UPDATE 1-Scorpio Mining Q3 production rises at flagship mine


Production at the silver-zinc-copper-lead plant totalled 604,975 silver equivalent ounces.Shares of Scorpio were down 3 percent at C$1.94 in early trade on Tuesday on the Toronto Stock Exchange.The company said the new copper and lead production outlook was a result of metal grades being lower than geological model.The company had previously forecast lead production for 2011 at 8.6 million pounds and copper at 3.1 million pounds.Total mill throughput in the quarter rose 19 percent to 126,975 tonnes.Silver production rose 19 percent to 308,211 ounces and zinc jumped 11 percent to 4 million pounds.Vancouver-based Scorpio also said it was purchasing new mining equipment to replace its aging fleet and expected the equipment to be available in 2012.

UPDATE 1-Mubadala’s Fewer touted for Aldar CFO job - sources


* Aldar expected to name new CFO on Thursday* Former CFO Shafqat Malik resigned this monthBy Stanley CarvalhoABU DHABI, Oct 18 (Reuters) - Abu Dhabi developer Aldar Properties is expected to name state fund Mubadala’s Greg Fewer as its new chief financial officer, four sources said on Tuesday, in a further sign of the government taking up the reins of the troubled developer.Fewer, associate director for project and corporate finance at Mubadala, is due to replace Shafqat Malik, who resigned earlier this month.Three sources familiar with the matter told Reuters Fewer was expected to join Aldar as CFO.”A formal approval will be made by the board on Thursday,” a fourth source added.Aldar declined to comment. Mubadala was not immediately available for comment.Abu Dhabi stepped in with $5.2 billion of support for its struggling flagship developer in January with a plan that included the sale of its key assets such as the Ferrari World theme park, located on Yas Island.As part of the government rescue, Aldar was to place the planned issue of convertible bonds worth 2.8 billion dirhams (762.3 million) with Mubadala.Four out of Aldar’s seven board members are from Mubadala. The fund owns 28 percent stake in Aldar according to its first-half financial statements.Real estate companies across the Gulf Arab region have been hit hard by the global financial crisis and the pain is set to continue for Dubai and Abu Dhabi developers, as oversupply and a slump in demand weigh on prices.Aldar’s shares have fallen 56 percent year-to-date according to Reuters data. They were trading flat on the Abu Dhabi bourse at 0615 GMT.

Hedge fund Elliott throws in towel at Actelion


It has since been lowering its stake. According to data published on the website of the Swiss stock exchange SIX on Wednesday, its investment has fallen below 3 percent.Actelion (ATLN.VX) shares were 4 percent higher at 30.95 Swiss francs at 1251 GMT, outperforming a 0.7 percent higher healthcare sector index .SXDP.”The shares had come under pressure recently because Elliott was selling shares. This pressure has disappeared now,” a Zurich-based trader said.Actelion shares have lost almost 42 percent of their value so far this year after soaring in the second half of 2010 on speculation Elliott might force a sale of the company.”Elliott Advisors seems to have at least partly lost interest in Actelion,” ZKB analysts said in a note. “That is positive for Actelion as the conflicts were very time-consuming and kept the management busy.”The New York-based hedge fund had criticised Actelion’s strategy, blaming the management for a series of product setbacks.But shareholders in May backed Actelion Chief Executive Jean-Paul Clozel and Chairman Robert Cawthorn.

Aviva to cut hundreds of jobs in Ireland-report


There has been speculation in local media that Aviva is reviewing its Irish operations, with state broadcaster RTE airing a report about it earlier this month.No one from Aviva was immediately available to comment.

PRESS DIGEST - New York Times business news - Oct 14


* People with eating disorders like anorexia are fighting insurers to pay for stays in residential treatment centers, an issue that is being considered by an appeals court in California.* A growing number of entrepreneurs in China, unable to make payments to illegal lenders, have gone into hiding to avoid physical harm or family dishonor.* The punishment for Raj Rajaratnam, the former chief of the Galleon Group, though less than the government sought, was the longest prison sentence ever for insider trading.* Google posts strong earnings and exceeds expectations. It’s core business, search advertising, seems so far to have weathered the economic doldrums that have hurt other sites and publications relying on ads.* European banks face deadline to raise capital levels. They are likely to oppose steps, including larger write-downs, that are designed to help deal with the sovereign debt crisis.* The controversy this week over an unorthodox circulation deal at the European edition of The Wall Street Journal complicates matters for News Corp leadership.* Research in Motion said it had resolved the technical issues that plagued service across five continents and that service had begun returning to normal.* Ford’s unionized workers, who haven’t received a raise in years, are upset with the big payouts to the company’s senior management.* The weakness in the global economy was underscored by reports published Thursday about the balance of trade in the United States and China.* In another sign of how the lines between profit-making and nonprofit are blurring, Wal-Mart on Friday will appoint a former senior executive of the Bill & Melinda Gates Foundation to head its corporate foundation.* Despite a paper gain that helped lift earnings by nearly $2 billion, JPMorgan Chase & Company reported on Thursday that profit fell 4 percent in the third quarter amid lingering mortgage troubles and weak investment banking results.* Stocks fell on Wall Street on Thursday, weighed down by bank stocks after JPMorgan Chase reported that a slowdown in investment banking had hurt its results in the third quarter.* A bankruptcy court on Thursday approved the hiring of a chief restructuring officer at the California energy company Solyndra. Todd Neilson, who served as the bankruptcy trustee for the boxer Mike Tyson and the rap impresario Suge Knight, will now lead Solyndra as it struggles to emerge from bankruptcy.* In the midst of a deteriorating advertising climate, The New York Times plans to eliminate up to 20 newsroom positions and seek additional savings in the business units, the company said Thursday.

Slovak parliament ratifies EFSF expansion


A junior party in the country’s ruling coalition torpedoed the cabinet on Tuesday in a confidence motion connected with ratification of the plan to give the European Financial Stability Facility (EFSF) more powers to fight the debt crisis.The failed attempt had rattled financial markets. The opposition committed to provide votes for the EFSF in a repeated vote, once the early election plan was approved.Slovakia was the only one of the 17 countries using the euro single currency that had not approved giving the rescue fund more powers, a measure European leaders say is urgently needed to save the currency zone from financial ruin.The difficulty ratifying the EFSF expansion in Slovakia is a sign of the challenges European leaders face responding to the debt crisis across 17 countries that must all act unanimously.With 5.4 million people, Slovakia accounts for less than 2 percent of the currency bloc’s population and 1 percent of its output, but its parliament could effectively veto the measure.The delay in enacting the July deal comes even as other leaders are wrangling over further steps to protect euro zone banks if Greece defaults on its debts.The EU will hold a summit on October 23 to adopt more measures to counter the crisis.ELECTIONUnder a constitutional law approved on Thursday, a general election originally planned for 2014 will be moved to March 10 next year, meeting the leftist opposition Smer party’s main demand for its support of the EFSF.European Commission President Jose Manuel Barroso said earlier he was confident Slovakia would approve the plan, and that this would not be a problem for EU leaders when they meet on October 23.”I hope that this is going to find a solution, and I am told, the latest reports we have received from Slovakia, is that there is now a consensus or a majority in favor of a solution, and I welcome that,” Barroso told reporters in Brussels.”So I don’t think that this will be a problem for the European Council. I am anticipating a positive outcome.”Agreement on Wednesday between Smer and the three governing parties — Prime Minister Iveta Radicova’s SDKU, the Christian Democrats, and the centrist Most-Hid — caused the euro and global stocks to rally, reversing a selloff that had gained speed on fears that the measure might not go through.The fourth coalition member, Freedom and Solidarity (SaS), caused the cabinet to collapse by opposing Tuesday’s confidence motion. Its leader, free-marketeer Richard Sulik, argued that as the euro zone’s second poorest member, Slovakia should not have to bail out richer countries like Greece.The package will boost the EFSF to 440 billion euros and give it the ability to buy sovereign bonds, extend emergency lending to countries and recapitalize banks.Slovakia’s portion in guarantees backing up the EFSF is 7.7 billion — about 11 percent of its annual output. Sulik says that is too much considering Slovak living standards are just 74 percent of EU average, below Greece’s 89 percent.Radicova’s cabinet will remain in office until a new administration is formed. Smer’s leader Robert Fico said he would stay in opposition until the March election.Coalition officials have not given details on how the government will continue to operate. It is possible that Radicova’s team will stay on in a caretaker capacity.Fico, whose Smer party is Slovakia’s most popular by far with over 40 percent support, has long pledged support for the rescue fund but stayed out of Tuesday’s ratification as a tactical move to topple the government.President Ivan Gasparovic, responsible for appointing the next prime minister, has cut short a visit to Asia to deal with the government collapse and was due to return on Thursday. Radicova was due to meet Gasparovic on Friday. She canceled a trip to a summit of central European prime ministers in Prague.Slovaks have been split over the EFSF, but the latest opinion polls show more people backing the plan to expand it than opposing it.”This coin has two sides — when we are members of the euro zone, we need to take measures the way other countries adopt them, and not distance ourselves,” said Michal Sklenar, 28, a clerk.

Kevin Reilly: network TV weathering digital storm just fine


Buoyed by a record upfront on Madison Avenue in the spring, as well as a flurry of hit new comedies in the fall, network entertainment presidents expressed a consensus of optimism as they met for a Hollywood Radio TV Society lunchtime panel in Beverly Hills.”I’m genuinely excited in a way I wasn’t a few years ago,” said Kevin Reilly, president of entertainment for the Fox Broadcasting Company. “I think there’s now some clarity to the marketplace — it’s clear that our product is a transmedia product that can work on multiple platforms.”“It’s the best, most exciting time to be in network TV,” concurred CBS entertainment president Nina Tassler, seated beside Reilly at the Beverly Hilton panel, which was emceed by “Survivor” host Jeff Probst. “There’s a renewed sense of optimism — a sense of hope.”According to Reilly, the strong reception for new comedies — including Fox’s “New Girl,” CBS’ “2 Broke Girls,” and NBC’s “Whitney,” all of which have already received full-season orders — has proven that, in a world of convergent media, television content still drives the bus.Oh, the record upfront advertising market over the spring — during which broadcasters took in about $9.5 billion — also has enhanced broadcast-network confidence.”Other than the goofy girl who sang about eating cereal on Fridays, we haven’t seen big talent migrate in reverse,” he said. “Advertisers have realized that they can’t replace our product and that’s why they keep buying it.”In the wide-ranging panel discussion — typical for this annual HRTS luncheon event — the network entertainment chiefs addressed everything from updating ratings metrics to the affects of the economy on programing choices.For starters, they all agreed that the bidding war this fall for pilots has become a little overheated.For example, with new NBC entertainment president Nina Salke talking vaguely about a recent pitch she liked, Reilly quipped, “Better send flowers … Or better yet, better mow their lawn.”Clarifying his remarks, Reilly continued his earlier push for broadcast TV to dispense of the typical fall-season crush and move to a year-around schedule. Simply put, he said having all the networks demanding the same talent at the same time is inefficient.”There’s got to be a holistic way of looking at this business that would be better than having us all bottleneck up,” he explained. “If we can get efficient, we can make a better product in the end.”Concurred ABC Entertainment Group president Paul Lee: “If we didn’t have to cast 60 pilots at one time, it would be better.”Reilly went on: “The starting line is ridiculous.To think that viewers are all sitting around with their highlighter pens, waiting for the fall schedule…”Reilly was also incredulous regarding the topic of Nielsen measurement, which the panel universally agreed is outdated in the digital age.”I’m not going to fight the windmill of Nielsen, but we do need to keep them honest,” he said. “The fact that we’re still filling out diaries in living rooms is insane to me.”For his part, Reilly has advocated moving to a people meter system.Lee, meanwhile, cited the poor economy as the reason why new comedies, such as ABC’s “Suburgatory,” are catching on with viewers this fall.”I think those of us who’ve put a lot of effort into comedy this year have certainly benefited from it,” he noted.Among two newcomers to the panel this year, CW TV president Mark Pedowitz cautioned that, in development, network tastemakers take a risk when the program for a cultural climate that might not exist by the time a pilot pitch hits the air.Continuing to steal the show, Reilly quipped, “Oh yeah, this will all be cleared up by May.”

Kevin Reilly: network TV weathering digital storm just fine


Buoyed by a record upfront on Madison Avenue in the spring, as well as a flurry of hit new comedies in the fall, network entertainment presidents expressed a consensus of optimism as they met for a Hollywood Radio TV Society lunchtime panel in Beverly Hills.”I’m genuinely excited in a way I wasn’t a few years ago,” said Kevin Reilly, president of entertainment for the Fox Broadcasting Company. “I think there’s now some clarity to the marketplace — it’s clear that our product is a transmedia product that can work on multiple platforms.”“It’s the best, most exciting time to be in network TV,” concurred CBS entertainment president Nina Tassler, seated beside Reilly at the Beverly Hilton panel, which was emceed by “Survivor” host Jeff Probst. “There’s a renewed sense of optimism — a sense of hope.”According to Reilly, the strong reception for new comedies — including Fox’s “New Girl,” CBS’ “2 Broke Girls,” and NBC’s “Whitney,” all of which have already received full-season orders — has proven that, in a world of convergent media, television content still drives the bus.Oh, the record upfront advertising market over the spring — during which broadcasters took in about $9.5 billion — also has enhanced broadcast-network confidence.”Other than the goofy girl who sang about eating cereal on Fridays, we haven’t seen big talent migrate in reverse,” he said. “Advertisers have realized that they can’t replace our product and that’s why they keep buying it.”In the wide-ranging panel discussion — typical for this annual HRTS luncheon event — the network entertainment chiefs addressed everything from updating ratings metrics to the affects of the economy on programing choices.For starters, they all agreed that the bidding war this fall for pilots has become a little overheated.For example, with new NBC entertainment president Nina Salke talking vaguely about a recent pitch she liked, Reilly quipped, “Better send flowers … Or better yet, better mow their lawn.”Clarifying his remarks, Reilly continued his earlier push for broadcast TV to dispense of the typical fall-season crush and move to a year-around schedule. Simply put, he said having all the networks demanding the same talent at the same time is inefficient.”There’s got to be a holistic way of looking at this business that would be better than having us all bottleneck up,” he explained. “If we can get efficient, we can make a better product in the end.”Concurred ABC Entertainment Group president Paul Lee: “If we didn’t have to cast 60 pilots at one time, it would be better.”Reilly went on: “The starting line is ridiculous.To think that viewers are all sitting around with their highlighter pens, waiting for the fall schedule…”Reilly was also incredulous regarding the topic of Nielsen measurement, which the panel universally agreed is outdated in the digital age.”I’m not going to fight the windmill of Nielsen, but we do need to keep them honest,” he said. “The fact that we’re still filling out diaries in living rooms is insane to me.”For his part, Reilly has advocated moving to a people meter system.Lee, meanwhile, cited the poor economy as the reason why new comedies, such as ABC’s “Suburgatory,” are catching on with viewers this fall.”I think those of us who’ve put a lot of effort into comedy this year have certainly benefited from it,” he noted.Among two newcomers to the panel this year, CW TV president Mark Pedowitz cautioned that, in development, network tastemakers take a risk when the program for a cultural climate that might not exist by the time a pilot pitch hits the air.Continuing to steal the show, Reilly quipped, “Oh yeah, this will all be cleared up by May.”