Aides stop former RSS chief from speaking to media - Times of India
PUNE: Former Rashtriya Swayamsevak Sangh (RSS) chief K S Sudarshan was stopped from interacting with the media by his own men at a function held at Balgandharv Rangmandir on Thursday.
Sudarshan, who was in the city to attend a felicitation programme, was seated in the audience and not among dignitaries on the stage. When some media persons requested him to speak, Sudarshan readily agreed. However, his aides sitting nearby immediately surrounded him. They said that Sudarshan does not speak to the media without prior permission. Sudarshan looked puzzled by the reaction of his own men. "Why will I not speak? I am going to speak to them," he said. However, his aides did not relent and told the media persons to go away. "You need to understand the RSS system. Don't insist and go away. I know you are going to ask him about RSS," one of his associates said. Sudarshan remained a mute spectator as the journalists left the scene.
Sudarshan's early years as the sarsanghachalak were tumultuous with the BJP in power at the Centre. The Sangh Parivar came under attack for the post-Godhra riots in Gujarat and the Jinnah controversy triggered by Advani during a trip to Pakistan. Sudarshan, who retired in 2009 citing health reasons, made headlines for making controversial statements. In 2010, the Sangh had to express regret over one such statement he made against Congress president Sonia Gandhi. The Sangh had then clarified that Sudarshan's views on the Congress president do not represent the views of the organisation.
Sudarshan has kept a low profile since then and is guarded from making any statements, said an RSS worker present at the functioN.
TEXT-S&P summary: PT Medco Energi Internasional Tbk. - Reuters UK
(The following statement was released by the rating agency)
June 15 -
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Summary analysis -- PT Medco Energi Internasional Tbk. ------------ 15-Jun-2012
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CREDIT RATING: B/Stable/-- Country: Indonesia
Primary SIC: Oil and gas
exploration
services
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Credit Rating History:
Local currency Foreign currency
07-May-2009 B/-- B/--
03-Feb-2002 B+/-- B+/--
===============================================================================
Rationale
The rating on PT Medco Energi Internasional Tbk. (Medco) reflects the company's exposure to volatile hydrocarbon prices, its large investment requirements, and its aggressive financial policy that relies on debt to fund growth. Medco's favorable location and cost structure, good growth potential in its development and exploration blocks, and its partial insulation from currency instability and sovereign-debt risk temper these weaknesses.
Medco's liquidity and operating cash flow are exposed to volatility in hydrocarbon prices. Nevertheless, liquidity and operating cash flow have benefited from an increase in average realized oil prices to $113.7 per barrel in 2011, from $81.4 per barrel a year earlier. Overall production remained broadly stable at 67.6 thousand barrels of oil equivalent per day. As a result, the company's debt-to-EBITDA ratio improved to 3.6x in 2011, from 4.1x in 2010, despite a 32% increase in debt.
Asset sales have also improved liquidity in the past 12 months. Medco sold a 20% stake in the Senoro-Toili production sharing contract to Mitsubishi Corp. (A+/Stable/A-1) for $260 million in early 2011. The company also sold Medco Tunisia Anaguid Ltd. for $58 million and a 51% stake in PT Medco Power Indonesia for $112 million in December 2011. These divestments have lowered Medco's future investment commitments under these projects.
We expect Medco's financial risk profile to remain "aggressive" in the next 12-24 months. This is due to the company's substantial estimated total capital expenditure of $695 million in 2012 and 2013. The spending relates to Medco's major development projects, namely the Senoro-Toili gas/liquefied natural gas development and the Block A gas reserves project in Indonesia. These projects will be predominantly debt-funded and would not generate any cash flows until 2014.
Progress at Medco's major projects is critical to prevent any deterioration in the company's "weak" business risk profile from the continuing decline in its producing asset: the Rimau block. In our view, the growth potential in Medco's major projects is solid. However, these projects expose the company to some execution and operational risks. Nevertheless, these projects are currently proceeding as planned. We continue not to factor in any benefit from Medco's Libya operations, given the contingent nature of the project and political instability in the region.
Liquidity
Medco has "adequate" liquidity, as our criteria define the term. We expect the company's sources of liquidity, including cash and available credit facilities, to exceed its uses of liquidity by at least 1.4x in the next 12 months.
Our liquidity assessment incorporates the following factors and assumptions:
-- As of Dec. 31, 2011, Medco has cash and cash equivalents of $703.9 million and short-term investments of $247.3 million, compared with $539.2 million of short-term debt due (including accrued interest).
-- As of March 31, 2012, Medco has access to unused committed credit facilities of $230 million. Some of these facilities are renewable every 12 months, which is in line with the typical banking practice in Indonesia.
-- Liquidity sources over the next 12 months include our expectation of FFO of about $190 million, short-term credit facilities, and cash and current investments.
-- Liquidity needs over the next 12 months include our expectation of capital expenditure of about $271 million and dividends and debt repayments of about $514 million.
-- We anticipate that the company's liquidity sources will exceed its needs even if EBITDA declines by 15%.
There are no rating triggers in Medco's current loan documents, but the company must comply with financial covenants on interest coverage, leverage, and liquidity. We believe Medco has been operating within these covenants.
Outlook
The stable outlook reflects our expectation that Medco's production and development projects will continue to progress as planned, and that oil prices will remain above US$90 a barrel and gas prices at about US$4.0 per million British thermal unit. Under this scenario, we expect the company's debt-to-EBITDA ratio to remain about 4.0x in 2012.
We may lower the rating if Medco's liquidity or financial risk profile weakens due to: (1) delays at the company's major projects that result in higher-than-expected capital expenditure or a delay in cash flow contributions; (2) lower-than-expected production in existing fields; or (3) a substantial fall in oil prices. A debt-to-EBITDA ratio rising to more than 4.5x on a sustained basis would indicate such a weakening.
We could raise the rating if the following occurs:
-- Higher-than-expected oil prices result in improved credit ratios and liquidity for Medco. A debt-to-EBITDA ratio of about 3.5x on a sustained basis would indicate such an improvement; and
-- The company's major development projects progress as planned. This includes a commercialization of the Block A gas reserves development by the second half of 2012 and timely progress of the Senoro-Toili block toward production in 2014.
Related Criteria And Research
-- Standard & Poor's Raises Its Oil Price Assumptions; Natural Gas Price Assumptions Unchanged, March 22, 2012
-- Key Credit Factors: Global Criteria For Rating The Oil And Gas Exploration And Production Industry, Jan. 20, 2012
-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009
-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008
Stars join Songwriters Hall of Fame - BBC News
Ne-Yo, Bette Midler, Ben E. King and Bob Seger give their reaction to their awards
Multi-platinum artist Bob Seger, Bette Midler and R&B star Ne-Yo have been inducted into the Songwriters Hall of Fame.
The team behind enduring hit Stand By Me - Ben E. King and songwriting duo Mike Stoller and the late Jerry Leiber - were given The Towering Song Award.
King was also presented with a special award for his performance on the track.
Ne-Yo, who was given the Hal David Starlight Award for young songwriters, credited music with saving him.
"I was a pretty riled up little kid," he explained, on the red carpet. "If not for my mom giving me the pad and the pen and telling me to take my emotions and put them there, there's no telling. I might I have been sticking you up or something."
Fleetwood Mac singer Stevie Nicks presented Bette Midler with the Sammy Cahn Lifetime Achievement Award. It honours industry veterans who are "pioneers in their craft" and have "inspired the music community".
Midler has enjoyed success on stage, screen and as a recording artist, winning three Grammys - including for her 1989 hit, Wind Beneath My Wings.
"Any award is a great honour," said Midler. "I mean people think of you and it is very sweet. It is all very sweet."
Seger kicked off the ceremony in New York with a performance of 1973 track, Turn the Page.
The Detroit rocker achieved commercial success with 1976 album Night Moves. He called songwriting the hardest but most rewarding thing he does.
The Songwriters Hall of Fame was founded in 1969 by Johnny Mercer to recognise the best in the field.
Harvey Schmidt and Tom Jones, the writers of long-running musical, The Fantastick's, were also honoured in the ceremony's 43rd year.
Other inductees include Jim Steinman, who wrote Bat Out of Hell and Total Eclipse of the Heart, Canadian folk rocker Gordon Lightfoot, and Don Schlitz, who penned country hits including When You Say Nothing at All.
Among those taking to the stage to hand out awards or perform were Meatloaf, Foo Fighters frontman Dave Grohl, Steve Miller and Kenny Rogers.
S&P again rings alarm bells on US refinancing wall - Reuters
NEW YORK, June 15 (IFR) - Standard & Poor's again sounded the alarm bells about an impending wall of refinancing for US companies in the next four years, this time highlighting the potential stress for financial and speculative-grade companies.
S&P said US corporate issuers had around $1.38 trillion of debt maturing through year-end 2013, and warned that the greatest refinancing risk was within the Single B and Triple C categories from 2013 through 2016.
Financial institutions faced a steeper maturity wall compared with non-financial institutions. Investment-grade financial issuers have $647 billion in debt maturing through 2014 compared with $457 billion for investment-grade non-financial entities.
Financial companies' refinancing needs include about $100 billion in government-guaranteed debt that matures through 2012. Much of this debt has interest rates that are lower than current rates, which would increase capital costs when it is replaced, said S&P.
"While we believe credit markets have the capacity for investment-grade financial institutions to refinance their pending obligations, there is little headroom at current issuance volume should market conditions turn against them," said S&P.
Higher funding costs are a key risk for investment-grade financial entities in particular, said S&P.
Investment-grade non-financial borrowers are expected to have an easier time securing funding because of strong investor demand and since most issuers have already taken advantage of recent historically low yields to refinance existing debt.
Most higher rated issuers would still be able to refinance but the worrying factor would be the challenge faced by the lowest rated companies.
In 2013, $202 billion in speculative-grade maturities are scheduled, followed by $310 billion in 2014, said S&P From 2014 through 2016, $382 billion in debt rated Single B+ or Single B will mature and $209 billion in debt rated Single B- and below will mature.
S&P said the ability to refinance debt for these companies would hinge on the state of the US economy and investors appetite for yield.
"Given the significant amount of debt coming due, this could cause an increase in amend-to-extend deals or a modest uptick in the default rate in 2013-2016. However, we don't expect default rates to increase to the highs experienced in 2008-2009 - not without a severe recession," said S&P.
BRIDGING THE GAP
In 2010 and 2011, speculative-grade issuance averaged $467 billion annually and roughly 50% of those proceeds were used for refinancing.
"While this level of issuance and rate of refinancing will suffice for the 2013 maturities, one or both must increase to meet the 2014 obligations," said S&P.
Alternatively, if speculative-grade bond yields should rise, there could be an influx of hedge fund, mutual fund and ETF investors, which could bridge any liquidity gaps, though at a greater cost to issuers.
The speculative-grade financial companies with the highest refunding needs through 2013 include Springleaf Finance Corp, iStar Financial and Ally Financial, it said.
The media and entertainment and oil and gas sectors have the highest concentration of debt rated Single B- and below maturing by 2016. The list included companies like CC Media Holding s, MGM Resorts International and Caesars Entertainment Corp.
Among the energy companies facing the highest maturities were Energy Future Holdings, Vantage Drilling and ATP Oil & Gas Corp.
Though significant, it may still not be enough reason to panic for most US companies operating in an environment where interest rates are near record lows and the economy was gaining traction, said bankers.
"Over the last two years, US companies have had good success in reducing their maturity walls as yield-hungry investors have by and large supported their refinancing initiatives," said Edward B Marrinan, head of macro credit strategy and co-head strategy, Americas, for RBS.
So while S&P's warning is warranted, it is a less pressing problem for US companies than for those based in Europe," he said.
"Those companies that did not take advantage of the attractive refinancing opportunities earlier this year could struggle if risk aversion rises and markets access becomes compromised. For prospective issuers, much depends on whether political leaders and market authorities prove successful in containing the European crisis and restoring global economic growth," said Marrinan.
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Bendtner facing UEFA rap over lucky pants - Football
Published: 15 Jun 2012 - 15:18:05
UEFA on Friday said that it was taking action against Denmark's Nicklas Bendtner over his goal celebration against Portugal, when he flashed the waistband of his underpants showing an apparent sponsor.
European football's governing body said in a brief statement that Bendtner was facing disciplinary proceedings for "improper conduct (Law 4 of the Laws of the Game)" during Wednesday's match in Lviv, Ukraine, that Denmark lost 3-2.
"The UEFA Control and Disciplinary Body will deal with this case on Monday," the statement added.
Law 4, which covers "The players' equipment" states: "Players must not reveal undershirts which contain slogans or advertising. A player removing his jersey to reveal slogans will be sanctioned by the competition organiser.
Article 18.18 of the "Regulations of the UEFA European Football Championship 2010-12" also states: "All kit items worn during the final tournament must be free of any sponsor advertising."
The waistband of Bendtner's green and white underwear had the name of a Dublin-based online betting firm. The company, Paddy Power, said on its website that they were "lucky pants".
Related Denmark News
UPDATE 2-Ex-business titan Gupta guilty of insider trading - Reuters UK
* Gupta found guilty of four of six criminal counts
* Defense lawyer says appeal is likely
* Juror says wanted to believe allegations weren't true (Adds juror quote, maximum prison sentence, background)
By Grant McCool and Basil Katz
NEW YORK, June 15 (Reuters) - Rajat Gupta, a consummate business insider who once sat on the board of Goldman Sachs Group Inc, was convicted on Friday of leaking secrets about the investment bank at the height of the financial crisis, a major victory for prosecutors seeking to root out insider trading on Wall Street.
The Manhattan federal court jury delivered its verdict on its second day of deliberations, finding that Gupta had fed stock tips to his hedge fund manager friend Raj Rajaratnam, which he had gleaned from confidential Goldman board meetings.
Gupta is also a former director at Procter & Gamble and a former executive at the elite business consulting firm McKinsey & Co. He is the most prominent person convicted in the government's crackdown in the last few years on illicit trading involving hedge funds and financial consultants.
The 63-year-old Gupta was found guilty of three counts of securities fraud and one count of conspiracy. The jury acquitted him on two other securities fraud charges.
He could receive up to 25 years in prison. The maximum sentence for securities fraud is 20 years and the maximum sentence for conspiracy is five years, though it seems unlikely that he would receive such a heavy punishment. Rajaratnam was convicted of 14 counts of securities fraud and conspiracy last year and is serving an 11-year prison term.
After the verdict, an ashen-faced Gupta glanced grimly back at his wife and four daughters in the courtroom. Later, the family stood hugging each other in the courtroom as Gupta tried to console his distraught daughters.
His defense lawyer, Gary Naftalis, said Gupta is likely to appeal.
Since being implicated in the Rajaratnam case more than a year ago, Gupta has denied the charges. In addition to his business background, the Indian-born Gupta was known for his work with philanthropies fighting AIDS, malaria and tuberculosis in developing countries.
After the verdict, jury foreman Rick Lepkowski said he was impressed by Gupta's life story and the support he received from his family, who regularly sat in the front row of the courtroom during the trial.
"I wanted to believe the allegations weren't true," said Lepkowski, a nonprofit group executive from Ossining, New York. "At the end of the day, when all of the evidence was in, it was in my opinion, overwhelming."
Among the most dramatic contentions against Gupta was prosecutors' charge that he had told Rajaratnam about a crucial $5 billion injection into Goldman by Warren Buffett's Berkshire Hathaway at the height of the financial crisis.
Part of the prosecution's evidence was that within a minute of disconnecting from a Sept. 23, 2008 board call approving the investment, Gupta called Rajaratnam at his Galleon Group office in New York. Rajaratnam then hurriedly ordered his traders to buy as much as $40 million in Goldman stock because only minutes remained before the market closed.
At trial, Gupta's lawyers argued that prosecutors "had no real, hard, direct evidence" against Gupta, who did not take the witness stand.
U.S. District Judge Jed Rakoff has set sentencing for Oct. 18.
The case is USA v Gupta, U.S. District Court for the Southern District of New York, No. 11-907. (Reporting by Grant McCool and Basil Katz. Editing by Bernadette Baum)
Tickets fly as benefactor makes Derry concert free - BBC News
All tickets for the Peace One Day concert in Ebrington Square in Londonderry have been snapped up.
The tickets were offered free on Friday after benefactor Michael Hamyln offered to pay for them.
People who had already paid for tickets will get their money back.
The film producer said he is delighted to have made the gesture.
The concert on 21 June marks the start of the London 2012 Festival.
It will be the first major event to be staged at the arts quarter, which was formerly a military barracks.
The line-up includes Pixie Lott, Dublin singer Imelda May, indie-rockers Guillamots, Derry's Wondervillains and Newton Faulkner.
Founder of Peace One Day Jeremy Gilley said: "It's incredible that someone has come forward to make the concert free.
"I'm delighted. This opens the doors to everyone. It'll be a wonderful show in a wonderful city."
The free tickets were made available at 10:00 BST on Friday morning and ran out in less than two hours.
The director of the London 2012 Festival, Ruth Mackenzie, said the concert will "highlight the key theme of how sport and culture can resolve conflict.
"We are really grateful that thousands of lucky people will now be able to join in the celebration for free."
The event also marks the three-month countdown to Global Truce, a campaign that promotes peace.
The culmination of the Global Truce campaign will be another Peace Once Day concert in London on 21 September, the day of Global Truce and World Peace Day.
Milan hail hero Berlusconi over Silva affair - Football
Published: 15 Jun 2012 - 13:17:40
AC Milan chief executive Adriano Galliani has hailed club president and former Italy Prime Minister Silvio Berlusconi as a hero for deciding not to sell Thiago Silva to Paris St Germain.
The French runners-up had made a 46 million euro offer for the Brazilian, considered one of the best centre-backs in the world.
Galliani even flew to Paris to negotiate with PSG sports director Leonardo, a former Milan coach.
But after PSG announced they had cut off talks with the Italian giants, Milan came out and claimed Berlusconi had decided to keep the 27-year-old.
"I feel much better thanks to the president Berlusconi," said Galliani.
"I'm also a Milan fan and they (the fans) should thank Berlusconi. This was an act of heroism.
"By keeping Thiago Silva, Milan will lose a lot of money, even this year, and that's money that Silvio Berlusconi will cover.
"The Milan fans must remember what the president has been doing for the last 26 years. His heart won the day."
Silva's agent Paulo Tonietto said the decision to keep his client showed what the Brazilian is worth and claimed he deserved a pay rise.
However, only a year ago he signed a contract extension until June 2016 and Milan seem unwilling to renegotiate so soon.
"I think that's a natural possibility but I think it will be easy to come to agreement with a great person such as Thiago Silva," said Berlusconi.
"We're in a (financial) crisis and even for my family it's not easy to maintain Milan's great expenditure."
It wasn't just Galliani trying to position Berlusconi as the club's saviour, as happened three years ago when the Italians tried to sell Kaka to Manchester City for more than £100 million -- Kaka refused to go and so Berlusconi turned around and said he had decided to keep the Brazilian.
The main man himself was not slow to remind the club's fans just how important he is to them.
"They (PSG) made a very interesting offer of 46 million euros and we took this possibility on board," said Berlusconi.
"But then we had a look at the centre-backs transfer market to replace our Thiago and found that it would not have been a convenient operation.
"The old "rossonero" heart of Silvio Berlusconi managed to say no to this type of offer for a defender who will make Milan win in Italy and in Europe."
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