CRCC-Tongguan Investment Co., Ltd. to Acquire Corriente Resources Inc. for C$679 Million in Cash

CRCC-Tongguan Investment Co., Ltd. to Acquire Corriente Resources Inc. for C$679 Million in Cash

VANCOUVER, BRITISH COLUMBIA, Dec 28, 2009 (MARKETWIRE via COMTEX News Network) --

Corriente Resources Inc. ("Corriente" or the "Company") (TSX: CTQ)(NYSE Amex: ETQ) is pleased to announce that it has signed a definitive agreement (the "Support Agreement") with CRCC-Tongguan Investment Co., Ltd. (the "Offeror"), Tongling Nonferrous Metals Group Holdings Co., Ltd. ("Tongling") and China Railway Construction Corporation Limited ("CRCC"), under which the Offeror has agreed to make an offer to acquire all of the Company's outstanding shares (the "Offer") for C$8.60 per share in cash. The Offeror is jointly owned by Tongling and CRCC. This transaction is the culmination of a comprehensive review of strategic alternatives to maximize shareholder value conducted by Corriente and its financial advisors, Citi and Canaccord over the past two years.

The Offer values Corriente at approximately C$679 million on a fully diluted basis and represents a 27% premium to Corriente's average trading price for the 30 trading days prior to and including December 24, 2009.

The transaction is to be effected by way of a take-over bid. Full details of the Offer will be included in a formal offer and take-over bid circular, which is expected to be mailed to shareholders by February 1, 2010. The Offer will be open for acceptance for a period of not less than 35 days. The take-over bid circular will be accompanied by the Company's directors' circular, which will provide shareholders of the Company with, among other things, the rationale for the unanimous recommendation of Corriente's Board of Directors that shareholders accept the Offer.

The Offer is subject to a number of conditions, including: absence of material adverse changes, a minimum tender condition of 66 2/3% having been met, and receipt of regulatory approvals (including required Chinese government approvals).

The Board of Directors of Corriente has unanimously determined that the Offer is fair to Corriente's shareholders and is in the best interests of the Company and its shareholders. The Board of Directors recommends that shareholders tender to the Offer. Corriente's Board of Directors has received an opinion from the Board's independent financial advisor, CIBC World Markets Inc., that the consideration offered to the shareholders of Corriente pursuant to the Offer is fair, from a financial point of view, to such shareholders. All officers and directors of Corriente, who collectively hold approximately 12% of the Company's shares outstanding on a fully diluted basis, have entered into lock-up agreements with the Offeror, under which they have agreed to tender their shares to the Offer and that they will not support any rival offer unless it represents a superior proposal as determined by the Board of Directors. In the event that the transaction is not completed, under certain circumstances, Corriente has agreed to pay the Offeror a termination fee of C$20 million. The Support Agreement contains, among other things, non-solicitation covenants subject to customary "fiduciary out" provisions entitling Corriente to consider and accept an unsolicited superior proposal and the right on the part of the Offeror to match any such proposal.

Commented Ken Shannon CEO of Corriente, "We are pleased to have reached an agreement with CRCC-Tongguan, who is committed to bringing their vision of responsible mining development to Ecuador. The Mirador and Panantza - San Carlos copper projects will require large scale capital investment by CRCC-Tongguan to unlock the infrastructure development, social benefits and jobs that will flow to the people of Ecuador. We are excited on behalf of our supporters in the nearby communities who can look forward to the leadership of an experienced and capable group at CRCC-Tongguan, supported by our dedicated local team."

Citigroup Global Markets Inc. and Canaccord Financial Ltd. are acting as the financial advisors to Corriente, Bull, Housser & Tupper LLP is acting as legal counsel to Corriente and Blake Cassels as legal counsel to the Board of Directors. CIBC World Markets is acting as the independent financial advisor to Corriente's Board of Directors. BNP Paribas Capital (Asia Pacific) Limited and Macquarie Capital Advisers are acting as financial advisors and Davies Ward Phillips & Vineberg LLP is acting as legal counsel to Tongling, CRCC and the Offeror.

ABOUT TONGLING, CRCC AND THE OFFEROR

CRCC-Tongguan Investment Co., Ltd. is owned jointly by Tongling Nonferrous Metals Group Holdings Co., Ltd. and China Railway Construction Corporation Limited.

Tongling

Tongling is a state holding enterprise and an integrated mega-size PRC mining conglomerate, primarily engaged in copper mining, mineral processing, smelting & refining and copper products processing, as well as trade, scientific research and design, machine building, construction & installation, shaft & drift construction and other businesses. In 2008, Tongling was ranked No.2 in China and No.6 in the world in terms of copper cathode production. One of Tongling's subsidiaries, listed on the Shenzhen Stock Exchange, has a current market capitalization of over US$4 billion.

CRCC

CRCC is one of the largest integrated construction enterprises in China and in the world. The activities of CRCC comprise construction, survey, design and consultancy, manufacturing, logistics and goods and materials trade, capital investment operations and real estate development, among other things. It has established a leading position in plateau railways, high-speed railways, highways, bridges, tunnels and metropolitan railway engineering design and construction fields in the industry. In China, CRCC businesses cover the 31 provinces, autonomous regions, municipalities, the Hong Kong and Macau Special Administrative Regions, as well as over 60 foreign countries and regions in the world. CRCC was listed among the Fortune Global 500 companies, ranking No.252 in 2009, and was included among the Top 225 Global Contractors, ranking No.4 in 2009. The shares of CRCC are listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange, with a current market capitalization of over US$16 billion.

CRCC-Tongguan

CRCC-Tongguan, incorporated in China on December 10, 2009, is jointly owned by CRCC and Tongling. This is the first strategic partnership ever set up between CRCC and Tongling to jointly develop their global mining initiatives. Its businesses comprise mining investment, technical services of mine development, logistics, trade of mineral products, machinery and equipment, among others.

Kenneth R. Shannon, Chief Executive Officer

Certain statements contained in this News Release constitute forward-looking statements within the meaning of the United States Private Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include among other things, statements regarding the structure and timing of the proposed transaction. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties, which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, but not limited to, the risk that any condition to the purchasers' obligations under the Support Agreement will not be met or that the acquisition of the Company's shares will not be completed for any other reason. Although these forward-looking statements are based on the expectations of management as of the date of this news release, we cannot guarantee future results, performance or achievements.

Future Generali introduces 2 new products 'Future Xpress', 'Future Xpress Plus'

Future Generali introduces 2 new products 'Future Xpress', 'Future Xpress Plus'

CHENNAI: Future Generali, a life and non-life insurance company, has unveiled two new products- 'Future Xpress' and 'Future Xpress Plus'. These products will be helpful in simplifying the tiresome and time consuming motor claim settlements processes. These new products would be providing the customers a more personalized service and boost the touch points for quick motor claims settlement.

Mr KG Krishnamoorthy Rao, MD and CEO of Future Generali India Insurance Company, has said that Future Xpress-Plus has been targeted for those who are keen to get their loss assessed and also the claims finalised on the spot with an option to get vehicle repaired at workshop of choice and convenience.

The second product 'Future Xpress' is for those who wants to get their vehicle repaired on priority. This repair work at lower costs in association with personalized service from the Insurer.

Mr Krishnamoorthy Rao, said, “Earlier, claim segmentation on quantum of loss was not available and the survey request and documents verification was an elaborate and exhaustive process.”

Tags: Future Generali, Future Xpress, Future Xpress Plus, KG Krishnamoorthy Rao, Life Insurance

Continued Debates over US Debt Push USD to New Lows vs. CHF

Continued Debates over US Debt Push USD to New Lows vs. CHF

The US dollar reached a new all-time low level against the Swiss franc, while staying strong against the other currencies today, as the US authorities failed to agree on the debt ceiling shift.

With the default looming on the horizon for the world’s biggest economy, the traders seem to prefer the safety of the Swiss franc to the buying power of the US dollar. As the Republicans are still planning to block even the slightest increase in the permitted public debt size (from the current $14.3 trillion), there’s more reason to be short on the USD.

Nevertheless, the greenback rose slightly against the euro, the British pound and the New Zealand, Australian and Canadian dollars. It remains almost unchanged against the Japanese yen (due to a possible intervention by the BoJ).

USD/CHF fell from 0.8133 to 0.8055 as of 8:13 GMT today. EUR/USD went down from 1.4394 to 1.4366.

If you have any questions, comments or opinions regarding the US Dollar, feel free to post them using the commentary form below.

Earlier News About the US Dollar:

    * Optimism for Europe Returns, Greenback Suffers (2011-07-20)

    * Dollar Rises on Signs of Agreement Among US Lawmakers (2011-07-19)

    * S&P Warn About Possible Downgrade of US Rating, USD Down (2011-07-15)

    * Dollar Regains Strength as Bernanke Speaks (2011-07-14)

    * Dollar Falls as Moody's Reviews US Credit Rating (2011-07-14)

Late payments plague small business

Late payments plague small business: 

When it comes to getting paid, it's slow going for small businesses. Payments that were once "net 30" — 30 days after an invoice date — have become net 60, net 90 and longer, as clients try to keep their cash longer in an uncertain economy.

Nearly 40% of firms surveyed by the National Federation of Independent Business said "receivables," or money that customers owe, are coming in at a slower pace, new NFIB data show.

Private businesses in the manufacturing, retail and wholesale industries are really feeling the pinch, says financial data firm Sageworks.

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On average, manufacturers with less than $10 million in annual revenue received payments 48 days out in 2011. That's a six-day increase since 2010 and a 10-day rise since 2006.

The delays affect cash flow, making it tough to for small businesses to meet payroll, pay rent or buy supplies.

"This is a huge issue," says Sara Horowitz, executive director at Freelancers Union, a non-profit group that includes self-employed workers such as consultants and contractors. "I am getting e-mails from members who have a hard time paying for their health insurance because their clients aren't paying on time."

Nearly 45% of its members struggled to get paid last year, according to a national Freelancers Union survey. The average amount they were paid late: $10,000.

Some delinquent payers don't have money for bills. Other cash-strapped firms pay what they deem more critical bills first, such as employee salary or rent. Then there are those who use the delay to get an interest-free loan.

The lags have caused a vicious cycle: Firms that don't get paid in a timely manner in turn can't pay their own debts.

A quarter of NFIB members are paying their bills more slowly. "When times get tough, you try to pay more slowly and collect more quickly," says NFIB chief economist William Dunkelberg.

Richard Haig's fire and security alarm firm, Haig Service, is well aware of that tactic. "We're in the middle, getting squeezed on both sides," he says. "We have to pay quicker and get money slower." A healthy credit line — and open communications with his bankers — have helped, but he's also vigilant about his bookkeeping. "We actively track everything as to where our revenue is coming from and how we're going to get it," he says.

Those owed money can also threaten to sue or stop providing services, but unless they're a client's only service option, future business can be jeopardized by taking any harsh steps.

"If you're not a monopolist, you're stuck," says Dunkelberg.

Jeremy Coburn, president of JMS Wind Energy, first prods his tardy payers via e-mail, "then I call and say, 'Hey, the little guys are starving — what's up?'" So far, that's worked; his clients may be late, but they do pay.

"Being the small fish, I don't want to lose business by bugging them too much," he says. "You don't want to bite the hand that feeds you

Doctor: Bachmann's health 'good,' migraines infrequent

GOP presidential hopeful Michele Bachmann released a letter today from the attending physician to Congress stating she is "overall in good general health" and experiences migraines "infrequently."

The Minnesota congresswoman is trying to tamp down reports that she has had past migraines that have caused her to be hospitalized, which have raised questions about whether she can deal with the rigors of a national campaign and serve in the White House.

"Your migraines occur infrequently and have known trigger factors of which you are aware and know how to avoid," wrote Dr. Brian Monahan. "When you do have a migraine you know how to control it."

Monahan said Bachmann takes the drugs sumatriptan and odansetron as needed to control her migraines, and said she doesn't take medications for the condition on a daily basis.

"You have not needed medical attention from me regarding your migraines with the use of the above mentioned commonly used therapies," wrote Monahan, a rear admiral in the Navy who has been the congressional doctor since 2009.

Bachmann released a statement Tuesday confirming that she, like millions of Americans, have migraines following a report in The Daily Caller website. But the Minnesota congresswoman stressed that her health would not impede her ability to run for president or be commander in chief if she's elected.

ABC News reported the migraines "have been a persistent and vexing problem for years" which have often left her "unable to function" according to a source identified as a "former insider."

Politico reported Bachmann missed eight House votes in July 2010 while she was treated at a hospital for a migraine attack, and reported on other details about the impact of her condition to her job performance in Congress.

GOP presidential candidate Tim Pawlenty, one of Bachmann's chief rivals for Iowa voters, said today he would defer to doctors and medical experts the issue. "But setting that aside, all of the candidates ... are going to have to be able to demonstrate they can do all of the job all of the time," he told reporters as he campaigned in Iowa.

Karl Rove, former top political strategist to George W. Bush, told Fox News earlier today that Bachmann should release her medical records. He said the reports about her migraines are the "first big challenge" to Bachmann's campaign. She's been climbing in national, Iowa and New Hampshire polls since jumping into the race.

"It's going to be important for her to get her doctors out there quickly to provide medical records and to provide the reassurance that people are going to want to have that this is not a serious issue," Rove told Fox News.

A wide gap separates Wall Street, Washington on debt fight

A wide gap separates Wall Street, Washington on debt fight

Wall Street firms may be on the edge of a financial calamity and most don't know it, say analysts tracking the debt-ceiling faceoff in Washington.

any market players expect the White House and Congress to come to a deal to boost the debt limit beyond its current $14.3-trillion cap. But others in Washington say chances are high that an agreement won't be reached before the Aug. 2 deadline, when the Treasury Department predicts it won't have enough cash to pay all of its bills.

If the deadline passes with no deal, stocks and other assets could take a pounding, much as they did after Congress' initial rejection of a massive bailout in September 2008. The Dow Jones industrial average plunged 778 points on the vote, its largest one-day point drop ever.

Many on Wall Street don't see that happening. Robert Tipp, chief investment strategist at Prudential Fixed Income, thinks the odds that an agreement isn't reached by the deadline are less than 1%. "We're guardedly optimistic," he says.

    *

      STORY: Deficit cuts sought as debt-limit deadline approaches

    *

      STORY: Money managers wary as the debt-ceiling debate drags on

However, Stan Collender, an expert on federal fiscal policy, puts the odds at 50%.

"Wall Street has completely priced in the likelihood of a deal," says Collender, a budget analyst at Qorvis Communications in Washington. "That's very dangerous because they don't seem" to have prepared ahead of time.

While money managers view the debate through the lens of the markets, elected officials keep their eyes on the views of those who put them in office.

Tea Party Republicans in the House say they were elected to get control of the soaring federal deficit.

"You're asking a big chunk of elected officials to vote against the will of their constituents," says former Delaware senator Ted Kaufman, a Democrat. "Now we are less than two weeks away from requiring the House and the Senate to pass a bill" that many Americans may not support.

He puts the odds that the government fails to act by Aug. 2 at 60%.

The government could reach a solution at any moment. Earlier this week, a bipartisan proposal surfaced to cut the deficit by an estimated $3.7 trillion over 10 years. President Obama backed the plan, which, if approved by Congress, could lead to an agreement on boosting the debt ceiling.

Elected officials may need to be shocked into action. While some members of Congress, including Rep. Michele Bachmann, R-Minn., say they don't expect the market to unravel if the debt ceiling isn't raised, a market selloff could spark a deal.

Indeed, that's the same scenario that played out on Sept. 29, 2008, when the House defeated a $700-billion bailout of the financial system. After the stock market tanked, the House passed the bailout.

Wall Street complacency could explain why a deal hasn't been hammered out already, says Mark Thoma, a professor of economics at the University of Oregon.

"I'm a little bit surprised that financial markets aren't sending a stronger message," he says. "If they were, perhaps an agreement would have been reached quicker."

Car Insurance Tips

10 TIPS FOR CAR INSURANCE

1. Compare car insurance quotes before buying. You can easily do this through an insurance aggregator like policybazaar.com. Typically you can save up to 55% on you insurance premium.

2. Compare both prices and features.

3. Watch-outs:

a. IDV : This is the maximum money you can get in case of total loss. To reduce your premium your agent can reduce this amount.

b. Voluntary excess : Say in case of an accident, you opt to pay for the first 5 thousand rupees. Then this amount can be reduced from your premium. But there can be a problem, if your agent does this without informing you. Which is what happens quite a bit, so watch-out.

c. No claims bonus : Please ensure you get the right no-claims bonus. In case you take more than you are entitled to, your claim if any may not be processed.

4. Your cover note : This is valid for the first 60 days, after that you must get the final policy document. If you do not receive this, you may not be insured. Please ensure your broker / agent provides you this.

5. Cashless : Do not get over excited by this. Most companies have a cashless settlement process with multiple partners in every city. A broker can guide you regarding which companies have a cashless settlement tie-up with which company, and garage.  

6. Always buy insurance from an insurance broker. Ask for the broker’s license number and cross check it on the IRDA website. These brokers are paid same amount irrespective of the company’s policy they sell. So they are not biased to any particular insurance company. An Insurance agent on the other hand can sell policy of just one company and hence will always push that company and its benefits.

7. You can get additional personal accident Insurance for passengers and driver. This is a great way to insure people who travel in the vehicle with you.

8. Be truthful in your declarations on the proposal form. This will ensure that your genuine claims will be paid.

9. There is a lot of mis-information in the market. So get everything in writing or cross check it on a reputed website like policybazaar.com.

10. Always drive safely. Never drive under the influence of alcohol. Over time this will reduce your premium while covering the risk.

Potter fans in for a disappointment?

For all Harry Potter fans, who had planned to spend their weekend with the young wizard, here's some shocking news. The last film of the Harry Potter series -- 'Harry Potter and the Deathly Hallows Part 2' -- may not be released this Friday reportedly because of a tussle between the distributors and multiplex owners. Reportedly multiplexes have demanded 55% share and wants the distributors to take just 45%. This is not agreeable as distributors want 50% share.

Multiplex owners in the city say that advance bookings for the film have not yet opened which is not the case with other films set to release this Friday. One manager, who did not want to be named says, "We were supposed to start advance bookings from Wednesday but we still haven't received confirmation to open sales as yet. Tentatively, the bookings will now open from Thursday morning."
Rakesh Patel, another multiplex owner says, "I have had many enquiries from customers. But for the Harry Potter film we will open the bookings from Thursday morning. Both 'Zindagi Na Milegi Dobara' and 'Harry Potter' are eagerly awaited."
Online booking websites also do not mention advance bookings in city. While Potter's fate will be decided this Friday, it seems his fans are all upbeat about the movie. Maansi Sharma, a die-hard Potter fan says, "Excited???? I am psyched about Potter. I have literally grown up with him. I am eagerly waiting for Friday."
While Sharma seems excited, another fan Ruchika Shetty, a professional says, "I am super excited about the Harry Potter movie and the 3D version adds to the excitement."
Source: After Hrs Correspondent, DNA-Daily News & Analysis
Copyright restricted. Under license from www.3dsyndication.com

5 favorite 'Harry Potter' grown-ups

The world of 'Harry Potter' has always centered on the boy wizard and his pals as they navigate danger, outsmart villains and hurtle toward their inevitable destiny. But the eight-film series has also featured a who's-who of outstanding British actors playing the adults in this magical world.
Since it all ends this week with the release of 'Harry Potter and the Deathly Hallows: Part 2', here's a look at five favorite grown-ups from the franchise:

Alan Rickman as Severus Snape: Probably the most fascinating figure in the Potter world because of his shifting alliances and an emotional depth that's unexpected given his icy demeanor. Rickman is captivating in the role, with his droll, deadpan delivery that oozes condescending menace. A half-blood wizard, Snape has been a minion of the evil Lord Voldemort as well as an ally of Hogwarts headmaster Albus Dumbledore. He's served as the intimidating Defense Against the Dark Arts professor and eventually headmaster himself but he's also been a protector of Harry. Snape bullies his students but he also reveals his bravery, and in this final film, a flashback that explains his history with the young wizard provides one of its most poignant scenes.

Physicians Kick Off 29th Annual Convention in New York

NEW YORK
The American Association of Physicians of Indian Origin (AAPI) inaugurated its 29th annual convention June 22 at the Hilton Hotel here with the promise of providing education, entertainment and entrepreneurship opportunities to attendees over the course of five days.

More than 2,000 physicians from across North America are attending the convention that began June 22 with a bus tour of the Big Apple, Dr. Ajay Lodha, chair of the convention, told News India Times. More than 80 vendors are displaying their products and services across two floors at the Hilton.

The convention and exhibition was  formally inaugurated June 23 by former Indian President A.P.J. Abdul Kalam.
The AAPI board of directors and trustees joined Kalam for the traditional lamp-lighting, followed by an address from outgoing AAPI President Dr. Ajeet Singhvi.

He said the main aim of the convention is to provide a platform for members to “learn, enjoy, network and reminisce with old friends.”

Thanking Kalam for gracing the convention and describing him as the “People’s President” and “Missile Man of India,” Singhvi said Kalam is one of those rare individuals that represent the highest form of human spirit.

In his keynote address, Kalam talked about several important events in his life that were responsible for shaping his views and ideology. The former president, who has received honorary doctorates from more than 30 institutions worldwide, urged AAPI members to “think big” and said the results will follow. Citing examples from his career as a scientist, he said it is very important for physicians and engineers to work together to come up with cost-effective solutions for society.

He said that along with striving for success and perfection, it is also very important to manage failure. “No problem should be so big that it defeats you,” Kalam told the gathering. “You should be the captain of the problem and defeat it.”

Organizing committee members have ensured the convention caters to varied interests and have lined up seminars and discussions covering a wide range of topics like "Improving Global Health” and "Emerging Role of Minority Physicians."
Continuing medical education (CME) seminars cover everything from LASIK surgery updates to heart health and stem cell research, hematology, psychiatry, aging, osteoporosis, robotics, drug abuse and addiction, sleep medicine, dermatology and hepatitis.

Other highlights include yoga sessions and award sessions recognizing community leaders, physicians and elected officials.

Involving women and youth has always been the focus of the group, and this year’s convention includes several events geared towards that. Women make up 50 percent of the AAPI’s membership and this year’s president, Dr. Sunita Kanumury, is the second women to lead AAPI in its 29 years.

The women’s forum held June 24 featured high-profile speakers like Reena Agarwal, the Robert E. McDonough Professor of Business Administration and professor of finance at Georgetown University’s McDonough School of Business; Barkha Dutt, group editor with NDTV in India; Ruchira Gupta, founder of Apne Aap Women Worldwide; Liz Krueger, New York state senator; U.S. Rep. Carolyn Maloney, D-N.Y.; and Bollywood actress Lisa Ray.

Apart from education and networking, the convention also offered some stellar entertainment. Participants were treated to a fashion show June 23 by Sheetal boutique’s artistic designer Hemant Trivedi. Titled “Anushthan,” the fashion show featured 20 top models from India who displayed the latest trends in ethnic- and party-wear.

A classical music concert featured Pandit Jasraj accompanied by U. Shrinivas, U. Rajesh and Bikram Ghosh. Younger participants could groove to Bollywood songs and Bhangra beats by Mika Singh. A comedy night by Shailesh Lodha and Manoj Sharma followed.