Thursday 12 December 2013

BROADBAND

Broadband
Broadband is a type of communication where a single wire can carry more than one type of signal at once, from audio to video frequencies. Cable TV (eg. Foxtel) is one technology that uses broadband data transmission.

BROWSER

Browser
A software program that allows you to surf the Web. The most popular web browsers are Google Chrome, Mozilla Firefox and Internet Explorer.

Saturday 26 October 2013

Mitsubishi Motors Corp plans to raise around $2 billion in a public share offering

Mitsubishi Motors Corp plans to raise around $2 billion in a public share offering as early as January to pay back top shareholders for a 2004 bailout that enabled its decade-long turnaround, sources familiar with the matter said on Saturday.
The capital raising will also allow the second-tier Japanese automaker to pay dividends for the first time in nearly a decade and a half. And it will maintain close equity ties to the Mitsubishi group to meet the challenges of tightening environmental standards and other technological advances while it lacks a strategic automotive partner.
It is also a milestone in the company's recovery from a defect cover-up scandal early in the last decade and a retreat from European production to focus on fast-growing Southeast Asia, under the guidance of President Osamu Masuko who arrived from Mitsubishi Corp in 2005.
Group companies including Mitsubishi Heavy Industries Ltd , Mitsubishi UFJ Financial Group Inc and Mitsubishi Corp rescued the troubled carmaker in 2004 by taking the bulk of a preferred share offering after a failed tie-up with DaimlerChrysler AG.
Mitsubishi Motors will use the roughly 200 billion yen ($2 billion) it hopes to raise to buy back the majority of those preferred shares at a discounted price and retire them, said the sources, who declined to be named as they were not authorised to speak to the media.
"It was difficult for them to find an alliance partner while the preference shares were hanging over them, but this will let them be a normal company," one of the sources said.
Remaining preferred shares will be converted to ordinary stock.
The 380 billion yen of preferred shares in the hands of Mitsubishi group companies has made it prohibitively costly for Mitsubishi Motors to resume dividend payments.
MITSUBISHI GROUP
Mitsubishi Heavy, Mitsubishi UFJ Financial and trading house Mitsubishi Corp will retain their combined 34 percent minority controlling stake after the buy back and conversion, the sources said, possibly via a purchase of ordinary shares by Mitsubishi Heavy.
Mitsubishi Motors will announce the move when it makes public its latest multi-year management plan on Nov. 5, one of the sources added. That plan is expected to include expanded production in emerging markets and an expanded lineup of SUVs, which currently include the Outlander Sport.
The company said in a statement to the Tokyo Stock Exchange on Saturday that it was considering various options to deal with its preferred shares but no decisions had been made.
The maker of Triton pickups and i-MiEV electric cars, which sells one-quarter of its vehicles in Southeast Asia, this week raised its net profit outlook for the full year to next March by 40 percent to 70 billion yen, but trimmed its revenue outlook by 6.2 percent to 2.13 trillion yen. It said a boost from a weaker yen and cost cuts offset a drop in vehicle sales.
It will announce its second-quarter earnings on Oct. 29, when Masuko is expected to speak.
Mitsubishi Motors' shares jumped more than 7 percent in intraday trade on Friday in their highest volume in a month and a half, although they pulled back by the close to end with a gain of 1.2 percent at 1,036 yen. They nevertheless outperformed Tokyo's benchmark Nikkei average which sank 2.8 percent.
News that Mitsubishi Motors was considering a share issue and other measures to complete its restructuring first emerged in May. Its shares are up 16 percent so far this year, compared with underperforming shares in other second-tier automakers Mazda Motor Corp and Subaru maker Fuji Heavy Industries Ltd, which are two-and-a-half times their value at the start of the year.

Thursday 24 October 2013

Portugal's CGD to sell stake in Portugal Telecom

Portugal's state-owned bank Caixa Geral de Depositos will sell its outstanding 6.11 percent stake in Portugal Telecom in a private sale as part of plans to sell non-core assets, the bank said on Thursday.
The sale of 54.77 million shares will be carried out via an accelerated bookbuilding process aimed at certain investors.
The final terms of the offering are expected to be announced after the process is completed later on Thursday.
The state-owned bank has also been selling off other assets like its healthcare arm under the terms of Portugal's European Union/IMF bailout. It is now in the process of privatising its insurance unit.
Portugal Telecom shares closed at 3.583 euros on Wednesday. The stock was suspended from trading on Thursday, awaiting the terms of the sale.
The stock has jumped from near all-time lows of 2.71 euros in July, partly in response to the group's plan, announced earlier this month, to join forces with Brazil's Grupo Oi SA and form a new company with more than 100 million subscribers.
Credit Suisse and CGD's investment bank Caixa Banco de Investimento are acting as joint bookrunners in the equity sale, CGD said.

Tuesday 13 August 2013

FBI arrests two in $140 mln penny stock fraud

Federal prosecutors on Tuesday said they have madearrests in an international penny stock scheme that involved fraudulently inflating shares prices and trading volumes.
The fraud generated more than $140 million through various brokerage and bank accounts, according to a statement from the office of U.S. Attorney Loretta Lynch inBrooklyn.
Two people, Joseph Manfredonia, 45, of New Jersey, and Cort Poyner, 44, of Florida, were arrested on Tuesday morning, according to Peter Donald, an FBI spokesman.
A superseding indictment filed earlier this month also names four Canadians and three other U.S. citizens allegedly involved in the scheme.
The scheme involved fraudulently inflating share prices and trading volumes ofcertain penny stocks. The defendants also operated a so-called advance fee scheme, making false promises to investors to induce them to pay fees for non-existent services to sell their illiquid penny stock shares, according to the indictment.
Both schemes were allegedlyorchestrated by Sandy Winick, a Canadian who has lived in China, Thailand, Vietnam and the United States, according to the indictment.
Manfredonia used phony press releases to promote the penny stocks and recruited others to manipulate their prices and trading volumes, according to the indictment.
Poyner bribed brokers to purchase the penny stocks onbehalf of their clients, according to the indictment.
Gregory Curry and Kolt Curry, Canadians who also lived at various times in Thailand, managed call centers, and prepared false letters, websites and e-mail accounts used to deceive potential and actual victims. Kolt Curry also made phone calls to potential clients.
Gregory Ellis, a Canadian, acted as president of several companies that issued the penny stocks and called potential customers as part of the advance fee scheme, according to the indictment.
Gary Kershner, a U.S. citizen who lived in Arizona and Kansas, made false statementsto regulators and investigators, and created fraudulent documents, according to the indictment.
Songkram Roy Sahachaisere, aU.S. citizen who lived in California, promoted the penny stocks through Investsource Inc, a public relations firm he owned, according to the indictment.
William Seals, of California, bought and sold several of the penny stocks to manipulate their share price and market volume, according to the indictment.
Their lawyers could not be reached immediately for comment.
Winick has run into trouble with regulators in the past.
In 2010, the U.S. Securities and Exchange Commission won a default judgment against him after he failed to respond to a complaint accusing him of creating dozens of shell companies under a public company he controlled, First Canadian American Holding Corp, laterknown as Blackout Media Corp.
The SEC accused Winick of creating 59 subsidiaries in Blackout with no legitimate business purpose except to sell unregistered shares in the companies and pocketingthe proceeds.
In 2012, he was ordered to disgorge $3.2 million in ill-gotten gains and was permanently barred from thepenny stock market, among other penalties, according to court documents.

Airline Stocks Drop On US Air-American Merger Suit

Share
The Department of Justice, six state attorneys general and the District of Columbia filed an antitrust suit against US Airways( LCC) and American Airlines' parent, AMR Corp., saying their proposed merger would lessen competition.
The pairing would create theworld's largest airline, worth about $11 billion, and cap a decade of airline mergers that's left about 85% of U.S. fliers with just four airlines tochoose from.
The announcement of the action came a week after the airlines announced they'd received clearance from the European Union for their merger.
Shares of US Airways were down 12% Tuesday amid a sector rout in the stock market todayUS Air and AMR, which is emerging from bankruptcy, announced the deal on Feb. 14, and antitrust regulators began a review process to determine whether further industry consolidation wouldboost ticket prices and hurt consumers.
U.S. Attorney General Eric Holder said in statement Tuesday, "This transaction would result in consumers paying the price — in higherairfares, higher fees and fewer choices."
The carriers have said the new company would have synergies that would enable it to keep costs down.
Southwest became one of the big four airlines with its 2011 acquisition of AirTran Airways. Among other recentpairings, Delta bought Northwest Airlines, and United Continental was formed by the merger of United and Continental in 2010.

Monday 1 July 2013

ALP

Authority for Local Purchase: granted by the commissionerof Administration to an individual who has successfully completed all requirements established by the Materials Management Division.

ALTERNATE RESPONSE

A substitute response; an intentional substantive variation to a basic provision or clause of a solicitation by avendor.

AMENDMENT/CHANGE ORDER

A written modification to a contract or purchase order orother agreements.

APPROPRIATION

Sum of money from public funds set aside for a specific purpose.