2007'02.11.Sun
Liquidnet Launches Canadian Equity Trading
October 31, 2006
First Week of Successful Trading Marks the Dawn of a New Institutional Marketplace for Canadian Equities
TORONTO, Oct. 31 /Xinhua-PRNewswire/ -- Liquidnet, the
#1 electronic marketplace for institutional-only block
trading, announced today its launch of Canadian equity
trading, which commenced on October 24. Canadian buy-side
institutions joined with Liquidnet's global Membership of
nearly 400 firms to form a new global institutional
marketplace for Canadian equity trading.
"The block-dominated nature of the Canadian
marketplace is particularly well suited for the Liquidnet
model of peer-to-peer large-block trading," said
Robert Young, Managing Director of Liquidnet Canada Inc.
"During Members' first four days of trading, the
average execution size was more than 80,000 shares, and the
highest volume on any one day was more than 2 million
shares. Our early success marks the formation of a new
marketplace for Canadian equities that is built exclusively
for the needs of the buy-side trader."
"Liquidnet's launch of Canadian equity trading has
changed the way Canadian equities are traded on a global
scale," said Seth Merrin, CEO of Liquidnet.
"Nearly half of all equity stock in Canadian-based
public companies is held by asset managers based outside of
Canada. Many of these firms are already Liquidnet Members.
It was remarkable to see them connect and trade Canadian
equities in Liquidnet."
Including Canada, Liquidnet supports trading in 17
equity markets globally and has nearly 400 live Member
firms who collectively manage more than $12 trillion (CAN)
in equity assets under management. Since launching Canadian
equity trading, Liquidnet's exclusive liquidity pool of
Canadian equities averaged 108 million available shares per
day.
About Liquidnet
Liquidnet is the #1 electronic marketplace for block
trading. Founded in the United States in 2001, Liquidnet
was built to solve the inefficiencies that currently affect
the institutional trading industry. By providing an
electronic marketplace where money management institutions
can trade large blocks of equities directly and
anonymously, Liquidnet offers its Member firms significant
price improvement with little to no market impact. The
Liquidnet system was designed to bring liquidity to the
trader, reversing the current paradigm of searching for
liquidity. Liquidnet launched its European operations in
2002 and its Canadian operations in 2005.
Liquidnet, Inc. is a registered U.S. broker/dealer,
headquartered in New York City and a member of NASD/SIPC.
Headquartered in London, Liquidnet Europe Limited is
regulated by the U.K. Financial Services Authority and is a
member of the London Stock Exchange. Liquidnet Canada Inc.
is regulated by the Ontario Securities Commission and is a
member of IDA/CIPF. Additional company and product
information is available online at http://www.liquidnet.com
.
For more information, please contact:
Nicole Olson of Liquidnet
Tel: +1-646-674-2149
Email: nolson@liquidnet.com
SOURCE Liquidnet, Inc.
PR
2007'02.11.Sun
Santander's Net Attributable Income Rose 28% to EUR 4.947 Billion in the First Nine Months of 2006
October 31, 2006
-- ORIGINALLY RELEASED ON OCTOBER 26, 2006 IN MADRID --
* Revenue rose by 17%, more than double the increase in
costs, which grew
by 7%, allowing net operating income to rise by 30%.
* Profit in the third quarter was EUR 1,731 million, up
30% compared to
the same quarter of 2005 and the highest quarterly
profit ever
registered by the Group.
* Profit was underpinned by business strength in all
units, in Europe as
well as in Latin America. Loans grew by 18% and
customer funds by 9%.
* In Continental Europe, net attributable income rose
by 16% to EUR 2,609
million, due to growth of 27% in loans and 15% in
customer funds.
* In Latin America, net attributable income increased
by 33% to EUR 1,799
million. In dollars, the region's operating currency,
earnings rose by
31%, with growth of 23% in loans and 21% in customer
funds in local
currencies.
* Abbey net attributable income rose 31%, to EUR 743
million, with
increases of 4% in loans and 10% in customer funds in
sterling, on a
like-for-like basis.
* The non-performing loan rate was 0.83%, compared to
0.93% at the end of
September, 2005. NPL coverage rose to 186% from 174%
a year earlier.
* The efficiency ratio improved by five points to 47.6%
as revenues grew
by double the pace of costs.
* Return on equity (ROE) improved by two points and
earnings per share
(EPS) for the three quarters amounted to 0.79 euros,
up 27.4%.
MADRID, Oct. 31 /Xinhua-PRNewswire/ -- Grupo Santander
registered net attributable profit of EUR 4,947 million in
the first nine months of 2006, an increase of 28% from the
same period in 2005. This result is in line with the goal
of finishing the year with an ordinary attributable profit
of EUR 6,500 million announced by Chairman Emilio Botin in
the Shareholders Meeting of June 17th.
Attributable profit for the third quarter rose by 30%
from the same year-earlier period to a record EUR 1,731
million. This amount represents recurring attributable
profit greater than that obtained in all of 1999.
Earnings in the first nine months of 2006 were
underpinned by strong growth in business volumes (18% in
loans and 9% in customer funds), in line with the increase
in revenues (17%), which was twice the rate of growth in
costs (7%). As a result, net operating income rose by 30%.
After increased provisions to reflect the rise in volumes
in the most profitable segments, which also have higher
risk premiums, and in corporate banking in Spain, net
attributable profit rose 28%. The comparisons with 2005 are
affected by the evolution of currencies in Latin America,
which added around three percentage points to the Group's
profit growth.
This growth has been achieved together with improvement
in all business ratios. Credit quality (through fewer NPLs
and greater provisions), return on equity (ROE rose by 2.2
points, to 18.6%), and efficiency (costs as a percentage of
income fell 5 points to 47.6%) all improved. At the same
time, growth in profit translated directly into growth in
earnings per share (EPS), which rose by 27.4%.
Results
Continental Europe generated 51% of Group profit, Latin
America 35% and the United Kingdom (Abbey) 14%. Group profit
in Continental Europe rose by 16% to EUR 2,609 million, with
growth of 22% in net operating income. The largest
contribution came from the Santander branch network in
Spain, with EUR 1,051 million (up 10%), followed by
Banesto, EUR 448 million (up 16%), Santander Consumer
Finance, with EUR 423 million (up 20%) and Portugal, with
EUR 327 million (up 22%).
The Santander branch network is investing in further
quality enhancements and customer satisfaction, through its
"We Want to Be Your Bank" plan, its ambitious
programme for opening new branches, and the completion of
the roll-out of the Partenon core banking platform. Costs
grew by just 1% despite the addition of 151 branches to the
network since September of 2005. As a result, net operating
income rose 14%, against an increase of 8% in net operating
revenue.
In Latin America, revenues grew by 26% and costs by
12%, resulting in an increase in net operating income of
42% in dollars. Provisions increased due to the strong
growth in volumes, focused on the most profitable loans,
which in general require higher provisions, resulting in an
increase in profit of 31%, to US$ 2,237 million. The largest
contribution came from Brazil, with a profit of US$ 745
million (up 26%), followed by Mexico, with US$ 487 million
(up 37%) and Chile with US$ 448 million (up 47%). In euros,
profit for the region rose 33% to EUR 1,799 million.
In the United Kingdom, Abbey registered attributable
profit in the first nine months of EUR 743 million, an
increase of 31% from the same period of 2005. This
performance was driven by a 4% increase in revenue together
with a 12% reduction in costs, resulting in a 34% increase
in net operating income.
By businesses' contribution to earnings, Retail Banking
activities accounted for 77% of profit before tax, or EUR
5,731 million, a 24% increase. Global Wholesale Banking,
which represents 15% of the Group's pre-tax earnings,
contributed EUR 1,084 million, up 18%. Asset Management
and Insurance, with an 8% contribution to the Group's
profit, registered pre-tax profit of EUR 626 million, up
18%.
Business
Santander closed September, 2006, with EUR 961,093
million in funds under management, an increase of 3%. Of
this total, EUR 798,540 million is on the balance sheet,
which grew 2%, and the rest were off-balance sheet customer
funds, such as mutual funds and pensions. The balance sheet
would have grown by 7%, without the sale of the life
insurance unit of Abbey, which came off the Group's books
in the third quarter.
Group gross lending was EUR 505,156 million at the
close of September, an increase of 18%. The inclusion of
Abbey in the balance sheet at the close of 2004 results in
a greater diversification of risks, with 52% in Continental
Europe, 37% in the United Kingdom and the remaining 11% in
Latin America.
In Continental Europe, lending rose 27% to EUR 256,188
million, with growth in all business units. The Santander
branch network in Spain grew 19%, Banesto 23%, Portugal 7%
and Santander Consumer Finance 27%. The Santander branch
network registered diversified growth both by products --
mortgages up 18%, personal loans up 17% and leasing/renting
up 20% -- and by segments -- individuals up 18%, and SMEs
and microcompanies up 24%. Growth in lending continued to
accelerate on a quarter-to-quarter basis.
The Santander branch network this year launched the
"We Want To Be Your Bank" plan, which aims to
improve service quality and customer satisfaction,
eliminating service commissions to customers linked to the
bank through products such as payroll deposits, pensions,
pension plans or mortgages. It is meeting its targets.
Banesto grew by 19% in individuals, 22% in small
business and 27% in medium-sized business, strategic
segments it has targeted and which are enabling it to grow
its market share. Santander Consumer Finance continued to
grow organically and through new projects. Its loan
portfolio rose by 20%, with direct loans up 34% and
revolving cards 40%.
Santander Totta has a loan portfolio of EUR 27,471
million. Business with individuals grew by 10%, consumer
finance by 21% and SMEs and corporate business by more than
20%.
Loan volume in Latin America came to US$ 71,399
million, an increase of 23% without the exchange rate
effect and of 17% in euros. Lending increased by 29% in
Brazil in local currency, with 33% growth in lending to
individuals and 20% to SMEs, which enabled it to grow
market share to 5.9%. Mexico grew 34%, with increases of
82% in lending to individuals and of 62% in loans to SMEs.
In Chile, loan volume grew by 18%, with an increase of 22%
in lending to individuals -- where its market share amounts
to 25.9% -- and growth of 26% in lending to SMEs.
Abbey's loan volume at the end of September stood at
EUR 183,818 million, with growth of 4% in pounds. Gross
mortgage production grew 23%, from British Pound 19,600
million in the first nine months of 2005 to British Pound
24,200 million in the same period of this year. The
improvement in Abbey's performance can be seen in growth in
outstanding mortgages, which rose by British Pound 6,100
million in the first nine months of 2006, compared with an
increase of just British Pound 1,600 million in the same
period of 2005, owing to strong growth in new production
and a stabilizing of redemptions from a year earlier. This
has allowed Abbey to improve its share of the new mortgage
business, while it has also increased its share of personal
loans.
Total customer funds under management came to EUR
719,629 million at the close of September, up 9% from a
year earlier, or 14% without the impact of the sale of
Abbey's life insurance unit. Balance sheet resources rose
9% to EUR 557,076 million, whilst off-balance sheet items
(mainly mutual funds and pensions) rose 8% to EUR 162,553
million. Mutual funds increased by 7% and pensions were
nearly unchanged, owing to the sale of Union Vida in Peru.
Continental Europe accounted for 47% of managed customer
funds, Abbey 32% and Latin America 21%.
In Continental Europe, customer funds under management
amounted to EUR 292,798 million, up 15%. Spain, which
represents more than 83% of the total, grew by 20% in
balance sheet resources and 8% in off-balance sheet funds.
The Group maintained its leadership in mutual funds in
Spain, with market share of 24.6%, and continues to be
second in Portugal.
In Latin America, customer funds were US$ 171,254
million, up 21% excluding the exchange rate effect and by
13% in euros. In deposits less repos and securitisations,
all countries grew at double-digit rates. Brazil and Mexico
grew by 17%; Chile by 15% and Argentina and Venezuela by 30%
and 43%, respectively. Mutual funds increased by 28%.
Pensions were nearly unchanged because of the sale of the
business in Peru; without the sale, there would have been a
15% increase.
In Abbey, customer funds under management fell by 9%,
owing to the sale of the life insurance business, to EUR
200,929 million. Excluding that transaction, resources rose
10%, with growth of 2% in deposits. The net savings flow
(the difference between new savings inflows and outflows)
was a positive British Pound 911 million, down from the
same year-earlier period due to the focus on improving
margins more than volumes.
Management and capital ratios
Efficiency: Growth in revenues more than doubled growth
in costs, leading to a significant improvement in the
efficiency ratio. At the close of September, 2006, overall
costs and amortizations amounted to 47.6% revenues, an
improvement of five percentage points from 52.6% in
September, 2005. Abbey led the improvements among business
units, improving its efficiency by 10 points to 54.3%. In
Continental Europe, the efficiency ratio improved for the
first time to below 40%, with an improvement of almost six
points in Latin America.
NPLs: The expansion of the Group's lending came with a
drop in the NPL ratio, resulting in all-time lows in the
ratios of NPLs and doubtful loans at the end of September.
The Group's NPL rate was 0.83%, with coverage of 186%. The
Group's generic funds, which can be considered as reserves
for the future, came to EUR 5,498 million.
Capital: The Group's eligible capital amounted to EUR
57,289 million at the end of the quarter, with a surplus of
EUR 20,749 million above the minimum required. With this
capital base, the BIS ratio is 12.5%, Tier I 7.5% and core
capital 5.9%. The acquisition of the 24.89% stake in
Sovereign Bancorp this year, with an investment of EUR
2,297 million, didn't affect the soundness of the capital
ratios.
During the year, rating agencies Standard & Poor's
and Fitch Ratings upgraded the ratings of the Group and its
subsidiaries, whilst Moody's confirmed them. This places us
as one of the best rated banks in Europe in its long-term
rating.
The share and the dividend
The Santander share closed September at EUR 12.47, an
11.8% rise in nine months and 14.1% from a year earlier. On
October 25th, the Santander share reached its all-time
closing high of 13.55 euros per share, with a market
capitalisation of over EUR 84,000 million and broadly over
US$ 100,000 million, making the Group the largest company
in Spain and the biggest bank in the euro zone.
The second dividend charged against 2006 will be paid
on November 1st. As the first one, it amounts to EUR
0.106904 per share, up 15% compared to the second dividend
of 2005.
Santander has 2,350,276 shareholders. 128,719 persons
work in the Group, serving 67 million customers in 10,583
branches.
Income statement
Million euros
Variation
Jan.-Sep. 06 Jan.-Sep. 05
Amount %
Net interest income
(w/o dividends) 8,801 7,354
1,447 19.7
Dividends 335 279
56 20.2
Net interest income 9,136 7,633
1,503 19.7
Income from companies
accounted for by the
equity method 386 483
(97) (20.1)
Net fees 5,365 4,593
771 16.8
Insurance activity 551 612
(61) (10.0)
Commercial revenue 15,438 13,322
2,116 15.9
Gains (losses) on
financial transactions 1,561 1,182
380 32.1
Gross operating income 16,999 14,503
2,495 17.2
Income from non-financial
services 344 299 45
14.9
Non-financial expenses (83) (92)
9 (9.9)
Other operating income (68) (67)
(1) 0.8
Operating costs (8,367) (7,842)
(525) 6.7
General administrative
expenses (7,524) (7,133)
(391) 5.5
Personnel (4,501) (4,228)
(273) 6.5
Other administrative
expenses (3,023) (2,904)
(118) 4.1
Depreciation and
amortisation (843) (709)
(134) 18.9
Net operating income 8,824 6,801
2,024 29.8
Impairment loss on assets (1,843) (1,115)
(728) 65.3
Loans (1,792) (1,075)
(717) 66.7
Goodwill (5) --
(5) --
Other assets (47) (40)
(7) 16.3
Other income 49 (382)
431 --
Income before taxes 7,030 5,303
1,727 32.6
Corporate income tax (1,637) (1,034)
(603) 58.3
Net income from ordinary
activity 5,393 4,269
1,124 26.3
Net income from
discontinued operations (7) (14)
7 (50.0)
Net consolidated income 5,386 4,255
1,131 26.6
Minority interests 439 377
62 16.4
Attributable income to
the Group 4,947 3,878
1,069 27.6
Customer loans
Million euros
Variation
30.09.06 30.09.05 Amount
% 31.12.05
Public sector 5,419 5,803 (384)
(6.6) 5,243
Other residents 188,710 142,028 46,683
32.9 153,727
Secured loans 100,228 74,830 25,399
33.9 81,343
Other loans 88,482 67,198 21,284
31.7 72,384
Non-resident sector 311,026 281,844 29,183
10.4 284,468
Secured loans 186,849 168,223 18,627
11.1 174,117
Other loans 124,177 113,621 10,556
9.3 110,352
Gross loans and
credits 505,156 429,674 75,482
17.6 443,439
Credit loss allowance 8,163 7,475 688
9.2 7,610
Net loans and
credits 496,993 422,200 74,794
17.7 435,829
Pro memoria: Doubtful
loans 4,638 4,371 267
6.1 4,356
Public sector 18 1 17
-- 3
Other residents 1,175 1,001 174
17.4 1,027
Non-resident sector 3,445 3,369 75
2.2 3,326
Customer funds under management
Million euros
Variation
30.09.06 30.09.05 Amount
% 31.12.05
Public sector 13,956 17,613 (3,658)
(20.8) 14,366
Other residents 93,532 80,531 13,001
16.1 83,392
Demand deposits 53,706 47,536 6,171
13.0 50,124
Time deposits 23,216 18,140 5,077
28.0 18,799
REPOs 16,609 14,856 1,753
11.8 14,470
Non-resident sector 218,036 207,711 10,325
5.0 208,008
Demand deposits 117,766 111,402 6,364
5.7 113,603
Time deposits 76,312 77,870 (1,558)
(2.0) 77,195
REPOs 21,680 15,246 6,434
42.2 14,366
Public Sector 2,278 3,193 (915)
(28.7) 2,844
Customer deposits 325,524 305,856 19,667
6.4 305,765
Debt securities 190,655 132,765 57,890
43.6 148,840
Subordinated debt 31,154 29,304 1,850
6.3 28,763
Insurance liabilities 9,743 44,099 (34,356)
(77.9) 44,672
On-balance-sheet
customer funds 557,076 512,024 45,052
8.8 528,041
Mutual funds 117,102 109,248 7,854
7.2 109,480
Pension funds 27,442 27,380 62
0.2 28,619
Managed portfolios 18,009 13,292 4,717
35.5 14,746
Off-balance-sheet
customer funds 162,553 149,920 12,633
8.4 152,846
Customer funds
under management 719,629 661,945 57,685
8.7 680,887
Shareholders' equity and minority interests
Million euros
Variation
30.09.06 30.09.05 Amount
% 31.12.05
Capital stock 3,127 3,127 --
-- 3,127
Additional paid-in
surplus 20,370 20,370 --
-- 20,370
Reserves 12,355 8,737 3,618
41.4 8,781
Treasury stock (22) (33) 11
(34.0) (53)
On-balance-sheet
shareholders' equity 35,831 32,201 3,629
11.3 32,225
Net attributable income 4,947 3,878 1,069
27.6 6,220
Interim dividend
distributed (669) (581) (87)
15.0 (1,163)
Shareholders' equity
at period-end 40,109 35,498 4,611
13.0 37,283
Interim dividend not
distributed -- -- --
-- (1,442)
Shareholders' equity 40,109 35,498 4,611
13.0 35,841
Valuation adjustments 3,668 3,089 579
18.8 3,077
Minority interests 2,457 2,628 (171)
(6.5) 2,848
Preferred securities 1,183 1,589 (406)
(25.6) 1,309
Preferred securities
in subordinated debt 6,427 6,535 (108)
(1.7) 6,773
Shareholders' equity and
minority interests 53,845 49,339 4,506
9.1 49,848
Computable capital and BIS ratio
Million euros
Variation
30.09.06 30.09.05 Amount
% 31.12.05
Computable basic
capital 34,232 30,049 4,183
13.9 32,532
Computable
supplementary
capital 23,057 20,951 2,106
10.1 20,894
Computable capital 57,289 51,000 6,289
12.3 53,426
Risk-weighted
assets 456,745 401,171 55,574
13.9 412,734
BIS ratio 12.54 12.71 (0.17)
12.94
Tier 1 7.49 7.49 --
7.88
Core capital 5.88 5.54 0.34
6.05
Cushion 20,749 18,906 1,843
9.7 20,407
For more information, please contact:
Peter Greiff
Grupo Santander
Tel: +34-91-289-5207
Email: pgreiff@gruposantander.com
Angela Roche
Grupo Santander
Tel: +34-91-289-2398
Email: aroche@gruposantander.com
SOURCE Grupo Santander
2007'02.11.Sun
SMIC Reports 2006 Third Quarter Results
October 31, 2006
* All currency figures stated in this report are in US
Dollars unless
stated otherwise.
* The financial statement amounts in this report are
determined in
accordance with US GAAP.
Overview:
-- Sales increased to $368.9 million in 3Q06, up 2.1%
from 2Q06 and up
19.0% from 3Q05.
-- Gross margins decreased to 8.9% in 3Q06 from 13.6%
in 2Q06.
-- Operating loss of $13.4 million in 3Q06.
-- Net loss of $35.1 million in 3Q06, compared to a net
income of $2.2
million from 2Q06 and a net loss of $26.1 million in
3Q05.
SHANGHAI, China, Oct. 31 /Xinhua-PRNewswire/ --
Semiconductor Manufacturing International Corporation
(NYSE: SMI; SEHK: 981) (“SMIC?or the “Company?, one of the
leading semiconductor foundries in the world, today
announced its consolidated results of operations for the
three months ended September 30, 2006. Sales increased
2.1% in the third quarter of 2006 to $368.9 million from
$361.4 million in the second quarter. The Company reported
an increase in capacity to 176,625 8-inch equivalent wafers
per month and a utilization rate of 84.3% in the third
quarter of 2006. Gross margins were 8.9% in the third
quarter of 2006 compared to 13.6% in the second quarter of
2006. Net loss of $35.1 million in the third quarter of
2006, compared to a net loss of $26.1 million in the third
quarter of 2005 and a net gain of $2.2 million in the
second quarter of 2006.
The Company is subject to a pending lawsuit with Taiwan
Semiconductor Manufacturing Company, Limited (“TSMC?,
related to the intangible assets, with a net book value of
$99.5 million, the Company recorded for patents licensed
from TSMC and TSMC’s covenant not to sue the Company
regarding certain allegations of acts of trade secret
misappropriation. Under SFAS 144, the Company is required
to make a determination as to whether or not this pending
litigation represents an event that requires a further
analysis of whether such assets have been impaired. We
believe that the lawsuit is at a very early stage and we
are still evaluating whether or not the litigation
represents such an event. The Company expects further
information to become available to us which will aid us in
making a determination. The outcome of any impairment
analysis performed under SFAS 144 might result in a
material impact on our financial positions and results of
operations.
“In the third quarter, our first 90 nanometer logic
product moved into mass production at our 300 millimeter
facility in Beijing,?said Dr. Richard Chang, Chief
Executive Officer of SMIC. “Elpida’s 512M-bit DDR2 DRAM
using the 90 nanometer manufacturing process also moved
into mass production. Our second 90 nanometer DRAM product
for Qimonda will go into commercial production in the fourth
quarter 2006. In the third quarter, 90 nanometer technology
contributed 4.9% of total wafer revenues.
We are also pleased to announce that SMIC entered into
a strategic agreement with Qualcomm. We will provide
integrated circuit manufacturing services to Qualcomm using
a specialized BiCMOS process technology at our Tianjin
facility. This agreement will combine SMIC’s wafer
fabrication capabilities and subcontractor infrastructure
with Qualcomm’s leadership in 3G wireless technologies,
with a focus on power management ICs.
We continue to see customers going through a period of
inventory correction carrying over into the fourth quarter.
This inventory situation is improving and depending on the
holiday sell-through, it may continue to improve.
As we manage for the long-term, we will continue to
march ahead towards the leading edge technology frontier.
We will continue to invest significantly in research and
development. Our development of the 65 nanometer
technology is expected to bear fruit in the second half of
2007. We will expand our business in a financially
disciplined manner with the clear goal of returning to
profitability.?
Conference Call / Webcast Announcement
Date: October 31, 2006
Time: 8:00 a.m. Shanghai time
Dial-in numbers and pass code: U.S. 1-617-597-5342 or
HK 852-3002-1672 (Pass code: SMIC).
A live webcast of the 2006 third quarter announcement
will be available at http://www.smics.com under the
“Investor Relations?section. An archived version of the
webcast, along with a soft copy of this news release will
be available on the SMIC website for a period of 12 months
following the webcast.
About SMIC
SMIC (NYSE: SMI; SEHK: 981) is one of the leading
semiconductor foundries in the world and the largest and
most advanced foundry in Mainland China, providing
integrated circuit (IC) manufacturing service at 0.35mm to
90nm and finer line technologies. Headquartered in
Shanghai, China, SMIC operates three 200mm fabs in Shanghai
and one in Tianjin, and one 300mm fab in Beijing, the first
of its kind in Mainland China. SMIC has customer service
and marketing offices in the U.S., Italy, and Japan as well
as a representative office in Hong Kong. For additional
information, please visithttp://www.smics.com .
Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of
1995)
This press release may contain, in addition to
historical information, “forward-looking statements?within
the meaning of the “safe harbor?provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements, including statements under
“Capex Summary?and “Fourth Quarter 2006 Guidance?below, are
based on SMIC’s current assumptions, expectations and
projections about future events. SMIC uses words like
“believe,?“anticipate,?“intend,?“estimate,?“expect,?“project?and
similar expressions to identify forward-looking statements,
although not all forward-looking statements contain these
words. These forward-looking statements are necessarily
estimates reflecting the best judgment of SMIC’s senior
management and involve significant risks, both known and
unknown, uncertainties and other factors that may cause
SMIC’s actual performance, financial condition or results
of operations to be materially different from those
suggested by the forward-looking statements including,
among others, risks associated with cyclicality and market
conditions in the semiconductor industry, intense
competition, timely wafer acceptance by SMIC’s customers,
timely introduction of new technologies, SMIC’s ability to
ramp new products into volume, supply and demand for
semiconductor foundry services, industry overcapacity,
shortages in equipment, components and raw materials,
availability of manufacturing capacity and financial
stability in end markets.
Investors should consider the information contained in
SMIC’s filings with the U.S. Securities and Exchange
Commission (SEC), including its annual report on Form 20-F,
as amended, filed with the SEC on June 29, 2006, especially
in the “Risk Factors?and “Management’s Discussion and
Analysis of Financial Condition and Results of
Operations?sections, and its registration statement on Form
A-1 as filed with the Stock Exchange of Hong Kong (SEHK) on
March 8, 2004, and such other documents that SMIC may file
with the SEC or SEHK from time to time, including on Form
6-K. Other unknown or unpredictable factors also could
have material adverse effects on SMIC’s future results,
performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking
events discussed in this press release may not occur. You
are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
stated, or if no date is stated, as of the date of this
press release. Except as required by law, SMIC undertakes
no obligation and does not intend to update any
forward-looking statement, whether as a result of new
information, future events or otherwise.
Summary of Third Quarter 2006 Operating Results
Amounts in US$ thousands, except for EPS and operating
data
3Q06 2Q06 QoQ
3Q05 YoY
Sales 368,926 361,446 2.1 %
309,959 19.0 %
Cost of sales 336,160 312,229 7.7 %
284,686 18.1 %
Gross profit 32,766 49,217 -33.4 %
25,273 29.6 %
Operating expenses 46,190 56,141 -17.7 %
46,219 -0.1 %
Loss from operations (13,424) (6,924) 93.9 %
(20,946) -35.9 %
Other income (expenses) (20,947) (9,491)120.7 %
(4,742) 341.7 %
Income tax credit (expense) 3,048 18,892 -83.9 %
(6) --
Net income (loss) after
income taxes (31,323) 2,477 --
(25,694) 21.9 %
Minority interest (2,674) 767 --
439 --
Share of loss of affiliate
company (1,097) (1,002) 9.5 %
(860) 27.6 %
Income (loss) attributable
to holders of ordinary
shares (35,094) 2,242 --
(26,115) 34.4 %
Gross margin 8.9 % 13.6 %
8.2 %
Operating margin -3.6 % -1.9 %
-6.8 %
Net income (loss) per
ordinary share - basic(1) ($0.0019) $0.0001
($0.0010)
Net income (loss) per ADS -
basic ($0.0956) $0.0061
($0.0718)
Net income (loss) per
ordinary share - ($0.0019) $0.0001
($0.0010)
diluted(1)
Net income (loss) per ADS -
diluted ($0.0956) $0.0060
($0.0718)
Wafers shipped (in 8?
wafers)(2) 413,985 388,498 6.6 %
355,664 16.4 %
Logic ASP(3) $949 $979 -3.1 %
$989 -4.0 %
Blended ASP $851 $888 -4.2 %
$841 1.2 %
Simplified ASP(4) $891 $930 -4.2 %
$871 2.3 %
Capacity utilization 84.3 % 93.5 %
92.1 %
Note:
(1) Based on weighted average ordinary shares of
18,356 million in 3Q06,
18,303 million (basic) and 18,729 million
(diluted) in 2Q06 and
18,180 million in 3Q05
(2) Including copper interconnects
(3) Excluding copper interconnects
(4) Total sales/total wafers shipped
-- Sales increased to $368.9 million in 3Q06, up 2.1%
QoQ from $361.4
million in 2Q06 and up 19.0% YoY from $310.0 million
in 3Q05 primarily
due to increased 8-inch equivalent wafer shipments
of 413,985, up 6.6%
QoQ from 388,498 in 2Q06.
-- Cost of sales increased to $336.2 million in 3Q06,
up 7.7% QoQ from
$312.2 million in 2Q06, primarily due to an increase
in wafer shipments
and an increase in depreciation.
-- Gross profit decreased to $32.8 million in 3Q06,
down 33.4% QoQ from
$49.2 million in 2Q06, and up 29.6% YoY from $25.3
million in 3Q05.
The QoQ decrease was primarily due to general
pricing weakness,
decreased utilization, and increased depreciation.
-- Gross margins decreased to 8.9% in 3Q06 from 13.6%
in 2Q06 primarily
due to general pricing weakness, decreased
utilization, and increased
depreciation.
-- R&D expenses increased to $27.3 million in 3Q06,
up 12.2% QoQ from
$24.3 million in 2Q06, primarily due to 65nm R&D
activities and a
decrease in R&D subsidies.
-- G&A expenses including foreign exchange
decreased to $4.2 million in
3Q06 from $16.8 million in 2Q06 primarily due to a
foreign exchange
gain of $2.3 million in 3Q06 relating to operating
activities, a
decrease in the provision for doubtful debts, a tax
reversal, and a
legal fee reversal.
-- Selling & marketing expenses decreased to $3.6
million in 3Q06, down
7.8% QoQ from $3.9 million in 2Q06, primarily due to
a decrease in
engineering material expenses associated with
selling activities.
-- Amortization of acquired intangible assets of $11.0
million in 3Q06
representing amortization expenses associated with
the acquired
intangible assets.
-- Loss from operations increased to a loss of $13.4
million in 3Q06, up
93.9% QoQ from $6.9 million in 2Q06 and down from a
loss of $20.9
million in 3Q05.
-- Other non-operating loss of $20.9 million in 3Q06 up
120.7% QoQ from a
loss of $9.5 million in 2Q06, primarily due to a
foreign exchange loss
of $12.3M.
-- Interest expenses of $12.2 million in 3Q06, up 0.3%
QoQ from $12.2
million in 2Q06.
-- Net foreign exchange loss of $10.1 million based on
a foreign exchange
gain of $2.3 million in G&A and a foreign
exchange loss of $12.3
million relating to a non-operating activities
resulting from financing
or investment transactions classified as other
income (expenses).
-- Net loss increased to $35.1 million, compared to a
net income of $2.2
million in 2Q06 and a net loss of $26.1 million in
3Q05.
Analysis of Revenues
Sales Analysis
By Application 3Q06 2Q06 1Q06
4Q05 3Q05
Computer 33.0 % 30.6 % 36.0
% 34.8 % 33.7 %
Communications 37.1 % 46.2 % 45.8
% 43.8 % 39.8 %
Consumer 25.2 % 18.6 % 13.3
% 16.6 % 22.8 %
Others 4.7 % 4.6 % 4.9
% 4.8 % 3.7 %
By Device 3Q06 2Q06 1Q06
4Q05 3Q05
Logic (including copper
interconnect) 65.4 % 66.6 % 62.8
% 65.3 % 65.5 %
DRAM(1) 30.1 % 28.8 % 32.4
% 31.3 % 31.0 %
Other (mask making & probing,
etc.) 4.5 % 4.6 % 4.8
% 3.4 % 3.5 %
By Customer Type 3Q06 2Q06 1Q06
4Q05 3Q05
Fabless semiconductor companies 36.9 % 49.8 % 41.8
% 43.2 % 43.2 %
Integrated device manufacturers
(IDM) 50.4 % 41.9 % 52.8
% 51.7 % 52.8 %
System companies and others 12.7 % 8.3 % 5.4
% 5.1 % 4.0 %
By Geography 3Q06 2Q06 1Q06
4Q05 3Q05
North America 38.6 % 46.7 % 43.5
% 39.2 % 42.9 %
Asia Pacific (ex. Japan) 25.4 % 20.9 % 21.3
% 28.2 % 25.7 %
Japan 7.5 % 4.9 % 3.3
% 3.6 % 4.5 %
Europe 28.5 % 27.5 % 31.9
% 29.0 % 26.9 %
Wafer Revenue Analysis
By Technology (logic, DRAM & 3Q06 2Q06
1Q06 4Q05 3Q05
copper interconnect only)
0.09um 4.9 % 0.9 % --
-- --
0.13um 41.2 % 46.6 % 46.6
% 42.9 % 43.8 %
0.15um 7.2 % 4.7 % 8.7
% 5.2 % 2.7 %
0.18um 36.1 % 38.0 % 35.7
% 42.3 % 45.3 %
0.25um 2.6 % 2.0 % 1.6
% 3.3 % 3.1 %
0.35um 8.0 % 7.8 % 7.4
% 6.3 % 5.1 %
By Logic Only(1) 3Q06 2Q06 1Q06
4Q05 3Q05
0.09um 4.6 % 0.2 % --
-- --
0.13um(2) 11.1 % 22.3 % 13.3
% 10.9 % 14.7 %
0.15um 11.8 % 7.2 % 14.5
% 8.6 % 5.3 %
0.18um 55.3 % 55.8 % 57.7
% 65.3 % 67.4 %
0.25um 4.1 % 2.5 % 2.3
% 4.8 % 4.0 %
0.35um 13.1 % 12.0 % 12.2
% 10.4 % 8.6 %
Note:
(1) Excluding 0.13?m copper interconnects
(2) Represents revenues generated from manufacturing
full flow wafers
-- Percentage of sales from 0.09?m grew to 4.9% of
total wafer revenues in
3Q06.
-- Percentage of sales generated from Asia Pacific
(excluding Japan) and
Japan customers in 3Q06 increased to 25.4% and 7.5%,
respectively as
compared to 20.9% and 4.9% in 2Q06, respectively.
Capacity
Fab / (Wafer Size)
3Q06(1) 2Q06(1)
Fab 1 (8?
43,109 43,000
Fab 2 (8?
49,000 49,034
Fab 4 (12?
41,850 35,438
Fab 7 (8?
20,000 17,216
Total monthly wafer fabrication capacity
153,959 144,688
Copper Interconnects:
Fab 3 (8?
22,666 22,563
Total monthly copper interconnect
capacity
22,666 22,563
Note:
(1) Wafers per month at the end of the period in
8?wafers
-- As of the end of 3Q06, monthly capacity increased to
176,625 8-inch
equivalent wafers mainly due to the expansion at the
Beijing (Fab 4)
and Tianjin (Fab 7) sites.
Shipment and Utilization
8?equivalent wafers 3Q06 2Q06 1Q06
4Q05 3Q05
Wafer shipments including copper
interconnects 413,985 388,498
388,010 376,227 355,664
Utilization rate(1) 84.3 % 93.5 % 94.9
% 93.0 % 92.1 %
Note:
(1) Capacity utilization based on total wafer out
divided by estimated
capacity
-- Wafer shipments increased to 413,985 units of 8-inch
equivalent wafers
in 3Q06 up 6.6% QoQ from 388,498 units of 8-inch
equivalent wafers in
2Q06, and up 16.4% YoY from 355,664 8-inch
equivalent wafers in 3Q05.
-- Utilization rate decreased to 84.3%.
Detailed Financial Analysis
Gross Profit Analysis
Amounts in US$ thousands 3Q06 2Q06 QoQ
3Q05 YoY
Cost of sales 336,160 312,229 7.7 %
284,686 18.1 %
Depreciation 196,993 188,663 4.4 %
167,919 17.3 %
Other manufacturing
costs 139,167 123,566 12.6 %
116,767 19.2 %
Gross Profit 32,766 49,217 -33.4 %
25,273 29.6 %
Gross Margin 8.9 % 13.6 %
8.2 %
-- Cost of sales increased to $336.2 million in 3Q06,
up 7.7% QoQ from
$312.2 million in 2Q06, primarily due to an increase
in wafer shipments
and an increase in depreciation.
-- Gross profit decreased to $32.8 million in 3Q06,
down 33.4% QoQ from
$49.2 million in 2Q06 and up 29.6% YoY from $25.3
million in 3Q05. The
QoQ decrease was primarily due to general pricing
weakness, decreased
utilization, and increased depreciation.
-- Gross margins decreased to 8.9% in 3Q06 from 13.6%
in 2Q06, primarily
due to general pricing weakness, decreased
utilization, and increased
depreciation.
Operating Expense Analysis
Amounts in US$ thousands 3Q06 2Q06
QoQ 3Q05 YoY
Total operating expenses 46,190 56,141
-17.7 % 46,219 -0.1 %
Research and development 27,319 24,345
12.2 % 20,355 34.2 %
General and administrative 4,216 16,837
-75.0 % 10,526 -59.9 %
Selling and marketing 3,614 3,918
-7.8 % 4,677 -22.8 %
Amortization of intangible
Assets 11,041 11,041
-- 10,661 3.6 %
-- Total operating expenses were $46.2 million in 3Q06,
a decrease of
17.7% QoQ from $56.1 million in 2Q06.
-- R&D expenses increased to $27.3 million in 3Q06,
up 12.2% QoQ from
$24.3 million in 2Q06, primarily due to 65nm R&D
activities and a
decrease in R&D subsidies.
-- G&A expenses including foreign exchange
decreased to $4.2 million in
3Q06 from $16.8 million in 2Q06 primarily due to a
foreign exchange
gain of $2.3 million in 3Q06 relating to operating
activities, a
decrease in the provision for doubtful debts, a tax
reversal, and a
legal fee reversal.
-- Selling & marketing expenses decreased to $3.6
million in 3Q06, down
7.8% QoQ from $3.9 million in 2Q06, primarily due to
a decrease in
engineering material expenses associated with
selling activities.
-- Amortization of acquired intangible assets of $11.0
million in 3Q06
representing amortization expenses associated with
the acquired
intangible assets.
Other Income (Expenses)
Amounts in US$ thousands 3Q06 2Q06 QoQ
3Q05 YoY
Other income (expenses) (20,947) (9,491) 120.7
% (5,602) 273.9 %
Interest income 2,970 4,039 -26.5
% 3,278 -9.4 %
Interest expense (12,247) (12,214) 0.3
%(10,334) 18.5 %
Other, net (11,670) (1,316) 786.8
% 1,454 --
-- Other non-operating loss of $20.9 million in 3Q06 up
120.7% QoQ from a
loss of $9.5 million in 2Q06, primarily due to a
foreign exchange loss
of $12.3 million.
-- Interest expenses of $12.2 million in 3Q06, up 0.3%
QoQ from $12.2
million in 2Q06.
Liquidity
Amounts in US$ thousands
3Q06 2Q06
Cash and cash equivalents
555,326 584,643
Short term investments
52,442 3,487
Accounts receivable
265,522 257,248
Inventory
243,957 217,592
Others
40,500 25,956
Total current assets
1,157,747 1,088,926
Accounts payable
353,325 429,813
Short-term borrowings
45,000 118,284
Current portion of long-term debt
47,160 47,160
Others
137,391 114,636
Total current liabilities
582,876 709,893
Cash Ratio
1.0x 0.8x
Quick Ratio
1.5x 1.2x
Current Ratio
2.0x 1.5x
Capital Structure
Amounts in US$ thousands
3Q06 2Q06
Cash and cash equivalents
555,326 584,643
Short-term investment
52,442 3,487
Current portion of promissory note
29,493 29,242
Promissory note
91,314 90,537
Short-term borrowings
45,000 118,284
Current portion of long-term debt
47,160 47,160
Long-term debt
963,139 830,743
Total debt
1,055,299 996,187
Net cash
(568,338) (527,836)
Shareholders?equity 2,999,854
3,028,259
Total debt to equity ratio 35.2
% 32.9 %
Cash Flow Summary
Amounts in US$ thousands
3Q06 2Q06
Net income (loss)
(35,094) 2,242
Depreciation & amortization
225,755 220,242
Amortization of acquired intangible
assets
11,041 11,041
Net change in cash
(29,318) 99,523
Capex Summary
-- Capital expenditures for 3Q06 was $157.4M.
-- Total planned capital expenditures for 2006 will be
approximately $1.0
billion.
Fourth Quarter 2006 Guidance
The following statements are forward looking statements
which are based on current expectation and which involve
risks and uncertainties, some of which are set forth under
“Safe Harbor Statements?above.
-- Sales expected to increase slightly by 1% to 2% over
3Q06.
-- Gross margins expected to be in the 9% to 11%
range.
-- Operating expense as a percentage of sales expected
to be in the 12% to
15% range.
-- Non-operating interest expense expected to be in the
$14 million to $17
million range.
-- Capital expenditures expected to be approximately
$300 million to $320
million.
-- Depreciation and amortization expected to be
approximately $255 million
to $260 million.
Recent Highlights and Announcements
-- Announcement of Unaudited Interim Results for the
Six Months Ended June
30, 2006[2006-09-21]
-- SMIC Denies Allegations and Files Cross-Complaint
Against TSMC [2006-
09-13]
-- SMIC and Magma Announce Availability of Integrated
Advanced Reference
Flow for SMIC 90-Nanometer Low-Power Process
[2006-09-12]
-- SMIC Holds Technology Symposium 2006 in Shanghai
[2006-09-08]
-- SMIC Participates in 4th Annual IC China Exhibition
and Conference
[2006-09-06]
-- CADENCE and SMIC Deliver 90-Nanometer Low-Power
Solution for Energy-
Efficient SOC [2006-09-06]
-- SMIC and VERISILICON Announced Release of A Standard
Design Platform
For SMIC’S 0.13u Low Leakage Process [2006-09-06]
-- SMIC AND SYNOPSYS DELIVER REFERENCE DESIGN FLOW 3.0
FOR 90-NANOMETER
DESIGNS [2006-09-05]
-- Matters in respect of settlement agreement with
TSMC[2006-08-28]
-- Change of Address of Principal Place of Business in
Hong Kong[2006-08-
28]
-- SMIC Reports 2006 Second Quarter Results
[2006-07-28]
Please visit SMIC’s website at
http://www.smics.com/website/enVersion/Press_Center/pressRelease.jsp
for further details regarding the recent announcements.
Semiconductor Manufacturing International Corporation
CONSOLIDATED BALANCE SHEET
(In US dollars)
As of
the end of
September 30,
2006 June 30, 2006
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents 555,325,635
584,643,407
Short term investments 52,441,975
3,486,997
Accounts receivable, net of
allowances of $4,068,373 and
$4,360,447, respectively 265,522,541
257,248,338
Inventories 243,956,844
217,592,385
Prepaid expense and other
current assets 25,624,762
20,171,994
Assets held for sale 14,875,528
5,782,422
Total current assets 1,157,747,285
1,088,925,543
Land use rights, net 38,180,494
39,975,613
Plant and equipment, net 3,295,734,677
3,378,265,128
Acquired intangible assets, net 172,279,451
183,230,540
Equity investment 14,663,371
15,760,166
Other long-term prepayments 4,568,174
4,957,320
Deferred tax assets 22,014,394
18,892,396
TOTAL ASSETS 4,705,187,846
4,730,006,706
LIABILITIES AND STOCKHOLDERS?EQUITY
Current liabilities:
Accounts payable 353,325,028
429,813,127
Accrued expenses and other
current liabilities 107,858,006
85,373,210
Short term borrowings 45,000,000
118,283,829
Current portion of promissory
note 29,492,873
29,242,001
Current portion of long term
debt 47,160,000
47,160,000
Income tax payable 39,875
20,548
Total current liabilities 582,875,782
709,892,715
Long-term liabilities:
Promissory note 91,314,355
90,537,615
Long-term debt 963,138,943
830,742,999
Long-term payables relating to
license agreements 21,597,408
23,507,429
Other Long Term Payable 6,666,667
10,000,000
Total long-term liabilities 1,082,717,373
954,788,043
Total liabilities 1,665,593,155
1,664,680,758
Minority interest 39,741,186
37,066,848
Stockholders?equity:
Ordinary shares, $0.0004 par
value, 50,000,000,000 shares
authorized, shares issued and
outstanding 18,402,634,216 and
18,342,734,332 respectively 7,361,054
7,337,094
Warrants 32,387
32,387
Additional paid-in capital 3,281,801,407
3,275,146,135
Accumulated other
comprehensive income (loss) 173,321
163,674
Accumulated deficit (289,514,664)
(254,420,190)
Total stockholders?equity 2,999,853,505
3,028,259,100
TOTAL LIABILITIES AND
STOCKHOLDERS?EQUITY 4,705,187,846
4,730,006,706
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF OPERATIONS
(In US dollars)
For the
three months ended
September 30,
2006 June 30, 2006
(unaudited)
(unaudited)
Sales 368,926,309
361,445,898
Cost of sales 336,160,028
312,229,121
Gross Profit 32,766,281
49,216,777
Operating expenses:
Research and development 27,319,652
24,344,979
General and administrative 4,215,807
16,837,020
Selling and marketing 3,613,868
3,918,343
Amortization of acquired
intangible assets 11,041,090
11,041,090
Total operating expenses 46,190,417
56,141,432
Loss from operations (13,424,136)
(6,924,655)
Other income (expenses):
Interest income 2,970,318
4,039,328
Interest expense (12,247,344)
(12,214,076)
Other income (expenses), net (11,669,620)
(1,316,005)
Total other income (expenses),
net (20,946,646)
(9,490,753)
Net loss before income taxes (34,370,782)
(16,415,408)
Income tax credit (expense) 3,047,443
18,891,787
Minority interest (2,674,339)
767,652
Loss from equity investment (1,096,796)
(1,002,169)
Net income (loss) atrributable
to holders of ordinary shares (35,094,474)
2,241,862
Net income (loss) per share, basic (0.0019)
0.0001
Net Income (loss) per ADS,
basic(1) (0.0956)
0.0061
Net income (loss) per share,
diluted (0.0019)
0.0001
Net income (loss) per ADS,
diluted(1) (0.0956)
0.0060
Ordinary shares used in
calculating basic income (loss)
per ordinary share (in
millions) 18,356
18,303
Ordinary shares used in
calculating diluted income
(loss) per ordinary share (in
millions) 18,356
18,729
*Share-based compensation related
to each account balance as
follows:
Cost of sales 2,840,286
3,014,596
Research and development 1,179,175
1,254,569
Selling and marketing 1,190,467
1,227,469
General and administrative 493,529
509,831
(1) 1 ADS equals 50 ordinary shares
Semiconductor Manufacturing International Corporation
CONSOLIDATED STATEMENT OF CASH FLOWS
(In US dollars)
For the
three months ended
September 30,
2006 June 30, 2006
(unaudited)
(unaudited)
Operating activities
Net income (loss) (35,094,474)
2,241,862
Adjustments to reconcile net
income (loss) to net cash
provided by ( used in )
operating activities
Minority interest 2,674,339
(767,652)
Loss on disposal of plant and
equipment (872,422)
(516,812)
Depreciation and amortization 225,754,616
220,242,447
Amortization of acquired
intangible assets 11,041,090
11,041,089
Amortization of deferred stock
compensation 5,703,457
6,006,465
Amortization of loan initiation
fee 179,846
59,949
Non cash interest expense on
promissory notes 1,368,710
1,503,505
Loss on long-term investment 1,096,795
1,002,169
Changes in operating assets and
liabilities --
--
Accounts receivable (8,274,203)
(16,227,946)
Inventories (26,364,459)
(21,007,826)
Prepaid expenses and other
current assets (5,243,468)
(316,206)
Accounts payable 7,039,215
(13,274,229)
Accrued expenses and other
current liabilities 24,167,325
(11,319,565)
Other long term liabilities (3,333,333)
10,000,000
Income tax payable 19,327
(73,086)
Deferred tax assets (3,121,998)
(18,892,396)
Net cash provided by operating
activities 196,740,363
169,701,768
Investing activities:
Purchases of plant and equipment (241,450,500)
(164,934,281)
Purchases of acquired intangible
assets (3,553,501)
(253,074)
Sale of short-term investments 25,384,332
30,704
Purchase of short-term
investments (74,329,245)
--
Proceeds from disposal of plant
and equipment 2,327,095
17,479
Proceeds received from Living
Quarter sales 5,476,213
5,631,255
Net cash used in investing
activities (286,145,606)
(159,507,917)
Financing activities:
Proceeds from short term
borrowings 75,717,105
83,161,736
Proceeds from long-term debt 132,395,944
592,960,001
Repayment of long-term debt --
(392,642,286)
Repayment of promissory notes --
(15,000,000)
Repayment of short-term
borrowings (149,000,934)
(176,485,809)
Payment of loan initiation fee --
(3,596,938)
Proceeds from exercise of
employee stock options 990,365
883,777
Repurchase of restricted
ordinary shares (14,589)
--
Net cash provided by financing
activities 60,087,891
89,280,481
Effect of exchange rate changes (420)
48,510
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (29,317,772)
99,522,842
CASH AND CASH EQUIVALENTS -
beginning of period 584,643,407
485,120,565
CASH AND CASH EQUIVALENTS - end
of period 555,325,635
584,643,407
For more information, please contact:
Investor Contacts:
Peter Yu
Tel: +86-21-5080-2000 x11319
Mobile: +86-139-1894-0553
Email: peter_yu@smics.com
Douglas Hsiung
Tel: +86-21-5080-2000 x12804
Mobile: +86-137-9527-2240
Email: douglas_hsiung@smics.com
SOURCE Semiconductor Manufacturing International
Corporation
2007'02.11.Sun
New Rearview-Mirror-Based Camera Display Takes the Guesswork Out of Backing Up
October 31, 2006
ZEELAND, Mich., Oct. 31 /Xinhua-PRNewswire/ -- Backing
up cars, trucks and SUVs can be a dangerous task. Blind
spots directly behind the vehicle can lead to accidents
that result in property damage, or even injury or death to
small children. To help reduce these risks, Gentex
Corporation, the Zeeland, Michigan-based manufacturer of
automatic-dimming rearview mirrors and commercial fire
protection products, has developed a backup video display
in an automatic-dimming rearview mirror.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20061030/DEM003 )
Gentex's video display mirror consists of a proprietary
liquid crystal display (LCD) device that shows a panoramic
video view of objects behind the vehicle in real time.
When the vehicle is put in "reverse," the display
illuminates and automatically appears through the rearview
mirror's reflective surface to give a high resolution,
bright-colored image. The image is generated by a camera
or cameras placed in a protected area at the rear of the
vehicle. When the vehicle is put in "drive," the
display in the mirror automatically disappears. The ability
to automatically have the display appear through the
automatic-dimming mirror's surface is made possible by
utilizing proprietary "transflective" coatings
developed by Gentex Corporation.
Many of the popular high volume vehicles today have
high back windows which may also be tinted.
"We're excited about this product from a safety
perspective, as it should help reduce the risk of backup
accidents for any vehicle, many of which involve small
children playing directly behind the vehicle," said
Gentex Chairman and Chief Executive Officer Fred Bauer.
"It also may help to prevent vehicular damage from
backing up into objects that otherwise would go undetected
by the driver."
Bauer said that the Company also is excited by the
convenience of the feature for attaching towable trailers
for boats or RVs and utility trailers, since lining up the
hitch ball to the trailer can be a challenge for even the
most experienced driver.
"This makes it a piece of cake," said Bauer.
"Adding to the impact is the 'WOW effect' where the
image magically appears and disappears at just the right
time. It's just plain cool and high tech!"
Gentex already has development programs in progress for
its video display mirror with several automakers. Toyota
plans to show the mirror on a Tacoma this week at the SEMA
(Specialty Equipment Market Association) automotive show in
Las Vegas, Nevada.
"The rearview mirror is the ideal location for a
backup display because it allows the driver to view the
display and the mirror at the same time," said Bauer.
"In addition, automakers like the display in the mirror
because it's quick-to-market, easy to install and service,
and relatively low cost because it doesn't require them to
retool dashboards or center consoles, or make the
additional significant investment in another LCD or other
type of display."
Gentex is best known for its automatic-dimming mirrors
that sense glare from rearward approaching vehicles and
automatically dim to protect driver vision. The mirrors
often come with additional electronic features such as
compass displays, map lights, hands-free microphones --
even miniature cameras that control your high beams.
Bauer said that the video display mirror is intended to
be used as a supplemental device for drivers and does not
eliminate the need to check rearview mirrors or walk around
the vehicle, should conditions warrant.
"When it comes to backing up safely, nothing beats
walking around the vehicle prior to moving it," added
Bauer. "But the video display mirror delivers peace
of mind while backing up because it provides a view
directly behind the vehicle and helps you identify
potential hazards in your rearward path."
Safe Harbor Statement
This news release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities
Exchange Act, as amended, that are based on management's
belief, assumptions, current expectations, estimates and
projections about the global automotive industry, the
economy, the impact of stock option expenses on earnings,
the ability to leverage fixed manufacturing overhead costs,
unit shipment growth rates and the Company itself. Words
like "anticipates," "believes,"
"confident," "estimates,"
"expects," "forecast,"
"likely," "plans,"
"projects," and "should," and
variations of such words and similar expressions identify
forward-looking statements. These statements do not
guarantee future performance and involve certain risks,
uncertainties, and assumptions that are difficult to
predict with regard to timing, expense, likelihood and
degree of occurrence. These risks include, without
limitation, employment and general economic conditions, the
pace of economic recovery in the U.S. and in international
markets, the pace of automotive production worldwide, the
types of products purchased by customers, competitive
pricing pressures, currency fluctuations, the financial
strength of the Company's customers, the mix of products
purchased by customers, the ability to continue to make
product innovations, the success of newly introduced
products (e.g. Video Display Mirror), and other risks
identified in the Company's filings with the Securities and
Exchange Commission. Therefore actual results and outcomes
may materially differ from what is expressed or forecasted.
Furthermore, the Company undertakes no obligation to
update, amend, or clarify forward-looking statements,
whether as a result of new information, future events, or
otherwise.
About the Company
Founded in 1974, Gentex Corporation (Nasdaq Global
Market: GNTX) is an international company that provides
high-quality products to the worldwide automotive industry
and North American fire protection market. Based in
Zeeland, Michigan, the Company develops, manufactures and
markets interior and exterior automatic-dimming automotive
rearview mirrors that utilize proprietary electrochromic
technology to dim in proportion to the amount of headlight
glare from trailing vehicle headlamps. Many of the mirrors
are sold with advanced electronic features, and
approximately 95 percent of the Company's revenues are
derived from the sales of auto-dimming mirrors to nearly
every major automaker in the world.
For more information, please contact:
Financial Media and Investors:
Connie Hamblin
Gentex Corporation
Tel: +1-616-772-1800
General Media:
Craig Piersma
Gentex Corporation
Tel: +1-616-772-1800
SOURCE Gentex Corporation
2007'02.11.Sun
Xinhua Finance CEO Fredy Bush Named CNBC Asia Entrepreneur of the Year
October 30, 2006
HONG KONG, Oct. 30 /Xinhua-PRNewswire/ -- Ms. Fredy
Bush, CEO and founder of Xinhua Finance Limited (TSE
Mothers: 9399 and OTC: XHFNY), has been presented with
another business accolade at the fifth CNBC Asia Business
Leader Awards (ABLA) ceremony held on October 26 in Hong
Kong. Less than two weeks after receiving the Women of
Influence Entrepreneur of the Year Award from the American
Chamber of Commerce in Hong Kong, Ms. Bush is honored as
the Asia Entrepreneur of the Year by CNBC and award sponsor
The Citibank Private Bank.
Photo link:
http://www.xinhuafinance.com/photolinks/cnbcawards2006/fredybush.html
Launched in 2001 by CNBC, the ABLA is Asia's premier
business leadership event, bringing prominence and
recognition to visionary leaders behind today's outstanding
businesses. Entrepreneur of the Year is awarded to an
individual who has demonstrated significant achievement in
the creation and management of a new enterprise. In the
case of Ms. Bush, this enterprise is China's premier
financial information and media services provider, Xinhua
Finance Limited, which reported revenues of $110 million
and total assets of $370 million in 2005 after an
operational span of only five years.
In an official statement, CNBC recognized Ms. Bush for
"[embodying] the talent and skills of a successful
entrepreneur by having the ability to identify
opportunities, the courage to challenge paradigms, the
vision to develop new business ventures based on
opportunities and the confidence to encourage others to
innovate."
Jeremy Pink, CEO and Managing Director of CNBC Asia
Pacific, added, "Fredy is one of those remarkable
business leaders who dares to dream, invests long hard
hours, and is thoroughly committed to her goals. We at CNBC
salute her for what she has accomplished at the helm of
Xinhua Finance and hope that the business community is able
to gain valuable insights from her and her story."
Ms. Bush commented on the honor, saying, "Success
can be measured in many ways, but for me and the
organization I helped build, it will always be defined as
the steadfastness of our vision and integrity. With Xinhua
Finance, building best practices in corporate governance
and financial disclosure in China is not some glorified
slogan. It is the bedrock upon which we are built, which
guides every decision we make as an organization. The same
standards we demand from the companies we monitor are the
ones we demand from ourselves."
At the turn of the century, Xinhua Finance has been apt
at anticipating demand for financial services pinpointed at
China's quickly liberalizing financial markets. Xinhua
Finance was the first organization in China to supply a
comprehensive range of internationally-accepted investment
tools to market participants, from market indices and
credit ratings to financial newswires and investor
relations support. Directing proceeds from an unprecedented
listing on the Tokyo Stock Exchange, the company now
possesses global capabilities and a growing client list of
leading financial institutions.
Other ABLA categories include Hong Kong CEO of the
Year, Asia Talent Management Award, Asia Corporate Citizen
of the Year, Asia Innovator of the Year and Asia Business
Leader of the Year.
From a starting list of over 13,000 companies across
the region, 30 finalists had received final consideration
for the six ABLA categories. These business leaders passed
through a unique three-phase judging process based on a
combination of stringent and transparent criteria including
financial performance, leadership, creativity, innovation
and social responsibility. The judging panel was made up of
world-respected management strategists, academics, and
corporate personalities under the direction of knowledge
partners University of Chicago Graduate School of Business
and Development Dimensions International (DDI).
This May, Ms. Bush was also awarded the Ellis Island
Medal of Honor from the National Ethnic Coalition of
Organizations in recognition of her entrepreneurial success
and contributions to public service.
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
For more information, please contact:
China
Xinhua Finance
Ms. Joy Tsang
Tel: +852-3196-3983
+852-9486-4364
+86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Japan
Mr. Sun Jiong
Tel: +81-3-3221-9500
Email: jsun@xinhuafinance.com
Taylor Rafferty (Media/IR Contact)
Japan
Mr. James Hawrylak
Tel: +81-3-5733-2621
Email: James.hawrylak@taylor-rafferty.com
United States
Ms. Ishviene Arora
Tel: +1-212-889-4350
Email: ishviene.arora@taylor-rafferty.com
Europe
Mr. John Dudzinsky
Tel: +44-20-7614-2900
Email: John.Dudzinsky@taylor-rafferty.co.uk
SOURCE Xinhua Finance Limited
2007'02.11.Sun
BioWa, Inc. Begins Phase 1 Clinical Trial in Asthma
October 30, 2006
PRINCETON, N.J., Oct. 30 /Xinhua-PRNewswire/ -- BioWa,
Inc. announced today that it is beginning its Phase 1
clinical trial to evaluate the safety and tolerability of
BIW-8405, BioWa's anti-IL-5 receptor monoclonal antibody
(Mab). The Mab is being developed for the treatment of
asthma.
"The commencement of the BIW-8405 clinical studies
is a significant step for BioWa's technology platform,
demonstrating our commitment to building a pipeline of
Antibody-Dependent Cellular Cytotoxicity (ADCC) enhanced
therapeutic products, positioning BioWa as a key player in
asthma therapeutics," said Dr. Nobuo Hanai, President
and CEO of BioWa, Inc. "We believe that ADCC
enhancement of antibodies will overcome many existing
problems of antibody therapeutics today. We are pursuing
the discovery and development of high value proprietary
therapeutic products through the use of POTELLIGENT(TM)
Technology."
"Moving forward with our clinical program for
BIW-8405 is an exciting step for BioWa, especially since
this is the first Mab of the BioWa pipeline to enter human
trials," said George L. Spitalny, Ph.D., BioWa's
Senior Vice President of Research and Development.
About BIW-8405
The IL-5 receptor is expressed predominantly on the
surface of a class of white blood cells known as
eosinophils. These are one of several types of white blood
cells that act to combat infection. However, in a more
negative action, eosinophils have been implicated as the
major cause of problems in the lung associated with various
forms of asthma. BIW-8405 is being developed to reverse the
debilitating effects of asthma by acting to eliminate
eosinophils that accumulate locally in the lung.
About Asthma
The overall market for BIW-8405 could potentially gross
over $500M worldwide peak sales. The number of patients
affected by asthma is growing significantly. The asthma
market is predicted to increase from the current $12B to
over $19B worldwide by the year 2009.
About POTELLIGENT(TM) Technology
ADCC activity is an important function of the human
immune system, whereby immune cells can kill target cells,
e.g. cancer cells. Several anti-cancer therapeutic
antibodies that are on the market today have ADCC activity
as one of their mechanisms for the killing of tumor cells.
Enhancement of this activity is one promising approach in
the next generation of antibody technologies.
POTELLIGENT(TM) technology involves the reduction of
the amount of fucose in the carbohydrate structure of an
antibody using a proprietary fucosyltransferase-knockout
CHO cell line as a production cell. Research shows that
POTELLIGENT(TM) technology significantly enhances ADCC
activity of an antibody in vitro, thereby increasing the
potential for improved activity in vivo.
About BioWa, Inc.
BioWa is a wholly owned subsidiary of Kyowa Hakko Kogyo
Co., Ltd., Japan's leading pharmaceutical and largest
biotech company, and is the exclusive worldwide licensor of
POTELLIGENT(TM) technology, which creates high ADCC
monoclonal antibodies. Currently, BioWa is developing ADCC
enhanced monoclonal antibody-based therapeutics to fight
cancer and other life-threatening and debilitating diseases
and both BioWa and Kyowa have POTELLIGENT(TM) antibody
products in various clinical stages. BioWa creates and
develops enhanced ADCC antibodies for itself and others,
offering a full range of antibody discovery and development
capabilities. For more information about BioWa, visit its
web site at http://www.biowa.com .
POTELLIGENT(TM) is the trademark of Kyowa Hakko Kogyo
Co., Ltd. All rights are reserved.
For more information, please contact:
Martina Molsbergen
Vice President, Business Development
BioWa, Inc.
Tel: +1-609-580-7500 x7506
SOURCE BioWa, Inc.
2007'02.11.Sun
Zsoft to Drive Chinese and Singaporean Software Industries
October 30, 2006
BEIJING, China, Oct. 30 /Xinhua-PRNewswire/ -- A
delegation from Zhongguancun, the so-called Chinese Silicon
Valley, attended the Chinese IT Outsourcing Summit at Global
Entrepolits in Singapore for the first time on October 30.
Zhongguancun Software Association (Zsoft), the leader of
Zhongguancun Delegation, brought the Zsoft software
outsourcing platform to Singapore. The platform is a magic
weapon for global software industrial cooperation. A
China-Singapore software outsourcing channel is to be
established to facilitate friendly interaction in software
industries between China and Singapore.
Zsoft is a representative of more than 4,000 software
companies among 17,000 enterprises located in Zhongguancun.
The Zsoft software outsourcing platform is an international
marketing platform designed by Zsoft for the software
companies in Zhongguancun. Yu Bin, President of Zsoft, said
that the platform is used to integrate strengths and brands
of Zhongguancun companies, create an international channel,
and facilitate global cooperation in talents and projects.
The international platform connects thousand software
companies in Zhongguancun to many international contract
providers, including Europe, America, Japan, and Singapore
in the future. Yu Bin said: "Zsoft can advise
Singapore on Chinese companies and organizations intended
by Singapore, and find out proper partners among almost
5,000 software companies in Zhongguancun in a short
period."
Zsoft also signed the Agreement on China-Singapore
Software Outsourcing Channel with SINOLION Capital Group
Ltd., a Singaporean partner of the summit. James Lee,
President of SINOLION Capital Group Ltd., said that the
company will assist Zsoft to establish an office in
Singapore as soon as possible, facilitate communication
between Singapore enterprises that are interested in
providing contract for Chinese companies and Zhongguancun,
help Singapore investors seek chances in Chinese
outsourcing market, and realize complementary share in
human resource between the two countries. The software
companies in Zhongguancun will branch out to Singapore in
this way.
China-Singapore software outsourcing channel includes a
number of sub-channels, such as investment and financing,
contracted projects, product channel, human resource, and
information communication. According to Yu Bin and James
Lee, Singaporean enterprises that are interested in Chinese
software industry and are capable of outsourcing are eagerly
expected to contribute to building the channel.
Zero-Outsourcing Platform has experienced win-win
cooperation with European, American, and Japanese
enterprises. It is said that four cooperative projects have
been carried out for the China-Japan software outsourcing
channel, which was founded in this July in the same mode
with the China-Singapore counterpart. The total cooperative
sum between European and American enterprises and
Zhongguancun through the Zero-Outsourcing Platform is 200M
USD dollars last year. Singapore has favourable commercial
environment with hundreds of headquarters of
multifunctional companies. Zsoft expects more commercial
chances in Singapore.
Some famous software and service enterprises (members
of Zsoft) in Zhongguancun took part in the summit,
including iSoftStone, Worksoft, Prosoft, ASDC, YKsoft,
etc., which discussed with more than 20 Singaporean
enterprises. A spokesman from Singapore Economic
Development Board said: "I believe all participants
can further understand the level of Chinese software
industry, and cooperation with China in software
outsourcing will definitely leap."
About Zhongguancun Software Association
Zhongguancun Software Association (Zsoft) is a
Beijing-based non-profit software association, representing
more than 4000 software companies in Zhongguancun Science
Park (Zpark), so-called Silicon Valley in China. Zsoft is
under the auspices of Zhongguancun Science Park (ZPARK)
Administrative Committee, and aims to facilitate the
development of software companies in ZPARK.
About the Zsoft software outsourcing platform
On November 8, 2005, Zhongguancun Software Association
(Zsoft) launched Zsoft Software Outsourcing Platform. The
platform helps software companies in Zhongguancun,
so-called Silicon Valley in China, to explore markets and
attain outsourcing orders by setting up outsourcing project
networks, organizing outsourcing summits, offering expert
consulting service, etc.
The outsourcing platform aims to make Zhongguancun the
No 1 incubation center of China's software and service
industry in the world. The platform sets a goal of
attracting US$20 billion to Zhongguanncun in the next five
years.
The outsourcing platform functions as the gateway for
international software outsourcing service buyers to enter
China. It creates win-win model for both international and
Chinese companies through information platform
http://www.zsoft.cn, four time-a-year Zhongguancun Software
Outsourcing Summit, seminars and one-stop service for
international companies to establish business cooperation
with Chinese software vendors.
For more information, please contact:
Ada Lu
Zhongguancun Software Association
Tel: +86-10-8231-8300
Fax: +86-10-8233-7088
Email: ada@zsoft.cn
SOURCE Zhongguancun Software Association (Zsoft)
2007'02.11.Sun
Techwell Announces Highly Integrated TW2835 Four Channel Video and Audio Controller Solution for CCTV Security Surveillance Systems
October 30, 2006
Techwell Will Demonstrate the TW2835 at the 2006 International Exhibition Show on Public Safety and Security in Beijing, China October 30-November 2, 2006
SAN JOSE, Calif. and BEIJING, Oct. 30
/Xinhua-PRNewswire/ -- Techwell, Inc. (Nasdaq: TWLL) a
leading designer of mixed signal video semiconductor
solutions for the security surveillance, automotive and
consumer electronics industries, today announced the
release of the TW2835 Four Channel Video and Audio
Controller. Building on the success of the TW2834, the
TW2835 integrates six major blocks into one chip including
four high quality NTSC/PAL video decoders, four audio
A-to-D converters, an audio multiplexer, dual color display
controllers, dual video encoders and an advanced OSD (On
Screen Display). In addition, TW2835 utilizes a single
SDRAM per chip, is available in an optional BGA package,
and has a pin-to-pin sister chip called TW2836 that offers
the same functionality as TW2835 but does not include
audio. Leveraging Techwell's extensive portfolio of
security surveillance IC product solutions, the TW2835 is
another step forward in helping DVR manufacturers improve
quality and functionality, increase time to market, and
reduce cost.
Among its many features, the TW2835 supports full
real-time D1 recording, adds channel ID information to the
video stream for auto decoding and display during playback,
and includes a five layer graphic overlay function that
displays character/bitmap for OSD, single box, 2D array
box, and mouse pointer. The TW2835 also contains a simple
interface to support up to 16 channel systems using a
cascading connection. In addition, the TW2835 embeds
several surveillance specific features including Motion
Detection, Zoom, and Horizontal and Vertical Scaling. With
built in anti-aliasing filters and high quality comb
filters to reduce cross-noise, TW2835 is a high performance
and cost effective solution for Digital Video Recorders
(DVR) and Quad/Multiplexers.
Amess Kwak, President of Techwell Korea stated,
"We are very pleased to expand our product line with
the introduction of the TW2835 and TW2836. We believe that
the TW2835 is the most feature rich and cost-effective
front end solution for 4, 9 and 16 channel Digital Video
Recorders and Quad/Multiplexers in the market today. We
look forward to continuing to support our customers with
this exciting new IC."
Pricing and Availability
TW2835 and TW2836 are in mass production today.
Manufactured by TSMC in Taiwan, the TW2835 and TW2836 come
in PQFP or BGA package. Please contact your local sales
representative for pricing and availability or email
Techwell at sales@techwellinc.com.
About Techwell
Techwell is a fabless semiconductor company that
designs, markets and sells mixed signal integrated circuits
for multiple video applications in the consumer, security
surveillance and automotive markets. Techwell designs both
general purpose and application specific products that
enable the conversion of analog video signals to digital
form and perform advanced digital video processing to
facilitate the display, storage and transport of video
content. Headquartered in San Jose, CA, Techwell currently
has over 80 employees in the U.S., Korea, Taiwan, China and
Japan. Please visit http://www.techwellinc.com for more
information.
Forward-looking Statements
This press release may contain information considered
to be forward-looking and reflects management's current
expectations. These forward-looking statements may be
identified by terminology such as may, will, could, should,
anticipate and expect and the negative of these terms or
other similar expressions. These are statements that relate
to future events and include, but are not limited to the
anticipated benefits and success of the TW2835 and TW2836.
We remind you that these statements involve known and
unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others: our ability
to identify and retain key customers; our ability to
anticipate consumers' desires and design new products that
incorporate feature sets that are attractive to our
customers; our ability to manage and maintain our
suppliers; our dependence on key employees; and other risk
factors. Please refer to our Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on August
14, 2006 for a more detailed description of some of these
and other risks and uncertainties that could affect our
performance or achievements. You should not place undue
reliance on these forward-looking statements. Statements in
the release are based upon information known to Techwell as
of the date of this release, and Techwell assumes no
obligation to update this information contained in this
release. Techwell and the Techwell logo are trademarks of
Techwell. All other trademarks are the property of their
respective owners.
For more information, please contact:
Sabrina Joseph
Morphoses
Public Relations & Marketing Firm
Tel: +1-408-726-1577
Email: techwellpr@morphoses.com
SOURCE Techwell, Inc.
2007'02.11.Sun
Warburg Pincus Closes $1.2 Billion Global Private Equity Real Estate Fund
October 30, 2006
Warburg Pincus Real Estate I, L.P. to be Invested in Global Opportunities with Focus on U.S., Europe and Asia
NEW YORK, Oct. 30 /Xinhua-PRNewswire/ -- Warburg
Pincus, the global private equity firm, today announced the
final closing of Warburg Pincus Real Estate I, L.P. (WPRE
I), a $1.2 billion global fund that will be invested in
real estate opportunities worldwide.
"Real estate investing has been a focus area for
Warburg Pincus for more than two decades, so I'm
particularly pleased to be able to announce the close of
this dedicated fund," said Co-President Joseph P.
Landy. "We've moved to establish a separate fund for
our global real estate investment activities at a time when
the firm has seen its proprietary real estate deal flow
increase substantially around the world."
With the close of WPRE I, Warburg Pincus intends to
apply its fundamental principles of private equity
investing to an expanded focus on global real estate
opportunities. Throughout its four decades in private
equity, the firm's worldwide infrastructure and global
expertise in core industries have been a key aspect of its
overall strategy.
This is the 12th fund raised by Warburg Pincus since
the firm's founding in 1966.
Michael F. Profenius, a Warburg Pincus Managing
Director and a partner in the firm's global real estate
practice, said: "WPRE I combines our real estate
experience and private equity investing expertise with a
strong, dedicated capital base. This enables us to take
advantage of attractive real estate investment
opportunities and the team is actively pursuing numerous
transactions in the global market."
The investor base of WPRE I is comprised of certain
institutional investors, including a number of long-term
limited partners who have previously invested in Warburg
Pincus private equity funds.
"We are excited about investing in Warburg Pincus'
real estate fund because we like the global focus, including
the exposure it provides to markets such as China and other
parts of Asia," said Phil Riordan, Senior Managing
Director, GE Asset Management. "We believe that the
real estate fund's investment strategy, its integrated
approach with its private equity business and its focus on
entity-level investing are different and compelling."
Over the last 20 years, Warburg Pincus has invested
more than $1 billion in real estate and real-estate related
transactions. The firm's investments have spanned diverse
real estate sectors including homebuilding, retail, senior
housing, lodging, self-storage, land development and real
estate services in North America, Europe and Asia.
Since 1971, when the firm raised its first
institutional fund, Warburg Pincus has invested
approximately $24 billion in 550 companies in more than 30
countries. The firm currently has more than $10 billion
under management.
About Warburg Pincus
Warburg Pincus is one of the oldest and largest private
equity investment firms in the world. Working in
partnership with management teams, Warburg Pincus has taken
an active role in building businesses. The firm has an
active portfolio of more than 100 companies. Significant
current and past real estate related investments include:
Chelsea Property Group, Grubb & Ellis, Grupo Pinar,
Guangzhou R&F Properties, Lennar Corporation
(previously Pacific Greystone), Racebrook Capital, Raycom,
Resolution II Holdings, Romanian Real Estate Partners,
Sunshine 100, StorageMart and Wall Homes. Other
significant private equity investments include BEA Systems,
Coventry Health Care, Knoll, Mattel, Mellon Financial,
Neiman Marcus, Neustar, WNS, Bharti Tele-ventures and
TransDigm. Throughout its 40-year history, Warburg Pincus
has invested at all stages of a company's life-cycle, from
founding start-ups and providing growth capital to leading
restructurings, recapitalizations and buy-outs. The firm
has offices in New York, Menlo Park, London, Frankfurt,
Hong Kong, Beijing, Shanghai, Tokyo and Mumbai. For more
information please visit http://www.warburgpincus.com .
For more information, please contact:
Julie Johnson Staples
Warburg Pincus
Tel: +1-212-878-0600
Chuck Dohrenwend
Abernathy MacGregor
Tel: +1-212-371-5999
SOURCE Warburg Pincus
2007'02.11.Sun
Industrial and Commercial Bank of China£¨ICBC£©Makes Fast-Track Entry to Xinhua FTSE Index Series
October 30, 2006
BEIJING, Oct. 30 /Xinhua-PRNewswire/ -- Xinhua FTSE
Index (XFI), the leading China index provider, today
announced the pending inclusion of Industrial and
Commercial Bank of China (ICBC) within the Xinhua FTSE
Index Series in advance of FXI's regularly scheduled
review. Fast-track rules have been applied to ICBC's Hong
Kong-listed H shares (Code:1398) and Shanghai-listed A
shares (Code: 601398), with the issuances having met
certain eligibility requirements. ICBC shares are scheduled
for formal inclusion within relevant Xinhua FTSE indices
following market close on November 6, 2006.
ICBC's dual listing marks the world's largest IPO to
date. ICBC is the first Chinese corporation to go public on
the Hong Kong and Shanghai stock exchanges on the same day.
Its total H shares in issuance are 83,056,501,962, of which
50% are free floating. Total A shares in issuance are
250,962,348,064, of which 4% are free floating.
Following fast-track entry, ICBC becomes a constituent
of the Xinhua/FTSE China 25 Index and Xinhua FTSE Hong Kong
Index. Xinhua/FTSE China 25 Index, consisting of the largest
and most liquid H shares and Red Chips and used as the
underlier for ETFs and derivatives worldwide (with over USD
6 billion assets against it), will be rebalanced with the
removal of Yanzhou Coal Mining (Code:1171). No deletion
will be made from Xinhua FTSE Hong Kong Index, which had
been adopted by China's National Social Security Fund as
the benchmark for its overseas equity investments earlier
this year.
ICBC's A share will be included within Xinhua/FTSE
China A50 Index, having fulfilled A share index fast entry
requirements, which stipulate that the issuance must rank
in the top 5 by total market capitalization among the
eligible A Share universe, with free float over 3%. To
rebalance the index, Shanghai RAW Water Supply (Code:
600649) will be removed. Moreover, ICBC will also be added
to the 200, 400, 600, and All Share indices, as well as the
Xinhua FTSE Insurance Investment Index. For further details
regarding rebalancing, please refer to the technical notice
here.
The weighting of ICBC within all indices will be
determined after market close on Nov. 6, 2006.
More information on the Xinhua FTSE Index Series,
including constituent lists, is available at
http://www.ftsexinhua.com .
About Xinhua FTSE Index
Established in late 2000, Xinhua FTSE Index (XFI), a
joint venture between Xinhua Finance Limited and FTSE, came
into being to facilitate the creation of real-time indices
for the Chinese market. The indices can be used as a basis
for the trading of derivatives, index-tracking funds,
Exchange Traded Funds and as performance benchmarks. The
combination of FTSE's expertise in international indexing
with Xinhua Finance's strong presence and capabilities in
China creates a level of expertise in the Chinese market
that is unprecedented. Providing the combined coverage for
the Shanghai and Shenzhen exchanges, all of the Xinhua FTSE
indices are designed according to internationally proven
index methodology to ensure products are transparent, clear
and consistent. For daily data and further information,
please visit http://www.ftsexinhua.com .
About FTSE Group
FTSE Group is a world-leader in the creation and
management of indices. With offices in London, Frankfurt,
Hong Kong, Madrid, Paris, New York, San Francisco, and
Tokyo, FTSE Group services clients in 77 countries
worldwide. It calculates and manages the FTSE Global
Equity Index series, which includes world-recognised
indices ranging from the FTSE All-World Index, the
FTSE4Good series and the FTSEurofirst Index series, as well
as domestic indices such as the prestigious FTSE 100. The
company has collaborative arrangements with the Athens,
AMEX, Cyprus, Euronext, Johannesburg London, Madrid, NASDAQ
and Taiwan exchanges, as well as Nomura Securities, Hang
Seng and Xinhua Finance of China, FTSE recently signed an
agreement with Dow Jones Indexes to develop a single sector
classification system for global investors.
FTSE indices are used extensively by investors
world-wide for investment analysis, performance
measurement, asset allocation, portfolio hedging and for
creating a wide range of index tracking funds. Independent
committees of senior fund managers, derivatives experts,
actuaries and other experienced practitioners review all
changes to the indices to ensure that they are made
objectively and without bias. Real-time FTSE indices are
calculated on systems managed by Reuters. Prices and FX
rates used are supplied by Reuters.
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe. For more information, please visit
http://www.xinhuafinance.com .
For more information, please contact:
Beijing
Catherine Song
Xinhua FTSE Beijing office
Tel: +86-10-5864-5275
Email: catherine.song@xinhuafinance.com
Hong Kong
Joy Tsang
Xinhua Finance
Tel: +852-3196-3983
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinance.com
Meredith Blakemore
FTSE Asia Pacific
Tel: +852-2230-5801
Email: Meredith.blakemore@ftse.com
New York
Lynne Sims
FTSE Americas
Tel: +1-212-641-6168
email: lynne.sims@ftse.com
London
Sandra Steel
FTSE Group
Tel: +44-20-7866-1821
Email: media@ftse.com
SOURCE Xinhua FTSE Index
2007'02.11.Sun
Hennessy VSOP Global "Artistry" to Hit China
October 30, 2006
-- An Experience to Satisfy All the Senses
BEIJING, Oct. 30 /Xinhua-PRNewswire/ -- Today Hennessy
VSOP announced the kick-off of the first ever HENNESSY
ARTISTRY series -- a global music event spanning New York
to Shanghai. HENNESSY ARTISTRY creates 6 unforgettable
evenings as Hennessy VSOP blends together
once-in-a-lifetime performances, luxurious modern
surroundings and an exclusive array of Hennessy VSOP world
city cocktails. Embodying the true spirit of Hennessy
VSOP's "This is me. Live life to the Full" motto,
HENNESSY ARTISTRY features ground-breaking performances by
pairing local artists such as Hu Yanbin, Soler and Yumiko
with international trio, DJ Union. The tour will culminate
in a global concert event in Shanghai featuring world-class
musical performances by Asian artist David Tao,
world-renowned DJ Sky Nellor, Western rock and roll group,
Juliette & the Licks, headed by Oscar-nominated
American actress, Juliette Lewis.
(Photo:
http://211.154.41.99:9080/xprn/back/upload/story_attchment/20061030141243-32.JPG
)
New York City, October 17, 2006 -- The US HENNESSY
ARTISTRY FINALE finished with a bang at the cool Capitale
night club. The concert bill appeared to be a veritable
"who's who" of current music superstars with
performances by: Kanye West, an innovative power-force in
the hip-hop world; The Strokes, critically-acclaimed US
indie-rock band; Goldfrapp, UK-duo credited as pioneers of
the electronica sound; and DJ Carl Cox, godfather of house
music. The presence of these diverse musical talents under
one roof is a true testament to the HENNESSY ARTISTRY
dedication to blending the musical genre lines.
HENESSY ARTISTRY will tour Shenzhen, Guangzhou,
Beijing, Shanghai, Dalian and Chengdu. The tour will also
feature Hennessy VSOP's signature world city cocktails;
Hennessy VSOP Paris, Hennessy VSOP Miami, Hennessy VSOP
Shanghai and Hennessy VSOP Moscow. The signature cocktails
will offer Hennessy VSOP's international flavor to local
Chinese cities, while perhaps also taking away some local
flavor to add to the global mix.
The tour is presented exclusively by Hennessy VSOP
which boasts a long and supportive partnership with
emerging and established musical talent. "The Hennessy
Artistry global music event offers a delightful platform to
communicate our brand promise of living life fully by
touching consumers through their many senses. This series
of events that is held the world over blends together the
latest exciting sounds from the west and the east. It
also offers the opportunity of tasting Hennessy mixed in
different new mouth-watering ways as enjoyed in some of the
top cities in the world right now. We are creating a unique
and luxurious experience containing great performances which
attendees will remember for some time," said Ruby Tang,
Moet Hennessy Asia Pacific Regional Marketing Director.
The HENNESSY ARTISTRY series will run through the month
of November 2006 leading up to the Artistry Finale concert
in Shanghai on December 2, 2006.
Bios on HENNESSY ARTISTRY artists can be viewed below.
Hennessy Artistry Tour Schedule
11/10 Shenzhen at True Color
11/11 Guangzhou at Cat Walk
11/17 Beijing at Tango
11/18 Shanghai at G-Spot
11/24 Dalian at SOS
11/25 Chengdu at Seven Club
12/2 Shanghai Finale at the Pudong Expo
About Hennessy
Hennessy Cognac, the No. 1-selling cognac in the world,
is imported and distributed in China by Mo?t Hennessy and is
a subsidiary of LVMH (Moet Hennessy-Louis Vuitton), the
largest luxury products group in the world boasting
prestige goods of quality, originality and exclusivity.
Hennessy distils, ages and blends a full range of marques,
including Hennessy VSOP, Privilege, X.O, Paradis and
Richard Hennessy.
For more information, log onto http://www.hvsop.cn and
start living YOUR life to the full.
For more information on the US Artistry Tour, please
visit http://www.hennessyartistry.com .
This release was provided by Movie&Media on behalf
of Hennessy VSOP.
DJ UNION
DJ Union is based outcomprised of three DJs -- DJ Trix
(Canada), DJ Kingpin (Australia) and DJ Carl Lorimer (USA)
and are currently one of the hippest and hottest DJ teams
in China¡£Due to their partnering with Hennessy VSOP,
clubgoers will be lucky enough to see the dynamic trio
perform in 6 different cities during the Hennessy Artistry
tour.
SOLER
The musical duo Soler was formed in 2005 and is made up
of twin brothers from Hong Kong. Handsome and possessing a
distinctive musical sound, Soler has become a popular group
among Chinese youth. Their rock sound and exciting stage
show is a sure crowd-pleaser. In the short period of 8
months, Soler has already been touted as a band with a
unique sound and the capability to leave a lasting
influence on China's pop music scene. They will be
appearing during the Hennessy Artistry tour in Shenzhen.
Hu Yanbin (Anson Hu)
Appearing at the Asian Music Festival at only 16 years
of age, Hu Yanbin is a youthful artist who possessing
musical know-how well beyond his years. Because of his love
of music writing and performance, Hu Yanbin has become a
welcome musical force in the Chinese pop mainstream. Fans
can look for Hu Yanbin to appear at 4 cities along the
Hennessy Artistry tour stops: Beijing, Shanghai, Dalian,
and Chengdu.
Yumiko
In 2004, TVB8 put forth a list profiling pop music's
most promising new female stars and Yumiko landed at number
three. Known for her strong sense of fashion and
translating her success as a former model into an
up-and-coming music career, Yumiko combines her musical
talent and strong sense of individuality into each of her
performances. Be sure not to miss her at this year's
Hennessy Artistry tour in Guangzhou on November 12th!
Juliette & the Licks
Perhaps best known as an Oscar-nominated actress, music
fans may be surprised to learn that Juliette Lewis is, at
heart, a rock and roll chick. Formed in 2003, Juliette
& the Licks have been touted as a band with a diverse
sound, with alternative pop, new wave, and old school rock
and roll influences. Parading around in spandex and
high-heeled boots, Juliette & the Licks stage show is a
mesmerizing and explosive tour de force, always blowing away
listeners and winning over new fans. Their debut album,
Speaking my Language, dropped in September of 2005, while
their latest album, Four on the Floor, was released in
October of 2006.
Sky Nellor
A natural beauty with a contagious personality, DJ Sky
Nellor captivates crowds ruling the turntables at some of
the world's most exclusive parties. Discovered in her
native Australia, Sky has traveled the world as a model,
yet her first love remains music. Influenced by the
soulful beats of Aretha Franklin and Al Green, Sky blends
her jet-setting lifestyle with her passion for music. A
fixture on the elite club scene, Sky has spun for music
royalty including P. Diddy and Britney Spears.
David Tao
Citing music as his first love, David Tao is heavily
influenced by music from around the world. Having
travelled around the world, he splits most of his time
between the United States and China. Praised as a gifted
songwriter, David Tao finds musical inspiration in all
aspects of his daily life and strives continually to be a
stronger artist, not only in Asia, but around the world.
Be sure to catch his appearance at this year's Hennessy
Artistry finale in Shanghai on December 2nd - as it will
surely be an unforgettable performance!
For artist photos, please visit
http://hennessyartistry.photo.163.com
For more information, please contact:
Amy Jiang
Tel: +86-10-8525-1200 x830
Mobile: +86-13601357039
Email: amy.jiang@movieandmedia.com
Zero Fan
Tel: +86-10-8525-1200 x833
Mobile: +86-13910288469
Email: zero.fan@movieandmedia.com
Tina Geng
Public Relations, Moet Hennessy Diageo (China)
Co.,Ltd.
Tel: +86-21-6288-1888
Email: tina.geng@mhdchina.cn
Please send media coverage and related materials to:
Movie & Media
Attn: Amy Jiang
701 China Life Tower, 16 Chaowai Avenue
Chaoyang District, Beijing 100020
SOURCE HENNESSY VSOP
2007'02.11.Sun
Tele Atlas Signs Agreement with Beijing Changdi Youhao Mapping Technologies to Add Full Coverage of China
October 30, 2006
SINGAPORE, Oct. 30 /Xinhua-PRNewswire/ -- Tele Atlas
(FSE: TA6, EUNV: TA), a leading global provider of digital
maps and dynamic content for navigation and location based
solutions, today announced a license and distribution
agreement with Beijing Changdi Youhao Mapping Technologies
Co., Ltd., an affiliate of China-based Ritu Information
Systems Inc. The agreement gives Tele Atlas Asia-Pacific
full map coverage of 337 Chinese cities, complete with
censor codes, and puts Tele Atlas in the lead position in
the region with maps covering seven countries and
territories and hundreds of millions of inhabitants.
Tele Atlas Chief Operating Officer of Asia-Pacific Mark
Steele said that China is a burgeoning market for in-car,
portable, and wireless navigation systems and applications.
"The potential is significant in this market, which has
more consumers than the U.S. and European markets combined.
This agreement accelerates our ability to deliver high
quality, detailed digital maps to global and Chinese
customers eager to expand in the country."
Formed in 1994, Changdi delivers digital maps to
in-car, personal navigation, enterprise, GIS, Internet and
wireless application and product providers. "Changdi
is the best partner for Tele Atlas. Its depth of coverage
is unsurpassed, and its processes for ensuring the data is
up-to-date mirror Tele Atlas' unique approach to combine
updates from professional drivers with information from
authoritative sources," said Steele.
Steele added that the operations of Tele Atlas' current
mapping partner, SIS, will be combined with Changdi's
operations, and Tele Atlas will acquire the remaining 75
percent of the Tele Atlas/SIS joint venture
"NaviAtlas," making that company a wholly owned
subsidiary of Tele Atlas. NaviAtlas will function as Tele
Atlas' marketing and sales company in China.
About Tele Atlas
Tele Atlas delivers the digital maps and dynamic
content that power the world's most essential navigation
and location-based services. The information is the
foundation for a wide range of personal and in-car
navigation systems, mobile and Internet map applications
that help GPS system users find the people, places,
products and services they need, wherever they are. Tele
Atlas also works with business partners that deliver
critical applications for emergency, business fleet and
infrastructure services. Founded in 1984, the company
employs approximately 2,300 full-time staff and contract
cartographers at offices in 20 countries around the world
and uses a sophisticated network of professional drivers,
mobile mapping vans and more than 50,000 data sources to
continually update its maps. Tele Atlas is listed on the
Frankfurt Stock Exchange (TA6) and on Euronext Amsterdam
(TA). For more information, visit http://www.teleatlas.com
.
For more information, please contact:
Dirk Snauwaert
PR Director, Tele Atlas
Tel: +32-475-69-30-97
Email: dirk.snauwaert@teleatlas.com
SOURCE Tele Atlas
2007'02.11.Sun
Mathematical Model Based on Clinical Findings From Cervarix(TM), GSK's Cervical Cancer Candidate Vaccine, Suggests Vaccination Could Reduce Cervical Cancers by up to 80%
October 30, 2006
LONDON and RIXENSART, Belgium, Oct. 30
/Xinhua-PRNewswire/ -- Mathematical model projections
predict that vaccinating all 11-13 year old girls with
Cervarix(TM), GSK's cervical cancer candidate vaccine, has
the potential to reduce the incidence of cervical cancer by
up to 80%, based on available clinical data.(1) The
projections model was constructed in two stages. In the
first, vaccination with GSK's cervical cancer candidate
vaccine -- which has shown excellent protection against the
two most cancer-causing HPV types, 16 and 18(2) -- accounted
for a projected 74% reduction of cervical cancer in France.
This constituted the base-case analysis of this model.(1)
In a further analysis, the model incorporated
preliminary evidence that GSK's cervical cancer candidate
vaccine has been shown to provide substantial protection
against pre-cancerous lesions beyond that expected from HPV
vaccine-types 16 and 18.2 When this additional protection is
added to the model, a further 6% reduction is predicted,
making a total reduction of 80% of cervical cancers.(1)
These findings were presented today at the International
Society of Pharmacoeconomics and Outcomes Research 9th
Annual European Congress (ISPOR) in Copenhagen, Denmark.
Further data presented at ISPOR underscore not only the
major health burden(3),(1) that cervical cancer represents
for all women, but also the substantial cost for
society(4), particularly considering the costs of the
organisation and implementation of screening against
cervical cancer.(5),(6) Indeed, the data presented at ISPOR
suggest that vaccination will reduce cervical cancer
specific mortality, the number of cervical cancer cases,
pre-clinical cancer cases, as well as their related costs.
"The potential to reduce cervical cancer cases and
mortality by up to 80 per cent, as suggested by the outcome
of the model is very encouraging," noted Prof. Lieven
Annemans, the former president of ISPOR. "Vaccination
that provides the broadest possible protection against
cancer-causing HPV types is a desirable strategy to reduce
the significant health burden of cervical cancer. In doing
so, we can save lives of women as well as expect to save
our healthcare systems the associated high costs of
intervention," he said.
The mathematical model presented at ISPOR adds to the
growing body of collected analyses -- which have
demonstrated similar cervical cancer case reduction figures
projected using GSK's cervical cancer candidate vaccine --
including those for Spain(7), the UK(8) and the USA(9).
Notes to editors:
The projection of reduction in cervical cancers is
calculated based on the clinically demonstrated efficacy of
the cervical cancer candidate vaccine, within the existing
screening and disease management environment, assuming 100%
vaccination of the age group.
About the mathematical model(1)
To investigate the clinical benefit of the candidate
vaccine, researchers used a Markov model to simulate the
long term prevention effects against cervical cancer of
GSK's cervical cancer candidate vaccine. The Markov model
was built in Microsoft(R) Excel software and replicates the
natural history of HPV infection to cervical cancer over the
lifetime of an age-cohort of 11-13 year old girls. The model
simulates the effect of adding 100% vaccination of the age
cohort to the current screening program in terms of number
of cervical cancer cases and cervical cancer deaths
avoided. All transition probabilities of the natural
history of HPV-infection to cervical cancer and the
screening patterns were obtained from literature review,
expert opinion and official French statistics.
About GSK's cervical cancer candidate vaccine
GSK's cervical cancer candidate vaccine was developed
to prevent infection and lesions from the two most
prevalent cancer-causing types of HPV, specifically HPV 16
and 18.
In previous clinical trials performed in 15-25 year old
women, the vaccine demonstrated excellent protection from
persistent infection against both HPV 16 and 18, associated
precancerous lesions and excellent antibody response up to
4.5 years. GSK's cervical cancer candidate vaccine is
formulated with the proprietary adjuvant AS04 selected to
ensure that it confers high and sustained antibody levels.
In addition, preliminary data regarding GSK's cervical
cancer candidate vaccine has been shown to provide
substantial protection against infection with the third and
fourth most prevalent cancer-causing types of HPV, namely
types 45 and 31. HPV types 16, 18, 45 and 31 are
collectively responsible for 80 per cent of cervical
cancers globally.
The overall safety profile from the completed
controlled trials indicates that the vaccine is generally
safe and well tolerated with a very good compliance to the
3 dose schedule.
Over 16,000 women worldwide have been vaccinated with
GSK's cervical cancer candidate vaccine as part of
completed and ongoing clinical trials. It is currently
undergoing extended Phase III clinical trials.
GSK's submitted a marketing application review for its
cervical cancer candidate vaccine to the European Agency
for the Evaluation of Medicinal Products (EMEA) in March
2006. Other international regulatory filings followed in
Australia, parts of Asia and Latin America from March 2006,
with submission to the US Food and Drug Administration (FDA)
by April of 2007.
About HPV and cervical cancer
HPV infection is very common; every sexually active
woman is at risk of contracting a type of HPV, which may
cause cervical cancer. While there are many different types
of HPV that may cause cancer, HPV types 16, 18, 45 and 31
are collectively responsible for 80 per cent of cervical
cancers globally.
Cervical cancer is a major global health problem, with
nearly 500,000 new cases occurring each year worldwide. It
is the second most common cancer -- and the third leading
cause of cancer deaths -- in women worldwide. Each year an
estimated 270,000 women die from the disease, and it is the
leading cancer killer of women in the developing world.
References:
(1) Demarteau N et al. Long term clinical effect of an
HPV-vaccine
for the prevention of cervical cancer in France in
relation to
age of vaccination: results from a Markov Model.
Poster to be
presented at ISPOR, 28-31 October 2006.
(2) Harper DM, et al. Sustained efficacy up to 4-5
years of a
bivalent L1 virus-like particle vaccine against
human
papillomavirus types 16 and 18: follow-up from a
randomised
control trial. Lancet 2006; 367:1247-1255.
(3) Rogozza R, Estimating the clinical benefits of HPV-
16/18
vaccination: challenges of modeling predicted cases
of cervical
cancer in Poland and Mexico, two countries with
differing
degrees of cervical disease and population
stability. Poster to
be presented at ISPOR, 28-31 October 2006.
(4) Rash B, Comparing Management Patterns And
Associated Costs Women
With Abnormal Cervical Cytology In 5 Different
Countries. Poster
to be presented at ISPOR, 28-31 October 2006.
(5) Helms LJ, Melnikow J, Determing costs of health
care services
for cost-effectiveness analyses: the case of
cervical cancer
prevention and treatment. Med Care 1999;
37:652-66.
(6) Insinga RP, Glass AG, Rush BB. The health care
costs of cervical
human papillomarvirus-related disease. Am J Obstet
Gynecol 2004;
191:114-20.
(7) De San Jose S et al. Adaptation of a Health
Economic Model of
the Natural History of HPV Infection and Cervical
Cancer for
Spain. Presented at International Papillomavirus
Conference,
Prague, 3-7 September 2006.
(8) Kohli M et al. Estimating the Long-term Impact of a
Prophylactic
Human Papillomavirus (HPV) 16/18 Vaccine on the
Burden of
Cervical Disease in the UK. Presented at
International
Papillomavirus Conference, Prague, 3-7 September
2006.
(9) Juday TR et al. Clinical Benefits Associated with
Vaccination
Against Human Papillomavirus: The Contribution of
Cross-Protection. Presented at Interscience
Conference on
Antimicrobial Agents and Chemotherapy in San
Francisco (USA)
(ICAAC), 27-30 September 2006.
For more information, please contact:
GSK Biologicals:
Chris Hunter-Ward
Tel: +32-2-656-3075
Stella Gu
Tel: +32-2-656-3533
SOURCE GlaxoSmithKline
2007'02.11.Sun
Weekly Spot Uranium Price Sets New Record: Tops US$60/Pound
October 30, 2006
TradeTech CEO Says: `Not Much Breathing Room in the System'
SARASOTA, Fla., Oct. 30 /Xinhua-PRNewswire/ -- Global
utilities will soon be paying more for their nuclear fuel.
Spot prices for uranium oxide (U3O8) punched through the
US$60/pound level for the first time in the spot market's
38-year history. According to figures released this weekend
by TradeTech, the weekly spot uranium price indicator stands
at US$60.25/pound. The spot price jumped 7 percent after
Cameco Corp announced `uncontrollable flooding' at the
company's massive Cigar Lake uranium project. The world's
largest uranium producer warned of a mine production delay
of more than one year.
In a telephone interview, TradeTech's CEO Gene Clark
told StockInterview.com, "Cigar Lake is a must-have
project for the industry. Getting that project back under
development will be essential." He added, "While
the `sky has not fallen' yet, there is not much breathing
room left in the system." Less than two months ago,
spot uranium traded at US$50/pound.
During the depressed uranium market of the 1990s,
participants `counted by nickels' when anticipating monthly
price movements. Because of strong demand and tight
supplies, according to Clark, analysts are now thinking in
terms of US$10/pound price movements. "If you've got
uranium in your hands now, you're going to make some real
money on it," Clark said.
TradeTech and its predecessor NUEXCO have been
publishing uranium market prices since the inception of the
commercial nuclear fuel market in 1968. The current weekly
spot uranium price appears now at: http://www.uranium.info
The exclusive featured interview with TradeTech's Gene
Clark appears on the online financial news website,
StockInterview.com:
http://www.stockinterview.com/News/10302006/uranium-price.html
For more information, please contact:
Julie Ickes
StockInterview.com
Tel: +1-941-929-1640
Email: editor@stockinterview.com
Gene Clark
TradeTech
Tel: +1-919-933-7388
Email: Gene.Clark@TradeTech.com
SOURCE StockInterview.com
2007'02.11.Sun
Techwell Announces TurnKey PCI Express DVR and Standalone DVR Solutions for the CCTV Security Surveillance Market
October 30, 2006
TW6802 Video Decoder with PCI and TW2700 Video CODEC Based Solutions Drive Feature Rich, Low Cost DVR Solutions
SAN JOSE, Calif., Oct. 30 /Xinhua-PRNewswire/ --
Techwell, Inc., (Nasdaq: TWLL) a leading designer of mixed
signal video semiconductor solutions for the consumer
electronics, security surveillance, and automotive markets,
today introduced two turnkey DVR solutions for the CCTV
Security Surveillance market. Leveraging its extensive line
of highly integrated, feature rich surveillance ICs, these
platforms are designed to enable both PCI Express DVR and
Standalone DVR manufacturers to go to market quickly with
highly functional, cost effective solutions.
(Photo:
http://www.newscom.com/cgi-bin/prnh/20061029/NYSU026 )
"These two new turnkey platforms represents
Techwell's commitment to provide complete DVR solutions to
manufacturers of security surveillance products," said
David Nam, VP Sales and Marketing for Techwell. "We
are already seeing demand for these new solutions and we
are excited about rolling them out to our surveillance
customers through the end of this year and into early
2007."
The Techwell PCI Express DVR solution supports 8
channel real time and 16 or 32 channel non-real time
recording. In addition, the PCI Express Card supports over
6 full D1 resolutions compared to 4 full D1 resolutions for
PCI DVR Cards. Other functionality includes support for 7
frames per second recoding in NTSC or 6 frames per second
recording in PAL and 1 channel audio recording. The
Techwell PCI Express DVR Card leverages Techwell's TW6802
video decoder with PCI and has a reliable TV quality video
decoder core including 2D (4H) comb filter and exceptional
weak signal performance for weak signal camera support.
The Techwell Standalone DVR is a 4 channel turnkey
solution and supports full triplex operation including
simultaneous live, play, record and network connection.
Ethernet (TCP/IP) and a remote viewer program are included
in addition to USB 2.0 full speed compatible back up and
support for up to two hard disk drives each with over 250GB
capacity. Other features include foreign language OSD
support, 16x12 cell motion detection and multiple search
modes including event search, date/time search, and search
bar. There is also an optional remote control and keypad.
Pricing and Availability
Techwell's TurnKey PCI Express and Standalone DVR
Solutions are currently sampling and will go to mass
production in the fourth quarter of 2006. Please contact a
local Techwell sales representative for samples and pricing.
sales@techwellinc.com.
About Techwell
Techwell is a fabless semiconductor company that
designs, markets and sells mixed signal integrated circuits
for multiple video applications in the consumer, security
surveillance and automotive markets. Techwell designs both
general purpose and application specific products that
enable the conversion of analog video signals to digital
form and perform advanced digital video processing to
facilitate the display, storage and transport of video
content. Headquartered in San Jose, CA, Techwell currently
has over 80 employees in the U.S., Korea, Taiwan, China and
Japan. Please visit http://www.techwellinc.com for more
information.
Forward-looking Statements
This press release may contain information considered
to be forward-looking and reflects management's current
expectations. These forward-looking statements may be
identified by terminology such as may, will, could, should,
anticipate and expect and the negative of these terms or
other similar expressions. These are statements that relate
to future events and include, but are not limited to the
anticipated benefits and success of TW6802 and TW2700. We
remind you that these statements involve known and unknown
risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be
materially different from any future results, performance
or achievements expressed or implied by the forward-looking
statements. Such factors include, among others: our ability
to identify and retain key customers; our ability to
anticipate consumers' desires and design new products that
incorporate feature sets that are attractive to our
customers; our ability to manage and maintain our
suppliers; our dependence on key employees; and other risk
factors. Please refer to our Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on August
14, 2006 for a more detailed description of some of these
and other risks and uncertainties that could affect our
performance or achievements. You should not place undue
reliance on these forward-looking statements. Statements in
the release are based upon information known to Techwell as
of the date of this release, and Techwell assumes no
obligation to update this information contained in this
release. Techwell and the Techwell logo are trademarks of
Techwell. All other trademarks are the property of their
respective owners.
For more information, please contact:
Sabrina Joseph
Morphoses Public Relations & Marketing Firm
Tel: +1-408-726-1577
Email: techwellpr@morphoses.com
SOURCE Techwell, Inc.
2007'02.11.Sun
SDB, Wal-Mart and GE Money Launches Co-Branded Credit Card
October 30, 2006
-- Wal-Mart Changxiang Card
SHENZHEN, China, Oct. 30 /Xinhua-PRNewswire/ --
Shenzhen Development Bank (SDB), Wal-Mart (China)
Investment Co., Ltd and GE Money jointly held today a
ceremony and press conference for the issuance of the
co-branded Wal-Mart Changxiang Card, in the Wal-Mart
Supercenter, Xiangmihu Store in Shenzhen. The issuance of
this co-branded card opens a new chapter for China's retail
financial industry, and will bring more benefits and
services to Chinese consumers.
The Wal-Mart Changxiang Card, a Visa and China UnionPay
dual labeled credit card, embraces the concept of
"maximizing value, enjoying life" and features an
original rebate function for credit card payment. Every
Wal-Mart Credit Card holder is able to enjoy a rebate of up
to 1%, which can be used to exchange any goods of the same
value in any Wal-Mart Supercenter or SAM's CLUB store
throughout China. Cardholders can earn rebates on their
purchases everywhere around the world, so as to enjoy
shopping. Now, applicants for the Wal-Mart Credit Card
will enjoy a first-year annual fee waiver. Upon 12
purchases with the card in the first year, the second-year
annual fee will be also exempted.
Rene Mang, Chief Administrative Officer of Wal-Mart
(China) Investment Co. Ltd., said: "Wal-Mart is
committed to delivering exceptional everyday value and
service to our customers. With the Wal-Mart Credit Card,
we will deliver even more added value services and
exclusive benefits to our customers."
Liu Baorui, Vice President of SDB, said, "The
Wal-Mart Credit Card is the result from the deep
cooperation between SDB and Wal-Mart in the China's retail
market and financial market. SDB and GE Money have already
began strategic cooperation to further our partnership and
lead the new trend of cooperation in China' banking sector,
by jointly launching more new credit cards and finance
banking products which meet the demands of market. The
strong cooperation between these vigorous companies is
expected to bring more value to consumers."
"As a strategic partner of SDB, GE has not only
offered SDB a range of financial consulting services and
advanced financial management experience, but also
introduced the world's largest retailer, Wal-Mart, as a
partner for the bank's global retail card program. The
cooperation of the three parties will create a multi-win
situation, and will lead China's retail financial industry
to be in line with the world," said Michael Barrett,
Chief Executive Officer of GE Money in China.
The press conference was attended by Xu Anliang, Vice
Secretary-general of Shenzhen Municipal Government, Frank
N. Newman, Chairman of SDB, Liu Baorui, Vice President of
SDB, Michael Barrett, Chief Executive Officer of GE Money,
China, Rene Mang, Chief Administration Officer of Wal-Mart
(China) Investment Co., Ltd., representatives from China
UnionPay and from Visa.
About Shenzhen Development Bank
Shenzhen Development Bank, the first joint-stock owned
company to list on the Shenzhen Stock Exchange (SZSE
000001), is a national bank headquartered in Shenzhen,
China, a city known for its progressive approach to
business. With RMB 246.2 billion in assets, SDB provides a
broad range of services to commercial, retail, and
government customers, through branches in Shenzhen,
Beijing, Shanghai, Tianjin, Chongqing, Guangzhou, Zhuhai,
Foshan, Haikou, Hangzhou, Nanjing, Ningbo, Wenzhou, Dalian,
Jinan, Qingdao, Chengdu, Kongming and Hong Kong. Please
visit http://www.sdb.com.cn for more information .
About Wal-Mart
Wal-Mart accomplished USD312.4 billion sales globally
in 2005. It ranked the first on the FORTUNE 500 list
consecutively for years. Meanwhile, Wal-Mart was named one
of the "Most Respected Companies" and the
"Best Companies to Work For" in many other
countries. Wal-Mart entered the Chinese market in 1996.
The first Supercenter and SAM'S CLUB were opened in
Shenzhen, Guangdong Province in that year. Currently,
Wal-Mart China operates 66 units in 34 cities, including 61
Supercenters, 3 SAM'S CLUBs, and 2 Neighborhood Markets.
Wal-Mart is committed to its corporate social
responsibility program and has contributed more than RMB23
million to various charitable organizations.
About GE Money
GE Money is the Money business unit of the General
Electric Company and a leading global provider of banking
and financial services to consumers, retailers, and
business partners in 51 countries around the world. GE
Money, based in Stamford, Connecticut (USA), offers a range
of consumer financial products, including credit cards,
personal loans, bank cards, auto loans and leases,
mortgages, corporate travel and purchasing cards, debt
consolidation, home equity loans, and credit insurance. GE
Money has more than 118 million customers. GE Money earned
$3 billion in Net Income in 2005 and has total assets of
$163 billion. More information can be found at
http://gemoney.com .
About GE
GE (NYSE:GE) is Imagination at Work -- a diversified
technology, media and financial services company focused on
solving some of the world's toughest problems. With
products and services ranging from aircraft engines, power
generation, water processing and security technology to
medical imaging, business and consumer financing, media
content and advanced materials, GE serves customers in more
than 100 countries and employs more than 300,000 people
worldwide. For more information, visit the company's Web
site at http://www.ge.com .
For media inquiries, please contact:
Shenzhen Development Bank
Xu Shaomin
Tel: +86-755-2216-8025
Fax: +86-755-8208-1038
Mobile: +86-133-1290-8808
Email: xusm@sdb.com.cn
Wal-Mart China Investment Co., Ltd.
Nikita Huang
Tel: +86-755-2562-3288 x8213
Fax: +86-755-2502-7211
Email: nikita.huang@wal-mart.com
GE Money
Mikko Lan
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6589
Fax: +86-10-8520-6600
Mobile: +86-136-0115-5420
Email: mikko.lan@ogilvy.com
SOURCE Wal-Mart; GE Money; Shenzhen Development Bank
2007'02.11.Sun
Manchester's Leading Financial and Business Advisers and Executives Coming to Shanghai to Introduce Britain's Alternative Investment Market
October 30, 2006
SHANGHAI, China, Oct. 30 /Xinhua-PRNewswire/ -- Later
this month, a delegation of leading financial advisers and
business executives from Manchester is visiting Shanghai to
reveal all about life as a UK-listed company and to help
Chinese firms raise more capitals from the Alternative
Investment Market (AIM).
They will host a seminar on the afternoon of the 30th
of October in which businesses and the media can attend and
ask questions. Details of the support that is available to
Chinese firms, the costs that might be involved, how to
meet potential investors, how to link up with prospective
partners and who to turn to for advice, will all be
explained.
And representatives from the likes of MIDAS,
Manchester's inward investment agency, Ernst & Young,
Pannone LLP, The Royal Bank of Scotland, Manchester City
Council and the North West Regional Development Agency
(NWDA), will explain why Manchester is the most effective
and low-cost way of joining AIM. And why also, almost half
of the companies which gained an AIM listing last year came
via advisers in the Manchester region.
Since its inception in 1995, AIM has attracted more
than 2,000 small and medium-sized growing companies, many
from outside of the UK. Investors have been keen to back
non-UK companies because they have often been seen to have
faster growth prospects. Chinese firms are likely to be
offered a particularly warm reception given the fast
expansion of the economy.
Manchester City Council leader Sir Richard Leese said:
"We have a compelling case to make about our
attractiveness as a business location and our position as a
major European city. Not least among the factors which
gives us a competitive advantage is our existing Chinese
community, one of the largest and most established in
Europe, which has played an integral role in the success of
our city. Chinese companies setting up in Manchester can
rely on enthusiastic support and a warm welcome."
Colin Sinclair, Chief Executive at MIDAS said,
"From our experience of working with Chinese
businesses, we have found there is a real interest in UK
investment opportunities, particularly amongst the larger
organisations. Our aim is to demonstrate that the
Manchester city region and indeed the wider North West has
the conditions for success for Chinese investors."
Twenty delegates will continue on to Wuhan, to further
strengthen international investment and trade links between
Wuhan and Manchester. Bolton, Bury, Salford, Oldham and
Rochdale representatives will travel on to visit their own
friendship cities in China including Zhaoqing, Datong,
Chengdu, Wuxi and Meishan.
About Manchester and Wuhan
Manchester and Wuhan have been twinned cities for two
decades, with both sides encouraging collaboration in a
number of fields. All working partners continue to make
considerable investment in terms of marketing their
services and supporting each other's work with the aim of
increasing international investment and business
development to and from China and the UK.
About MIDAS
The Inward Investment Agency for Greater Manchester
(MIDAS) provides an extensive range of information services
for investors; offered free of charge and in complete
confidence. Services are offered as part of a `one-stop
shop' approach to inward investment; providing access to
information needed to support a relocation project or
business case.
The MIDAS website ( http://www.investinmanchester.com )
is regularly updated with business news and information from
across the Manchester city-region and covers every aspect of
doing business in the area; from the excellent transport and
property infrastructure, to the educational, cultural and
lifestyle benefits of living and working in Greater
Manchester.
MIDAS is working for the ten local authorities of
Greater Manchester: Bolton, Bury, Manchester, Oldham,
Rochdale, Salford, Stockport, Tameside, Trafford and Wigan.
MIDAS is also supported by the Northwest Regional
Development Agency
The economy of the Manchester city region has a GVA of
GBP47bn per year; approaching 50% of the total GVA of the
entire North West region of the UK. The Greater Manchester
conurbation is forecast to grow up to 164,000 jobs by 2015,
enlarging the city region's financial and professional
sector GVA to GBP12.2bn
MIDAS created 2,500 new jobs in 2005-06 attracting
GBP130 million of new investment into Greater Manchester,
including global names like The Bank of New York, Google
and Reebok.
About RBS
The Royal Bank of Scotland Group ("RBS
Group") is one of the world's leading financial
services companies. For the past four years, RBS has
consistently ranked in the top 10 global banks. Operating
in Europe, the US and Asia Pacific, RBS serves more than 36
million customers worldwide and employs more than 140,000
people.
About Ernst & Young
Ernst & Young is a global leader in professional
services with 107,000 people based in 140 countries. It is
also one of the leading professional services firms in the
area with 4,700 professionals in its Hong Kong, Beijing,
Chengdu, Dalian, Guangzhou, Macau, Shanghai, Shenzhen and
Wuhan offices.
About Pannone
Pannone LLP is a fast growing, modern and dynamic law
firm based in Manchester in North West England, serving
clients throughout the UK and internationally
For more information, please contact:
Mike Golden
General Manager
China Integrated Marketing & Communications
Adsmith/Shanghai Zaoyihang Advertising Ltd.
#402, Building D, In Factory, 1147 Kangding Road
Shanghai, China 200042
Tel: +86-21-6132-5118
Fax: +86-21-6132-5117
Mob: +86-1381-6208-435
Christopher Price, Daniel Kennedy or Lorna Skingley,
Spinoza Kennedy Vesey PR
Tel: +44-161-236-9909
Email: Christopher.price@skvpr.co.uk
SOURCE MIDAS
2007'02.11.Sun
The 3rd Shanghai International Solid Waste Equipment & Technology Exhibition to Open in November
October 30, 2006
`SWET Shanghai 2006' & the `China International Industry Fair 2006' Open From Nov.1 to 5 at the Shanghai New International Expo Center
SHANGHAI, China, Oct. 30 /Xinhua-PRNewswire/ --
Shanghai International Exhibition Co., Ltd. announced today
that the 3rd Shanghai International Solid Waste Equipment
& Technology Exhibition ("SWET Shanghai
2006") would now open on November 1 to 5, 2006. The
event is sponsored by the Shanghai City Appearance &
Environmental Sanitation Administrative Bureau; the China
Council for the Promotion of International Trade; the
Shanghai Sub-Council; the China Chamber of International
Commerce, Shanghai Chamber of Commerce; and is organized by
Shanghai International Exhibition Co., Ltd. The event is
alos co-organized by the Shanghai Trade Association of City
Appearance & Environmental Sanitation and openly
supported by Shanghai World Expo (Group) Co., Ltd, the
International Solid Waste Association and European
Federation of Waste Management and Environmental Services.
Following successful events in 2002 and 2004, SWET
Shanghai 2006 will, in compliance with the development
trend of the international environment industry, focus on
showcasing advanced equipment and technologies for
environmental sanitation and protection. The on-site
dynamic demonstrations of various environmental sanitation
vehicles in the outdoor exhibition area will undoubtedly be
a main highlight of SWET Shanghai 2006.
SWET Shanghai 2006, with the theme of "Eco City, A
Greener World Expo," has already attracted famous
enterprises from some 10 countries and regions, including:
-- Renault Trucks (Shanghai) Co., Ltd., who will make
their debut at the
exhibition;
-- Italian company, Asja.biz, that generates
electricity with recycled
resources;
-- Swiss-based AEBI, who will showcase two
multifunctional advanced street
sweepers/high-pressure car washers;
-- TENNANT, the American-based company that will
exhibit various floor
washing machines, sweepers and carpet cleaning
equipment;
-- HIAB Load Handling Equipment (Shanghai) Co., Ltd.,
the global leader in
load handling equipment for vehicle solution
providers;
-- Dutch company HYVA Machinery (Yangzhou) Co., Ltd.;
-- Japan's JFE Engineering & Technology Co., Ltd.,
who are engaged in
waste incineration and that are equipped with first
class environment
protection engineering technology;
-- Mitsubishi Heavy Industries Co., Ltd., a creative
force in power
generation through the burning of rubbish and other
kinds of waste
handling;
-- Hitachi Zosen Corporation, equipped with the most
advanced processing
technologies;
-- TAKUMA Co., Ltd., who are engaged in waste
incineration; and
-- Tsukishima Kikai Co., Ltd., ranked first in its
field in Japan.
In addition to the above mentioned internationally
renowned enterprises, local companies will also bring their
latest products, including:
-- Shanghai Meishen Environment Establishment &
Equipment Co., Ltd. that
will present their brand new Hook Loader and New
Concept Hook Mobile
Equipment;
-- Federal Signal (Shanghai) Environment & Sanitary
Vehicle Co., Ltd., who
have imported advanced technologies and management
concepts from the
US;
-- Shanghai Aviation Special Vehicle Manu. Co., Ltd.
who are set to
showcase a complete series environmental sanitation
vehicles;
-- Aerosun Corporation that will also introduce new
environmental
sanitation vehicles; and
-- Changsha Zoomlion, a company that has been
designated an R&D production
base for equipment used for environmental sanitation
and other purposes
due to its position as a leading engineering
mechanics manufacturer in
China.
Many domestic companies will introduce featured
products, including Shanghai Huanguan, Shanghai Jiaoda
Shenzhou, Fujian Longma, Guangzhou Guangri Special Purpose
Vehicles, Jiangsu Feiqiu, and Beijing Tianlutong.
The 4th Asian-Pacific Landfill Symposium (APLAS
Shanghai 2006) will be held simultaneously with
international experts and scholars meeting to explore the
renewal of technology and upgrade of products with regards
to waste treatment and the cleaning industry in China.
Meanwhile, feasible stratagems and constructive proposals
are expected regarding the reduction, reclamation and
hazard-free processing of the waste generated during the
Shanghai World Expo 2010
About Shanghai International Exhibition Co., Ltd.
(SIEC)
Shanghai International Exhibition Co., Ltd. (SIEC) is
jointly invested by Shanghai World Expo (Group) Co., Ltd.
and the Council for the Promotion of International Trade,
Shanghai. The SIEC was founded on July 1st, 1984 with the
approval of the Ministry of Foreign Trade & Economic
Cooperation and the People's Government of Shanghai
Municipality.
The SIEC is a full member of Union des Foires
Internationales (UFI). The SIEC has held 500 international
exhibitions of various themes and sizes. It also has
successfully held a number of solo exhibitions at national
level.
"AUTO SHANGHAI," "SHANGHAITEX,"
"CHINA CYCLE," "FASHION SHANGHAI,"
"ELE/PT COMM CHINA" are among the first eight
exhibitions approved excellent by THE EVALUATION COMMITTEE
OF SHANGHAI CONVENTIONAL & EXHIBITION INDUSTRIES.
For more information, please contact:
Dai Xianjun
Exhibition manager
Add: 8/F, OOCL Plaza, 841 Yan An Zhong Road,
Shanghai 200040, China
Tel: +86-21-6279-2828
Fax: +86-21-6545-5124
Email: info@siec-ccpit.com
Web: http://www.siec-ccpit.com
SOURCE Shanghai International Exhibition Co., Ltd.
2007'02.11.Sun
TOM Online to Report 2006 Third Quarter Results on Nov 9th
October 27, 2006
BEIJING, Oct. 27 /Xinhua-PRNewswire/ -- TOM Online Inc.
(Nasdaq: TOMO; Hong Kong GEM: 8282), a leading wireless
Internet company in China, will announce its financial
results for the third quarter ended September 30th, 2006
after Hong Kong market hours on Thursday, Nov 9th,
corresponding with Thursday morning, Nov 9th, in US time
zones.
Company management will hold an investor conference
call at 8:30 PM Hong Kong time (7:30 AM EST) to present an
overview of the company's financial performance and
business operations during the period.
The dial-in numbers for the call are:
Australia: 1-800-504-629; China A (China Netcom
subscribers): 10800-852-0607; China B (China Telecom
subscribers): 10800-152-0607; Hong Kong: 852-2258-4000;
India: 000-800-852-1115; Singapore: 800-852-3237; United
Kingdom: 0800-068-9056; USA: 800-365-8460. Password: TOM
Online.
The conference call will be accompanied by a slide
presentation on http://ir.tom.com .
An audio replay of the call can be accessed by dialling
the following numbers: Hong Kong: 852-2802-5151; USA:
1-800-839-3144. Password: 794630. The audio replay will
be kept for seven days.
About TOM Online Inc.
TOM Online Inc. (Nasdaq: TOMO, Hong Kong GEM: 8282) is
a leading wireless Internet company in China providing
value-added multimedia products and services. A premier
online brand in China targeting the young and trendy
demographics, the Company's primary business activities
include wireless value-added services and online
advertising. The company offers an array of services such
as SMS, MMS, WAP, wireless IVR (interactive voice response)
services, content channels, search and classified
information, and free and fee-based advanced email. As at
June 30, 2006, TOM Online is the only portal in China that
enjoyed a top three ranking in every wireless Internet
segment.
For more information, please contact:
Rico Ngai
Investor and Corporate Communications
TOM Online Inc.
Tel: +86-10-6528-3399 X6940
Mobile: +86-139-118-95354
Skype: ricoinrio
SOURCE TOM Online Inc.
2007'02.11.Sun
Xinhua Finance/MNI China Business Survey: Conditions Improve
October 27, 2006
SHANGHAI, China, Oct. 27 /Xinhua-PRNewswire/ -- Xinhua
Finance (TSE Mothers: 9399) and Market News International
(MNI), a part of the news service line of Xinhua Finance,
today announced the October Xinhua Finance/MNI China
business sentiment survey. The results of the survey
suggest operating conditions for Chinese companies have
improved since the record lows recorded at the end of the
third quarter as the threat of more aggressive tightening
measures from the government recedes.
The survey was carried out October 9-23 with 141 listed
companies responding. A result greater than 50 implies
growth or improving conditions (See accompanying story for
more on the survey methodology). The full survey results
can be found at
http://www.xinhuafinance.com/en/main/chinabizsurvey.html .
According to the survey, overall business conditions
have turned up slightly, with respondents expecting them to
continue their moderate improvement into next month, while
production levels have also recovered from the record lows
recorded last month. But conditions remain well below the
levels seen during the first quarter of this year, before
Beijing started tightening monetary and administrative
policies.
The recovery in sentiment in the survey, the first
monthly result for the formerly quarterly offering, follows
a stream of data suggesting that economic activity is
moderating following the series of actions taken by
government departments since the start of the second
quarter.
The slowdown in key economic indicators such as M2 and
fixed-asset investment, first evidenced in August
indicators but confirmed by those released in the following
two months, has led to a significant downgrading of the
possibility that the People's Bank of China will raise
interest rates for a third time this year before the end of
December.
As such, interest rate expectations have stabilized
markedly since the last survey, with the index falling back
to 55.64, down from the third quarter's record high of 66.67
but up from the first quarter's 50.00.
"It seems that businesses believe the first round
of controls was relatively effective in slowing lending
growth, and that further hikes and new tightening measures
are unlikely," said Logan Wright, a Beijing-based
analyst with Stone & McCarthy, a sister company of
Market News International.
"But the survey results also suggest that the
level of activity isn't what it was at the start of the
year, and is unlikely to regain that first quarter
pace."
Although the government has claimed initial success in
bringing economic activity under control, it has also
warned of the risks of rebounding and, as such, is keeping
the pressure on local governments and banks to keep
investment under control.
That's also reflected in the index measuring the
availability of credit, which fell to a record low in
October of 55.51 from 58.80 recorded in the third quarter
survey. Expectations for credit availability next month
remain unchanged, also standing at 55.51.
"The sharp decline in the credit availability
index seems to reflect a growing corporate belief in the
maintenance of government controls on lending and fixed
asset investment," said Wright.
Nonetheless, corporate finances appear to have returned
to the level approaching that of the first quarter survey,
just before the government announced that it was raising
benchmark lending rates in what marked the opening gambit
in the tightening campaign. The index measuring companies'
financial positions hit 67.63 in October, up nearly 5 points
on the September reading and not far below the 69.85 seen in
the first quarter.
The index measuring overall business conditions rose to
68.44, from the 66.99 recorded in the third quarter, while
that measuring expectations for conditions in one month
rose to 71.99.
The production index bounced back to 68.75 from the
65.85 recorded in the last survey and nearing levels last
seen during the fourth quarter of last year, when the index
stood at 69.08.
Production levels are expected to continue increasing,
with the index measuring future expectations standing at
68.01.
The improvement in operating conditions was also seen
in indices measuring prices.
Companies reported that the prices they receive for
their products have recovered slightly -- rising to 55.80
from 53.31 in the last survey -- and are expected to
continue rising moderately next month.
Input prices have also eased off, respondents reported.
The index fell back to 64.23 last month, down from the last
survey's 66.67.
Order backlogs are improving again too, after falling
sharply in the third quarter survey, with the index
climbing back to 55.08, a level not seen since the first
quarter.
The index measuring employment recovered sharply from
the record low of 43.42 hit in the September survey,
bouncing back to 51.43, indicating more companies were
reporting a shortage of workers than were reporting an
excess. That's also just shy of the record high of 51.85
seen in the January-March survey earlier this year.
But difficulties clearly remain. The index measuring
new orders continued to deteriorate -- even as it remains
comfortably in expansionary territory -- falling to 68.08
from 70.14 in the last survey. That compares with the 69.83
recorded in the survey taken at the same time last year. The
index covering expectations for new orders in a month stood
at 73.08.
Despite the improvement in production, the index
measuring productive capacity has fallen to a record low of
62.59, suggesting that the growth of productive capacity
slowed. Respondents expect the pace of productive capacity
growth will improve slightly next month, even if the index
measuring future expectations also stands at a record low
of 65.47.
Xinhua Finance/MNI China Business Survey Methodology
The Xinhua Finance/MNI China Business Sentiment Survey
was conducted October 9-23 with 141 companies taking part.
Survey questions were modeled on Japan's Tankan survey
and the U.S. Institute for Supply Management's Report on
Business.
Results were compiled for both current conditions
compared with a month ago and for expectations of
conditions one month ahead.
Indexes were compiled using the Institute for Supply
Management's example: adding half of the percentage saying
conditions were unchanged to the percentage of those saying
conditions had improved generated the index. Therefore, a
result higher than 50 indicates a net positive response.
Companies agreed to participate in the survey, and to
provide comments about business conditions, under the
assurance that individual survey responses would not be
divulged except as part of the overall results.
Companies surveyed were all listed on domestic stock
markets or in Hong Kong, although some also have foreign
listings. The companies chosen were a mix of manufacturers
and non-manufacturers with about 75% of the companies
responding to the survey in manufacturing.
Notes to Editors:
About Xinhua Finance Limited
Xinhua Finance Limited is China's unchallenged leader
in financial information and media, and is listed on the
Mothers board of the Tokyo Stock Exchange (symbol: 9399)
(OTC ADRs: XHFNY). Bridging China's financial markets and
the world, Xinhua Finance serves financial institutions,
corporations and re-distributors through four focused and
complementary service lines: Indices, Ratings, Financial
News and Investor Relations. Founded in November 1999, the
Company is headquartered in Shanghai with 20 news bureaus
and offices in 19 locations across Asia, Australia, North
America and Europe.
For more information, please visit
http://www.xinhuafinance.com .
About Market News International
Market News International (MNI), a Xinhua Finance
company ( http://www.xinhuafinance.com ), is a financial
news and information company dedicated to the global fixed
income and foreign exchange markets. MNI joined the Xinhua
Finance family in March 2004, bringing its niche expertise
and extensive distribution network. Headquartered in New
York, MNI has news bureaus and offices throughout the US,
Europe and Asia.
With more than twenty years of history, MNI is a fully
accredited news agency providing focused, timely, relevant
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SOURCE Xinhua Finance Limited; Market News International
2007'02.11.Sun
World Health Organization and Partners Unveil New Coordinated Approach to Treat Millions Suffering from Neglected Tropical Diseases
October 27, 2006
WASHINGTON and GENEVA, Oct. 27 /Xinhua-PRNewswire/ --
Today, the World Health Organization (WHO) and a group of
more than 25 partner organizations unveiled a new strategy
to fight some of the most neglected tropical diseases that
destroy the lives and health of poor people.
(Logo:
http://www.newscom.com/cgi-bin/prnh/20040610/CNTH001LOGO )
The approach contained in a newly published manual,
Preventive Chemotherapy in Human Helminthiasis, focuses on
how and when a set of low-cost or free drugs should be used
in developing countries to control a set of diseases caused
by worm infections. Preventive chemotherapy in this context
means using drugs that are effective against a broad range
of worm infections to simultaneously treat the four most
common diseases caused by worms: river blindness
(onchocerciasis), elephantiasis (lymphatic filariasis),
schistosomiasis, and soil-transmitted helminthiasis.
Significant opportunities also exist to integrate these
efforts with the prevention and control of diseases such as
trachoma.
"Preventive chemotherapy does not necessarily stop
infection taking place but it can help to reduce
transmission. The benefit of preventive chemotherapy is
that it immediately improves health and prevents
irreversible disease in adults," says Dr Lorenzo
Savioli, Director of the WHO Department for the Control of
Neglected Tropical Diseases in Geneva. "In the same
way as we protect people against a number of
vaccine-preventable diseases throughout their lives, the
regular and coordinated use of a few drugs can protect
people against worm-induced disease, improving children's
performance at school and the economic productivity of
adults."
The new approach provides a critical first step in
combining treatment regimens for diseases which, although
different in themselves, require common resources and
delivery strategies for control or elimination.
The second key component of the strategy brings
together for the first time dozens of agencies, NGOs,
pharmaceutical companies and others into a coordinated
assault on neglected diseases. These organizations are
integrating their expertise and resources to deliver the
manual's protocols for wide-scale drug use. A wealth of
experience and success already exists in the public health
community in dealing with these diseases.
More than one billion people are afflicted by these
diseases. Their impact can be measured in the impaired
growth and development of children, complications during
pregnancies, underweight babies, significant and sometimes
disabling disfigurements, blindness, social stigma, and
reduced economic productivity and household incomes. These
effects can now be dramatically reduced by scaling up
interventions using highly effective drugs of proven
quality and excellent safety record -- the majority donated
free by companies or costing less than US$ 0.40 per person
per year, including the cost of the drugs and their
delivery.
"We need to urgently work together to improve
access to rapid-impact interventions and quality
care," says Dr David Heymann, WHO Acting Assistant
Director-General for Communicable Diseases. "The need
to do so is incontestable from all perspectives: moral,
human rights, economic and global public good. The task is
feasible and must be done."
Work must now begin in earnest to implement the
practical guidelines in the manual and sustain the progress
that preventive chemotherapy offers. The governments of the
Member States of the United Nations have committed
themselves to attaining the Millennium Development Goals.
The application of preventive treatment for worm infections
will make a significant contribution to overcoming the
challenges set out for us in the Millennium Development
Goals.
Note to Editors
Neglected tropical diseases include:
-- Lymphatic filariasis: It is estimated that 1.2
billion people in 83
countries live in areas endemic for lymphatic
filariasis and about 120
million people are affected by the disease. Filarial
infection may be
clinically asymptomatic; the disease may also
present as one or more
acute manifestations (fever, local swelling,
tropical pulmonary
eosinophilia syndrome, lymphangitis). Chronic
complications include
lymphoedema or elephantiasis of the limbs, damage to
the genital
organs(including hydrocele in men), and damage to
the kidney
(including chyluria) and lymphatic system. The
causal agents of
lymphatic filariasis are the filariae Wuchereria
bancrofti, Brugia
malayi and Brugia timori.
-- Schistosomiasis: It affects about 200 million people
worldwide, and
more than 650 million people live in endemic areas.
Urinary
schistosomiasis is caused by Schistosoma haematobium
and intestinal
schistosomiasis by any of the organisms S.
intercalatum, S. mansoni, S.
japonicum, and S. mekongi. Disease is caused
primarily by schistosome
eggs, which are deposited by adult worms in the
blood vessels
surrounding the bladder or intestines. The classical
sign of urinary
schistosomiasis is haematuria (blood in urine).
Bladder and ureteral
fibrosis and hydronephrosis are common findings in
advanced cases, and
bladder cancer is a possible late-stage
complication. Intestinal
schistosomiasis has a nonspecific clinical picture
of abdominal pain,
diarrhoea, and blood in the stool. Liver enlargement
is common in
advanced cases and frequently associated with
ascites and other signs
of increased portal pressure. In such cases there
may also be
splenomegaly.
-- Onchocerciasis: Onchocerciasis is endemic in 30
countries in Africa, 6
countries in the Americas, and in Yemen in the
Arabian peninsula. It is
estimated that 100 million are at risk of infection
while 37 million
are estimated to be infected. The causal agent of
onchocerciasis is
Onchocerca volvulus, a nematode filaria. Symptoms
begin 1 3 years
after infection, usually at the time when adult
females begin to
produce microfilariae. These include: rashes,
papular skin lesions,
subcutaneous nodules, intense itching and
depigmentation of the skin,
lymphadenitis, which results in `hanging groin"
and elephantiasis of
the genitalia, and general debilitation. Eye lesions
lead to serious
visual impairment including blindness.
-- Soil-transmitted helminthiasis (ascariasis,
trichuriasis, hookworm
infections): Soil-transmitted helminthiasis affects
more than 2 billion
people worldwide. Recent estimates suggest that
Ascaris lumbricoides
infects 1.221 billion people, Trichuris trichiura
795 million, and
hookworms (Ancylostoma duodenale and Necator
americanus) 740 million.
The causal agent of soil-transmitted helminthiasis
is any of the
following worms: Ascaris lumbricoides, Trichuris
trichiura and the
hookworms. Infection is caused by ingestion of eggs
in contaminated
soil or food (Ascaris lumbricoides and Trichuris
trichiura) or by
active penetration of the skin by larvae in the soil
(hookworms). Soil-
transmitted helminths produce a wide range of
symptoms that include
intestinal manifestations (diarrhoea, abdominal
pain), general malaise
and weakness that may affect working and learning
capacities, and
impaired physical growth. Hookworms cause chronic
intestinal blood loss
that results in anaemia.
-- Trachoma: Trachoma affects about 84 million people
of whom about 8
million are visually impaired. It is caused by
Chlamydia trachomatis
a microorganism which spreads through contact with
eye discharge from
the infected person (on towels, handkerchiefs,
fingers, etc.) and
through transmission by eye-seeking flies. After
years of repeated
infection, the inside of the eyelid may be scarred
so severely that the
eyelid turns inward and the lashes rub on the
eyeball, scarring the
cornea (the front of the eye). If untreated, this
condition leads to
the formation of irreversible corneal opacities and
blindness.
Additional Quotes from Partners:
Dr James Mwanzia, Director, Division of Communicable
Disease Prevention and Control, WHO African Regional
Office, Harare, Zimbabwe
"The next step will be to adapt the manual to the
specific needs of countries. This will enable them to
implement the integrated WHO strategy using the strengths
of their public health systems to the benefit of those
communities affected by neglected tropical diseases."
Dr Regina Rabinovich, Director of Infectious Diseases,
Bill & Melinda Gates Foundation, Seattle, USA
"We applaud WHO's leadership in the fight against
neglected tropical diseases. We look forward to working
with WHO and other partners to demonstrate the important
role that preventive chemotherapy can play in bringing
these terrible diseases under control."
Dr Uche Amazigo, Director, African Programme for
Onchocerciasis Control (APOC), Burkina Faso
"We need a concerted, coordinated action and in
partnership to help the poorest populations overcome the
burden of the neglected diseases. The continuous existence
of the NTDs, for which control strategies, tools and drugs
for large-scale use exist, is evidence of the failure of
public health to break the barriers. Empowering
communities, building strong partnerships and strengthening
the health systems for integrated disease control to meet
the Millennium Development Goals, are necessary elements
for our joint efforts to succeed."
Dr J.-P. Garnier, Chief Executive Officer,
GlaxoSmithKline, London, United Kingdom
"GlaxoSmithKline is proud to play our part in
tackling neglected tropical diseases, particularly through
our donation of albendazole for the elimination of
lymphatic filariasis. We welcome the WHO guidelines which
will help countries combine different disease interventions
using several medicines to make a greater impact on the
health of poor people in the developing world."
Dr Jacob Kumaresan, President, International Trachoma
Initiative, New York, USA
"Unfortunately, these neglected tropical diseases
affect the poorest populations in the world, causing
unnecessary suffering and reducing productivity and
development. By working together to ensure there is synergy
in our interventions, we can achieve greater coverage more
rapidly, thereby improving their health and helping to
alleviate poverty."
Professor David Molyneux, Director, Lymphatic
Filariasis Support Centre, Liverpool, United Kingdom
"WHO is to be congratulated on producing such a
relevant, timely, well presented and globally-relevant
document. Addressing the practical issues of helminth
chemotherapy, this most comprehensive text provides those
responsible in endemic countries with the vital information
required to plan their programmes. WHO and its collaborators
have elegantly translated theory into practice thereby
enabling countries to implement programmes which directly
address the Millennium Development Goals in a cost
effective way."
Dr Mark L. Eberhard, Director, Division of Parasitic
Diseases , Centers for Disease Control, Atlanta, GA, USA
"A critical first step in controlling infectious
diseases is the development of a cohesive and comprehensive
set of guidelines - turning ideas into reality in a
practical way. WHO has once again masterfully crafted such
a document that will serve as the framework and strategy
around which the global community can focus efforts on the
control of neglected tropical diseases, some of the most
common and debilitating, yet controllable, conditions
afflicting major populations of the world."
Professor Alan Fenwick, Director, USAID NTD Project,
Washington, D.C., USA
"These guidelines are exactly what is needed to
assist the control of neglected tropical diseases. As both
the Bill & Melinda Gates Foundation and the USAID have
recently increased their support for control and other
donors are coming on board, it is essential that strategies
for control are based on sound evidence-based knowledge, and
these guidelines provide a strong foundation for developing
appropriate strategies."
Professor Peter Hotez, Professor and Chairman, Dept. of
Microbiology and Tropical Medicine, The George Washington
University, Washington, D.C., USA
"The new WHO guidelines represent an important
step in the integration of neglected tropical disease
control worldwide. This new document provides an urgently
needed blueprint for moving forward on a global effort to
address the Millennium Development Goals."
Dr Ralph H. Henderson, Decatur, GA, USA (formerly
Assistant Director-General, Communicable Diseases, World
Health Organization, Geneva, Switzerland)
"This Manual is a breakthrough in the coordination
of mass treatment programmes against helminths. It provides
a critical first step in combining treatment regimens for
diseases which, although different in themselves, require
common resources and delivery strategies for control or
elimination. It now needs to be translated into full-scale
national programmes which can reap the full benefits of the
savings which coordination can bring."
Dr B. Thylefors, Director, Mectizan Donation Program,
Decatur, GA, USA
"This WHO manual will be an important tool for
expanding appropriate combinations of anthelminthic
chemotherapy through community-directed treatment, as is
already being successfully implemented for onchocerciasis
and LF in African countries. The manual will also stimulate
the gaining of all needed operational experience to deliver
such new combinations of mass chemotherapy through safe and
effective interventions in different settings."
Dr Ousmane Bangoura, Coordinator, Onchocerciasis (River
blindness) Coordination Unit, World Bank Africa Region,
Washington, D.C., USA
"Neglected tropical diseases are global public
goods. The intensification of their control is consistent
with the Millennium Development Goals adopted by the
international community to alleviate poverty and reduce
human suffering. The costs entailed are expected to be
limited because of large scale drug donations and
cost-effective implementation measures. The development
impact will be important through improved quality of life
and increased worker productivity and contribute to
economic growth. The new manual on preventive chemotherapy
in human helminthiasis is timely. It will help greatly
health professionals, programme managers, donors and
governments of endemic countries in their approach of the
diseases targeted and integration."
Dr Eric A. Ottesen, Director, Lymphatic Filariasis
Support Center, The Task Force for Child Survival and
Development, Decatur, GA, USA
"What a timely document! Helminth infections,
pervasive and debilitating in their own right, exacerbate
co-endemic killer diseases and perpetuate cycles of poverty
throughout the developing world. Yet today, the
availability of effective drugs at zero or low cost --
through extraordinary private-sector generosity -- makes
these diseases largely, or even completely, preventable.
To take advantage of this unique opportunity; however, a
practical, how-to blueprint was needed to guide in-country
deployment of a new health strategy based on multi-disease
preventive chemotherapy. This WHO manual not only provides
such practical guidelines, but also explains the rationale
and evidence-base underlying the new strategy with a
clarity guaranteed to achieve broad consensus and
commitment among both the public health community and the
public itself."
Dr Nana A. Y. Twum-Danso, Acting Director, Mebendazole
Donation Initiative, Task Force for Child Survival and
Development, Decatur, GA, USA
"This WHO manual will surely lead the way in
improving the efficiency and effectiveness of mass drug
administration programmes for these important but often
neglected diseases. However, the challenge for us all will
be in ensuring that the non-drug components of the
programmes, such as improvements in sanitation for the
control of soil-transmitted helminth infections, are not
neglected.
List of partners with contact names, telephone numbers
and email addresses
-- African Programme for Onchocerciasis Control (APOC)
- Dr Uche Amazigo,
Director, African Programme for Onchocerciasis
Control (APOC),
Ouagadougou, Burkina Faso. Tel. +226 50 34 29 53;
e-mail:
amazigouv@oncho.oms.bf or dirapoc@oncho.oms.bf ;
website:
http://www.apoc.bf /
-- Bill & Melinda Gates Foundation - Dr David
Brandling-Bennett, Senior
Program Officer, Infectious Diseases Global Health
Program, Bill &
Melinda Gates Foundation, PO Box 23350, Seattle, WA
98102, USA. Tel.
+1 (206) 709 3160; Fax. +1 (206) 709 3170; e-mail:
david.brandling-
bennett@gatesfoundation.org; website:
http://www.gatesfoundation.org/
-- Centers for Disease Control and Prevention (CDC) -
Dr Mark L. Eberhard,
Director, Division of Parasitic Diseases F22,
National Center for
Zoonotic, Vectorborne, and Enteric Diseases, 4770
Buford Highway, NE,
Atlanta, GA 30341-3724, USA. Tel. +1 (770) 488 7791;
Fax. +1 (770) 488
7794; e-mail: meberhard@cdc.gov; website:
http://www.cdc.gov/
-- GlaxoSmithKline (GSK) - Mr Andy L. D. Wright,
Director Lymphatic
Filariasis Programme, Global Community Partnerships,
GlaxoSmithKline,
Building C, 12th Floor, 980 Great West Road,
Brentford, Middlesex TW8
9GS, United Kingdom. Tel. +44 (208) 047 5515; Fax.
+44 (208) 047 0684;
e-mail: andy.l.wright@gsk.com; website:
http://www.gsk.com
-- Global Alliance to Eliminate Lymphatic Filariasis
(GAELF) -
Secretariat, Liverpool School of Tropical Medicine,
Pembroke Place,
Liverpool L3 5QA, United Kingdom. Tel. +44 (151) 705
3145; Fax. +44
(151) 709 0354; e-mail: gaelf@liv.ac.uk; website:
http://www.filariasis.org.uk/
-- Global Health Council - Dr Nicole Bates, Director,
Government Relatio
ns; e-mail: nbates@globalhealth.org; website:
http://www.globalhealth.org/ ;
-- Human Hookworm Vaccine Initiative (HHVI) - Professor
P.J.
Hotez,Professor and Chairman, Dept. of Microbiology
and Tropical
Medicine, The George Washington University, Ross
Hall, Room 736, 2300
Eye St. NW, Washington, D.C. 20037, USA. Tel. +1
(202) 994 3532; e-
mail: mtmpjh@gwumc.edu ; website:
http://www.sabin.org/hookworm/
-- International Trachoma Initiative (ITI) - Dr Jacob
Kumaresan,
International Trachoma Initiative, 441 Lexington
Avenue, 11th Floor,
Suite 1101, New York, N.Y.10017, USA. Tel.+1 (212)
490 6460; Fax. +1
(212) 90 6461; e-mail: jkumaresan@trachoma.org;
website:
http://www.trachoma.org
-- Johnson & Johnson - Dr William Lin, One Johnson
& Johnson Plaza, New
Brunswick, NJ 08933, USA. Tel. +1 732 524 6796; Fax.
+ 1 732 524 3300;
e-mail: wlin@corus.jnj.com
-- Mebendazole Donation Initiative - Dr Nana A. Y.
Twum-Danso, Acting
Director, Mebendazole Donation Initiative, Task
Force for Child
Survival and Development, Decatur, Georgia, USA.
Tel. +1 (404) 687
5623, Fax. +1 (404) 371 1087/1138, e-mail:
ntwumdanso@taskforce.org;
website: http://www.taskforce.org/
-- Mectizan(R) Donation Program (MDP) - Dr Bjorn
Thylefors, Director,
Mectizan(R) Donation Program, 750 Commerce Drive,
Decatur, GA 30030,
USA. Tel. +1 (404) 687 5616; Fax. +1 (404) 371 1138;
e-mail:
bthylefors@taskforce.org; website:
http://www.taskforce.org/
-- Merck & Co., Inc. - Mr Ken Gustavsen, Manager,
Global Product
Donations, Merck Mectizan Donation Program, Merck
& Co., Inc., One
Merck Drive, Whitehouse Station, NJ 08889-0100, USA.
Tel. +1 (908) 423
3088; Fax. +1 (908) 423 1987; e-mail:
ken_gustavsen@merck.com; website:
http://www.merck.com/
-- Novartis - Dr Heiner Grueninger, Head Project
Management and
Operations, Tropical Medicines Initiatives,
WSJ-103.2.25, Pharma
Development, Novartis Pharma AG, CH-4002 Basel,
Switzerland. Tel. +41
61 324 1491; Cell. +41 79 753 2554; e-mail:
heiner.grueninger@novartis.com; website:
http://novartis.com/
-- NTD Project (RTI/United States Agency for
International Development)
(USAID) - Professor Alan Fenwick, Director,
Neglected Tropical Diseases
Control Project, RTI International, 701 13th St.,
NW, Washington, D.C.
20005, USA. Tel. +1 202 728 1964; e-mail:
afenwick@rti.org; website:
www.rti.org/idg
-- Partners for Parasite Control (PPC) - Dr Dirk
Engels, Coordinator,
Preventive Chemotherapy & Transmission Control,
Dept. of Control of
Neglected Tropical Diseases, World Health
Organization, Geneva,
Switzerland. Tel. +41 (22) 791 3824; Fax. +41 (22)
791 4777; e-mail:
engelsd@who.int; website:
http://www.who.int/neglected_diseases/
-- Pfizer Inc. - Ms Paula Luff, Senior Director,
International
Philanthropy, The Pfizer Foundation, 235 East 42
Street, 12th Floor,
New York, N.Y. 10017, USA. Tel. +1 (212) 573 2932;
Fax. +1 (212) 573
2883; e-mail: paula.luff@pfizer.com; website:
http://www.pfizer.com/
-- Schistosomiasis Control Initiative (SCI) - Professor
Joanne Webster,
SCI, Imperial College, Department of Infectious
Disease Epidemiology,
St. Mary's Campus, Norfolk Place, London W2 1PG,
United Kingdom. Tel.
+44 207 594 3636; Fax. +44 207 262 8140; e-mail:
joanne.webster@imperial.ac.uk; website:
http://www.schisto.org
-- The Carter Center - Dr D. Hopkins, Carter Center,
Global 2000, One
Copenhill, 30307 - Atlanta, GA, USA. Tel. +1 (312)
266 2420; Fax. +1
(312) 266 2139; e-mail: sdsulli@emory.edu; website:
http://www.cartercenter.org/
-- The Global Network For Neglected Tropical Diseases
Control (GNNTDC) -
Senior Program Officer, Albert B. Sabin Vaccine
Institute, 1889 F
Street, N.W., Suite 200S, Washington, D.C. 20006,
USA. Tel. +1 (202)
842 5025; e-mail: GNNTDC@sabin.org; website:
http://www.gnntdc.org/
-- The Liverpool School of Tropical Medicine, Pembroke
Place, Liverpool,L3
5QA, United Kingdom. Tel. +44 151 708 9393; Fax. +44
151 705 3370;
website: http://www.liv.ac.uk/lstm/
-- The Millennium Village(TM) Project - Dr Sonia
Ehrlich Sachs, Millennium
Village Project, Earth Institute at Columbia
University, New York,
N.Y., USA. e-mail: ssachs@ei.columbia.edu; website:
http://www.earth.columbia.edu/
-- The WHO Alliance for the Global Elimination of
Trachoma by 2020
(GET2020) - Dr Silvio P. Mariotti, Prevention of
Blindness and
Deafness, Dept. of Chronic Diseases and Health
Promotion, World Health
Organization, Geneva, Switzerland. Tel. +41 (22) 791
34 91; Fax. +41
(22) 791 47 72; e-mail: mariottis@who.int; website:
http://www.who.int/blindness/
-- United Nations Children's Fund (UNICEF) - Dr Kopano
Mukelabai, Senior
Health Advisor, Health Section, Programme Division,
Three United
Nations Plaza, New York, N.Y. 10017, USA. Tel. +1
212 326 7130; Fax. +1
212 824 6464/60; e-mail: kmukelabai@unicef.org;
website:
http://www.unicef.org/
-- World Bank - Dr. Ousmane Bangoura, Onchocerciasis
(River blindness)
Coordination Unit, Africa Region, Room J9-093, World
Bank, Washington,
D.C., USA. Tel. +1 202 473 4004; Fax. +1 202 522
3157; e-mail:
obangoura@worldbank.org
-- World Food Programme (WFP) - Dr Francisco Espejo,
Chief, School Feeding
Service, Via Cesare Giulio Viola, 68/70, 00148,
Rome, Italy. e-mail:
francisco.espejo@wfp.org; website:
http://www.wfp.org/
NB: The Global Alliance to Eliminate Lymphatic
Filariasis (GAELF) and the Partners for Parasite Control
(PPC) are "umbrella" organizations which include
organizations/institutions from various sectors, including
the public and private sector, academia, international
agencies, government bodies and nongovernmental development
organizations.
For more information, please contact:
Mr Dick Thompson
Communication Officer
World Health Organization
Tel: +41-22-791-2684
Mobile: +41-79-475-5475
Email: thompsond@who.int
SOURCE World Health Organization
2007'02.11.Sun
MEDIA ADVISORY: The Ethics of Pandemic Influenza -- What Happens When Healthcare Resources Are Scarce and Over-stretched?
October 27, 2006
What are the obligations of healthcare workers during a
pandemic? Who should get priority access to vaccines and
antivirals? Who should get priority access to healthcare
during a pandemic? When should a person be quarantined
against his/her will, for the public's good?
On 24-25 October, the World Health Organization (WHO)
convened some of the world's most renowned medical
ethicists to begin to discuss these issues in Geneva. They
discussed many of the most poignant issues which would
arise if and when an influenza pandemic was causing
resources and services to be overstretched and unable to
accommodate all those who sought and/or needed care.
The experts' discussion came under four major
headings:
-- Equitable access to therapeutic and prophylactic
measures
-- Isolation, quarantine, border control and
social-distancing measures
-- The role and obligations of health-care workers
during an outbreak of
pandemic influenza
-- Issues that arise between governments when
developing a multilateral
response to a potential outbreak of pandemic
influenza.
The experts addressed a wide variety of considerations
affecting what measures national, regional, local and
hospital authorities -- and individuals -- would take in
regard to the four topics above. It is hoped that both the
issues which this consultation has thrown up and the
guidance which the experts can provide, will help national
and local governments take some tough decisions before a
pandemic strikes. As a first step in a wider discussion
process, the experts are due to finalize their
recommendations in December 2006.
WHAT: Virtual Press Briefing: The ethics of
pandemic
Influenza response
WHERE AND WHEN: 12:00-13:00 GMT Time, Friday 27
October 2006 - World
Health Organization, Geneva
SPEAKERS: Dr David Heymann, World Health
Organization, Acting
Special Representative on Avian
Influenza Dr Alex
Capron, Professor of Law and
Medicine, University of
Southern California; Dr Andreas Reis,
Technical Officer,
World Health Organization, Ethics and
Health,
HOW: Journalists will be able to listen
via teleconferencing
and can queue to ask questions. To
participate in the
conference call, journalists should
phone (up to 300
participants) the following numbers:
-- (+41) 52 267 0731 from outside Switzerland
-- 052 267 0731 from within Switzerland
Give Swisscom your last name and press agency (i.e. Mr
Miller, Reuters) to be connected to the conference.
-- To ask a question, dial *14 to be placed on a
queuing system
-- To abandon the queue, dial *15.
All WHO Press Releases, Fact Sheets and Features, as
well as other information on this subject, can be obtained
on Internet on the WHO home page: http://www.who.int .
For more information, please contact:
Gregory Hartl
Tel: +41-22-791-44-58
Mobile: +41-79-203-6715
Email: hartlg@who.int
Dick Thompson
Tel: +41-22-791-2684
Mobile: +41-79-475-5475
Email: thompsond@who.int
SOURCE World Health Organization
2007'02.11.Sun
W.P. Stewart & Co., Ltd. Reports Net Income for Third Quarter and First Nine Months of 2006 of $3.5 Million and $25.8 Million
October 26, 2006
Diluted Earnings per Share of $0.08 and $0.56 for the Third Quarter and First Nine Months, Respectively
HAMILTON, Bermuda, Oct. 26 /Xinhua-PRNewswire/ --
Third Quarter 2006 Summary
W.P. Stewart & Co., Ltd. today reported net income
of $3.5 million, or $0.08 per share (diluted) and $0.08 per
share (basic), for the third quarter ended 30 September
2006. This compares with net income in the third quarter of
2005 of $12.2 million, or $0.27 per share (diluted) and
$0.27 per share (basic).
Cash earnings for the quarter ended 30 September 2006
were $7.5 million (net income of $3.5 million adjusted to
include $4.0 million representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax effected basis), or $0.16 per share (diluted). In the
same quarter of the prior year, cash earnings were $14.9
million (net income of $12.2 million adjusted for the
inclusion of $2.7 million representing non-cash expenses of
depreciation, amortization and other non-cash charges on a
tax-effected basis), or $0.32 per share (diluted).
Portfolio trading activity for the quarter was equal to
only approximately 53% of the average quarterly transaction
levels dating back to the first quarter of 2001. This
abnormally low level of transactions represented a
reduction of $0.15 per share in the third quarter of 2006
as compared with the second quarter of 2006 when portfolio
transactions were abnormally high.
The Company bills clients quarterly, in advance, based
on assets under management ("AUM") at the end of
the prior quarter. AUM billings in the third quarter were
down approximately 10.6% from AUM billings in the second
quarter of 2006 which resulted in a $2.8 million decrease
in fee revenue for the quarter and represents $0.05 per
share.
Assets under management at 30 September 2006 were
approximately $8.3 billion, compared to $8.4 billion at the
end of the prior quarter, a decrease of 1.2% and a decrease
of 13.5% from the $9.6 billion reported at 30 September
2005.
For the third quarter of 2006 there were 45,794,313
common shares outstanding on a weighted average diluted
basis compared to 45,991,471 common shares outstanding for
the third quarter of 2005 on the same weighted average
diluted basis.
Current Perspective
There has been a substantial improvement in portfolio
performance since late July with the W.P. Stewart U.S.
Equity Composite (the "Composite") up
approximately 6.1%, pre-fee, year-to-date, as of 23 October
2006 and approximately 630 basis points behind the S&P
500. In contrast, at the end of July, when the Company
reported second quarter results, the Composite was down
approximately 7.3%, pre-fee, on a year-to-date basis and
approximately 940 basis points behind the S&P 500.
Based on performance through the end of the third
quarter of 2006, the Company may be entitled to a
performance fee this year on a limited number of its
accounts, including on W.P. Stewart Holdings, our mutual
fund listed on Euronext Amsterdam. Regardless of
performance at any other point during the year, the
Company's right to receive a performance fee on those
accounts will depend entirely upon the account's
performance for the period ended 31 December, the date that
the performance fee is measured and earned. Accordingly, no
performance fee had been recorded at 30 September 2006.
Portfolio trading activity during October has returned
to levels more closely approximating our quarterly average
levels of the past five years.
As previously announced, the Board of Directors agreed
to invest an aggregate of $30 million in three new pooled
fund products. Two of these new funds are U.S. equity
products targeted at investors with large asset bases and
utilize performance fee structures. The third, an EAFE fund
(world ex US), is expected to be launched in the fourth
quarter and will be available to the company's worldwide
client base. These investments reflect the Board's strong
confidence in the W.P. Stewart investment style and a
commitment to capitalize on new opportunities identified by
the Company.
Using what we believe to be reasonable assumptions, the
implementation of targeted expense reductions and continued
development of a meaningful expense discipline, we expect
the fourth quarter of 2006 and calendar year 2007 to
produce forward twelve month cash earnings sufficient to
sustain our current annual dividend level of $0.92 per
share.
Nine Month Results
For the nine months ended 30 September 2006, net income
was down 30.7%, compared to the first nine months of 2005,
to $25.8 million, or $0.56 per share (diluted) and $0.56
per share (basic), on revenues of $102.4 million. Net
income for the nine months ended 30 September 2005 was
$37.3 million, or $0.81 per share (diluted) and $0.82 per
share (basic), on revenues of $102.4 million.
Cash earnings for the nine months ended 30 September
2006 were $35.1 million (net income of $25.8 million
adjusted to include $9.3 million, representing non-cash
expenses of depreciation, amortization and other non-cash
charges on a tax-effected basis), or $0.77 per share
(diluted). In the same period of the prior year, cash
earnings were $45.4 million (net income of $37.3 million
adjusted for the inclusion of $8.1 million representing
non-cash expenses of depreciation, amortization and other
non-cash charges on a tax-effected basis), or $0.99 per
share (diluted).
For the nine months ended 30 September 2006, there were
45,883,021 common shares outstanding on a weighted average
diluted basis compared to 45,895,724 common shares
outstanding for the same period in 2005 on the same
weighted average diluted basis.
Performance
Performance in the W.P. Stewart & Co., Ltd. U.S.
Equity Composite (the "Composite") for the third
quarter of 2006 was 4.6% pre-fee and 4.3% post-fee,
compared to 5.7% for the S&P 500. For the nine months
ended 30 September 2006, performance in the Composite was
2.0% pre-fee and 1.1% post-fee, compared to 8.5% for the
S&P 500. For the twelve month period ending 30
September 2006, performance in the Composite was 3.5 %
pre-fee and 2.3 % post-fee, compared to 10.8 % for the
S&P 500.
W.P. Stewart's five-year performance record for the
period ended 30 September 2006 averaged 9.0% pre-fee (7.8%
post-fee), compounded annually, compared to an average of
7.0% for the S&P 500 in the five-year period.
In the five and ten-year periods, ended 30 September
2006, performance of the Composite has exceeded the
performance of the S&P 500 on a pre-fee and on a
post-fee basis. For the three-year period ending 30
September 2006, performance exceeded the S&P 500 on a
pre-fee basis but not on a post-fee basis.
Assets Under Management
Assets under management (AUM) at quarter-end were
approximately $8.3 billion, compared with $8.4 billion at
the quarter ended 30 June 2006, and $9.6 billion reported
at the quarter ended 30 September 2005.
Total net flows of AUM for the quarter ended 30
September 2006 were -$476 million, compared with +$28
million in the comparable quarter of 2005 and -$510 million
in the second quarter of 2006.
Total net flows of AUM for the nine months ended 30
September 2006 and 2005 were -$1,223 million and -$130
million, respectively.
In the third quarter of 2006, net cash flows of
existing accounts were -$142 million compared with net cash
flows of +$23 million in the third quarter of 2005. Net
cash flows of existing accounts for the nine months ended
30 September 2006 were -$380 million compared to -$65
million for the nine months ended 30 September 2005.
Net new flows (net contributions to our publicly
available funds and flows from new accounts minus closed
accounts) were -$334 million for the quarter compared to
+$5 million for the same quarter of the prior year. Net new
flows were -$843 million for the nine-months ending 30
September 2006 compared to -$65 million for the nine months
ended 30 September 2005.
A confluence of factors has pressured flows over the
past few quarters including a significant realignment of
account relationship responsibilities over the past 18
months, prior dispersion, competitive pressures, large-cap
growth asset class fatigue and weak short-term performance.
The Company continues to profitably manage a
substantial and diverse pool of client assets and
relationships, has maintained a superior long-term
investment track record and has a stable and experienced
investment team which is committed to serving the firm's
clients over the coming years.
As noted above, there has been a significant turn in
the direction of our performance.
Look Through Earning Power
W.P. Stewart & Co., Ltd. concentrates its
investments in large, generally less cyclical, growing
businesses. Throughout most of the Company's history, the
growth in earning power behind clients' portfolios has
ranged from approximately 10% to 20%, annually.
Currently the "look-through" earning power
behind our clients' portfolios remains solidly positive
with portfolio earnings per share growth on a trailing four
quarter basis as at 30 September 2006 expected to have
advanced at the high end of the historical range. The
Company's research analysts expect "look-through"
portfolio earnings growth to be within the 12-15% range over
the next few years.
Revenues and Profitability
Revenues were $27.6 million for the quarter ended 30
September 2006, down 18.1% from $33.7 million for the same
quarter of 2005. Revenues for the nine months ended 30
September 2006 and 2005 were $102.4 million and $102.4
million, respectively.
The average gross management fee was 1.09%, annualized,
for the quarter ended 30 September 2006 and 1.12% for the
nine months ended 30 September 2006, compared to 1.17% and
1.17%, respectively, in each of the comparable periods of
the prior year.
Excluding performance fee based accounts, the average
gross management fee was 1.23%, annualized, for the quarter
ended 30 September 2006, and 1.25% for the nine months ended
30 September 2006, compared to 1.28% in each of the
comparable periods of the prior year.
Total operating expenses increased 17.3% to $23.6
million, for the third quarter 2006, from $20.1 million in
the same quarter of the prior year. Total operating
expenses were $72.6 million and $60.9 million for the nine
months ended 30 September 2006 and 2005, respectively.
The increase in operating expenses in the third quarter
of 2006 compared to the third quarter of 2005 resulted
primarily from an increase in compensation expenses, both
cash, including accruals, and non-cash expenses related to
the issuance of restricted shares to various employees.
Operating expenses declined sequentially from the second
quarter of 2006 by $4.2 million.
The increase in operating expenses for the nine months
ended 30 September 2006 compared to the same period in 2005
relates to an increase in these same compensation expenses,
noted above, plus the one-time $2.6 million charge in
connection with the completion of the transfer of W.P.
Stewart Holdings NV from Curacao to Luxembourg.
As previously reported, the Company expects cash
compensation to be in the range of $26 - $28 million for
2006 as compared with $26.8 million in 2005.
The non-cash compensation expense related to the
restricted share grants was approximately $2.6 million for
the third quarter of 2006 (approximately $820,000 in third
quarter 2005) and approximately $5.2 million for the nine
months ended 30 September 2006 (approximately $2.3 million
for nine months 2005). This non-cash compensation expense
is included in "employee compensation and
benefits". We expect non-cash compensation expense
related to these restricted share grants to be at least
$7.7 million for 2006.
Pre-tax income, at $4.0 million, was 14.6% of gross
revenues for the quarter ended 30 September 2006 compared
to $13.6 million or 40.4% of gross revenues in the
comparable quarter of the prior year. Pre-tax income was
$29.7 million (29.1% of gross revenues) for the nine months
ended 30 September 2006, and $41.5 million (40.5% of gross
revenues) for the nine months ended 30 September 2005.
The Company's provision for taxes for the quarter ended
30 September 2006 was $0.5 million versus $1.4 million in
the comparable quarter of the prior year, and was $3.9
million versus $4.2 million for the nine months ended 30
September 2006 and 2005, respectively. The effective tax
rate was approximately 12.2% of income before taxes in the
third quarter of 2006 compared to approximately 10.2% in
the third quarter of 2005. The effective tax rate was
approximately 13.1% and 10.1% of income before taxes for
the nine month periods ended 30 September 2006 and 2005,
respectively.
The increase in the tax rate for the nine month period
in 2006 relates to changes in the allocation of portfolio
management activities among various jurisdictions
reflecting recent portfolio manager departures and other
management changes. The proportion of various activities
based in high-tax jurisdictions has increased somewhat
relative to the activity based in lower-tax jurisdictions.
Whereas the Company had previously indicated that the
anticipated tax rate for 2006 would be between 17% and 20%,
it now expects that the tax rate will be approximately 14%
for 2006.
Other Events
The Company paid a dividend of $0.30 per common share
on 28 July 2006 to shareholders of record as of 14 July
2006 and will pay a dividend of $0.23 per share on 27
October 2006 to shareholders of record as of 13 October
2006.
Conference Call
In conjunction with this third quarter 2006 earnings
release, W.P. Stewart & Co., Ltd. will host a
conference call on Thursday, 26 October 2006. The
conference call will commence promptly at 9:15am (EDT) and
will conclude at 10:00am (EDT). Those who are interested in
participating in the teleconference should dial
1-800-370-0898 (within the United States) or +973-409-9260
(outside the United States). The conference ID is
"W.P. Stewart 7990805".
To listen to the live broadcast of the conference over
the Internet, simply visit our website at
http://www.wpstewart.com and click on the Investor
Relations tab for a link to the web-cast.
The teleconference will be available for replay from
Thursday 26 October, 2006 at 12:00 noon (EDT) through
Friday, 27 October, 2006 at 5:00 p.m. (EDT). To access the
replay, please dial 1-877-519-4471 (within the United
States) or + 973-341-3080 (outside the United States). The
PIN number for accessing this replay is 7990805.
You will be able to access a replay of the Internet
broadcast through Thursday, 2 November, 2006, on the
Company's website at http://www.wpstewart.com . The Company
will respond to questions submitted by e-mail, following the
conference.
W.P. Stewart & Co., Ltd. is an asset management
company that has provided research-intensive equity
management services to clients throughout the world since
1975. The Company is headquartered in Hamilton, Bermuda and
has additional operations or affiliates in the United
States, Europe and Asia.
The Company's shares are listed for trading on the New
York Stock Exchange (NYSE: WPL) and on the Bermuda Stock
Exchange (BSX: WPS).
For more information, please visit the Company's
website at http://www.wpstewart.com , or call W.P. Stewart
Investor Relations (Fred M. Ryan) at 1-888-695-4092
(toll-free within the United States) or + 441-295-8585
(outside the United States) or e-mail to
IRINFO@wpstewart.com.
Statements made in this release concerning our
assumptions, expectations, beliefs, intentions, plans or
strategies are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve risks and uncertainties that
may cause actual results to differ from those expressed or
implied in these statements. Such risks and uncertainties
include, without limitation, the adverse effect from a
decline or volatility in the securities markets, a general
downturn in the economy, the effects of economic, financial
or political events, a loss of client accounts, inability of
the Company to attract or retain qualified personnel, a
challenge to our U.S. tax status, competition from other
companies, changes in government policy or regulation, a
decline in the Company's products' performance, inability
of the Company to implement its operating strategy,
inability of the Company to manage unforeseen costs and
other effects related to legal proceedings or
investigations of governmental and self-regulatory
organizations, industry capacity and trends, changes in
demand for the Company's services, changes in the Company's
business strategy or development plans and contingent
liabilities. The information in this release is as of the
date of this release, and will not be updated as a result
of new information or future events or developments.
W.P. Stewart & Co., Ltd.
Unaudited Condensed Consolidated Statements of
Operations
For the Three Months
Ended
Sept. 30, June 30,
Sept. 30,
2006 2006
2005
Revenue:
Fees $22,952,366 $25,788,508
$25,716,931
Commissions 3,745,090 11,916,558
7,278,100
Interest and other 899,771 832,272
690,266
27,597,227 38,537,338
33,685,297
Expenses:
Employee compensation
and benefits 11,858,821 11,228,135
7,118,277
Fees paid out 1,998,151 1,949,680
2,056,673
Performance fee charge - 2,625,642
-
Commissions, clearance
and trading 617,937 2,245,933
1,779,427
Research and
administration 3,320,368 3,330,257
3,587,671
Marketing 1,356,107 1,488,922
1,216,257
Depreciation and
amortization 1,620,681 1,648,745
2,058,776
Other operating 2,797,460 3,318,203
2,269,163
23,569,525 27,835,517
20,086,244
Income before taxes 4,027,702 10,701,821
13,599,053
Provision for taxes 490,831 1,053,940
1,384,429
Net income $3,536,871 $9,647,881
$12,214,624
Earnings per share:
Basic earnings per share $0.08 $0.21
$0.27
Diluted earnings per share $0.08 $0.21
$0.27
% Change From
June 30, 2006 Sept. 30,
2005
Revenue:
Fees -11.00%
-10.75%
Commissions -68.57%
-48.54%
Interest and other 8.11%
30.35%
-28.39%
-18.07%
Expenses:
Employee compensation and
benefits 5.62%
66.60%
Fees paid out 2.49%
-2.85%
Performance fee charge -100.00%
-
Commissions, clearance and
trading -72.49%
-65.27%
Research and
administration -0.30%
-7.45%
Marketing -8.92%
11.50%
Depreciation and
amortization -1.70%
-21.28%
Other operating -15.69%
23.28%
-15.33%
17.34%
Income before taxes -62.36%
-70.38%
Provision for taxes -53.43%
-64.55%
Net income -63.34%
-71.04%
Earnings per share:
Basic earnings per share -61.90%
-70.37%
Diluted earnings per share -61.90%
-70.37%
W.P. Stewart & Co., Ltd.
Unaudited Condensed Consolidated Statements of
Operations
For the Nine Months Ended
September 30,
2006 2005
%
Revenue:
Fees $75,928,182 $78,858,375
-3.72%
Commissions 23,922,442 21,802,471
9.72%
Interest and other 2,530,120 1,731,697
46.11%
102,380,744 102,392,543
-0.01%
Expenses:
Employee compensation
and benefits 30,825,793 21,576,980
42.86%
Fees paid out 6,122,739 6,084,887
0.62%
Performance fee charge 2,625,642 -
-
Commissions, clearance
and trading 4,505,949 4,889,475
-7.84%
Research and
administration 10,280,169 10,881,524
-5.53%
Marketing 4,556,123 3,940,064
15.64%
Depreciation and
amortization 4,845,220 6,154,910
-21.28%
Other operating 8,877,800 7,413,988
19.74%
72,639,435 60,941,828
19.19%
Income before taxes 29,741,309 41,450,715
-28.25%
Provision for taxes 3,892,446 4,169,595
-6.65%
Net income $25,848,863 $37,281,120
-30.67%
Earnings per share:
Basic earnings per share $0.56 $0.82
-31.71%
Diluted earnings per share $0.56 $0.81
-30.86%
W.P. Stewart & Co., Ltd.
Net Flows of Assets Under Management*
(in millions)
For the Three Months For
the Nine
Ended
Months Ended
Sept. Jun. Sept.
Sept. Sept.
30, 30, 30, 30,
30,
2006 2006 2005 2006
2005
Existing Accounts:
Contributions $ 100 $ 168 $ 245 $ 597
$ 728
Withdrawals (242) (375) (222)
(977) (793)
Net Flows of Existing
Accounts (142) (207) 23
(380) (65)
Publicly Available Funds:
Contributions 17 78 55 129
171
Withdrawals (70) (93) (18)
(232) (111)
Direct Accounts Opened 27 27 23 111
198
Direct Accounts Closed (308) (315) (55)
(851) (323)
Net New Flows (334) (303) 5
(843) (65)
Net Flows of Assets Under
Management $(476) $ (510) $ 28 $
(1,223) $(130)
* The table above sets forth the total net flows of
assets under
management for the three months ended September 30,
2006, June 30,
2006 and September 30, 2005, respectively, and for
the six months
ended September 30, 2006 and 2005, respectively,
which include
changes in net flows of existing accounts and net new
flows
(net contributions to our publicly available funds
and flows
from new accounts minus closed accounts). The table
excludes
total capital appreciation or depreciation in assets
under
management with the exception of the amount
attributable
to withdrawals and closed accounts.
For more information, please contact:
Fred M. Ryan
Tel: +1-441-295-8585
SOURCE W.P. Stewart & Co., Ltd.
2007'02.11.Sun
Stroke Patients in Europe -- Is Lack of Awareness Causing Disability?
October 26, 2006
BRUSSELS, Belgium, Oct. 26 /Xinhua-PRNewswire/ --
Preliminary results from the world's most comprehensive
global stroke survey are announced today by the Stroke
Alliance for Europe (SAFE) and AstraZeneca. The initial
survey results point to a widespread lack of awareness of
stroke.
Eighty one per cent of patients and carers surveyed
were not aware of stroke's symptoms before they were
affected by the disease. After a stroke, patients'
awareness levels increased but only to 66 %. Just 30 % of
stroke patients realised they were experiencing a stroke
once their symptoms started.
Awareness of the risk factors for stroke was also very
low among patients. Despite 54 % of patients surveyed
suffering from high blood pressure, only a third were aware
that hypertension was a risk factor for stroke. Only 13 % of
patients thought they could be at risk before they suffered
a stroke.
Arne Hagen, President of SAFE said, "Recognising
the signs and symptoms of stroke is essential for getting
patients to hospital early -- stroke is a disease where
time to treatment affects the level of disability. If
patients are recognised and diagnosed earlier, it will help
reduce stroke-related disability seen in some patients. More
awareness raising programmes are needed to help patients
affected by this neglected disease."
These preliminary survey results are from a total of
362 individuals who completed a written questionnaire. Of
these, approximately 59 per cent were stroke patients and
41 per cent carers.
One surprising statistic challenges the concept that
stroke is an old persons' disease; 26 % of patients who
completed the survey were under 60 years of age when they
suffered their first stroke.
The full survey, the results of which are expected in
early 2007, will be extensive; a total of 2,400 patients
and 2,400 caregivers will be polled following recruitment
through medical professionals. Participating countries
include France, Germany, Italy, Spain, UK, Sweden,
Australia, China, Canada and the USA. The preliminary
results announced today are from France, Germany, UK,
Sweden, Spain and Italy. A steering committee, consisting
of patient organisations such as SAFE and leading stroke
experts is guiding the development of the survey.
The research project, launched in partnership with SAFE
at the European Stroke Conference (ESC) meeting in May 2006,
aims to assess the true burden, social consequences, and
functional and emotional distress caused by stroke around
the world.
Fifteen million people worldwide suffer a stroke each
year; 5.5 million of these die and a further 5 million are
left with varying degrees of disability.(1) Stroke
represents the fourth biggest burden of disease worldwide,
draining billions each year in healthcare costs,
rehabilitation and lost productivity. Stroke is the second
cause of death worldwide and a leading cause of adult
disability in developed countries.(1) Despite these
figures, many in Europe are unaware of the risk factors,
symptoms and potential consequences of stroke.
AstraZeneca is a company with a firm commitment to
stroke research, which continues to support scientists,
physicians, and patients with the aim of improving stroke
treatment.
About AstraZeneca:
AstraZeneca is a major international healthcare
business engaged in the research, development, manufacture
and marketing of prescription pharmaceuticals and the
supply of healthcare services. It is one of the world's
leading pharmaceutical companies with healthcare sales of
over $21.4 billion and leading positions in sales of
gastrointestinal, cardiovascular, respiratory, oncology and
neuroscience products.
AstraZeneca is listed in the Dow Jones Sustainability
Index (Global) as well as the FTSE4Good Index.
The Neuroscience pipeline includes investigational
compounds for the treatment of depression and anxiety,
dementia, stroke, pain control and anaesthesia.
About SAFE:
The aims and objectives of SAFE, a non-profit-making
organisation, are to promote awareness and understanding of
stroke, to promote prevention, to identify those at risk, to
improve access to appropriate treatment and care, to improve
the quality of life of people affected by stroke and their
families and carers, to promote better access to accurate
and understandable information, to increase the priority
given to stroke by policy and decision-makers and by health
care providers, to promote research on stroke and related
areas and to co-ordinate the efforts of national stroke
patient groups in Europe.
For more information, visit http://www.safestroke.org
.
References:
1. The Atlas of Heart Disease and Stroke, World Health
Organisation, 2004. Available at:
http://www.who.int/cardiovascular_diseases/resources/atlas/en
.
For more information, please contact:
Virginie Bousquet
Global PR Manager
AstraZeneca
Tel: +44-162-551-7831 / +44-792-084-507
Email: Virginie.Bousquet@AstraZeneca.com
Sarah Schapira
Senior Account Executive
Porter Novelli
Tel: +44-207-853-2365
Email: Sarah.Schapira@porternovelli.co.uk
SOURCE AstraZeneca
2007'02.11.Sun
Corning Announces Third-Quarter Results LCD volume strong
October 26, 2006
CORNING, N.Y., Oct. 26 /Xinhua-PRNewswire/ -- Corning
Incorporated (NYSE: GLW) announced on October 24, 2006,
third-quarter sales of $1.28 billion and net income of $438
million, or $0.27 per share.
(Logo:
http://211.154.41.99:9080/xprn/back/upload/story_attchment/20061026172020-74.jpg
)
Corning's third-quarter results include a charge of $13
million, or $0.01 per share, primarily reflecting the
increase in market value of Corning common stock to be
contributed to settle the asbestos litigation related to
Pittsburgh Corning Corporation. Excluding this charge,
Corning's third-quarter net income would have been $451
million, or $0.28 per share. These are non-GAAP financial
measures. These and all non-GAAP financial measures are
reconciled on the company's investor relations Web site and
in attachments to this news release.
"This was an excellent quarter for Corning,"
Wendell P. Weeks, president and chief executive officer,
said. "At the beginning of the third quarter, we were
uncertain about the pace of the recovery from the excess
panel inventory correction in the liquid crystal display
(LCD) supply chain. We were pleased that glass demand
improved each month throughout the quarter as our customers
geared up to meet the anticipated fourth-quarter demand for
LCD televisions, notebook computers and desktop
monitors," he said.
Third-Quarter Operating Results
Corning's third-quarter sales of $1.28 billion
increased slightly over second-quarter sales of $1.26
billion and by 8 percent over last year's third-quarter
sales of $1.19 billion. Gross margin for the third quarter
remained strong at 44 percent.
Equity earnings for the third quarter were $232 million
compared to second-quarter equity earnings of $256 million,
which included a $33 million tax gain at Dow Corning
Corporation. Dow Corning's third-quarter equity earnings
were $78 million.
Third-quarter sales for Corning's Display Technologies
segment were $506 million, a 3-percent increase over 2005
third-quarter sales of $489 million. Year-over-year LCD
glass volume increased 31 percent in the third quarter,
largely offset by price declines and the impact of foreign
exchange rates. Sequentially, third-quarter sales increased
10 percent from second-quarter sales of $461 million as
volume increases of 16 percent were offset somewhat by
price declines and the impact of foreign exchange rates.
Samsung Corning Precision Glass Co., Ltd.'s (SCP)
third-quarter volume increased 38 percent year-over-year
and 11 percent sequentially. Equity earnings from SCP were
$135 million, up 18 percent over last year and up about 2
percent compared with the second quarter.
Total LCD glass volume, including both Corning's wholly
owned business and SCP, increased 35 percent year-over-year
and 13 percent sequentially.
Telecommunications segment sales for the third quarter
were $456 million, declining 3 percent from the previous
quarter but in line with expectations. The decline was
primarily due to lower volume of fiber-to-the-premises
(FTTP) products and price declines.
The company's Environmental Technologies segment had
sales of $153 million compared to second-quarter sales of
$152 million, reflecting relatively flat sales of both
automotive and diesel products. In early October, Corning
announced its first long-term diesel emissions-control
products supply agreement with Cummins Emissions Solutions,
a business unit of Cummins Inc. Sales in Corning's Life
Sciences segment declined sequentially primarily due to a
softer market in North America and Europe.
Cash Flow/Liquidity Update
Corning ended the third quarter with $2.8 billion in
cash and short-term investments, an increase from $2.5
billion in the previous quarter. The increase in cash and
short-term investments is primarily due to the issuance of
$250 million of long-term debt to replace debt repurchased
in the second quarter. "Maintaining significant cash
is important to Corning's long-term financial health and to
enable us to invest in new business opportunities that
emerge from our research laboratories," James B.
Flaws, vice chairman and chief financial officer, said.
In the third quarter, Corning had positive free cash
flow of $76 million and remains on track to be free cash
flow positive for the year. Free cash flow is a non-GAAP
financial measure.
Fourth-Quarter Outlook
Corning expects fourth-quarter sales to be in the range
of $1.28 billion to $1.33 billion and EPS in the range of
$0.26 to $0.29, before special items. This EPS estimate is
a non-GAAP financial measure and excludes any special
items.
Gross margin for the fourth quarter is expected to be
in the range of 44 percent to 46 percent and selling,
general and administrative expenses are expected to be in
the range of 17 percent to 18 percent of sales. The
fourth-quarter tax rate is expected to be in the range of
13 percent to 15 percent.
In its Display Technologies segment, Corning expects
that fourth-quarter sequential volume growth for its wholly
owned business will be in the range of 20 percent to 30
percent as the strong demand experienced at the end of the
third quarter continues into the fourth quarter. Samsung
Corning Precision's fourth-quarter volume is expected to
increase sequentially between 8 percent and 12 percent.
Corning expects that fourth-quarter price declines will be
consistent with the third quarter.
"We are expecting our display segment to perform
well in the fourth quarter," Flaws said. "We
anticipate that LCD TV sales will exceed 20 percent of the
global television market this year," he said.
Corning's LCD glass volume for the first three
quarters, including both its wholly owned business and SCP,
increased more than 50 percent versus last year. "With
the expected fourth-quarter growth, Corning's full-year
volume growth should be in line with our expectations for
the year. Our capability to deliver larger-generation
substrate solutions and environmentally green glass with
our EAGLE XG(TM) composition has allowed us to maintain a
market leadership position," Flaws said.
Corning's fourth-quarter Telecommunications segment
sales are expected to decline sequentially by 20 percent to
25 percent due to normal seasonality, lower FTTP volume and
price declines. Fourth-quarter sales in the company's
Environmental Technologies segment are expected to be flat
with the previous quarter. Fourth-quarter equity earnings
are expected to be flat to down 5 percent.
Flaws also said that the company has been encouraged by
its initial diesel products sales and expects that volume
should continue to build as the industry gears up for the
implementation of the stricter 2007 U.S. environmental
emissions requirements for diesel engines. He said that
the volume ramp should occur over several quarters into
next year.
"An important goal for the long-term success of
the company is the development of a more balanced product
portfolio," Weeks said. "We continue to maintain
an investment of approximately 10 percent of our sales into
research, development and engineering. A highlight of our
third quarter was the introduction of Corning's Epic(TM)
system, the life science industry's first label-free,
high-throughput drug screening system. Our exploration
into new advanced displays such as single-crystal
silicon-on-glass technology, green laser applications,
carbon-based energy storage (fuel cells) and optical
fiber-radio technology are a few examples of some of our
more promising early-stage developments currently in our
laboratories," Weeks said. He noted that these types
of technology developments often take as long as 10 years
before they are commercialized into the marketplace.
Additionally, the company announced that it will be
meeting with investors and presenting at four upcoming
conferences: Western New York Investor Conference in
Buffalo, N.Y. on Oct. 31; UBS Global Communications and
Technology Conference in New York on Nov. 14; Credit Suisse
Annual Technology Conference in Scottsdale, Ariz., on Nov.
28 and Lehman Brothers Global Technology Conference in San
Francisco on Dec. 7.
Third-Quarter Conference Call Information
The company will host a third-quarter conference call
at 8:30 a.m. EDT on Wednesday, Oct. 25. To access the
call, dial (210) 234-8000. The password is QUARTER THREE.
The leader is SOFIO. A replay of the call will begin at
approximately 10:30 a.m. EDT, and will run through 5 p.m.
EDT, Wednesday, Nov. 8. To listen, dial (203) 369-0648. No
pass code is required. To listen to a live audio webcast
of the call, go to Corning's Web site:
http://www.corning.com/investor_relations , and follow the
instructions. The audio webcast will be archived for one
year following the call.
Presentation of Information in this News Release
Non-GAAP financial measures are not in accordance with,
or an alternative to, GAAP. Corning's non-GAAP net income
and EPS measure excludes restructuring, impairment and
other charges and adjustments to prior estimates for such
charges. Additionally, the company's non-GAAP measure
excludes adjustments to asbestos settlement reserves
required by movements in Corning's common stock price,
gains and losses arising from debt retirements, charges
resulting from the impairment of equity or cost method
investments, or adjustments to deferred tax assets, and
gains or losses recognized in equity earnings from
restructuring, impairment or other charges or credits taken
by equity method companies. Corning's free cash flow
financial measures are also non-GAAP measures. The company
believes presenting non-GAAP free cash flow; net income and
EPS measures are helpful to analyze financial performance
without the impact of unusual items that may obscure trends
in the company's underlying performance. These non-GAAP
measures are reconciled on the company's Web site at
http://www.corning.com/investor_relations and accompany
this news release.
About Corning Incorporated
Corning Incorporated ( http://www.corning.com ) is a
diversified technology company that concentrates its
efforts on high-impact growth opportunities. Corning
combines its expertise in specialty glass, ceramic
materials, polymers and the manipulation of the properties
of light, with strong process and manufacturing
capabilities to develop, engineer and commercialize
significant innovative products for the telecommunications,
flat panel display, environmental, semiconductor, and life
sciences industries.
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements
that involve a variety of business risks and other
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the
possibility of changes in global economic and political
conditions; tariffs, import duties and currency
fluctuations; product demand and industry capacity;
competition; manufacturing efficiencies; cost reductions;
availability and costs of critical components and
materials; new product development and commercialization;
order activity and demand from major customers; changes in
the mix of sales between premium and non-premium products;
facility expansions and new plant start-up costs; possible
disruption in commercial activities due to terrorist
activity, armed conflict, political instability or major
health concerns; adequacy and availability of insurance;
capital spending; equity company activities; acquisition
and divestiture activities; the level of excess or obsolete
inventory; the rate of technology change; the ability to
enforce patents; product and components performance issues;
stock price fluctuations; and adverse litigation or
regulatory developments. Additional risk factors are
identified in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only
as of the day that they are made, and Corning undertakes no
obligation to update them in light of new information or
future events.
For more information, please contact:
Media Relations Contact:
Daniel F. Collins
Tel: +1-607-974-4197
Email: collinsdf@corning.com
Investor Relations Contact:
Kenneth C. Sofio
Tel: +1-607-974-7705
Email: sofiokc@corning.com
Media Relations Contact - China:
Lydia Lu
Tel: +86-21-5467-4666 x1900
Email: lulr@corning.com
SOURCE Corning Incorporated
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