Friday, November 13, 2009

“TCS, Dow to form business alliance to create jobs in U.S. - Silicon India” plus 4 more

“TCS, Dow to form business alliance to create jobs in U.S. - Silicon India” plus 4 more

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TCS, Dow to form business alliance to create jobs in U.S. - Silicon India

Posted: 13 Nov 2009 04:44 AM PST

Mumbai: Intending to create jobs in the U.S., India's largest software services exporter Tata Consultancy Services (TCS), has announced plans to form a business alliance that will provide critical business services to Midland Michigan, U.S. based Dow, a diversified chemical company, and its subsidiaries and joint ventures.

As part of this alliance, Dow and TCS are planning to build a new service centre at a site near Dow's global headquarters, which would result in creation of jobs. Also, the alliance is an expansion of an existing relationship between Dow and TCS, combining Dow's leading chemical industry knowledge and operational discipline with the service delivery expertise of TCS.

"This strategic partnership will make our already lean and efficient corporate centre even more so, by supporting a business services model that delivers world-class capabilities at an estimated 30 percent savings," said Dave Kepler, Dow Executive Vice President of Business Services. "This innovative approach uses a variable staffing model, centralizes activities and maximizes efficiencies to meet evolving business needs."

The plans are underway to begin construction on a new facility in the next year, with the first phase of the build-out designed to accommodate 1250 employees. In addition, TCS plans to expand its service offerings beyond Dow in the future, creating a service valley in Central Michigan.

Earlier in 2006, TCS entered into a partnership with Dow and set up the Mumbai Services Centre to support the latter's growth strategy and to provide transactional and operational services to its clients.

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CEOs say health legislation could cut costs - Lexington Herald-Leader

Posted: 12 Nov 2009 08:51 PM PST

Obama greeted the analysis as welcome validation at a time when other business groups like the U.S. Chamber of Commerce and the National Federation of Independent Business have soured on the Democrats' health care bills and are mobilizing the opposition.

The report "underscores what experts and businesspeople have told us all along - comprehensive health insurance reform is one of the most important investments we can make in American competitiveness," the president said in a statement released by the White House.

But the head of the business group said the CEOs are not about to become a cheering section for the Democrats' approach on health care.

"It is not by any means an endorsement," said John Castellani, president of the organization. "In addition to the reforms that help reduce costs, there are also provisions being considered that have real and serious risks of increasing costs."

The Business Roundtable sees some features that it likes in the legislation, but opposes other parts of the Democratic bills. Instead of a seal of approval, the report was more like a nudge.

The group praised a series of proposals that would change how Medicare pays doctors and hospitals. One idea would tie part of a hospital's reimbursement to how well it measures up on national quality standards. Another calls for doctors to band together into "accountable care organizations" that coordinate the treatment of patients, particularly those with chronic illnesses. And, instead of paying doctors piecemeal for every service, another proposal would switch to "bundled" or lump sum payments.

The Roundtable also endorsed the creation of an independent commission to root out wasteful spending in Medicare.

Such changes, if also adopted by private employers and insurers, could have a dramatic effect on costs, the group said.

The report "is incredibly strong on how the legislation as written is likely to affect costs," said Christina Romer, chair of the White House Council of Economic Advisers.

But the CEOs also said parts of the legislation could defeat efforts to hold costs in line.

The report singled out the creation of a government insurance plan, a cherished goal for Democrats. Business groups fear the public plan would underpay hospitals and doctors, who'd then turn around and raise their fees for privately insured patients.

The executives also agreed with some insurance company complaints about the legislation. The Senate has scaled back penalties for people who try to avoid a new requirement to get health insurance. The report said that's a big problem, because it will encourage people to wait until they get sick to sign up for coverage.

Romer said lawmakers are working to address those concerns.

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United Technologies Corp. Signs Agreement to Acquire GE's Security ... - Yahoo Finance

Posted: 12 Nov 2009 03:55 AM PST

BRADENTON, Fla.--(BUSINESS WIRE)--GE (NYSE: GE - News) announced today that it has signed a definitive agreement with United Technologies Corp. (NYSE: UTX - News) for UTC to acquire GE's Security business for $1.82B. The transaction has been approved by the Boards of both companies, and will be subject to customary closing conditions including regulatory approvals.

"The Security business required significant investment in its capabilities to evolve and better serve the security industry," said Charlene Begley, President & CEO, GE Enterprise Solutions, which includes GE Security.

"For our customers and our employees UTC is a natural fit," Begley said. "The combination of UTC's existing product portfolio and GE Security's outstanding, highly complementary products creates a broad set of offerings for our customers and partners."

"Customers will see increased breadth and depth of product offerings, as well as a global reach that serves a range of industry segments," said Dean Seavers, President & CEO, GE Security. "This is a great move for our Security business because we are bringing together teams who are committed to growing their presence in the Security industry.

The Security business will become part of UTC's Fire & Security business, which is headquartered in Connecticut and led by William Brown, President, UTC Fire & Security.

"We're excited to invest in a company whose technologies will improve our growing position in the fire and security industry," said Brown. "GE Security has well respected products and brands that complement our existing portfolio and position us well for future growth."

About GE Security

GE Security, Inc. is a wholly owned affiliate of the General Electric Company (NYSE: GE - News) focused on communication and information technologies for security and life safety solutions. GE Security has operations in over 26 countries and is represented by some of the best-known brand names for intrusion and fire detection, access and building control, video surveillance, and key management. For more information, visit www.gesecurity.com.

About GE

GE (NYSE: GE - News) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

Caution Concerning Forward-Looking Statements

This document contains "forward-looking statements"- that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," believe," "seek," "see," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of U.S. and foreign government programs to restore liquidity and stimulate national and global economies; the impact of conditions in the financial and credit markets on the availability and cost of GE Capital's funding and on our ability to reduce GE Capital's asset levels and commercial paper exposure as planned; the impact of conditions in the housing market and unemployment rates on the level of commercial and consumer credit defaults; our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so; the soundness of other financial institutions with which GE Capital does business; the adequacy of our cash flow and earnings and other conditions which may affect our ability to maintain our quarterly dividend at the current level; the level of demand and financial performance of the major industries we serve, including, without limitation, air and rail transportation, energy generation, network television, real estate and healthcare; the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of proposed financial services regulation; strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses; and numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.

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Obama announces December forum on finding jobs - GOPUSA

Posted: 13 Nov 2009 05:27 AM PST

Obama announces December forum on finding jobs
By JULIE PACE
Associated Press
November 13, 2009

WASHINGTON (AP) -- President Barack Obama announced Thursday that he'll host a White House summit next month on fighting the chronic joblessness that continues to be a drag on a struggling economy.

"We are open to any demonstrably good idea to supplement the steps we've already taken to put America back to work," Obama said before taking off for a trip to Asia, where U.S. and global business prospects will be among the key issues under discussion.

Speaking at the White House, the president called a report showing fewer claims for jobless benefits "a hopeful sign." But with millions of Americans out of work, Obama said the government has "an obligation to consider every additional responsible step we can" to get people back to work.

The nationwide unemployment hit 10.2 percent last month, the highest jobless rate since 1983. Economists believe more jobs will be lost, and the unemployment rate could possibly reach 10.5 percent next year because employers remain reluctant to hire.

The December jobs "forum" will bring in public and private sector experts to talk about how to get the job-creation engine running again, Obama said. Because economic prosperity at home is tied to economies around the world, the president said he also plans to talk about a strategy for growth with leaders in Asia.

"It's a strategy in which Asian and Pacific markets are open to our exports," Obama said. "Prosperity around the world is no longer as dependent on American consumption and borrowing, but rather more on American innovation and products."

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Cyanotech Reports FY10 Q2 Results - NPI center

Posted: 13 Nov 2009 07:21 AM PST


Cyanotech Reports FY10 Q2 Results
2009-11-13 - Cyanotech Corporation

Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced financial results for the second quarter and first six months of fiscal 2010, ended September 30, 2009.

Second Quarter Fiscal 2010

Revenues for the second quarter of fiscal 2010 increased 20% to $3,925,000, compared to revenues of $3,274,000 for the second quarter of fiscal 2009. Gross profit was $1,762,000, with gross profit margin of 45%, in the current quarter compared to a gross profit of $1,378,000 and gross profit margin of 42% reported for the same quarter in 2009. Net income increased 267% to $599,000, or $0.11 per diluted share, compared to $163,000, or $0.03 per diluted share for the second quarter of fiscal 2009.

Cash and cash equivalents were $1,100,000 at September 30, 2009 compared to the March 31, 2009 balance of $977,000. Working capital increased to $4,648,000 at September 30, 2009 compared to $3,892,000 at March 31, 2009.

"These results affirm the company's strategy of focusing on and building sound business fundamentals throughout the organization," said Andrew H. Jacobson, President and CEO. "Improved production levels increased inventory, allowing better customer service. Continued cost containment delivered margin growth. Sustained high quality continued our nutritional leadership and our dedicated employees made it all possible."

Sales of both of Cyanotech's core products, Spirulina Pacifica(R) and BioAstin(R) Natural Astaxanthin, grew during the second quarter. The Company again delivered margin growth, resulting in higher income from the increased sales.

"We are looking forward to the complete roll out of our new Nutrex branding in the second half of 2010 and the introduction of a number of innovative products featuring Hawaiian Spirulina Pacifica(R) and BioAstin(R) Natural Astaxanthin," concluded Mr. Jacobson.

First Six Months Fiscal 2010

Revenues for the first six months of fiscal 2010 increased 14% to $7,946,000, compared to revenues of $6,975,000 for the first six months of fiscal 2009. Gross profit was $3,495,000, with gross profit margin of 44%, compared to a gross profit of $2,682,000 and gross profit margin of 38% reported for the same period in 2009. Net income increased 133% to $1,012,000, or $0.19 per diluted share, compared to $434,000, or $0.08 per diluted share for the first six months of fiscal 2009.

About Cyanotech -- Cyanotech Corporation, a world leader in microalgae technology, produces BioAstin(R) Natural Astaxanthin and Hawaiian Spirulina Pacifica(R) -- all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. Cyanotech's Spirulina products offer complete nutrition, and augment energy and immune response. They are FDA reviewed and accepted as Generally Recognized as Safe (GRAS) for use in food products. BioAstin's superior antioxidant activity and ability to support and maintain a natural anti-inflammatory response enhance skin, muscle and joint health. All Cyanotech products are produced from microalgae grown at its 90-acre facility in Kona, Hawaii using patented and proprietary technology. Cyanotech distributes to nutritional supplement, nutraceutical and cosmeceutical manufacturers and marketers in more than 40 countries worldwide. Cyanotech was the first microalgae company in the world to obtain quality management standards ISO 9001:2000 certification and is GMP-certified by the Natural Products Association(TM). Visit www.cyanotech.com for more information.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Except for statements of historical fact, the statements in this press release are forward-looking. Such statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include, but are not limited to, general economic conditions, forecasts of sales in future periods, changes in sales levels to our largest customers, weather patterns, production problems caused by contamination, risks associated with the acceptance of new products, competition, foreign exchange fluctuations, government regulation, and other factors more fully detailed in the Company's recent Form 10-Q and annual Form 10-K filings with the Securities and Exchange Commission.
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