The News Review:
- IHI to Restate Earnings Nikkei Says; Shares Halted (Update1)
- Tokyo shares outlook – Higher on Wall Street’s gains rate cut…
- Tokyo shares rise on US rate cut hopes – UPDATE
- Rome ethanol plant hopes to grow
- ABB wins 86 mln usd oil gas order in Italy
- Companies People Ideas
IHI to Restate Earnings Nikkei Says; Shares Halted (Update1)
Bloomberg – Dec 10, 2007
A four-member external panel commissioned by IHI isexamining reasons for the company's failure to provide validcosts of plant and engineering projects. The company willdisclose the outcome of the investigation by Dec. In May IHI reported a 24. 6 billion yen operating profit forthe year ended March 31 up 13 percent from a year earlier andhad net income of 15.
Tokyo shares outlook – Higher on Wall Street’s gains rate cut…
Forbes – Dec 10, 2007
Ahead today the Cabinet ffice will announce its consumer confidence survey for November in the afternoon. Stocks to watch include IHI Corp on a report that the Japanese heavy machinery maker plans to restate its full year financial statement incorporating more than 20 billion yen in losses from its plant engineering projects. The Nikkei said that the company previously posted 24. 6 billion yen in operating profit for the year ended March 31 up 13 percent from the previous year. But in its restatement this figure could be far lower or even in the red.
Tokyo shares rise on US rate cut hopes – UPDATE
Forbes – Dec 10, 2007
7 percent at 1228 yen. Trading in shares of IHI Corp was suspended after the Nikkei reported that the heavy machinery maker plans to restate its year March 2007 financial statement incorporating more than 20 billion yen in losses from its plant engineering projects.
Rome ethanol plant hopes to grow
Utica bserver Dispatch – Dec 10, 2007
The company is providing $15 million in private investment. Starting in the spring Mascoma plans to employ about 15 people at a demonstration plant. If tests are successful a full-scale plant could be built at Griffiss officials said Monday. “It’s showing the rest of the area the rest of the country that when it comes to high technology – this is the place to be” Rome Mayor James Brown said. Mascoma will move into a building at 679 Ellsworth Road a location that three other companies since 2000 promised to occupy. None of those plans ever came to fruition. This time however officials say they’re optimistic that Mascoma will be successful… State investment Last year the state Legislature appropriated $25 million to develop cellulosic ethanol and Mascoma has been awarded $14. 8 million of that money for the project. Larry Walker professor of biological and environmental engineering at Cornell University described the commitment to the initiative from local state and federal officials as encouraging. “All of these people are thinking that it’s important that we get this moving forward” said Walker who is one of the advisors at the Mascoma site in Rome “not only to produce energy but to be the Silicon Valley of the Northeast to produce biofuels. ” Mascoma is expected to produce 500000 gallons of ethanol per year. Building a demonstration plant will allow testing of technology and the ability to grow fast with new technology Walker said. “I tell people time again ‘you should not go out and build a plant based out of data from my laboratory’” he said.
ABB wins 86 mln usd oil gas order in Italy
Forbes – Dec 10, 2007
The plant is scheduled for completion in 2010 and will process almost 7000 barrels of crude oil and 6. 7 mln cubic feet of gas per day said the Swedish-Swiss engineering group. The plant is also part of the larger onshore oil field development project which includes a sulphur treatment plant wellhead facilities and a power generation plant added ABB (nyse:.
Companies People Ideas
Forbes – Dec 10, 2007
The recent opening of the first new American steel mill in six years was a big deal for Columbus Mississippi (pop. The few hundred residents and politicos who ducked into the plant to escape a chilly rain encountered an odd tableau onstage: a steel executive a Russian billionaire and Governor Haley Barbour. The proceedings opened with a prayer. “God of hope and possibilities” the Reverend Sandra DePriest intoned “thank you for bringing together your servants Alexey Mordashov and John Correnti from opposite sides of the globe. “Thanks as well to the town Lowndes County and the state for SeverCorr as the $880 million mill is known. Together they offered $100 million in onetime grants construction funds and loan guarantees plus tax abatements of $5000 per employee for ten years… But this guy is tough and unyielding. Mordashov grew up in Cherepovets 250 miles northwest of Moscow where both parents worked at what became Severstal a steel mill built on Stalin’s orders. After graduating from the Leningrad Engineering & Economics Institute in 1988 Mordashov mastered accounting and attracted the notice of the mill director who became his mentor and hired him as a senior economist. Quickly noticed for his smarts and work ethic Mordashov was sent on a rare six-month internship in Austria at steel giant Voestalpine and in 1992 became Severstal’s finance director. By then the communist system had disintegrated into chaos. Manufacturers like Severstal dependent on the command economy to dictate production were suddenly left without customers suppliers or any idea of how to sell to foreign markets. At the same time factories were being privatized in not-always-kosher ways with clever metals traders taking control by buying the shares of management and workers on the cheap.