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Drax Group
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25 сентября 2015, 19:18

UK energy firm Drax pulls out of carbon-capture project

British power company Drax Group PLC says it is abandoning a project to capture and store carbon from a coal-fueled power plant, a major setback for the technology in Britain.

24 июля 2014, 16:03

Frontrunning: July 24

EU to weigh extensive sanctions on Russia (FT) U.S. lifts flight ban to Israel (Reuters) Russia says will cooperate with MH17 probe led by Netherlands (Reuters) Norway faces ‘concrete and credible’ terrorist threat (FT) Don’t Tell Anybody About This Story on HFT Power Jump Trading (BBG) But... but... PMI: Unilever Sales Growth Misses Estimates on Asian Slowdown (BBG) World’s Biggest Wealth Fund Reviews $8 Billion Russian Stake (BBG) Qualcomm latest US tech company to reverse in China (FT) Hamptons Home Sales Rise as Buyers Find More Inventory (BBG) Ex-Goldman Trader’s Bitcoin Exchange to Fill Mt. Gox Void (BBG) Mutiny at the BOJ: Bank of Japan Majority Won’t Be Swayed by Kuroda Ideology (BBG) Singapore Home Prices Set to Extend Drop, Keppel Land Says (BBG)     Overnight Media Digest WSJ * Two Ukrainian fighter jets were shot down Wednesday over separatist-held territory not far from the site of the Malaysia Airlines crash as international outrage over the tragedy has done little to slow fighting in eastern Ukraine. (http://on.wsj.com/1pc31qs) * The Obama administration, Israel and other Middle East allies are refashioning an Egyptian cease-fire proposal to assure Hamas that Gaza's economic interests would be addressed if the Islamist group stops rocket attacks, senior U.S. and Arab officials said. (http://on.wsj.com/1sUzA2G) * The largest public pension fund in the U.S., the California Public Employees' Retirement System, or Calpers is expected to cut its hedge-fund investments this year by 40 percent to $3 billion. Public pensions from California to Ohio are backing away from hedge funds because of concerns about high fees and lackluster returns. (http://on.wsj.com/1nWeo4p) * A number of major banks are looking to simultaneously settle probes into allegations of foreign-exchange rate-rigging with the U.K.'s Financial Conduct Authority, according to people familiar with the matter. Banks like Barclays PLC and UBS AG are aiming to reach individual settlements with regulators that will be announced at the same time, these people say. (http://on.wsj.com/1oeuZ8p) * The U.S. airline industry's newfound health is breeding something not seen in years: a flock of startups. Two fledging carriers already have taken off. One is a reincarnation of the old People Express Airlines. Others are still in various stages of incubation, hoping to raise sufficient funds and receive government clearance to take wing. (http://on.wsj.com/1jWkYwU) * Gilead Sciences Inc's Hepatitis C pill, Sovaldi, notched $3.5 billion in second-quarter sales, catapulting Gilead into the ranks of the top-selling pharmaceutical companies.(http://on.wsj.com/1z5gIi5) * The U.S. government has asked big banks whether it should issue bonds that mature in more than 30 years. The treasury department asked 22 primary dealer banks, which underwrite U.S. government debt sales, about possible demand for ultra-long-term sovereign bonds. (http://on.wsj.com/1tDbW8r) * Cable magnate John Malone said in an interview that Twenty-First Century Fox has long been eyeing a takeover bid for Time Warner Inc and isn't likely to face competing bidders, pouring cold water on speculation that tech companies could emerge as rival suitors for the TV and movie company. (http://on.wsj.com/1z5upNS) * J.P. Morgan Chase & Co has sharply pulled back from a popular mortgage-lending program this year, blaming Obama administration's zeal for litigation. (http://on.wsj.com/1pdsn7k) * The Securities and Exchange Commission told Standard & Poor's Ratings Services that it could face an enforcement action for alleged securities fraud regarding six commercial real-estate deals in 2011, according to a Wednesday filing by S&P parent McGraw Hill Financial Inc (http://on.wsj.com/1lxLKXn)   FT BSkyB is expected to announce its European expansion on Friday, by buying Rupert Murdoch's pay-TV assets in Italy and Germany, two people familiar with the deal said. Standard Chartered Plc Chairman Sir John Peace is weighing a succession plan, and has been urged to conduct a search both internally and externally over the next 12 months, three people familiar with the matter said. Britain's Department of Energy and Climate Change will appeal a High Court decision which overruled its plans to drop one of Drax Group's coal-to-biomass conversion projects from a new renewable energy subsidy scheme. UK wealth managers are facing "considerable uncertainty" as lower trading commissions in the last quarter hurt managers including Brewin Dolphin and Charles Stanley. The Bank of England is weighing up conflicting data on Britain's labour market as it prepares to start raising interest rates off their record low of the last five years, BoE Governor Mark Carney said.   NYT * From factory inspections to product recalls, laboratory testing to prosecutions, China's emergent food-quality apparatus has turned into reform on the fly, with ever-changing threats and setbacks. (http://nyti.ms/1sVA3la) * Facebook Inc posted higher revenue and profit for the second quarter, driven by revenue from apps on mobile devices and advertisements shown in the news feeds. Mobile devices accounted for nearly two-thirds of the company's revenue, which rose 61 percent over the same quarter last year. (http://nyti.ms/1x33wHJ) * The White House Rural Council will announce plans on Thursday to start a $10 billion investment fund that will give pension funds and large investors the opportunity to invest in agricultural projects. Those include wastewater systems, energy projects and infrastructure development in rural America. (http://nyti.ms/1sVilhy) * General Motors Co recall covers 800,000 more vehicles. The auto company announced six more recalls on Wednesday for various flaws, and its worldwide recall total for 2014 is 29 million.(http://nyti.ms/1ravFed) * For years, the wind industry has been hampered by such a severe lack of transmission lines that when the wind is strong, a local power surplus forces some machines to be shut down. Now, Texas is out to change that by conducting a vast experiment that might hold lessons for the rest of the United States. Supporters say the experiment is essential if states want to reduce reliance on fossil fuels and meet new federal rules on carbon emissions. (http://nyti.ms/1rw5Mre) * The new rules by the U.S. Transportation Department would include measures to enhance the safety of oil trains, some of which had already been adopted by railroads on a voluntary basis in recent months, like notifying state emergency responders about train traffic, reducing speed limits or picking the safest route. (http://nyti.ms/1kcXjst) * The resignation of Prime Minister Plamen Oresharski and his cabinet comes as Bulgaria's worst banking crisis since the 1990s threatens to take an economic toll on local businesses and foreign investors. And there may be no quick resolution of a rescue plan for troubled Corporate Commercial Bank. (http://nyti.ms/1pdV0nN) * Nearly six years since the panic after the collapse of Lehman Brothers Holdings Inc, the Securities and Exchange Commission's new rules are intended to prevent investors from dumping their shares in funds during times of stress. (http://nyti.ms/1rMIJHU) * After a riveting corporate shake-up that began last month after the firing of its controversial founder and chief executive, Dov Charney, American Apparel named four new members to its board. (http://nyti.ms/1sVCLqT)   Canada THE GLOBE AND MAIL * Canada is facing criticism over provincial jails bursting with prisoners who are presumed innocent, creating in effect a system of punishment without trial. (http://bit.ly/1pewcvI) * The Arctic may be a hot commodity, with remarkable resource and tourism opportunities, but a conference has heard that Canada and the United States are barely out of the ice age when it comes to harnessing its growth. (http://bit.ly/WF26IL) Reports in the business section: * Bombardier Inc is reorganizing its operations into four divisions in a move that will cause 1,800 job losses and the retirement of Bombardier Aerospace president Guy Hachey, who held overall responsibility for the struggling C Series airplane program. (http://bit.ly/1pKtDQQ) NATIONAL POST * An international alert accusing a man living north of Toronto of being a mob boss went ignored by Canadian police because Canada does not recognize the crime of Mafia association, the tool used by the Italian government to tackle powerful organized crime groups, an immigration hearing heard on Wednesday. (http://bit.ly/WIsUHN) * A Canadian group is planning to bring about 1,000 litres of water from Windsor to Detroit to protest thousands of residential service shutoffs by Detroit's water department. (http://bit.ly/1kXgS2E) FINANCIAL POST * Calgary, Canada's oil capital, has surpassed Ottawa as the city with the nation's highest family incomes, new data show. The median family income in the southern Alberta city rose 5.2 percent to C$98,300 ($91,700) in 2012, the most-recent reporting period, to snag top spot in the nation, Statistics Canada said on Wednesday. (http://bit.ly/1rDi4zN) * Bombardier Inc's chief operating officer and president of the aerospace division Guy Hachey is retiring as part of a sweeping restructuring, the company said late on Wednesday. The move comes amid multiple delays in development of the flagship CSeries jet. (http://bit.ly/1peDwVB)   Britain The Times ANGRY STANDARD CHARTERED INVESTORS HEAP PRESSURE ON SANDS (http://thetim.es/1nWbkFu) One top-ten shareholder of the Standard Chartered, speaking on condition of anonymity, voiced a growing frustration that the bank needed a hands-on manager rather than a high-level thinker. BG GROUP PONDERS 1 BLN STG NORTH SEA SALE (http://thetim.es/1x3xwmP) BG Group is understood to have appointed Rothschild to advise on a restructuring in a move that could result in the sale of its Armada, Everest and Lomond platforms. The Guardian RYANAIR TOLD TO PAY BACK 10M IN ILLEGAL STATE AID FROM FRANCE (http://bit.ly/Uu2Oq8) Low-cost airline Ryanair must repay nearly 10 million euros ($13.46 million) in illegal state aid it received from France for operating at three small regional airports, European Union regulators said. BANK OF ENGLAND HOLDS INTEREST RATES AMID CONCERN FOR WAGE GROWTH (http://bit.ly/1mGqui2) Bank of England policymakers are growing increasingly uneasy about the UK's record low interest rates - but signalled on Wednesday that the first rise will not come until real wages start to recover. The Telegraph ENERGY COMPETITION PROBE TURNS UP HEAT ON THE BIG SIX (http://bit.ly/1kWahFO) Britain's top competition watchdog will on Thursday set out a catalogue of concerns about the UK energy sector as it begins an 18-month investigation that could result in the Big Six suppliers being broken up. SFO TO CHARGE ALSTOM OVER 'CORRUPTION' AND MOVES AGAINST UK ARM (http://bit.ly/WDCOum) The Serious Fraud Office has said it will file corruption charges against Alstom "imminently", after starting proceedings against two of the French engineering giant's companies in the UK. Sky News SCOTTISH REFERENDUM: BANKS WEIGH NEW WARNINGS (http://bit.ly/1oepkPZ) Britain's biggest banks are weighing up plans to outline further risks associated with Scottish independence when they unveil half-year results with less than 50 days to go before the crucial vote. UKTI CEO HAILS 'OPEN' EXPORTS AMID RUSSIA ROW (http://bit.ly/1rtiQO5) The head of the Government's trade promotion agency has hailed Britain's "clear and transparent" export control regime amid a growing row over the number of UK licences allowing arms sales to Russia.   Fly On The Wall Pre-Market Buzz ECONOMIC REPORTS Domestic economic reports scheduled for today include: Jobless claims for week of July 19 at 8:30--consensus 310K Markit U.S. manufacturing PMI for July at 9:45--consensus 57.5 New home sales for June at 10:00--consensus down 5.8% to 475K rate ANALYST RESEARCH Upgrades Carmike Cinemas (CKEC) upgraded to Buy from Hold at Topeka Health Net (HNT) upgraded to Buy from Underperform at BofA/Merrill MarketAxess (MKTX) upgraded to Outperform from Market Perform at Raymond James PepsiCo (PEP) upgraded to Buy from Hold at Stifel SEI upgraded to Outperform from Market Perform at Keefe Bruyette Western Refining Logistics (WNRL) upgraded to Buy from Neutral at Goldman Wilshire Bancorp (WIBC) upgraded to Strong Buy from Outperform at Raymond James Downgrades Angie's List (ANGI) downgraded to Equal Weight from Overweight at First Analysis Angie's List (ANGI) downgraded to Neutral from Buy at BofA/Merrill Angie's List (ANGI) downgraded to Neutral from Buy at Janney Capital Angie's List (ANGI) downgraded to Neutral from Buy at MKM Partners Angie's List (ANGI) downgraded to Perform from Outperform at Oppenheimer Angie's List (ANGI) downgraded to Sector Perform from Outperform at RBC Capital Boeing (BA) downgraded to Neutral from Buy at BofA/Merrill Freeport McMoRan (FCX) downgraded to Neutral from Buy at BofA/Merrill IDEX Corp. (IEX) downgraded to Neutral from Buy at Janney Capital Magellan Midstream (MMP) downgraded to Neutral from Buy at Goldman Owens Corning (OC) downgraded to Hold from Buy at Stifel Pacific Coast Oil (ROYT) downgraded to Market Perform from Outperform at Wells Fargo Praxair (PX) downgraded to Market Perform from Outperform at William Blair Qualcomm (QCOM) downgraded to Equal-Weight from Overweight at Evercore Qualcomm (QCOM) downgraded to Neutral from Positive at Susquehanna Questar (STR) downgraded to Neutral from Buy at Citigroup TAL International (TAL) downgraded to Underperform from Neutral at BofA/Merrill Theravance (THRX) downgraded to Neutral from Buy at BofA/Merrill Tractor Supply (TSCO) downgraded to Market Perform from Outperform at William Blair TripAdvisor (TRIP) downgraded to Hold from Buy at Cantor Initiations CECO Environmental (CECE) initiated with a Buy at Canaccord CyrusOne (CONE) initiated with an Equal Weight at Barclays Equinix (EQIX) initiated with an Equal Weight at Barclays Markit (MRKT) initiated with a Hold at Jefferies Zafgen (ZFGN) initiated with an Outperform at Leerink COMPANY NEWS Facebook (FB) reported mobile daily active users up 31% year-over-year Standard Chartered (SCBFF) board dismissed succession plan rumors McGraw Hill Financial (MHFI) announced that on July 22, it received a "Wells Notice" from the SEC stating that the agency’s staff made a preliminary determination to recommend that the Commission institute an enforcement action against Standard & Poor's Ratings Services, alleging violations of federal securities laws with respect to S&P's ratings of six commercial mortgage backed securities transactions issued in 2011 Spectranetics (SPNC) received FDA clearance for atherectomy products, Turbo-Tandem and Turbo Elite Engaged Capital reported a 7% stake in Jamba (JMBA) and announced that they had discussions with management American Apparel (APP) named four new board members, including one woman Cliffs Natural (CLF) lowered U.S. iron ore production view to low end of prior outlook EARNINGS Companies that beat consensus earnings expectations last night and today include: Facebook (FB), Qualcomm (QCOM), Ford (F), Wyndham (WYN), Eli Lilly (LLY), Diamond Offshore (DO), Carter's (CRI), Patterson-UTI Energy (PTEN), Starwood (HOT), Proto Labs (PRLB), Potash (POT), Logitech (LOGI), Weatherford (WFT), CoStar Group (CSGP), O'Reilly Automotive (ORLY), PTC Inc. (PTC), CVB Financial (CVBF), Ethan Allen (ETH), Core Laboratories (CLB), Oceaneering (OII), Teradyne (TER), Horizon Bancorp (HBNC), IPC The Hospitalist Co. (IPCM), Graco (GGG), Cliffs Natural (CLF), Susquehanna (SUSQ), Astoria Financial (AF), Equifax (EFX), Berkshire Hills Bancorp (BHLB), Raymond James (RJF), Fortinet (FTNT), Tyler Technologies (TYL), WesBanco (WSBC), Quantum (QTM), Financial Institutions (FISI), Everest Re (RE), Allegiant Travel (ALGT), Assurant (AIZ), Polycom (PLCM), E-Trade (ETFC), Umpqua Holdings (UMPQ), Illumina (ILMN), Covenant Transportation (CVTI), Skechers (SKX), Citrix (CTXS), CA Technologies (CA), NeuStar (NSR), Sangamo (SGMO), F5 Networks (FFIV), TriQuint (TQNT), Healthways (HWAY), QCR Holdings (QCRH), AngioDynamics (ANGO), Hanesbrands (HBI), Gilead (GILD), Banner Corp. (BANR), Chemed (CHE), Cirrus Logic (CRUS) Companies that missed consensus earnings expectations include: AT&T (T), TripAdvisor (TRIP), Encana (ECA), NorthWestern (NWE), NorthWestern (NWE), WESCO (WCC), Cabot Microelectronics (CCMP), Quality Systems (QSII), Precision Castparts (PCP), The Bancorp (TBBK), MSA (MSA), Heritage-Crystal Clean (HCCI), Terex (TEX), TAL International (TAL), TriState Capital (TSC), Old Second Bancorp (OSBC), Morningstar (MORN), TESSCO (TESS), Interface (TILE), Horace Mann (HMN), Allied World (AWH), CoreLogic (CLGX), Cheesecake Factory (CAKE), InspireMD (NSPR), Flowserve (FLS), StanCorp (SFG), Torchmark (TMK), Angie's List (ANGI) Companies that matched consensus earnings expectations include: Sequans (SQNS), Dunkin' Brands (DNKN), Capital Bank (CBF), Radware (RDWR), United Community Banks (UCBI), Sallie Mae (SLM), Guaranty Bancorp (GBNK), United Financial (UBNK), OFG Bancorp  (OFG), United Stationers (USTR), Allison Transmission (ALSN), 8x8, Inc. (EGHT), Datawatch (DWCH), Tractor Supply (TSCO) NEWSPAPERS/WEBSITES Qualcomm (QCOM) confirmed in China as having monopoly, China Daily reports Watchdog says Google (GOOG) evokes memories meant to be omitted, Bloomberg reports Bombardier (BDRBF) to cut 1,800 aerospace jobs in revamp, Reuters reports Carlyle (CG) to be last PE firm to face bid-rigging trial, NY Post reports Deutsche Bank (DB) CFO faces internal criticism following financial reporting exposure, WSJ reports Police arrest seven in connection to StubHub (EBAY) cyberfraud case, Re/code reports Investors shouldn't wait too long to buy Apple (AAPL), Barron's says SYNDICATE Government Properties (GOV) 13.5M share Spot Secondary priced at $23.50 Immune Design (IMDZ) 5M share IPO priced at $12.00 Intersect ENT (XENT) 5M share IPO priced at $11.00 JMP Group (JMP) files $100M mixed securities shelf NRG Yield (NYLD) 10.5M share Secondary priced at $54.00 Pfenex (PFNX) 8.33M share IPO priced at $6.00 Townsquare Media (TSQ) 8.3M share IPO priced at $11.00    

07 мая 2014, 21:14

Неэкологичный уголь из США принят в Европе "с распростертыми объятиями" - WSJ

Ведомости Загрязняющий окружающую среду и "нежелательный" уголь из США, несмотря на повышенное внимание регулирующих органов в стране, в настоящее время с распростертыми объятиями принят на одном из чистейших энергетических рынков в мире - Евросоюзе, пишет The Wall Street Journal. Многие электростанции США сокращают вредные промышленные выбросы в ожидании жестких правил по охране окружающей среды, которые вступают в силу в 2015 г. На прошлой неделе Верховный суд США вынес решение в пользу соблюдения правил, которые требуют от электростанций в 28 американских штатах сократить промышленные выбросы. Сейчас это решение суда может затронуть 1000 электростанций в восточной части США, которым, возможно, потребуется установить дополнительный контроль за загрязнением окружающей среды или сократить потребление угля. Это жесткие времена для мировой угольной промышленности, которая подвергалась критике со стороны регуляторов в последние годы, а также пострадала от сланцевого бума в США. Теперь уголь генерирует около 39% электроэнергии в США по сравнению с 55% в 1990 г. Низкий внутренний спрос подчеркнул необходимость США сделать ставку на экспорт, который третий год подряд достигает рекордных объемов - более 100 млн т. Евросоюз импортировал 47,2 млн т американского угля в прошлом году, по сравнению с 13,6 млн т в 2003 г. Экспорт в одной только Великобритании вырос в десять раз за этот же период. США в прошлом году заняли второе после России место по объемам поставок угля в Европу, и могли бы еще больше увеличить свою долю на рынке, если бы разногласия на фоне украинского кризиса помешали российским поставкам в регион, пишет WSJ. Решение Германии по поэтапному отказу от ядерной энергетики после аварии на АЭС "Фукусима" в Японии также сделало страну важным покупателем угля в США, в основном из-за дешевизны товара. "До финансового кризиса Европа была готова поддерживать окружающую среду, но когда начались проблемы в экономике, она была не совсем готова соглашаться на высокую цену за энергетику", так что потребители энергии вернулись к углю, говорит аналитик Morningstar Inc Дэниел Рор. С 2003 г. поставки американского угля в Германию выросли до более чем 15 млн т с менее чем 1 млн т. Представитель E.on, одного из крупнейших в Европе энергоконцернов, говорит, что компания теперь покупает более 4 млн т угля в год в США по сравнению с 800 000 т в 2010 г. E.on управляет электростанциями в ряде европейских стран. Хотя продажи угля снижаются в последние недели из-за более высоких объемов запасов, представители угольной промышленности США ожидают, что Евросоюз станет хорошим долгосрочным выбором. Несколько американских горнодобывающих компаний, в том числе Foresight Energy LLC и Arch Coal недавно открыл новые офисы продаж на континенте. Большая часть угля, поставляемого в Евросоюз, - с высоким содержанием серы, добывается из мощных угольных пластов в Иллинойсе и Индиане. Он грузится на баржи и отправляется на 800 миль вниз по реке Миссисипи к терминалу в Мексиканском заливе. Оттуда он пересекает Атлантический океан и попадает к таким людям, как Дэйв Докер, руководитель закупок топлива в британской компании Drax Group, которая покупает около 9 млн т тонн угля в год на мировых рынках. Как рассказал Докер WSJ, уголь из Иллинойса и Индианы, использования которого избегают даже в некоторых местах в США из-за высокого содержания серы, - это менее дорогая альтернатива углю из близлежащих европейских шахт, даже с учетом транспортных расходов. По словам Фила Гонэта, президента угольной ассоциации Иллинойса, держать цены на низком уровне помогает география. "Наш уголь легко извлечь, и мы находимся рядом с двумя реками, которые могут доставить уголь в любую точку мира", - отметил он, имея в виду реки Миссисипи и Огайо. Гонэт утверждает, что уголь из бассейна Иллинойса "является жизнеспособным и экономически эффективным альтернативным топливом", учитывая новые технологии очистки, которые удаляют серу из выбросов теплоэлектростанций. Иллинойсский бассейн расположен в штатах Иллинойс, Индиана и частично Кентукки и богат одними из самых мощных в мире угольными пластами, но с высоким содержанием серы и золы. После принятия в 1970 г. Закона о чистоте воздуха, использования такого угля стали избегать. К 2002 г. добыча в Иллинойсе достигла самого низкого уровня со времен Великой депрессии.

24 апреля 2014, 15:46

Frontrunning: April 24

Ukraine forces kill up to five rebels, Putin warns of consequences (Reuters) Obama to Russia: More sanctions are 'teed up' (AP) Vienna Banks Bemoan Russia Sanctions Testing Cold War Neutrality (BBG) GE’s $57 Billion Cash Overseas Said to Fuel Alstom Deal (BBG) GM posts lower first-quarter profit after recall costs (Reuters) Apple Stock Split Removes Obstacle to Inclusion in Dow (BBG) U.S. regulators to propose new net neutrality rules in May (Reuters) U.K. Resurrecting Loans for 95% of Value Seen as Risky (BBG) Obama reaffirms commitment to Japan on tour of Asia allies (Reuters) Bank Cutting Commodities Trade Severs Link With Equities (BBG) The left’s secret club (Politico) Russian social media CEO quits, flees country (AP)   Overnight Media Digest WSJ * The Food and Drug Administration plans Thursday to impose the first federal regulations on electronic cigarettes, eventually banning sales of the popular devices to anyone under 18 and requiring makers to gain FDA approval for their products. (http://r.reuters.com/ruh78v) * Regulators are proposing new rules on Internet traffic that would allow broadband providers to charge companies a premium for access to their fastest lanes. The Federal Communications Commission plans to put forth its rules on Thursday. The proposal marks the FCC's third attempt at enforcing "net neutrality" - the concept that all Internet traffic should be treated equally. (http://r.reuters.com/sah78v) * Primark, a clothing chain whose formula of fashionable looks at rock-bottom prices has proved a hit with UK shoppers, said Wednesday it plans to open its first U.S. store late next year in the former Boston home of the original Filene's Department Store. (http://r.reuters.com/meh78v) * New cars and trucks-including some of the season's hottest sellers-are stacked up outside U.S. factories as auto makers and railroads struggle to overcome delays brought on by winter weather and the rise of production outside the Midwest. The logjams have left dealers short of some popular models, such as the Ford Explorer sport-utility vehicle and Toyota RAV4, ahead of the biggest months of the year for new-car sales. (http://r.reuters.com/buh78v) * Zynga Inc said founder Mark Pincus is giving up his operating role at the videogame company, one of several management changes announced along with first-quarter results that included a 36 percent decline in revenue. Pincus has decided to give up his role as chief product officer. (http://r.reuters.com/heh78v) * Apple Inc in a nod to restive shareholders, added $30 billion to its stock-buyback plan, raised its dividend about 8 percent and declared an unusually large 7-for-1 stock split as it reported strong iPhone sales that defied expectations of a slowdown. (http://r.reuters.com/vah78v) * A surge in prices helped drive down sales of newly built homes in March, the latest indication that the housing market is struggling to regain traction. Sales of new single-family homes fell 14.5 percent from February to a seasonally adjusted annual rate of 384,000, the Commerce Department said Wednesday. That was the lowest annual rate since last July, though the pace for January and February was revised higher. (http://r.reuters.com/weh78v) * Facebook Inc proved its recent advertising windfalls were no fluke, nearly tripling profit on a 72 percent increase in revenue in its first quarter, surpassing Wall Street expectations. Chief financial officer David Ebersman is stepping down from the company two years after he orchestrated one of the largest, and tumultuous, IPOs in history. (http://r.reuters.com/xah78v) * Chobani Inc reached a deal for a $750 million investment from private equity firm TPG, as the maker of Greek yogurt prepares for a potential initial public offering and expands into other products such as cooking ingredients and desserts. (http://r.reuters.com/zah78v) * A federal bankruptcy watchdog overseeing TelexFree's Chapter 11 case found compelling evidence of fraud, dishonesty and gross mismanagement and asked a judge to order the appointment of a trustee to take control of the company. TelexFree has been accused of illegally operating a $1 billion pyramid scheme targeting Brazilian and Dominican immigrants. Most of the company's leadership and several of its promoters have been charged with civil fraud by the Securities and Exchange Commission. (http://r.reuters.com/rah78v)   FT Warren Buffett, whose Berkshire Hathaway Inc is the Coca-Cola Co's largest shareholder, said the U.S. beverage company's equity pay plan was "excessive" but abstained from voting on the scheme on Wednesday. Mark Pincus, founder of troubled games maker Zynga Inc , is stepping out of day-to-day work at the company as it seeks to remake itself. A surprise 17 percent jump in iPhone unit sales, driven by China, helped Apple Inc beat revenue expectations for the first quarter, lifting shares by 8 percent. Facebook Inc, the world's largest social network, posted first-quarter results that sent its stock up 4 percent in after-hours trading, quelling recent doubts over its ability to make money on mobile. Boeing Co raised its full-year earnings expectations and posted results ahead of analysts' expectations for the first three months of the year, as Chief Executive Jim McNerney said the aerospace and defence group was braced for "significant and sustained growth".   NYT * New York's financial regulator filed a lawsuit against a subprime auto lender, accusing it of violating certain provisions of the Dodd-Frank financial overhaul act. The complaint filed in Federal District Court in Manhattan, contends that Long Island-based Condor Capital Corporation siphoned millions of dollars away from the accounts of unwitting borrowers. (http://r.reuters.com/nah78v) * The principle that all Internet content should be treated equally as it flows through cables and pipes to consumers looks all but dead. The Federal Communications Commission said on Wednesday that it would propose new rules that allow companies like Walt Disney Co, Google Inc or Netflix Inc to pay Internet service providers like Comcast Corp and Verizon Communications Inc for special, faster lanes to send video and other content to their customers. (http://r.reuters.com/qah78v) * Going further than any state so far, Vermont on Wednesday passed a law requiring the labeling of foods that contain genetically engineered ingredients. Though the move came in a tiny state far from the nation's population centers, proponents of such labeling immediately hailed the legislative approval as a significant victory. (http://r.reuters.com/ceh78v) * The Justice Department's criminal division, which oversees some of the biggest investigations into Wall Street and corporate crime, is adding to its ranks. Marshall L. Miller, a longtime federal prosecutor in Brooklyn, was named to the criminal division's No. 2 spot. (http://r.reuters.com/keh78v) * Amazon.com Inc will stream a selection of HBO series, mini-series and original movies as part of its Prime subscription service, the latest alliance between technology and entertainment companies trying to capture viewers who are moving online. (http://r.reuters.com/neh78v) * Mark Pincus, the founder of Zynga Inc, is stepping back from the once-hot social gaming company as its new leader seeks a turnaround. Zynga said that Pincus decided to give up all operational responsibilities at the company, though he will remain its chairman and largest shareholder. (http://r.reuters.com/qeh78v)   Canada THE GLOBE AND MAIL * Canada's Conservative government is launching a national discussion of proposed new pension plans that share the investment risk between employers and employees. (http://r.reuters.com/byj78v) * No damage was reported after a 6.7 magnitude earthquake hit off the northern coast of Vancouver Island on Wednesday night. The U.S. Geological Survey reported that the epicentre was about 94 kilometres south of Port Hardy and struck at a depth of 11 kilometres. (http://r.reuters.com/nyj78v) Reports in the business section: * McDonald's Canada has suspended further use of the temporary foreign worker program after criticism that several franchises at the fast-food chain were favouring foreign workers over seemingly qualified Canadian applicants. (http://r.reuters.com/gyj78v) NATIONAL POST * As Philippe Couillard and his Liberal cabinet were sworn in Wednesday at the legislature in Quebec City, the prominent place given the Canadian flag and the lieutenant governor - the Queen's representative - made it plain that the Parti Quebecois era was over. (http://r.reuters.com/syj78v) * Canada, which has long blocked discussion of Arctic issues at NATO, is under increasing pressure from allies to drop its resistance and come up with a co-ordinated response to Russia's aggressive militarization in the Far North. (http://r.reuters.com/tyj78v) FINANCIAL POST * Almost never has an activist investor expressed such love for a company's management and strategy as Bill Ackman's cross-border crush on Valeant Pharmaceuticals International Inc . (http://r.reuters.com/mak78v) * Crescent Point Energy Corp has signed an agreement to buy CanEra Energy Corp, a privately held oil and gas producer in southeast Saskatchewan, in a deal valued at C$1.1 billion, including debt. (http://r.reuters.com/zak78v)   China CHINA SECURITIES JOURNAL - Another 10 companies have announced plans to list on China's equity markets, bringing the total number of firms planning listing to 75. - Total profit of state-owned companies reached 311 billion yuan ($49.86 billion) in the first quarter of this year, up 3.4 percent from a year earlier, the State-owned Assets Supervision and Administration Commission said. SHANGHAI SECURITIES NEWS - The China Securities Regulatory Commission said it would perform random checks on companies seeking initial public offering to ensure that the information disclosed in their prospectus are accurate. - China State Construction Engineering Corp's 2013 net profit rose 29.6 percent to 20.4 billion yuan ($3.27 billion) and said it expects newly signed contracts in 2014 to reach more than 1.2 trillion yuan. CHINA DAILY - There will be an oversupply of office space in China in the coming three years, with second-tier cities being hit first, industry analysts said. - China's household consumption may rise to as high as 50 percent of gross domestic product by 2020, compared with 35 percent today, findings from Nielson Holdings BV showed. The increase will create investment opportunities in second-and third-tier cities. SHANGHAI DAILY - China is on track to meet mandatory targets on cutting pollution and improving energy efficiency by 2015, a state planning official said, after the program had fallen behind due to strong economic growth in 2011 and 2012.   Britain The Telegraph INDEPENDENT SCOTLAND HAS PARALLELS WITH ICELAND, WARNS S&P Scotland could end up with a banking system much like that of Iceland on the eve of the financial crisis if it votes for independence, according to a warning from one of the world's leading rating agencies. (http://link.reuters.com/dyg78v) REPORT INTO CO-OP BANK FAILURE TO BLAME GOVERNANCE The Co-op Bank's near collapse will be blamed on the struggling lender's poor governance, in a report to be published next week by a former senior civil servant. (http://link.reuters.com/fyg78v) The Guardian BARCLAYS FACES ROUGH RIDE AT AGM OVER TAX HAVENS AND BANKERS' BONUSES Barclays is braced for a stormy annual shareholder meeting on Thursday with protesters pledging to question its role in tax havens, funding of coal mines and the 9 billion pounds ($15.10 billion) of bonuses paid out to its investment bankers since the financial crisis. (http://link.reuters.com/hyg78v) ROYAL MAIL IN SPOTLIGHT AGAIN AS MPS QUESTION BANKERS WHO HANDLED SELL-OFF The Royal Mail privatisation will be the subject of fresh scrutiny by Members of Parliament next week when bankers from Goldman Sachs and UBS - which handled the sell-off of the 500-year-old institution - are summoned to give evidence to a high-profile parliamentary committee. (http://link.reuters.com/gyg78v) PRIMARK TO ENTER U.S. MARKET WITH BOSTON STORE Primark, the fashion store that brought the 3 pound jumper dress to the British shopper, is to open in the United States as it attempts to become a global chain. (http://link.reuters.com/qyg78v) The Independent PATISSERIE VALERIE OWNER HOPES TO RAISE 33 MLN STG IN LONDON FLOAT Serial entrepreneur Luke Johnson, the owner of Patisserie Valerie, is returning to the stock market with the planned 170 million pound flotation of the cafe chain on London's junior AIM exchange. (http://link.reuters.com/jyg78v) SPORTS DIRECT GOES ON THE ATTACK AFTER MIKE ASHLEY BONUS VOTE Mike Ashley's Sports Direct has launched an attack against its institutional investors, warning of "further uncertainty" after they refused to back a multimillion-pound payout to the billionaire founder. (http://link.reuters.com/pyg78v) DRAX TUMBLES OVER GOVERNMENT U-TURN ON SUBSIDY TERMS Shares in Drax Group fell 10 percent after the government said a new subsidy scheme would only apply to limited part of its plan to convert much of its giant coal-fired plant into biomass burners. (http://link.reuters.com/myg78v) ($1 = 0.5960 British pounds)     Fly On The Wall 7:00 AM Market Snapshot ANALYST RESEARCH Upgrades Aixtron (AIXG) upgraded to Neutral from Underweight at HSBC Apple (AAPL) upgraded to Buy from Outperform at CLSA Asbury Automotive (ABG) upgraded to Buy from Hold at BB&T Ciena (CIEN) upgraded to Buy from Neutral at UBS Cullen/Frost (CFR) upgraded to Market Perform from Underperform at Keefe Bruyette Ericsson (ERIC) upgraded to Outperform from Market Perform at BMO Capital First Midwest (FMBI) upgraded to Buy from Neutral at Guggenheim Goodyear Tire (GT) upgraded to Conviction Buy from Buy at Goldman HMS Holdings (HMSY) upgraded to Outperform from Perform at Oppenheimer Hawaiian Holdings (HA) upgraded to Neutral from Underperform at BofA/Merrill M&T Bank (MTB) upgraded to Buy from Hold at Deutsche Bank MicroStrategy (MSTR) upgraded to Buy from Hold at Deutsche Bank NuStar Energy (NS) upgraded to Buy from Hold at Stifel O'Reilly Automotive (ORLY) upgraded to Strong Buy from Market Perform at Raymond James Republic Airways (RJET) upgraded to Neutral from Underperform at BofA/Merrill Southwest Bancorp (OKSB) upgraded to Outperform from Market Perform at Raymond James TriQuint (TQNT) upgraded to Outperform from Market Perform at Northland Securities Downgrades AT&T (T) downgraded to Long-Term Buy from Buy at Hilliard Lyons Canadian National (CNI) downgraded to Market Perform from Outperform at BMO Capital Core Laboratories (CLB) downgraded to Underweight from Overweight at Morgan Stanley First Industrial Realty (FR) downgraded to Hold from Buy at KeyBanc Randgold Resources (GOLD) downgraded to Neutral from Overweight at HSBC Southern Copper (SCCO) downgraded to Neutral from Buy at BofA/Merrill Susser Holdings (SUSS) downgraded to Neutral from Outperform at Macquarie Xilinx (XLNX) downgraded to Neutral from Outperform at Credit Suisse Initiations NXP Semiconductors (NXPI) initiated with an Outperform at BMO Capital Nord Anglia (NORD) initiated with an Overweight at JPMorgan Xerox (XRX) initiated with a Positive at Susquehanna YY Inc. (YY) initiated with a Buy at Maxim COMPANY NEWS Apple (AAPL) announced several capital actions, including a $30B increase in its share repurchase authorization, an 8% increase in its quarterly dividend to $3.29 per share and a 7-for-1 stock split that will take effect in June. Apple's quarterly iPhone sales totaled 43.7M, topping estimates, while iPad sales disappointed Facebook (FB) said CFO David Ebersman will step down and will be succeeded by David Wehner, currently the company's VP, Corporate Finance and Business Planning. Facebook announced that its mobile daily active users totaled 609M at the end of Q1, and the company's revenue from advertising grew 82% to $2.27B, with 59% of its ad revenue coming from mobile. The company also said Messenger, Instagram both reached 200M monthly active users in Q1 Qualcomm (QCOM) disclosed receipt of a "Wells Notice" from the SEC that the SEC has made a preliminary determination recommending the filing of enforcement action against the company related to anti-bribery violations Zynga (ZNGA) announced that founder Mark Pincus will move on from his role as Chief Product Officer but continue to serve as chairman of the company's board Ericsson (ERC) announced the division of business unit networks into two units Men's Wearhouse (MW) extended its tender offer for Jos. A. Bank (JOSB) to May 7 Herbalife (HLF) said ABC report raises questions Ackman should answer EARNINGS Companies that beat consensus earnings expectations last night and today include: Wyndham (WYN), NorthWestern (NWE), Alamos Gold (AGI), Cabot Microelectronics (CCMP), Starwood Hotels (HOT), Helmerich & Payne (HP), Diamond Offshore (DO), Potash (POT), Cash America (CSH), Stanley Black & Decker (SWK), Aetna (AET), Time Warner Cable (TWC), VASCO Data Security (VDSI), Logitech (LOGI), NXP Semiconductors (NXPI), Northfield Bancorp (NFBK), TriState Capital (TSC), O'Reilly Automotive (ORLY), Teradyne (TER), Orrstown Financial (ORRF), PTC Inc. (PTC), Sun Bancorp (SNBC), Oceaneering (OII), Brookline Bancorp (BRKL), First Interstate (FIBK), Service Corp. (SCI), Eagle Bancorp (EGBN), CVB Financial (CVBF), Equifax (EFX), MKS Instruments (MKSI), Infinera (INFN), Callaway Golf (ELY), CoStar Group (CSGP), West Corp. (WSTC), Financial Institutions (FISI), Selective Insurance (SIGI), Lam Research (LRCX), Fortinet (FTNT), Apple (AAPL), Aspen Insurance (AHL), Tyler Technologies (TYL), Allied World (AWH), Flowserve (FLS), Exponent (EXPO), Hudson Technologies (HDSN), Ferro (FOE), E-Trade (ETFC), Assurant (AIZ), Symetra Financial (SYA), Everest Re (RE), Polycom (PLCM), Citrix (CTXS), Robert Half (RHI), F5 Networks (FFIV), TriQuint (TQNT), Allegiant Travel (ALGT), LSI Corp. (LSI), On Assignment (ASGN), Align Technology (ALGN), Oritani Financial (ORIT), Facebook (FB), Qualcomm (QCOM) Companies that missed consensus earnings expectations include: Invacare (IVC), PulteGroup (PHM), Dunkin' Brands (DNKN), Colfax (CFX), WESCO (WCC), Patterson-UTI Energy (PTEN), Safeguard Scientifics (SFE), CARBO Ceramics (CRR), Novartis (NVS), Old Second Bancorp (OSBC), The Bancorp (TBBK), TAL International (TAL), LPL Financial (LPLA), NewMarket (NEU), Morningstar (MORN), Graco (GGG), Kaiser Aluminum (KALU), Churchill Downs (CHDN), Susquehanna (SUSQ), Ingram Micro (IM), Xilinx (XLNX), Electro Scientific (ESIO), Cheesecake Factory (CAKE), Varian Medical (VAR), IPC The Hospitalist Co. (IPCM), Interface (TILE), ResMed (RMD), Famous Dave's (DAVE), Safeway (SWY), Fusion-io (FIO), SunCoke Energy (SXC), Monarch Casino (MCRI), Chicago Bridge & Iron (CBI), Texas Capital (TCBI), Greenhill & Co. (GHL), Datawatch (DWCH), United Stationers (USTR), Tractor Supply (TSCO), Stryker (SYK), Rocky Brands (rcky) Companies that matched consensus earnings expectations include: Eli Lilly (LLY), Sequans (SQNS), Core Laboratories (CLB), Blackhawk (HAWK), Innovative Solutions (ISSC), Angie's List (ANGI), Zynga (ZNGA), ServiceNow (NOW) NEWSPAPERS/WEBSITES FDA to impose first federal regulations on e-cigarettes (MO, LO, PM, RAI, VGR), WSJ reports Publicis (PUBGY) sees U.K. tax approval in Omnicom (OMC) deal, WSJ reports General Electric (GE) in talks to buy Alstom, Bloomberg says Alstom says 'not aware' of any potential bid by General Electric (GE), WSJ reports Buffett (BRK.A): Moving oil by rail safely major industry concern, Reuters reports General Motors (GM) says it has shipped 'thousands' of replacement ignition switches, Reuters says Nokia (NOK) to not include India phone plant in Microsoft (MSFT) deal, Bloomberg says SYNDICATE Agios Pharmaceuticals (AGIO) 2M share Secondary priced at $44.00 Hannon Armstrong (HASI) 5M share Secondary priced at $13.00 New Source Energy (NSLP) 3M share Secondary priced at $23.25 Parametric Sound (HEAR) files to sell $45M in common stock Sarepta (SRPT) 2.65M share Secondary priced at $38.00 SunCoke Energy Partners (SXCP) files to sell 2.8M common units Tsakos Energy (TNP) 11M share Spot Secondary; price range $7.25-$7.50 Yingli Green Energy (YGE) files to sell 25M ADSs    

18 февраля 2014, 11:18

Утренний брифинг от Saxo Bank: обзор рынков на 18 февраля 2014 года

Форекс: Евро торгуется смешанно  Этим утром евро демонстрирует разнонаправленную динамику относительно своих главных валютных соперников. Учитывая оптимистичные данные по ВВП главных европейских экономик с прошлой недели, сегодняшние показатели настроения в Еврозоне и Германии от института ZEW окажутся в поле зрения участников рынка для оценки степени дальнейшего аппетита к риску. Между тем, в США после праздничного выходного дня производственный индекс от ФРБ Нью-Йорка и индикатор рынка жилья от NAHB также станут объектом внимания. В 6 часов утра по GMT евро несколько потерял против американского доллара, торгуясь по цене 1,3704 доллара, и находится на 0,1 процента ниже по сравнению с британским фунтом на отметке 0,8192 фунта. Японская иена снизилась на 0,8 процента по отношению и к доллару США, и евро на фоне сохранения курса политики Банка Японии, а также подтверждения им умеренности темпов восстановления экономики. Австралийский доллар вырос на 0,1 процента относительно американского доллара. В то же время протокол заседания Резервного банка Австралии указал на стабильность процентных ставок в ближайшем будущем. Европа: Рынок откроется в «плюсе» Открытие германского фондового индекса DAX и французского CAC ожидается на 15 пунктов и 2 пункта выше соответственно. Индекс Британской фондовой биржи FTSE100 откроется повышением на 6 пунктов. Публикация индекса экономического настроения Еврозоны и Германии по данным института ZEW; обзора текущей ситуации Германии от института ZEW; счёта текущих операций Еврозоны; числа регистраций новых автомобилей в 27 странах ЕС; торгового баланса Италии; индекса потребительских цен; базового индекса закупочных и отпускных цен производителей; индекса розничных цен и индекса цен на жильё Великобритании от ONS запланирована на сегодня. Air Liquide SA (AI), Gas Natural SDG SA (GAS), Casino Guichard Perrachon SA (CO), Pandora A/S (PNDORA), Enagas SA (ENG), MTU Aero Engines AG (MTX), Metropole Television SA (MMT), InterContinental Hotels Group (IHG), Drax Group (DRX), Dragon Oil (DGO), John Wood Group (WG/) и AZ Electronic Materials Plc (AZEM) отчитаются по результатам своей деятельности Vodafone Group (VOD) подала жалобу на своего испанского конкурента Telefonica SA (TEF), утверждая, что компания нарушает её права на испанском рынке в целях снижения конкуренции в сфере телекоммуникаций, интернета и телевизионных услуг. По словам кенийского подразделения Lafarge SA (LG), спор с правительством относительно контроля над компанией препятствует плану по увеличению производственных мощностей более чем в два раза в течение следующих пяти лет. Согласно Reuters, семья основателей Peugeot SA (UG) одобрила предложенный план по увеличению капитала на три миллиарда евро совместно с китайским партнёром Dongfeng Motors и французским правительством. План, как ожидается должен быть принят Советом Peugeot. Codere SA (CDR) официально отклонила конечное предложение о реструктуризации со стороны её держателей облигаций менее чем за три месяца до истечения срока, когда компании предстояло сделать выбор: согласиться на реструктуризацию или же просить полной защиты от кредиторов. При этом, компания подчеркнула, что план ущемляет права миноритарных акционеров. Основная прибыль BHP Billiton (BHP) в первом полугодии выросла на 31 процент, превысив рыночные прогнозы, причиной чему послужило увеличение объёмов и интенсивное сокращение расходов. Кроме того, компания сообщила о возможном начале выкупа акций в августе. Американский хедж-фонд Anchorage Capital Group купил долг Lloyds Banking Group (LLOY) в размере около 80 миллионов фунтов стерлингов для получения контрольного пакета акций New Century Care (NCC) – одной из крупнейших британских групп социального обслуживания на дому, – передаёт Sky News. Азия: Торги в основном в «зелёном» Этим утром азиатские рынки торгуются преимущественно на положительной территории. В Японии рынки торгуются выше после решения центробанка страны оставить денежно-кредитную политику без изменений. Renesas Electronics (6723) выросли на новостях о начале массового производства усовершенствованных микросхем для автомобилей уже в этом году. Konami Corporation (9766) прибавили в цене после того, как брокер рекомендовал инвесторам покупать акции компании. Toyota Motor (7203) продвинулись вперёд ввиду того, что компания возобновила работу на трёх своих заводах в Японии, которые были приостановлены ввиду сильного снегопада, помешавшего поставке деталей. В 6 часов утра по GMT индекс Токийской фондовой биржи Nikkei 225 торгуется на процента 3,5 процента выше на отметке 14890,9 пункта. В Гонконге Shanghai Fosun Pharmaceutical Group (2196) подорожали в связи с тем, что группа наряду с частной акционерной фирмой TPG Capital планирует приобрести Chindex International приблизительно за 369 миллионов американских долларов. В Китае рынки торгуются в отрицательной зоне после заявления центробанка страны об утечке средств из банковской системы. Ценные бумаги финансового сектора Shanghai Pudong Development Bank (600000), China Minsheng Banking (600016) и China Merchants Bank (600036) зафиксировали убытки. В Южной Корее S-Oil Corporation (010950) упали несмотря на получение тендера на покупку земли у Korea National Oil Corporation. США: Фьючерсы торгуются выше В 6 часов утра по GMT фьючерсы на S&P 500 торгуются на 3,6 пункта выше. Публикация чистого объёма покупок долгосрочных американских ценных бумаг иностранными инвесторами, индекса деловой активности в производственном секторе Нью-Йорка, индекса рынка жилья по данным Национальной ассоциации жилищно-строительных фирм (NAHB) и индекса розничных продаж от Johnson Redbook планируется на сегодня. Coca-Cola Company (KO), Medtronic (MDT), Duke Energy (DUK), Waste Management (WM), Analog Devices (ADI), CF Industries Holdings (CF), Genuine Parts (GPC), Fluor Corporation (FLR), NiSource Inc. (NI) и Flowserve Corporation (FLS) объявят о своих результатах сегодня. Американские фондовые рынки были закрыты вчера по случаю праздника. Сводка последних новостей Банк Японии намерен продолжать прежний курс Банк Японии оставил свою базовую процентную ставку на прежнем уровне – 0,10 процента и сохранил план по годовому увеличению денежной базы с 60,0 триллионов до 70,0 триллионов японских иен. Центробанк также увеличил объёмы программы кредитования, направленной на стимулирование экономики с 3,5 триллиона до 7,0 триллионов японских иен, а также период её действия. До этого срок программы заканчивался в марте 2014 года. Рост прямых иностранных инвестиций в Китае На ежегодной основе объём китайских прямых иностранных инвестиций (FDI) в январе увеличился на 16,1 процента по сравнению с ростом в 3,3 процента месяцем ранее. РБА оставляет процентную ставку без изменений Согласно протоколу последнего заседания по денежно-кредитной политике Резервного банка Австралии (РБА), состоявшегося 4 февраля 2014 года, в ближайшем будущем центральный банк намерен придерживаться стабильной политики относительно процентной ставки в том случае, если экономика продолжит демонстрировать улучшение. Тем не менее, РБА предупредил о сдержанной экономической экспансии в 2014 году, которая сможет восстановиться только к середине 2016 года. Кроме того, рынку труда потребуется время для оздоровления. Южнокорейский PPI идёт вниз На ежегодной основе январский индекс цен производителей (PPI) в Южной Корее упал на 0,3 процента относительно падения на 0,4 процента в предыдущем месяце. Материал предоставлен Saxo Bank

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09 июля 2013, 19:20

Capture Power Ltd says it is sole bidder for EU CCS cash

LONDON, July 9 (Reuters) - Capture Power Ltd, formed by Alstom SA, Drax Group Plc and BOC Group , is the sole bidder for funding for a carbon capture and storage (CCS) project under a European Commission scheme, it said on Tuesday.

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01 мая 2013, 13:00

Weir Group chairman sets resignation plan

Lord Smith to be replaced by Drax Group chairman Charles Berry at the end of the year as group works through sluggish start for oil and gas unit

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24 апреля 2013, 04:00

Drax Biomass backed by UK Guarantee

Today, Drax Group Plc has announced that private funding for the conversion of their coal-fired power station to biomass will be the first to be underpinned by a UK Guarantee.

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27 марта 2013, 01:09

UK search and rescue sell-off hits turbulence

Minister says Bristow will deliver first-class service but critics air doubts about US company's takeover from RAF and navyThe transfer of the UK's search and rescue service from the military to a Texas-based helicopter company has been criticised by residents of coastal communities, politicians from all the main parties and rescue experts.From 2016 Bristow Helicopters, part of the global Bristow Group, will take over the helicopter search and rescue (SAR) service from the RAF and navy.As part of the £1.6bn 10-year contract, Bristow will operate helicopters from 10 bases around the country with the Department for Transport (DfT) arguing the company's modern aircraft will be faster and more efficient than the Sea Kings that are currently used.But though many military pilots and crew-members are expected to sign up for the Bristow service, there are fears that the ethos of a privatised operation is bound to be different to the much-admired one largely run by the RAF and navy for 70 years.There have also been concerns that the new helicopters would lack the capacity of the Sea Kings. Bristow confirmed yesterday that one of the two types of helicopters it will use will carry fewer casualties.Another hugely controversial aspect is that Bristow will move operations from military bases such as Culdrose in Cornwall and Valley in Anglesey, where Prince William is based as a SAR pilot, to commercial airports.Confirmation that two bases – at Portland in Dorset and Boulmer in Northumberland – will be cut has also caused anger. The government has said it needs to privatise SAR because the Sea Kings are reaching the end of their working lives and the military needs to focus on frontline duties.The transport secretary, Patrick McLoughlin, paid tribute to the RAF and navy. "The service they have provided has been exemplary and the country owes them all an enormous debt of gratitude." But he said Bristow would be able to deliver a "first-class service" with its "state of the art" helicopters.The DfT insisted the new service would be better: "There will be an overall improvement in flying times to incidents of around 20% (from 23 to 19 minutes)."At present, a helicopter can reach about 70% of high-risk areas in the UK search and rescue region within 30 minutes. This would rise to 85% under the new contract. Ten Sikorsky S92s and 10 AgustaWestland AW189s will operate, two per site, at bases around the country. Bristow said 350 new jobs would be created. The contract is also good news for AgustaWestland, which will build half the new fleet in Somerset, and for Newquay airport, where the Cornish service will be based.Bristow said it would be able to provide a "world-class" service. A spokesman confirmed the AW189s have less room for casualties than the Sea Kings. But Bristow said the new machines were faster.What will be tested is whether the ethos will change. Mike Margeson, vice-chairman of Mountain Rescue England and Wales and a team leader at Duddon and Furness in the Lake District, said he was "a little cautious and apprehensive" that the service would be as good. "We tremendously value our relationship with the navy and the RAF. We realise the Sea King fleet is ageing and welcome the investment in new aircraft. We just hope we will have the same service."Richard Drax, Tory MP for South Dorset and a former army officer, accepted Bristow has an "extremely good reputation" but said it was a shame that military expertise would be lost. Closure of the Portland base, which covers one of the busiest shipping and leisure sailing areas in the world, was a "body blow."Bristow Helicopters was founded in the UK by Alan Bristow, a test pilot, war hero and entrepreneur. In 1996 the US company Offshore Logistics bought 50% of the company and later adopted its name.The Bristow group, headquartered in Houston, provides helicopter services across the world. Since 1971 Bristow Helicopters has run civilian search and rescue services in the UK, mainly on behalf of HM Coastguard. Mike Imlach, Bristow Helicopters managing director, indicated that the company would hire service personnel: "The existing expertise and local SAR knowledge is immensely valuable and we will ensure that this is not lost."The Ministry of Defence said personnel who did not wish to leave would be redeployed.PrivatisationMilitaryEconomic policySteven Morrisguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

26 марта 2013, 16:30

Search and rescue contract loss angers UK coastal residents

Concern and disappointment after government announces that Texas-based search and rescue firm will replace RAF and navyThe rescue at the weekend was typically swift and professional. An angler had been swept off the rocks at Trewarvas Point near Helston in Cornwall and, without help, would have been dead within minutes in the surging sea.Rescue 193 helicopter launched from the naval air station at Culdrose and took seconds to spot the man, winch him up and whisk him to the Royal Cornwall hospital."That was typical," said Helston councillor Judith Haycock. "That man would not have had a chance if he had been in the sea for any longer at this time of year. We're proud of the navy's search and rescue service here. Would that man have survived if the helicopter had been based further away? It's a dangerous coast along there."The sight of the red and grey navy Sea Kings clattering out of RNAS Culdrose in Helston is beloved of local people and holidaymakers.There was concern and sadness in the town as the government announced not only the name of the private company that will take over search and rescue (SAR) from the navy and the RAF, but also that the Cornish operation will be moved to Newquay airport.Andrew George, the West Cornwall MP, said he was "very disappointed". He expressed concern that the UK's often wild western approaches would not be as accessible to the new privatised operation and was unhappy that there would be no military influence on the new service.Not surprisingly there was no word from the most famous SAR pilot, Prince William, who is based at RAF Valley on Anglesey in north Wales.The MP for the island, Albert Owen, however, was angry both that there would no longer be military involvement and because the new service would fly not from Valley but from the civilian airport at Caernarfon on the mainland.Owen claimed the move was "purely down to cost" and said it meant that state-of-the-art facilities at Valley would no longer be used for SAR operations. "It's like moving Manchester United from Old Trafford to Accrington Stanley," he said. "All that infrastructure, personnel, capability is being lost."And, as at Culdrose, it meant that a hugely respected military service that local people had great pride in would be lost. "This is a privatisation too far. It is a bad day for search and rescue," said Owen.On the south coast there was anger that the base at Portland in Dorset, currently a civilian service run by the coastguard, was being axed under the plans. Ian Mew, the clinical director for major trauma at Dorset county hospital, said: "It's a great shame. I do feel that lives will be lost because of this."Roger Macpherson, a spokesman for the Save Our Helicopter campaign group in Portland, said he was upset a base was being lost that served one of the busiest shipping lanes and leisure sailing areas in the world. "They just didn't listen to our concerns," he added.Richard Drax, the MP for South Dorset and a former army officer, said: "I simply can't understand the thinking behind the closure of Portland." And though he accepted Bristow has an "extremely good reputation" it was a shame that military expertise would be lost.A key element of the new service is bound to be how it works with organisations including the RNLI and mountain rescue teams.Mike Margeson, vice chairman of Mountain Rescue England and Wales and a team leader at Duddon and Furness in the Lake District, said it was "a little cautious and apprehensive" that the new service would be as good as the largely military one.In Scotland SAR operations at RAF Lossiemouth will cease and instead the new service will operate out of Inverness airport.Jonathan Hart, chairman of the Mountain Rescue Council of Scotland, the umbrella body for the country's 27 volunteer, dog, police and RAF rescue teams, said the appointment of Bristow was "very welcome", arguing the new helicopters would be more agile, faster and more capable than the MoD's fleet of ageing Sea Kings.Unlike Sea Kings, the new helicopters would be able to fly higher, taking them over mountain ranges, because they had modern de-icing equipment.Siting one of the Bristow bases at Inverness airport would also be far better for many mountain rescue teams in the north and Highlands, he said. "Introducing new, modern airframes is good news for everybody, whether your mountaineering or whether you're involved in a road traffic collision," Hart added."They can get you to hospital faster, they can fly over mountains rather than round them because of the de-icing equipment."Individual mountain rescue teams remain very nervous about how Bristow's service will respond to very difficult weather conditions, or complicated and lengthy rescues.Staff fear the privatised service will mean the company will be much more reluctant than RAF and Royal Navy aircrews to agree to particularly costly or risky rescues because of the threat to their profits: military aircrew are trained and keen to undertake dangerous missions.Willie Anderson, chairman of Cairngorms mountain rescue team, one of the UK's busiest, said it was unclear how many casualties and rescuers the new helicopters could carry.But the Scottish National party was angry at the move. The Westminster SNP leader and defence spokesman, Angus Robertson, MP said: "The privatisation of military helicopter search and rescue services is misguided. It will end the role of military aircrew from these life-saving flights, which is a bad move."MilitarySteven MorrisSeverin Carrellguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

19 февраля 2013, 21:30

Coastguard chief 'gagged' over search and rescue privatisation

South Dorset MP Richard Drax complains of government ban on coastguard agency head Sir Alan Massey discussing schemeThe government has been accused of gagging the chief executive of the coastguard agency over the privatisation of the search-and-rescue helicopter service.A Tory MP on Tuesday claimed ministers were acting in an "almost Orwellian" way by banning the head of the Maritime and Coastguard Agency, Sir Alan Massey, from discussing the scheme with him.Richard Drax, MP for South Dorset, has been trying to speak to Massey about the privatisation project under which the largely military operation would become entirely civilian – and close the helicopter base at Portland in his constituency.But he received an email in which Massey said he had been told by the government not to talk about the matter.It said: "I fully understand your wish to speak with me about an issue that I know causes you great concern."[The] minister has, however, determined that he does not wish me, as an official, to re-engage on a matter on which the government (and he personally) has made its position clear."Massey, a navy vice-admiral who commanded warships including Ark Royal, said the coastguard agency had not been involved in decisions relating to the search-and-rescue service but had provided "operational and technical advice".Drax, a former army officer, has written to the transport minister, Stephen Hammond, asking him if he had banned agency officials from speaking to him.He said: "I find it quite extraordinary that an MP should be prevented from speaking to anyone on behalf of his constituents. It really is almost Orwellian and totally out of character with Conservative policy and principles."Drax felt he and his constituents were being treated with "disdain" by the government and he believed it was crucial he spoke to Massey before the "disastrous decision" to shut Portland came into effect.This spring the government will announce the name of the private contractor or contractors that will be charged with providing search-and-rescue capability – helicopters and staff – for 10 years from 2016.Search-and-rescue experts, doctors, workers in the maritime industry, and people who have been rescued fear a civilian service will not be as effective as the one now provided mainly by RAF and Royal Navy pilots, crew and ground staff.There are also worries that plans to cut two of the 12 search-and-rescue bases, including Portland, dotted around Britain's coastline will leave some areas exposed, particularly in the Channel. The government claims faster, better helicopters will provide an improved service.Drax has said he had been told by workers within the service that the closure of Portland, which covers one of the busiest shipping and marine leisure areas of the world, would lead to more lives being lost. The Portland base is one of four run by the agency while the navy and RAF operate the other eight.In his letter to Hammond, Drax says: "When someone dies off our coast because a helicopter did not reach them in time, I'm afraid this government will be held responsible."Louise Ellman, the chair of the Commons transport select committee, said: "I'm concerned about this issue and I hope the minister can reconsider Richard's request."Roger Macpherson, a spokesman for the Save Our Helicopter campaign group in Portland, said: "Richard Drax is the elected MP for South Dorset and as such, has the right to question decisions that affect his constituents. I find this gagging order a disturbing tactic in what I have always believed to be a country that leads the world in democracy."A spokesman for the Maritime and Coastguard Agency confirmed Massy had received a request from Drax and had replied to it but referred any further questions to the transport department.The DfT said: "The minister's view was that in light of numerous exchanges at ministerial level on this issue, including meetings with the previous secretary of state and the prime minister, there was no further ground to cover. The closure of the Portland base is something the government has made its position clear on and Mr Hammond met Mr Drax in early December to discuss these issues in depth. A further engagement with the MCA was therefore deemed to be unnecessary at this stage."PrivatisationTransport policyEconomic policyTransportConservativesRoyal NavyWater transportEmergency servicesSteven Morrisguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

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31 января 2013, 20:58

Privatisation of UK's search-and-rescue helicopters raises safety and job fears

RAF, navy and coastguard's search and rescue operations will be privatised under Department for Transport's £3bn contractWith a smile and a thumbs-up, Warrant Officer aircrewman Ian "Zippy" Thompson spins out of a Sea King helicopter hovering high above a cargo ship that is lurching in the choppy seas off Lizard, mainland Britain's most southerly point.The winchman avoids a whipping aerial and lands with a bit of a thump on the stern of the vessel (his colleagues later tease him that he left a dent in it). This is a practice rather than a real "shout", and after a meet and greet with the crew, Thompson is hauled back up, his grin as wide as that of the children's television favourite he is nicknamed after.A wave to the cargo ship and the helicopter banks away to find an even trickier spot off the Cornish coast for Zippy to winch down to. Is it scary? "It can be but it's fun," says Thompson. Why do it? "Simple: job satisfaction."The Royal Navy is celebrating its 60th year of search and rescue operations in the UK (the RAF marked its 70th anniversary last year). Both services have fantastic histories and are packed with great characters. But the days of their distinctive, and much loved, grey and navy helicopters, and the yellow RAF ones, are numbered.This spring the Department for Transport is due to award a 10-year £3bn contract to a private company or companies to run SAR services in the UK.There is sadness in the Navy and RAF that from 2016 a service they are hugely proud of will go private. Among other groups involved in search and rescue there are concerns that a commercial operation will be different to the tried and tested military one, and that fundamental changes are being rushed through without consultation.While Thompson and the crew had a debrief at Royal Naval Air Station Culdrose, Lieutenant Commander Stu Cantellow led the way to a hangar where mechanics were working on some of 771 Squadron's eight Sea Kings. These machines are one of the main reasons the government gives for privatising the service.The Sea Kings came into service in the early 70s and are due to be retired in March 2016. Cantellow said it was increasingly difficult to keep them in operation; for every hour in the air they need 30 hours of maintenance, and spares, particularly for the tail rotors, are harder to come by. To extend the life of the 18 Sea Kings in the eight military search and rescue bases for two years would cost £300m.Commander Graham "Sharky" Finn, national head of Royal Navy search and rescue, said the Sea Kings came into service in the year he was born. "I've been told I'm an old fart so that must make the aircraft an old fart," he said.The government also says, following its experiences in Afghanistan, that the Ministry of Defence no longer believes it gains "operational advantage" from military personnel doing search and rescue work in the UK. "The reality is the military moves on," said Finn. "We're in a period of redefining the military, not just through defence cuts but redefining what it is we are delivering."Finn said the service had provided great publicity for the armed services. "It's a bit like seeing guardsmen in London or the Red Arrows," he said. "In the past it's been very good PR for the Royal Navy and the RAF."It certainly has been. The military search and rescue teams respond to about 2,000 callouts a year. Last year Culdrose was scrambled 249 times and helped rescue 235 people. Shouts included the disastrous Fastnet yacht race of 1979 when 21 people died but more than 100 were rescued, and the Boscastle floods in 2004 when about 150 people were saved.Tales abound of lesser-known acts of bravery, such as that of Chief Petty Officer Dave Rigg who, after being winched down on to a Spanish ship 150 nautical miles off Land's End, stemmed the blood gushing out of a sailor cut by a flying metal cable by binding his wound with kitchen cling film before winching him up to a Sea King.Finn said the new services would be just as good: the helicopters better, the crews as professional. "You'd be doing a disservice to civilian pilots to suggest they wouldn't go as far as military pilots. The ethos is saving life. It's highly likely people here will be serving in the future capability."Many military jobs will be affected. At Culdrose, 771 Squadron has about 50 crew, including pilots, observers and winch people, as well as more than 100 engineers, military and civilian. It employs civil servants, logisticians and survival equipment specialists.At its sister base, HMS Gannet near Glasgow, there are about 27 Navy personnel and Royal Marines and another 75 civilians. The RAF's 22 and 202 squadrons are bigger with about 200 crew plus engineers and support staff.The navy and the RAF know they will lose skilled staff to whoever wins the contract. But both are bullish, saying their people who stay will find other jobs within helicopter fleets.Navy personnel are likely to be least affected as, for them, SAR is used as a short-term "respite" tour to give frontline crew time in the UK. RAF search and rescue has been more of a long-term career choice. But aircrew may be able to sign on to the support helicopter fleet – the Chinooks, Pumas and Merlins.An RAF spokesman said: "Decisions will be made based on the manpower requirements of the RAF at that time."The move towards privatisation has been troubled. Under the last Labour government the plan was for a privately run SAR service involving military and civilian crews. The private finance initiative process collapsed in February 2011 because of irregularities in the procurement deal.In November 2011 the government announced another solution – a shorter contract for a private firm, or several, to replace the service provided by the navy and the RAF at eight bases and the Maritime & Coastguard Agency (MCA), which runs SAR from four bases.The government said two SAR bases – RAF Boulmer in Northumberland and MCA Portland in Dorset – would be cut. It said faster, more modern, helicopters would provide the same or an improved service from 10 rather than 12 bases.It divided the service. Lot one is to be delivered in or near Sumburgh in Shetland, Stornoway on the Isle of Lewis, Valley on Anglesey (where Prince William is based), Leconfield in the East Riding of Yorkshire, and Culdrose in Cornwall.Lot two will be near Lossiemouth in north-east Scotland, Prestwick, near Glasgow, Wattisham in Suffolk, Chivenor in Devon and Lee-on-the-Solent, Hampshire. Companies were invited to bid for one or both lots.The contract does not specify the number or type of helicopter that must be provided but sets "key user requirements" (KURs) such as taking off within 15 minutes of "shouts" between 8am and 10pm each day and 45 minutes during the night, being able to reach "very high" or "high-risk" areas within 60 minutes of takeoff, and having its "capability" available for at least 98% of the time.The contractors will be paid monthly in arrears and will incur financial penalties if they fail to meet their KURs.The contract includes clauses that would be foreign to experienced military personnel – all crews are to have criminal record checks, for example, and the companies will have to inform the government of impending industrial action.Modelling done for the government has concluded that helicopters reach 70% of very high, high and medium risk areas within 30 minutes but this would rise to 85% under the new system. It says average flying time would decrease from 23 minutes to 19.Critics are not so sure. Concerns about the future service include the size and range of the helicopters. The RAF's Sea Kings carry up to 17 passengers, the navy ones 10. Under the new contract, lot-one helicopters have to be able to take a minimum of eight survivors, and for lot-two it would be four.There is anxiety within the rescue community that reduced capacity may make it more difficult to suddenly get lots of people out of perilous situations – for example if a large ship were to sink, or a community, such as Boscastle, were hit by flooding.Range could also be an issue. The Sea Kings can go between 200 and 250 nautical miles without refuelling (which includes the ability to hover for 30 minutes at the site of the rescue). Lot-two helicopters – including those that will replace the naval base HMS Gannet at Prestwick, near Glasgow, which also covers Northern Ireland – are only required to have a range of 170 nautical miles.It is not surprising that Scottish volunteer rescue teams have strong opinions on the changes. Recently the Guardian joined a group training in the Cairngorms, working in sub-zero temperatures, with blizzards pushed by winds gusting to 75mph.At more than 900 metres (3,000ft) above sea level, the weather changes sharply and suddenly for the worst: in minutes, as the team practised evacuating a fallen climber by stretcher, bright sunshine morphed into blizzard conditions. A heavy bank of snow obliterated contours. Visibility was cut to just metres.Despite the weather, the rescue team was convinced military helicopters would have tried to land. In these conditions, a helicopter's ability to swiftly reach hospital could mean life or death for an injured climber. The alternative is a slow, painstaking, walk through arctic conditions to reach a road: it could take 24 people to do that job, three teams of eight taking it in turns to carry the casualty.The volunteers expect the first generation of crew for the privatised service will be former military, highly experienced and knowledgeable. But they are concerned about the financial and commercial interests of their employers and the skills of personnel hired later on. They ask if crews will be stopped from taking risks with expensive aircraft, or wonder if firms will balk at the time needed for complex operations.Missing climber searches in Scotland's mountain regions can take several days. They believe the military crews are trained to take risks, committed to tackling weather conditions and the dangerous gullies and corries that few commercial pilots would. One member of the team said he and his colleagues were "very, very, apprehensive" about privatisation.Helicopters are crucial in inhospitable areas. In 2011 Scotland's mountain rescue teams recovered nearly 700 climbers and walkers, of whom 52 died. In 34% of the 573 incidents, military and coastguard helicopters were used. They reach a vast area, operating all over the Scottish mainland and islands such as Skye, Arran and Mull. The RAF and navy crews also rescue downed military jets.Jonathan Hart, chair of the Mountain Rescue Committee of Scotland, which oversees Scotland's 30 or so mountain rescue teams, was largely positive. More agile helicopters would be used, he said. But he had concerns about the quality and amount of live training with rescue teams that the winning firms would offer.Hart said: "It's not without its challenges but I need to be positive. There are areas we'd want further clarification on: commitment to training, as we move from an MoD service to utilising a privatised service."More generally, there is also concern that under the new scheme helicopters could be required to do less. At present they support local ambulance services, helping with hospital transfers and medical evacuations from land. Between 2009-2011 the Portland helicopter, for example, did 148 such evacuations.The DfT has said it does not want SAR helicopters to carry out the duties of air ambulances but this has caused some concern among doctors.Ian Mew, clinical director for major trauma at Dorset county hospital, said: "The distinction between air ambulance, and search and rescue flights, can't be made as simply as [the government] would like to make out because the SAR helicopters will 'rescue' injured casualties from areas that air ambulances are unable to reach."Because of the coastline, the fact that many casualties in inaccessible areas need to be winched into the helicopter (air ambulances do not have winch facilities) and because the air ambulance will not attempt rescue at sea, search and rescue helicopters are required to undertake medical evacuation of sick or injured casualties from inaccessible coastal areas, and from boats and in the water."On the south coast, there is a campaign to save the coastguard-run base at Portland, where the Tory MP and former army officer Richard Drax claims that its loss might mean not meeting the 60-minute KUR. He said that if the helicopter at Lee-on-the-Solent were just 30 minutes east of its base, it would not be able to get to some areas covered by Portland within the stipulated time. The other nearest bases, Chivenor and Culdrose, would also struggle, even if their helicopters were at their bases and not on other tasks.The government has confirmed that modelling shows that from 2009-11 the average flying time for the Portland helicopter to an incident was 13 minutes. The modelled average response time under the new arrangements would have been 21 minutes.That sort of delay matters. The length of time a person can survive in the sea around Britain depends on factors including marine conditions, clothing and fitness. Figures used in the planning of the new SAR service show that in rough and cold water as many as 75% of people die in the first 15 minutes. Those who survive this first phase may have another 15 minutes before they become so hypothermic they then die.This is a worry for the millions of commercial and leisure sailors who use the busy waters around Portland, not to mention the divers for whom a delay in reaching a recompression chamber, after the bends, could be disastrous.And it is not far-fetched to imagine that the Lee-on-the-Solent helicopter might be busy when something happens in the Portland patch. In 2011 the Lee and Portland helicopters had tasks at the same time on 28 occasions.Another argument is that the English channel is becoming busier. Drax said he had been told by those working within SAR that an extra five to eight people could die every year when Portland goes.The government is confident the new SAR will be an improvement. It says Portland's work will be taken up by Lee-on-the-Solent, and if its helicopter is busy, Chivenor or Culdrose. It accepts it cannot anticipate what could be needed in the future but is "confident, based on historic incident data, that the future service will provide a comprehensive level of SAR cover".On capacity the government says that of the 8,344 rescues between January 2008 and June 2011, only 130 rescued more than three people and 16 more than 10. "In the event of large-scale incidents, the contractor may field additional aircraft as required." And it points out that the lot-one service will still reach out to a maximum of 250 nautical miles.Two companies are competing for the contracts, Bristow and Bond. Bristow provided the UK coastguard's SAR service for 25 years, completing more than 11,500 missions and rescuing nearly 7,000 people. It lost the contract to another operator, CHC, but from July will take over coastguard SAR, again in the north of Scotland. Bond has been providing SAR since 2006, flying more than 790 hours and completing almost 300 tasks. It operates the SAR service for BP in the North Sea.CHC, which has the civilian contract to provide SAR from the four coastguard bases, also tendered, but has been told its bid is not successful. It said it had been told that one rival bid was 20% lower than its offer. That may be worrying to sceptics about the commercialisation of the service but those within SAR point out that winning the contract will be great PR for the company and open the door for contracts around the world so the other two will be keen to put in the most competitive bids they can.It is not known exactly how much the service costs because it is hard to separate the Sea King's SAR duties from their other work. But in the last financial year the coastguard spent about £30m on SAR.There will be a handover period when the military and the new civilian service work together but by 1 January 2016 all the military SAR services will have ended. Ian "Zippy" Thompson is retiring from the navy after 33 years (31 of them flying). 771 Squadron is to be decommissioned. The Sea Kings will be sold off. Some may be bought by governments who think there may yet be a bit of life in them; some may be snapped up by private companies; others may be stripped down and used as attractions. And the comforting clatter of the Sea King's blades, so familiar to British seaside visitors for 40 years, will be heard no more.PrivatisationRoyal NavyRoyal Air ForceEconomic policyAir transportMountainsMountaineeringSeverin CarrellSteven Morrisguardian.co.uk © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds

26 сентября 2012, 17:48

Британия: Крупная электростанция переходит на дрова

Компания Drax Group Plc потратит $1 ярд на то, чтобы перевести свою угольную электростанцию на дрова.  Причем клоунада сопровождается традиционной "зеленой риторикой" и воплями о развитии "возобновляемых источников", но конкретных цифр - например, сколько лесов потребуется вырубать каждый год для этого "зеленого" проекта в этих воплях я не обнаружил, как и указания того, откуда именно Британия собирается эти дрова брать.   Кроме того, Drax отказался комментировать как изменится мощность станции при переходе с угля на дрова :-).     http://www.bloomberg.com/news/2012-09-25/biggest-english-polluter-spends-1-billion-to-burn-wood-energy.html     Biggest English Polluter Spends $1 Billion to Burn Wood: Energy By Kari Lundgren and Alex Morales - Sep 26, 2012 2:10 PM GMT+0400 Facebook Share LinkedIn Google +1 COMMENTS Print QUEUE More than two centuries after coal power helped forge the world’s first industrial economy, Britain is going back to burning wood. Drax Group Plc (DRX) will spend $1 billion to turn the U.K.’s biggest coal-fired plant into western Europe’s largest clean- energy producer. The utility plans to convert one of the site’s six units to burn wood pellets by June, said Chief Executive Officer Dorothy Thompson. It intends to switch two more units to wood at a later date, investments that if completed will see it harvest a forest four times the size of Rhode Island each year. Enlarge image A truck arrives at the Drax Group Plc.'s power station in Selby, U.K., on Friday, Feb. 18, 2011. Photographer: Chris Ratcliffe/Bloomberg “We see a key part of our future as converting from essentially a coal station to a biomass station,” Thompson said in an interview in London. “It will take Drax from being the largest carbon emitter by site in the U.K. to being, probably, one of the largest renewable plants in the world.” Drax jumped as much as 13.9 pence, or 2.7 percent, to 522 pence in London. The stock, which began trading without the right to a 14.4-pence dividend today, was up 0.6 percent at 511 pence as of 10:55 a.m. local time, making it the only company to rise on the STOXX 600 Utilities Index. (SX6P) Drax joins Germany’s RWE AG (RWE) and Dong Energy A/S of Denmark in taking coal-fed plants away from fossil fuels as they strive to meet European Union air-pollution rules and avoid greenhouse- gas costs. The companies’ success or failure may map out a future for coal-fueled plants globally in a carbon-cutting age. Most Polluting Coal, the most polluting fossil fuel, generates about 41 percent of the world’s electricity, while biomass accounts for 1.4 percent, according to the International Energy Agency. Drax plans to spend as much as 700 million pounds ($1.13 billion) through 2017 upgrading its boilers at Selby, northern England, ordering millions of tons of biomass from around the world and building facilities to store the fuel, including four silos each bigger than London’s Royal Albert Hall, a 135-foot (41-meter) high concert venue with an 800-foot circumference. The utility has hired farmers and foresters, designed special railway carriages and is investigating building wood pellet plants in North America, Thompson said. While burning biomass releases carbon dioxide, the EU deems the technology carbon-neutral because trees absorb emissions in a similar proportion to what they release in burning. Opponents argue that it’s hard to ensure enough is being planted to compensate for what is burned. Growing Back “Most companies and governments completely ignore the carbon-dioxide emissions from burning, because they say new trees will grow back and absorb all the carbon again,” said Almuth Ernsting, director of campaigning group Biofuelwatch. “In reality, it takes minutes to burn a tree and many decades for a new tree to grow back and absorb all the carbon again.” The conversion of whole units to burn biomass marks a significant shift for Drax, which until July publicly said it was focused on ramping up volumes gradually over the next two decades, burning biomass with coal, a process known as co- firing. The emphasis changed earlier this year when the government confidentially requested the industry’s view on full conversion. “We decided the government must be looking at that quite seriously if they were going to ask for people’s opinions on it,” Thompson said. As a result, Drax carried out undisclosed trials to see how a unit would react to burning “exceptionally high” levels of biomass, she said. Stock Reaction When the government on July 25 announced incentives that rewarded full biomass conversion over co-firing, the company’s shares plunged 25 percent, with investors still unaware of Drax’s trials. The stock recovered some of its value after the executive team outlined the new strategy on a call with analysts later that day. Drax closed last month at 466 pence, still down 10 percent from July 24. “It was a really incredibly difficult and delicate situation,” Financial Director Tony Quinlan said. “We were not in a position whereby we could give the market some information to say that these unit trials were taking place because it would breach the government confidentiality.” Drax’s current generating capacity is about 4,000 megawatts. If the conversion of half that yields 2,000 megawatts of biomass capacity, it would place Drax on a par with the biggest hydropower plants in the EU, and larger than any existing biomass plant, wind farm or solar park. Drax declined to comment about whether the converted units will replicate the existing capacity. Interesting Investment Drax is “an interesting investment at the current price, but there has to be a leap of faith here,” Dominic Nash, an analyst at Liberum Capital Ltd., said in a telephone interview. “They constructed a story to suit where they found themselves. This will notably impact their share price for next 18 months.” Nash estimates Drax’s profit before tax will drop to 204 million pounds in 2018 from 248.3 million pounds in 2011. Earnings will probably rise through the end of the decade as biomass becomes increasingly profitable, he said. The company had 233 million pounds in cash at the half year and a 100 million-pound debt facility to fund its conversion program. Thompson, who began at Drax seven years ago -- a year after the plant first burned biomass -- is determined to prove the company can overcome the technical risks and regain the trust of investors. Wood pellets are bulkier than coal, need to be kept dry and handled more gently. They can create dust if stored in the open. To deal with this, Drax is building silos out of plastics, foam, steel and concrete, with conveyor floors and capable of holding 700,000 metric tons of biomass. Modify Mills “There’s a need to modify the mills and some parts of the boiler, but not the same scale of capital cost relative to the other infrastructure and supply-chain investments we need to make,” Thompson said. Each unit will burn about 2.3 million tons of biomass annually, meaning the company will need to source 7.5 million tons of biomass by 2017. Drax isn’t alone in seeking to convert from coal to biomass. RWE last year turned its 1,131-megawatt Tilbury facility into a 750-megawatt plant running on wood pellets. Dong Energy, Denmark’s state-controlled utility, said in April that it plans to invest about 500 million pounds to convert three of its coal- and gas-fired power plants to burning the pellets. A typical tree plantation produces about 1 million tons of wood from 200,000 acres annually, enough to make about 500,000 tons of biomass pellets, according to RWE. Using those numbers, Drax’s annual requirement for 7.5 million tons of biomass by 2017 would need plantations totaling 3 million acres. That’s more than four times the size of Rhode Island. Plant Design It’s a challenge, given that collection systems are nascent, pellet plants too small and port facilities lacking. Drax is designing its biomass storage and conveyor belts in a way to minimize the risk of fire. A blaze at a wood-storage facility in February halted generation at Tilbury for four months. As much as 30 percent of the branches, bark and thinned trees that Drax is burning is considered waste and left to rot, Thompson said. The company has secured enough material to supply its first unit and is “confident” of getting enough for the second, due online in 2014, according to Thompson. Drax is working on a strategy for the third unit, which will be converted at a later, undisclosed date, she said. The process also has to be environmentally sustainable. Drax emits at least 70 percent less carbon burning biomass than it does burning coal, Thompson said. Companies burning biomass don’t need to buy carbon credits to offset their emissions under the EU Emissions Trading System as the fuel is considered carbon-neutral. Carbon Emissions Drax’s plant had more than 21 million tons of carbon dioxide output last year, the fourth-highest of any installation in the EU, according to EU-ETS data compiled by Bloomberg. Even after eliminating half those emissions, the station would remain the biggest single emitter in the U.K. and one of the 15 largest in the 27-nation bloc. While controversy may exist, biomass will play a critical role in meeting Britain’s climate-change targets and maintaining the nation’s power supply, Thompson said. About half of Britain’s coal-fired plants are scheduled to close by 2016 and all the nation’s nuclear reactors are due to shut by 2035. The amount of electricity generated by coal-fired stations today is just under 50 percent of the total. Drax generates about 8 percent of the nation’s electricity burning mostly coal, meaning in 2017 about 4 percent of the country’s power will come from burning wood pellets if all goes to plan. That will be baseload generation, capable of producing power 80 to 90 percent of the time, unlike wind farms, which are more variable, Thompson said. “A lot of the infrastructure and capital is already there,” Drax’s Quinlan said. “The beauty of it is you’re taking something that exists already. You’re modifying very efficient coal-fired power stations.”  

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26 сентября 2012, 17:19

Британия: Крупная электростанция переходит на дрова

Компания Drax Group Plc потратит $1 ярд на то, чтобы перевести свою угольную электростанцию на дрова.  Причем клоунада сопровождается традиционной "зеленой риторикой" и воплями о развитии "возобновляемых источников", но конкретных цифр - например, сколько лесов потребуется вырубать каждый год для этого "зеленого" проекта в этих воплях я не обнаружил, как и указания того, откуда именно Британия собирается эти дрова брать.   Кроме того, Drax отказался комментировать как изменится мощность станции при переходе с угля на дрова :-).ИСТОЧНИК

31 августа 2012, 20:13

World's biggest offshore windfarm planned off Scottish coast

Scheme with enough capacity to power 40% of Scottish households has been submitted for planning permissionThe world's biggest offshore windfarm could be built off the northern Scottish coast, after a scheme with enough capacity to power 40% of Scottish households was submitted for planning permission.The £4.5bn complex would have 339 turbines covering 300 square kilometres off Caithness, making it 50% bigger than the giant London Array scheme off Kent. It is expected to be the first in a series of deep water schemes under "Round 3" licensing.The renewable industry has hailed it as a watershed moment but warned these new deep water farms might only be fully realised if the government provides policy stability by pushing through its proposed Energy Bill.The 1.5-gigawatt farm is being developed by Moray Offshore Renewables, a joint venture between Spanish oil company Repsol, and an arm of Portuguese power group EDP, which has recently become partly owned by China's state-owned Three Gorges Corporation.It has already attracted controversy because it is opposed by American billionaire Donald Trump, who says the 200-metre-high turbines will spoil the view from his planned new golf course.Dan Finch, project director for the scheme due to come on stream in 2018, said working more than 12 miles from shore allowed it to take advantage of the excellent wind resource in the outer Moray Firth."We estimate that the project will be capable of supplying the electricity needs of 800,000 to 1m households ... Each year this development could save between 3.5m and 4.5m tonnes of carbon dioxide compared with coal fired generation, and between 1.5m and 2m tonnes of carbon dioxide compared with gas fired generation," he said.The industry body, RenewableUK, said a further 4.5 gigawatts of offshore wind schemes should follow into the planning process this year with a total of 18 gigawatts expected to become operational over the next eight years.But Maria McCaffery, RenewableUK's chief executive, emphasised that this progress could only be achieved if the policy certainty laid out in the upcoming Energy Bill was achieved."We're marking a watershed moment as Round Three starts to become a reality with this planning application. It's the first of many coming forward. As well as delivering secure supplies of low carbon electricity to British homes and businesses, our global leadership role in offshore wind can provide tens of thousands of jobs across the country, building and maintaining these turbines."The Moray Firth wind farm, which will be given significant subsidies, compares with the 1-gigawatt at the London Array, which is currently in the construction phase, and compares with the largest British coal-fired plant, Drax in northern Yorkshire of 4 gigawatts, and the planned new EDF nuclear reactors at Hinkley Point in Somerset with a combined output of 3.2 gigawatts and a bill of at least £10bn.China Three Gorges Corporation acquired a 21% holding from the cash-strapped Portuguese government in Energias de Portugal, EDP, for €2.69bn (£2.13bn). The Beijing-based energy company was responsible for construction of the also controversial Three Gorges Dam-project, the world largest hydroelectric power plant, that went into operation in 2008.Wind powerEnergyRenewable energyScotlandEnergy industryTerry Macalisterguardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds