Archive for May, 2012

Hold BPCL among OMC stocks: VK Sharma


Monday, May 28th, 2012 EN No Comments

Spicers Peak welcomes new General Manager – e


Andrew Adams-Smith

Luxury accommodation group Spicers Retreats, Hotels and Lodges has appointed Andrew Adams-Smith as general manager of Spicers Peak Lodge.

Mr Adams-Smith brings a wealth of experience to the award-winning retreat in Queensland’s Scenic Rim, having garnered over 20 years of industry knowledge throughout Australia, New Zealand, the United Kingdom and Tahiti.

With a commerce degree and a passport full of extensive travel across six continents, Mr Adams-Smith is a highly respected choice to manage Spicers Peak Lodge.

“This is a great opportunity to join with an extremely well regarded hospitality group like Spicers,” he said.

“Spicers Peak Lodge is a stunning property set in a beautiful location, a truly luxurious retreat, and I look forward to building on its already impressive reputation.”

Mr Adams-Smith has acute working knowledge of property management – he has worked in every department in a hotel – so he understands how to meet and exceed guests’ expectations.

His first job was as a staff cook in a 5-star hotel but he eventually found his niche in small luxury properties and has since managed three properties prior to his appointment.

“I’ve experienced a lot in my time within the hospitality industry, accommodating everyone from newly-weds to rock stars and royalty,” he said.

“My real passion lies in luxury property management and Spicers Peak Lodge gives me the chance to further explore that.

“I love to spoil my guests and I look forward to welcoming them to this unique eco-luxury resort.”

While guests can expect all-round spoils, it is their tastebuds that are in for a serious treat after Spicers Peak Lodge Restaurant was recently awarded One Hat at the 2012 Queensland Good Food Guide awards.

Executive chef Ashley Martin offers an enchanting degustation menu based on locally-sourced ingredients as well as internationally-sourced delicacies that complements the spectacular views over south-east Queensland’s Scenic Rim.

Add to this Spa Anise, a new purpose-built spa facility featuring specially designed treatment rooms, a plunge spa pool on the deck and a range of unique treatment options, and guests can delight in every conceivable indulgence.

Spicers Peak Lodge is an architecturally stunning, secluded mountain retreat situated two hours from Brisbane.

Situated 1,130m above sea level atop a 9,000 acre working farm, the lodge is surrounded by the World Heritage listed Main Range National Park and Great Dividing Range.

Spicers Peak Lodge is also a member of Luxury Lodges of Australia, a collection of independent luxury lodges offering unforgettable experiences in Australia’s most inspiring and extraordinary locations.
Spicers Peak Lodge is located at Wilkinsons Road, Maryvale, 4370, Scenic Rim, Queensland.


Monday, May 28th, 2012 EN No Comments

Northern Trust hires Schanna as a senior wealth strategist

Northern Trust – a provider of financial services for affluent individuals, families and institutions – added Michael Schanna to its Orange County office as a senior wealth strategist. Schanna’s responsibilities include working with current and prospective clients to determine how Northern Trust’s investment and wealth management capabilities may help them reach their financial goals.

Toshiba America Medical Systems in Tustin, named Calum Cunningham vice president, Business Operations. In his new role, Cunningham is responsible for Toshiba’s business operations, specifically as they relate to maintaining customer satisfaction.

Article Tab: Michael Schanna

Haynes and Boone, expanding its national and international intellectual property practice, hired Kimberley Chen Nobles who moves to its Orange County office. Nobles specializes in technology clients and represents companies worldwide in legal, technical, strategic planning and intellectual property matters, including patents, trademarks, copyrights, trade secrets and related litigation.

Greenberg Quinlan Rosner – the global leader in opinion research and strategic advice for U.S. and global political campaigns, corporations, and issue groups – appointed Kristi Lowe vice president.


Western Security Surplus Insurance Brokers opened a regional office in downtown Fullerton. Wendy Clinton, senior broker and regional vice president, will oversee the new office servicing the Orange County/Inland Empire area.

Orange County United Way announced that senior vice president of Community Impact, Carla Vargas was selected by OC Metro as one of its 40 under 40 for 2012. OC Metro’s annual list spotlights Orange County’s top young business and civic leaders.

Laura’s House – a nonprofit organization in Ladera Ranch whose mission is to change the social beliefs, attitudes and behaviors that perpetuate domestic violence – has expanded its board of directors to include three new members from the Orange County business community. Joining are Jay Jaffin, vice president, marketing and sales operations for Verizon Wireless; Helen Timpe, senior vice president, wealth adviser, The Time Group at Morgan Stanley Smith Barney; and Matt West, senior vice president, the Orange County office of 1st Enterprise Bank.

Submit items of new hires and promotions for possible publication to Cameron Moore at


Sunday, May 27th, 2012 EN No Comments

Beware of risks in bonds boom

Published on Sunday 27 May 2012 00:00

Savers who snapped up Tesco corporate bonds may be unaware of the downsides, writes Jeff Salway

SAVERS ploughed more than £200 million into Tesco Bank’s recent corporate bond issue in just two weeks as the search for income intensified. The popularity of the 5 per cent bonds forced Tesco to withdraw the product two days ahead of the scheduled closing date.

It wasn’t the first corporate bond issue to attract huge demand, and with low interest rates set to frustrate cash savers for some time yet, it won’t be the last.

But while savers are seeking an alternative to cash accounts, experts warn against underestimating the risks attached to investing in single corporate bonds. Here we look at some of the issues thrown up by the success of retail corporate bonds.

So what’s the fuss about?

The bonds have hit the headlines in recent weeks after a surge of demand for Tesco Bank’s 5 per cent corporate bonds. It was the third corporate bond from the supermarket giant, the previous two issues raising around £180m in total. Lloyds Banking Group, National Grid and John Lewis are among the other big names to have raised money by selling corporate bonds to private investors.

Minimum investment in the Tesco bonds was £2,000 and they pay 5 per cent in twice-yearly instalments until maturity in 2020. Following the issue, they will be available on the stock exchange, where they are expected to trade at a premium.

Corporate bonds: The risks involved

What exactly are they?

Corporate bonds – not to be confused with fixed rate bonds – are effectively an IOU issued by companies to raise money. In return for buying the bonds, investors are paid a fixed rate of interest for a set period and are promised their capital back at maturity (unless they decide to trade them).

Individual company corporate bonds were out of bounds to ordinary investors until the London Stock Exchange launched a bond exchange in 2010. They can now be bought from stockbrokers for as little as £100, although most bonds need a minimum investment of at least £1,000.

Once a bond has been issued, it can be traded on the bond exchange, so investors can buy them second-hand from those who bought the initial issue. Investors have to put in at least £2,000 initially and can then buy the bonds in increments of £100.

The price at which the bond is traded will fluctuate according to the return it offers (5 per cent in the Tesco example) in relation to interest rates and inflation. They trade until they mature, so until 2020 in the case of the latest Tesco offer.

Why are they so popular suddenly?

The success of the Tesco issue attests to the great demand for income among savers and investors. In particular, they appeal to savers who have seen the income from their cash accounts dwindle since interest rates plunged to a record low of 0.5 per cent more than three years ago.

Recent corporate bond issues have promised investors a regular income of between 5 and 7.5 per cent, comfortably higher than that paid by cash accounts.

There’s also been a shift away from equities in response to market volatility, with continuing uncertainty in the eurozone boosting sales of so-called safe havens such as structured investment products, gold and fixed interest funds.

What are the risks?

Corporate bonds typically carry less risk than equities but more than shares, with the biggest threat being that the company issuing the bonds defaults on the repayments.

Many financial advisers are uncomfortable with private investors buying single corporate bonds. For example, it isn’t always clear at the outset how a bond will be priced when it is traded and what value it offers, as interest rate and inflation expectations and the creditworthiness of the issue can be hard to predict. If interest rates rise significantly over the next few years, for instance, the 5 per cent income paid by Tesco will be less attractive and the bonds will become harder to trade.

David Thomson, chief investment officer at VWM Wealth Management in Glasgow, said: “This can be a relatively complex area where an understanding of the covenants and backing provided to each bond is required.

“A further problem may be the illiquidity associated with some of these corporate bonds, and investors may find it more difficult to trade them than they anticipate, although this is also a problem for funds as well.”

Not all companies issuing bonds are as financially robust as the likes of Tesco and National Grid.

Also bear in mind that because the corporate bonds are investment bonds and not savings products, the £85,000 guarantee of deposits under the Financial Services Compensation Scheme does not apply in the event of the issuer going bust.

How do I know if it’s worth buying bonds?

Do your research, advised Adrian Lowcock at Bestinvest: “Firstly, you need to know a lot about the bond being issued. Just being issued by Tesco is not sufficient, as the bond itself may only be secured against a particular asset which may be riskier than Tesco as an investment.”

As Lowcock implies, the bonds issued by companies looking to raise money from investors tend to be secured against various types of assets, which affects the riskiness of the investments.

“Investors should take time to learn about the investment and ask themselves why the company is using the retail market to raise money,” he added.

How else can I get income from bonds?

A less risky way of accessing corporate bonds is through collective corporate bond funds or investment trusts which invest in a pool of corporate bonds.

Andrew Hannay, director at IFA Robson Macintosh, said: “This gives a much greater degree of diversification and a spread of risk. Sprinkle in some international investments, a little emerging-country debt, some global themes such as clean energy, water or infrastructure and you have a strong recipe for producing a consistent level of income that ought to be able to increase year on year.”

Thomson at VWM said: “For the average investor, it is much more prudent to invest in a managed fund to obtain access to both the investment management expertise and the diversification required.”

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Saturday, May 26th, 2012 EN No Comments

New Faces, New Places for May 28


Hanson Dodge Creative hired Jill Nickels as vice president, business development.

Laughlin Constable named Dennis Jenders vice president of digital communications strategy.

Thirsty Boy hired Matt Andrews as director of social media and Laura Stanelle and Andrew Wiech as brand managers.


Concordia University Wisconsin, Mequon, hired Hilary Vatter as benefits coordinator.


Bank Mutual hired Laura Leister as assistant vice president/bank office manager for its Grandview Plaza office in Waukesha and Brian Milliken as assistant vice president of commercial banking for its commercial lending operations in Eau Claire.

Citizens Bank, Jefferson, promoted Amber Roth to branch manager of its Jefferson Depot office.

MI Wealth Management promoted John Benjamin to vice president and Southwest Wisconsin regional investment manager.


Crowne Plaza Milwaukee West, Wauwatosa, promoted Patrick Palmer to general manager and hired Kris Mosier as director of sales.


Northwestern Mutual Cornerstone Financial Group, Oak Creek, named Alyssa Johnson a financial representative.


Bradley Corp., Menomonee Falls, named Steve Zingsheim senior vice president-corporate sales and marketing.

Van Holten’s , Waterloo, hired Gary Osborne as regional sales manager.

Professional services

Ayers Associates, Waukesha, hired Philip Bain as a transportation project manager.

Baker Tilly Virchow Krause hired Wendy Landrum as a strategic tax services partner.

LaBudde Group Inc. hired John Farrelly as president and named Rich Erickson chief executive officer.

Sheboygan County Economic Development Corp., Sheboygan, named Jocelyn Ertel communications coordinator and office manager.


Red Arrow Software Architects hired Jenn Haack as an information architect and Melissa Kraner as a quality assurance analyst.

New Faces New Places is a feature about personnel changes at Wisconsin businesses. There is no charge to be included in this feature. Email items to, using the subject line “New Faces New Places.” Please include identities with each photo submitted.


Saturday, May 26th, 2012 EN No Comments

Stone Investment Group Limited Reports Second Quarter Results

TORONTO, ONTARIO–(Marketwire – May 25, 2012) – Stone Investment Group Limited (“SIG”) today released its unaudited financial results for the quarter ended March 31, 2012.

The full interim financial statements for the period, including Management’s Discussion and Analysis, are available on SEDAR at

About Stone Investment Group Limited

Stone Investment Group Limited is an independent wealth management company. Stone Investment Group Limited, through its wholly-owned subsidiaries, Stone Co. Limited and Stone Asset Management Limited, structures and manages high quality investment products for Canadian investors.


Saturday, May 26th, 2012 EN No Comments

Edward Jones Named Firm of Year by MMI

Posted: Friday, May 25, 2012 6:32 pm

Updated: 3:02 pm, Thu May 24, 2012.

Edward Jones Named Firm of Year by MMI


Financial services firm Edward Jones was named the Advisory Solutions Firm of the Year by the Money Management Institute (MMI).

The award was presented at the institute’s annual Gateway to Leadership awards dinner held recently in Chicago, Ill.

According to local Edward Jones financial advisers, the firm received the award for having the most exemplified overall excellence and contributing to the long-term success and sustainability of the wealth management industry.

MMI is the national association for the managed investment solutions and the wealth management industry.

This award recognizes the features and benefits of both of the firm’s advisory platforms.

Edward Jones Advisory Solutions is an asset allocation and advisory program that allows investors to select from research or custom models with an initial minimum investment of $50,000.

The models use a combination of mutual funds, exchange traded funds and separately managed accounts in the construction of the portfolio and allow clients to delegate asset allocation, investment selection and portfolio rebalancing to Edward Jones.

This program now offers 62 fully discretionary research models, in addition to custom models, which allow investors to design a model to match their unique investment needs.

With the program’s custom models, clients retain discretion over the investment selection from the list of funds available in the program.

The program has grown to more than $75 billion in assets under management since its introduction in August 2008.

Advisory Solutions now ranks as the country’s fourth largest mutual fund advisory program, according to MMI/Dover Research.

In addition, Edward Jones offers a dual contract separately managed account program with more than $2 billion in assets under management.


Friday, May 25, 2012 6:32 pm.

Updated: 3:02 pm.


Friday, May 25th, 2012 EN No Comments

Adolfo Henriques Named Chairman, President and Chief Executive Officer of …

CORAL GABLES, Fla., May 25, 2012 (BUSINESS WIRE) —
Adolfo Henriques was appointed Chairman, President and Chief Executive
Officer of Gibraltar Private Bank, announced the bank’s Board of
Directors (pending regulatory approval). Henriques assumes the
responsibilities of Steven D. Hayworth, who has left the company.

“Steve has had a long and prestigious banking career at Gibraltar
Private and we wish him all the best in his future endeavors beyond,”
said Adolfo Henriques.

Henriques joined the bank in February 2011 as Vice Chairman, President
and Chief Operating Officer of the Coral Gables based company. Prior to
joining Gibraltar Private, Henriques was Vice Chairman of the Related
Group and Chairman, President and CEO of Florida East Coast Industries.
His impressive banking career includes being Chairman of NationsBank for
South Florida and CEO of the South Region for Regions Bank. Henriques
has also been involved in many local charities and business
organizations including having served as Chairman of the Greater Miami
Chamber of Commerce and the United Way of Dade County.

About Gibraltar Private Bank Trust

Established in 1994, Gibraltar Private is an integrated private banking
and wealth management company dedicated to enhancing the wealth and
well-being of its clients and their families. Gibraltar offers
residential and commercial lending, private banking and wealth
management services to professionals, corporate executives,
entrepreneurs, affluent retirees, and select businesses.

Headquartered in Coral Gables, Gibraltar Private has eight full-service
private banking and wealth management relationship offices including,
Coral Gables, Fort Lauderdale, Downtown Miami, Miami Beach, South Miami,
Naples, Ocean Reef and New York.

SOURCE: Gibraltar Private Bank Trust

        For Gibraltar Private Bank  Trust 
        Jorge Martinez, 305-445-7550

Copyright Business Wire 2012


Friday, May 25th, 2012 EN No Comments

FTSE enjoys some breathing space as bargain-hunters prompt gains

BRITAIN’S benchmark share index recovered yesterday from stinging losses during the previous session as bargain hunters snapped up beaten-down financial and commodities stocks, although traders said any rally could prove short-lived.

The blue-chip FTSE 100 index closed up 83.64 points, or 1.6 per cent, to 5,350.05 points.

It fell 2.5 per cent on Wednesday to a new 2012 closing low of 5,266.41 due to persistent fears that Greece may have to leave the Eurozone, and its rally yesterday still left it shy of the 5,400 level seen as key to triggering further buying.

“I see a continuation of this momentum going into tomorrow, in the absence of any fresh negative news, but my general bias would still be to sell into strong rallies,” said Hartmann Capital equities and derivatives sales trader Basil Petrides.

Franklin Templeton fund manager Colin Morton agreed that underlying fears about the debt crisis in Greece, and the impact that a Greek exit from the euro zone could have on the global economy, would limit any gains made in the coming days.

“I’ve moved a little bit of money off expensive, defensive stocks and towards more cyclical stocks that have had a bad run,” said Morton.

“But for the market to make significant progress, there has to be a dramatic change in how people feel and at the moment, there is still too much uncertainty,” he added.

Mining company Randgold Resources topped the FTSE 100 leaderboard after its shares closed up eight per cent.

Traders cited several reasons for the stock’s rise, such as the fact that directors had bought the company’s shares earlier in the week and a recovery in the price of gold.

They added that Randgold, whose shares are still down 21 per cent since the start of 2012, was tracking gains in South African gold miners, such as Harmony Gold, whose shares also rose after investors bet that their prices had fallen too far during a recent decline in the gold price.

Hartmann Capital’s Petrides said he had considered buying oil major BP, which also rose 3.3 per cent, but instead bought shares in financial companies, which have slumped this month on fears of their exposure to Europe’s debt crisis.

Petrides bought UK bank Barclays and insurers Prudential and Aviva yesterday, whose shares also made ground, with Prudential rising 3.4 per cent.

“These stocks tend to outperform when the market goes up. Their dividend yields are good and they have good quality earnings,” he added.

Others were more cautious, given the uncertain outlook for markets ahead of a 17 June election in Greece, where voters have rejected austerity measures imposed on it by the European Union and International Monetary Fund in an earlier bailout deal.

“It’s still a risk-off market,” said Charlotte Square fund manager Amanda Forsyth, who has remained underweight on equities and overweight in cash, with safe-haven asset classes such as the US dollar, US Treasury and German bund all having risen in recent weeks.

Outside the top flight, Mothercare soared 24 per cent after it unveiled better than expected results a tough cost-cutting plan.


Friday, May 25th, 2012 EN No Comments

US MIDDAY: copper recovers


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Copper rose 1 percent on Thursday in a mild recovery from the prior session’s 4-1/2 month low, though gains were held firmly in check by a round of soft manufacturing data that continued to cloud near-term demand prospects.

In New York, the COMEX July contract firmed 3.25 cents to settle at $3.4285 per lb, after dealing between $3.4045 and $3.4515.

“There’s a lot of volatility.

The way the markets are set currently right now is that the fundamentals are to the negative, the trend is to the negative, but we still could get a decent short-squeeze, like today,” said Sean McGillivray, vice president and head of asset allocation for Great Pacific Wealth Management in Oregon.

Prices of the metal are on track for a 10 percent loss this month, its weakest monthly performance since October 2011, when fears of a double-dip recession and growing doubts about a resolution of the Europe debt crisis sent the metal down almost 25 percent.

“The data has been poor, even Germany is starting to get dragged down, but we think we’re going to get Chinese stimulus.

If you’re prepared to look at the second half these are good levels to be getting in at,” said Natixis head of commodities research Nic Brown.

The world’s top copper producer, Chile’s Codelco, said its output fell 10 percent in the first quarter from a year earlier to 373,000 tonnes, but added that it was on target to produce 1.708 million tonnes this year.

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Friday, May 25th, 2012 EN No Comments