asianculturalfestival.org

BUCHAREST, June 28 (Reuters) – Here are news stories, press
reports and events to watch which may affect Romanian financial
markets on Tuesday.

MONEY SUPPLY

Romania’s central bank is expected to release May money
supply data.

DEBT ISSUANCE

The finance ministry is expected to announce leu debt
issuance plans for July. Debt managers have sold about 4 billion
lei ($1.34 billion) in June, slightly below their plan of 4.3
billion lei.

GREEK VISIT

Greece’s President Karolos Papoulias starts a one-day visit
to Romania. He is expected to meet President Traian Basescu and
Prime Minister Emil Boc.

IMF COMPLETES FIRST REVIEW OF ROMANIA LOAN PROGRAM

The International Monetary Fund on Monday approved the first
review of Romania’s performance under its 24-month precautionary
IMF loan accord, saying the country had made a “strong start”.

[ID:nN1E75Q1TH]

ROMANIA JAN-MAY BUDGET GAP RISES TO 1.4 PCT/GDP

Romania ran a consolidated budget deficit of 1.4 percent of
gross domestic product at the end of May, the finance ministry
said on Monday, giving it sufficient room to meet its end-year
target agreed with the IMF. [ID:nLDE75Q0Y0]

ROMANIA AIMS TO SELL 40 PCT OF NUCLEAR UNITS STAKE

Romania aims to sell 40 percent of its shares in a project
to add two more reactors to its sole nuclear power plant in
Cernavoda, an economy ministry official said on Monday.

[ID:nLDE75Q0JI]

ROMANIA DELAYS PLAN TO COMBINE REGIONS

Romania postponed a plan on Monday to combine its 41
counties into eight bigger regions, which was opposed by an
ethnic Hungarian minority party that had threatened to bring
down the ruling coalition. [ID:nLDE75Q0TL]

NOTE- For a diary of forthcoming Romanian events, double
click [RO/DIARY], and a calendar of east European economic
indicators, see [CONV/DIARY].

For other related news, double click on:
—————————————————————
Romania Market Debt [RO-DBT] Romanian forex [RO-FRX]
Romania Market Report [ROL/] Romanian money [RO-M]
Emerging Market Debt [EMRG/DBT] Emerging forex [EMRG/FRX]
All Emerging Markets news [EMRG] CEE indicators [CONV/DIARY]
All East Europe News [EEU] E.Europe equities [.CEE]
TOP NEWS — Emerging markets [TOP/EMRG]
TOP NEWS — Convergence watch [TOP/EAST]
Romanian indicators [RO/ECI]
Main page of Reuters poll <RO/POLL1>
—————————————————————

Originally Published On: www.reuters.com – Original Article Here

Costly superhero movie Green Lantern has opened in the US and Canada with weekend takings of $52.7m (£32.6m), according to studio estimates.

The film, which reportedly cost $200m (£123.7m) to make and has a marketing budget of $125m (£77.3m), is the latest to be based on a comic book creation.

It comes in the wake of Thor, which opened with $65m (£40.2m), and the latest X-Men film with $55m (£34m).

The movie Ryan Reynolds as a member of the intergalactic space police.

Green Lantern knocked Super 8 off the top spot, which took $21.3m (£13.2m).

Family comedy Mr Popper's Penguins opened in third with $18.2m (£11.3m).

It stars Jim Carrey as a father who learns the importance of family life when he inherits half a dozen of the flightless birds.

X-Men: First Class was in fourth, with $11.5m (£7.1m), while The Hangover Part II was fifth with $9.6m (£6m).

The Hangover sequel has now taken $488m (£301.8m) worldwide, surpassing the performance of the original 2009 film which took $468m (£289.5).

Originally Published On: www.bbc.co.uk – Original Article Here

* Chinese partners to take majority stake in Saab

* Saab plans to issue new shares for 245 million euros

* Non-binding deal hinges on governmental approval

* Talks about property sale ongoing

* Spyker shares up 25 percent

(Adds details, updates shares)

By Aaron Gray-Block and Niklas Pollard

AMSTERDAM/STOCKHOLM, June 13 (Reuters) – Swedish car maker
Saab (SPYKR.AS) has agreed a rescue package from two Chinese car
companies, handing over a majority stake in return for a cash
injection to avert a potential collapse.

Saab owner Spyker Cars said on Monday it had signed a
non-binding memorandum of understanding for Zhejiang Youngman
Lotus Automobile Co to take a 29.9 percent stake in the company
and Chinese car distributor Pangda (601258.SS) to take a 24
percent stake for a combined 245 million euros ($352 million).

The deal hinges on approval from the Chinese and Swedish
governments and a green light from the European Investment Bank
and Saab shareholder General Motors (GM.N).

Gaining Chinese government clearance could be difficult,
however, as Beijing follows a strict and price-sensitive policy
when it comes to overseas acquisitions.

“Spyker needed funding. The fact that they get this amount
is positive … but for existing shareholders there is quite a
bit of dilution,” AEK analyst Martin Crum said.

“We have to wait to see whether all the government and third
parties give their blessing to this. It will not be easy.”

Shares in Dutch-listed Spyker, which has been chasing
several deals to resolve a cash crunch that halted production
for seven weeks earlier this year, jumped 25 percent.

Spyker chief executive Victor Muller said the deal would
secure Saab’s mid and long-term financing and told Swedish news
agency TT approval should take two to three months.

Failure to gain Chinese approval on time, however, torpedoed
a deal Spyker entered into with Chinese firm Hawtai Motor Group
in May, while Sichuan Tengzhong Heavy Industrial Machinery’s bid
to buy GM’s (GM.N) Hummer in 2010 also fell through.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Pangda deal faces sobering regulatory test [ID:nL3E7H210D]
Spyker-Saab timeline: [ID:nLDE75C0XE]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

After the Hawtai deal collapsed, Spyker signed a deal with
Pangda to set up a joint venture with Spyker and a partner in
China to start making Saabs in China within two years.

Saab said on Monday it had agreed for Youngman to buy a
stake in Saab for 136 million euros ($195 million) and to enter
the distribution and manufacturing joint venture in China.

Youngman and Saab will each hold a 45 percent stake in the
manufacturing joint venture and Pangda 10 percent. Youngman will
also take a 33 percent stake in the distribution joint venture,
with Pangda holding 34 percent and Saab 33 percent.

As part of the deal, Pangda plans to take a 24 percent stake
in Spyker for a total 109 million euros, up from an initial
investment announced on May 16 worth 65 million euros.

After production was halted for most of April and May due to
unpaid supplier bills, Saab output has been shut down again this
week despite payments of 45 million euros for 1,900 cars from
Pangda that had helped pay bills and stave of the potential
collapse of the company.

Swedish paper Dagens Industri reported Saab is now close to
a deal to sell its factory buildings this week, providing the
firm with about 280 million Swedish crowns in cash.

Swedish property company Hemfosa has been considering a sale
and leaseback deal and such a deal could move quickly, real
estate journal Fastighetsvarlden quoted Hemfosa chief Jens
Engwall as saying. [ID:nLDE75C0RJ]

Saab said talks about the sale and lease back of Saab
property are ongoing and that Spyker expects to make an
announcement about the sale of the Saab property shortly.

A Saab spokesman said the company was working hard to
bolster its finances and reach agreements with suppliers to
restart production soon. “We have 10,000 orders waiting,” she
said.
(Additional reporting by Patrick Lannin in Stockholm; Editing
by Mike Nesbit and Louise Heavens)
($1=.6969 euro=6.327 Swedish Crown)

Originally Published On: www.reuters.com – Original Article Here

* Chinese partners to take majority stake in Saab

* Saab plans to issue new shares for 245 million euros

* Non-binding deal hinges on governmental approval

* Talks about property sale ongoing

* Spyker shares up 25 percent

(Adds details, updates shares)

By Aaron Gray-Block and Niklas Pollard

AMSTERDAM/STOCKHOLM, June 13 (Reuters) – Swedish car maker
Saab (SPYKR.AS) has agreed a rescue package from two Chinese car
companies, handing over a majority stake in return for a cash
injection to avert a potential collapse.

Saab owner Spyker Cars said on Monday it had signed a
non-binding memorandum of understanding for Zhejiang Youngman
Lotus Automobile Co to take a 29.9 percent stake in the company
and Chinese car distributor Pangda (601258.SS) to take a 24
percent stake for a combined 245 million euros ($352 million).

The deal hinges on approval from the Chinese and Swedish
governments and a green light from the European Investment Bank
and Saab shareholder General Motors (GM.N).

Gaining Chinese government clearance could be difficult,
however, as Beijing follows a strict and price-sensitive policy
when it comes to overseas acquisitions.

“Spyker needed funding. The fact that they get this amount
is positive … but for existing shareholders there is quite a
bit of dilution,” AEK analyst Martin Crum said.

“We have to wait to see whether all the government and third
parties give their blessing to this. It will not be easy.”

Shares in Dutch-listed Spyker, which has been chasing
several deals to resolve a cash crunch that halted production
for seven weeks earlier this year, jumped 25 percent.

Spyker chief executive Victor Muller said the deal would
secure Saab’s mid and long-term financing and told Swedish news
agency TT approval should take two to three months.

Failure to gain Chinese approval on time, however, torpedoed
a deal Spyker entered into with Chinese firm Hawtai Motor Group
in May, while Sichuan Tengzhong Heavy Industrial Machinery’s bid
to buy GM’s (GM.N) Hummer in 2010 also fell through.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Pangda deal faces sobering regulatory test [ID:nL3E7H210D]
Spyker-Saab timeline: [ID:nLDE75C0XE]
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

After the Hawtai deal collapsed, Spyker signed a deal with
Pangda to set up a joint venture with Spyker and a partner in
China to start making Saabs in China within two years.

Saab said on Monday it had agreed for Youngman to buy a
stake in Saab for 136 million euros ($195 million) and to enter
the distribution and manufacturing joint venture in China.

Youngman and Saab will each hold a 45 percent stake in the
manufacturing joint venture and Pangda 10 percent. Youngman will
also take a 33 percent stake in the distribution joint venture,
with Pangda holding 34 percent and Saab 33 percent.

As part of the deal, Pangda plans to take a 24 percent stake
in Spyker for a total 109 million euros, up from an initial
investment announced on May 16 worth 65 million euros.

After production was halted for most of April and May due to
unpaid supplier bills, Saab output has been shut down again this
week despite payments of 45 million euros for 1,900 cars from
Pangda that had helped pay bills and stave of the potential
collapse of the company.

Swedish paper Dagens Industri reported Saab is now close to
a deal to sell its factory buildings this week, providing the
firm with about 280 million Swedish crowns in cash.

Swedish property company Hemfosa has been considering a sale
and leaseback deal and such a deal could move quickly, real
estate journal Fastighetsvarlden quoted Hemfosa chief Jens
Engwall as saying. [ID:nLDE75C0RJ]

Saab said talks about the sale and lease back of Saab
property are ongoing and that Spyker expects to make an
announcement about the sale of the Saab property shortly.

A Saab spokesman said the company was working hard to
bolster its finances and reach agreements with suppliers to
restart production soon. “We have 10,000 orders waiting,” she
said.
(Additional reporting by Patrick Lannin in Stockholm; Editing
by Mike Nesbit and Louise Heavens)
($1=.6969 euro=6.327 Swedish Crown)

Originally Published On: www.reuters.com – Original Article Here

ABB, the power and automation technology group, has won an order worth $85m from AlFanar Construction Co. to supply 380 kilovolt (kV) indoor gas-insulated switchgear (GIS) that are a key component of new substations that will power the 444-km long high-speed Haramain rail line currently under construction in Saudi Arabia.

ABB will design, supply, install and commission the GIS by the middle of 2013, to meet a challenging project schedule. The GIS solution offers high reliability, ease of operation, low maintenance costs and environmental benefits.

Owned and operated by the Saudi Electricity Company, the country’s national power utility, the substations are needed to supply electricity to high-speed (360 kph) electric trains that are expected to help transport about three million passengers annually. The railway will link the pilgrimage cities of Mecca and Medina via the King Abdullah Economic City, Rabigh, Jeddah and King Abdulaziz International Airport. The new rail line is expected to reduce traffic congestion on the roads, and will cut travel time between Medina and Mecca from six hours to two.

“Our GIS is extremely robust and designed to withstand extreme weather conditions. It also has a significantly smaller footprint – a distinct advantage for indoor and urban installations such as these,” said Bernhard Jucker, head of ABB’s Power Products division.”The equipment will facilitate the reliable and efficient supply of electricity to power the new rail network.”

Increasing concern for the environment, rapid urbanization and the need to move more people and freight faster, make rail a key infrastructure sector. ABB provides a wide range of reliable, innovative and energy-efficient power and automation technologies for modern urban, conventional and high-speed rail networks.

Originally Published On: www.ameinfo.com – Original Article Here

June 7 (Reuters) – Kia’s US$ notes:

* Moody’s assigns Baa2 rating on Kia’s US$ notes

Originally Published On: www.reuters.com – Original Article Here

A World War II submarine, a bridge, a seaside pier, a castle conservatory and a cathedral are to share £11m of funding for heritage projects.

HMS Alliance will get £3.4m to repair its bow and stern and address extensive corrosion on its surface.

The money will also provide new facilities for visitors to the museum.

Wakefield Cathedral will benefit to to the tune of £1.58m, which will allow the Grade I listed building to get better lighting, flooring, heating and access.

Penarth Pier Pavilion in Vale of Glamorgan will get £1.65m for restoration of the building.

Wentworth Castle conservatory in Barnsley, South Yorkshire, has been awarded £2.4m.

The Grade II* listed building is one of the last surviving Victorian winter gardens in the country.

HLF chief executive Carole Souter said: "Our £11m investment will help transform these five unique heritage sites, ensuring they will still be around for everyone's enjoyment for many years to come."

The HLF said it was also giving a tentative approval to projects to restore Hoxton Hall in Hackney, east London and Middleport pottery in Stoke-on-Trent.

It is also considering a grant to transform Palace House and Stables in Newmarket into a horseracing heritage centre.

Seventeen Classic winners were trained at Palace House between 1837 and 1926. In its heyday in the late 19th century, Palace House was the largest training establishment in Newmarket.

However, a £2.9m bid towards building a museum at Cribbs Causeway, Bristol, to house the last Concorde aircraft to fly has been turned down.

Originally Published On: www.bbc.co.uk – Original Article Here

Rancho Palos Verdes, California (CNN) — Google, now an Internet giant, is learning that it needs to take more careful steps in regards to privacy.

Prompted by intensifying scrutiny from government regulators and privacy watchdogs, Google is striving to be more sensitive to data-collection issues that often make people uneasy.

It went so far as to spike a recent project Google engineers had developed because of fears of potential backlash, said Eric Schmidt, Google’s executive chairman and former CEO.

The scrapped software would have let people include their head shot photos in a database so that they could be recognized by a mobile application when someone takes a picture of their faces.

"We built that technology, and we withheld it," Schmidt said in an onstage interview at the D: All Things Digital conference here on Tuesday. "As far as I know, it was the only technology that Google built, and we decided to stop."

That product was meant to be part of an app called Google Goggles, which is able to look at a picture taken from a phone and then translate text or recognize a building, advertisement or painting. (Facial recognition is, however, being used to power a feature in Google Maps’s Street View that blurs the faces of bystanders caught on camera.)

As recently as March, Google still had plans to eventually release the facial-recognition version of the app, CNN reported. Schmidt was less supportive of the idea at a conference two weeks ago when he said it was "unlikely" that Google would release the software.

With facial-recognition technology, "an evil dictator could use that against you," Schmidt said on Tuesday. "We’re so sensitive on the privacy issue now."

Since Schmidt handed over the CEO reigns to co-founder Larry Page in April, the goal was to create an organization that operates more autonomously, that works like a startup, Google managers say.

But to address privacy issues, Google has inserted a layer of oversight to reduce the recklessness that many fledgling companies get away with.

"Historically, we would just throw stuff over the wall," Schmidt said. "We now have a very, very thorough process."

Company lawyers and government-policy specialists now work with the development teams as they’re building products and brainstorming ideas, Schmidt said. It’s their job to wrangle expectations and ensure Google doesn’t overstep "the creepy line" (to borrow a phrase from Schmidt).

Regulators say Google has crossed that line before, with its camera-taking vehicles and with Google Buzz. The latter attracted the ire of the U.S. government when the service published the e-mail contact lists for users. As a result, Google agreed to submit to reviews of its privacy policies as part of a Federal Trade Commission settlement.

Schmidt, an industry veteran, knows that a series of stumbles can scar a tech company. He said at the conference that software giant Microsoft is no longer a top player among tech brands.

"Microsoft is not driving the consumer revolution in the mind of consumers," Schmidt said. (However, it’s worth noting that in an interview with the Wall Street Journal last year, Schmidt named Microsoft, with its Bing search engine, as Google’s biggest competitor, ahead of Apple and Facebook.)

Schmidt’s big four is Amazon.com, Apple, Facebook and (you guessed it) Google. Honorary mentions go to Twitter and PayPal. Coincidentally, the latter is suing Google over its new mobile-payments service, called Google Wallet, which launches in Portland on Wednesday and was demonstrated at the event.

Apple, which Google competes with on smartphones and soon laptops, was a recipient of much praise from Schmidt. He said Apple makes "beautiful products" and has just renewed a deal to use Google’s search and maps services. He suggested people buy Mac computers over Microsoft’s Windows PCs if they’re concerned about getting viruses — "speaking as a proud former board member of Apple," he said.

Besides including Facebook in his list of top companies, Schmidt had little else to laud the social network for. The site is about connecting with "every friend you’ve ever had, including the ones you can’t quite remember," he said. Google has tried to partner with Facebook, but Microsoft usually wins those deals, he said.

Facebook, too, has had to walk a privacy tightrope when rolling out new features. Responding to a question about Facebook’s growing presence, Schmidt said: "I think the industry would benefit from having an alternative."

Originally Published On: www.cnn.com – Original Article Here