| Acorn Factor, Inc. Announces Third Quarter Results and Highlights
MONTCHANIN, Del., Nov. 16 /PRNewswire-FirstCall/ -- ACORN FACTOR, (Nachrichten) INC. (BULLETIN BOARD: ACFN) today announced that its results for the quarter and nine months ended September 30, 2007. Highlights during and following the quarter include: -- In November, the Company purchased SCR-Tech from, for a purchase price of $9.6 million in cash. SCR-Tech is the leading provider of catalyst regeneration technologies and management services for selective catalytic reduction (SCR) systems used by fossil fuel-fired power plants to reduce nitrogen oxides (NOx) emissions and will operate as part of CoaLogix(TM), our newly established platform for participating in the burgeoning clean coal market. -- As of September 30, 2007 the Company "marked-to-market" all its Comverge shares which are all deemed to be unrestricted and "available for sale" under applicable accounting standards at that date, resulting in an increase in the carrying value of its investment in Comverge to its fair market value on that date of $91.5 million.
New Merrill CEO needs to make peace, master risk
NEW YORK: Merrill Lynch & Co Inc's new chief executive officer John Thain will be under pressure to move quickly to limit an exodus of talent while installing risk management procedures that gain the confidence of investors. A US$8.4bil credit implosion at Merrill during the third quarter cost Stan O'Neal his job as chairman and chief executive and tarnished the company's reputation. Former NYSE Euronext CEO Thain, named on Wednesday as O'Neal's replacement, inherits about US$27bil in assets underpinned by risky subprime mortgages. Since many of those assets are hard to buy or sell, Thain may have to decide whether Merrill has written them down aggressively enough. Some analysts fear the value of collateralised debt obligations and other troubled securities might be reduced by as much as US$10bil more. Another concern is whether Merrill will have to make significant job cuts to a global workforce that tops 64,000. Thain may also need to calm some edgy quarters within the company's retail brokerage division.
Banks unveil loan charges, gains on Visa
Two of Canada's biggest banks have taken big charges reflecting troubles in the United States mortgage and corporate-credit markets, but also booked gains from stakes in the restructuring Visa credit-card company. The Royal Bank of Canada will record a $360 million charge related to losses in the U.S. subprime-mortgage market, but will also post a $325 million gain for Visa restructuring, Canada's largest bank said yesterday. Royal "expects its fourth-quarter earnings to be only modestly affected by these items due to largely offsetting impacts." Meanwhile, the Bank of Nova Scotia said it will book writedowns totalling $190 million on non-bank asset-backed commercial paper and structured credit instruments. The writedowns amount to about $135 million after tax.
Anti-corruption R.I. gov chats with convicted ex-mayor
Gov. Don Carcieri calls corruption an embarrassing scourge for this tiny state. He casts himself as the opponent of the scandal-plagued legislature and has welcomed a federal probe into Statehouse influence peddling. So why is he so chatty on a talk radio show run by Rhode Island's best-known political crook, Vincent "Buddy" Cianci? The former Providence mayor has interviewed Carcieri twice by telephone since Cianci's release from prison in May, most recently on Friday when they discussed the governor's plan to eliminate about 1,000 state jobs. Their talks are collegial, polite. Carcieri calls Cianci by his popular nickname. "Hello Buddy, how are you doing?" said Carcieri, opening an easy interview earlier this month. He ended the session on WPRO-AM by calling the appearance, "my pleasure." During a brief interview on Friday, Carcieri said he saw nothing wrong with appearing on Cianci's show.
Redevelopment plan draws debate
What was meant to be an educational presentation to the County Commission for the Clarksville Center Redevelopment Plan turned into a debate about nearly the entire downtown area being deemed as "blighted." At least one commissioner at the Thursday meeting, though, questioned the role of county government in a city-operated redevelopment plan. .
|
