* No. of Europe CMBS in delinquency highest since 2008 -S&P
* Numbers reflect trend towards extension and default-S&P
LONDON, May 26 (Reuters) – Record numbers of European
commercial mortgage-backed securities (CMBS) faltered in April,
continuing the market’s trend towards extension or default,
ratings agency Standard & Poor’s (S&P) said.
Twelve European CMBS became delinquent in April, the highest
monthly number since 2008, when S&P started covering the market.
The same number of loans were handed to special servicers, also
a monthly high, S&P said late on Wednesday.
Three CMBS were transferred out of special servicing, but
two were settled at a loss, S&P said in a statement. Of the 28
loans maturing in April, eight were repaid in full in the same
month, while eight defaulted.
CMBS are a type of security issued on a portfolio of loans,
each of which is secured by commercial property.
Special servicers oversee troubled loans that have been
securitised into CMBS and can modify the terms of the loan or
takeover the property and sell it.
“April’s loan maturity statistics reinforce the trend toward
extension or default, rather than repayment, in European
CMBS loans,” S&P said, adding recent sales of assets backing
other loans pointed to more potential note losses.
The bulk of CMBS transactions in the Europe, Middle East and
Africa (EMEA) region are secured on commercial properties in the
UK, Germany, and France, while a minority are in Italy, Spain,
South Africa, and the Middle East. [ID:nLDE7112B3]
Recovery in the region’s CMBS market has been hampered by an
acute real estate funding gap — the difference between debt
balances and available refinancing — wrought by a shortage of
available bank capital and a slowdown in economic recovery.
In February, Moody’s said CMBS for non-prime properties in
EMEA, especially the UK, was at higher risks of downgrades this
year as weak credit conditions drag on longer than expected.
[ID:nLDE7112B3]
(Reporting by Brenda Goh; Editing by Andrew Macdonald)
Originally Published On: www.reuters.com – Original Article Here
(CNN) — Heading to the coast this weekend? Take note of the nation’s best sandy stretch: Sarasota, Florida’s Siesta Beach tops the 2011 list of the top 10 beaches in the country.
The annual list, in its 21st year, is produced by Stephen P. Leatherman, director of Florida International University’s Laboratory for Coastal Research.
"Siesta Beach in Sarasota boasts that it has the finest and whitest sand in the world, and I cannot argue with this claim; the powdery sand is nearly pure quartz crystal," Leatherman said in a statement.
Coronado Beach in San Diego and Hawaii’s Kahanamoku Beach on Oahu round out the top three.
Coronado is described in the rankings as "the toast of Southern California" with the historic Hotel del Coronado adding its celebrity appeal and Old World elegance.
Travel Snapshots: Tropical drinks
Kahanamoko Beach offers great swimming for families and children, according to the best beaches list. The beach is named for a gold medal Olympic swimmer, Duke Paoa Kahanamoku, who is credited with bringing surfing to the outside world, according to the best beaches list.
Travel Snapshots: Island escapes
The top 10 beaches for 2011:
1. Siesta Beach in Sarasota
2. Coronado Beach in San Diego
3. Kahanamoku Beach in Honolulu’s Waikiki district
4. Main Beach in East Hampton, New York
5. Cape Hatteras in the Outer Banks of North Carolina
6. St. George Island State Park, Florida Panhandle
7. Beachwalker Park on Kiawah Island, South Carolina
8. Coast Guard Beach in Cape Cod, Massachusetts
9. Waimanalo Bay Beach Park on Oahu, Hawaii
10. Cape Florida State Park in Key Biscayne, Florida
Originally Published On: www.cnn.com – Original Article Here
Peruvian author Santiago Roncagliolo has won the Independent Foreign Fiction Prize for his third novel, Red April.
The writer beat competition from the likes of Nobel Prize-winning Turkish author Orhan Pamuk to become the youngest person to win the prize at 36.
He shares his £10,000 award with the translator of his novel, American Edith Grossman.
The prize is given to a living author whose book has been translated into English and published in the UK.
Roncagliolo's political thriller, translated from Spanish, tells of a Peruvian prosecutor in charge of a murder investigation.
Judge and literary editor at the Independent Boyd Tonkin described Red April as "a novel that will grip, excite, disturb and challenge all its readers".
Roncagliolo said: "The Independent Foreign Fiction Prize closes a wonderful 'British season' for me and my book.
"I am very happy to have won, but I was already honoured to be on the longlist, to be considered in the same league as such amazing writers."
Edith Grossman said: "Translating the work of a fine writer is sheer pleasure: the better the writing, the more satisfying the challenge for the translator.
"I so enjoyed the opportunity to bring the work of Santiago over into English. His use of language is clean and sharp and perceptive, and regardless of the kind of piece he has written, that wonderful quality is constant."
The other authors shortlisted for the prize included Pamuk for his novel, The Museum of Innocence, Norwegian Per Petterson for I Curse the River of Time and Kamchatka by the Argentine Marcelo Figueras.
The Sickness from Venezuelan author Alberto Barrera Tyszka and Visitation, the third novel by German writer Jenny Erpenbeck were also nominated.
Last year's prize went to Philippe Claudel for Brodeck's Report, translated from the French by American John Cullen.
Originally Published On: www.bbc.co.uk – Original Article Here
A painting by LS Lowry that has not been seen in public for nearly 20 years has sold for a record £5.6m at auction.
The Football Match (1949) which depicts hundreds of the artist's signature stick figures had been expected to fetch between £3.5m and £4.5m.
The final sale of £5,641,250, including buyer's premium, at Christie's in London is a record for the artist.
The previous record was set in 2007 when Good Friday, Daisy Nook, (1946) sold for £3.77m.
Lowry, who died in 1976 at the age of 88, was known for his simple depictions of working-class life.
Philip Harley of Christie's described the painting as "the ultimate work for passionate connoisseurs of Lowry's work and of football".
"The large format, panoramic, birds-eye composite view of Lowry's own landscape perfectly captures the spirit and drama of a town gripped by the excitement of the Saturday football match," he said.
The painting toured in London, the US and Paris shortly after it was completed, before entering a private collection in 1950 where it remained for more than 40 years.
Lowry's depiction of one of the streets which inspired ITV soap Coronation Street was also under the hammer at Christie's 20th Century British and Irish Art action on Thursday.
It fetched £445,250 including buyer's premium.
Originally Published On: www.bbc.co.uk – Original Article Here
LOS ANGELES |
LOS ANGELES (Reuters) – Troubled British singer Amy Winehouse is heading back to rehab, her spokeswoman said on Friday.
Winehouse, 27, ironically best known for her 2006 hit “Rehab,” checked herself in to a U.K. clinic on Wednesday prior to playing several summer dates in Europe.
“Amy has embarked on a treatment program at the Priory Clinic,” her publicist Tracey Miller said in a statement. “She wants to be ready for performances in Europe this summer and decided to seek an assessment. She will remain at the Priory on doctor’s advice.”
The Grammy-award winning Winehouse has had an ongoing battle with substance abuse and health issues.
Celebrity website People.com reported on Friday that the move to enter rehab was prompted by her father Mitch Winehouse, who felt his daughter was drinking too much again.
Winehouse has yet to release a follow-up album to her 2006 breakout album, “Back to Black.” Her first new recording since then, “It’s My Party,” appeared on Quincy Jones compilation, “Q: Soul Bossa Nostra,” released last fall.
According to Winehouse’s website she is due to perform at music festivals in Serbia, Turkey, Greece, Spain and other European nations starting on June 18.
She is also expected to be among the singers performing alongside Tony Bennett on his forthcoming album, “Tony Bennett: Duets II,” due out this fall.
(Reporting by Zorianna Kit; Editing by Jill Serjeant)
Originally Published On: www.reuters.com – Original Article Here
Reuters publishes a Western European company diary covering
earnings, shareholder meetings, news conferences and analyst
meetings. Click on [WEU/EQUITY] or type in the code and hit F9.
Please note:
– All events/times provisional and in local time.
– The inclusion of an event does not necessarily mean that
Reuters will file a story based on it
TUESDAY, MAY 31
BRUSSELS – Treasury certificate auction (3, 6 months)
—————————————————–
FOR FURTHER INFORMATION, PLEASE DOUBLE-CLICK ON THE
FOLLOWING CODES:
[BE/DIA] for the long-term Belgian and Luxembourg diary
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Originally Published On: www.reuters.com – Original Article Here
The body behind the Oscars is to replace its mailed ballot system with online voting, according to reports.
In a letter reportedly sent last week to its voting members, the Academy of Motion Picture Arts and Sciences (AMPAS) said an electronic system would be implemented "as early as this year".
Members are believed to have been asked to supply a personal email address.
If mailed ballots are eliminated, the Oscar ceremony could potentially be held earlier than is customary.
That could result in a wholesale foreshortening of the entire US awards season, which traditionally extends from the Golden Globes in early January to the Academy Awards in late February or early March.
Next year's Oscars ceremony has been confirmed for 26 February, so any significant date change would not happen until 2013 at the earliest.
Under the current system, nomination ballots will be mailed to the Academy's 6,000-odd members on 27 December.
Final ballots will be mailed on 1 February 2012 and must be returned within three weeks in order to be eligible.
In 2004, nearly 250 UK-based voting members risked missing the deadline after their ballot papers were lost in the post.
Originally Published On: www.bbc.co.uk – Original Article Here
Synovate Business Consulting (BC), the strategic consulting arm of top four global custom market research firm Synovate, has expanded in the Middle East-North Africa region (MENA), and announced a new top team for MENA.
Karthik Ramamurthy, head of Synovate BC India will now lead Middle East-North Africa (MENA) and India, while Rashid Al Banna, a management consultant with 17 years of experience, will lead Synovate BC operations for the UAE and Kingdom of Saudi Arabia.
Ramamurthy has major growth ambitions for MENA, “We have been remotely servicing clients in MENA for a long time, and to further give impetus to our presence, we have recruited Al Banna as another senior resource to service our clients in the region.”
“Further, we are uniquely positioned in the marketplace: our clientele derives value from our ability to provide robust market intelligence, enabled through Synovate’s strong global presence; and clients partner with us to realize their global ambitions based on our proven strategy tools, to get a firm foothold in new markets and expand in existing ones,” Ramamurthy said.
Al Banna, who is well versed on business growth in MENA, sees immense potential in the region. “These are quite encouraging times for business, with the recovery now on track in our region following the tough global recessionary period. Synovate is uniquely positioned to be a partner in the growth of our global and regional clients as our expertise in emerging market business advisory services is empowered by our dual market research and business consulting capabilities under one roof. As I am from the MENA area, I take pride in our region and identify with its business leaders who turn to us for mission-critical advice on how to solve a range of complex business issues and challenges. I also have a passion for building the sorts of trusting long-term client relationships that serve as the core of Synovate’s commitment to them and which resonates with the local culture here.”
Originally Published On: www.ameinfo.com – Original Article Here
* Move to coincide with Pangda CEO visit
* Plant has been idle for six weeks due to cash crunch
(Adds Saab comment, background)
STOCKHOLM, May 26 (Reuters) – Struggling carmaker Saab
Automobile said it was gearing up to restart its production line
in Sweden on Friday, after being idle for six weeks due to
cashflow problems.
Saab owner Spyker (SPYKR.AS) has been struggling to turn
round the Swedish carmaker since its acquisition from General
Motors (GM.N) last year. It ran out of cash to pay suppliers in
April, halting production and pushing it to the brink of
collapse.
“Based on the information we have, it looks like we will
start up production tomorrow,” spokeswoman Gunilla Gustavs said.
The automaker has been in intense negotiations with
suppliers in recent days. Gustavs said agreements had been
reached with a sufficient number to allow for a resumption of
output from its plant in Trollhattan, southwest Sweden.
“We have a critical mass to get production started,” she
said.
Spyker has been seeking solutions to ease its cashflow
problems but has had to wait for approval from authorities in
Sweden and the European Investment Bank, according to the terms
of an outstanding loan.
Chinese car distributor Pangda (601258.SS) is waiting for
regulatory approval at home for its rescue of Saab in a deal
worth up to 110 million euros ($154.7 million). [ID:nLDE74M083]
Spyker received an advance payment of 30 million euros from
Pangda last week and had set a goal to restart production by the
end of this week, in time for a visit by Pangda Chief Executive
Pang Qinghua.
Pang was in Stockholm on Thursday for meetings with
Enterprise Minister Maud Olofsson and the Swedish debt office,
which administers the loan guarantees granted Saab by Sweden,
but was expected in Trollhattan on Friday, Gustavs said.
Earlier on Thursday, business daily Dagens Industri quoted
Gunnar Brunius, Saab’s vice-president of purchasing and
manufacturing, as saying the aim was to start roll out 100 cars
on Friday instead of its usual 230 to 240 per day.
($1=.7110 Euro)
(Reporting by Mia Shanley; writing by Niklas Pollard;
editing by Hans Peters and David Hulmes)
Originally Published On: www.reuters.com – Original Article Here
TOKYO |
TOKYO May 31 (Reuters) – Japanese government bonds fell on
Tuesday as data fuelled hopes that factory output may rebound
quickly from disruptions caused by the March earthquake and
tsunami, with a bounce in the euro adding to pressure on
safe-haven government debt.
* A dealer for a Japanese brokerage cited investor-selling
of cash JGBs across maturities. Position tweaking by market
players before a 10-year auction on Wednesday helped exacerbate
the fall in JGBs, said a trader for a Japanese bank.
* Lead June 10-year JGB futures fell 0.25 point to 140.66
2JGBv1 JGBv1, dipping back below resistance at 140.90, the
200-day moving average. JGB futures have tested that resistance
over the past week but have not managed to break clearly higher.
* After the close of the morning JGB futures trading
session, rating agency Moody’s said it had placed Japan’s Aa2
sovereign rating on review for a possible downgrade, adding that
while a JGB funding crisis was unlikely in the near to medium
term, pressures could build over the longer term.
[ID:nT9E7GH024]
* The announcement followed a similar move last week by
ratings agency Fitch, which cut its outlook on Japan’s sovereign
debt. [ID:nL3E7GR1A6]
* Katsutoshi Inadome, fixed income strategist for Mitsubishi
UFJ Morgan Stanley Securities, said Moody’s decision to put
Japan’s sovereign rating on review for a possible downgrade was
unlikely to have much near-term impact on JGBs.
* “JGBs have not moved on such announcements in the past,
and I think the market will probably shrug it off,” Inadome
said.
* In the past, downgrades of Japan’s sovereign rating and
cuts to the outlook have had limited impact on JGBs, the bulk of
which are held by domestic investors who have taken such
announcements in their stride.
* The benchmark 10-year JGB yield rose 3 basis points to
1.150 percent and the 20-year JGB yield climbed 3
basis points to 1.930 percent .
* “There seems to be a bit of reaction to the data showing
that output is expected to post a V-shaped recovery,” said Jun
Fukashiro, chief fund manager for Toyota Asset Management,
adding that there have been concerns that output may take more
time to recover.
* While industrial output rose less than expected in April,
manufacturers surveyed by the Ministry of Economy, Trade and
Industry expect output to rise 8.0 percent in May and increase
7.7 percent in June. [ID:nL3E7GU07C]
* The euro hit a three-week high against the dollar
following a report that Germany could make concessions on
efforts to put together a bailout for Greece.
(Reporting by Masayuki Kitano; Editing by Joseph Radford)
Originally Published On: www.reuters.com – Original Article Here