Saturday, July 31, 2010

Carlyle says China tip mark for Asian deals

George Chen, Asia Private Equity Correspondent HONG KONG Wed Feb 24, 2010 7:57am EST Related News UPDATE 1-Carlyle, Fosun to launch private equity fund in ChinaWed, Feb 24 2010Carlyle, Fosun to launch private equity fund in ChinaWed, Feb 24 2010Factbox: Sources of tension between China and U.SThu, Feb 18 2010Private equity boom seen for Islamic financeWed, Feb 17 2010Tax, regulation headache for buyout industryThu, Feb 11 2010 Stocks & &

HONG KONG (Reuters) - The Carlyle Group CYL.UL aims to invest most of its Asia-focused funds on deals in China, where the U.S. buyout group also expects to finance new funds as it gets tougher to raise money in the United States.

Deals&&&&China

"There"s no doubt that raising money is harder than it used to be," said David Rubenstein, Carlyle"s co-founder and managing director.

"There"s no doubt that some of the public pension funds in the United States are probably over-allocated to private equity," he told Reuters in a telephone interview on Wednesday.

Some private equity executives have complained about difficulties in fund-raising in the United States and Europe, where institutional investors, also known as limited partners, used to be big fans of private equity before the financial crisis.

More fund managers, such as George Soros, are rushing to raise new capital in Asia, which has a shorter history of private equity and hedge funds than the West.

Carlyle"s most recent Asia buyout fund, launched in July 2006, raised $1.8 billion and has invested in various projects across Asia.

Carlyle was raising a new Asia buyout fund with a target size of up to $3 billion, Reuters reported in September.

"Clearly, China has a fair amount of money to invest, not only through the large sovereign wealth funds that are well known, but from so many other vehicles in China," he said.

"So I think China and other parts of Asia like Singapore and Korea are going to be very attractive places in which to raise money for organizations like ours generally."

NO.1 DESTINATION

Rubenstein, who was ranked by Forbes magazine as 123rd richest American in 2009 with a net worth of $2.5 million, told Reuters investors continue to have a strong interest in investment opportunities in China despite the financial crisis.

"We do invest outside China as well, of course, but China will get a predominant share of the money that we have for Asia because it"s so much larger and it"s such an exciting place to invest," said Rubenstein.

In China, Carlyle has already made about 50 transactions worth a combined total of more than $2 billion.

One of its most successful investments in the region was its landmark deal with China Pacific Insurance (Group) Co (601601.SS) , China"s No.3 life insurer, which went public in Hong Kong late last year, allowing Carlyle to sell part of its stake for a huge profit.

"When we do try to raise money to invest in Asia, I would say 75 percent of the interest from our investors is here about China," said Rubenstein, who was a top domestic policy advisor to former U.S. President Jimmy Carter.

"China is the area (in Asia) that most of our investors are interested in ... and so that"s what we do talk a lot about," he said.

Carlyle said also said on Wednesday it was teaming up with China"s largest non-state-owned conglomerate Fosun Group to launch a $100 million yuan-denominated private equity fund to tap more China deals.

Carlyle said in January it plans to launch a China-dedicated, yuan-denominated private equity in Beijing.

(Additional reporting by Samuel Shen and David Lin in Shanghai; Editing by David Holmes)

Deals China

Wednesday, July 28, 2010

Duke of Windsors tartan frock to be auctioned by Charles Hanson

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A rare 1930s tartan kilt owned by The Duke of Windsor and passed down by a family who were in service for him is being sold at auction.

The unusual piece of royal memorabilia has been unearthed by the auctioneer Charles Hanson, star of the BBC"s Bargain Hunt, who described it as a significant royal find.

He said: As the tartan was unwrapped, I recognised the two-way colour scheme as a royal tartan.

The kilt has family provenance to a gentleman called David Campbell, who accompanied the Duke of Windsor to the Bahamas in the 1930s. It was given to the present owner in 1956 by his mothers brother, who was David Campbell.

Related LinksRoyal Familys "boot sale" fetches 2.1mQueen Victorias knickers fetch 4,500Royal memento fetches astounding 16,000 at auction

He was working as a valet to the Duke of Windsor and the kilt bears a label for McDougalls of Inverness, which was a provider of exclusive clothing in the early 20th century.

The social history of the kilt is remarkable, added Mr Hanson. To handle such a garment of great royal pedigree is exciting."

In 1936, the desire of King Edward VIII to marry Wallis Simpson, a twice-divorced American socialite, caused a constitutional crisis in the British Empire and led to his abdication in December 1936.

The kilt goes on sale at Hansons Antiques at The Mackworth Hotel, Ashbourne Road near Derby tomorrow. Estimated at up to 500, it could easily exceed the guide price, as did a pair of Queen Victorias bloomers, which went for 4,500, and a pair of her stockings for 800.

It is not known if the man who gave up the throne gave up his underwear to wear the kilt in the traditional manner. It"s just a shame we dont know what, if anything, he wore underneath, said Mr Hanson.

Also in the auction is a bonnet box from Queen Victoria"s children"s nursery in the 1850s.

Tuesday, July 27, 2010

JD Wetherspoon drinks in jot down profits

A lady drinks a potion of booze in a London pub

Emily Ford & , : {}

JD Wetherspoon, the pubs operator, reported jot down first-half increase of 36.2 million currently and pronounced that it would revive the division payments that it dangling one year ago after the retrogression yielded a fall in trade.

The group, well known for the cheap drinks and worth dish promotions, pronounced that sales had reached jot down levels in the 6 months to March, with like-for-like sales rising marginally to 0.1 per cent and sum sales up 4.1 per cent to 488.1 million, notwithstanding what the organisation described as "immense pressure" on the pubs industry from supervision legislation.

Shareholders on the company"s register as of Mar nineteen will embrace a division of 12p on Apr 1 for the monetary year finale Jul 2009, and the house pronounced that it had authorized a special division of 7p to shareholders, to be paid at the same time.

The organisation reliable that it had organised a 530 million four-year credit refinancing trickery with eleven banks to capacitate it to return the division to shareholders.

Related LinksWetherspoon sales brace among distinction fallGlass half-full on Wetherspoon division

Its debts mount at 383.5 million, incompletely reduce than last year"s figure of 388.2 million.

Wetherspoon pronounced that it dictated to go on the programme of enlargement opposite the country.

The organisation non-stop seventeen pubs in the initial half, receiving the sum to 746, and pronounced that it was on lane open 50 some-more pubs in the entrance monetary year.

"As a outcome of the sales, increase and free cashflow, together with the one after another efforts to urge each area of the business, I sojourn assured of the destiny prospects," Tim Martin, the chairman, said.

Shares in the association soared yesterday to close at 505p, up from a shutting cost of 467p the prior day, as investors expected certain formula and the restoring of the dividend.

hair wig

Sol Campbell refuses to order out England lapse Arsenal

Brinsley Bailey & , : {}

Sol Campbell is refusing to give up goal on an England stop for the World Cup this summer.

The 35-year-old centre half proposed in Arsenal"s 5-0 win over Porto last night as the bar reached the last eight of the Champions League, the initial time he has played at the Emirates Stadium as an Arsenal player.

Campbell won the last of his 73 caps some-more than dual years ago and has never been comparison by Fabio Capello, but when asked about a probable general recall, said: "You never know. I competence get a spot here or there if I keep on playing. Why not?"

After personification in League Two with Notts County at the begin of the season, Campbell has played five times since his lapse to Arsenal. He was since his possibility to partner Thomas Vermaelen following damage to William Gallas.

Related LinksCampbell rediscovers his love of the gameNasri delivers prominence in glorious win Gallas contingency take compensate cut to stay at Arsenal

"It was my initial diversion at the Emirates [since returning]," Campbell said. "It was great. It"s a illusory track and it was good to be out there with the lads.

"It was a good opening opposite Porto after going 2-1 down over there ... it"s good to be in the brew of it since that"s what it"s all about, you fool around football for those moments."

hair wig

Monday, July 26, 2010

Civil use set upon underneath approach Politics The Guardian

PCS kinship members at a set upon convene in Belfast

PCS kinship members at a set upon convene in Belfast. Photograph: Paul Faith/PA

Civil servants have started a 48-hour strike, withdrawal justice hearings postponed, pursuit centres handling a smallest use and 2,000 pushing tests cancelled.

The movement is written to put limit vigour on the supervision usually weeks prior to the ubiquitous election. The Public and Commercial Services Union (PCS) pronounced the set upon over plans to revoke excess payouts saw some-more than 200,000 open zone workers refusing to cranky white picket lines.

Crown and county justice sittings have been exceedingly influenced and pass appointments cancelled opposite the country. Museum staffing is additionally affected: usually the belligerent building in the Victoria and Albert notable relic in London was open to the public.

Union bosses have claimed the infancy of their members are receiving part. They embody municipal staff in the Metropolitan police, House of Commons security crew and income and etiquette officers.

The supervision has pronounced the own monitoring suggests usually 80,000 of the 270,000 PCS members are receiving part. Four out of the five polite use unions supposed a remuneration understanding last month.

The set upon is over plans to revoke payouts for polite servants done surplus in sequence to save £500m over 3 years. The supervision insists it has already compromised with unions to strengthen low-paid workers and safety their higher payouts. But the unions contend their members still mount to lose thousands of pounds and that the understanding is piece of moves to have it cheaper to pouch people as the supervision tries to revoke the salary bill.

Mark Serwotka, the PCS ubiquitous secretary, said: "The supervision needs to stop burying the head in the silt and arise up to the scale of annoy that has been generated by their plans to cut jobs on the cheap.

"Loyal polite servants face losing tens of thousands of pounds if they are forced out of their jobs. The supervision is ripping up their contracts in front of their eyes, nonetheless claims it can do zero about bankers" bonuses since of contractual obligations."

Tessa Jowell, the Cabinet Office minister, said: "More than 70% of PCS members have motionless not to take piece in today"s action. This equates to that 85% of all polite servants are operative as normal today. Across the nation services to the open are mostly unblushing – all pursuit centres and benefits offices are open, limit entrance points are operative routinely and justice services are being maintained."

Alexander Litvinenko"s father finds small refuge in Italy World headlines The Guardian

Walter Litvinenko, whose son, Alexander, a former Russian spy, was tainted in London Walter Litvinenko, whose son, Alexander, a former Russian spy, was tainted in London. Photograph: Jane Baker

For Walter Litvinenko, it was a formidable but required step. After his son Alexander was murdered in London in 2006 in the majority shameful domestic murdering given the cold war, Walter fled Russia for refuge in horse opera Europe. He chose Italy. It offering a new, anonymous, KGB-free life.

But dual years after nearing in the exhausted strand locale of Senigallia on the Adriatic coast, Litvinenko says his family is being persecuted once again, their grill raided and sealed down, their ask for haven regularly refused notwithstanding justification that they would be at risk in Russia. Now, he says, they have run out of income and rely on present handouts for food. For Litvinenko, there is usually one trustworthy explanation: Silvio Berlusconi"s rejection to dissapoint the Kremlin or his friend, Russian budding apportion Vladimir Putin.

"We have depressed plant to a domestic game," Litvinenko pronounced today, vocalization from the close prosaic he shares with eight relatives. "Berlusconi is no improved than Putin. All European governments have been flirting with Putin. Berlusconi"s coherence on him, and on Russian gas, equates to that we don"t get asylum."

Alexander Litvinenko, a former KGB representative incited dissident, was tainted with a prohibited isotope, sparking theories that the Kremlin systematic the killing. A British military review resulted in a unsuccessful try to extradite an additional former KGB agent, Andrei Lugovoi.

Walter Litvinenko, 71, arrived in Italy in Apr 2008 with his wife, Lyuba. Their daughter Tatiana – Alexander Litvinenko"s half-sister – and her father and their dual immature kids followed eight months later, fasten Walter"s son Maxim Litvinenko, his mother and immature daughter. At this point the Litvinenkos practical for asylum.

At the same time they non-stop a grill in the traveller review of Rimini. Maxim Litvinenko, who changed to Italy 9 years ago, is a veteran chef. But shortly after opening their business, and securing internal permissions, the military sensitive them they were handling illegally, with one room not in formulation permission.

On 31 Oct 2009 military detonate in to the grill at 12.45am, angry of "loud music". Tatiana says the last guest had left at midnight and the family were sensitively clearing up. The military demanded to see the Litvinenkos" papers. When Tatiana told them her papers were in her flat, a short travel away, one law enforcemetn officer grabbed her rounded off by the arm, she says. "I struggled free. He afterwards chased after me and pushed me from behind. I crushed my head on the marble floor. I lost consciousness." She says she suffered concussion. "I felt intoxicated for days. I had to see the doctor."

The restaurant, La Terrazza, was eventually close down in November. The Litvinenkos were forced to move to a cheaper prosaic down the seashore in circuitously Senigallia.

The family contend they do not know if the nuisance has been certified at the top levels. "I thought Europe had 100% sequence of law. We detected in Italy this isn"t true. It"s connectors and the mafia. It"s as if we never arrived in Europe but finished up in a small Russian province," Tatiana says.

Italian immigration officials have interrogated the family twice. According to Tatiana, they voiced small seductiveness in given the Litvinenkos fled their home in the southern Russian locale of Nalchik. Instead, they longed for to know how they had come to Italy and either their visas had been forged.

Britain"s own offers of haven to high-profile Russian exiles together with Litvinenko and his patron, Boris Berezovsky, have prolonged murderous Russia. Berlusconi has selected to equivocate the same mistake, Walter Litvinenko says.

Paolo Guzzanti, a former senator in Berlusconi"s Forza Italia celebration who fell out with the budding apportion over his loyalty with Putin, pronounced it was expected that Berlusconi had shut off the haven applications. "I have no acknowledgment of this, but it seems obvious, given the loving attribute in in in between Putin and Berlusconi, that all probable obstacles to extenuation haven will be lifted in sequence to delayed down the procession or have it impossible," he said.

A orator for Berlusconi insisted the budding minister"s attribute with Putin had zero to do with decisions about the Litvinenko family. He said: "With requests for asylum, together with from countries similar to Russia, there are European procedures that Italy follows. It has zero to do with personal relations in in in between leaders and zero to do with politics."

Two weeks ago Walter Litvinenko published an open minute on a human rights website declared after Anna Politkovskaya (www.annaviva.com), the publisher and Kremlin censor murdered in Moscow in 2006. He pronounced Berlusconi had done the Litvinenkos" incident unbearable. Despite assurances that their box would be quickly resolved zero had happened, he said. "It"s transparent Berlusconi is boring this routine out for as prolonged as possible," he added.

On Sunday the Litvinenkos outlayed their last euros. They paid for 10 eggs. The family – together with dual adults over 70 and dual small immature kids – are now pity a little three-bedroom flat. There is no prohibited H2O and usually dual hours a day of heating. A internal church gives them bread and apples; differently they eat pancakes.

The Litvinenkos have to compensate €540 for subsequent month"s rent. Currently, they say, they have no thought how to find it.

Walter Litvinenko blames Putin for the family"s misfortune. "He killed my son. He"s a ill man," he says. Tatiana, however, refuses to criticize Putin and focuses on Berezovsky. "My hermit shielded him. But he"s obviously not meddlesome in us." She admits, however, that she has not asked Berezovsky for anything.

Walter frequency ever leaves the flat. With the still strand cafes and off-season feel, Senigallia seems a undiluted place to shun from the Russian state and the agents.

Yet Walter admits he is disturbed the same predestine that befell his son competence await him too. "There is a sure subliminal fear. In Nalchik I wasn"t fearful given I knew everybody"s faces. Here it"s different. At any impulse a chairman could come up to you, and that would be the end."

Additional reporting: Giancarlo Castello and Tom Kington in Rome

Friends in high places

Silvio Berlusconi is Vladimir Putin"s majority fervent crony in Europe, and sees himself as the man to insist the Russian to an mostly nonplussed west.

Their close organisation goes behind to Berlusconi"s second army as budding minister, in 2001-06. In Apr 2008 Berlusconi hosted Putin at his lush Sardinian villa, with Berlusconi on vacation Putin"s chateau nearby St Petersburg last year. Putin additionally phoned Berlusconi in his sanatorium bed after he was pounded and lost multiform teeth last year.

Soon after his recover from sanatorium in December, after being pounded in the travel by a discontented voter wielding a reproduction medieval cathedral, Berlusconi appeared sporting a Russian Federation army jacket. The sweatshirt with the double-headed Russian eagle trademark was a present from Putin.

Ultimately, of course, the attribute is about business. Thirty per cent of Italy"s oil and gas imports already come from Russia and blurb ties in in in between the countries have roughly tripled given 2000.

Tom Kington

Sunday, July 25, 2010

Capitalism: A Love Story is just what it says on the tin David Cox Film

Scene from Capitalism: A Love Story (2009)

Old pretence … Michael Moore with a security ensure in Capitalism: A Love Story

It competence see as if Michael Moore"s time has come. Certainly, after the mercantile meltdown he no longer seems usually a submissive jester. Unfortunately, he right away looks instead some-more similar to an exploitative pest, you do his bit to go on the woes on that he feeds. If we were ever in love with capitalism, we aren"t any longer. These days we"re all well wakeful that it"s destroying jobs, snatching homes and enriching a little couple of at the responsibility of the hard-pressed many. It"s not headlines any some-more to see the victims of this routine describing their predicament to the caring fat man. If it was ever droll to spin up at a corporate HQ and provoke the security guys for an unscheduled talk with the boss, the fun has prolonged ragged off. Arriving at a bank with a bag and perfectionist the lapse of taxpayers" money isn"t majority some-more rib-tickling.

Capitalism: A Love Story Production year: 2009 Country: USA Cert (UK): 12A Runtime: 127 mins Directors: Michael Moore Cast: Michael Moore More on this movie

What we wish to know right away is what"s to be done. On this, Capitalism: A Love Story seems transparent enough. Capitalism, Moore tells us, can"t be regulated: it contingency be replaced. The reason seems to be this. Politicians whose office it is to carry out the complement collaborate with monetary fat cats to have it offer heighten the absolved instead. Thus the bailout of the banks wasn"t a unfortunate try to rescue the universe economy, but a tract opposite the people.

Moore acknowledges that things competence have been different. Apparently, if FDR hadn"t died, each American would right away suffer an inalienable right to an affordable home, a decent wage, a paid vacation, a gentle pension, a Winnebago and a Super Bowl ticket. Obama gets lauded, but it"s not transparent why. Since he"s unsuccessful to broach the above, we contingency certainly pretence that he"s usually similar to all the rest.

So what"s that deputy for capitalism essentially going to be? In the wisdom, amiability has come up with a in accord with supply of probable alternatives. Hunter-gathering, keep farming, feudalism, communism, right-wing dictatorship and the rest all have their merits, but the coach seems loth to plump for any one of these. In fact, at this point things get hazy.

Moore finds superintendence in Catholicism, shows us a feisty bureau sit-in and takes us to a blissful workers" co-operative. So maybe what we"re all meant to do is to take holy communion, afterwards find ourselves a unwell outfit to take up or an employer who wants to give the workers his business. Beyond that, all Moore has to suggest is "democracy". This seems an even less beneficial suggestion. After all, the United States has already enjoyed this process of supervision for longer than majority pick places. Anyway, it"s a domestic process, not an mercantile system.

So a acceptable deputy for that disagreeable financial system of administration stays elusive. Still, you can see because Moore competence have faltered. After all, even in the face of capitalism"s stream crisis, no one else seems to have majority to introduce by approach of an alternative. We can usually pretence that people go on to hold that incentivising the office of distinction will offer them improved than anything else available, in annoy of the intrusion and lack of harmony that it"s firm to move in the wake.

Like it or not, the horse opera universe seems doomed to sojourn inseparably married to capitalism. It might right away be a loveless relationship, but we daren"t anticipate divorce. Nonetheless, the conditions of the agreement need obligatory revision. That will need not infantile bombast, but solemn negotiation.

The genuine charge opposed us is not to reinstate capitalism but to have it work properly. It"s not such a glamorous undertaking, but it"s one that will call on the constant courtesy of the citizenry if it"s not to be blown off course. The usually approach people will be means to have things improved will be by receiving full value of the opportunities essentially available. It won"t assistance them to be diverted by dull dreams.

Peddling misinterpretation doesn"t breed change. On the contrary, it fosters frustration, disappointment, resentment, disunion and thus passivity. In you do so, it entrenches the standing quo, instead of undermining it. Capitalism has zero to fright from Michael Moore, but the onslaught to move it to heel could do but him.

Saturday, July 24, 2010

What constitutes excusable wet-weather footwear? Life and character The Guardian

Various - 2009

Ugg boots: not wet-weather wear Photograph: Geoff Moore / Rex Features

What constitutes excusable wet-weather footwear?

Emily, London

Well, not Uggs, that"s for gosh-darn sure. People! What is wrong with you? Now, I conclude that I am entrance at this from a rather inequitable position, not being a fan of the Ugh, I meant Ugg. However, I am an fair sort of person, and even I can accept, grudgingly, that a woollen foot competence be utterly a good thing on an icy morning.

Yet, lo! What I feared has come to pass. Women, and the occasional utterly misled man, crop up to have turn so ­enamoured of their Uggs that they have confused them with wellingtons and each stormy day this winter (ie, each day) Britain"s streets have been suffused with the overpower­ing smell of soppy nap and humid feet.

The complaint is that the Ugg is the tough drug of footwear. Some people can hoop them and dally spasmodic but apropos full-on addicts, and a small can"t and demand on abusing it now, now, NOW! Honestly, they don"t have a complaint – loads of people rely on them, daily. Give me my Uggs! Now! Yes, in the rain, what"s your problem?

My complaint is this, Ugg addict: Ugg boots are not waterproof. They are cold proof. You see? Different. Look at you, sobbing, trembling, your feet shower wet, your boots imitative drowned hamsters. Look at what you"ve become. The usually resolution is cold turkey and, yes, I know it"s tough to accept. Don"t be ashamed. ­Honestly, you"re not alone and I am gratified to move this complaint to the public"s ­attention. That"s right, it"s an Ask Hadley campaign, and if ­anyone would similar to to pointer my apply to for this complaint to be some-more at large recognised, they need to send in a print of their rejected Uggs to infer their loyalty and I"ll get the papers to you. Alan Johnson? Please, for the consequence of the young kids and Broken Britain, can we get the Ugg upgraded to category A asap?

As for what you can wear, well, the viewable (and to illustrate wrong) choice is Hunter wellies. I"m fearful these are right away as well compared with Wags who have pretensions of being Kate Moss. Person­ally, I utterly similar to the wellies by Marc by Marc; not usually do they not roar "I"M FROM MARC BY MARC" (and are to illustrate singular for engineer footwear), but they aren"t really ­expensive, generally ­compared with Hunter wellingtons.

But I think the most appropriate shoes for a stormy day is the slipper, since that equates to you"re staying at home and examination Frasier, that is patently the usually essential approach to outlay a stormy day.

Why is it that in the future, cars can fly, guns are lasers and robots are fiendishly clever, but everybody dresses the same (source: each science-fiction movie ever)? Will record kill fashion?

Kieran, west London

Let"s goal so. After all, let"s think of what constitutes conform in the destiny from the couple of crumbs that trickle through, according to these movies of that you speak: the big corpulent trinket things in Logan"s Run (very Kensington Market, circa 1991. In a bad way); the unfortunate hi-tops in Back to the Future II; ­Sigourney Weaver"s hair in Avatar.

Now, I have small time for Avatar, aka, Last of the Mohicans with combined blueyness, but I have a lot of time to plead Sigourney"s hair. Holy racial cliche: am I the usually one to be aesthetic­ally ­offended by the plaits Sigourney"s avatar sports? What is she, an over­enthusiastic teen on legal holiday in Jamaica? As ­Mugatu says in Zoolander, "I feel similar to I"m receiving funny pills!"

So, Kieran, in the destiny so most mental appetite will be depleted on never creation any correct facial countenance alternative than "grim" (source: all sci-fi films) and guidance how to together play ground a drifting car that nothing will be left for conform ­design. And if Sigourney is any kind of denote of the whole, appreciate God.