Nortel Patent Probe Picks Up | Thomas and Apple

Nortel Patent Probe Picks Up | Thomas and Apple

WASHINGTON—The Justice Department is intensifying an investigation into whether tech giants including Apple Inc., Microsoft Corp. and Research in Motion Ltd. could use a recently acquired trove of patents to unfairly hobble competing smartphones using Google Inc.'s Android software, according to people familiar with the matter.

A consortium of six companies last month paid $4.5 billion to acquire a portfolio of 6,000 patents auctioned by the bankrupt Canadian telecom equipment maker Nortel Networks Corp., thwarting Google's interest. Read More

Nortel Patent Probe Picks Up | Thomas and Apple

Nortel Patent Probe Picks Up | Thomas and Apple

WASHINGTON—The Justice Department is intensifying an investigation into whether tech giants including Apple Inc., Microsoft Corp. and Research in Motion Ltd. could use a recently acquired trove of patents to unfairly hobble competing smartphones using Google Inc.'s Android software, according to people familiar with the matter.

A consortium of six companies last month paid $4.5 billion to acquire a portfolio of 6,000 patents auctioned by the bankrupt Canadian telecom equipment maker Nortel Networks Corp., thwarting Google's interest. Read More

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas Apple (born January 25, 1954) is an American entrepreneur and inventor, best known for co-inventing the logo stockticker display and creating the concept of the MarketSite found in New York City's Times Square. Thomas was also the executive brought into the NASD in May 1989 to start the Marketing Planning Group. That group produced the initial Nasdaq TV and Radio campaigns and built the initial on-line products that lead to the development of Nasdaq.com and Nasdaq-online.com.

About Thomas Apple

Thomas Apple in Ruffin, NC is a private company categorized under Unclassified. Current estimates show this company has an annual revenue of $110,000 and employs a staff of approximately 2.

Business Categories

Unclassified in Ruffin, NC

Business Services At Non-Commercial Site

All Other Support Services

View newly formed U.S. businesses

Thomas Apple Business Information

Location Type: Single Location

Annual Sales (Estimated): $110,000

Employees (Estimated): 2

SIC Code 7389, Business Services, NEC

NAICS Code 561990, All Other Support Services

Products, Services and Brands: Information not found

State of Incorporation: Information not found

Years in Business: 5

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas and Apple: Thomas Apple, 253 Alcorn Loop, Ruffin, NC 27326-9103

Thomas Apple (born January 25, 1954) is an American entrepreneur and inventor, best known for co-inventing the logo stockticker display and creating the concept of the MarketSite found in New York City's Times Square. Thomas was also the executive brought into the NASD in May 1989 to start the Marketing Planning Group. That group produced the initial Nasdaq TV and Radio campaigns and built the initial on-line products that lead to the development of Nasdaq.com and Nasdaq-online.com.

About Thomas Apple

Thomas Apple in Ruffin, NC is a private company categorized under Unclassified. Current estimates show this company has an annual revenue of $110,000 and employs a staff of approximately 2.

Business Categories

Unclassified in Ruffin, NC

Business Services At Non-Commercial Site

All Other Support Services

View newly formed U.S. businesses

Thomas Apple Business Information

Location Type: Single Location

Annual Sales (Estimated): $110,000

Employees (Estimated): 2

SIC Code 7389, Business Services, NEC

NAICS Code 561990, All Other Support Services

Products, Services and Brands: Information not found

State of Incorporation: Information not found

Years in Business: 5

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

Fifty Indians, including L.N. Mittal, the Ambani brothers and Azim Premji, have made it to the Forbes list of World Billionaires 2011, as Indians Chinese, Russians and Brazilians raced to catch up with Americans, still at the top.

Indian steel czar Lakshmi Mittal with a net worth of USD 31.1 billion grabbed the sixth place with net profits of ArcelorMittal, world’s largest steel-maker, rising 18-fold to USD 2.9 billion in 2010 on recovery in demand for the commodity and higher margins.

Mukesh Ambani with a net worth USD 27 billion was ranked ninth on the world list, while the head of consumer products to outsourcing giant Wipro, Azim Premji, was next ranked 36th with a net worth of USD 16.8 billion.

“The largest such endowment by an individual in India makes Premji one of Asia’s biggest donors,” said the magazine, referring to a donation of USD 2 billion worth of shares last year to a trust to fund his Azim Premji Foundation.

Among the top 10 Indians on the list were Shashi and Ravi Ruia, with a net worth of USD 15.8 billion, Savitri Jindal and family (USD 13.2 billion), Gautam Adani (USD 10 billion), Kumar Mangalam Birla (USD 9.2 billion), Anil Ambani (USD 8.8 billion), Sunil Mittal and family (USD 8.3 billion), and Adi Godrej and family (USD 7.3 billion).

For the second year in a row, Mexican telecom tycoon Carlos Slim Helu takes the title of world’s richest man with a record-breaking fortune of USD 74 billion. His net worth grew USD 20.5 billion in a year.

Microsoft chairman Bill Gates, 55, was second again as his net worth rose USD 3 billion to USD 56 billion. Warren Buffett, 80, chief executive officer of Berkshire Hathaway Inc., held on to third place with USD 50 billion.

Mark Zuckerberg, the 26-year-old cofounder and chief executive officer of social-networking website Facebook Inc. jumped to 52nd this year from 212th place last year.

There are now 1,210 billionaires in the world and 214 new members joined the club in 2010, while only 47 dropped off the list last year. The US still dominates, with 413 billionaires, compared to Asia, which came in second with 332.

The US gained 23 new billionaires and lost 13, recording a net gain of 10. Asia cranked out 98 new billionaires last year, and their combined fortunes jumped 37 percent.

The BRIC (Brazil, Russia, India, China) countries alone accounted for 108 new billionaires, giving them a total of 301. China had the most new billionaires, with 54 and a total of 115. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with 58.

The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most billionaires of any region, with 105 newcomers.

Here is a complete list of Indian billionaires in order of India Rank, World Rank, Name, Net Worth, Age, Source:

1.. 6 Lakshmi Mittal USD 31.1 B 60 Steel

2.. 9 Mukesh Ambani USD 27 B 53 petrochemicals, oil & gas

3.. 36 Azim Premji USD 16.8 B 65 Software

4.. 42 Shashi & Ravi Ruia USD 15.8 B 67 Diversified

5.. 56 Savitri Jindal & family USD 13.2 B 60 Steel

6.. 81 Gautam Adani USD 10 B 48 commodities, infrastructure

7.. 97 Kumar Birla USD 9.2 B 43 commodities

8.. 103 Anil Ambani USD 8.8 B 51 Diversified

9.. 110 Sunil Mittal & family USD 8.3 B 53 telecom

10. 130 Adi Godrej & family USD 7.3 B 68 Diversified

11. 130 Kushal Pal Singh USD 7.3 B 79 real estate

12. 154 Anil Agarwal USD 6.4 B 57 mining, metals

13. 159 Dilip Shanghvi USD 6.1 B 55 pharmaceuticals

14. 182 Shiv Nadar USD 5.6 B 65 Information technology

15. 265 Malvinder & Shivinder Singh USD 4.1 B 38 healthcare

16. 310 Kalanithi Maran USD 3.5 B 45 media

17. 347 Uday Kotak USD 3.2 B 51 banking

18. 376 Micky Jagtiani USD 3 B 59 Retail

19. 393 Subhash Chandra & family USD 2.9 B 60 media

20. 440 Pankaj Patel USD 2.6 B 57 pharmaceuticals

21. 440 Indu Jain USD 2.6 B 74 media

22. 440 G. M. Rao USD 2.6 B 60 infrastructure

23. 512 Cyrus Poonawalla USD 2.3 B 69 biotech

24. 540 Rajan Raheja & family USD 2.2 B 56 Diversified

25. 564 Desh Bandhu Gupta USD 2.1 B 73 pharmaceuticals

26. 595 N.R. Narayana Murthy & family USD 2 B 64 Software

27. 595 Gautam Thapar USD 2 B 50 engineering, paper

28. 595 Sudhir & Samir Mehta USD 2 B 56 Diversified

29. 595 Aloke Lohia USD 2 B 52 chemicals

30. 651 Venugopal Dhoot USD 1.9 B 59 electronics

31. 651 Chandru Raheja USD 1.9 B 70 real estate

32. 692 Nandan Nilekani & family USD 1.8 B 55 Software

33. 736 Ajay Kalsi USD 1.7 B N/A oil

34. 782 Rahul Bajaj USD 1.6 B 72 motorcycles

35. 782 Senapathy Gopalakrishnan & family USD 1.6 B 55 Software

36. 833 Brijmohan Lall Munjal USD 1.5 B 87 motorcycles

37. 833 K. Anji Reddy USD 1.5 B 69 pharmaceuticals

38. 879 Vijay Mallya USD 1.4 B 55 liquor

39. 879 Ajay Piramal USD 1.4 B 55 pharmaceuticals

40. 879 Vikas Oberoi USD 1.4 B 40 real estate

41. 938 Baba Kalyani USD 1.3 B 62 Engineering

42. 938 Rama Prasad Goenka USD 1.3 B 81 Diversified

43. 993 Keshub Mahindra USD 1.2 B 87 Diversified

44. 993 K Dinesh & family USD 1.2 B 56 Software

45. 993 Rakesh Jhunjhunwala USD 1.2 B 50 Investments

46. 993 Brij Bhushan Singal USD 1.2 B 74 Steel

47. 1057 Yusuf Hamied & family USD 1.1 B 74 Pharmceuticals

48. 1057 S.D. Shibulal & family USD 1.1 B 56 Software
Read More

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

50 Indian billionaires in Forbes rich list 2011 | Arcelor Mittal-MT

Fifty Indians, including L.N. Mittal, the Ambani brothers and Azim Premji, have made it to the Forbes list of World Billionaires 2011, as Indians Chinese, Russians and Brazilians raced to catch up with Americans, still at the top.

Indian steel czar Lakshmi Mittal with a net worth of USD 31.1 billion grabbed the sixth place with net profits of ArcelorMittal, world’s largest steel-maker, rising 18-fold to USD 2.9 billion in 2010 on recovery in demand for the commodity and higher margins.

Mukesh Ambani with a net worth USD 27 billion was ranked ninth on the world list, while the head of consumer products to outsourcing giant Wipro, Azim Premji, was next ranked 36th with a net worth of USD 16.8 billion.

“The largest such endowment by an individual in India makes Premji one of Asia’s biggest donors,” said the magazine, referring to a donation of USD 2 billion worth of shares last year to a trust to fund his Azim Premji Foundation.

Among the top 10 Indians on the list were Shashi and Ravi Ruia, with a net worth of USD 15.8 billion, Savitri Jindal and family (USD 13.2 billion), Gautam Adani (USD 10 billion), Kumar Mangalam Birla (USD 9.2 billion), Anil Ambani (USD 8.8 billion), Sunil Mittal and family (USD 8.3 billion), and Adi Godrej and family (USD 7.3 billion).

For the second year in a row, Mexican telecom tycoon Carlos Slim Helu takes the title of world’s richest man with a record-breaking fortune of USD 74 billion. His net worth grew USD 20.5 billion in a year.

Microsoft chairman Bill Gates, 55, was second again as his net worth rose USD 3 billion to USD 56 billion. Warren Buffett, 80, chief executive officer of Berkshire Hathaway Inc., held on to third place with USD 50 billion.

Mark Zuckerberg, the 26-year-old cofounder and chief executive officer of social-networking website Facebook Inc. jumped to 52nd this year from 212th place last year.

There are now 1,210 billionaires in the world and 214 new members joined the club in 2010, while only 47 dropped off the list last year. The US still dominates, with 413 billionaires, compared to Asia, which came in second with 332.

The US gained 23 new billionaires and lost 13, recording a net gain of 10. Asia cranked out 98 new billionaires last year, and their combined fortunes jumped 37 percent.

The BRIC (Brazil, Russia, India, China) countries alone accounted for 108 new billionaires, giving them a total of 301. China had the most new billionaires, with 54 and a total of 115. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with 58.

The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most billionaires of any region, with 105 newcomers.

Here is a complete list of Indian billionaires in order of India Rank, World Rank, Name, Net Worth, Age, Source:

1.. 6 Lakshmi Mittal USD 31.1 B 60 Steel

2.. 9 Mukesh Ambani USD 27 B 53 petrochemicals, oil & gas

3.. 36 Azim Premji USD 16.8 B 65 Software

4.. 42 Shashi & Ravi Ruia USD 15.8 B 67 Diversified

5.. 56 Savitri Jindal & family USD 13.2 B 60 Steel

6.. 81 Gautam Adani USD 10 B 48 commodities, infrastructure

7.. 97 Kumar Birla USD 9.2 B 43 commodities

8.. 103 Anil Ambani USD 8.8 B 51 Diversified

9.. 110 Sunil Mittal & family USD 8.3 B 53 telecom

10. 130 Adi Godrej & family USD 7.3 B 68 Diversified

11. 130 Kushal Pal Singh USD 7.3 B 79 real estate

12. 154 Anil Agarwal USD 6.4 B 57 mining, metals

13. 159 Dilip Shanghvi USD 6.1 B 55 pharmaceuticals

14. 182 Shiv Nadar USD 5.6 B 65 Information technology

15. 265 Malvinder & Shivinder Singh USD 4.1 B 38 healthcare

16. 310 Kalanithi Maran USD 3.5 B 45 media

17. 347 Uday Kotak USD 3.2 B 51 banking

18. 376 Micky Jagtiani USD 3 B 59 Retail

19. 393 Subhash Chandra & family USD 2.9 B 60 media

20. 440 Pankaj Patel USD 2.6 B 57 pharmaceuticals

21. 440 Indu Jain USD 2.6 B 74 media

22. 440 G. M. Rao USD 2.6 B 60 infrastructure

23. 512 Cyrus Poonawalla USD 2.3 B 69 biotech

24. 540 Rajan Raheja & family USD 2.2 B 56 Diversified

25. 564 Desh Bandhu Gupta USD 2.1 B 73 pharmaceuticals

26. 595 N.R. Narayana Murthy & family USD 2 B 64 Software

27. 595 Gautam Thapar USD 2 B 50 engineering, paper

28. 595 Sudhir & Samir Mehta USD 2 B 56 Diversified

29. 595 Aloke Lohia USD 2 B 52 chemicals

30. 651 Venugopal Dhoot USD 1.9 B 59 electronics

31. 651 Chandru Raheja USD 1.9 B 70 real estate

32. 692 Nandan Nilekani & family USD 1.8 B 55 Software

33. 736 Ajay Kalsi USD 1.7 B N/A oil

34. 782 Rahul Bajaj USD 1.6 B 72 motorcycles

35. 782 Senapathy Gopalakrishnan & family USD 1.6 B 55 Software

36. 833 Brijmohan Lall Munjal USD 1.5 B 87 motorcycles

37. 833 K. Anji Reddy USD 1.5 B 69 pharmaceuticals

38. 879 Vijay Mallya USD 1.4 B 55 liquor

39. 879 Ajay Piramal USD 1.4 B 55 pharmaceuticals

40. 879 Vikas Oberoi USD 1.4 B 40 real estate

41. 938 Baba Kalyani USD 1.3 B 62 Engineering

42. 938 Rama Prasad Goenka USD 1.3 B 81 Diversified

43. 993 Keshub Mahindra USD 1.2 B 87 Diversified

44. 993 K Dinesh & family USD 1.2 B 56 Software

45. 993 Rakesh Jhunjhunwala USD 1.2 B 50 Investments

46. 993 Brij Bhushan Singal USD 1.2 B 74 Steel

47. 1057 Yusuf Hamied & family USD 1.1 B 74 Pharmceuticals

48. 1057 S.D. Shibulal & family USD 1.1 B 56 Software
Read More

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

Investors have been buying gold and silver as protection against a U.S. default but the absence of an explosive rally Tuesday is a signal that traders expect disaster will be averted.

Gold for August delivery settled $4.60 higher to $1,616.80 an ounce at the Comex division of the New York Mercantile Exchange, a late-day bounce that pushed gold to a record settle. The gold price has traded as high as $1,616.80 and as low as $1,607.80 while the spot gold price was up $2.80, according to Kitco's gold index.

Silver prices added 33 cents to close at $40.69 an ounce. The U.S. dollar index was losing 0.81% at $73.50, hitting a record low against the Swiss franc, while the euro was up 0.98% versus the dollar.

Despite the fact that gold prices settled at a record Tuesday, the buying action was restrained. Some investors jumped at the high price to take profits while other traders were distracted by options expiration on the Comex, which put some technical pressure on gold.

"Today you have to be cautious," warned Phil Streible, senior market strategist at Lind-Waldock, who said Tuesday's gold price was dominated by technical trading and that investors will need to wait for Wednesday to find real direction.

Investors had been piling into the metal as protection in case Washington cannot reach a deal to raise the debt ceiling by Aug. 2, but market watchers said gold would have been pushed up to $1,700 if a default was considered a realistic prospect, instead of stalling out at $1,600. That has many analysts predicting lower prices.

"Most likely a deal will get done [which] should put pressure on the gold and silver market," said Streible, who thinks gold will find support at $1,580 and silver at $37.80 an ounce. Streible is putting his money where his mouth is and scaling out of some of his gold positions while buying put options for protection, which means he is betting on lower prices. Read More

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

(gold prices kitco, live gold prices kitco, kitco scrap gold prices) - Modest Gold Buying Signals Mild Concern

Investors have been buying gold and silver as protection against a U.S. default but the absence of an explosive rally Tuesday is a signal that traders expect disaster will be averted.

Gold for August delivery settled $4.60 higher to $1,616.80 an ounce at the Comex division of the New York Mercantile Exchange, a late-day bounce that pushed gold to a record settle. The gold price has traded as high as $1,616.80 and as low as $1,607.80 while the spot gold price was up $2.80, according to Kitco's gold index.

Silver prices added 33 cents to close at $40.69 an ounce. The U.S. dollar index was losing 0.81% at $73.50, hitting a record low against the Swiss franc, while the euro was up 0.98% versus the dollar.

Despite the fact that gold prices settled at a record Tuesday, the buying action was restrained. Some investors jumped at the high price to take profits while other traders were distracted by options expiration on the Comex, which put some technical pressure on gold.

"Today you have to be cautious," warned Phil Streible, senior market strategist at Lind-Waldock, who said Tuesday's gold price was dominated by technical trading and that investors will need to wait for Wednesday to find real direction.

Investors had been piling into the metal as protection in case Washington cannot reach a deal to raise the debt ceiling by Aug. 2, but market watchers said gold would have been pushed up to $1,700 if a default was considered a realistic prospect, instead of stalling out at $1,600. That has many analysts predicting lower prices.

"Most likely a deal will get done [which] should put pressure on the gold and silver market," said Streible, who thinks gold will find support at $1,580 and silver at $37.80 an ounce. Streible is putting his money where his mouth is and scaling out of some of his gold positions while buying put options for protection, which means he is betting on lower prices. Read More

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

Hon Hai Precision Industry Co’s (鴻海精密) purchase of Cisco Systems Inc’s set-top box plant in Juarez, Mexico, would guarantee it more networking solutions orders and higher operating margins, Citigroup said yesterday.

Despite the news of the purchase of the set-top box facility, shares of the Tucheng District (土城), New Taipei City (新北市)-based company were little changed in Taipei trading yesterday, rising 0.68 percent to NT$89.1. The stock has fallen 29.57 percent from this year’s session high of NT$126.5 in February.

“We note that networking business has long been one of the most profitable businesses within Hon Hai, so the Cisco acquisition should also help 2012 margin,” Citigroup Global Markets analyst Kevin Chang (張凱偉) said in a note.

On Monday, Cisco announced it was selling its Juarez facility to Foxconn Technology Group (富士康集團) — also known as Hon Hai in Taiwan — as part of the US company’s effort to streamline its operations, according to a statement posted on its Web site.

Hon Hai confirmed the deal in a filing sent to the Taiwan Stock Exchange yesterday, saying that it had purchased the Juarez plant from Cisco System’s subsidiary Scientific-Atlanta LLC through a Hon Hai subsidiary, PCE Paragon Solutions Kft.

“Through this strategic alignment with Cisco, we will be able to leverage the operation’s unrivalled talent, technology and expertise in video and telco infrastructure to broaden our end-to-end vertical supply chain services in the video, broadband, networking, and telecommunications infrastructure sectors,” Michael Ling (凌志平), general manager of Foxconn’s Communication and Network Solutions Business Group (CNSBG), said in a statement.

The transaction is subject to regulatory approvals and was expected to close by October, Hon Hai said, without providing financial details of the transaction because of confidentiality agreements.

Citigroup said the pricing should be “favorable” to Hon Hai because Cisco is facing more pressure than at any point to restructure its business.

Chang said in his note that “CNSBG has long been one of the most profitable and margin-focused entities in Hon Hai.” Read More

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

'Hon Hai Precision - 鴻海精密': Citigroup likes Hon Hai’s purchase of set-top box plant | sc2, starcraft 2, battle net, battlenet, blizzard

Hon Hai Precision Industry Co’s (鴻海精密) purchase of Cisco Systems Inc’s set-top box plant in Juarez, Mexico, would guarantee it more networking solutions orders and higher operating margins, Citigroup said yesterday.

Despite the news of the purchase of the set-top box facility, shares of the Tucheng District (土城), New Taipei City (新北市)-based company were little changed in Taipei trading yesterday, rising 0.68 percent to NT$89.1. The stock has fallen 29.57 percent from this year’s session high of NT$126.5 in February.

“We note that networking business has long been one of the most profitable businesses within Hon Hai, so the Cisco acquisition should also help 2012 margin,” Citigroup Global Markets analyst Kevin Chang (張凱偉) said in a note.

On Monday, Cisco announced it was selling its Juarez facility to Foxconn Technology Group (富士康集團) — also known as Hon Hai in Taiwan — as part of the US company’s effort to streamline its operations, according to a statement posted on its Web site.

Hon Hai confirmed the deal in a filing sent to the Taiwan Stock Exchange yesterday, saying that it had purchased the Juarez plant from Cisco System’s subsidiary Scientific-Atlanta LLC through a Hon Hai subsidiary, PCE Paragon Solutions Kft.

“Through this strategic alignment with Cisco, we will be able to leverage the operation’s unrivalled talent, technology and expertise in video and telco infrastructure to broaden our end-to-end vertical supply chain services in the video, broadband, networking, and telecommunications infrastructure sectors,” Michael Ling (凌志平), general manager of Foxconn’s Communication and Network Solutions Business Group (CNSBG), said in a statement.

The transaction is subject to regulatory approvals and was expected to close by October, Hon Hai said, without providing financial details of the transaction because of confidentiality agreements.

Citigroup said the pricing should be “favorable” to Hon Hai because Cisco is facing more pressure than at any point to restructure its business.

Chang said in his note that “CNSBG has long been one of the most profitable and margin-focused entities in Hon Hai.” Read More

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

The Oracle of Omaha is standing by Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein and he doesn't plan to cash in his warrants anytime soon.

At the annual Allen & Company conference, when asked by New York Times DealBook if Mr. Blankfein would resign anytime soon, Warren Buffett said, "I don't think he is. I've seen nothing to indicate that myself, and I don't want him to." Buffett wants him to stay on.

Buffett also plans to hold onto the warrants he received in connection with his $5 billion 2008 investment in the company right up until they expire in 2013.

"We'll wait till the last month or two, before their expiration," he said.

The warrants, which have a $115/share strike, are worth approximately $900 million based on Goldman's current market price of $135, DealBook notes. Read More

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

Buffett's Warrants On Goldman Sachs:"Warren Buffett Wants Goldman's (GS) Blankfein To Stick Around" | Buffett's Warrants

The Oracle of Omaha is standing by Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein and he doesn't plan to cash in his warrants anytime soon.

At the annual Allen & Company conference, when asked by New York Times DealBook if Mr. Blankfein would resign anytime soon, Warren Buffett said, "I don't think he is. I've seen nothing to indicate that myself, and I don't want him to." Buffett wants him to stay on.

Buffett also plans to hold onto the warrants he received in connection with his $5 billion 2008 investment in the company right up until they expire in 2013.

"We'll wait till the last month or two, before their expiration," he said.

The warrants, which have a $115/share strike, are worth approximately $900 million based on Goldman's current market price of $135, DealBook notes. Read More

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

HK gold miners outperform (HSI down 1.9%), with spot gold solidly above $950/oz. Choy Peng Foo at UOB Kay Hian tips gold price to average $1,000/oz for FY09; says weakening USD and inflation chance (amid hoped-for global economic recovery) likely to provide more support for gold ahead. Rates Zijin (SSE:601899, HKG:2899) at Buy with HK$7.15 target, as company has biggest output in China; while house doesn't officially cover Zhaojin (HKG:1818), she suggests investors buy this stock, as it's more leveraged to gold price, with over 80% of sales coming from gold operations. Zijin (HKG:2899) +0.2% at HK$6.65, Zhaojin (HKG:1818) +0.7% at HK$11.64; duo up 5.6%-8.2% yesterday. Read More

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

UOB gold price, gold chart, goldtrader, kitco gold chart:"Zijin (HKG:2899), Zhaojin (HKG:1818) Up; More Upside For Gold Price-UOB"

HK gold miners outperform (HSI down 1.9%), with spot gold solidly above $950/oz. Choy Peng Foo at UOB Kay Hian tips gold price to average $1,000/oz for FY09; says weakening USD and inflation chance (amid hoped-for global economic recovery) likely to provide more support for gold ahead. Rates Zijin (SSE:601899, HKG:2899) at Buy with HK$7.15 target, as company has biggest output in China; while house doesn't officially cover Zhaojin (HKG:1818), she suggests investors buy this stock, as it's more leveraged to gold price, with over 80% of sales coming from gold operations. Zijin (HKG:2899) +0.2% at HK$6.65, Zhaojin (HKG:1818) +0.7% at HK$11.64; duo up 5.6%-8.2% yesterday. Read More

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ArcelorMittal ("ArcelorMittal") notes today's announcement by Macarthur Coal Limited ("Macarthur") and confirms that ArcelorMittal and Peabody Energy Corporation ("Peabody") have made an indicative, nonbinding and conditional proposal to make an off-market takeover bid, through a bid company 40% owned by ArcelorMittal and 60% owned by Peabody, to acquire up to 100% of the issued securities of Macarthur ("Indicative Proposal").

Under the Indicative Proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share, implying a value for the equity in Macarthur of approximately A$4.7 billion. ArcelorMittal already has a relevant interest of approximately 16 percent of Macarthur's shares. The Indicative Proposal is conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be conditional only on a minimum of 50.01 percent acceptance by Macarthur shareholders, approval from Australia's Foreign Investment Review Board and other customary conditions and approvals.

ArcelorMittal and Peabody look forward to engaging with the Board of Macarthur in relation to the Indicative Proposal. ArcelorMittal is being advised by RBC Capital Markets and Mallesons Stephen Jaques. The announcement does not constitute and is not intended to constitute a proposal to make a takeover bid for Macarthur and there is no assurance that any such takeover bid will be made. Read More

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ARCELORMITTAL AND PEABODY ENERGY SUBMIT INDICATIVE PROPOSAL TO ACQUIRE MACARTHUR COAL | macarthur coal, peabody energy, arcelor mittal, arcelormittal

ArcelorMittal ("ArcelorMittal") notes today's announcement by Macarthur Coal Limited ("Macarthur") and confirms that ArcelorMittal and Peabody Energy Corporation ("Peabody") have made an indicative, nonbinding and conditional proposal to make an off-market takeover bid, through a bid company 40% owned by ArcelorMittal and 60% owned by Peabody, to acquire up to 100% of the issued securities of Macarthur ("Indicative Proposal").

Under the Indicative Proposal, Macarthur shareholders would be offered a cash price of A$15.50 per share, implying a value for the equity in Macarthur of approximately A$4.7 billion. ArcelorMittal already has a relevant interest of approximately 16 percent of Macarthur's shares. The Indicative Proposal is conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be conditional only on a minimum of 50.01 percent acceptance by Macarthur shareholders, approval from Australia's Foreign Investment Review Board and other customary conditions and approvals.

ArcelorMittal and Peabody look forward to engaging with the Board of Macarthur in relation to the Indicative Proposal. ArcelorMittal is being advised by RBC Capital Markets and Mallesons Stephen Jaques. The announcement does not constitute and is not intended to constitute a proposal to make a takeover bid for Macarthur and there is no assurance that any such takeover bid will be made. Read More

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Peabody Energy (NYSE: BTU) and ArcelorMittal SA (NYSE: MT) today confirmed that they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal Ltd. (ASX: MCC) to acquire all of the shares of the company.

Under the proposal by a newly formed company, owned 60 percent by Peabody and 40 percent by ArcelorMittal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new company has a relevant interest of approximately 16 percent in Macarthur’s shares.

The proposal price implies a value for the equity in Macarthur of approximately A$4.7 billion and represents a substantial premium to recent trading.

The proposal to Macarthur’s board is non-binding and conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be subject only to minimum 50.01 percent acceptance, Australia’s Foreign Investment Review Board approval and other customary conditions and approvals.

According to Peabody Chairman and Chief Executive Officer Greg Boyce, “We believe there is significant value that can be created by managing Macarthur’s portfolio of coal assets using Peabody’s industry-leading operating, development and commercial skills. We look forward to advancing this proposal to complete a transaction for the benefit of Macarthur shareholders.”

Aditya Mittal, Chief Financial Officer and Member of the Group Management Board of ArcelorMittal, said: “ArcelorMittal has been a long-term investor in Macarthur, and we look forward to discussing our proposal with the board of Macarthur.”

Macarthur is the world’s largest producer of seaborne low volatile pulverized coal injection (LV PCI) coal with production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale Joint Venture and Middlemount Mine. It controls total coal reserves of approximately 270 million tonnes (approximately 175 million tonnes on an attributable basis) and total resources of approximately 2.3 billion tonnes (approximately 1.7 billion tonnes on an attributable basis). It has current production guidance of 3.8 to 4.0 million tonnes for the year ended June 30, 2011.

Peabody is the world’s largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly US$7 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

ArcelorMittal is the world’s leading integrated steel and mining company, with operations in more than 60 countries. In 2010, ArcelorMittal had revenues of US$78 billion and crude steel production of 90.6 million tonnes, representing approximately 8 percent of world steel output. ArcelorMittal’s mining operations produced 47 million tonnes of iron ore and 7 million tonnes of metallurgical coal as well in 2010.

Peabody has engaged UBS and Bank of America Merrill Lynch as its financial advisers and Freehills as its legal adviser in relation to the potential transaction. ArcelorMittal has engaged RBC Capital Markets as its financial adviser and Mallesons Stephen Jaques as its legal adviser in relation to the potential transaction.

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions that Peabody believes are reasonable, but they are open to a wide range of uncertainties and business risks that may cause actual results to differ materially from expectations. These factors are difficult to accurately predict and may be beyond the company’s control. The company does not undertake to update its forward-looking statements. Factors that could affect results include those described in this press release as well as risks detailed in the company’s reports filed with the Securities and Exchange Commission.

Nothing in this announcement constitutes or is intended to constitute a proposal to make a takeover bid for Macarthur Coal Limited. There is no assurance that any such takeover bid will be made.

Macarthur reserves and resources and other information are based on public disclosures and exclude the MDL162 tenement.

CONTACT: Vic Svec +1-314-342-7768
Source: Peabody Energy

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Macarthur Coal; US Peabody Energy and ArcelorMittal SA Submit Proposal to Acquire Macarthur Coal

Peabody Energy (NYSE: BTU) and ArcelorMittal SA (NYSE: MT) today confirmed that they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal Ltd. (ASX: MCC) to acquire all of the shares of the company.

Under the proposal by a newly formed company, owned 60 percent by Peabody and 40 percent by ArcelorMittal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new company has a relevant interest of approximately 16 percent in Macarthur’s shares.

The proposal price implies a value for the equity in Macarthur of approximately A$4.7 billion and represents a substantial premium to recent trading.

The proposal to Macarthur’s board is non-binding and conditional on the successful completion of due diligence, which would be completed in a timely manner. Any resulting offer to Macarthur shareholders would be subject only to minimum 50.01 percent acceptance, Australia’s Foreign Investment Review Board approval and other customary conditions and approvals.

According to Peabody Chairman and Chief Executive Officer Greg Boyce, “We believe there is significant value that can be created by managing Macarthur’s portfolio of coal assets using Peabody’s industry-leading operating, development and commercial skills. We look forward to advancing this proposal to complete a transaction for the benefit of Macarthur shareholders.”

Aditya Mittal, Chief Financial Officer and Member of the Group Management Board of ArcelorMittal, said: “ArcelorMittal has been a long-term investor in Macarthur, and we look forward to discussing our proposal with the board of Macarthur.”

Macarthur is the world’s largest producer of seaborne low volatile pulverized coal injection (LV PCI) coal with production and development assets in the Bowen Basin, Australia, including the Coppabella and Moorvale Joint Venture and Middlemount Mine. It controls total coal reserves of approximately 270 million tonnes (approximately 175 million tonnes on an attributable basis) and total resources of approximately 2.3 billion tonnes (approximately 1.7 billion tonnes on an attributable basis). It has current production guidance of 3.8 to 4.0 million tonnes for the year ended June 30, 2011.

Peabody is the world’s largest private-sector coal company and a global leader in clean coal solutions. With 2010 sales of 246 million tons and nearly US$7 billion in revenues, Peabody fuels 10 percent of U.S. power and 2 percent of worldwide electricity.

ArcelorMittal is the world’s leading integrated steel and mining company, with operations in more than 60 countries. In 2010, ArcelorMittal had revenues of US$78 billion and crude steel production of 90.6 million tonnes, representing approximately 8 percent of world steel output. ArcelorMittal’s mining operations produced 47 million tonnes of iron ore and 7 million tonnes of metallurgical coal as well in 2010.

Peabody has engaged UBS and Bank of America Merrill Lynch as its financial advisers and Freehills as its legal adviser in relation to the potential transaction. ArcelorMittal has engaged RBC Capital Markets as its financial adviser and Mallesons Stephen Jaques as its legal adviser in relation to the potential transaction.

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions that Peabody believes are reasonable, but they are open to a wide range of uncertainties and business risks that may cause actual results to differ materially from expectations. These factors are difficult to accurately predict and may be beyond the company’s control. The company does not undertake to update its forward-looking statements. Factors that could affect results include those described in this press release as well as risks detailed in the company’s reports filed with the Securities and Exchange Commission.

Nothing in this announcement constitutes or is intended to constitute a proposal to make a takeover bid for Macarthur Coal Limited. There is no assurance that any such takeover bid will be made.

Macarthur reserves and resources and other information are based on public disclosures and exclude the MDL162 tenement.

CONTACT: Vic Svec +1-314-342-7768
Source: Peabody Energy

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

THE world's biggest coalminer has boosted Julia Gillard's efforts to sell her clean energy plan, signalling its confidence in the future of the industry under a carbon tax by launching a $4.7 billion takeover bid for Macarthur Coal.

Peabody Energy has teamed up with fellow Macarthur shareholder ArcelorMittal - the world's biggest steelmaker - to bid $15.50 a share in the biggest takeover offer made for an Australian coalminer.

The bid came only a day after the government launched its carbon tax plan, which was attacked by coalminers for failing to provide sufficient industry assistance. Miners warned that the package would force marginal operations to close.

It also came as Qantas and Virgin Australia yesterday quantified the impact of the carbon tax on their bottom-line profits and warned that they would be forced to pass on the cost to passengers through higher airfares.

Qantas shares fell below the $2 mark after it revealed the tax would cost it $110 million to $115m in the first year of the measure in 2012-13, contributing to a 1.6 per cent slump on the Australian stockmarket. Goldman Sachs analyst Hamish Tadgell said the carbon tax, at $23 a tonne in its first year, would reduce the earnings growth of S&P/ASX 200 companies by up to 0.5 per cent.

Start of sidebar. Skip to end of sidebar.

Related Coverage

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Coal-seam gas: Greens 'derailing' key projects

Peabody bid undercuts Abbott's argument The Australian, 1 hour ago

Macarthur in play again with $5bn bid The Australian, 1 hour ago

Steel and coal giants bid for Macarthur Courier Mail, 1 hour ago

Joint bid for Macarthur Coal Herald Sun, 1 hour ago

Peabody's new Macarthur bid The Australian, 1 hour ago

End of sidebar. Return to start of sidebar.

Responding to news of the Peabody takeover bid last night, Climate Change Minister Greg Combet said the government "has always said that the Australian coalmining industry has a bright future under a carbon price".

"The industry is profitable, prices are high and there is a sizeable pipeline of planned new investment," Mr Combet told The Australian. "The only person talking the coal industry down is Tony Abbott, who has made the reckless and untrue claim that a carbon price will destroy the Australian coal industry."

The Opposition Leader kick-started his election-style campaign against the carbon tax package yesterday at Peabody's Wambo Mine in the NSW Hunter Valley, telling workers he had "staked my political life, what's left of it, on stopping this carbon tax". "I figure for people in the coal industry, it's a hit on your potential employment and it's going to be a hit on your standard of living," he said.

Mr Abbott ruled out supporting $1.6bn in additional government assistance for the coal sector and steel industry, which was negotiated outside the framework of the multi-party climate change committee.

Greens leader Bob Brown is refusing to back $1.3bn in support for the coal sector, which would provide compensation to about 25 gassy coalmines in NSW and Queensland for fugitive methane emissions, but left open the possibility of supporting the $300m package for steelmakers. The government's extra support for coalminers is expected to be provided through financial grants and is unlikely to require specific legislation, but the steel assistance will need parliamentary backing.

Nationals senator Barnaby Joyce, who travelled with Mr Abbott to the Wambo Mine yesterday, said the takeover bid for Macarthur Coal would not dent the opposition's assault on the $23 carbon price. Read More

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

Macarthur Coal; Peabody Energy bets $5bn on future of coal | Macarthur Coal Limited ("Macarthur")

THE world's biggest coalminer has boosted Julia Gillard's efforts to sell her clean energy plan, signalling its confidence in the future of the industry under a carbon tax by launching a $4.7 billion takeover bid for Macarthur Coal.

Peabody Energy has teamed up with fellow Macarthur shareholder ArcelorMittal - the world's biggest steelmaker - to bid $15.50 a share in the biggest takeover offer made for an Australian coalminer.

The bid came only a day after the government launched its carbon tax plan, which was attacked by coalminers for failing to provide sufficient industry assistance. Miners warned that the package would force marginal operations to close.

It also came as Qantas and Virgin Australia yesterday quantified the impact of the carbon tax on their bottom-line profits and warned that they would be forced to pass on the cost to passengers through higher airfares.

Qantas shares fell below the $2 mark after it revealed the tax would cost it $110 million to $115m in the first year of the measure in 2012-13, contributing to a 1.6 per cent slump on the Australian stockmarket. Goldman Sachs analyst Hamish Tadgell said the carbon tax, at $23 a tonne in its first year, would reduce the earnings growth of S&P/ASX 200 companies by up to 0.5 per cent.

Start of sidebar. Skip to end of sidebar.

Related Coverage

Michael Stutchbury: A miracle if carbon package survives

Graham Richardson: Ray of hope as PM discovers prayer

The number: $23 the price that will define Julia

Compensation: Greens steeled to step in for Abbott

Australians: No warming to climate plan

Travel: Airlines 'forced to cut routes'

Coal-seam gas: Greens 'derailing' key projects

Peabody bid undercuts Abbott's argument The Australian, 1 hour ago

Macarthur in play again with $5bn bid The Australian, 1 hour ago

Steel and coal giants bid for Macarthur Courier Mail, 1 hour ago

Joint bid for Macarthur Coal Herald Sun, 1 hour ago

Peabody's new Macarthur bid The Australian, 1 hour ago

End of sidebar. Return to start of sidebar.

Responding to news of the Peabody takeover bid last night, Climate Change Minister Greg Combet said the government "has always said that the Australian coalmining industry has a bright future under a carbon price".

"The industry is profitable, prices are high and there is a sizeable pipeline of planned new investment," Mr Combet told The Australian. "The only person talking the coal industry down is Tony Abbott, who has made the reckless and untrue claim that a carbon price will destroy the Australian coal industry."

The Opposition Leader kick-started his election-style campaign against the carbon tax package yesterday at Peabody's Wambo Mine in the NSW Hunter Valley, telling workers he had "staked my political life, what's left of it, on stopping this carbon tax". "I figure for people in the coal industry, it's a hit on your potential employment and it's going to be a hit on your standard of living," he said.

Mr Abbott ruled out supporting $1.6bn in additional government assistance for the coal sector and steel industry, which was negotiated outside the framework of the multi-party climate change committee.

Greens leader Bob Brown is refusing to back $1.3bn in support for the coal sector, which would provide compensation to about 25 gassy coalmines in NSW and Queensland for fugitive methane emissions, but left open the possibility of supporting the $300m package for steelmakers. The government's extra support for coalminers is expected to be provided through financial grants and is unlikely to require specific legislation, but the steel assistance will need parliamentary backing.

Nationals senator Barnaby Joyce, who travelled with Mr Abbott to the Wambo Mine yesterday, said the takeover bid for Macarthur Coal would not dent the opposition's assault on the $23 carbon price. Read More