Kamis, 17 November 2011

Honda Fit EV rental costs only 2012, and the American press in the summer for $ 399 per month


If you're looking to buy a car to keep around for the long-haul (200,000 miles, anyone?), then Honda should probably near the top of your list. That's why we're a bit surprised to see that next year's all-electric Fit won't have a purchase option -- not initially, at least. The car does carry an MSRP of $36,625, but at this point that figure will be used for little more than to calculate the approximately $399 per month lease fee. If your credit's up to snuff and you end up behind the wheel, expect the 20-kWh lithium-ion battery to provide an estimated city range of 123 miles, with a combined rating of 76 miles. The on-board 6.6-kW 32-amp charger juices up the battery in as little as three hours with level-two EVSE. You can expect the all-blue Fit to reach parts of California and Oregon next summer, with East Coast dealers stocking the EV by 2013. Only 1,100 cars are expected to reach U.S. shores, however, so you may want to add your local Honda dealer to the holiday card list -- it certainly can't hurt your chances of getting Fit next summer.

BlackBerry optimistic going great, there cutting the target price of $ 300 in Canada

PlayBooks haven't exactly been flying off the shelves... anywhere. Not even in RIM's native Canada. But that might actually change over the nex few days as BestBuy, Walmart, Staples and Future Shop have chopped $300 off the price of the QNX-based slate. The sale lasts from November 16th to the 22nd in Quebec, and the 18th to the 24th in the rest of Canada. Now, they're probably not going to eclipse the iPad in sales anytime soon, but a $200 16GB PlayBook is a much more compelling proposition than a $500 one. The WiFi only 32GB and 64GB models are also being discounted to $300 and $400 respectively which, in case you're not mathematically inclined, means the 64GB BlackBerry tablet will actually cost less than the 16GB version normally does. Obviously, though, you'll have to be quick -- we're sure this fire sale (tundra sale?) will have stocks running pretty low.

Protest the Wall Street closing bid demontrans secured authorities NY

New York police on Thursday prevented protesters from shutting down Wall Street with an Occupy Wall Street rally that led to over 100 arrests but drew fewer than expected demonstrators.

Hundreds of Occupy Wall Street protesters took to the streets in rainy New York and elsewhere in the United States for a day of action seen as a test of the momentum of the two-month-old grassroots movement against economic inequality. In New York, organizers and city officials had expected tens of thousands to turn out.

"We certainly want to see more people mobilize and show up," said Occupy Wall Street spokesman Jeff Smith, who nevertheless said there was "a fantastic turnout."

Police barricaded the narrow streets around Wall Street, home to the New York Stock Exchange, and used batons to push protesters onto the sidewalk as they marched through the area to try and prevent financial workers getting to their desks.

Workers were allowed past barricades with identification and the New York Stock Exchange opened on time and operated normally. Police and protesters scuffled and by 2 p.m. (1900 GMT) Thursday over 100 people had been arrested.

Protesters banged drums and yelled "We are the 99 percent" -- referring to their contention that the U.S. political system benefits only the richest 1 percent. Some chanted at police: "You're sexy, you're blue, now take off that riot suit."

"I wanted to see more people. I had watched this on the news and hoped for more. I wasn't satisfied with the numbers (at the protest)," said Sadat Hadzijic, 20 from the Bronx.

Protesters were dealt a blow on Tuesday when authorities shut their camp headquarters in New York's Zuccotti Park. When protesters took over the space on September 17 they sparked occupations of public spaces across the United States and re-energized similar movements elsewhere in the world.

Protesters are also planning to take their protest to 16 subway hubs later on Thursday, then return to City Hall for a rally before marching across the Brooklyn Bridge. Last month, more than 700 people were arrested during a similar march across the bridge after some protesters blocked traffic.

The support of labor unions and liberal group Moveon.org could boost numbers at the New York City Hall rally.

"I don't think the weather helped at all (this morning) but the 5 p.m. rally is crucial," said Zach Zook, 27, from Brooklyn. "If we are looking for tens of thousands that's where we will get it."

"GET A JOB"

In Los Angeles, hundreds of protesters and union members marched through downtown chanting "Whose streets? Our streets" in solidarity with Occupy Wall Street. Police said 23 people were arrested for blocking a street.

Erik Santiago, 29, who works as a stage manager, marched in Los Angeles "to open a platform between us and our government, because it seems like it's been broken down."

In Dallas more than a dozen people were arrested when police shut down their six-week-old camp near City Hall.

In New York, some were growing weary of the protests. Taxi driver Mike Tupea, a Romanian immigrant, said his car was stuck amid the protesters for 40 minutes.

"I have to make a living. I pay $100 for 12 hours for this cab. I am losing money every minute," he said. "I have all my sympathies for this movement but let me do my living, let working people make a living."

Protesters say they are upset that billions of dollars in bailouts given to banks during the recession allowed a return to huge profits while average Americans have had no relief from high unemployment and a struggling economy.

They also say the richest 1 percent of Americans do not pay their fair share of taxes.

As he tried to get to his financial district office, Paul Layton, a trial lawyer, said he hoped "that through (the protesters') efforts they can convince government to regulate the financial industry."

Derek Tabacco was not happy as he tried to get to the offices of his financial technology company and was carrying a sign with a message for the protesters that read "Get a job."

The clearing of the Occupy camp in New York followed evictions in Atlanta, Portland and Salt Lake City. Unlike action in Oakland, California, where police used tear gas and stun grenades, most protesters left voluntarily.

Before dawn on Thursday, police cleared away a protest camp from a plaza at the University of California, Berkeley, where 5,000 people had gathered on Tuesday night.

Megyn Norbut from Brooklyn said she holds down three jobs and that she joined the protest on Thursday "because we got kicked out of Zuccotti and we need to show that this is a mental and spiritual movement, not a physical movement."

Chip industry growth outlook recovery after slowing

The semiconductor industry is looking at first signs of recovery as it struggles to clear inventories of unsold chips stemming from a slowdown in consumer spending, industry executives said on Thursday.

The industry hit a slump as demand for consumer gadgets has slowed in Europe and elsewhere due to economic uncertainties at a time when vendors have invested heavily in the new production gear.

Chip designer ARM said it was optimistic that reductions in inventory by device makers, which is dampening demand for semiconductors, would be short-lived.

"We are seeing some ARM licensees looking beyond that and the body language is more positive than a quarter ago," Chief Executive Warren East said on Thursday.

French chipmaker STMicroelectronics said it expects to return to normal business conditions in the second quarter of 2012 after inventory is cleared, its chief executive told an investor conference in Barcelona.

Comments of STMicroelectronics echoed research firm Gartner, which said it expected the inventory correction to continue to dampen sales prospects for at least the reminder of the year before sequential growth can return in 2012.

U.S. microcontroller maker Microchip called the bottom of the cycle when it reported third-quarter results earlier this month.

Microchip, often seen as a canary in the coal mine for the chip industry, said it expects the inventory burn-off to be largely over by the end of 2011 and anticipates the December quarter to mark the bottom of this industry cycle.

While STMicroelectronics forecast a continued slowdown in fourth-quarter sales when reporting weak results last month, CEO Carlo Bozotti said the company had seen an uptick.

"For a few weeks we have seen bookings increasing again," Bozotti said, adding the orders were still at a low level and it was not clear how sustainable the trend was.

SMARTPHONES TO HELP FRAGILE RECOVERY

ARM, whose processor blueprints are licensed by chipmakers such as Texas Instruments and Samsung Electronics, said royalties would grow faster than the market in 2012, driven by hot smartphone products such as Apple's iPhone 4S, which is powered by its designs.

"We expect next year to be another year of significant growth for smartphones," East told the Morgan Stanley technology, media and telecom conference in Barcelona.

He said, however, that the number shipped would undoubtedly be affected by economic conditions.

In Taipei, ARM President Tudor Brown said he expected the semiconductor industry to grow "a few percent" in 2012.

Research firm IHS iSuppli on Thursday cut its forecast for growth of global semiconductor market in 2011 to just 1.2 percent from 2.9 percent growth it had forecast earlier.

IHS iSuppli said the weak economy would continue to depress consumer spending in 2012, the foremost driver of electronics and semiconductor market demand, leading to an "anemic" 3.2 percent for the chip industry.

"A return to stronger growth will not begin until 2013. However, any forecast for growth is cautious in nature as a number of factors threaten to drive the economy back into recession, which would push the semiconductor market into a double dip," the researcher said.

UK sells bailed out bank Northern Rock to Virgin

(Reuters - Rate Information) - Britain has agreed to sell nationalized lender Northern Rock to Virgin Money, the banking arm of Richard Branson's Virgin empire, in a loss-making deal that marks the start of the government's exit from banks it bailed out in the 2008 crisis.

The disposal will fetch between 747 million pounds and 1 billion pounds ($1.2 billion - $1.6 billion), Britain's finance ministry said on Thursday, representing a 400 million pound loss on the 1.4 billion pounds in equity pumped into the lender by taxpayers.

"The sale of Northern Rock to Virgin Money is an important first step in getting the British taxpayer out of the business of owning banks," Chancellor of the Exchequer George Osborne said in a statement.

Virgin Money, also backed by Texan private equity tycoon Wilbur Ross, had faced competition to buy Northern Rock from NBNK (NBNK.L), an investment vehicle set up to create a new retail bank by buying assets from bailed-out incumbents.

British deputy prime minister Nick Clegg said the Virgin Money deal was the best available.

"The strong recommendation made to us was that this was the best value for taxpayers," he told reporters.

"Of course we have an over-riding duty to provide good value to taxpayers and that's what we sought to do through this decision."

The Northern Rock sale was handled by Britain's UKFI organization, which was set up to manage the state's holdings in banks bailed out during the crisis.

INCREASED COMPETITION

The combination of Northern Rock and Virgin Money should increase competition in British retail banking, challenging the dominance of HSBC (HSBA.L), Barclays (BARC.L), Lloyds Banking Group (LLOY.L), Santander (SAN.MC) and Royal Bank of Scotland (RBS.L), the UK Treasury said.

Virgin Money currently offers mortgages, credit cards, savings and insurance products by telephone and over the internet to about 3 million customers in the UK. Buying Northern Rock will give the business a branch network for the first time.

Its chief executive Jayne-Anne Gadhia will run the enlarged lender from Northern Rock's existing base in Newcastle, north-eastern England.

Virgin Money has pledged not to make any further compulsory redundancies from the combined bank, and to maintain Northern Rock's existing branch network.

Northern Rock, a former mutual that used cheap wholesale credit to grow aggressively in the British mortgage market, was nationalized in early 2008 after banks abruptly stopped lending to each other in the credit crisis, starving it of funding.

Prior to the government's intervention, customers queued at Northern Rock branches to withdraw their money in the first run on a British bank in many decades, triggering a steep fall in financial markets.

The British government still holds an 83 percent stake in RBS and 41 percent of Lloyds, a legacy of its efforts to prop up the banking sector during the financial meltdown. ($1 = 0.633 British Pounds)

(Additional reporting by Adrian Croft and Steve Slater; Editing by Paul Hoskins and Jodie Ginsberg)

File Yelp for $ 100 Million IPO

Joining the parade of social Internet companies lining up to go public, online review website Yelp has filed for a $100 million IPO.

Yelp is looking to add to the likes of Groupon and LinkedIn, which were the largest of the social web companies to list this year. Zynga is also expected to price soon. Goldman Sachs, Citigroup and Jefferies are leading the Yelp deal, with Allen & Co. and Oppenheimer also participating.

For the nine months ending Sept. 30, Yelp generated $58.4 million, up 80% from $32.5 million in the year-ago period. The company had a net loss of $7.6 million in the first nine months of 2011, slightly down from $8.5 million in the year-ago period.

Yelp has more than 22 million reviews and 61 million monthly unique visitors, up 63% year-over year, the company said.

Top shareholders are Bessemer Venture Partners with 22.5%, Elevation Partners (which is an investor in FORBES) with 22.4%, Benchmark Capital with 16.2% and Max Levchin with 13.8% and CEO Jeremy Stoppelman with 11.1%. Levchin, cofounder of PayPal and Slide, has a surprisingly large stake, considering he has not been an employee, so Levchin presumably had a large early investment in Yelp.

Rabu, 16 November 2011

China's life just got a new regulatory IPO in Shanghai

(Reuters - Rate Information and News) - New China Life Insurance Co Ltd, 15 percent owned by Swiss insurer Zurich Financial (ZURN.VX), has received regulatory approval for the Shanghai leg of its planned $2.6 billion Shanghai-Hong Kong dual listing, local media reported on Wednesday.

In a widely expected move, the China Securities Regulatory Commission (CSRC) has given its nod to China's third-biggest life insurer's plans to sell up to 158.54 million shares in Shanghai, the 21st Century Business Herald reported, citing sources.

The CSRC, which is expected to announce the outcome of its review later on Wednesday, was not immediately available for comment.

The company, controlled by Central Huijin, a unit of China's sovereign wealth fund, did not give a fundraising target but a source with direct knowledge of the matter has said the firm is aiming to raise about 6 billion yuan ($945.4 million) in Shanghai and 10 billion yuan in Hong Kong.

The insurer plans to sell as many as 358.4 million shares in Hong Kong, with an option to expand it by another 15 percent, according to a draft prospectus.

Companies in Greater China are lining up to sell shares in initial public offerings in coming months, braving jittery markets with deals worth more than $10 billion in total, as they take advantage of the steep market rebound in the past month.

New China Life said it would use the IPO proceeds to replenish capital, as it has not met the regulator's requirements on adequacy ratios.

The company, which competes with bigger rivals China Life (601628.SS)(2628.HK) and Ping An Insurance (601318.SS)(2318.HK), posted a 15 percent drop in net profit last year, as Chinese insurers suffer from rising competition and a volatile stock market.

New China Life has lined up a number of cornerstone investors for the deal and was planning to start premarketing the deal once regulatory approvals were granted, IFR, a Thomson Reuters publication reported last month.

China International Capital Corp and UBS Securities are the lead underwriters of the IPO.

(Reporting by Kazunori Takada and Samuel Shen; Editing by Jacqueline Wong)

 
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