Archive for July, 2010

Greek police teargas protesting fuel drivers (AP)

Thursday, July 29th, 2010 | Finance News

ATHENS, Greece – Police have used tear gas to disperse protesting fuel-truck drivers after the government issued an emergency order to force them back to work.

The scuffles occurred as some 500 drivers gathered in protest outside the transport ministry Thursday.

Most gas stations around the country remained closed after a crippling three-day strike that has hit Greece's tourism industry and led to some factory closures.

Fuel-truck drivers say they will not directly defy the emergency order. But they say they will continue their protest with various forms of disobedience.

They oppose plans to liberalize their tightly regulated profession — part of major reforms required for Greece to receive rescue loans from European countries and the International Monetary Fund.

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Siemens 3Q earnings up 9 percent (AP)

Wednesday, July 28th, 2010 | Finance News

BERLIN – Industrial conglomerate Siemens AG says its net earnings were up 9 percent in its fiscal third quarter as new orders rose strongly and revenue increased.

Siemens said Thursday that it earned nearly euro1.44 billion ($1.9 billion) in the April-June period, up from euro1.32 billion a year earlier.

Orders were up 22 percent at euro20.87 billion. Revenue climbed 4 percent to euro19.17 billion.

Siemens CEO Peter Loescher said the company "gained further momentum in the third quarter." He added that "such order growth last occurred in 2008."

The company also said Thursday that it will sell its Siemens Electronics Assembly Systems unit to ASM Pacific Technology of Hong Kong. Siemens, based in Munich, didn't give a value for the deal.

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Two IPOs get mixed reception (Reuters)

Wednesday, July 28th, 2010 | Finance News

NEW YORK (Reuters) – A natural gas limited partnership IPO was priced at the top of the expected range on Wednesday while an investment technology platform company IPO was priced at the bottom of the range and sold fewer shares.

Chesapeake Midstream Partners LP (CHKM.N), a natural gas limited partnership between Chesapeake Energy Corp (CHK.N) and Global Infrastructure Partners, sold 21.25 million units for $21 each, raising about $446.25 million. It had planned to sell units for $19 to $21 each.

Envestnet Inc (ENV.N) makes most of its money from fees charged as a percentage of the assets that are managed on its platform but also rakes in some contract revenue. Fidelity, Envestnet's largest client, currently accounts for about a third of revenue.

Envestnet sold 7 million shares for $9 each, raising about $63 million. It had planned to sell 7.7 million shares for $9 to $10 cutting the range from $12 to $14 earlier on Wednesday.

The company posted a $2.69 million loss attributable to common shareholders on revenue of $21.63 million in the three months ended March 31.

Rare earth oxides miner and processor Molycorp Inc (MCP.N) also is expected to price its IPO on Wednesday night.

Chesapeake Midstream treats, compresses and transports natural gas from wellheads to third-party pipelines. Its systems consist of 2,800 miles of gathering pipelines, servicing about 4,000 natural gas wells. The company's two largest customers are Chesapeake Energy and Total SA (TOTF.PA), Chesapeake's upstream joint venture partner in the Barnett Shale region.

The company posted net income of $34.09 million on revenue of $95.39 million on a pro forma basis in the three months ended March 31.

Chesapeake Midstream's underwriters were led by UBS Investment Bank, Citi and Morgan Stanley. The shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol "CHKM".

Envestnet's underwriters were led by Morgan Stanley, UBS Investment Bank and Barclays Capital. Envestnet's shares are expected to begin trading on the New York Stock Exchange on Thursday under the symbol "ENV."

(Reporting by Clare Baldwin; editing by Carol Bishopric)

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