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Showing posts with label News. Show all posts

Indo Tambang 1Q Profit Increases 41.77% On Higher Sales

JAKARTA: Coal miner PT Indo Tambangraya Megah Tbk (ITMG), that is controlled by Thai Banpu Plc, experienced a 41.77% increase in net profit for the first quarter of this year on the back of higher net sales.

Indo Tambang posted US$95.23 million net profit or US$0.08 per share in 1Q 2011 from US$67.17 million or US$0.06 per share in 1Q 2010.

Operating profit increased 25.82% to US$117.43 million from US$93,33 million, reflecting a higher margin to 25.07% from 23.17%.

Indo Tambang booked a 16.24% increase in net sales to US$468.33 million from US$402.89 billion.

Enel Trade SpA made a US$48.67 million of coal purchase from Indo Tambang, counting 10.4% of consolidated total sales.

Banpu Minerals (Singapore) Pte Ltd controls 65% shareholding in Indo Tambang, President Director Hartono Widjaja owns 0.01% stake, and public shareholders own 34.99%. (wiw)

10 The World's Billionaires






Sourch

Carlos Slim Helu & family Profile

* Age: 71
* Title: Chairman
* Organization: Telmex
* Source: telecom, self-made
* Residence: Mexico City, Mexico
* Country of citizenship: Mexico
* Education: BA/BS, Universidad Nacional Autonoma de Mexico
* Marital Status: Widow
* Children: 6




Profile

Billionaires: March 2011

The world's richest person for a second year in a row, the Mexican telecom mogul is also the year's biggest gainer, having added $20.5 billion to his fortune and widened the gap between him and no. 2, Microsoft co-founder Bill Gates, to $18 billion. A 19% rise in the Mexican stock market, a stronger peso, and successful mining and real estate spinoffs from conglomerate Grupo Carso all contributed to the astonishing increase. He also merged his fixed-line telecom company into America Movil, Latin America's largest wireless carrier; the Slim family stake in that holding accounts for 62% of his net worth. He has other holdings in retailer Saks and the New York Times. Recently opened a new building for his Soumaya Museum, which houses his vast art collection. It is open to the public for free.

Mark Zuckerberg Profile

* Age: 26
* Title: Founder
* Organization: Facebook
* Source: Facebook, self-made
* Residence: Palo Alto, CA
* Country of citizenship: United States
* Education: Dropout, Harvard University
* Marital Status: Single




Profile

Billionaires: March 2011

You say you want a revolution? Mark Zuckerberg's Facebook was a key spark in the spread and organization of the recent revolts in Tunisia, Egypt, Yemen and Libya. Back home President Obama praised Facebook as an example of American innovation in his January State of the Union Address. A month later Zuckerberg sat next to Obama at a dinner with other tech titans like Steve Jobs, Eric Schmidt, Larry Ellison and John Doerr. Over the last year the 26-year-old's fortune surged 238% to $13.5 billion as investments from firms like Goldman Sachs boosted Facebook's valuation to $50 billion. "The Social Network," a fictionalized film of Facebook's creation, further thrust Zuck & Co. into the spotlight and earned an Oscar for best adapted screenplay.

Bill Gates Profile

* Age: 55
* Title: Co-Chair
* Organization: Bill & Melinda Gates Foundation
* Source: Microsoft, self-made
* Residence: Medina, WA
* Country of citizenship: United States
* Education: Dropout, Harvard University
* Marital Status: Married
* Children: 3



Profile

Billionaires: March 2011

Microsoft mogul, futurist and America's richest person has, with help from billionaire buddy Warren Buffett, convinced nearly 60 of the world's wealthiest to sign his "Giving Pledge," promising to donate the majority of their wealth to charity either during their lifetime or after death. He is no longer the planet's richest person, but that's because he's given away $30 billion to his foundation. The Gates Foundation, the world's most influential charity, tackles tuberculosis and polio and funds famine-resistant crops to fight hunger. He is calling for "a higher sense of urgency" in AIDS vaccine development and also pushing for better tools to rate teacher performance. Gates holds 70% of his wealth in investment fund Cascade, dabbling in everything from autos to hedge funds to Mexican Coke bottler Femsa; the rest of his wealth is held in Microsoft stock.

Financial Accounting

Financial accounting is focused on providing accounting reports and analysis to other areas of the business. Financial accountants are responsible for the creation and issuing of the company's financial statements, providing accurate and timely information to management and ensuring that all regulatory reporting requirements are met. In financial accounting, the goal is to consistently provide the valuable, accurate and reliable information.


The issuing of the financial statements is the responsibility of the financial accounting department. These statements summarize the business's activities for the year and are used by shareholders, banks, employee bargaining units, and the general public to evaluate the financial worth of the company. The statements are audited by independent accountants to validate the information and provide assurance to readers.

The financial statements are comprised of five documents; balance sheet, income statement; cash flow and owners or shareholders equity and notes. Notes to the financial statement are written explanations of items in the financial statements. Any unusual items or change in procedure that has impact on the financial statements are detailed here.

The balance sheet is a summary of all the assets and liabilities at year's end. The accounts reflect the total amount of cash and liquid assets on hand, the amount of debt the company is carrying, and how much money was spend in various categories. Financial accounting firms perform analysis of these values using ratios and other calculations to determine the financial health of the company.

An income statement is a critical component in financial accounting. It provides a clear list of all the sales for the year, the expenses and the net profit or loss of the firm. This statement provides insight into the sales performance for the year and the overall profitability of the firm.

A cash flow report provides details on funds received and disbursed. This section provides insight into the revenue values listed in the income statement. Funds received or lost from interest bearing investments are detailed here.

The statement of owners' or shareholders' equity shows the total net income from the year and how it will be distributed among the shareholders or reinvested in the business. Publicly traded companies must provide the number of shares issues, the type of share and the amount of divided to be paid on the shares, based on the articles of incorporation and the shareholder agreement.

All certified public accountants have complete intermediate and advanced courses in financial accounting. There is no additional designation for a financial accounting specialty. The skill set for a financial accountant must focus on analysis and data manipulation software and tools.

Loan

A loan is a financial transaction in which one party (the lender) agrees to give another party (the borrower) a certain amount of money with the expectation of total repayment. The specific terms of a loan are often spelled out in the form of a promissory note or other contract. The lender can ask for interest payments in addition to the original amount of the loan (principal). The borrower must agree to the repayment terms, including the amount owed, interest rate and due dates. Some lenders can also assign financial penalties for missed or late payments.

Because a loan can contain many hidden costs such as interest payments and finance charges, many people tend to avoid applying for one until it becomes absolutely necessary. Purchasing a new vehicle or home almost always necessitates some form of financial loan, whether it be a bank mortgage or a private loan with the seller. Financing a higher education may also require a federally-backed student loan. Interest rates on these types of large loans can be fixed at the time of the application or may vary according to the federal prime interest rate.

There is a very important legal difference between a gift and a loan. A very generous relative or friend may give you $5000 for car repairs, for example. If there is no expectation of repayment, the money can be considered a gift. The giver could not sue for repayment later in a civil lawsuit. But if the lender designates the money as a loan and the borrower pays back even one dollar, the money can be considered a legal loan and the lender can demand repayment any time. Small claims courts spend much of their time determining whether or not a transaction involving money was a gift or loan. This is why paperwork is essential when making private loans to friends or relatives.


Most loan applications are handled by banks or other professional lending institutions. They may use any number of criteria to determine if a potential borrower is eligible for a loan. Past credit history is almost always considered, along with current income and assets. The purpose of the loan may also be a factor--a proven investment opportunity may have more appeal than an unproven idea for a new restaurant. One important consideration is the income to debt ratio of the borrower. Can the borrower afford to pay the loan back with interest? Professional lenders essentially 'sell' money, so borrowers must realize how much a loan actually 'costs' in terms of real dollars and cents.

EBay to buy GSI Commerce for $2.4 billion



SAN FRANCISCO – Online marketplace operator EBay said Monday that it will pay $2.4 billion for GSI Commerce, which operates websites for retailers like Toys R Us and Bath & Body Works.
EBay Inc., which runs its namesake site where users buy and sell items through auctions and fixed-price "Buy it Now" formats as well as online payments service PayPal, hopes the acquisition will bolster its ability to connect buyers and sellers around the world. It could also help it become more of a threat to Amazon.com Inc.
GSI runs websites, packs and ships products and offers interactive marketing services to a variety of retailers. It has long-term contracts with 180 retailers, including Radio Shack, Ace Hardware and American Eagle Outfitters.
Shares of GSI, which is based in King of Prussia, Pa., surged 51 percent, or $9.82, to $29.20.
EBay has been working on improving its eBay.com website by doing things such as revamping its home page, cutting upfront listing fees it charges sellers and bolstering its search engine. In an interview, eBay CEO John Donahoe said the GSI deal fits in with his company's efforts to help retailers grow.
"Commerce is at an inflection point where the lines between online and offline commerce are blurring," he said. "We see retailers of all sizes, merchants of all sizes, looking for partners that can help them grow their businesses."
Lots of businesses need help doing things like generating demand for products, running their websites, delivering goods to customers, and growing their mobile sales, Donahoe said. GSI does this for large companies, and eBay and PayPal do this for small- and medium-sized companies, he said, which makes the acquisition a natural fit.
The purchase might also help eBay compete with Seattle-based Amazon, which, in addition to selling many items directly, allows merchants to sell their products through its site and offers product fulfillment services, too.
EBay is already involved with GSI through PayPal, which was integrated with GSI customers' sites last year, Donahoe said. He hopes that the purchase will also result in some of the companies GSI works with selling their goods on eBay.com.
Forrester Research analyst Brian Walker said the acquisition is a good move for eBay since it adds diversity to its business and gives the company access to larger merchants and merchant services that have traditionally shied away from selling on its site.
"It makes them a solution for large, regular-price retailers and consumer brands who would not see eBay or PayPal as solutions," he said.
The price seems high, he said, but it reflects the growing importance of the Web and mobile commerce.
San Jose-based eBay said it will pay $29.25 per share, a 51 percent premium to GSI's closing stock price on Friday. The $2.4 billion total is the second-largest amount eBay has paid for another company thus far — in 2005 eBay paid at least $2.6 billion for Internet calling and messaging service Skype, which it has since sold.
As part of the acquisition, eBay plans to sell GSI's licensed sports merchandise business and 70 percent of shopping sites RueLaLa.com and ShopRunner.com.
EBay hopes to complete the deal in the third quarter. It says its 2011 net income per share will be 30 cents to 34 cents lower than its earlier outlook. In January, it had forecast earnings of $1.56 to $1.61 per share. Its adjusted earnings won't be affected. The company had forecast adjusted earnings of $1.90 to $1.95 per share in January.
The company expects the acquisition of GSI to add to its earnings per share in 2012.
Shares of eBay fell $1.36, or 4.3 percent, to $30.34.

Nine Technologies That Will Change Your Future

For 88 years, subscribers have relied on The Kiplinger Letter for insights into emerging technologies that will change the way Americans live and do business. Examples of "you read it first in Kiplinger" include the rise of commercial air routes in 1927, the early development of television in the 1930s, electronic office machines in 1953 and mobile phones in 1983.

What will be the tech breakthroughs of the next decade? Here are nine we're following.

Biometrics on the Move

Banks are increasingly turning to biometric authentication for mobile and online clients. Fingerprint, voice and face recognition systems will soon become commonplace as banks seek to heighten security for the rising tide of on-the-go transactions.

Customers are accepting such security measures more readily these days. Many smart phones are already outfitted with cameras and only need a face recognition application; in a few, fingerprint scanners are embedded as well. They're already in some laptops, and Microsoft's (NasdaqGS: MSFT - News) Windows 7 operating system contains the needed recognition software. Citibank (NYSEArca: PCO - News) intends to test the waters first in Australia with voice recognition. Look for the trend to spread quickly to other banks as well as to other countries.

Self-Driving and Folding Cars

GM's (NYSE: GM - News) prototype EN-V (Electric Networked Vehicle) is just a third of the length and weight of today's average car, thanks to an all-electric, rechargeable power system. There's no bulky engine, transmission or braking system, plus it has built-in smarts to navigate on its own and avoid hitting other vehicles.

The all-electric CityCar (seen here), developed by the Massachusetts Institute of Technology, can squeeze its eight-foot length into a more compact five feet, allowing it to fit in teeny urban parking spots.


Personal Bar Codes

A digital code on your business card could soon let folks you meet scan contact information directly into smart phones or other mobile devices on the spot, ensuring correct spelling and phone numbers.

There are plenty of marketing uses for bar codes as well: On property listings — to allow prospective buyers to download info. Postings at restaurants let patrons peek at menus and specials or tip off friends to their whereabouts. For retailers of all stripes, bar codes provide a chance to interact with consumers, making a digital connection.

Genetically Modified Critters

Uncle Sam's OK is expected soon for the first genetically modified food animal — no, not this pig — but for farm-raised salmon with a gene from a wild chinook salmon. The gene-jiggered fish is engineered to grow at twice the pace of its unaltered farm raised progenitors.

Next up: Meet "Enviropig," a porker genetically altered to make the manure it produces less polluting, with phosphorus levels 30%-65% lower than normal. Also in the works: Cattle that are not susceptible to mad cow disease. The animals lack the protein that mutates, so they don't get the disease and can't pass it on.

Farm-Raised Pharma

A better understanding of genetics is also leading to changes in other sectors. In agriculture, scientists can tweak genes to make disease resistant animals. Plus they're using genetically altered animals — cattle, for one — to make antibodies to fight diseases such as botulism and anthrax.

Eventually, the isolated antibodies may be approved for injection into humans to protect against those diseases. Researchers are also using genetically altered swine to grow pancreatic tissue that can be implanted in human diabetics to restore their ability to produce insulin.

New Cancer Treatments

Genetic advances go way beyond a few drugs. Consider Oncotype DX, a test developed by Genomic Health. It can identify whether breast cancer in a specific patient is aggressive and likely to recur. That gives doctors and patients more information when considering whether chemotherapy is a good move.

Similar tests may do the same for colon, renal and prostate cancers. Dako, the global diagnostic company, is developing a test to select patients with metastatic stomach cancer who may benefit from Herceptin, a breast cancer drug. If the test shows chemotherapy won't help, doctors and patients can decide against it, avoiding unnecessary pain, and saving $15,000-$20,000 in medical costs. That scenario could be replicated for scores of other treatments.


New Drug Therapies

Genetic testing is revolutionizing medicine, offering doctors and patients more-educated choices. Using personal gene info, doctors can match patients with the therapies most likely to prove successful.

The Food & Drug Administration is on the cusp of approving a promising drug for lupus, Benlysta, from Human Genome Sciences and GlaxoSmithKline. Gene mapping will also make drug development faster and cheaper. All this could mean big savings in health costs as well as better results.


Power Up on the Roof

On the horizon: A novel solar roofing system with appeal for homeowners. Dow Chemical will soon roll out shingles with embedded solar chips. Other companies, such as Lumeta, SRS Energy and SunPower, offer similar power generating shingles and tiles, but Dow's have a difference: They can be installed by any roofing contractor. An electrician is needed only for the final plug-in. Others require wiring each shingle.

Solar roofing systems offer big advantages over more conventional solar panels: In addition to being less bulky and more attractive, they offer more flexibility and can cover entire roofs, including irregular spaces, to capture more power.


Time for Your Pill

Half of all Americans don't get prescriptions filled or take prescription medicines when they should. Such negligence contributes to higher costs as people get sicker instead of better. Pharmacy benefit managers can help. Medco Health Solutions, for example, has pharmacists reach out to patients who don't seem to be heeding doctors' orders.

One tech solution: A pill bottle cap that lights up when it's time for a dose. The GlowCap, made by Vitality Inc., emits a pulsing orange light, followed by a beep that becomes increasingly insistent until the bottle is opened. No response will prompt an electronic phone call or e-mail.

Biggest spike in radiation at Japan power plant

TOKYO (AP) -- Seawater outside the hobbled nuclear power plant in northeastern Japan was found to contain 3,335 times the usual amount of radioactive iodine -- the highest rate yet and a sign that more contaminated water was making its way into the ocean, officials said Wednesday.

The amount of iodine-131 found offshore some 300 yards (meters) south of the coastal Fukushima Dai-ichi power plant does not pose an immediate threat to human health but was a "concern," said Hidehiko Nishiyama, a Nuclear and Industrial Safety Agency official. He said there was no fishing in the area.

"We will nail down the cause, and will do our utmost to prevent it from rising further," Nishiyama said.

The power plant has been leaking radiation since a March 11 tsunami slammed into Japan's northeast, knocking out power and backup systems crucial to keeping temperatures down inside the plant's reactors.

Residents within 12 miles (20 kilometers) have been evacuated, while those up to 19 miles (30 kilometers) have been urged to leave as radiation has made its way into vegetables, raw milk and water. Last week, tap water as far away as Tokyo, 140 miles (220 kilometers) to the south, contained levels of cancer-causing iodine-131 considered unsafe for infants.

The latest findings -- based on a sample taken Tuesday -- highlight the urgency of stabilizing the crippled power plant. The mission has been fraught with setbacks, as emergency crews have dealt with fires, explosions and radiation scares in the frantic bid to prevent a complete meltdown.

The government acknowledged Tuesday that its safeguards had been insufficient to protect the facility against the magnitude-9.0 earthquake and tsunami.

"Our preparedness was not sufficient," Chief Cabinet secretary Yukio Edano told reporters Tuesday. "When the current crisis is over, we must examine the accident closely and thoroughly review" the safety standards.

An Associated Press investigation found that Tokyo Electric Power Co. officials had dismissed scientific evidence and geological history that indicated that a massive earthquake -- and subsequent tsunami -- was far more likely than they believed.

That left the complex with nowhere near enough protection against the tsunami.

Highly toxic plutonium was the latest contaminant found seeping into the soil outside the plant, TEPCO said. Safety officials said the amounts did not pose a risk to humans, but the finding supports suspicions that dangerously radioactive water is leaking from damaged nuclear fuel rods.

"The situation is very grave," Edano said.

Workers succeeded last week in reconnecting some parts of the plant to the power grid. But as they pumped in water to cool the reactors and nuclear fuel, they discovered numerous pools of radioactive water, including in the basements of several buildings and in trenches outside.

The contaminated water has been emitting many times the amount of radiation that the government considers safe for workers. It must be pumped out before electricity can be restored and the regular cooling systems powered up.

That has left officials struggling with two crucial but contradictory efforts: pumping in water to keep the fuel rods cool and pumping out contaminated water.

Officials are hoping tanks at the complex will be able to hold the water, or that new tanks can be trucked in. Officials from the Nuclear Safety Commission said other possibilities include digging a storage pit for the contaminated water, recycling it back into the reactors or even pumping it to an offshore tanker.

On Tuesday, three workers trying to connect a pump outside the Unit 3 reactor were splashed by water that gushed from a pipe. Though they wore suits meant to be waterproof and protect against high levels of radiation, nuclear safety official Hidehiko Nishiyama said the men were soaked to their underwear.

They quickly washed it off and were not injured, officials said.

Last week, two workers were hospitalized with burns after they waded into highly radioactive water that reached their knees while wearing ankle-high protective boots. They have been treated and released.

Nikkei, Japan's top business newspaper, called it "outrageous" that TEPCO had been slow to release information about trenches outside the reactors filled with contaminated water, one just a few inches (10 centimeters) from overflowing.

TEPCO's shares plunged nearly 20 percent on Tuesday. Its share price has nose-dived a staggering 73 percent since the tsunami.

Prime Minister Naoto Kan reiterated in a speech to parliament that Japan was grappling with its worst problems since World War II.

More than 11,000 bodies have been recovered, but officials say the final death toll is expected to exceed 18,000. Hundreds of thousands of people remain homeless, their homes and livelihoods destroyed. Damage could amount to $310 billion -- the most expensive natural disaster on record.

"This quake, tsunami and the nuclear accident are the biggest crises for Japan" in decades, Kan said Tuesday. He said the crises remained unpredictable, but added: "We will continue to handle it in a state of maximum alert."

Kan has faced increasing criticism from opposition lawmakers over the handling of a nuclear disaster stretching into a third week.

Associated Press writers Yuri Kageyama and Shino Yuasa in Tokyo contributed to this report.

AP Global Economy Tracker at a glance

The Associated Press Global Economy Tracker follows economic and financial
metrics for 22 countries that make up more than 80 percent of the world's
economic output. Below is a snapshot of their performance.
Fastest growth (October-December quarter, year over year):
- Argentina 10.1 percent
- China 9.8 percent
- India 8.2 percent
- Indonesia 6.9 percent
- Brazil 5.0 percent
(Data not available for Russia and Turkey)

Slowest growth (October-December quarter, year over year):
- Spain 0.6 percent
- Italy 1.3 percent
- Britain 1.5 percent
- France 1.5 percent
- Belgium 1.8 percent

Highest inflation (December consumer price index, year over year):
- Argentina 10.6 percent
- Russia 9.6 percent
- Indonesia 7 percent
- Brazil 6 percent
- Turkey 4.9 percent

Lowest inflation (December consumer price index, year over year):
- Japan 0 percent
- Switzerland 0.2 percent
- United States 1.6 percent
- France 1.8 percent
- Italy 1.9 percent

Highest interest rates (10-year bond yield, as of March 28):
- Brazil 12.8 percent
- Russia 11.2 percent
- Turkey 9.4 percent
- South Africa 8.7 percent
- Indonesia 8.1 percent

Lowest interest rates (10-year bond yield, as of March 28):
- Japan 1.3 percent
- Switzerland 1.9 percent
- Canada 3.3 percent
- Germany 3.3 percent
- United States 3.5 percent

Best stock market performance (12-month change as of March 28):
-Argentina +37.9 percent
-Russia +34.6 percent
-Indonesia +28.1 percent
-South Korea +21.1 percent
-Canada +16.2 percent

Worst stock market performance (12-month change as of March 28):
- Japan -13.8 percent
- Switzerland -7.0 percent
- Italy -4.6 percent
- Spain -2.9 percent
- Brazil -2.2 percent

Fastest-rising currency vs. US dollar (12-month change as of March 28):
- Switzerland +16.4 percent
- Australia +13.6 percent
- Japan +13.3 percent
- Brazil +9.7 percent
- South Africa +8.4 percent

Slowest-rising currency vs. US dollar (12-month change as of March 28):
- Argentina -4.4 percent
- Turkey -1.0 percent
- India +0.9 percent
- South Korea +2.2 percent
- China +4.0 percent

Highest unemployment (December 2010):
- South Africa 24 percent
- Spain 20.2 percent
- Turkey 11.4 percent
- United States 9.4 percent
- Belgium 8.1 percent
(Data not available for India, Indonesia and Italy)

Lowest unemployment (December 2010):
- South Korea 3.2 percent
- Switzerland 3.5 percent
- China 4.1 percent
- Japan 4.9 percent
- Australia 5 percent


Sources: FactSet, AP

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