’esame della struttura della domanda e dalle dimensioni del mercato, e punta a creare un leader forte sul mercato domestico. L’integrazione con Air One va in questa direzione e ci fornisce densità, dimensione e sinergie”.

Per la capitalizzazione della nuova Alitalia il manager conta sui 1.100 milioni, che era il target iniziale, e sul contributo del partner straniero. L’aumento di capitale avverrà in due tranche: per 850 mln dai 21 soci attuali, ai quali “non escludiamo se ne aggiungano altri”, mentre la restante parte avverrà in un secondo momento “per garantire la struttura finanziaria”.

Riguardo invece al partner industriale con la nuova Alitalia, l’ad di Cai ha confermato che “La scelta del partner straniero sarà tra Lufthansa e Air France”, precisando che da parte di entrambe le compagnie è stata avanzata la proposta di partenariato industriale come la disponibilità a investire in equity. La proposta di British Airways era invece “di natura solo commerciale”, ha spiegato Sabelli. Il manager ha quindi detto che “noi privilegiamo le prime due e crediamo che un ingresso nell’equity possa rafforzare la compagnia”. Parlando di Lufthansa e Air France, Sabelli ha detto che si tratta di “due proposte molto buone, duole lasciarne fuori una. Sceglieremo la proposta migliore”.

In ultimo, stamattina è partito il processo di assunzioni. “Siamo assolutamente tranquilli sulla trasparenza dei criteri concordati”. Le proposte di assunzione saranno dirette a “quasi 9mila persone, ci aspettiamo una risposta entro 48 ore”. Per quanto riguarda il rapporto con i sindacati, Sabelli ha detto di aver avuto con i sindacati confederali “una trattativa molto dura, ma comunque negoziale”, mentre con le associazioni professionali c’è stato “il rifiuto di cedere il controllo della compagnia”. Per questo, “da oggi il dialogo va direttamente ai nostri dipendenti”, ha concluso Sabelli.

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PUBLISHED BY ‘MILANO FINANZA’ (Italy)

Posted in AIR TRANSPORT INDUSTRY, BANKING SYSTEMS, COMMERCE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FINANCIAL SERVICES INDUSTRIES, FRANCE, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, ITALY, NETHERLANDS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, TRANSPORT INDUSTRIES, TURKEY, UNITED KINGDOM | Leave a Comment »

UNILEVER WITHDRAWS FROM AN ISRAELI SETTLEMENT

Posted by Gilmour Poincaree on December 1, 2008

Sunday, November 30

UNILEVER PRESS RELEASE PUBLISHED BY ‘WINDOW INTO PALESTINE’

PRESS RELEASE – November 27th 2008

United Civilians for Peace (UCP) welcomes Unilever’s decision to divest from a factory based in an illegal Israeli settlement on the West Bank. This decision comes in a period in which UCP and Unilever Netherlands are engaged in a constructive dialogue about Unilever’s presence in Barkan. UCP and Unilever discussed the ethical considerations with regards to investment in settlements and Unilever’s responsibilities within the framework of Corporate Social Responsibility.

In 2006, a report by United Civilians for Peace concluded that the Anglo-Dutch multinational owns a 51% share in Beigel & Beigel, a pretzel and snacks factory. This factory is located in Barkan, an industrial zone in Ariel, an Israeli settlement in the West Bank. Last Wednesday, Unilever announced their decision to divest from Beigel & Beigel.

Since the publication of the report “Dutch economic links in support of the Israeli occupation of Palestinian and/or Syrian territories” in 2006, UCP has advocated the departure of Unilever from the settlement in the Occupied Palestinian Territories. This resulted in a constructive dialogue with Unilever Netherlands and UCP research into the legal and ethical implications of Unilever’s investment in Beigel & Beigel.

The research document titled: “Improper Advantage: A Study of Unilever’s investment in an illegal Israeli settlement” concludes that:

– The land of the UNILEVER NETHERLANDSBarkan industrial zone was confiscated from surrounding Palestinian villages by a military order issued by the Israeli Defence Force issued in 1981, and declared “state land”. International Law prohibits the confiscation of occupied land not for military purposes.

– Because the factory is located in an illegal settlement, Unilever complies with violation of Palestinian human rights and the structural discrimination of Palestinian workers.

– Beigel & Beigel benefits from subsidies that are allocated by the Israeli government to the industrial zones in the settlements. Also, the factory has been guaranteed a state grant for a plan of expansion.

The report was available as of Friday November 28th.

UCP congratulates Unilever with their decision to divest. This important and constructive step shows that Unilever takes serious both the provisions of international law as well as its Corporate Social Responsibility. Israeli settlements form a major obstacle to a lasting peace between Israelis and Palestinians and the industrial zones play an important economic role in maintaining these settlements.

Not for publication:

For more information and to request a copy of the report “Improper Advantage: A Study of Unilever’s investment in an illegal Israeli settlement”, please contact Merijn de Jong (United Civilians for Peace) +31(0)30-8801581 / +31(0)6-27249753 or merijn.de.jong@unitedcivilians.nl

The report is available as of Friday November 28th. (http://www.unitedcivilians.nl)

United Civilians for Peace (UCP) is a Dutch platform that strives for a just solution of the Israeli-Palestinian conflict. UCP is a joint initiative of Oxfam Novib, Cordaid, ICCO and IKV Pax Christi.

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PUBLISHED BY ‘WINDOW INTO PALESTINE’

Posted in ECONOMIC CONJUNCTURE, ECONOMY, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INTERNATIONAL, ISRAEL, NETHERLANDS, PALESTINE, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE ISRAELI-PALESTINIAN STRUGGLE, WARS AND ARMED CONFLICTS | Leave a Comment »

DHL BUSINESS IN US SLASHED

Posted by Gilmour Poincaree on November 12, 2008

Tuesday, November 11, 2008

Deutsche Post will close all of its DHL Express service centers, cut 9,500 jobs in the United States and DHL - DHL Airbus A300B4-200 (OO-DLZ) takes off from London Luton Airport, Bedfordshire, England eliminate US – only domestic shipping by land and air, with the company citing heavy losses amid fierce competition.

The Bonn-based company noted that the cuts are on top of 5,400 job losses it already announced. It blamed heavy losses at DHL, which competes against UPS and FedEx.

The cuts are part of a wider plan to curtail operations in the United States, including domestic ground and delivery services. Part of the plan calls for the halt to domestic shipping by January 30, but international shipping is not affected.

The DHL Express unit currently employs some 18,000 workers.

Associated Press

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PUBLISHED BY ‘THE STANDARD’ (Hong Kong – China)

Posted in AIR TRANSPORT INDUSTRY, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIES, NATIONAL WORK FORCES, NETHERLANDS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, USA | Leave a Comment »

VERMILION’S PRODUCTION DOWN IN THIRD QUARTER, CRUDE OIL INVENTORY LEVELS UP VERMILION ENERGY TRUST

Posted by Gilmour Poincaree on November 11, 2008

Monday, November 10, 2008

Vermilion Energy Trust has reported its interim operating and unaudited financial results for the three and nine month periods ended September 30, 2008.

THIRD QUARTER HIGHLIGHTS

Recorded production of 31,927 boe/d in the third quarter of 2008 as compared to 33,743 boe/d in the second quarter of 2008. Previously announced shut-in production in the Netherlands, combined with scheduled downtime in Australia were the primary drivers behind the production decline.

Production was relatively flat as compared to 32,172 boe/d recorded in the third quarter of 2007, and is expected to remain stable over the balance of the year. Vermilion had projected softer production levels in the second half of 2008 and has maintained its 2008 production guidance unchanged between 32,000 and 33,000 boe/d.

Generated fund flows from operations of $131.8 million ($1.73 per unit) in the third quarter of 2008 compared to $190.3 million ($2.50 per unit) in the second quarter of 2008. A significant draw on crude oil inventories in the second quarter of 2008 was the principal reason for the higher cash flow in the second quarter, as compared to the third quarter of 2008. As only two shipments of crude occurred in each of Australia and the Aquitaine Basin in France, Vermilion’s crude oil inventory levels increased to 390,000 barrels at the end of the third quarter compared to 114,000 barrels at the end of the second quarter.

Vermilion distributed $0.57 per unit in the quarter, equivalent to 30% of fund flows from operations, representing the lowest cash payout ratio in its peer group of oil and gas income trusts. Since converting to a trust in January 2003, Vermilion has distributed more than 100% of the initial unit price at the time of conversion and has never decreased its distribution payments.

Total payout comprising of net distributions, capital expenditures, reclamation fund contributions and asset retirement costs incurred was 68% of fund flows from operations in the third quarter of 2008 and 50% year to date in 2008.

Vermilion further reduced its net debt from the second quarter by approximately $63 million to $222 million, equivalent to approximately 0.4 times annualized third quarter 2008 fund flows from operations. Vermilion’s existing line of credit of $675 million is expected to be an important tactical advantage as Vermilion continues to pursue acquisitions.

Vermilion drilled 14 Drayton Valley and central Alberta wells in the third quarter of 2008, and continued its workover and recompletion programs in Canada and France. On October 22, 2008, Vermilion began drilling the first of two wells at its Wandoo Field in Australia. The plan is to drill both wells concurrently and Vermilion expects both wells will be drilled, completed and tied-in before year-end.

On September 8, 2008, Verenex Energy Inc., in which Vermilion holds approximately 18.8 million shares representing a 42.4% equity interest, announced that it has initiated a process to identify, examine and consider a range of strategic alternatives available to Verenex to maximize shareholder value.

Vermilion is well positioned to weather a prolonged global economic downturn and believes the distressed markets may provide the opportunity to acquire producing properties at attractive metrics. The Trust’s conservative business model and low payout ratio are expected to provide a significant cushion in a low commodity price environment, which should enable Vermilion to maintain its current distribution levels for the foreseeable future.

OUTLOOK

Vermilion expects fourth quarter production volumes will remain stable near 32,000 boe/d. Normal production declines in Canada, France and the Netherlands will be offset by slightly higher Australian volumes as no significant downtime is planned at Wandoo in the fourth quarter. Accordingly, Vermilion is maintaining production guidance between 32,000 and 33,000 boe/d for 2008. New production from the two wells that are currently drilling at Wandoo is expected to be tied-in near the end of 2008 and will not have a significant impact on fourth quarter 2008 volumes. Production from each of these wells is expected at approximately 1,000 boe/d.

Capital expenditures in the fourth quarter are projected at approximately $85 million, with roughly half of that amount aimed at the Wandoo drilling program. Vermilion expects year-end net debt to approach $260 million, representing less than six months trailing cash flow.

Vermilion anticipates a capital expenditure program of between $175 million and $250 million for 2009. The Trust believes one of its primary responsibilities is to maintain a stable stream of distributions for unitholders, and Vermilion does not anticipate any change in distributions in 2009. Management also believes that the Trust’s strong balance sheet provides a good opportunity to pursue acquisitions in a more favourable ‘buyer’s market’ for property transactions.

In 2009, Vermilion is projecting record activity levels in France and the Netherlands and a slight slowdown in western Canadian activity. Australian capital spending in 2009 will be limited to maintenance capital spending as the trust assesses the performance of the 2008 drilling activity.

Approximately one-third of Vermilion’s 2009 capital expenditure program is geared towards non-reserve-additive activities, including long term studies related to the waterflood and enhanced oil recovery programs, seismic and land expenditures and subsurface and facilities maintenance. This portion of the capital program is focused on the potentially significant expansion and long-term sustenance of Vermilion’s existing reservoirs.

Approximately 40% to 45% of Vermilion’s 2009 capital program will be focused in France, where Vermilion anticipates drilling six to ten wells in its most active program in France since 1998. Besides new wells in the Champotran/La Torche field, drilling plans include a water injection well at Les Mimosas to support oil production from that field. New drilling in the Parentis field is being temporarily deferred until commodity prices rebound. Vermilion will continue with a robust workover and recompletion program in the Chaunoy, Cazaux and Parentis fields.

Approximately 25% to 30% of the capital program is earmarked for Canada, where Vermilion will maintain its successful natural gas drilling, workover and recompletion program in Drayton Valley and a smaller coalbed methane and shallow gas program in Central Alberta.

In the Netherlands, subsidence concerns led Vermilion to shut in approximately 1,000 boe/d of production in July 2008. Vermilion has applied to re-instate 150 boe/d and is reviewing new reservoir data, but has not made any decision regarding the balance of this production. Approximately one quarter of the 2009 capital program is aimed at the Netherlands, where Vermilion hopes to drill four to five wells in 2009. None of the drilling will be in the area affected by subsidence concerns. Potential additional production volumes from this drilling program are excluded from Vermilion’s 2009 guidance figures, as drilling is not expected to begin until the third quarter of 2009 with tie-in expected at year-end.

Preliminary production estimates reflect average volumes in 2009 of between 31,500 and 33,000 boe/d.

Verenex Energy Inc., in which Vermilion holds approximately 18.8 million shares representing a 42.4% equity interest, announced that it has initiated a process to identify, examine and consider a range of strategic alternatives available to Verenex to maximize shareholder value. The company continues to achieve positive drilling results in Libya. On November 6, 2008 Verenex announced that its two most recent wells have also encountered hydrocarbons in the target zones. To date, Verenex has drilled sixteen wells, all of which encountered hydrocarbons. Eleven of these wells, which include nine new field exploration wells and two appraisal wells have been tested at combined rates of 98,000 boe/d of production. The company is developing a commerciality application that contemplates an initial production phase of up to 50,000 boe/d.

On November 3, 2008, Verenex reported that DeGolyer and McNaughton (“D&M”), an independent engineering firm, provided an updated assessment of oil and gas resources in Verenex’s discoveries and portfolio of exploration prospects in Area 47. In summary, the aggregate of D&M’s updated September 30, 2008 best estimate of gross contingent resources and risked mean estimate of gross prospective resources, on an oil equivalent basis, has increased by 36% to approximately 2.15 billion barrels.

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PUBLISHED BY ‘RIGZONE’

Posted in AUSTRALIA, CANADA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL MARKETS, FRANCE, INDUSTRIAL PRODUCTION, INDUSTRIES, NETHERLANDS, PETROL, STOCK MARKETS, THE FLOW OF INVESTMENTS | Leave a Comment »