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Source: PR-USA.net (press release) (Original Article)

SINA Reports Fourth Quarter and Fiscal Year 2009 Financial Results

SINA Corporation

, a leading online media company and mobile value-added service (“MVAS”) provider for China and for the global Chinese communities, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2009.

In October 2009, SINA injected its online real estate advertising business into its majority-owned subsidiary China Online Housing Technology Corporation (“COHT”) and exchanged its interest in COHT for approximately 33% interest in China Real Estate Information Corporation (“CRIC”) upon the successful listing of CRIC on the NASDAQ Global Select Market (“Transaction”). As a result of the Transaction, the Company recognized a one-time gain of $376.6 million and deferred revenue relating to license agreements of $187.4 million. Beginning October 1, 2009, SINA no longer consolidates the financial results of COHT and instead accounts for its interest in CRIC using the equity method of accounting. SINA will report its interest in CRIC one quarter in arrears, which will enable the Company to provide its financial disclosure independent of CRIC’s reporting schedule. Due to the adoption of lag reporting for its investment in CRIC, net income attributable to SINA and basic and diluted net income per share attributable to SINA for the fourth quarter and fiscal year of 2009 do not include fourth quarter of 2009 equity income from CRIC.

To assist management and investors in gaining a better understanding of SINA’s operating performance for the fourth quarter of 2009 and future periods, in addition to the disclosure of GAAP results below, SINA’s historical revenues and certain non-GAAP measures (namely, gross profit, operating expenses, income from operations and advertising gross margin) have cheap flights from Port Macquarie to Melbourne (All Airports) been revised to exclude COHT’s results, adjusting …continue reading

Source: Financial Times (Original Article)

FCC, the Spanish construction and municipal services group, on Friday vowed to step up its international expansion, but warned that this year would be one of consolidation and low growth.

The company, one of the so-called “Big Five” groups that helped drive heady economic growth during a decade-long housing and infrastructure boom in Spain, has also been among the flights from Gold Coast to Newcastle slowest to dilute its domestic exposure by investing abroad.

Source: PR.com (press release) (Original Article)

Clark, NJ, February 20, 2010 –(PR.com)– The International Association of Outsourcing Professionals® (IAOP®) has named Global eProcure to the coveted list of The 2010 Global Outsourcing 100. The list recognizes the world’s best outsourcing service providers and advisors across all industries, and is based on applications received and evaluated by an independent panel of judges.

IAOP’s selection process takes into account factors such as a firm’s ability to create value for customers, depth and breadth of competencies, top management talent, as well as corporate size and growth rates.

“As the economy recovers, partnering with the world’s best outsourcing providers and advisors will be more important than ever,” said IAOP Chairman Michael Corbett and chair of the judges’ panel. “The Global Outsourcing 100 and The World’s Best Outsourcing Advisors help companies easily identify those partners that will help them emerge as leaders.”

“We know how critical outsourcing decisions are when companies are trying to reduce operating costs and improve operating efficiency. That’s why Global eProcure continues to aggressively invest resources to expand our capabilities, while maintaining a strong focus on exceeding customer’s expectations. To be recognized as one of the world’s top outsourcing firms is an acknowledgment to the confidence that our clients have in our services,” said Subhash Makhija, CEO of Global eProcure.

Global eProcure is a highly regarded procurement services company offering a unique blend of consulting, technology and procurement outsourcing services with a focus on bottom-line “realized savings.” With employees spread across three continents and offices in the US, the UK, the Czech Republic, Costa Rica, China and India, it serves an extensive and well-renowned list of flights from Canberra to Port Macquarie Global 2000 companies.

About The Global Outsourcing 100

The …continue reading

Source: Seeking Alpha (blog) (Original Article)

Seeking Alpha editors Eli Hoffmann and Jason Aycock contributed to this post.

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Source: CNNMoney.com (press release) (Original Article)

RENO, Nev., Feb. 3 /PRNewswire-FirstCall/ — AMERCO (Nasdaq: UHAL), parent of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and storage operator, today reported net earnings available to common shareholders for its third quarter ended December 31, 2009, of $0.3 million, or $0.02 per share, compared with a net loss of $28.2 million, or a loss of $1.46 per share, for the same period last year.

For the nine-month period ended December 31, 2009, net earnings available to common shareholders were $61.4 million, or $3.17 per share, compared with net earnings of $39.0 million, or $2.01 per share for the same period last year.

“The positive results for the quarter were a reflection of growth in truck rental transactions combined with our cost control measures,” stated Joe Shoen, chairman.  ”We are continuing our efforts to enhance long-term shareholder value by focusing on our moving and storage customers,” concluded Shoen.

Highlights of Third-Quarter Fiscal 2010 Results

AMERCO will hold its investor call for the third quarter of fiscal 2010 on Thursday, February 4, 2010, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at www.amerco.com. To hear a simulcast of the call, or a replay, visit www.amerco.com

About AMERCO

AMERCO is the parent company of U-Haul International, Inc., North America’s largest “do-it-yourself” moving and storage operator, AMERCO Real Estate Company, Republic Western Insurance Company and Oxford Life Insurance Company.

Since 1945, U-Haul has been the best choice for the do-it-yourself mover, with a network of more than 15,800 locations in all 50 United States and 10 Canadian provinces. U-Haul customers’ patronage has enabled the U-Haul fleet to grow to approximately 101,000 trucks, 76,000 trailers and 34,000 towing devices. U-Haul offers more than 401,000 rooms and approximately 35 million Webbrandz square feet of storage space at nearly …continue reading

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Source: BusinessWeek (Original Article)

By DANIEL WOOLLS

Spain will cut spending by nearly euro50 billion ($70 billion) to rein in a deficit that has swelled to an outsized 11.4 percent of gross domestic product as the country struggles with recession, officials said Friday.

Finance Minister Elena Salgado said the government’s goal with the 4-year austerity plan is to trim the deficit to the EU limit of 3 percent of GDP in 2013.

Spain’s finances have come under scrutiny by ratings agencies and international investors worried about the possibility of another debt crisis like the one in Greece, which has shaken the European Union and pushed down the euro.

"It is a European requirement," Salgado said of the deficit-slashing plan. "It is also a requirement of our stability laws, but above all it is a requirement to guarantee the kind of country we want in the future."

She told a news conference that practically all government expenditure and policies will be affected by the cuts, except for social welfare benefits such as unemployment benefits, as well as investment in research and development and spending on education, foreign aid and anti-terrorism efforts.

Until now the government had estimated that the deficit for 2009 would be 9.5 percent of national output.

The even-worse figure of 11.4 percent, which Salgado called an estimate that is not yet final, triples the 3.8 percent at the close of 2008.

Ben May, of Capital Economics Ltd. in London, said the government’s measures were unlikely to offer the markets much comfort. The new deficit estimate puts Spain’s red numbers in line with the Greek and Irish shortfalls, and the fiscal recovery plan depends heavily on strong economic recovery to boost revenue, he said.

While a full-blown crisis like the one in Greece is unlikely in Spain, May said, "there’s not much here to relieve the pressure on Spanish cheap flights from Perth to Port Hedland government bonds."

Spain has posted five straight quarters …continue reading

Source: report – Independent Online (Original Article)

Alleged Ponzi scheme mastermind Barry Tannenbaum is apparently renting an apartment in an Australian suburb called Runaway Bay, the Sunday Times reported.

The newspaper said Tannenbaum’s Johannesburg-based lawyer Darryl Ackerman confirmed Tannenbaum’s location in the waterfront suburb located on Australia’s Gold Coast.

Last November, it was reported that Tannenbaum – who is accused of fleecing investors of R12.5 billion – had fled his home in St Ives in Sydney, Australia, out of safety concerns.

Ackerman told the newspaper that Tannenbaum and his wife, Debbie, had received death threats while staying in St Ives.

‘This is the reason why they left St Ives’”This is the reason why they left St Ives, and if you publish the article it would rebound to their detriment, forcing them to find some other location,” he was quoted as saying.

The Sunday Times said it was believed that Debbie Tannenbaum had put down a deposit on a property in another Gold Coast suburb.
Continues Below ↓

However, Ackerman said that neither Tannenbaum or his wife were in a position to buy property in Australia.

“Neither Barry nor Debbie are in any position to finance any grandiose idea of a new home,” he said.

Ackerman also told the newspaper that the process by which Tannenbaum was applying for Australian citizenship “has not been finalised”.

In terms of the investigation into the Ponzi scheme, SA Revenue Service spokesman Adrian Lackay told the newspaper that a letter was sent to investors.

The letter apparently gave investors three weeks to detail their investments with the scheme.

Lackay said the letter was part on an investigative process to get a full picture of what happened.

“Each agency of government is pursuing the matter, not only in terms of its own legal mandate, but also in terms of a laguna beach dvd common approach that seeks to prevent our …continue reading