UBS reduces Kof rating.

MEXICO CITY, Oct 29, 2003 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- UBS Investment Bank has reduce the rating on stocks of Mexican bottling company Kof to "neutral" from "purchase", leading to a greater offer on the Mexico City stock exchange, as well as on the U.S. market.

UBS analysts said that the main factor limit the company's rating in the short and long term was the worrying political and financial situation in Venezuela.

UBS reduced is estimate of the firm's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) by 14% for 2004 and also limited the target price of the company's American Depositary Receipt (ADR) to US$23.00 from US$27.50.

The bottling company reported net profits of 23.66 billion pesos (US$2.12 billion) through the third quarter of this year, some 27.82% less than in the same period of 2002, while sales increased 27.82% year-on-year.

The company's stocks on the Mexico City Stock Exchange dropped 3.76% to 21.75 pesos (US$1.95), while its ADRs in New York closed at US$19.88 after losing 0.95%.

This abstract is provided by Internet Securities, Inc. as a service to its customers. Internet Securities, Inc. makes no representation or warranty regarding the accuracy or content of the translation.

URL:              www.securities.com 

Copyright 2003 Internet Securities, Inc., all rights reserved. A Euromoney Institutional Investor Company.

News Provided by COMTEX (http://www.comtexnews.com)

State aid: Commission approves Austrian State support for the restructuring of Kommunalkredit.

M2 PRESSWIRE-March 31, 2011-: State aid: Commission approves Austrian State support for the restructuring of Kommunalkredit(C)1994-2011 M2 COMMUNICATIONS

RDATE:31032011

The European Commission has approved under EU state aid rules several measures in favour of Kommunalkredit Austria AG, consisting inter alia in state guarantees of more than EUR10 billion, a capital injection of EUR250 million in the form of ordinary shares and a split of the bank through the separation of strategic activities and non-strategic activities, with a EUR1 billion non-refundable loan to Kommunalkredit Finanz, the entity winding down the non-strategic assets. According to the restructuring plan, the bank that continues the strategic business will concentrate on public and project finance lending and withdraw from other activities. The Commission concluded that the restructuring plan is appropriate to restore the bank's viability, while adequately addressing competition distortions brought about by the state support.

Commission Vice-President Joaquin Almunia, in charge of competition policy, said: "I am satisfied that Kommunalkredit's profound restructuring plan will ensure the bank's future viability without continued state support. At the same time, sufficient safeguards are put in place to ensure burden-sharing and to limit the distortions of competition created by the state support."

Before the crisis, Kommunalkredit was the 7th largest Austrian bank with a balance sheet of EUR37 billion. Its business consisted in granting public and project finance loans, and investing and managing a sizeable portfolio of bonds and credit default swaps (CDS). The securities and CDS portfolios were particularly hit by the financial crisis, leading to considerable impairments and losses.

Consequently, in November 2008 the Republic of Austria acquired Kommunalkredit, by purchasing the 50.78% stake of Osterreichische Volksbanken Aktiengesellschaft and the 49% stake of Dexia Credit Local for EUR1 each, the Association of Austrian Municipalities (Osterreichischer Gemeindebund) retaining its 0.22% share.

In November 2009, the operations of Kommunalkredit were split into Kommunalkredit Finanz, comprising "non-strategic" activities (bonds, a CDS portfolio and other non-strategic assets) and Kommunalkredit comprising "strategic" activities mostly including loans granted to local authorities.

The split involved an impaired asset relief measure with an aid amount of EUR441 million. In addition, the bank benefitted from a capital injection into Kommunalkredit of EUR250 million, a capital injection into Kommunalkredit Finanz of EUR1 billion by ways of a non-refundable loan and State guarantees up to a maximum of EUR10.6 billion.

Kommunalkredit will focus its new business on traditional public finance and project finance activities and commits to restrict the annual growth of its total assets to maximum 2% and to reduce its balance sheet by approximately 60% compared to the old Kommunalkredit's balance sheet of end 2008. Furthermore, Kommunalkredit will no longer engage in securities and derivatives business, with the exception of risk and liquidity management measures and client-induced business. Moreover, Kommunalkredit will limit its new production of loans.

The Commission's in-depth investigation found, in particular, that the restructuring plan appears suitable to ensure the long-term viability of Kommunalkredit through the re-focusing on the core strategic activities of the bank. The Commission further found that in particular the nationalisation and a coupon and acquisition ban contribute to an appropriate contribution to the cost of restructuring by the bank's shareholders. The considerable downsizing of the bank by 60%, the annual growth cap and the behavioural commitments provided by the Austrian authorities sufficiently limit the distortions of competition brought about by the aid.

The Commission is therefore satisfied that the restructuring plan is in line with its Communication on restructuring in the financial sector during the crisis (see IP/09/1180) and as such is compatible with Article 107.3.b of the Treaty on the Functioning of the European Union (TFEU).

The non-confidential version of the decision will be made available under the case number SA.32745 (2011/NN) in the State Aid Register on the DG Competition website once any confidentiality issues have been resolved. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News.

((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com)).

Sandy Schwartz Named President of Manheim, Inc.

Cox Enterprises announced that Sandy Schwartz has been appointed president of its automotive services subsidiary, Manheim. He will continue reporting to Jimmy Hayes, president and chief executive officer of Cox Enterprises.

A Cox veteran for more than 25 years, Schwartz will be responsible for managing Manheim, the world's leading provider of vehicle remarketing services. Chip Perry, president & CEO of Cox subsidiary, AutoTrader.com, the Internet's leading auto classifieds marketplace and consumer information website, will continue reporting to Schwartz, bringing together all Cox automotive interests under single leadership. Schwartz's automotive experience also includes leading Cox AutoTrader, which produced paid and free publications serving consumers and dealers in the automotive market.

"Sandy's extensive automotive, online and media experience is a valuable asset to Cox Enterprises," said Hayes. "Sandy has a broad and deep understanding of our Cox businesses and unique culture, and I am delighted for him to bring his expertise to Manheim. Under his leadership, Cox Media Group has thrived through transformation and he will bring the same innovative thinking to Manheim."

Most recently, Schwartz served as president of Cox Media Group, Cox's integrated broadcasting, publishing and digital media subsidiary. He joined Cox in 1985 at the Tribune Newspapers in Arizona, where he served a number of roles before being named president and publisher in 1995. From 1996 to 2001, he served as executive vice president of the Austin-American Statesman. Schwartz also has served as vice president and general manager of The Atlanta Journal-Constitution, executive vice president of Cox Newspapers and vice president of business development for Cox Enterprises. He later was promoted to president of Cox Auto Trader.

Dean Eisner retires from Cox after 19 years of dedicated service and will be available as an advisor to Schwartz until his retirement this summer. Prior to his role at Manheim, he served as vice president of business development for Cox Enterprises. Eisner joined Cox in 1992 as managing director of Cox International.

"Dean has done a tremendous job of growing Manheim's international presence, championing its early entry into the critically important online arena, and navigating the business through a tumultuous economy while setting in place Manheim's broad-sweeping, accelerated transformation process," Hayes said. "We are grateful for his talent, dedication and service."

Keywords: Automobiles, Cox Enterprises, Cox Enterprises, Inc., Entertainment Companies, Industry, Service Companies, Transportation.

This article was prepared by Journal of Transportation editors from staff and other reports. Copyright 2011, Journal of Transportation via VerticalNews.com.

PubCon Las Vegas 2011 Registration Now Open For November New Media and Optimization Conference.(Conference news)

Austin, TX (PRWEB) March 8, 2011

Registration is now open for PubCon Las Vegas 2011, the premier new media and optimization conference, which will take place on November 8 - 10, 2011 at the Las Vegas Convention Center, with a full day of PubCon Masters Group professional search and social media training on November 7.

Supported by the industry's leading businesses, speakers, exhibitors, and sponsors involved in social media, Internet marketing, search engines, and online advertising, PubCon Las Vegas 2011 will offer a week-long exploration of the future of technology presented by many of the world's top innovators.

"PubCon Las Vegas 2011 is going to be the largest and most vibrant gathering of new media and optimization thought leaders that we've ever assembled, and we're thrilled to open registration today for the biggest PubCon ever at our lowest early-bird discount rates," PubCon founder and WebmasterWorld chief executive Brett Tabke said.

"With hundreds of the world's top technology and online marketing visionaries, PubCon Las Vegas 2011 is going to offer a truly unrivaled conference scene, and we're confident that attendees will take away more valuable new ideas and business solutions than ever before, all at surprisingly cost-effective rates," Tabke explained.

"PubCon truly starts where other new media and optimization conferences end, featuring a virtual who's who of technology, and during our Las Vegas conference in November we'll have more in store for attendees than ever before in our decade-plus history," Tabke said.

With riveting and inspiring world-renowned keynote speakers, PubCon Las Vegas 2011 is a unique must-attend event for all corporate professionals and independent webmasters who are serious about staying ahead of the curve in the optimization and new media marketing industries.

Registration for PubCon Las Vegas 2011, featuring more than 200 of the key influencers who are shaping the future of the Web and new media, all speaking in diverse multiple topic sub-conferences with more than 100 conference panel sessions, is now open and available at special early-bird rates.

PubCon registration and more information is available at http://www.pubcon.com

About PubCon

PubCon is a multi-track educational conference hosted by WebmasterWorld. PubCon events are for thought leaders and professionals involved in Internet marketing, social media, search marketing and advertising to gather and to share best practices in the design, development, promotion and marketing of their Internet businesses and brands.

For more information about the conference, contact Brett Tabke at 512-231-8107 or brett at webmasterworld.com.

In the U.K., contact Neil Marshall at 512-231-8107 ext 106 or engine at webmasterworld.com.

For more details about sponsorship and exhibition opportunities, contact Strategic Marketing Director Joseph Morin at 512-231-8107 ext 104 or joe at webmasterworld.com

###

Read the full story at http://www.prweb.com/releases/PubConLasVegas/2011/prweb5145444.htm