Chicago Bridge & Iron Company NV (CBI) reported net income of $40.8 million, or 42 cents per diluted share, for the third quarter of 2009, compared with $8.6 million, or 9 cents per diluted share, in the third quarter of 2008. This was higher than Zacks Consensus Estimate of 38 cents per share. Revenue for the quarter was $1.0 billion compared with third quarter 2008 revenue of $1.6 billion.  New awards for the reported quarter totaled $1.6 billion, including CB&I’s $550 million Gorgon LNG contract in Australia and the $530 million GASCO award in Abu Dhabi. With less work, the company cut sales-related costs 39%, although overhead shrank by a more modest 12%.  Earlier, the company had announced that it has agreed to buy hydrogen-management technology from H2Gen Innovations Inc. in order to get hold of the Mars modularized Pressure Swing Adsorption (PSA) technology. H2Gen's PSA technology ...

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Friday October 30, 2009

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Too big to fail, is still heavy in the derivative market, and primed for a gigantic collapse.

Congress needs a chimney sweep to clean the soot from the smoke they’ve been blowing. Our do nothing congress; well we can’t really say do nothing, they did bail out the banks, and they have raised more money for themselves this session from Insurance, health care and bank lobbyists than in any other one year period, and the year isn’t even over. Now they are spreading the word, the gospel of Obama, it’s time to

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Dubai’s government returned to the open bond market upon a growing sense that the notoriously ‘profligate’ emirate–as at least one analyst has previously criticized it in comparison to its more steady, oil-fueled sibling Abu Dhabi–can be trusted not to default on its $80bn or so of outstanding debt. On the heels of last week’s proposed Euro Medium-Term Note (EMTN) program which seeks to raise 6.5bn, divided into four billion dollars in EMTN and 2.5-bn in Islamic bond issue, or sukuk, the government on Wednesday successfully placed nearly $2 billion in new five-year Islamic bonds–divided into both a dollar and dirham tranche–the biggest sukuk sale from the Gulf region this year. Pricing was set at 375 basis points plus/minus 10 points over mid-swaps for the dollar tranche, and with the same spread over three-
month Emirates Interbank Offered Rate, or EIBOR, used for the
 dirham

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Thursday October 29, 2009

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Power3 Medical Products, Inc. (OTCBB: PWRM), a leader in neurodegenerative disease and cancer biomarkers and diagnostic tests, announces further international recognition of validity as the company’s President and CSO, Dr. Ira Goldknopf, will deliver an invited Keynote address and chair a session on “Biomarkers and Diagnostics in Personalized Medicine (Track 6-4),” at the BIT Life Sciences 2nd International Congress and Expo of Molecular Diagnostics in Beijing, China, November 19-21, 2009. The Theme of the meeting is “New Leadership of

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Daimler Financial Services, the financial services arm of auto giant Daimler (DAI), has opened two new companies in the UAE – Mercedes-Benz Finance Middle East and Mercedes-Benz Leasing Middle East – in order to boost slackening sales in the region. This has made Daimler the first automaker to have its own finance and leasing companies in the oil rich country.  Both the financial services companies will offer loans and leasing deals to customers of new and pre-owned Daimler vehicles that will comply with Islamic law or Sharia. The Islamic law prohibits companies or persons from charging or collecting interest fees when money is lent or accepted or invested in businesses, goods or services such as pork, alcohol or gambling that are contrary to its principles.  This creates difficulty for the financial services companies to operate. Daimler’s interest in the UAE was revealed when Abu Dhabi’s Aabar ...

Qatar is a red-hot economy. Last year it grew around 18% and this year it ought to grow another 16%. We saw the headlines in the Gulf Times in the lounge while waiting for our transfer to Dubai.

Qatar’s greatest asset is its natural gas reserves. In fact, the largest gas field in the world is here. Its discoverers were disappointed when they found it in 1971. They were looking for oil.

The boom Qatar now enjoys is the result of some daring investments in liquefied natural gas (LNG) back when people thought doing such a thing was a little batty. Faisal Al Suwaidi, the head of Qatargas, deserves the props for his wager, which have paid off handsomely. Today, Qatar produces about one-quarter of the world’s natural gas.

Qatar supplies such faraway customers as Japan, India and China. Qatargas also operates the largest LNG terminal in Europe at South Hook on

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Pandora’s Box of rate hikes is opened! Is the dollar being removed from oil trades? Deficits do matter, eh? Gold heads toward its all-time high…And Now… Today’s Pfennig!

Good day… And a Terrific Tuesday to you! A Tuesday morning that is seeing a HUGE currency rally VS the dollar on the news that the Reserve Bank of Australia (RBA) opted to go ahead and hike rates now, and not wait for November’s meeting,

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GIC held over 9 pct of Citigroup prior to stake sale * Now has below 5 pct; will stay on as “portfolio investor” * GIC says realised $1.6 bln profit from sale * Citigroup shares up in premarket trade By Kevin Lim and Saeed Azhar SINGAPORE, Sept 22 - Singapore wealth fund GIC has halved its stake in Citigroup <C.N>, cashing in on a market rally for a profit of $1.6 billion, but signalling investor concerns over the outlook for global banks. The sale follows other divestments by sovereign funds from Western banks they helped rescue at the start of the financial crisis to use the money closer to home in emerging markets and in other growth sectors such as resources. In June, Abu Dhabi exited Barclays Plc <BARC.L> with a gain of about 1.5 billion pounds , though Temasek [TEM.UL], another Singapore wealth fund, lost an estimated $4 billion from an early exit from Bank of ...

Advanced Micro Devices (AMD) recently announced that the pay cuts it had initiated in January this year would be reinstated in December. Hourly workers had suffered pay cuts of up to 5%, while executives at higher rungs took bigger cuts of up to 20%.

The company expected the job cuts and rationalization of pay to help it deal with recessionary pressures that were hurting its already unprofitable business.

In March, the company signed a deal with an Abu Dhabi state-sponsored financial institution that brought in some cash, enabled it to operate in a fabless model and improved its chances of achieving profitability in the near term.

CEO Dirk Meyer said that the company’s new product lineup and the strengthening economy were the reasons for the increased confidence. He expressed optimism regarding the company’s achieving profitability by year-end.

Some analysts expect the company to benefit from Hewlett Packard Co.’s

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Moody’s senior analyst Ken Chan put Chartered Semiconductor’s (CHRT) speculative-grade Ba2 rating under review for a possible downgrade after Abu Dhabi’s nationalized investment firm, ATIC, proposed to buy the Singapore-based company for $1.8 billion.

The acquisition would transfer the majority holding from Singapore investment agency, Temasek (Moody’s rating Aaa) to ATIC (Abu Dhabi’s sovereign rating Aa2).

Analysts differed on how the acquisition would affect Advanced Micro Devices (AMD), which had earlier united with ATIC to form Globalfoundries. Although Chartered and Globalfoundries will continue to operate as separate entities, increased scale of operations could result in cost synergies. Since AMD includes Globalfoundries in its consolidated results, the deal could shorten its road to profitability.

The deal would also open up Globalfoundries to several big customers, such as Microsoft Corp. (MSFT), Broadcom Corp. (BRCM), Marvell Technology Group (MRVL) and Texas Instruments (TXN). Its end market

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