Thursday, December 3, 2015

France's CMA CGM gets firm commitment from banks to fund NOL takeover: sources

France's CMA CGM gets firm commitment from banks to fund NOL takeover: sources

[PARIS] French shipping firm CMA CGM has obtained firm commitments from banks to finance the takeover of Singapore's Neptune Orient Lines (NOL), which has a market value of US$2.2 billion, two people familiar with the deal said.
CMA CGM, which is in exclusive talks to buy a nearly 67 per cent stake in NOL from state investor Temasek Holdings, has tapped lenders including HSBC, BNP Paribas and JPMorgan to help finance the transaction through a syndication process, the sources said.
As the talks approach a Dec 7 deadline, NOL shares are hovering close to their highest level since February 2013.
Family-owned CMA CGM is ranked as the world's third-largest container shipping firm and a takeover of NOL would boost its position on trans-Pacific routes.
CMA CGM, NOL, Temasek and the banks declined to comment.
REUTERS

Musk says selling cars is good, but saving the earth is better

Musk says selling cars is good, but saving the earth is better

[PARIS] Selling all-electric sports cars is good, but what billionaire Elon Musk says he really wants is to save the planet.
In a Paris presentation about climate change, the 44-year-old Tesla Motors co-founder argued that regulators need to discourage carbon emissions - and not just because it would help him sell more of his cars with price tags of US$75,000 or higher.
"Am I am asking for rules that favour my company? Is this because I want to get richer?," Mr Musk asked a crowd of a few hundred students at La Sorbonne University in Paris on Wednesday.
"If what I really cared about was maximising my net worth I would never have created an electric car company. It has to be one of the dumbest ways to invest money." As delegates from 195 countries meet a few miles north of the French capital at the United Nation's climate conference and struggle to agree by Dec 11 on a plan to curb global warming, Paris is buzzing with talk of going green. And businessmen are trying to elbow their way into the conversation.
Mr Musk isn't the only electric-car-advocating-billionaire-turned-climate-activist in Paris this week. France's own Vincent Bollore, whose Blue Solutions makes batteries used in electric vehicles, sponsored the COP21 climate conference and had his fleet of electric trams ferry attendees both around the site of the gathering and up and down the capital's famous Champs- Elysees avenue.
Billionaires' Club "We've shown we can provide solutions that fit the environmental concerns that the COP21 aims to talk about," Blue Solutions said in a statement.
Bollore, whose investments range from freight in Africa to media and advertising companies in France, has a net worth of US$5.4 billion according to the Bloomberg Billionaires Index. He's the country's 11th richest man.
Mr Musk, the world's 85th-wealthiest person - with a net worth of US$11.7 billion - made his fortune from selling PayPal to eBay and used the money to found rocket launching company SpaceX and electric car-maker Tesla Motors. Musk is also chairman of the US's largest installer of solar panels SolarCity Corp.
BLOOMBER
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Moody's says Brexit would hurt UK economy, benefits unclear

Moody's says Brexit would hurt UK economy, benefits unclear  

[LONDON] Ratings agency Moody's said on Thursday that a British exit from the European Union would hurt the country's economy by damaging trade and investment and could put its credit rating at risk of a downgrade.
Moody's, spelling out its thinking about a so-called Brexit in more detail than before, said Britain would face a long period of uncertainty if it had to negotiate a trade deal with its former EU partners following a vote to leave the bloc.
Prime Minister David Cameron has promised to hold a referendum on Britain's EU membership before the end of 2017. He is seeking to negotiate new rules for the bloc before holding the vote.
Moody's called into question some of the purported benefits of leaving the EU, saying the financial savings from no longer contributing to its budget would be modest at about 0.6 per cent of economic output per year.
Furthermore, Germany's success in exporting goods to China and other emerging markets showed that being in the EU was no hindrance to trade with countries outside it, Moody's said. "Exit would be negative for trade and investment in the UK, given the close links with the EU as the UK's single most important trading partner and largest source of foreign-direct investment," Kathrin Muehlbronner, a senior vice president at Moody's, said. "These negative effects outweigh the benefits from exit such as cost savings for government and a reduced regulatory burden for businesses in our view," she said in a statement.
Moody's and rival ratings agency Fitch Ratings downgraded Britain to one notch below AAA in 2013 because of the government's failure to reduce the budget deficit as quickly as planned.
Standard & Poor's, which still rates Britain as AAA, said in October that Britain's credit rating could be cut by as much as two notches if it left the EU.
Moody's said it might assign a negative outlook to Britain's Aa1 rating in the event of a vote to withdraw from the EU, something which would effectively put it on warning of a downgrade.
Earlier on Thursday, the head of the European Council, which represents EU member states, said leaders from the bloc could clinch a reform deal with Cameron in February.
Opinion polls have mostly shown that more Britons favour staying in the EU than leaving, but support has fallen in recent months after concerns grew about the bloc's handling of a crisis provoked by an influx of migrants into Europe.
A poll published last week suggested more than half of voters wanted to leave the EU after the attacks on Paris that killed 130 people and were claimed by Islamic militants.
REUTERS

China says to start claiming compensation from polluters

China says to start claiming compensation from polluters

[SHANGHAI] The Chinese government plans to begin claiming compensation from polluting companies and individuals, particularly those who damage state property, over the next two years, China's cabinet has said.
The State Council said on its website late on Thursday it would trial the policy in a few provinces before rolling it out nationwide in 2018. The plan would cover air, water and soil pollution, as well as damage to plants and animals.
China already allows government-registered environmental organisations that have been operating for at least five years to launch legal action against polluters.
High pollution levels have sparked widespread social unrest and become a major concern for China's leadership. Environmentalists say China's big polluters routinely exceed government emission limits.
China's capital Beijing suffered choking pollution this week, triggering an "orange" alert, the second-highest level, closing highways, halting or suspending construction and prompting a warning to residents to stay indoors.
That coincided with a meeting of world leaders in Paris to address climate change. China said after the meeting on Wednesday it would cut emissions of major pollutants in its power sector by 2020.
REUTERS

Mexican billionaire Carlos Slim says he will not give away shares to charity

Mexican billionaire Carlos Slim says he will not give away shares to charity

[MEXICO CITY] Mexican billionaire Carlos Slim said on Thursday he will not give away his family's shares to charity like Facebook founder Mark Zuckerberg.
Earlier this week, Zuckerberg announced he would donate 99 per cent of his Facebook shares, currently worth about US$45 billion, to a new philanthropic project he will run with his wife.
When asked if he planned to give away his family's shares in his companies to his foundations, Slim said no, though he added his charitable projects do not have budget limits. "Foundations do not solve poverty," he added, saying that employment is the key to eradicating poverty. "Employment requires that companies invest, so we don't need to give away companies, we need to create companies." Slim, speaking at an event in Mexico City, said that Zuckerberg's plan was "very good," but that governments already have the resources to address poverty and education issues. "It's a problem of management and efficiency," he added.
Slim, whose companies include telecoms giant America Movil, has given his foundations multi-billion dollar endowments, but he did not name a figure for how much money he has donated. "We see projects and results, we are not counting chilies,"he said.
REUTERS

Shooters in California mass slayings have a 6-month-old daughter; weapons found

Shooters in California mass slayings have a 6-month-old daughter; weapons found

[SAN BERNARDINO] The couple suspected of killing 14 people at a holiday party in California amassed thousands of rounds of ammunition and a dozen pipe bombs, authorities said on Thursday as they sought clues to the pair's motives and whether they had links to Islamist militants.
Syed Rizwan Farook, 28, and Tashfeen Malik, 27, his wife and mother of his 6-month-old daughter, were killed in a shootout with police five hours after Wednesday's massacre at the Inland Regional Center social services agency in the city of San Bernardino.
Twenty-one people were wounded in the shooting, which ranks as the deadliest instance of US gun violence in three years.
San Bernardino Police Chief Jarrod Burguan said at a Thursday news conference that the search of a townhouse leased by Farook and Malik in the nearby community of Redlands turned up flash drives, computers and cellphones.
Officials in Washington familiar with the investigation said so far there was no hard evidence of a direct connection between the shooters and any militant group abroad, but the electronics would be checked to see if the couple had been browsing on jihadist websites or social media.
One US government source told Reuters that the FBI was examining information indicating that Farook had been in contact with individuals who were themselves under FBI investigation at some point, some from cases already closed. The source also said it was possible that one or more of the Farook contacts under scrutiny were located overseas.
But no information has yet emerged suggesting any ties or contacts between Farook and the Islamic State or other specific militant groups, the source said.
Officials from President Barack Obama to Police Chief Burguan said the attack may have been motivated by extremist ideology but that questions of motive remained unanswered. "It is possible that this was terrorist-related. But we don't know," Obama told reporters. "It is also possible that this was workplace-related." Farook, a US citizen, was born in Illinois, the son of Pakistani immigrants, according to Hussam Ayloush, who heads the Los Angeles area chapter of the Muslim advocacy group Council on American-Islamic Relations (CAIR). Malik was born in Pakistan and lived in Saudi Arabia until they married, Ayloush said.
David Bowdich, FBI assistant director in Los Angeles, said Malik was admitted to the United State on a K-1 "fiancee visa" and was traveling on a Pakistani passport.
The couple entered the United States in July 2014 after a trip that included Pakistan, Bowdich said. Farook also visited Saudi Arabia for nine days in the summer of 2014, the kingdom's embassy in Washington said.
The director of the Islamic Center of Riverside, a mosque Farook attended regularly for two years until 2014, described him as a devout Muslim who made the pilgrimage to Mecca in Saudi Arabia a few years ago and celebrated his wedding reception at the mosque. "His degree of faith is very high," the director, Mustafa Kuko, told Reuters. "He was a very quiet person, peaceful, never had an argument with anyone or a dispute." Kuko said Farook attended morning and evening prayers from 2012 to 2014, when he stopped coming abruptly.
Farook, who according to Burguan had no criminal record, worked as an inspector for San Bernardino County Department of Environmental Health, the agency throwing the holiday party that came under attack.
Police cited witness accounts that Farook had been attending the celebration but stormed off in anger, then returned with Malik armed with assault gear and opened fire. Burguan said they sprayed the room with 65 to 70 rounds.
MORE WEAPONS, BOMB-MAKING EQUIPMENT AT HOUSE
Burguan said the couple had two assault-style rifles, two semi-automatic handguns and 1,600 rounds of ammunition in their rented sport utility vehicle, when they were killed. At the townhouse, police found another 4,500 rounds, 12 pipe bombs and bomb-making equipment.
The guns were legally purchased in the United States, said Meredith Davis, a spokeswoman for the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).
Burguan said Farook bought the two handguns. The rifles were purchased by someone else, who Davis said was not linked to the investigation.
In addition to sparking further debate on gun control laws, the latest mass slaying in the United States took place with much of the world on edge following the Nov. 13 attacks in Paris by Islamic State militants that killed 130 people.
Ayloush appealed to the public not to jump to conclusions about the motives behind the San Bernardino attack. He said he was concerned about a backlash against the broader Muslim community in view of the rise of Islamic State and some opposition among politicians and the public in the United States over US plans to accept Syrian war refugees. "We're living in a very difficult time," he told CNN."There's a lot of Islamophobia out there, a lot of anti-Muslim sentiment, fueled by pundits here and there trying to blame a whole community for the acts of a few." Nizaam Ali, a 23-year-old college student who said he knew Farook from mosque, said Farook prayed two to three times a week during his lunch break at the Dar Al Uloom Al Islamiyah of America mosque in San Bernardino. Ali said he had not seen any signs of radicalization or extremism.
Farook told Ali that he married his wife, whom he met online, in July 2014. Ali added that Farook's wife wore the niqab, a scarf that covers most of the face, which was something Farook had mentioned he liked about her.
OBAMA REITERATES CALL FOR GUN LAW REFORM
The San Bernardino rampage was the deadliest US shooting incident since the December 2012 massacre at Sandy Hook Elementary School in Newtown, Connecticut in which 27 people, including the gunman, were killed.
There have been more than 350 shootings this year in which four or more people were wounded or killed in the United States, according to the crowd-sourced website shootingtracker.com, which keeps a running tally of US gun violence. "I don't think any community is immune," San Bernardino Mayor Carey Davis told CBS. "Certainly, we don't anticipate that kind of thing happening here. It was a shock." Davis, whose largely working-class city is 60 miles (100 km) east of Los Angeles, said on Twitter he had a "heartfelt conversation" about the killings with Obama, who used the incident to make another call for gun law reform to reduce the likelihood of mass shootings. "We're going to have to, I think, search ourselves as a society to make sure that we can take the basic steps that would make it harder - not impossible but harder - for individuals to get access to weapons," Obama said at the White House.
He ordered flags to be flown at half-staff in memory of the shooting victims.
Ten people remained hospitalized at two hospitals on Thursday - two in critical but stable condition, five in fair condition and three in good condition, the hospitals said.
REUTERS

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