October 2009

Costa Mesa’s Torelli Realty Adds Four New Team Members and In-House Lending Services

October 28, 2009

COSTA MESA, CA–(Marketwire – October 28, 2009) – Torelli Realty, an independent real estate company focused on buyers and sellers almost exclusively in Costa Mesa, Calif., recently expanded its office to include in-house mortgage services and brought on four new team members specializing in residential sales and lending. “As we continue to lead Costa Mesa in real estate sales, we’ve brought on four phenomenal employees to join us in our growth,” said Valerie Torelli, founder and president of Torelli Realty, one of the few real estate companies located in and dedicated to Costa Mesa properties. “Not only do they have impressive professional backgrounds, but each is a long-time resident of Costa Mesa — an especially important quality for our agents because it enables us to provide the best and most organic client services in our community.

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Costa Mesa’s Torelli Realty Adds Four New Team Members and In-House Lending Services

October 28, 2009

COSTA MESA, CA–(Marketwire – October 28, 2009) – Torelli Realty, an independent real estate company focused on buyers and sellers almost exclusively in Costa Mesa, Calif., recently expanded its office to include in-house mortgage services and brought on four new team members specializing in residential sales and lending. “As we continue to lead Costa Mesa in real estate sales, we’ve brought on four phenomenal employees to join us in our growth,” said Valerie Torelli, founder and president of Torelli Realty, one of the few real estate companies located in and dedicated to Costa Mesa properties. “Not only do they have impressive professional backgrounds, but each is a long-time resident of Costa Mesa — an especially important quality for our agents because it enables us to provide the best and most organic client services in our community.

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Costa Mesa’s Torelli Realty Adds Four New Team Members and In-House Lending Services

October 28, 2009

COSTA MESA, CA–(Marketwire – October 28, 2009) – Torelli Realty, an independent real estate company focused on buyers and sellers almost exclusively in Costa Mesa, Calif., recently expanded its office to include in-house mortgage services and brought on four new team members specializing in residential sales and lending. “As we continue to lead Costa Mesa in real estate sales, we’ve brought on four phenomenal employees to join us in our growth,” said Valerie Torelli, founder and president of Torelli Realty, one of the few real estate companies located in and dedicated to Costa Mesa properties. “Not only do they have impressive professional backgrounds, but each is a long-time resident of Costa Mesa — an especially important quality for our agents because it enables us to provide the best and most organic client services in our community.

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Costa Mesa’s Torelli Realty Adds Four New Team Members and In-House Lending Services

October 28, 2009

COSTA MESA, CA–(Marketwire – October 28, 2009) – Torelli Realty, an independent real estate company focused on buyers and sellers almost exclusively in Costa Mesa, Calif., recently expanded its office to include in-house mortgage services and brought on four new team members specializing in residential sales and lending. “As we continue to lead Costa Mesa in real estate sales, we’ve brought on four phenomenal employees to join us in our growth,” said Valerie Torelli, founder and president of Torelli Realty, one of the few real estate companies located in and dedicated to Costa Mesa properties. “Not only do they have impressive professional backgrounds, but each is a long-time resident of Costa Mesa — an especially important quality for our agents because it enables us to provide the best and most organic client services in our community.

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Early Reports: Stimulus Saved, Created 388,000 Jobs

October 28, 2009

States have reported using stimulus money to create or save more than 388,000 jobs so far this year, buttressing the Obama administration’s claim that the $787 billion plan has had a significant impact on the economy.

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Tanja Aitamurto: Targeted, Hyper-Personalized, Real-Time Ads – Please Come to Me!

October 28, 2009

Have you ever clicked on an ad on a website? I have, once. I clicked on an ad on my Facebook page, and the ad was promoting a new yoga studio in my neighborhood in San Francisco. I clicked to get a free week of yoga. Other than that, I never click on online ads. They are lame, boring, sometimes annoying. Maybe they are not targeted for me – I’m not buying a car, diamonds, a cruise getaway to Alaska. Nevertheless I’m a consumer, and I shop clothes, food, services. The ads don’t just tell me about the products nearby me – the ads are not relevant enough. This the quandary of online advertising: how to make marketing more relevant? Because of the internet, marketing has a better situation than ever. The advertisers can actually pay for the performance, meaning clicks per ad, not only for the assumed number of eyeballs seeing the ad. On the other hand, are clicks the right way to measure the efficiency? And, is online advertising efficient at all? In my case, it doesn’t seem to be. For me targeted, location-based, and contextualized marketing works . Foursquare , a location based gaming and mobile application uses that kind of marketing. When I enter a coffee shop and check myself in on Foursquare, a small ad appears on my iPhone screen. The ad with one line of text tells me that if I buy a coffee, I’ll get a scoop of ice cream for free at the coffee shop I just walked in. That is the kind of advertising I want: ads about things around me, things that are relevant at the exact moment. I would spend more if I got to know about promotions around me. The good news is that I will get more of that. Marketing will be more local, more personalized, as Bonita Coleman Stewart , the managing director of Google Sales US said at a conference last week in New York, organized by the Economist magazine. Also, marketing will be more consumer created in the future, she said. That trend is similar to journalism – journalism is not only about delivering news anymore, but also getting the readers to contribute and get engaged. In the future, we will see marketers engaging in conversations, as they do it now, as Jack Dorsey , the chairman of Twitter, said in the conference. He said that he has been surprised how marketers actually use Twitter – by engaging in conversations with the consumers. He predicts that in the future marketing will not be so much about the media, but about using real time connections.

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Kurt Cockrum Re-Assumes Leadership Role

October 28, 2009

WALNUT CREEK, CA–(Marketwire – October 28, 2009) – DM Products ( PINKSHEETS : DMPD ) announced today the re-appointment of Kurt Cockrum to the Board of Directors. Having stepped aside as Director and President in 2007, Mr. Cockrum has accepted the offer to return as Chairman of the Board of Directors, as well as President. James Clarke, DM Products current Chairman and President, will remain on the Board and hold the positions of Secretary and Treasurer.

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Kurt Cockrum Re-Assumes Leadership Role

October 28, 2009

WALNUT CREEK, CA–(Marketwire – October 28, 2009) – DM Products ( PINKSHEETS : DMPD ) announced today the re-appointment of Kurt Cockrum to the Board of Directors. Having stepped aside as Director and President in 2007, Mr. Cockrum has accepted the offer to return as Chairman of the Board of Directors, as well as President. James Clarke, DM Products current Chairman and President, will remain on the Board and hold the positions of Secretary and Treasurer.

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New-Home Sales in U.S. Unexpectedly Fall as End of First-Time Credit Nears

October 28, 2009

By Bob Willis Oct. 28 (Bloomberg) — Sales of new U.S. homes unexpectedly fell in September, a sign the housing recovery may lose momentum after a government tax credit expires. Sales decreased 3.6 percent to a 402,000 annual pace, lower than the median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. The median price of a new home dropped 9.1 percent from September 2008. Contracts signed last month will probably not be able to close before an $8,000 first-time homebuyer tax credit expires at the end of November, raising concern the market will retrench in coming months as unemployment and foreclosures climb. Economists view stabilization in housing as key to any rebound from the worst recession in seven decades. The report “tempers enthusiasm about the rebound in housing,” said Richard DeKaser, chief economist at Woodley Park Research in Washington, whose forecast was the lowest among economists surveyed. “Key to keeping the market on track is extending the credit and sustaining low mortgage rates.” Stocks fell following the disappointing sales report. The Standard & Poor’s 500 Index was down 0.5 percent to 1,057.68 at 10:17 a.m. in New York. Treasury securities rose. Unexpected Drop New-home sales were forecast to rise to a 440,000 annual rate, according to the median forecast of 75 economists in the Bloomberg survey. Estimates ranged from 412,000 to 460,000 after an initially reported 429,000 rate in July. Last month’s pace was the lowest since June. A second Commerce Department report showed orders for durable goods rose 1 percent in September, a fourth gain in the past six months and signaling factories are helping ring in an economic recovery. The median price of a new house fell to $204,800 compared with $225,200 at the same time last year. The value was up 2.5 percent from the prior month, reflecting a plunge in the share of houses selling for less than $150,000, a category that often includes first-time buyers. Sales of new homes were down 7.8 percent from September 2008. The decrease in sales was led by an 11 percent drop in the West and a 10 percent decrease in the South. Purchases in the Midwest jumped 34 percent and were unchanged in the Northeast. Less Inventory Builders had 251,000 houses on the market last month, the fewest since November 1982. It would take 7.5 months to sell all homes at the current sales pace, the same as in August. Sales of new homes, which make up less than 10 percent of the market, are tabulated when a contract is signed and may therefore begin cooling weeks before the Nov. 30 deadline by which buyers must close a transaction to be eligible for the tax credit. Sales of existing homes , which account for the remainder, are counted when sales close and thus reflect contracts signed a month or two earlier. Previously owned homes in September sold at a 5.57 million pace, up a record 9.4 percent from the prior month, the National Association of Realtors reported last week in Washington. The level of sales was the highest in more than two years. Lobbying for Extension The Realtors’ grou p and the National Association of Home Builders are lobbying to extend the first-time homebuyers credit on concern demand will wane after it lapses. Lawmakers have joined in. Senate leaders this week were negotiating to extend the tax credit through 2010, Senator Bill Nelson of Florida said. “We should be able to extend that later this week,” Nelson, a Democrat, told reporters. Housing-related companies are still trying to recover. Caterpillar Inc ., the world’s largest maker of bulldozers and excavators, last week said its third-quarter earnings fell by more than half from a year earlier while it boosted its full year forecast. “We believe the third quarter marked the low point for Caterpillar sales and revenues in what has been the toughest recession since the 1930s,” Chief Executive Officer Jim Owens said in a statement. “We are seeing encouraging signs that indicate a recovery may be under way.” To contact the reporter on this story: Bob Willis in Washington bwillis@bloomberg.net .

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Printronix Welcomes New Chief Financial Officer to Executive Team

October 28, 2009

Rhonda Longmore-Grund Will Play Important Role in Evolution of Company Growth

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Printronix Welcomes New Chief Financial Officer to Executive Team

October 28, 2009

Rhonda Longmore-Grund Will Play Important Role in Evolution of Company Growth

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Printronix Welcomes New Chief Financial Officer to Executive Team

October 28, 2009

Rhonda Longmore-Grund Will Play Important Role in Evolution of Company Growth

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Northern Rock sale moves closer

October 28, 2009

According to British newspaper The Telegraph, the sale of Northern Rock’s “good bank” would only recover a small portion of the state funds extended to the lender. Under the current plan, the Government will increase its loan to Northern Rock by about GBP£8 billion … The Telegraph reports that Kroes said in a statement, “The failure of Northern Rock would have had major detrimental effects on the UK mortgage market and the overall financial stability of the UK economy. …

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The Debt Exchange Promotes Bill Looney

October 28, 2009

Looney, who was previously executive vice president, will continue to be responsible for managing all of DebtX’s loan sale operations in the United States. Looney has more than 25 years of loan sale and lending experience, …

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Written agreement with Cascade Bancorp

October 28, 2009

Written agreement with Cascade Bancorp

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GlobalPlatform Selects Eric Le Saint From ActivIdentity as Its Systems Committee Chair

October 28, 2009

Leadership Role in Specifications Organization Solidifies ActivIdentity’s Commitment to Industry Standards

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GlobalPlatform Selects Eric Le Saint From ActivIdentity as Its Systems Committee Chair

October 28, 2009

Leadership Role in Specifications Organization Solidifies ActivIdentity’s Commitment to Industry Standards

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Stratton Holdings, Inc. Appoints CEO to MarketFriends(TM)

October 28, 2009

MOUNTAIN VIEW, CA–(Marketwire – October 28, 2009) – Stratton Holdings, Inc. ( PINKSHEETS : STHG ) announces the appointment of Mr. Michael Maloney to the position of Chief Executive Officer of subsidiary MarketFriendsT effective immediately. Mr. Maloney will take over the day to day duties and development of www.marketfriends.com . Michael Maloney started his career in marketing, advertising and administrative duties at one of the largest Health Care Groups, Queens Long Island Medical Group, where he still resides as an Administrative Coordinator for the Group.

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Stratton Holdings, Inc. Appoints CEO to MarketFriends(TM)

October 28, 2009

MOUNTAIN VIEW, CA–(Marketwire – October 28, 2009) – Stratton Holdings, Inc. ( PINKSHEETS : STHG ) announces the appointment of Mr. Michael Maloney to the position of Chief Executive Officer of subsidiary MarketFriendsT effective immediately. Mr. Maloney will take over the day to day duties and development of www.marketfriends.com . Michael Maloney started his career in marketing, advertising and administrative duties at one of the largest Health Care Groups, Queens Long Island Medical Group, where he still resides as an Administrative Coordinator for the Group.

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Stratton Holdings, Inc. Appoints CEO to MarketFriends(TM)

October 28, 2009

MOUNTAIN VIEW, CA–(Marketwire – October 28, 2009) – Stratton Holdings, Inc. ( PINKSHEETS : STHG ) announces the appointment of Mr. Michael Maloney to the position of Chief Executive Officer of subsidiary MarketFriendsT effective immediately. Mr. Maloney will take over the day to day duties and development of www.marketfriends.com . Michael Maloney started his career in marketing, advertising and administrative duties at one of the largest Health Care Groups, Queens Long Island Medical Group, where he still resides as an Administrative Coordinator for the Group.

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Rob Bearden Joins Black Duck Software’s Board of Directors

October 28, 2009

Bearden Brings Twenty Years of Industry Experience and a Stellar Track Record for Building and Scaling World-Leading Open Source and Enterprise Software Companies

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Rob Bearden Joins Black Duck Software’s Board of Directors

October 28, 2009

Bearden Brings Twenty Years of Industry Experience and a Stellar Track Record for Building and Scaling World-Leading Open Source and Enterprise Software Companies

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Rob Bearden Joins Black Duck Software’s Board of Directors

October 28, 2009

Bearden Brings Twenty Years of Industry Experience and a Stellar Track Record for Building and Scaling World-Leading Open Source and Enterprise Software Companies

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Rob Bearden Joins Black Duck Software’s Board of Directors

October 28, 2009

Bearden Brings Twenty Years of Industry Experience and a Stellar Track Record for Building and Scaling World-Leading Open Source and Enterprise Software Companies

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Ruizs Rise to Prominence Said to Culminate in Galleon Link

October 28, 2009
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Blair Rivals, Conservatives Aim to Derail EU Presidency Bid Before Summit

October 28, 2009

By James G. Neuger and James Hertling Oct. 28 (Bloomberg) — Luxembourg Prime Minister Jean- Claude Juncker and Britain’s opposition Conservatives stepped up efforts to derail Tony Blair’s candidacy for the European Union’s top job as the region’s leaders intensified efforts to pick their first president. Juncker, 54, said yesterday he’d be willing to serve, saying Blair’s bid would deepen divisions in the 27-nation bloc. The U.K. Conservatives’ leader, David Cameron , said selecting the former Labour prime minister would damage EU-British relations if they take power in elections next year. With EU presidents and prime ministers gathering tomorrow for a summit in Brussels, discussions may already be turning to alternatives, such as Dutch Prime Minister Jan Peter Balkenende and former Austrian Chancellor Wolfgang Schuessel , said Marco Incerti , an analyst at the Centre for European Policy Studies. Balkenende is “a bit of a compromise candidate,” said Incerti, who is based in Brussels. “He comes from a smaller country and is more inclined to try and have consensus. At the same time, his country is not as small as, for example, Luxembourg. And the Dutch are also always very pragmatic.” The agenda for the two-day summit beginning at 5 p.m. will focus on persuading Czech President Vaclav Klaus to drop his opposition to the so-called Lisbon Treaty. He’s the last holdout to the agreement intended to streamline EU decision-making, establish the job of president and strengthen the role of its foreign policy chief. EU officials are confident that the Czech constitutional court will reject a complaint against the treaty, after holding a hearing yesterday. A decision may be announced next week. Opposing Camps “You have people who think that these two new posts, the president of the European Council and foreign minister, should be strong individuals with a lot of personal charisma and clout so they can actually be very assertive,” said Incerti. “On the other hand you have another camp which is more supporting a view in which these two new posts would be just deal-brokers, just trying to garner consensus and get all the EU leaders to agree.” Juncker, the longest-serving leader in the EU, has styled himself as the anti-Blair candidate who would strive for consensus and speak forcefully to foreign leaders such as Russia’s Vladimir Putin . “I’m not a candidate, but if others are appealing to me to be a candidate and if the general conditions are fulfilled, I have no a priori reason to say no,” Juncker told journalists yesterday in Luxembourg. Even though Luxembourg is the EU’s second-smallest state after Malta, “I am not a dwarf,” Juncker told Le Monde , a French daily, in an interview published yesterday. Old Rivals Juncker and Blair are old rivals. After chairing an EU summit in 2005, the Luxembourger denounced as “shameful” Blair’s bid to cut EU subsidies for eastern Europe. A budget was approved six months later at a summit chaired by Blair. “Europe has to be run in a coherent, inclusive and global way,” Juncker, who also serves as treasury minister, told Le Monde. “The president has to be able to meld the plans, ideas and dreams of both large and small countries.” While Blair, now a United Nations envoy to the Middle East, has stayed mum on his career plans, the U.K. government has begun a lobbying campaign on his behalf. Foreign Secretary David Miliband on Oct. 26 touted him as a “persuasive advocate” who would deliver “strong leadership.” Blair’s role in backing the U.S.-led invasion of Iraq in 2003 is one of the strikes against him. U.K.’s opposition Conservatives have also warned that the selection of Blair would damage EU relations if they take power next year. Tories’ View A Blair presidency isn’t “the right step forward for Europe, and I don’t think it’s the right step forward for Britain,” Cameron said. “We would prefer it was more a chairman-ic role, coordinating the council of ministers.” Blair picked up the backing this week of French Foreign Minister Bernard Kouchner , though it was unclear whether that is France’s official position. French President Nicolas Sarkozy dealt Blair a blow on Oct. 15 by calling it a “problem” that Britain has stayed out of the 16-nation euro, symbol of the EU’s economic integration. Juncker, in office since 1995, was in on the negotiations that paved the way to the euro and heads the panel of finance ministers from the euro countries. Sarkozy and German Chancellor Angela Merkel meet tonight in Paris before traveling to Brussels. To contact the reporters on this story: James G. Neuger in Luxembourg at jneuger@bloomberg.net ; James Hertling at jhertling@bloomberg.net

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Pakistan’s Deadliest Bombing in Two Years Kills 97 as Clinton Begins Visit

October 28, 2009

By Farhan Sharif and Indira A.R. Lakshmanan Oct. 28 (Bloomberg) — Pakistan’s deadliest bombing in seven months shattered a crowded market in Peshawar, killing at least 72 people as U.S. Secretary of State Hillary Clinton began her first official visit to the country. The explosion ripped through Meena Bazaar, where small shops selling women’s clothes line narrow lanes, in Peshawar’s historic walled city. “Bodies are scattered and badly burned,” Mohammed Naeem, a spokesman for the Edhi Ambulance Service said by phone from Pakistan’s northwestern provincial capital. The bombing, plus two attacks by militants in the Afghan capital, Kabul, escalate violence that is complicating the Obama administration’s search for a strategy to contain the Taliban and allied jihadists in Afghanistan and Pakistan. Today’s bombing was the deadliest since March 27, when at least 70 people died in an attack on a mosque outside Peshawar, the capital of North West Frontier Province. Pakistan’s military is engaged in a campaign to rout Islamic militants from strongholds in South Waziristan along the porous border with Afghanistan. The almost two-week assault has sparked retaliatory suicide bombings and assaults that have now claimed more than 220 lives, prompting tight security and secrecy around Clinton’s visit. Clinton, arriving in Islamabad on a three-day visit, is seeking to douse tension that flared this month over perceived conditions attached to a new U.S. assistance bill and back a military offensive against Taliban militants. She said in Washington last week the U.S. government has “not done a very good job” of countering what public opinion polls show are increasing anti-U.S. attitudes. ‘Turning the Page’ “We are turning the page on what had been in the past several years primarily a security, anti-terrorism agenda,” Clinton told reporters traveling with her. While security remains “our highest priority,” she said she’ll highlight U.S. support for the civilian government and initiatives on energy and economic development. Praising the resolve of authorities in fighting insurgents, she said it is “important for Americans and others to recognize the high price the Pakistanis are paying” in battling allies of al-Qaeda. Clinton traveled to Islamabad less than two weeks after a visit to Washington by Pakistani Foreign Minister Shah Mehmood Qureshi . He conveyed the anger of Pakistan’s military establishment, government opponents and media over perceived strings attached to a $1.5 billion annual U.S. aid package passed by Congress last month. Motives Questioned “It is unfortunate that there are those who question our motives who are perhaps skeptical that we are going to be there for the long term,” Clinton said. Language in the Enhanced Partnership with Pakistan Act became a rallying point for opponents of the government of Pakistani President Asif Ali Zardari , and she said the outcry was misplaced. “There is misunderstanding,” Clinton said. “These aren’t conditions on Pakistan so much as they are metrics for measuring whether we think our aid is being productive.” The bill requires the Secretary of State to certify civilian control of Pakistan’s military, cooperation with counter-terrorism, protection of Pakistan’s nuclear arsenal and compliance with international non-proliferation standards. An unrelated U.S. defense bill passed last week requires the secretaries of State and Defense to report to Congress on whether payments to Pakistan are spent in line with U.S. interests and not diverted to military spending against India. Obama’s Challenge Clinton’s visit — to include meetings with tribal elders, women, journalists, civic leaders and government officials in Islamabad and Lahore — is intended to dispel fears the U.S. will abandon the region when counterterrorism objectives are accomplished. Polls show a majority of Pakistanis disapprove of U.S. policy, especially unmanned air strikes on suspected insurgent hideouts in tribal regions. Strong anti-American sentiment could “jeopardize the U.S. ability to partner with Pakistan effectively,” said Lisa Curtis , a senior research fellow at the Heritage Foundation in Washington. The Kerry-Lugar-Berman civilian aid bill signed this month by President Barack Obama authorizes $7.5 billion over five years for road construction, schools, power facilities and livelihood projects. It’s in addition to about $7.6 billion in U.S. military payments to reimburse Pakistan for counterterrorism spending since 2001. Kabul Attack Obama is weighing how to address a worsening regional insurgency eight years after the Sept. 11 terror attack on the U.S. and the retreat of its architects into tribal areas along the Pakistan-Afghan border. In Kabul today, gunmen stormed a United Nations guesthouse and killed six UN workers in an attack the Taliban said was aimed at disrupting next month’s Afghan presidential runoff election. Eight more U.S. troops killed by bombings in Afghanistan made October the deadliest month for the U.S. since its 2001 invasion. Since May, the Pakistani army has cracked down on extremists who previously enjoyed some support from authorities. That has sparked an internal refugee crisis, suicide bombings, assaults on military bases and the assassination of an army brigadier this month. The attacks have diminished public sympathy for religious extremists. Collaboration Asked if Pakistani security services had ceased to collaborate with militant groups they have sponsored as proxies in skirmishes with India, Clinton said, “We are constantly assessing that, because it remains a concern. “The level of cooperation that we have received from the Pakistani military and intelligence services has increased geometrically” since Obama took office in January, she said. “Nine months is not a lot of time to turn around a relationship that has a lot of scars,” Clinton said. To contact the reporter on this story: Indira Lakshmanan in Islamabad at ilakshmanan@bloomberg.net

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Apollo Group Plunges as SEC Starts Accounting Probe Into Education Company

October 28, 2009

By John Lauerman Oct. 28 (Bloomberg) — Apollo Group Inc. , the biggest publicly traded U.S. educator, plunged 19 percent in New York trading after saying the government is investigating its accounting. The Securities and Exchange Commission’s Enforcement Division has begun an informal probe of Apollo Group’s “revenue recognition,” the Phoenix-based company said yesterday in a statement. The company also expects to pay about $80.5 million in settlement and legal costs for a lawsuit related to its recruitment practices, according to the statement. Apollo Group is the parent company of the University of Phoenix, the nation’s largest private university with 443,000 students, most of whom take classes via the Internet. Federal student aid accounted for about 86 percent of company revenue in fiscal 2009, Apollo said yesterday in a filing . That’s up from 82 percent in fiscal 2008 and 48 percent in fiscal 2001, according to company filings. “Management has provided little information that would enable investors to assess what the issue can be,” said Ariel Sokol , a Wedbush Securities Inc. analyst in New York who recommends selling the shares, in an e-mail yesterday. “The issue investors need to ask is whether this is company-specific or industry wide.” Shares of Apollo Group fell $13.97 to $59 at 8 a.m. in New York in trading before the open of U.S. exchanges. Before today, they had fallen 4.8 percent in 2009, compared with the 18 percent gain in the Standard & Poor’s 500 Index. Cooperate Fully “We don’t know what the focus of the inquiry is,” said Brian Swartz , Apollo’s chief financial officer and treasurer, in a conference call with analysts and investors yesterday. “We believe all of our revenue recognition is appropriate in accordance with GAAP,” he said, referring to the rules and guidelines of Generally Accepted Accounting Principles. Apollo intends to cooperate fully with the SEC in connection with the inquiry, the statement said. Kevin Callahan , an SEC spokesman, didn’t immediately return a call seeking comment late in the day. The expected settlement costs are connected to a 2003 federal lawsuit brought by two former employees alleging the company violated a federal ban on paying recruiters on the basis of the number of students enrolled, according to the Apollo statement. Apollo paid $9.8 million in 2004 to the U.S. Department of Education to settle alleged violations of the same rule. To contact the reporter on this story: John Lauerman in Boston at jlauerman@bloomberg.net .

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GlaxoSmithKline Profit Jumps 30%, Surpassing Estimates, on Currency Gains

October 28, 2009

By Trista Kelley Oct. 28 (Bloomberg) — GlaxoSmithKline Plc said third- quarter profit rose 30 percent after currency gains boosted revenue. Net income increased to 1.34 billion pounds ($2.18 billion) from 1.03 billion pounds a year earlier, London-based Glaxo said in a Regulatory News Service statement today. Earnings excluding some items rose to 28.5 per share from 25.2 pence, beating the 28.1-pence mean estimate from 18 analysts surveyed by Bloomberg. Sales advanced 15 percent to 6.76 billion pounds, from 5.88 billion pounds, beating the 6.75 billion-pound mean estimate of 19 analysts. Chief Executive Officer Andrew Witty has made at least a dozen licensing deals or acquisitions since taking over in May 2008 to make up for revenue lost to generic versions of drugs, including Lamictal for epilepsy and the Imitrex migraine pill. Witty has called 2009 a “year of two halves,” saying the worst of Glaxo’s patent expiries are over and sales of swine flu treatments will shore up second-half revenue. “Witty has delivered,” West LB analyst Simon Mather said in an interview before earnings were released. “Glaxo is emerging from their patent cliff just as the other companies are going into theirs, and the pipeline seems to be delivering.” The pound weakened against the dollar, declining from an average of $1.89 in the third quarter of last year to $1.64 this year. That increased the value of U.S. sales. Relenza Sales While revenue was also boosted by more government orders for the company’s flu treatment Relenza, sales in the U.S. were hurt by generic versions of Imitrex, Lamictal, antidepressants Wellbutrin and Paxil CR, and Requip for restless legs. The products had 586 million pounds in U.S. revenue last year. Relenza sales were 182 million pounds. Yesterday, Glaxo and partner Genmab A/S won U.S. clearance for their Arzerra leukemia treatment, while Glaxo’s Cervarix vaccine was approved in the U.S. on Oct. 16 to prevent cervical cancer in females ages 10 to 25. Glaxo’s earnings per share excluded costs of a reorganization program, expanded in February, aimed at saving 1.7 billion pounds a year by 2011. Glaxo has slashed about 10,000 jobs since October 2007. To contact the reporters on this story: Trista Kelley in London at tkelley2@bloomberg.net

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Hector Ruiz’s Rise to Prominence Said to Culminate in Link to Galleon Case

October 28, 2009

By Ian King Oct. 28 (Bloomberg) — Hector Ruiz , the most prominent executive tied to the Galleon Group LLC insider-trading case, rose from his origins in a Mexican border town to take on Intel Corp. , the world’s largest chipmaker. Ruiz, 63, is the Advanced Micro Devices Inc. executive government prosecutors say provided nonpublic information to Danielle Chiesi , who is alleged to be part of the Galleon insider-trading ring, a person familiar with the matter said yesterday. An engineer with master’s and doctorate degrees, Ruiz was appointed as AMD’s second chief executive officer in 2002, succeeding Jerry Sanders , who founded the company in 1969. Ruiz brought a soft-spoken style to the company’s top job, a contrast to the designer suits and cowboy boots of his predecessor. They shared a common desire: to challenge Intel in the $32 billion market for microprocessors, the brains that run personal computers. “He fought the underdog fight for years against Intel,” said Roger Kay , an analyst with Endpoint Technologies Associates in Wayland, Massachusetts. “He was a hard-charging executive, take-no-prisoners type.” Ruiz, who stepped down as AMD’s CEO last year, was instrumental in the company’s plan to spin off its manufacturing plants, a strategy he called “asset smart.” He became chairman of Globalfoundries Inc., the new company created from the spinoff. Plant Spinoff Prosecutors released fragments of recorded conversations between Chiesi, a former Bear Stearns Asset Management official, and an AMD executive, in which they allegedly discussed the timing of the spinoff of AMD’s plants. The unnamed executive told Chiesi about the transaction in September 2008, ahead of the announcement of the deal, according to court documents. Ruiz hasn’t been charged with wrongdoing in the case, and prosecutors don’t say he profited from insider trading. Ruiz declined to comment, said Jon Carvill , a spokesman for Sunnyvale, California-based Globalfoundries. Ruiz is sill the company’s chairman, Carvill said yesterday. As a child, Ruiz walked across the border each day from his home in Piedras Negras, Mexico, to a high school in the South Texas town of Eagle Pass, according to a profile on Rice University’s Web site. Even though he didn’t start learning English until he was 16, Ruiz graduated as valedictorian of his senior class. Engineering Degrees He earned bachelor’s and master’s degrees in electrical engineering from the University of Texas at Austin , and a doctorate in engineering from Rice University in Houston in 1973. That opened the door to positions at Texas Instruments Inc. and then Motorola Inc. , where Ruiz became the head of its semiconductor division. Sanders hired Ruiz from Motorola in 2000 to groom him as a successor. “Hector is one of the most respected figures in the industry,” said Dan Hutcheson , head of VLSI Research , a semiconductor research company in Santa Clara, California. “He’s a very quiet person and very methodical, and tends to be pretty analytical.” AMD, based in Sunnyvale, was never able to match Intel’s spending on new plants, equipment, research and chip design. That didn’t stop Ruiz from envisioning that AMD would challenge Santa Clara-based Intel. ‘Flying High’ In February 2003, Ruiz put his vision for the computer-chip maker on paper: He presented employees a mock magazine cover with the headline, “Flying High: AMD’s Amazing Rise to the Top.” By introducing new technology for server chips ahead of Intel, AMD boosted its share in that market from less than 4 percent to 22 percent in the fourth quarter of 2006, according to figures from Mercury Research in Cave Creek, Arizona. Ruiz wasn’t afraid to cut businesses that weren’t performing. In 2005, AMD spun off its memory-chip division after Ruiz had described its losses on a conference call as making him “puke.” Ruiz received total compensation of $2.97 million in 2008, the year he left AMD. That included $1.12 million in salary and $1.36 million in option awards, according to the company’s proxy filing. He was awarded a retirement bonus of $4.4 million and got a lump-sum payment of $3 million for successfully completing the Globalfoundries spinoff. ATI Debt AMD’s gains against Intel stalled after it struggled to introduce new chips quickly enough to match its rival. By the end of 2008, when Ruiz left, AMD had reported nine straight quarters of losses . The company was saddled with $5.4 billion in debt after the acquisition of graphics-chip maker ATI Technologies Inc. in 2006. Under Ruiz, AMD’s shares advanced to $42.70 in March 2006, before declining as Intel stepped up competition. The stock fell to as low as $1.62 in November 2008. Ruiz’s solution to the company’s difficulties was “asset smart,” which he began touting to investors and analysts in 2007. The unnamed AMD executive allegedly told Chiesi that there was a 99 percent chance that the spinoff agreement would be disclosed before earnings were announced — a prediction that came true, prosecutors said. On Oct. 7, 2008, AMD said it would offload its manufacturing arm as part of an $8.4 billion investment from the Abu Dhabi government. It reported earnings on Oct. 16. “There’s no secrets,” said VLSI’s Hutcheson. “There’s always stuff out there and there are people able to pry it out of executives.” To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.net

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Stocks Fall Around World as Earnings Disappoint; Yen Gains, Metals Decline

October 28, 2009

By Daniel Hauck Oct. 28 (Bloomberg) — Stocks fell around the world, dragging the MSCI AC World Index to its longest losing streak since January, as companies from SAP AG to ArcelorMittal posted disappointing earnings. The yen rallied and commodities slid. The MSCI AC index of developed and emerging markets retreated for a seventh day, declining 0.9 percent at 11:18 a.m. in London. The yen advanced against all 16 of the most-traded currencies tracked by Bloomberg. Copper dropped 1.4 percent. SAP, the world’s biggest maker of business-management software, said sales will fall more than forecast this year because of setbacks in emerging markets and Japan. China plans to tighten rules for some loans, while Norway today may be the first European central bank to raise interest rates since the credit crisis began. “Earnings these days are telling us that risk is still high for the central banks to remove stimulus,” said Beat Siegenthaler , chief emerging-market strategist at TD Securities Ltd. in London. “Any premature tightening will be bad for equity markets.” Europe’s Dow Jones Stoxx 600 Index slid for the fourth time in five days, losing 1.7 percent, as SAP sank 7 percent in Frankfurt. The MSCI Asia Pacific Index retreated for a second day, losing 1.3 percent. Arcelor Drops ArcelorMittal slipped for a fifth day, dropping 3.2 percent in Amsterdam. The world’s largest steelmaker posted third- quarter operating income plus depreciation, impairment expenses and exceptional items of $1.59 billion. That missed the $1.78 billion median of 15 analyst estimates compiled by Bloomberg. Canon Inc. fell 3.4 percent in Tokyo. The world’s biggest camera maker reported a seventh straight quarterly profit drop. Stocks have retreated even as 75 percent of the companies in the MSCI World Index that have reported earnings since Oct. 7 have beaten analyst estimates , according to data compiled by Bloomberg. In the U.S., third-quarter results have topped projections for more than 85 percent of Standard & Poor’s 500 Index companies. Futures on the S&P 500 slipped 0.5 percent, indicating the benchmark gauge for U.S. equities may drop for a fourth day. Reports today may show orders for durable goods and sales of new houses rose in September, capping the strongest quarter of U.S. economic growth in two years, economists said. End of Stimulus Governments and central banks are preparing to remove stimulus measures after spending a total of $12 trillion, by International Monetary Fund estimates, to haul economies out of the recession. Economists forecast Norway may raise its benchmark rate a quarter-point. A report tomorrow may show U.S. gross domestic product grew an annualized 3.2 percent in the third quarter, the fastest pace in two years, according to the median of 79 economists’ estimates in a Bloomberg News survey. The yen gained most against the Australian dollar, rising 2.2 percent, as investors bailed out of higher-yielding and commodity-related currencies. The dollar advanced all 16 most- traded currencies except the yen, climbing 1.4 percent versus the so-called Aussie. Industrial metals dropped, paced by a 2.9 percent decline in tin to $14,950 a metric ton. Copper for three-month delivery on the London Metal Exchange fell for a third day, slipping 1.4 percent. Crude oil for December delivery fell as much as 1.1 percent to $78.66 a barrel on the New York Mercantile Exchange. White, or refined, sugar declined for a fifth day in London. Government bonds rose, with the yield on the U.S. five- year note dropping 2 basis points to 2.36 percent, as the Treasury prepared to sell $41 billion of the securities today, part of a record $123 billion it’s issuing this week. The yield on the five-year German note declined 2 basis points to 2.42 percent before the Frankfurt-based Federal Finance Agency offers 5 billion euros ($7.4 billion) of the debt. To contact the reporters on this story: Daniel Hauck in London at dhauck1@bloomberg.net .

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U.S. Durable-Goods Orders Rise Fourth Time in Six Months in Recovery Sign

October 28, 2009

By Shobhana Chandra Oct. 28 (Bloomberg) — Orders for U.S. durable goods rose in September for the fourth time in the past six months, a sign factories are helping ring in an economic recovery. The 1 percent increase in bookings for goods meant to last several years matched the median estimate of economists surveyed by Bloomberg News and followed a 2.6 percent drop the prior month, Commerce Department data showed today in Washington. Excluding transportation equipment, orders climbed 0.9 percent, exceeding the survey median. Gains in manufacturing are one reason why economists project a report tomorrow will show the economy expanded last quarter at the fastest pace in two years. Caterpillar Inc. and Eaton Corp. are among companies saying sales will improve in coming months as more than $2 trillion in global government stimulus boosts demand from China to Europe. “The economy is on the mend,” Joel Naroff, president of Naroff Economic Advisors Inc. in Holland, Pennsylvania, said before the report. “Manufacturing activity is picking up.” The median estimate of economists surveyed was based on 77 forecasts that ranged from a decline of 1 percent to a gain of 4.8 percent. Stock-index futures held earlier losses following the report. The contract on the Standard & Poor’s 500 Index was down 0.4 percent to 1,056.7 at 8:36 a.m. in New York. Treasury securities were little changed. Exceeded Median Excluding transportation equipment, orders were forecast to rise 0.7 percent, according to the survey median. The government revised August data to show a 0.4 percent decline compared with an initially reported 0.3 percent drop. Bookings for transportation equipment increased 1.1 percent, led by demand for military aircraft. Orders for commercial planes and for automobiles declined. Orders excluding defense equipment increased 0.5 percent, the fifth gain in the past six months, and bookings for military gear climbed 10 percent. Shipments for non-defense capital goods excluding aircraft, used in calculating gross domestic product, fell 0.2 percent in September. For the quarter, such shipments dropped at a 1.9 percent annual pace compared with a 14 percent plunge in the prior three months, indicating business investment stabilized. The report showed investment will probably improve going into 2010. Bookings for non-defense capital goods excluding planes, a proxy for future business spending, increased 2 percent in September and were up 11 percent at an annual pace for the quarter. Economy Expanded A report from the Commerce Department tomorrow may show the economy grew at a 3.2 percent annual pace last quarter, according to the median estimate of economists surveyed. It would be the first positive reading in more than a year and the strongest performance since the third quarter of 2007. Companies seeing a turnaround include Caterpillar, the world’s largest maker of bulldozers and excavators, which issued a full-year profit forecast exceeding the highest prediction from analysts. Peoria, Illinois-based Caterpillar is considered a bellwether for its ties to construction and mining and its overseas presence. “We are seeing encouraging signs that indicate a recovery may be under way,” Chief Executive Officer Jim Owens said in a statement on Oct. 20. “We’ve already started planning for an upturn.” A day earlier, Eaton, which makes circuit breakers and fuel pumps, reported third-quarter profit that topped analysts’ estimates and said earnings this year will be higher than previously forecast. Electrical markets in Europe and Asia are starting to recover, the Cleveland-based company said. “We believe we are seeing the European electric market start to stabilize,” Chief Executive Officer Sandy Cutler said on an Oct. 19 conference call. He still predicts the U.S. stimulus bill will add about $500 million in “incremental revenue” to Eaton in 2010. To contact the report on this story: Shobhana Chandra in Washington at schandra1@bloomberg.net

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Mitchell International Adds Leading Technologist to the SmartAdvisor Division Leadership Team

October 28, 2009

Ken Mihara to Lead Development of the Next Generation SmartAdvisor(TM) Software Solutions

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Mitchell International Adds Leading Technologist to the SmartAdvisor Division Leadership Team

October 28, 2009

Ken Mihara to Lead Development of the Next Generation SmartAdvisor(TM) Software Solutions

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Carpentaria Exploration Limited (ASX:CAP) Confirms Additional Magnetite Mineralisation And Increases Tonnage Potential At Hawsons Iron Project

October 28, 2009

Carpentaria Exploration Limited (ASX:CAP) Confirms Additional Magnetite Mineralisation And Increases Tonnage Potential At Hawsons Iron Project

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Bandanna Energy Limited (ASX:BND) A$22.5 Million Equity Investment And Marketing Agreement With SAMTAN Finalised

October 28, 2009

Bandanna Energy Limited (ASX:BND) A$22.5 Million Equity Investment And Marketing Agreement With SAMTAN Finalised

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D’Aguilar Gold Limited (ASX:DGR) Quarterly Report For The Period Ending 30 September 2009

October 28, 2009

D’Aguilar Gold Limited (ASX:DGR) Quarterly Report For The Period Ending 30 September 2009

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Environmental Clean Technologies (ASX:ESI) Appoints Mr Ashley Moore As Business Manager For Commercialisation Of Coldry Technology

October 28, 2009

Environmental Clean Technologies (ASX:ESI) Appoints Mr Ashley Moore As Business Manager For Commercialisation Of Coldry Technology

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Australian inflation rises to 1.3% in Q3

October 28, 2009

Australian inflation rises to 1.3% in Q3

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China’s Ping An swings to profit in Q3

October 28, 2009

China’s Ping An swings to profit in Q3

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