Investor News

Credit Suisse poaches Prudential's Thiam for Asian push

2015-03-10T16:00:00.004-07:00

ZURICH/LONDON/HONG KONG (Reuters) - Credit Suisse has swooped on Prudentialboss Tidjane Thiam to lead the Swiss bank in a push to manage more of the wealth held by Asia's fast growing club of multi-millionaires.

Thiam, a 52-year-old former Ivory Coast government minister, will replace American chief executive Brady Dougan, who has drawn fire for failing to reform the bank and scale back its risky investment banking business fast enough.

In a sign of Thiam's standing with investors, news of his move added almost $3 billion to Credit Suisse's market value on Tuesday and cut Prudential's by nearly $2 billion.

As Prudential (L:PRU) boss - and the first black head of a FTSE 100 company - Thiam has built up a strong Asian track record, expanding the British-based insurer's sales in the region since 2009 and trebling its share price in the process.

While Thiam has never run a bank, shareholders and analysts regard his experience in dealing with financial regulators as a strength while lenders must implement a blitz of new rules imposed following the global financial crisis.

Dougan, 55, had been criticized for not paring back Credit Suisse's (VX:CSGN) investment bank enough after the introduction of global regulations forcing banks to hold more capital so that they could survive another crisis.

Chairman Urs Rohner said the bank would press on with its current strategy under Thiam, a multi-linguist whose private interests range from soccer to Russian literature.

"As you know, we have a strategy of growing the wealth management business," Rohner said, adding that he wanted a more balanced allocation of the bank's capital between the wealth management and the investment banking businesses. "It is not about a fundamental redirection," he told a news conference.

Thiam was guarded on his plans. "Credit Suisse has been successful but I don't know an organization that doesn't need change," he said. "There are things that need to be improved. I'm not in a position to go any further in the answer."

Credit Suisse's shares closed up 7.76 percent, adding $2.93 billion to its market value, while Prudential's lost 3.1 percent, wiping $1.99 billion from its capitalization.

He was hailed as a star by the Swiss media, with tabloid Blick dubbing him the "Obama of Credit Suisse" whose appointment was a sign of Switzerland's openness to the world.

Tages Anzeiger said Thiam might be much better suited to lead Credit Suisse than Dougan, an outsider in Switzerland whose departure was "long overdue".

Under Dougan, Credit Suisse survived the crisis without resorting to a taxpayer-funded bailout. But he faced calls to quit last year when the bank reached a $2.5 billion settlement with U.S. authorities for helping Americans to evade taxes via secret bank accounts.

He will leave at the end of June after 25 years at the bank and eight as CEO, when he was one of the world's highest-paid bankers with his salary topping 90 million Swiss francs ($91 million) in one year. More recently, he had embarked on several rounds of cost-cutting.

"Thiam has no banking experience but it could be that an outsider can make some of the decisions they were not able to make internally," said one investor in Credit Suisse, who asked not to be named.

Thiam left Ivory Coast in his early 30s following a coup and joined consulting firm McKinsey & Co in Paris - making him now the third ex-McKinsey member on Credit Suisse's 10-strong executive board. People who have worked with him said he has a sharp intellect and deals well with regulators and colleagues.

While at Prudential, Thiam failed in an attempt to take over Asian-focused insurer AIA (HK:1299) in 2010 after a shareholder rebellion. Nevertheless, he successfully concentrated on Asia to drive profits.

His recruitment raises expectations that he will cut Credit Suisse's investment bank hard at last. Its European rivals such as UBS (VX:UBSG) have been faster to shrink this business and focus on other areas of strength.

"Thiam's background in insurance and asset management suggests Credit Suisse's focus is moving increasingly away from investment banking," said a UK-based fund manager, who was reviewing his position after selling the bank's shares on concerns about capital requirements.

BUILDING BRIDGES

Dougan's departure leaves JP Morgan's (N:JPM) Jamie Dimon and Goldman Sachs's (N:GS) Lloyd Blankfein as the only two global banking CEOs still in place since the 2008-09 crisis.

The Credit Suisse board backed Dougan over the U.S. settlement, under which the bank pleaded guilty to criminal charges but kept its New York license. However, he was criticized by some politicians and media in Switzerland.

Thiam has the languages to help build bridges with Swiss politicians wary of bankers after having to bail out UBS. He addressed his first Credit Suisse news conference in German and French as well as English.

A fan of English football club Arsenal, he lists "The Brothers Karamazov" by 19th century Russian novelist Fyodor Dostoyevsky as his favorite book and his top song is Tadieu Bone by Ismael Lo, a guitarist from Senegal, his father's country.

Asked on a BBC radio show two years ago how he felt leading people, Thiam said: "It's a bit like walking a tightrope because you feel all these expectations around you and it's rarely comfortable. If you really believe in what it is you are trying to achieve it helps you go through a journey and walk without looking down."

Prudential, Britain's largest insurer by market value, confirmed Thiam's departure as it reported a 14 percent rise in operating profit in 2014.

The firm said a successor has been identified and would be announced after the regulatory approval process. Thiam is expected to remain in place until after first quarter results are released in May. The insurance group declined to comment on media reports that its U.S. business head Mike Wells would get the job.

($1 = 0.9898 Swiss francs)

Greek leftist leader Tsipras scores victory over austerity

2015-01-25T22:46:00.002-08:00

ATHENS (Reuters) - Greek leftist leader Alexis Tsipras promised on Sunday that five years of austerity, "humiliation and suffering" imposed by international creditors were over after his Syriza party swept to victory in a snap election on Sunday.

With over 99 percent of the vote counted, Syriza had 149 seats in the 300-seat parliament, taking 36.3 percent of the vote, 8.5 points ahead of the conservative New Democracy party of Prime Minister Antonis Samaras.

Tsipras is expected to hold coalition talks on Monday with the small Independent Greeks party which, like Syriza, opposes Greece's bailout deal with the European Union and International Monetary Fund.

While Tsipras fell just short of an overall majority, he is set to lead the first euro zone government committed to overturning the kind of budgetary rigor that was imposed on Greece as a condition of the bailout in 2010.

"Greece leaves behind catastrophic austerity, it leaves behind fear and authoritarianism, it leaves behind five years of humiliation and suffering," Tsipras told thousands of cheering supporters gathered in Athens.

Syriza's victory marks a flat rejection of the model for troubled euro zone economies championed by German Chancellor Angela Merkel. It is also likely to strengthen calls for the euro zone to move towards policies which promote economic growth, rather that tackling budget deficits.

Syriza's campaign slogan "Hope is coming!" resonated with voters worn down by huge budget cuts and heavy tax rises during the years of crisis that have sent unemployment over 25 percent and pushed millions into poverty.

"We hope our expectations will be fulfilled," said 47-year-old teacher Efi Avgoustakou. "On Monday in class, we're not allowed to comment and take sides but we will be smiling."

Financial markets reacted nervously to the victory of Tspiras, who has promised to renegotiate Greece's debt agreements, fearing potential conflict with other euro zone governments that could put more strain on the currency bloc.

The euro slid to near an 11-year low and U.S. stock futures fell as Asian markets opened on Monday.

Germany has insisted Greece must respect the terms of its 240 billion euro bailout deal, which saved the country from bankruptcy but at the cost of bitter sacrifices by the Greek people.

"LOST DIGNITY"

Tsipras said he would cooperate with fellow euro zone leaders for "a fair and mutually beneficial solution" but said the Greek people came first. "Our foremost priority is that our country and our people regain their lost dignity," he said.

He has promised to keep Greece in the euro and toned down some of his rhetoric, but his arrival in power is likely to encourage other anti-austerity parties which are winning support across Europe, such as the Podemos movement in Spain.

It might also strengthen the hand of mainstream leaders including French President Francois Hollande and Italian Prime Minister Matteo Renzi who argue that orthodox austerity policies have failed to produce the economic growth which Europe needs to recover fully from the global financial crisis.

Hollande expressed in a statement his "desire to pursue the close cooperation between our two countries in service of growth and the stability of the euro zone".

Finnish Foreign Minister Erkki Tuomioja was more forthright, saying he believed the result would change the debate in Europe and put more emphasis on growth and employment. "This is a slap at what I see as a very right-wing economic policy in Europe," Tuomioja, a Social Democrat, told the website of the Helsingin Sanomat newspaper.

However, with Greece's economy unlikely to see any quick recovery from its crisis, Tsipras faces enormous problems and his victory raises the prospect of tough negotiations with European partners including Merkel.

Greece's bailout deal with the euro zone is due to end on Feb. 28 and Tsipras' immediate challenge will be to settle doubts over the next installment of more than 7 billion euros in international aid. EU finance ministers are due to discuss the issue in Brussels on Monday.

One Syriza official expressed confidence that Tsipras could form a government by Wednesday.

Political analyst John Loulis doubted a minority government would be viable. "It's a historic win," he said, adding that Tsipras would have to form a coalition to prevent renewed instability. "He has no other option, the last thing the country needs would be another round of elections."

STANDOFF WITH BERLIN

Tsipras has promised to renegotiate agreements with the European Commission, European Central Bank and International Monetary Fund "troika" and write off much of Greece's 320 billion-euro debt, which at more than 175 percent of gross domestic product, is the world's second highest after Japan.

Coming after the ECB's move to pump billions into the bloc's flagging economy, Sunday's result will stir consternation in Berlin. A senior lawmaker in Merkel's conservative party said the result showed Greek voters had turned away from austerity but he said Europe could not accept rejection of the bailout.

"We must not reward the breaching of agreements," Wolfgang Bosbach told the daily Osnabruecker Zeitung newspaper. "That would send completely the wrong signal to other crisis-stricken countries that would then expect the same treatment."

Tsipras wants to roll back many of the measures demanded by the "troika", raising the minimum wage, lowering power prices for poor families, cutting property taxes and reversing pension and public sector pay cuts.

U.S. investment bank J.P. Morgan said the result could weigh on markets but that it considered speculation over a possible Greek exit from the euro was "a stretch" and a negotiated deal appeared the most likely outcome. "Our base case remains that a Syriza government or Syriza-dominated coalition would alter its platform to retain troika financing," it said.

Greece, unable to tap the markets because of sky-high borrowing costs, has enough cash to meet its immediate funding needs for the next couple of months but it faces around 10 billion euros of debt repayments over the summer.

($1 = 0.8923 euros)

Thailand CPI 0.60% vs. 1.10% forecast

2015-01-04T21:24:00.001-08:00

Investing.com - Consumer price inflation in Thailand fell more-than-expected last month, official data showed on Monday.

In a report, Ministry of Commerce Thailand said that Thai CPI fell to a seasonally adjusted annual rate of 0.60%, from 1.26% in the preceding month.

Analysts had expected Thai CPI to fall to 1.10% last month.

S&P Raises ACE’s Financial Strength Ratings to 'AA-'

2010-12-19T11:39:00.000-08:00

S&P Raises ACE’s Financial Strength Ratings to 'AA-'

Standard & Poor’s (S&P) has upgraded the financial strength ratings for ACE’s core operating insurance companies to “AA-” (Very Strong). The new rating applies to ACE’s core North America, Europe and Bermuda operating companies, which together account for more than 75% of the company’s business globally, based on net premiums written. S&P’s rating outlook for these companies is “Stable.” See S&P’s news release.

In upgrading the financial strength rating, S&P cited ACE’s “very strong and consistent operating performance, very strong competitive position, positive management and corporate strategy, and very strong and improved capital adequacy.” In its announcement, S&P said ACE’s “top managers are actively involved in the operations of the business, backed by a strong staff with significant depth and breadth” and also noted that the ratings reflect the company’s “strong enterprise risk management practices.”

In addition, S&P upgraded the issuer credit (senior debt) rating of ACE Limited, the ACE Group’s Switzerland-based holding company, to “A,” citing the company's “very strong liquidity and improved financial flexibility.”

Agilent Technologies Announces Offering of Senior Notes

2010-12-18T20:37:00.001-08:00

Agilent Technologies Announces Offering of Senior Notes

SANTA CLARA, Calif., Jul 13, 2010 (BUSINESS WIRE) -- Agilent Technologies Inc. (NYSE: A) today announced it is offering, subject to market and other conditions, two series of senior notes.

Agilent intends to use the net proceeds from the offering to satisfy, in part, the financing obligation of its subsidiary Agilent Technologies World Trade, Inc.

Banc of America Securities LLC, Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers.

Agilent Technologies Names Didier Hirsch Senior Vice President and CFO

2010-12-18T20:35:00.000-08:00

Agilent Technologies Names Didier Hirsch Senior Vice President and CFO

SANTA CLARA, Calif., Jul 21, 2010 (BUSINESS WIRE) -- Agilent Technologies Inc. (NYSE:A) today announced that Didier Hirsch, acting chief financial officer and vice president, corporate controllership and tax, has been appointed senior vice president and chief financial officer, effective today. Hirsch has been acting CFO since April 1, 2010.

Hirsch has been responsible for Agilent's accounting and reporting functions, tax, credit and collections, vendor payments, and cost accounting. He has been with Agilent since its inception in 1999. Prior to Agilent, Hirsch was director of finance and administration for Hewlett-Packard Europe, Middle East and Africa. Before that, he held a similar position at Hewlett-Packard Asia Pacific, based in Hong Kong. Hirsch joined Hewlett-Packard Company in 1989.

"Didier is a seasoned veteran with excellent global knowledge and experience," said Bill Sullivan, Agilent president and CEO. "I am very pleased to have someone with his breadth of expertise, integrity and company background to step into the important position of CFO."

Prior to joining Hewlett-Packard, Hirsch held finance positions at Ford, Bendix/Allied Signal and STMicroelectronics.

Hirsch has a master's degree in computer science from Toulouse University and a Master of Science in Industrial Administration from Purdue University.

M Reaffirms Commitment to Investing for Long-Term, Sustainable Growth

2010-12-18T20:33:00.001-08:00

M Reaffirms Commitment to Investing for Long-Term, Sustainable Growth

-- Company Also Comments on Second Quarter Sales Trends --

ST. PAUL, Minn.--(BUSINESS WIRE)--At an institutional investor and analyst meeting tomorrow at the company’s Cynthiana, Kentucky manufacturing facility, 3M chairman, president and CEO George Buckley will reiterate the company’s commitment to investing in its core businesses to accelerate sales growth. He will cite a number of factors contributing to faster growth including new products and continued strong demand in emerging economies.

Buckley will also report that second quarter 2010 sales are projected to be in the range of $6.6 billion to $6.75 billion, reflecting an estimated 16 to 18 percent growth in organic sales volumes versus the second quarter of 2009. Total-dollar sales are expected to rise between 4 and 6 percent versus first quarter of 2010. 3M will report its complete second quarter results and 2010 full-year outlook on July 22, 2010.

In addition, Joe Harlan, executive vice president of 3M’s Consumer and Office Business, will describe ongoing actions to accelerate sales to 3M’s retail customers around the world, including investments in brand building, new products and international markets. 3M’s Consumer and Office Business is home to a number of coveted, category-defining brands such as Post-it^®, Scotch^®, Filtrete™ and Scotch-Brite™.

Sara Lee to sell L’OR EspressO capsules in the Netherlands

2010-12-18T11:17:00.000-08:00

Sara Lee to sell L’OR EspressO capsules in the Netherlands

Dutch launch kicks off international expansion for innovative product
after record-breaking introduction in France

UTRECHT (Dec. 7, 2010) -

Sara Lee Corp. (NYSE: SLE) announced today it is launching
under the Douwe Egberts brand in the Netherlands its innovative single-serve espresso coffee
capsules that can be used in Nespresso® coffee appliances.
Douwe Egberts L’OR EspressO capsules will be available for purchase as of Dec. 8
exclusively at Sara Lee’s own Douwe Egberts stores – a network of premium outlets
throughout the Netherlands that combine a retail store for coffee- and tea-related products and
a café format with a rewards center for the company’s popular loyalty program.
The launch in the Netherlands kicks off the international expansion for L’OR EspressO
capsules, one of Sara Lee’s most successful coffee innovations in recent years. Sara Lee
introduced L’OR EspressO capsules in France last April and the product has been an instant
success thanks to its top-quality Arabica coffee, its retail availability and its attractive pricing.
In just eight months, Sara Lee has sold more than 90 million L’OR EspressO capsules and
gained as a result a 3.5% share of the total French retail roast-and-ground coffee market.
“We have a top-quality product that is in high demand and we’re delighted to bring it to our
core Dutch market. We expect this to be just the first of many exciting announcements for
consumers,” said Frank van Oers, chief executive officer of Sara Lee’s international beverage
and bakery businesses. “L’OR EspressO capsules have exceeded our expectations so far and
we remain very confident about their potential for success globally.”

Douwe Egberts L’OR EspressO comes in four varieties: Delizioso, Decaffeinato, Splendente
and Forza. All varieties are made with exclusively 100 percent Arabica coffee grown and
harvested in a socially and environmentally sustainable way, following the UTZ CERTIFIED®
program. In the Netherlands, a pack of ten capsules of any of the four varieties will sell for a
very competitive €3.09.

Thanks to L’OR EspressO capsules, high-quality coffee lovers are able to enjoy a choice of
coffee brands for the first time since they purchased their Nespresso® coffee appliance. L’OR
EspressO capsules offer consumers delicious espresso coffee of the highest quality and that is
produced responsibly.

Nespresso® is a trademark owned by a third party not associated with Sara Lee.

FDA Issues Another Emergency Use Authorization for Commercial H1N1 Flu Test to Quest Diagnostics' Focus Diagnostics

2009-10-17T09:38:00.000-07:00

FDA Issues Another Emergency Use Authorization for Commercial H1N1 Flu Test to Quest Diagnostics' Focus Diagnostics

Test runs on the 3M Integrated Cycler; Reflects first Simplexa(TM) branded molecular test kit from Focus Diagnostics
MADISON, N.J., Oct. 16 /PRNewswire-FirstCall/ -- The U.S. Food and Drug Administration (FDA) today issued a second emergency use authorization (EUA) to Focus Diagnostics, the infectious disease diagnostics business of Quest Diagnostics Incorporated (NYSE: DGX), for its 2009 H1N1 influenza virus test. With the EUA, Focus Diagnostics is the only company in the U.S. to offer test kits for detecting the pandemic 2009 H1N1 virus that the FDA has authorized for emergency use by CLIA high-complexity labs, which include certain hospital and regional labs. The test allows clinicians to quickly and definitively identify infected patients, differentiating from those who have similar symptoms.

The new EUA authorizes Focus Diagnostics to market and offer its Simplexa(TM) Influenza A H1N1 (2009) test for use on the 3M(TM) Integrated Cycler from 3M (NYSE: MMM) to CLIA high complexity laboratories for the duration of the emergency. The 3M Integrated Cycler is a microfluidic molecular diagnostic testing system and is not FDA cleared or approved. Used on the 3M platform, the test can provide increased capacity for 2009 H1N1 influenza virus testing to a wide range of CLIA-high complexity laboratories, including many hospitals, coping with a surge in testing demand.

The new test offering is one outgrowth of an exclusive global distribution agreement formed between Focus Diagnostics and 3M under which Focus will develop and offer its first line of molecular diagnostic test kits, to be sold under the Simplexa brand name, on the 3M Integrated Cycler. The 2009 H1N1 influenza test kit is the first offering from the Simplexa product line, and the company plans to launch additional Simplexa test kits on the 3M Integrated Cycler for infectious diseases in 2010.

"FDA's EUA for our new Simplexa H1N1 test on the 3M Integrated Cycler is a major advance for 2009 H1N1 influenza testing," said Jon R. Cohen, M.D., senior vice president and chief medical officer, Quest Diagnostics. "Until now, many CLIA-high complexity labs didn't have the technology, space or expertise to perform molecular testing for the 2009 H1N1 flu virus. Our relationship with 3M means that not only will more labs be able to perform this type of testing, but they will also be able to fulfill higher levels of testing demand. Expanded lab capability may be critical to the nation's management of increased 2009 H1N1 testing this winter."

"Our exceptional collaboration with Focus Diagnostics underscores 3M's commitment to leading the industry in introducing new technologies in clinical diagnostics," said Debra Rectenwald, vice president, general manager, 3M Infection Prevention Division. "We are excited that Focus Diagnostics will be able to implement a real-time molecular technology that can improve the speed and meet the demand for H1N1 testing."
Quest Diagnostics' Focus Diagnostics has a track record of being first to market with new laboratory testing services for emerging infectious diseases. On July 24, 2009, FDA announced that it had issued its first emergency use authorization for a commercial 2009 H1N1 influenza virus test to Focus Diagnostics for a laboratory developed test it had launched in May 2009. This EUA was issued for the test running on equipment from Roche and Applied Biosystems.

The Focus Diagnostics Simplexa(TM) Influenza A H1N1 (2009) test, which employs real-time polymerase chain reaction (PCR), qualitatively detects RNA of the 2009 H1N1 flu virus in a patient's nasal or nasopharyngeal specimens. The test targets a separate region of the hemagglutinin gene of the 2009 H1N1 influenza virus to differentiate the presence of the 2009 H1N1 flu virus from seasonal human influenza A virus.
The 3M Integrated Cycler is an instrument offering real-time polymerase chain reaction (PCR) technology that provides results in 30-75 minutes. The compact instrument utilizes advanced data management software to help laboratories process, store and transfer data quickly and effectively. In addition, the instrument has a small laboratory footprint at approximately 12 inches high and 12 inches deep, and can process up to 96 samples per run.

"Our reference laboratories typically report results within 24 hours of receipt of specimen," said John G. Hurrell, PhD, vice president and general manager, Focus Diagnostics. "With the Simplexa test on the 3M Integrated Cycler, a typical CLIA high-complexity laboratory can generate results within hours, considerably reducing time spent to send a specimen to an outside lab. Faster turnaround time can aid in clinical management of the patient and allow hospitals to segregate infected patients from other high-risk individuals."
Quest Diagnostics performs H1N1 flu testing using the Focus Diagnostics test authorized for emergency use by FDA in July at its Focus Diagnostics laboratory in Cypress, CA, as well as at its Nichols Institute laboratories in San Juan Capistrano, CA, and Chantilly, VA, and its Specialty Laboratory in Valencia, CA.

For more information about Quest Diagnostics and influenza testing options, please visit www.QuestDiagnostics.com/2009H1N1 or www.FocusDx.com/2009H1N1.

About the FDA's Emergency Use Authorization
The FDA has not cleared or approved any tests for the identification of the 2009 H1N1 influenza virus. The emergency use authorization authority allows the FDA, based on the evaluation of available data, to authorize the use of unapproved and uncleared medical products or unapproved or uncleared uses of approved or cleared medical products following a determination and declaration of emergency, provided certain criteria are met. An EUA only authorizes use for the duration of the declaration of emergency, which is currently set to expire on April 26, 2010, unless it is terminated or revoked sooner or renewed.

Kraft Foods to Invest Euro 15 Million in New Biscuit Research & Development Center in France

2009-10-08T12:34:00.000-07:00

Kraft Foods to Invest Euro 15 Million in New Biscuit Research & Development Center in France

ZURICH, Oct. 8 /PRNewswire-FirstCall/ -- Kraft Foods announced today that it intends to invest euro 15 million (approximately $20 million) in constructing a new Biscuit Research & Development (R&D) Center in Saclay, France, a suburb of Paris.

This new facility will serve as the company's European Center of Expertise for Biscuits, focusing on innovation and new product development for many of Europe's most beloved biscuit brands, including LU, Mikado, Oreo, Prince, Saiwa and TUC. The Center will also be responsible for advancing major biscuit technology platforms for the European market and beyond.

Scheduled to open during the first half of 2011, this new Center will be home to a team of researchers, product and packaging developers, and nutritionists dedicated to supporting the European biscuit business. These employees are currently located in leased space within the Groupe Danone R&D Center in Palaiseau, France, very close in proximity to the site of the new Center.

"France is an important strategic market for biscuits and for Kraft Foods globally. This investment makes good business sense, allowing us to continue to drive biscuit innovation and future growth," said Michael Clarke, Executive Vice President and President, Kraft Foods Europe. "Consumers in Europe and around the world have long enjoyed our exceptional biscuit brands, and this facility will further enable us to create delicious new products for years to come."

Once completed, the Center will join 11 other Kraft Foods R&D centers that support its businesses around the globe.

Exelon Corporation and Exelon Generation Announce the Results For Their Respective Offers to Purchase

2009-09-29T15:52:00.000-07:00

September 23, 2009 - Exelon Corporation and Exelon Generation Announce the Results For Their Respective Offers to Purchase

CHICAGO (Sept. 23, 2009) – Exelon Corporation (Exelon) today announced the expiration of its previously announced cash tender offer for any and all of its outstanding $500,000,000 6.75% Senior Notes due May 1, 2011 (Exelon Notes). The offer expired at 12:00 midnight, New York City time, on September 22, 2009. According to information provided by the tender agent, D.F. King & Co., Inc., as of the expiration time, the aggregate principal amount of the Exelon Notes validly tendered pursuant to Exelon’s Offer to Purchase was $386,572,000. The settlement date is expected to be September 23, 2009. Additionally, Exelon Generation Company, LLC (Generation) today announced the expiration of its previously announced cash tender offer for any and all of its outstanding $699,975,000 6.95% Senior Notes due June 15, 2011 (Generation Notes). The offer expired at 12:00 midnight, New York City time, on September 22, 2009. According to information provided by the tender agent, D.F. King & Co., Inc., as of the expiration time, the aggregate principal amount of the Generation Notes validly tendered pursuant to Generation’s Offer to Purchase was $555,335,000. The settlement date is expected to be September 23, 2009.

Holders of Exelon Notes that validly tendered and whose Exelon Notes are accepted for purchase are entitled to receive total consideration of $1,091.06 per $1,000 principal amount of Exelon Notes plus accrued and unpaid interest on notes purchased up to, but not including, the settlement date. Holders of Generation Notes that validly tendered and whose Generation Notes are accepted for purchase are entitled to receive total consideration of $1,100.57 per $1,000 principal amount of Generation Notes plus accrued and unpaid interest on notes purchased up to, but not including, the settlement date.

A total of $113,428,000 in aggregate principal of the Exelon Notes remains outstanding. A total of $144,640,000 in aggregate principal of the Generation Notes remains outstanding. Pursuant to the terms of the applicable Offer to Purchase, Exelon Notes and Generation Notes not tendered remain outstanding, and the terms and conditions governing the notes, including the covenants and other provisions contained in the indenture applicable to the notes, will remain unchanged.

Developers Diversified Announces Completion of Cash Tender Offers

2009-09-26T15:21:00.000-07:00

Developers Diversified Announces Completion of Cash Tender Offers

CLEVELAND, OH, Sep 17, 2009 (MARKETWIRE via COMTEX News Network) -- Developers Diversified Realty (NYSE: DDR) announced today that it has completed the purchase of approximately $250 million aggregate principal amount of its Senior Unsecured Notes through the previously announced cash tender offers that commenced August 13, 2009. The following series of Notes were accepted for an
aggregate consideration of approximately $228 million, excluding accrued interest:

Aggregate               Total
                                            Principal              Consid-
                              Outstanding    Amount                eration
                               Principal  Accepted for  Cash Spend   per
     Notes         CUSIP No.   Amount(1)    Purchase    Required(2) Note(3)
----------------- ---------- ------------ ------------ ------------ ------
2010 Notes
  5.00% Notes
   due 2010        251591AL7 $193,574,000   $42,295,000  $42,448,000  $985
  4.625% Notes
   due 2010        251591AG8 $259,776,000   $32,142,000  $31,528,000  $975
2011 and 2012 Notes
  5.25% Notes
   due 2011        251591AK9 $185,169,000    $4,442,000   $4,274,000  $940
  5.375% Notes
   due 2012        251591AN3 $346,575,000  $123,108,000 $113,591,000  $900
2015 and 2018 Notes
  5.50% Notes
   due 2015        251591AM5 $200,000,000   $30,329,000  $25,486,000  $820
  7.50% Notes
   due 2018        25159NAW5 $100,000,000   $17,804,000  $15,572,000  $850
                                           ------------ ------------
Total                                      $250,120,000 $232,899,000
(1)  Prior to consummation of tender offers.
(2)  Includes accrued interest.
(3)  Per $1,000 principal amount of Notes accepted for purchase. Clearing
     premium per $1,000 principal amount of Notes was $25 for the 2010
     Notes, $0 for the 2011 and 2012 Notes and $20 for the 2015 and 2018
     Notes. Excludes accrued interest.

The tender offer for the 2015 and 2018 Notes expired at midnight, New York City time, on September 11, 2009. The tender offer for the 2010 Notes and the tender offer for the 2011 and 2012 Notes expired at midnight, New York City time, on September 16, 2009.
The aggregate consideration for the Notes accepted in the tender offers, including accrued interest, was approximately $233 million.
David Oakes, Developers Diversified's Senior Executive Vice President of Finance and Chief Investment Officer, commented, "We are pleased with the results of our tender offer, as we continue to opportunistically repurchase our debt at discounts to par, which is one of many leverage reducing initiatives underway."
Goldman, Sachs & Co. acted as the dealer manager for the tender offers.
Developers Diversified as of June 30, 2009 owned and managed approximately 690 retail operating and development properties in 45 states, plus Puerto Rico, Brazil and Canada totaling approximately 151 million square feet. The Company is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops and leases shopping centers. Additional information about Developers Diversified is available on the Internet at http://www.ddr.com.

Contact:
Kate Deck
Investor Relations Director
Developers Diversified Realty
Main: (216) 755-5500
E-mail: Email

Developers Diversified Announces Progress on De-Leveraging Initiatives and Provides Updates on Recent Company Activities

2009-09-26T15:17:00.000-07:00

Developers Diversified Announces Progress on De-Leveraging Initiatives and Provides Updates on Recent Company Activities

CLEVELAND, OH, Sep 21, 2009 (MARKETWIRE via COMTEX News Network) -- Developers Diversified Realty (NYSE: DDR) today announces progress on de-leveraging initiatives and provides the following updates on recent company activities:

--  Equity sale to Otto Family: The second tranche of 15 million common
    shares was sold to the Otto family for $60 million on September 18, 2009,
    completing the transaction announced in February 2009 to sell 30 million
    shares to the Otto Family.  An additional 1.8 million common shares were
    also issued, representing dividends paid since the date of the agreement.
    Warrants for an additional five million common shares were issued at the
    time of closing at $6.00 per share as per the agreement.  The warrants,
    aggregating 10 million in total, may be exercised at the discretion of the
    Otto Family any time within five years of issuance.  Additional information
    about the Otto Family and the common share sale can be found in a press
    release dated February 23, 2009.

--  New director appointment: In conjunction with the closing of the second
    tranche of equity described above, the Company's Board of Directors elected
    Dr. Thomas Finne as a new director.  Dr. Finne was appointed to the
    Dividend Declaration Committee.  The Board of Directors now consists of 11
    members, four of whom (Dr. Thomas Finne, Mr. James Boland, Mr. Daniel
    Hurwitz and Dr. Volker Kraft) have joined the Board in the past six months.

--  Equity issuance: Between August 10 and September 17, the Company sold
    approximately 18.4 million common shares for approximately $157 million
    through the common equity program established through BNY Mellon Capital
    Markets, LLC, completing the $200 million program established in late 2008.

--  Asset sales: Year to date, the Company has generated over $439 million in
    gross proceeds from asset sales, $260 million of which closed during the
    third quarter.  In conjunction with the sales this year, $151 million of
    mortgage debt was eliminated.  The Company's share of proceeds year to date
    is $289 million gross and $230 million net of mortgage debt eliminated.
    The Company has an additional $192 million of assets under contract for
    sale or subject to letter of intent, most of which are expected to close in
    2009.

--  Senior unsecured note purchases: In addition to the tender offers for
    unsecured notes that retired $250 million aggregate principal amount of
    debt on September 14 and 17, the Company purchased $38.7 million of its
    convertible senior unsecured notes in the third quarter at a weighted
    average 84% of par.  Including the notes tendered in the tender offer and
    notes bought on the open market, the total discount to par achieved was
    approximately $28 million for the third quarter and approximately $164
    million year to date.

--  Macquarie DDR Trust joint venture: The Company has liquidated its entire
    equity interest in Macquarie DDR Trust (ASX: MDT).  In addition, the
    Company anticipates that the redemption of its interest in the DDR
    Macquarie Fund in exchange for 100% ownership in three assets will occur
    early in the fourth quarter, subject to the receipt of approvals from MDT
    unitholders.  Once the redemption is complete, the Company will no longer
    share in over $1 billion of mortgage debt owed by the DDR Macquarie Fund.

--  Mortgage financing: As previously disclosed, the Company continues to
    make progress on two large mortgage financings, each secured by a pool of
    assets, and now expects that if both were completed, proceeds would exceed
    the original guidance of $600 million.  The Company expects to close on the
    first new mortgage loan of approximately $400 million early in the fourth
    quarter. The Company is working to structure a large portion of the loans
    to be TALF-eligible.

--  Operating FFO guidance lowered: As a result of these transactions that
    have reduced leverage well in excess of prior guidance, the Company has
    lowered 2009 operational guidance, excluding certain non-recurring and one-
    time items, to $1.90-$2.00 per share from $2.00-$2.15 per share.

David Oakes, Senior Executive Vice President of Finance and Chief Investment Officer, commented, "The above transactions and financings represent our continued commitment to improve liquidity, lower leverage and simplify our structure. We are pleased by what we have accomplished thus far in 2009 and we look forward to continuing to execute upon the capital plan that we have previously outlined."

Kimco Realty Corporation Completes $300 Million 6.875% 10-Year Unsecured Senior Note Offering

2009-09-26T14:00:00.000-07:00

Kimco Realty Corporation Completes $300 Million 6.875% 10-Year Unsecured Senior Note Offering

NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Sep. 24, 2009-- Kimco Realty Corporation (NYSE: KIM) today announced the closing of its public offering of $300 million 10-year unsecured senior notes due 2019 at a coupon of 6.875 percent per annum.

The notes, which were priced at 99.84 percent to yield 6.897 percent, will mature October 1, 2019. The net proceeds of approximately $297.3 million will be used to repay $220.0 million of existing unsecured term loans which were scheduled to mature in April 2011. The company will use the remaining proceeds for general corporate purposes which includes the repayment of other indebtedness such as construction loans coming due in 2010. As a result of these transactions, the company’s debt maturity profile is enhanced without increasing the company’s total indebtedness.

J.P. Morgan, Morgan Stanley, and Wells Fargo Securities served as the joint book-running managers for this offering. Barclays Capital, RBC Capital Markets, RBS, and Scotia Capital served as the co-managers.
The offering was made solely by means of a prospectus. Copies of the prospectus supplement and the base prospectus relating to these securities were filed with the Securities and Exchange Commission on September 18, 2009 and are available at the SEC web site at www.sec.gov. Copies of the prospectus supplement and the base prospectus may also be obtained by contacting J.P. Morgan Securities Inc. at 212-834-4533, Morgan Stanley & Co. Incorporated at 1-866-718-1649 or Wells Fargo Securities, LLC at 1-800-326-5897.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Huntington Bancshares Prices $400 Million Common Stock Offering

2009-09-26T13:35:00.000-07:00

Huntington Bancshares Prices $400 Million Common Stock Offering

COLUMBUS, Ohio -- September 18, 2009 -- Huntington Bancshares Incorporated (Nasdaq: HBAN) today announced that it priced an offering of 95.2 million shares of its common stock at a price to the public of $4.20 per share, or $400.0 million in aggregate gross proceeds. Underwriters will have a 30-day option to purchase up to an additional 14.3 million shares of common stock from Huntington.
Goldman Sachs & Co. is acting as bookrunning manager for the offering with Sandler O'Neill & Partners, L.P. acting as co-manager.
"We are very pleased with the pricing and investor receptivity to this offering," said Stephen D. Steinour, chairman, president, and chief executive officer. "As a result of this offering, our common equity position will be significantly strengthened. Importantly, this will provide additional resources to more aggressively position the company for growth in our core businesses and for better long-term financial performance. "

Viacom Announces $550 Million Debt Offering

2009-09-26T13:18:00.000-07:00

Viacom Announces $550 Million Debt Offering

NEW YORK, Sept. 24 -- Viacom Inc. (NYSE: VIA and VIA.B) today announced that it has agreed to sell $250 million in aggregate principal amount of 4.250% senior notes due 2015 (the "2015 Senior Notes") at a price equal to 99.814% of the principal amount thereof and $300 million in aggregate principal amount of 5.625% senior notes due 2019 (the "2019 Senior Notes" and, together with the 2015 Senior Notes, the "Senior Notes") at a price equal to 101.938% of the principal amount thereof. The 2019 Senior Notes are a further issuance of Viacom's 5.625% senior notes due 2019 and are in addition to $250 million aggregate principal amount of 5.625% senior notes due 2019 issued on August 26, 2009. The sale of the Senior Notes is expected to close on September 29, 2009.

Viacom intends to use the net proceeds of the offering to repay all or a portion of the amounts outstanding under its revolving credit facility and/or its commercial paper program.

The joint book running managers for the Senior Notes are Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC.

Viacom's senior unsecured debt is currently rated BBB by Standard & Poor's, Baa3 by Moody's Investors Service and BBB by Fitch.

A prospectus can be obtained by contacting Viacom Investor Relations at 800-516-4399 or by written request to Viacom Inc., 1515 Broadway, 52nd Floor, New York, New York 10036, Attn: Investor Relations.

Allegheny Energy Announces Debt Tender Offer

2009-09-26T13:14:00.000-07:00

Allegheny Energy Announces Debt Tender Offer

GREENSBURG, Pa.--(BUSINESS WIRE)--Allegheny Energy Supply Company, LLC (“AE Supply”), the power generation business of Allegheny Energy, Inc. (NYSE: AYE), announced today an offer to purchase for cash up to $150 million principal amount (the “Maximum Tender Amount”) of the following outstanding
notes (the “Notes”):

CUSIP

Title of

Principal

Maximum

Full Tender

Late Tender

Number

Security

Amount

Tender

Offer

Outstanding

Amount

Consideration⁽¹⁾

017363AD4

7.80% Notes due 2011

$302,517,000

$150,000,000

$1,083.75

$1,068.75

⁽¹⁾ Per $1,000 principal amount of Notes.

Holders who tender and do not withdraw their Notes on or before 5:00 p.m., New York City time, on October 5, 2009, unless extended (the “Early Tender Date”), will be eligible to receive the Full Tender Offer Consideration described in the table above. Holders who tender Notes after the Early Tender Date and on or before midnight, New York City time, on October 20, 2009, will receive the Full Tender Offer Consideration minus an amount in cash equal to $15 for each $1,000 principal amount of Notes (the “Late Tender Offer Consideration”). In addition to the Full Tender Offer Consideration or the Late Tender Offer Consideration, as the case may be, payable in respect of Notes accepted for purchase, holders of Notes will receive accrued and unpaid interest on their purchased Notes from the last interest payment date to, but not including, the date of payment for purchased Notes.

The offer will expire at midnight, New York City time, on October 20, 2009, unless extended (such date and time, as the same may be extended, the “Expiration Date”).

The tender offer is subject to, and conditioned upon, the satisfaction or waiver of the general conditions described in the offer to purchase. If any of the general conditions are not satisfied or waived, AE Supply is not obligated to accept for payment, purchase, or pay for, and may delay the acceptance for payment of, any tendered Notes, in each event, subject to applicable laws, and may terminate the tender offer.
If the principal amount of the Notes tendered and not withdrawn exceeds the Maximum Tender Amount described in the table above, the principal amount of Notes purchased will be prorated based on the principal amount tendered. If any tendered notes are not accepted for payment, the Notes will be returned without expense to the tendering holder. AE Supply reserves the right, subject to applicable law, to extend, withdraw or terminate the tender offer. Further, AE Supply reserves the right to modify the Maximum Tender Amount provided in the table above with respect to the Notes in its sole discretion.

This release is neither an offer to purchase nor a solicitation of an offer to sell any Notes. The tender offer is being made pursuant to the offer to purchase and the letter of transmittal, copies of which will be delivered to all holders of the Notes. Persons with questions regarding the tender offer should contact the lead dealer manager, Credit Suisse, at (800) 820-1653 (toll free) or (212) 538-1862 (collect), or the Information Agent, Global Bondholder Services Corporation, at (866) 470-3900

Allegheny Energy Supply Issues $600 Million of Senior Unsecured Notes

2009-09-26T13:10:00.001-07:00

Allegheny Energy Supply Issues $600 Million of Senior Unsecured Notes

GREENSBURG, Pa.--(BUSINESS WIRE)--Allegheny Energy, Inc. (NYSE: AYE) announced today that its subsidiary, Allegheny Energy Supply Company, LLC (“AE Supply”), will issue $600 million aggregate principal amount of senior unsecured notes, including $350 million of 5.75% Notes due 2019 and $250 million of 6.75% Notes due 2039.

AE Supply will apply the net proceeds of the notes offering to repay its existing $447 million term loan and to finance the repurchase of up to $150 million of its outstanding 7.80% Notes due 2011. Allegheny expects the offering for the new senior unsecured notes to be completed on or about October 1, 2009.

The bonds have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Allegheny Energy Completes $1 Billion Credit Facility

2009-09-26T13:07:00.001-07:00

Allegheny Energy Completes $1 Billion Credit Facility

GREENSBURG, Pa.--(BUSINESS WIRE)--Allegheny Energy, Inc. (NYSE: AYE) today announced that its power generation business, Allegheny Energy Supply Company, LLC, has obtained a new $1 billion senior unsecured revolving credit facility with a three-year maturity. The financing replaces Allegheny Energy Supply’s existing $400 million revolving credit facility, which was scheduled to mature in May 2011.

“We’re pleased to have completed this financing on such attractive terms in a difficult credit environment,” said Paul Evanson, Chairman and Chief Executive Officer. “Through this and other transactions, we’ve significantly strengthened our liquidity position and improved our financial flexibility.”

Loans under the new facility generally will bear interest that is calculated based on the London Interbank Offered Rate (LIBOR), plus a margin based on Allegheny Energy Supply’s senior unsecured credit rating. Currently, the margin on LIBOR-based loans is 3.5%.

The new facility will be used for general corporate purposes and should provide adequate capacity for current plans to hedge unregulated plant output. As a result, Allegheny is not at this time pursuing the first-lien based facility for hedging which was previously under consideration.

Joint lead arrangers and book runners for the financings are Bank of America Merrill Lynch and The Bank of Nova Scotia. Bank of America, N.A. will act as administrative agent. According to these banks, the facility is the first broadly syndicated three-year credit facility completed in the industry in the past year.

SARA LEE RECEIVES BINDING OFFER OF €1.275 BILLION FROM UNILEVER FOR ITS GLOBAL BODY CARE BUSINESS

2009-09-26T12:53:00.000-07:00

SARA LEE RECEIVES BINDING OFFER OF €1.275 BILLION FROM UNILEVER FOR ITS GLOBAL BODY CARE BUSINESS

Company plans to use proceeds to invest in core businesses and repurchase stock;

Board authorizes a $1.0 billion share repurchase program

DOWNERS GROVE, Ill. (September 25, 2009) – Sara Lee Corp. (NYSE: SLE) announced today it has received a binding offer of €1.275 billion from Unilever to acquire its global body care and European detergents businesses. Where permissible, Sara Lee has agreed to accept the binding offer upon satisfaction of certain conditions. In fiscal 2009, these businesses generated annual sales of approximately €750 million ($1.0 billion) and accounted for approximately 55% of the adjusted operating segment income1 for the International Household and Body Care business. The global body care and European detergents businesses encompass a wide variety of popular brands, including Sanex, Radox and Duschdas.

The proposed transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close during calendar year 2010. Sara Lee will consult with relevant works councils during the process. The company has also received significant interest in the remainder of its household business and is continuing to pursue divestiture options for this business, which includes air care, shoe care, insecticides and non-European cleaning brands.

“The divestiture of body care and European detergents would advance our strategy to concentrate on our core food and beverage businesses where we enjoy a strong competitive position and where we can generate superior shareholder returns,” said Brenda C. Barnes, chairman and chief executive officer, Sara Lee Corp. “We intend to use proceeds from the divestiture to invest for growth in our core businesses and to repurchase stock.”
Barnes added, “Receiving an offer from a leading company like Unilever reflects the high quality talent, strong consumer recognition of our leading brands, and the significant growth potential of these businesses.”

1 Constitutes a non-GAAP financial measure. See the reconciliation to the most comparable U.S. generally accepted accounting principle measure at the end of this release.
Sara Lee Receives Binding Offer Of €1.275 Billion From Unilever For Its Global Body Care Business
– Page 2
The company also announced that its board of directors has authorized a $1.0 billion share repurchase program. This is in addition to the 13.5 million share authorization (approximately $150 million based on the recent market price) remaining under the prior share repurchase program. The company reiterated that its board intends to maintain the current quarterly dividend of $.11 for the next four quarters, regardless of the timing of dispositions. Sara Lee intends to maintain a credit profile consistent with a strong investment grade credit rating.

Sara Lee’s International Household and Body Care business generated approximately €1.5 billion ($2.0 billion) in sales in fiscal 2009. The remainder of its household business, which is not included in the proposed transaction, includes the Ambi Pur air care brand, Kiwi shoe care, Ridsect insecticides and White King bleach brands.

Western Union Wins Patent Infringement Lawsuit against MoneyGram

2009-09-26T12:43:00.000-07:00

Western Union Wins Patent Infringement Lawsuit against MoneyGram

Jury Awards Damages Totaling $16.5 Million

ENGLEWOOD, Colo., Sep 25, 2009 (BUSINESS WIRE) -- The Western Union Company (NYSE:WU), a leader in the money transfer segment of global payments, announced that it has won a favorable jury verdict in a patent infringement lawsuit against MoneyGram Payment Systems Inc. in the United States District Court for the Western District of Texas.

The jury in the case returned a verdict yesterday in favor of Western Union and awarded damages totaling $16.53 million. The jury found that MoneyGram's FormFree system infringes Western Union's Money Transfer by Phone patents.

The lawsuit, filed by Western Union against MoneyGram in May 2007, alleged that MoneyGram infringed Western Union patents for a system of staging money transfers through a call center and completing transactions at an agent location. An investigation by Western Union revealed that MoneyGram was essentially replicating Western Union's patented Money Transfer by Phone service.

Fiserv Experiences Continued New Business Momentum

2009-09-26T12:27:00.000-07:00

Fiserv Experiences Continued New Business Momentum

Outsourcing combines in-demand banking products with freedom to focus resources on customer experience and satisfaction

BROOKFIELD, Wis., Sep 25, 2009 (BUSINESS WIRE) -- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that six more financial institutions have chosen Fiserv as their technology partner, selecting one of the company's bank platforms, delivered through Fiserv's national data center network. Demand for Fiserv solutions, and outsourced processing services in particular, remains high, confirming what the company and industry analysts see as a current market trend. The banks also selected a wide range of value-added Fiserv solutions, including Internet banking, electronic bill pay, mobile banking, remote capture, electronic funds transfer, item processing, and risk and compliance products.

"One of the strengths of Fiserv is that we offer financial institutions a wide range of delivery choices -- from outsourcing to in-house processing, along with viable options that fall somewhere in between," said Mike Young, president of Bank and Credit Union Solutions at Fiserv. "In an economy that remains a challenge, many banks see outsourced processing as a great way to efficiently deliver more customer value, as they preserve capital."

According to Robert Hunt, senior research director at TowerGroup, "The trend to outsourcing continues, as community banks and thrifts face the increasing complexity of risk and compliance requirements. The senior management at these financial institutions tends to prefer that their internal resources stay focused on business issues, as they recognize that information technology processing can be entrusted to outsourcing companies with proven expertise."

"Financial institutions are certainly not all alike, and they select the processing option that best fits their particular business model," explained Young. "The fact is we continue to see clients move from outsourcing to in-house processing, but these days in particular, more seem to be moving the other direction. Deploying innovative products managed by a dedicated, performance-oriented service partner can be an appealing option, in part because outsourced processing enables banks of all sizes to concentrate more fully on delivering popular services and an outstanding customer experience."

"We want to focus on banking," said Robin Moadus, senior vice president and chief operating officer at 1st National Community Bank of East Liverpool, Ohio. "By outsourcing our data processing, 1^st Bank can concentrate its efforts on satisfying customers' needs, including new or more sophisticated products and services, and transfer to Fiserv much of the work that goes with the compliance, security and disaster recovery preparation associated with data systems." She went on to explain that outsourcing relieves management from much of the oversight that goes with an in-house system, and helps banks keep up with rapid changes in technology without making major up-front expenditures.

According to Gary Amereihn, president of Kopernik Bank of Baltimore, Md., advanced technology was the determining factor in their selection. "In Fiserv, we saw the opportunity to significantly upgrade our capabilities. As a community bank, we take pride in offering friendly and personal service to our customers, but we know we also need the technology to deliver our services effectively. Outsourcing our core account processing to Fiserv meets our technology needs while allowing us to focus on what we do best -- serve our customers."

For 25 years, Fiserv has been a trusted partner to thousands of financial institutions of all types and sizes. The company has built a reputation of having core competencies in account and item processing, payment solutions, customer and channel management, business intelligence and optimization, and risk and compliance.
Fiserv's newest outsourcing clients include:

CenTrust Bank of Northbrook, Ill., with $138 million in assets, has selected the Premier^(R) bank platform from Fiserv, as well as Fiserv's item processing and source capture services.
The Farmers National Bank of Canfield, Canfield, Ohio, with assets of $926 million, has chosen the Premier bank platform from Fiserv, as well as image archive, content management, electronic funds transfer, online banking, and more.
First National Bank of South Carolina, based in Holly Hill, S.C., with assets of $162 million, has selected the Precision^TM bank platform from Fiserv, as well as content management, online banking and electronic bill pay solutions, among others.
1st National Community Bank of East Liverpool, Ohio, with $115 million in assets, has chosen the Precision bank platform from Fiserv, as well as Internet banking, content management and item processing services, among others.
Kopernik Federal Bank of Baltimore, Md.,with $33 million in assets, has selected the Cleartouch^(R) bank platform.
TriCentury Bank of Simpson, Kan., with assets of $3.3 million, has chosen the Premier bank platform, along with Internet and mobile banking, source capture, ATM driving, debit card processing, card production services, item processing, and electronic bill pay.

"It makes perfect sense that so many banks are choosing Fiserv, because no one in our space invests more in technology, has greater financial stability, or offers a wider array of solutions," said Young. "We're very proud to be able to begin serving these banks. Each is a leader in the community, and each has become successful by making smart choices. That's the real significance of partnerships like these -- they highlight the 'win-win' nature of Fiserv's relationship with so many of America's financial institutions."

Tiffany to Open Second Boutique at London's Heathrow Airport

2009-09-26T11:57:00.000-07:00

Tiffany to Open Second Boutique at London's Heathrow Airport

NEW YORK, NY (September 25, 2009) -- Tiffany & Co. (NYSE: TIF) today announced plans to open a second boutique at London's Heathrow Airport in December 2009. The approximately 86 square meters (900-square-feet) boutique will be located at the airport's Terminal 3 that is designed to provide the increasing flow of passengers with comforts and amenities to enhance their travel experience.
The new boutique, the jeweler's eighth location in London, follows the success of the Tiffany & Co. boutique that opened at Terminal 5 in 2008. Like its predecessor, the new boutique will feature architectural details of the famous New York flagship store, including ebonized Makore and mahogany woods and brushed stainless steel showcases.
"Based on the success of our boutique at Heathrow's Terminal 5, we have seen that visitors traveling through Heathrow are delighted by the presence and convenience of a Tiffany airport boutique," said Melvyn Kirtley, Tiffany & Co. group vice president Europe. "We look forward to welcoming travelers and providing them with the quality, craftsmanship and outstanding service for which Tiffany is renowned."
The celebrated TIFFANY & CO. collections that will be offered in the new boutique include diamonds in platinum and 18 karat gold settings, fine and fashion jewelry, as well as sterling silver jewelry and gifts.

Whole Foods Market’s Joe Dickson Appointed to USDA’s National Organic Standards Board

2009-09-26T11:50:00.000-07:00

Whole Foods Market’s Joe Dickson Appointed to USDA’s National Organic Standards Board

Whole Foods Market’s Food, Organic and Environmental Quality Standards Coordinator to Serve Five-Year Term

AUSTIN, TX (September 25, 2009) – Whole Foods Market® (NASDAQ: WFMI), a leader in natural and organic foods, today announced that Joe Dickson, the company’s Food, Organic and Environmental Quality Standards Coordinator, has been appointed by U.S. Agriculture Secretary Tom Vilsack to serve as one of five new board members on the United States Department of Agriculture’s (USDA) National Organic Standards Board.

The board is authorized by the Organic Foods Production Act of 1990 and advises the Secretary of Agriculture and the USDA on organic agriculture, and makes recommendations regarding allowed and prohibited substances in organic operations. The Board works closely with the National Organic Program, the division of the USDA responsible for regulating organic production in the U.S.

“This is a profoundly exciting moment to be joining the National Organic Standards Board, for so many reasons,” said Dickson. “The industry is growing, the National Organic Program is under new leadership, and the current administration has already shown unprecedented support for organic. I’m honored to serve the organic community by joining this talented and distinguished group of leaders.”

The National Organic Standards Board is a stakeholder advisory board which represents the full spectrum of the organic community, including four producers, two handlers, one retailer, three environmentalists, three consumers, one scientist and one certifying agent. The National Organic Program is responsible for regulating the fastest growing segment of U.S. agriculture, the organic industry. U.S. sales of organic foods have grown from $1 billion in 1990, when the Organic Foods Production Act established this program, to a projected $23.6 billion in 2009. Congress increased its funding to $2.6 million in FY08 and to $3.2 million in FY09.

“Having long been committed to maintaining the integrity of the organic label, Joe is a natural fit for this appointment,” said Margaret Wittenberg, global vice president of quality standards for Whole Foods Market. “He has been an outstanding asset at Whole Foods Market and has likewise earned respect throughout the organic industry. We are pleased that to have him serve this important role.”

At Whole Foods Market, Dickson has worked closely with the National Organic Standards Board, the National Organic Program and the industry to represent the company and its customers in preserving a strong meaning for the organic label. His work has focused on helping Whole Foods Market shoppers and Team Members understand organic production and on protecting the integrity of organic products from “farm to shopping cart” within the company’s supply chain. Over the last five years, he has attended most National Organic Standards Board meetings as a commenter and audience member, carefully following and engaging in the Board’s work on numerous technical and regulatory issues.

“Retailers are the last link in the organic supply chain between the industry and customers and we have an immense responsibility to market, merchandise and communicate about organic agriculture with integrity and conviction,” Dickson said.

Dickson will serve a five-year term as the sole retail representative on the board starting January 24, 2010, through January 24, 2015.

Simon Property Group Targets Fashion-Conscious, Budget-Savvy Consumers With Simon Fashion Now(TM)

2009-09-26T11:39:00.001-07:00

Simon Property Group Targets Fashion-Conscious, Budget-Savvy Consumers With Simon Fashion Now(TM)

Nation's largest public real estate company draws big crowds and boosts sales with free fashion shows, interactive events and retailer demonstrations INDIANAPOLIS, Sept. 10 /PRNewswire-FirstCall/ -- Consumers are always looking for an enhanced shopping experience and once again this fall Simon Property Group, Inc. (NYSE: SPG) delivers with Simon Fashion Now(TM), a free, high-energy celebration of style at all price ranges coming to six premier shopping centers.
Runway shows, which feature production values similar to the famous fashion industry shows, will take place at signature Simon properties from coast-to-coast. However, unlike the industry shows, where the styles shown on the runway are not available for several months, the latest men and women's fashions at Simon Fashion Now(TM) can be immediately found at retailers within the mall. Thousands of visitors are expected to attend the free Simon Fashion Now(TM) events across the nation this fall.
"We are bringing the drama and appeal of a runway fashion show experience to our style-minded yet budget-savvy consumers, as well as showcasing the impressive array of products offered by our retailers," said Shari Simon, senior vice president of corporate marketing. "Since we feature fashion at a variety of price points, no consumer group is excluded."

Retailers like Simon Fashion Now(TM) because it creates a sense of excitement in the mall and spurs sales. "We are so thrilled to be participating in Simon Fashion Now(TM) for the third consecutive season," says Paul Marciano Vice Chairman and CEO of GUESS? Inc. "The fashion show is a great way to showcase the newest collections, and the amount of traffic it drives into our stores is phenomenal."
Indeed, the strong retailer and sponsor participation, even in challenging economic times, is a reflection of the popularity and appeal of Simon Fashion Now(TM).
Consumers like Simon Fashion Now(TM) because they get an instant tutorial on what's hot for the coming season. "Everyone loves fashion, but not everyone knows how to put an outfit together," says Houston-based style critic Clifford Pugh. "The beauty of Simon Fashion Now(TM) is that it offers lots of new ideas. And it's all instantly accessible."
While participating retailers will vary in each Simon Fashion Now(TM) market, shoppers can expect to see an abundance of styles for men and women ranging from everyday wear to sophisticated evening looks.
"We have an extraordinary shopping and style experience lined up for this season's Simon Fashion Now(TM), enabling our shoppers to get an up-close, multi-faceted look into this exciting world without leaving their hometowns," said Jacque Ellis, assistant vice president of corporate special events at Simon.
In addition to the fashion shows, experts will offer advice and insight into the latest cosmetic trends, highlight the newest accessories, and offer tips on sprucing up a wardrobe without busting a budget. Several stops will include private events and receptions featuring local non-profits like Dress For Success(R) and Susan G. Komen for the Cure(R).

Simon Fashion Now(TM) has also expanded to Facebook, with the launch of an official "fan" page, which details information about the runway fashion shows and events at each participating property. Additionally, contests, images and fashion-focused articles are posted on Facebook to enhance fan interaction. To find Simon Fashion Now(TM) on Facebook, visit http://www.facebook.com/SimonFashionNow.
"With the launch of the Simon Fashion Now(TM) Facebook page, we can create an immediate dialogue about exclusive event updates like special guest appearances and entertainers, local contests and more, all while expanding our online presence through a relevant social networking medium," Simon said.
Fall 2009 Simon Fashion Now(TM) stops include:

-- Fashion Valley -- San Diego, CA                September 11-12
    -- The Galleria -- Houston, TX                    September 17-19
    -- Burlington Mall -- Burlington, MA              October 3
    -- Roosevelt Field -- Garden City, NY             October 9-10
    -- Town Center at Boca Raton -- Boca Raton, FL    October 16-17
    -- SouthPark -- Charlotte, NC                     October 23-24