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Saturday, December 31, 2011
Surveys shows China manufacturing slowing further (AP)
BEIJING ? China's manufacturing slowed in December for a second month due to weak global demand amid U.S. and European economic woes, a survey released Friday showed.
The latest HSBC Purchasing Managers Index added to growing signs of strain on China's manufacturers and exporters. They have been battered by a plunge in global demand and lending curbs that have driven thousands of entrepreneurs into bankruptcy, wiping out jobs and raising the specter of unrest.
The index for December stood at 48.7 on a 100-point scale on which numbers below 50 indicate a contraction in activity. It said companies reported a drop in foreign orders due to sluggish global demand.
"Weakening external demand is starting to bite," said HSBC economist Hongbin Qu in a statement with the survey.
The latest data will add to pressure on Beijing to ease spending and lending controls to stabilize growth and spur job creation, Qu said.
"Hard landings should be avoided so long as easing measures filter through in the coming months," he said.
China's export growth declined in November for a third month, falling to 13.8 percent from the 15.9 percent the previous month.
The slump in global demand has battered export-driven southern coastal regions, where thousands of small companies have been driven out of business and the survivors have laid off tens of thousands of workers.
Smaller private companies were hard hit by bank lending curbs imposed to cool inflation and a boom in housing prices. The government has promised to have state banks lend more to help struggling entrepreneurs but says most of its curbs will remain in place.
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Friday, December 30, 2011
NASA's twin moon probes closing in on orbit
A pair of NASA spacecraft is getting set to orbit the moon this weekend, a move that will kick off the probes' effort to study Earth's nearest neighbor from crust to core.
NASA's twin Grail spacecraft are slated to start circling the moon one day apart, with Grail-A arriving on Saturday and Grail-B following on Sunday. The two probes will then fly around the moon in tandem, mapping the lunar gravity field in unprecedented detail and helping scientists better understand how the moon formed and evolved.
"This mission will rewrite the textbooks on the evolution of the moon," Grail principal investigator Maria Zuber, of the Massachusetts Institute of Technology, said in a statement.
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More space news from msnbc.com
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Where will Russian probe fall? Too early to say
Science editor Alan Boyle's Weblog: Will Russia's doomed Phobos-Grunt spacecraft fall in Afghanistan? Experts say it's way too early to be that precise about a prediction.
- NASA's twin moon probes closing in on orbit
- First meteor shower of 2012 comes next week
- Russian rocket launches 6 satellites into space
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Where will Russian probe fall? Too early to say
Precision flying
The $496 million Grail mission (short for Gravity Recovery And Interior Laboratory) launched on Sept. 10 from Florida's Cape Canaveral Air Force Station.
The two washing-machine-size probes have taken their sweet time since, charting circuitous, energy-efficient courses that will get them to the moon after more than three months of flying. Contrast that with NASA's manned Apollo 11 mission, which prioritized speed and got there in three days back in 1969.
Grail-A and Grail-B won't be ready to start their science campaign immediately upon arriving at the moon. Rather, they'll spend another two months circling lower and lower, eventually settling into orbits just 34 miles (55 kilometers) above the lunar surface, researchers said.
The twin probes will begin taking measurements in March. They'll chase each other around the moon for 82 days, staying 75 to 225 miles (121 to 362 kilometers) apart. [Video: Grail's Mission to Map Moon Gravity]
Regional differences in the moon's gravitational field will cause the two spacecraft to speed up or slow down slightly, changing the distance between them as they fly. Using microwave signals that they bounce back and forth to each other, Grail-A and Grail-B will gauge these distance variations constantly.
And they'll do so with incredible precision. The Grail probes will be able to determine how far apart they are from each other to within a few microns ? less than the width of a human red blood cell, researchers have said.
Mapping the moon's interior
The Grail team will use the twin probes' measurements to construct highly detailed maps of the lunar gravity field. These maps should help scientists plan out future lunar landings, of both robotic and manned spacecraft, officials have said.
And the mission's observations should yield other benefits as well.
Specifically, Grail's data should reveal the moon's structure in great detail, allowing scientists to draw insights about how the rocky body formed and how it has changed over time.
"Grail is a journey to the center of the moon," Zuber told reporters Wednesday. The two probes' measurements, along with data collected by other spacecraft, she added, "will enable us to reconstruct the moon's early evolution."
This information, in turn, could shed light on how other large objects in the inner solar system came to be, researchers have said.
An extended mission?
Grail's primary science work should wrap up in June. But the Grail team hopes NASA grants the two spacecraft a mission extension through next December, Zuber said. She and her colleagues want to take Grail even lower, to just 15 miles (25 kilometers) or so above the lunar surface.
"I call it flying over the treetops of the moon," Zuber said of the proposed extended mission. "We will take the spacecraft down as low as we can, to map, have a sensitivity to the shallowest, shallowest structures of the lunar crust."
Researchers also want Grail to raise public awareness about the moon, and to help engage kids in math and science. To this end, special cameras aboard the probes will be used to encourage middle-school students to participate in lunar research and follow along with Grail, during both its nominal mission and any extended campaign.
The so-called MoonKam project, which will snap photos of the lunar surface for students on Earth, is led by former NASA astronaut Sally Ride and her educational company Sally Ride Science.
You can follow Space.com senior writer Mike Wall on Twitter:@michaeldwall. Follow Space.com for the latest in space science and exploration news on Twitter @Spacedotcom? and on Facebook.
An earlier version of this story bore a headline that incorrectly suggested the orbiters would land on the moon.
? 2011 Space.com. All rights reserved. More from Space.com.
Source: http://www.msnbc.msn.com/id/45809905/ns/technology_and_science-space/
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iPad Facebook App Timeline Update Delayed Till Mid January, Could Be Longer
Published on 12-28-2011 02:41 PM
Bring this to the iPad already
Facebook continues to snub the iPad when it comes to updates for the popular social networking site, and its accompanying apps.
The iPad finally got a native Facebook app earlier this year, but only because users discovered the App was fully contained within an updated version of iPhone app. Facebook released updates for its iPod touch and iPhone apps that include the companies new Timeline feature. Timeline, Facebook?s latest and greatest improvement to their social networking experience, re-imagines the user profile as a constantly updating timeline or self contained ?history of? page for that individual. It?s almost a surreal experience scrolling through every action and reaction you or a friend had in 2007.
This update was supposed to come to the iPad in December as well, but was pushed back at the last-minute due to some bugs discovered during advanced testing. Timeline on the iPhone and iPod touch appears to be working pitch-perfect, as well as other features like improved photo-management, subscriptions management, friends list, and other improvements. The iPad version of timeline is supposedly a touch optimized version of the full web experience.
However, according to 9to5Mac?s source the update has already been delayed once because of bugs ?So, it would not be surprising for the update to be delayed once again.? Despite the pessimistic comment the source stressed the current release window is mid-January. Hopefully the comedy of errors that is Facebook?s iPad development cycle will finally smooth out in the new year.
Source: 9to5Mac
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Commissioners hear about the Community Covenant program for the National Guard
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Source: http://www.ecprogress.com/index.php?tier=1&article_id=11895
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Mexico Versus China Logistics Costs Topic of Offshore Group Podcast
????TUCSON, AZ, December 28, 2011 /24-7PressRelease/ -- The Offshore Group has made the latest installation in its ongoing series of podcasts on Mexico business topics available on its website.
The session is entitled "Logistics Costs: Mexico versus China," and focuses on the comparative costs of shipping to and from Mexico from the United States, as well as doing the same with respect to China. Bill Golden, president of The Offshore Group's International Logistic Solutions Company (ILS), lends some perspective on the subject matter prior to his retirement from a career spanning a 46 year period in manufacturing and logistics.
During the approximately 30 minute discussion, Golden points out the many complexities related to a supply chain that extends thousands of miles, while pointing out the cost and risk benefits of "shortening the pipeline." According to Golden, "Manufacturing is trending towards regionalization. Instead of continuing their production in the Far East to serve the U.S., and the entire North American, market, companies are increasingly moving their production back closer to the point of consumption."
Interested parties are invited to listen to this recording, as well as the others available on The Offshore Group's website.
International Logistics Solutions (ILS) is an Offshore Group Company, and offers a complete cross border supply chain management (SCM) solution. Its menu of third party logistics (3PL) services includes supply chain expertise, freight and raw materials management, finished goods distribution, as well as vendor managed inventory (VMI) and consignment.
The Offshore Group is the largest provider of outsourced business support, or "shelter" services in Mexico. Currently 61 businesses operate at The Offshore Group's three Mexico manufacturing industrial parks in the State of Sonora, the city of Saltillo, Coahuila, and at the Group's Vangtel subsidiary in Hermosillo. Vangtel offers Mexico shelter services to companies that occupy the call center, IT development and BPO markets, while the International Logistic Solutions Company (ILS) is a leading provider of supply chain services. The Offshore Group has recently initiated operations in Mexico's second largest city, Guadalajara. The Offshore Group has enabled companies to establish and maintain manufacturing facilities in Mexico at low cost and risk since 1986.
Website: http://www.offshoregroup.com
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Thursday, December 29, 2011
TouchPad Go gets reviewed; or the 7-inch war that never was
Full review of HP’s never announced, never released, 7-inch TouchPad Go, the webOS-powered iPad competitor that could have been Derek Kessler of our newly renamed sibling site, webOS...
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Lawyer says soldier shooting client was attacked (AP)
SAN BERNARDINO, Calif. ? The lawyer for the 19-year-old California man charged with the attempted murder of an Afghanistan war veteran said his client was under attack when gunfire rang out.
Ruben Ray Jurado was charged Tuesday with attempted murder and multiple sentencing enhancements for using a firearm in the shooting that critically wounded Christopher Sullivan, 22, a Purple Heart recipient. He's expected to be arraigned this week.
Sullivan was home for the holidays at a homecoming party when authorities say a fight began over football. When Sullivan moved to break it up, police say, gunfire broke out.
Defense attorney Michael J. Holmes said Tuesday that he wanted to talk to his client and the district attorney before commenting further on the case.
"It appears that he was being attacked and he was on the ground and was being kicked in the back, stomach, the head, and that is consistent with the injuries that I observed," Holmes said. "It is alleged at that point that Mr. Sullivan was shot."
Authorities said Jurado, who had played football with Sullivan in high school, began arguing with Sullivan's brother over football teams at the party Friday night and then punched him. Sullivan intervened and Jurado pulled a gun and fired multiple shots, hitting Sullivan in the neck, police said.
Sullivan remains in critical condition. His relatives say the gunfire shattered his spine and left him paralyzed from the neck down.
"He's opening his eyes more," his 20-year-old brother Brandon Sullivan told The Associated Press. "We're just waiting day by day."
Sullivan was wounded in a suicide bombing attack last year while serving with the military in Afghanistan. He suffered a cracked collarbone and brain damage in the attack and had been recovering in Kentucky, where he is stationed, before coming home for the holidays.
Sullivan was a wrestler and football player in high school in San Bernardino, about 60 miles east of Los Angeles. He had nine months to go in the military and then planned to become a firefighter or police officer. He always liked to help people, his brother said.
"Say there was a person at school who never had friends or nothing ? Chris would be the person who would go up to him and try to be his friend. He didn't like people to feel alone," Brandon Sullivan said. "He always had a smile on his face."
___
Associated Press writer Kristin M. Hall in Nashville, Tenn., contributed to this report.
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Wednesday, December 28, 2011
UK's Times newspaper names Bouazizi person of 2011 (Reuters)
LONDON (Reuters) ? Britain's The Times newspaper on Wednesday named as person of the year Mohamed Bouazizi, a Tunisian whose self immolation inspired uprisings that toppled dictators across the Arab world and shook the region's remaining autocracies.
Bouazizi set himself alight last year after officials confiscated the unemployed 26-year-old's unlicensed grocery cart, reportedly slapping and insulting him. His desperate act struck a chord with millions of Arabs living with few job prospects or avenues for change under entrenched autocracies.
"The Times today names Mohamed Bouazizi, the street vendor who became the inspiration for the Arab Spring, as its person of the year," the paper said on its front page. "Bouazizi was no revolutionary, yet his lonely protest served as the catalyst for a wave of revolts that have transformed the Middle East."
Bouazizi' death from his wounds in January prompted protests across Tunisia, forcing autocratic President Zine Al-Abidine Ben Ali to flee the country. Soon afterwards, millions took to the streets in Egypt, Libya, Syria and elsewhere to protest against repression, corruption, poverty and joblessness.
The uprisings unseated despots in Libya, Egypt and Yemen as well as Tunisia, while Syrian leader Bashar al-Assad's writ is disintegrating and other authoritarian rulers in the region are eyeing the tide of public anger with nervousness.
Tunisia has since elected new leaders through peaceful democratic elections.
In an October interview with Reuters, Bouazizi's mother Manoubia urged the new leaders to honor her son's sacrifice by helping poor people like him.
"Nothing would have happened if my son had not reacted against voicelessness and a lack of respect," she said.
"But I hope the people who are going to govern will be able to keep this message in mind and give consideration to all Tunisians, including the poor."
(Reporting by Mohammed Abbas)
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Drone Station lets you pilot an AR.Drone with your Mac
Drone Station lets you pilot an AR.Drone with your Mac originally appeared on Engadget on Tue, 27 Dec 2011 04:41:00 EDT. Please see our terms for use of feeds.
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THS play explores how cancer affects lives | CJOnline.com
[unable to retrieve full-text content]CJOnline.com is the website of the Topeka Capital-Journal newspaper. It's the Number One source of news, sports, weather and entertainment information, as well as cars, jobs and real estate advertising for the northeastern ...
Source: http://cjonline.com/news/2011-12-25/ths-play-explores-how-cancer-affects-lives
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Week 17 NFL Power Rankings: NBC Sports Drops Chicago Bears To No. 25
A tough week for the Chicago Bears continues to get tougher. After losing to the Green Bay Packers on Sunday night -- despite accruing more total yards than the Packers -- the Bears have begun to slide and topple down the Week 17 NFL Power Rankings, earning a near-the-bottom No. 25 slotting from NBC Sports' Pro Football Talk:
25. Bears (No. 24; 7-8): [Kahlil Bell] may have cost Matt Forte a lot of money.
Indeed, after Bell's impressive 121 rushing yards and 38 receiving yards in Sunday's contest, the injured Matt Forte suddenly looked much less like an offensive keystone than, say, QB Jay Cutler. Forte, who is nearing the conclusion of his rookie contract with the Bears, has been lobbying the franchise for an extension, requesting rather large money, but with the apparent emergence of Bell, Forte's services may be more expendable than priceless.
In Week 16, the Bears offense put together a season-high of 441 total yards on the shoulders of third-stringers Bell and QB Josh McCown -- who threw two interceptions, but otherwise had a solid game in his first start in four years.
The Bears will be in their final action of the 2011 season this coming Sunday, taking on the Minnesota Vikings at noon CST.
Stay tuned to SB Nation Chicago for more information, and for in-depth analysis on the Chicago Bears be sure to visit Windy City Gridiron. Visit SB Nation NFL for more news and notes around the league.
Source: http://chicago.sbnation.com/chicago-bears/2011/12/27/2663993/week-17-nfl-power-rankings-nbc-sports
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Tuesday, December 27, 2011
Man Got Top Secret Fighter Jet's Canopy For Peanuts And He's Now Selling It On eBay For $620,000 [Airplanes]
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Iris Erlingsdottir: Protecting Our Free Speech
After the recent Reykjavik District Court decisions penalizing a journalist for reprinting publicly-available information and presenting both sides of a domestic dispute, the Icelandic Supreme Court has taken some baby steps towards establishing a free press in Iceland.
The newspaper DV reported that Iceland's most successful soccer player, Ei?ur Sm?ri Gu?johnsen, had received large loans from a bank without adequate collateral. When the banks failed in 2008, their lending practices came under intense public scrutiny, and Gu?johnsen's situation was singled out by the press as emblematic of the favoritism shown to the rich and famous.
Although he had been featured prominently in European media for years, Gu?johnsen felt his personal privacy had been invaded when his shady financial dealings came to light and filed a libel suit against the journalist. The district court sided with him, but, in a rare display of common sense, the Supreme Court ruled that the public discussion of this matter was protected by the Icelandic Constitution's free speech guarantee. Not only were the lending practices of the banks a matter of public concern, but Gu?johnsen's salary had been widely reported; additionally, his gambling addiction had been written about in the foreign press.
Even though the reporter ultimately prevailed, this matter still stands as a warning to Icelandic journalists. Not only did the court fail to establish a bright line test that newspapers could use when deciding whether to go forward with a story, but, outrageously, the reporter and his newspaper were required to pay their considerable attorney fees and litigation costs.
The real threat created by the nuisance libel suits filed by the powers-that-be in Iceland lies in the expense and inconvenience that they entail. As a practical matter, the financial viability of a media organization today is precarious, and the very substantial costs they face in these suits endangers their existence.
To deal with this problem, many states in the United States have enacted anti-SLAPP (Strategic Lawsuit Against Public Participation) legislation. These statutes allow the defendant to file a motion to dismiss the complaint if it involves a constitutionally-protected matter. The filing of an anti-SLAPP motion halts all discovery. Once the defendant has made a prima facie showing that the matter is protected, the burden falls on the plaintiff to establish a reasonable probability of success on the merits. If the trial court denies the motion, the defendant may immediately appeal. If the defendant prevails, the plaintiff is required to pay its attorney fees.
The obvious benefit of such legislation is to greatly reduce the expense of engaging in journalism. It would help stop those with considerable financial means from abusing our legal system to bully those seeking to reveal their unsavory acts or to challenge their opinions. But even more is required to give us a fully-functioning free press.
It is undeniable that private citizens enjoy a right to privacy. It is also true that this right may be violated by the indiscriminate publication of personal information. What we really need is a pronouncement by the Icelandic Supreme Court or the Icelandic legislature clarifying the line separating matters of public concern and matters of private concern. As it stands now, a practicing journalist has no way of determining before publication whether a story will subject him or her to civil (or even criminal) liability. Legend has it that the Roman emperor Caligula would have laws inscribed on the tops of columns where no one could see them, then prosecute individuals who violated them. Our current situation is not dissimilar.
In the United States, the Supreme Court provided in 1964, in New York Times Co. v. Sullivan, a viable test for journalists. The Court ruled that a public official could recover damages for a defamatory falsehood relating to his official conduct only if the published statement was false and that the statement was made maliciously or with reckless disregard of whether it was false or not. A decade later the Court redefined its definition of public figure in Gertz v. Robert Welch, Inc., where it held that public figures are those who "thrust themselves" into the public eye and invite close scrutiny.
These cases have not stopped libel suits against newspapers, but at least they give a logical framework for editors to use in deciding how much collaboration is needed before publication.
It would, of course, also help if the Icelandic Court would clarify that truth is an absolute defense to a defamation charge. Astonishingly, as recent cases have shown, the republication of a true statement from publicly-available government documents can -- under the current state of law -- form the basis of a libel claim.
I am encouraged by the decision in the Gu?johnsen case, but we still have a long, long way to go.
?
Follow Iris Erlingsdottir on Twitter: www.twitter.com/iris.erlingsdot
Source: http://www.huffingtonpost.com/iris-lee/protecting-our-free-speec_b_1170333.html
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Former South Korean first lady heads North for condolences (Reuters)
PAJU, South Korea (Reuters) ? The widow of former South Korean President Kim Dae-jung, the author of a now-jettisoned engagement policy with North Korea, crossed the fortified land border between the two sides on Monday to pay her respects to deceased dictator Kim Jong-il.
Ties between the North and South have been frozen since the election of conservative South Korean President Lee Myung-bak in 2008, who cut aid in a bid to force the North to abandon a nuclear programme and bring it to the negotiating table.
A thirteen-member delegation, led by Lee Hee-ho, the widow of former president Kim Dae-jung who masterminded the so-called "Sunshine Policy" of engagement with the North, crossed the border by car and will pay their respects at the bier of Kim Jong-il in Pyongyang.
"I hope my visit to North Korea will help improve South-North Korea relations," Yoon Chul-koo, an aide to Lee, quoted her as saying at an immigration office at the southern border of the De-Militarized Zone.
Lee, who met Kim Jong-il in Pyongynag in 2000 in the first inter-Korean summit since the end of the Korean War in 1953, will stay for two days and will not attend the December 28 funeral.
Most South Koreans are banned from going to the North under the current government's policy and South Korea, which remains technically at war with the North, is not sending an official delegation to mourn Kim, who died earlier this month.
Asked by reporters at the crossing point whether the delegation plans to meet North Korea's new leader, Kim Jong-un, Yoon said the visit was for "pure condolence."
Kim Jong-un, who is in his late 20s, is the third of his line to rule the impoverished North, although he is likely to share power with a coterie.
A second group of mourners from South Korea led by the widow of one of South Korea's biggest conglomerates that has investments in the North was also headed to Pyongyang.
Hyun Jeong-eun, the wife of the Hyundai business group's late former chairman Chung Mong-hun, led a delegation of five people.
Hyun's father-in-law was Hyundai founder Chung Ju-yung, who established Hyundai Asan Corp in 1999 as a major investor in North Korea's Mt. Kumgang tourist resort busness.
The business has been suspended since the fatal shooting in 2008 of a South Korean tourist at the resort.
Hyundai Asan is also involved in the Kaesong Industrial Park project in the North, one of the impoverished North's few sources of foreign currency.
(Reporting by Ju-min Park; Editing by Raju Gopalakrishnan)
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Monday, December 26, 2011
Domestic Jobs In Houston became a registered member
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Iraq agrees to move Iran exiles; rockets hit camp (AP)
BAGHDAD ? The United Nations and the Iraqi government agreed to relocate several thousand Iranian exiles living in a camp in northeastern Iraq, potentially averting a showdown with its residents. The dissidents, who have not said whether they would agree to move, reported a rocket attack on the camp.
The People's Mujahedeen Organization of Iran, one-time allies of Saddam Hussein in a common fight against Iran, said Katyusha rockets struck near housing units inside the camp on Sunday night, but did not report any casualties.
A representative of the camp's residents said Monday they were still waiting to see the agreement before commenting on whether they would decide to relocate or not.
"We hope that it would officially include the minimum assurances so that it would be acceptable to Ashraf residents," said Shahin Gobadi. "Ashraf residents have repeatedly emphasized that they would in no way accept forcible relocation."
Since Saddam's overthrow, Iraq's new leaders have improved relations with Iran and have sought to shut down the camp, home to 3,400 residents and located in barren terrain northeast of Baghdad about 50 miles (80 kilometers) from the Iranian border. The U.N. reported that at least 34 people were killed in a raid by Iraqi government forces in April.
The United Nations Assistance Mission for Iraq announced an agreement Sunday night that establishes a process to move the residents of Camp Ashraf to a temporary location. It did not give a timeline for the move or specify the new location.
A statement from U.S. Secretary of State Hillary Rodham Clinton said the residents would be moved to Camp Liberty, a former U.S. military base near the Baghdad International Airport.
At Camp Liberty, the U.N.'s refugee agency will interview the residents to determine their eligibility to get refugee status, before they can eventually be resettled in third countries, Clinton said.
"We are encouraged by the Iraqi government's willingness to commit to this plan, and expect it to fulfill all its responsibilities," she said in the statement. "To be successful, this resettlement must also have the full support of the camp's residents, and we urge them to work with the U.N. to implement this relocation."
The People's Mujahedeen Organization of Iran first moved to Camp Ashraf during the regime of Saddam, who saw the group as a convenient ally against Tehran. The group is committed to the overthrow of the Iranian regime.
The group carried out a series of bombings and assassinations against Iran's clerical regime in the 1980s and fought alongside Saddam's forces in the Iran-Iraq war. But the group says it renounced violence in 2001. U.S. soldiers disarmed them during the invasion of Iraq in 2003.
Prime Minister Nouri al-Maliki has been determined to close down the camp by the end of December. His government considers the camp as an affront to Iraq's sovereignty.
Last week, an Iraqi government spokesman said the government was working out a solution to the situation at Camp Ashraf with the U.N. and would allow the camp to stay open into January as residents are being relocated. At the time, representatives of the residents suggested they would be willing to move, as long as their security was provided for.
Under the agreement outlined by the U.N., the international organization will monitor the relocation process and then a team from the U.N.'s refugee agency will be deployed at the new location to process the refugee claims.
Officials from the U.S. Embassy in Baghdad will also visit regularly, the State Department said.
The Iraqi government will be responsible for the exiles' safety during that time, and will have a liaison officer from the Ministry of Human Rights involved in the relocation, the U.N. said.
"I would like to highlight that the government is exclusively responsible for the safety and security of the residents both during their transfer and in the new location until they leave the country," said Martin Kobler, Special Representative of the United Nations Secretary General for Iraq.
The Iraqi government's vow to close Camp Ashraf had raised concerns that forcibly removing its residents would result in violence.
The People's Mujahedeen has been branded a foreign terrorist organization by the United States, a designation now under review by the State Department. It has been removed from similar blacklists in Europe.
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Sunday, December 25, 2011
Seeka, having failed in merger, omits dividend, focuses on debt
Seeka Kiwifruit Industries, the grower which attempted to merge with rival Satara Cooperative this year, said it won?t pay a final dividend as it focuses on repaying debt.
The listed fruit grower and packer expects full year earnings before interest, tax, depreciation, amortisation, fair value adjustments and asset revaluations to be in the range of $20 million to $21 million, from $19.8 million in the nine months ended Dec. 31.
The company said it will focus on reduction in bank debt and as part of that strategy it won?t pay a December dividend. No dividends were declared at the end of the 2010 financial year either.
In November, 48 percent of shareholders in rival Satara voted against a proposed merger, which was seen as giving scale in an industry hurt by the vine-wasting disease PSA-V. The vote fell short of the 75 percent majority needed.
Satara advised the NZX in a statement it holds no assets for sale and has no intention to sell any assets at this point in time. It made the statement in response to what it said were issues raised at its recent shareholder meeting this month.
At the meeting shareholders were told directors are working to generate sufficient profits to reward all shareholders, sustain rebates, pay a dividend and have enough money left to re-invest in the business.
Shares in Satara have halved in value in the past five years to trade recently at 38 cents, while Seeka share are currently trading at 90 cents.
BusinessDesk.co.nz
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Seeka flags lower profit on Psa but will comply with bank covenants
Seeka appoints new Director
Italian kiwifruit orchard write-off won't impact Seeka earnings
Seeka 1st-half profit edges lower after Vital Foods write-down; outlook brighter
Seeka writes off investment in Vital Foods, shares jump 13%
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