Interpipe Steel Opening – for the Workers, the City, and Society

DNEPROPETROVSK/PRNewswire/ —
October 4, in Dnepropetrovsk the electric steel melting complex Interpipe Steel – the first metallurgical plant built from scratch since Ukraine became independent, was opened. President of Ukraine Victor Yanukovich participated in the opening ceremony.
INTERPIPE STEEL is the largest single private investment since Ukraine became independent. The mill combines innovative steel melting technologies from one of the top three metallurgical equipment producers, Italian Danieli, and works on the basis of international best practices in steel production. This combination creates a new metallurgical production philosophy for the 21st century – a new step for the steel industry.
This steel mill’s state-of-the-art equipment and green technology enable Interpipe to replace outdated open hearth steel production. This will reduce energy consumption per tonne of steel by 2,2 times, decrease emissions by 2,5 times, and shorten the consumption of natural gas by 60 million cubic meters. The mill will create 700 new jobs.
The launch of INTERPIPE STEEL will become a new reference point in the cultural history of Ukraine and the city of Dnipropetrovsk. Along with the mill, the city will get a new symbol – Olafur Eliasson’s art project “Dnipropetrovsk Sunrise”. It consists of five large scale masterpieces, conceived by the artist specifically as permanent installation and integral part of the mill. Dnipropetrovsk Sunrise is a metaphor of the industrial renaissance of Ukraine.
“When we thought about the construction of a new mill, we had a dream – to create the most up-to-date metallurgical production in Ukraine,” Victor Pinchuk, the founder of Interpipe, comments. “But in the course of our work we realized that we are able to do more. And we have created a mill, combining innovative technologies and production culture with contemporary art. This mill is the first and only one of its kind, built for the workers, the city, and society. And for me, the mill is also a tribute of honor to generations of Ukrainian metallurgists”.
“Metallurgy is one of the basic industries of the Ukrainian economy. But ask yourself: where do today’s graduates want to work? They still dream of being lawyers or bankers but not engineers,” Alexander Kirichko, Interpipe CEO, says. “I’m sure we have created a mill where specialists with university-degree, who are ready to build the metallurgy of the next generation, would like to work. The mill is modern and dynamic, just like our employees. Our next objective is to have a line of young and highly educated people at all mills of our company”.
The new mill is open for visitors. With guided tours, guests can familiarize themselves with the innovative steel melting technologies and enjoy the world class masterpieces of contemporary art. Find all details regarding the tours at the website http://www.interpipe.biz
To find the photos of the INTERPIPE STEEL complex follow the link https://picasaweb.google.com/103949708125261242474/InterpipeSteelOpening#
Background
Interpipe Steel is the first metallurgical plant, built in Ukraine from scratch for the last 40 years. Considering its level of technology, labor conditions, and environmental protection standards, it obviously represents a new phase in the development of the industry . The total volume of investments has amounted to 700 million US dollars.
INTERPIPE STEEL is a key investment project for Interpipe that will provide steel and pipe production with its own billets. When the mill reaches its designed capacity rate in 2014, the self-sufficiency in billets for INTERPIPE seamless pipes’ production will rise to 90 %. The production capacity of the new mill will be 1.320 million tons a year, making it the largest enterprise of this kind in Eastern Europe.
The average age of the new mill employees is 31 years. Approximately 76% of INTERPIPE STEEL employees have a university degree. For some professions there were 10 applicants per job. More than a half of the employees have undergone additional training abroad.
The launch of the new electric steel melting complex will also allow the Company to give up the obsolete open-hearth furnace method of steel production. This will reduce power inputs per ton of steel by more than two times and will cut down the emissions of polluting substances into the environment by 2.5 times. In addition to that, INTERPIPE Company will cut down its natural gas consumption by 60 million cubic meters.
Source: Interpipe Steel

Asian Venture Companies Ready to Invest Money and Technology in Russia

MOSCOW/PRNewswire/ —
On 2-4 October the third Forum “Global Innovation Partnerships – 2012” was held in Moscow. The largest delegation of venture capital investors and heads of investor associations from mainland China, Hong Kong, South Korea visited the Russian capital.
“Korea is interested in investment cooperation with Russia in hi-tech,” said Jin-Taek Park, head of Korean Association of Venture Investors. “We know that in Russia there are various well developed technologies, Korea also has good achievements in this area. Therefore, our joint efforts in this direction could be more effective. Korean companies can invest not only money, but also the technology. This will help companies in Russia enter international markets,” he said.
Jin-Taek Park said that “the Russian innovation sector is of a serious interest for the Korean venture investors”. He mentioned that the first contacts with the representatives of the Russian government and investors appeared to be very effective.
“Chinese venture capital investors also express interest in expanding cooperation with Russia. We have officially signed a strategic agreement with the Russian Venture Capital Association (http://www.rvca.ru). We believe that these efforts will play an important role in the development of self-regulation of the industry, uniting capital, and creation of new businesses,” said Zhigun Shen, Executive Vice President of China Venture Capital and Private Equity Association.
It is necessary to create an appropriate mechanism between the venture capital associations of Russia, and APAC countries , mentioned participants of the Forum. Mr. Shen noted that such cooperative relationship already exists between China and the associations of the US, Germany, UK and Japan.
The third Forum was attended by representatives of CITIC Capital Holding; SAIF Partners; CDH Investments; Northern Light Venture Capital; Shenzhen Capital Group Co., Ltd; Sequoia Capital China; China Venture Capital and Private Equity Association; STIC Investments and Korean Venture Capital Association. They manage funds exceeding $800 bln dollars. Forum is organized by RUSNANO, RVC and Skolkovo Foundation. The goal of the Forum is to assess perspectives of investments in Russian high-tech projects.
The first Forum in 2010 was attended by American partners in venture investments and innovations; the second one in 2011 attracted European colleagues. These visits resulted in hi-tech investment projects of more than $1bln.
http://www.globalinnovationpartnerships.ru
Anna Ananieva
Moscow
FORUM “Global Innovation Partnerships-2012”
Tel./Fax: +7-495-640-46-50
a.ananeva@media-consulta.com or gipforum2012@gmail.com
Source: RVC, RUSNANO, Skolkovo Foundation

Groundbreaking study shows that a simple, rapid PlGF test can accurately risk stratify pregnant women with suspected pre-eclampsia(1)

ROME, Oct. 8, 2012 /PRNewswire/ — Alere Inc. (NYSE: ALR) is pleased to announce the results of a study, presented today at the 20th FIGO World Congress of Obstetrics and Gynecology, which demonstrate that a simple blood test measuring placental growth factor (PlGF) can help to quantify risk in women when pre-eclampsia is first suspected. The level of PlGF in blood is already known to be an important marker for placental and foetal wellbeing as well as the placenta’s ability to sustain the pregnancy.(2)

This UK-based, multi-centre study known as PELICAN used the Alere Triage® PLGF test to measure PlGF levels in 625 women with suspected pre-eclampsia in their first clinic visit. In women presenting before 35 weeks gestation who were managed in accordance with standard clinical protocols, a high PlGF level was strongly correlated with low risk for required delivery in the next 14 days. In fact, 96% of women with a normal test result were correctly diagnosed as not at risk.(1) Conversely, a low PlGF level accurately identified women at high risk for preterm delivery, and 94% of women with an abnormal test result went on to require early delivery.(1)

Professor of Obstetric Medicine at the University of Oxford and PELICAN investigator, Christopher Redman commented, “Pre-eclampsia is notoriously unpredictable. Reliable tests that can be used in the clinical setting, when pre-eclampsia is first suspected, would be a notable breakthrough in the management of this life-threatening condition. The PELICAN data have demonstrated that PlGF testing before 35 weeks enables physicians to categorise women into low and high risk for disease progression and to adjust clinical management appropriately.”

Pre-eclampsia is a dangerous condition that can develop during pregnancy and, if left untreated, may lead to significant maternal organ damage, foetal growth restriction and, in some cases, foetal or maternal death.(3-5) Deterioration in women with suspected pre-eclampsia can be rapid and unpredictable, requiring costly and frequent clinical assessment to determine if early delivery is medically necessary. Current diagnostic methods for assessing risk include measurement of maternal blood pressure, identifying the presence of protein in the urine, and laboratory blood testing for maternal organ damage. These methods are generally poor in determining a woman’s level of risk and often result in over-management and unnecessary costs.

Remarking on the PELICAN results, Andrew Shennan, Professor of Obstetrics at King’s College London and study investigator, stated, “The appropriate management of women with suspected pre-eclampsia presenting before 35 weeks is known to be extremely complex. Many women are admitted, treated or even delivered inappropriately. What is more worrying is that a substantial number of cases are missed altogether. At last, with the Alere Triage® PLGF Test, we have a simple and reliable tool guiding clinicians to target women who will benefit from these interventions, whilst limiting unnecessary healthcare expenditures incurred by managing women at low risk for needing preterm delivery.”

References

Redman C, Shennan A, Myers J. Placental Growth Factor and the Clinical Management of Pre-eclampsia. FIGO 2012.
Taylor RN, Grimwood J, Taylor RS, et al. Longitudinal serum concentrations of placental growth factor: evidence for abnormal placental angiogenesis in pathologic pregnancies. Am J Obstet Gynecol 2003;188:177–82.
Centre for Maternal and Child Enquiries (CMACE). Saving Mothers’ Lives: reviewing maternal deaths to make motherhood safer: 2006–08. The Eighth Report on Confidential Enquiries into Maternal Deaths in the United Kingdom. BJOG 2011;118(Suppl 1):1–203.
EURO-PERISTAT Project, with SCPE, EUROCAT, EURONEOSTAT. European Perinatal Health Report. 2008. Available at: http://www.europeristat.com
Douglas KA, Redman CWG. Eclampsia in the United Kingdom. BMJ 1994;309:1395–1400.
About Alere Triage® PLGF
The Alere Triage® PLGF test is currently available for use as an aid in the diagnosis of pre-eclampsia in women with suspected pre-eclampsia before 35 weeks gestation. An expanded indication for use as an aid in risk stratification for required preterm delivery will soon be CE marked. The product is not available for sale or distribution in the United States. The Alere Triage® PLGF test takes 15 minutes to deliver a result from a maternal plasma specimen.

About Alere
By developing new capabilities in near-patient diagnosis, monitoring and health management, Alere enables individuals to take charge of improving their health and quality of life at home. Alere’s global leading products and services, as well as its new product development efforts, focus on cardiology, infectious disease, toxicology, diabetes, oncology and women’s health. Alere is headquartered in Waltham, Massachusetts.

For additional information on Alere, please visit http://www.alere.com

The Alere Logo, Alere, and Triage are trademarks of the Alere group of companies.
This product is not available in the USA.

Jim Murren To Address Industry And Regulatory Issues At International Association Of Gaming Advisors In Singapore October 24, 2012

LAS VEGAS /PRNewswire/ — James J. Murren, Chairman & CEO of MGM Resorts International (NYSE: MGM) will give the Industry Keynote address at the International Association of Gaming Advisors International Gaming Summit on Wednesday, Oct. 24 when it convenes at the Raffles Hotel in Singapore.
The 2012 International Gaming Summit provides a forum for industry regulators, executives, financial experts, attorneys and compliance officers from around the world to discuss developments affecting the global gaming market.
Murren will speak about trends in the gaming industry, including current regulatory issues. Murren will also address industry globalization, the importance of cultivating a culture of compliance, and varying regulatory frameworks and public policy approaches impacting the industry.
As of this release, there are more than 100 registrants for the 2012 International Gaming Summit with attendees representing 17 countries. For more information or to register for the IAGA International Gaming Summit, please visit http://www.theiaga.org.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is one of the world’s leading global hospitality companies, operating a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino as its centerpiece. For more information about MGM Resorts International, visit the Company’s website at http://www.mgmresorts.com.
About IAGA
The International Association of Gaming Advisors (IAGA) is a nonprofit professional corporation dedicated to the study and development of gaming regulation and compliance. Formed in 1980, it has grown to more than 300 members worldwide. The high point of IAGA’s year is the annual conference. At the annual conference, casino executives, regulators, lawyers and others from the industry and private practice all over the world meet in a relaxed setting to discuss national and international developments in gaming regulation and compliance, and to refresh their contacts in the international network of gaming advisors. To learn more about IAGA, its annual conferences, how to become a member, current gaming news, etc. please visit http://www.theiaga.org.
Source: MGM Resorts International
Related stocks: NYSE:MGM

New SHUAA Strategy and Logo Presented to Financial Community

DUBAI, United Arab Emirates, Oct. 8, 2012/PRNewswire/ —

HE Mohammed Al Shaibani unveiled new SHUAA branding at event attended by prominent government officials, CEOs of banks and captains of industry and major shareholders
New branding accompanied HH Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of SHUAA’s presentation of Company’s strategic, operational and financial roadmap
Sheikh Maktoum: “I am very pleased with the reaction of the business and financial community. In less than 18 months we have been able to restructure SHUAA, initiate the transformation into a client-centric, full service financial services platform and return to a growth trajectory.”
SHUAA Capital psc today officially launches its new logo to the public, following its unveiling at a private event attended by prominent government officials, CEOs of banks and major shareholders. As the guest of honour, HE Mohammed Al Shaibani, Director General of the Dubai Ruler’s Court; Vice Chairman of The Supreme Fiscal Committee of Dubai and the CEO & Executive Director of the Investment Corporation of Dubai unveiled the new branding alongside HH Sheikh Maktoum bin Hasher Al Maktoum, Executive Chairman of SHUAA.

(Logo: http://photos.prnewswire.com/prnh/20121006/567409-a )

(Logo: http://photos.prnewswire.com/prnh/20121006/567409-b )

Commenting on the introduction of the new SHUAA branding, Sheikh Maktoum said: “SHUAA has been here since 1979 and is here to stay. The new brand represents the new strategy and culture of SHUAA as well as highlighting the Company’s transformation into a client-centric provider of full integrated investment banking services. Launching our new logo today is a clear signal that we are now confident of increasing our visibility in the marketplace.”

At the event, HH Sheikh Maktoum bin Hasher Al Maktoum led the audience through SHUAA’s strategy presentation. In particular, Sheikh Maktoum highlighted the completion of SHUAA’s successful restructuring programme and the establishment of the new Credit division. He also provided insight into SHUAA’s new operating model and the transformation into a client-centric, full service financial services platform, building on its history in asset management, investment banking and capital markets. Finally, His Highness emphasized that SHUAA expects to deploy its strong balance sheet to capture growth opportunities and return to sustainable profitability.

SHUAA received widespread endorsement for its new strategic, operational and financial roadmap, especially for the launch of its new Credit division. The Credit division will establish SHUAA’s position as a leader in the regional credit arena for both regional and global clients. The Credit division will constitute three main business pillars.

Commercial Lending offers liquidity for SMEs who contribute over 50% to the UAE’s Gross Domestic Product (GDP), provide over 80% of employment in the UAE but only receive 4% of bank financing.
A new Credit fund that will allow investors to participate in the UAE’s economic growth story other than just publicly listed stocks, who are not fully representative of the UAE’s strong real economy.
Debt advisory for SMEs, family businesses and large family-owned conglomerates on the restructuring of their balance sheets and providing advisory on long term funding strategies.
Credit is a new way to introduce SHUAA’s full service investment banking platform to SMEs and family conglomerates that require help unlocking often illiquid assets and providing a vital source of funding. It can be expected that this will create synergies with other parts of the business offering services such as discretionary portfolio management, and corporate finance and M&A advisory. SHUAA also expects to help Credit clients with their IPOs when equity markets recover.

HH Sheikh Maktoum Hasher Al Maktoum, Executive Chairman of SHUAA said: “I am very pleased with the reaction of the business and financial community, and the feedback from our stakeholders. In less than 18 months we have been able to restructure SHUAA and return to a growth trajectory. This is an incredible achievement. I am confident enough in our strategy to start issuing market guidance which sees us in the black in 2013. We have a clear strategic vision and are on track to re-emerge as the region’s preeminent investment banking platform.”

Before unveiling its new branding SHUAA reminded the audience that it traces its roots back to 1979 when it was established by Emiri Decree number 6 of HH Sheikh Rashid Al Maktoum. HH Sheikh Rashid Al Maktoum who initiated many far-sighted infrastructure projects including Dubai Airport, Port Rashid and the Dubai World Trade Center, founded the Arabian General Investment Corporation (AGICO) as a Pan-Arab investment company. Initially, AGICO pooled capital from regional Chambers of Commerce and invested it across the region – similar to sovereign wealth funds today.

As the private sector in the region evolved, SHUAA emerged into one of the main pillars of the Arab region’s financial infrastructure, filling the vital economic purpose of financing growth for SMEs and entrepreneurs where traditional banks could not. As the evolution of Dubai increased its pace and attained global prominence under the leadership of HH Sheikh Mohammed bin Rashid Al Maktoum, SHUAA became the first institution to promote the UAE and broader GCC region as a destination for investment, rather than just a source.

Notes to editors:

SHUAA’s new logo aims to reposition and better represent its current leadership in the financial sector with SHUAA’s shareholders, clients, employees and the global financial community. The new branding adds gold, representing excellence, to the modernized blue font. In addition, the icon has been rotated which underscores the strategic shift of the Company and the name ‘Capital’ was dropped to streamline the overall brand. Central to the new logo are gradually growing circles depicted next to the name SHUAA, which, when combined, show an arrow pointing to an upward trend. The new logo stands for excellence, trust, and continuity. SHUAA’s new brand is an evolution, not a revolution. It reflects SHUAA’s integrated business model and approach to deliver the best of SHUAA to clients.

Cautionary Statement Regarding Forward-Looking Information

This document contains forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: “anticipate,” “aspire,” “intend,” “plan,” “goal,” “objective,” “seek,” “believe,” “project,” “estimate,” “expect,” “forecast,” “strategy,” “target,” “trend,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding:

Expected operating results, such as revenue growth and earnings.

Anticipated levels of expenditures and uses of capital for fiscal years 2012 through 2016.

Current or future volatility in the capital and credit markets and future market conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: Our ability to maintain adequate revenue levels and cost control; economic and financial conditions in the global markets and regional markets in which we operate, including volatility in interest rates, commodity and equity prices and the value of assets; the implementation of our strategic initiatives, including our ability to effectively manage the redeployment of our balance sheet and the expansion of our strategic businesses; the reliability of our risk management policies, procedures and methods; continued volatility in the capital or credit markets; developments and changes in laws and regulations, including increased regulation of the financial services industry through legislative action and revised rules and standards applied by the our regulators.

Any forward-looking statement made by us in this document and presentation is based only on information currently available to us and speaks only as of the date on which it is made. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

For further information please contact:

Oliver Schutzmann
Head of Investor Relations & Corporate Communications
Tel: +971-319-9872
Mobile: +971-50-640-5722
oschutzmann@shuaacapital.com

Significant Growth Across Mexico’s Tourism Industry

Mexico’s Report on Tourism Indicates Robust Growth from Public and Private Sector
NEW YORK /PRNewswire/ — Mexico’s Secretary of Tourism, Gloria Guevara released the Sixth Government Report on Tourism. The Report chronicles a period of strong growth in tourism arrivals – both domestic and international – in addition to public and private sector investment in tourism over the past six years. Tourism, which constitutes more than nine percent of Mexico’s gross domestic product, is a national priority.
The report details five key priorities, domestic tourism growth; international tourism growth; public tourism investment; private tourism investment and market diversification.
Mexico has seen a 53.7% increase in private sector investment, from $12,833,000,000 pesos in 2001 to $20,200,000,000 pesos in 2012 – which has been a key factor in Mexico having the best year of tourism ever in 2011 with 23.4 million people [international air arrivals].
Public sector investment has also sky-rocketed, during the Calderon administration, 582% over the administration of President Ernesto Zedillo and 146.8% over the administration of Vicente Fox.
Between 2006 and 2011, the number of domestic and foreign tourists increased from 162 million to 191.5 million (18.2 percent increase), an historic record.
A focus has been on diversification – targeting consumers beyond the U.S. and Canada in an effort to grow tourism to the region. There has been significant growth from 2006 to 2011. Specifically regarding North American tourists – Mexico saw 6,157,505 people in 2006 compared to 7,291,136 people in 2011 – an increase in 18.4% during the time period. Conversely, related to other nationalities – Mexico saw 1,948,612 consumers in 2006 vs. 2,852,084 in 2011 – a significant increase in 46.4%.
Secretary Guevara said that tourism, a corner stone of the Mexican economy, is truly a national priority. Government has forged a strategic alliance between legislators, bureaucrats, business, unions and academics, thereby establishing a solid basis to ensure the future development of the industry.
Mexico aggressively pursued a market diversification strategy to reduce dependence on the United States market, attracting tourists from a wide range of other countries, including Brazil, China, Russia, Canada and Korea.
Secretary Guevara also attributed the success of the sector to the creation of innovative tourism products such as Mundo Maya (“The Mayan World”), Pueblos Magicos (“Magical Towns”), the 18 gastronomic routes, the documentary “Mexico: The Royal Tour”, the Routes of Mexico and an enhanced Magic Towns program.
Mexico’s global image was repositioned in part due to organizing and hosting global forums such as the United Nations’ World Tourism Organization (UNWTO), the World Travel and Tourism Council (WTTC) Americas Summit, the World Economic Forum (WEF), the T20 meeting of Tourism Ministers in Merida and the G20 held in Los Cabos and participating in forums such as OECD and APEC.
Secretary Guevara said that today more than ever Mexico is seen as a global leader in the tourism industry and is well on track to being a top five destination by 2018.
Source: Secretariat of Tourism, Mexico

PayPal Appoints Lawrence Chan as Vice President of Asia Pacific New Ventures and General Manager of Southeast Asia & India

SINGAPORE, Oct. 8, 2012 /PRNewswire/ — PayPal today announced the appointment of Lawrence Chan as PayPal’s vice president covering its Asia Pacific New Ventures organization as well as general manager for PayPal’s Southeast Asia and India business, effective immediately. Based in Singapore, Mr. Chan will lead the regional business strategy, sales, partnerships and merchant adoption of PayPal’s newest payment innovations to transform commerce, from mobile to digital goods to PayPal Here. He will also be responsible for developing PayPal into an online and mobile payments leader, as well as expanding the company’s geographic reach, in the exciting, fast-growing domestic and cross-border trade markets of Southeast Asia and India. Mr. Chan will report to PayPal’s vice president of Asia, Mr. Rohan Mahadevan.
Mr. Chan brings over 17 years of financial services industry experience to PayPal, having worked for global MNCs including American Express International, American International Assurance, Bank of America, and Visa International. Prior to joining PayPal, he spent 10 years at American Express International in various regional and international leadership roles, most recently, as the Senior Vice President and General Manager of Global Payment Option (Asia, Europe & Africa). Mr. Chan has extensive experience in developing new business models and payment products, forming strategic partnerships with banks and payment networks, and engaging with regulators and merchants in the largest commerce markets in the Asia Pacific region, including Australia, China, India and Japan.

“Lawrence is an excellent addition to our Asia management team with his deep regional expertise in financial services, his strong understanding of Asian commerce markets and a proven track record of successfully leading and growing innovative payment businesses across the region,” said Mr. Mahadevan. “As a senior industry leader in Asia, he has a diverse portfolio of general management experience to successfully navigate local business practices and regulatory environments as well as attract and build winning teams to drive the future of commerce across the region.”

“I’m excited to join PayPal at a time when new innovative online and mobile payment technologies are revolutionizing the way people shop and pay across the Asia Pacific region,” said Mr. Chan. “My passion has always been to develop new market opportunities and game-changing products to allow Asian consumers and merchants to connect in safer, more convenient ways. I believe that PayPal is uniquely positioned to drive this new era of multi-channel commerce in Asia and the world.”

Mr. Chan holds a Bachelor of Science degree (2nd Class Upper Honors) in Industrial and Business Economics from the University of London’s School of Economics and Political Science.

About PayPal

PayPal is the faster, safer way to pay and get paid. The service allows people to send payments without sharing financial information, with the flexibility to pay using their account balances, bank accounts (where available) or credit cards. With more than 113 million active accounts in 190 markets and 25 currencies around the world, PayPal enables global commerce. PayPal is an eBay (NASDAQ:EBAY) company. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore. More information about the company can be found at https://www.paypal.com.sg.

For any questions regarding this release, please contact:

Contact Person: Dickson Seow, PayPal Asia Pacific
Phone Number: +65-6510-6463
Email: dseow@paypal.com

Contact Person: Idran Junadi, The Hoffman Agency
Phone Number: +65-6361-0255
Email: ijunadi@hoffman.com

SOURCE﹛PayPal

Time Sensitive Notice Regarding a Proposed Settlement Between Certain Settlement Trusts Related to Securitizations Sponsored by Residential Capital, LLC, and certain of its subsidiaries, including GMAC Mortgage, LLC and Residential Funding Company, LLC

LAKE SUCCESS, N.Y. /PRNewswire/ — The following statement is being issued by the RMBS Trustees regarding a Proposed Settlement between Residential Capital, LLC, et al., and the Settlement Trusts.
TIME SENSITIVE NOTICE REGARDING A PROPOSED SETTLEMENT BETWEEN CERTAIN SETTLEMENT TRUSTS RELATED TO SECURITIZATIONS SPONSORED BY RESIDENTIAL CAPITAL, LLC, AND CERTAIN OF ITS SUBSIDIARIES, INCLUDING GMAC MORTGAGE, LLC AND RESIDENTIAL FUNDING COMPANY, LLC
NOTICE IS HEREBY GIVEN BY:
THE BANK OF NEW YORK MELLON,
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
DEUTSCHE BANK NATIONAL TRUST COMPANY,
DEUTSCHE BANK TRUST COMPANY AMERICAS,
U.S. BANK NATIONAL ASSOCIATION AND
WELLS FARGO BANK, N.A.
IN THEIR SEVERAL CAPACITIES AS TRUSTEES OR INDENTURE TRUSTEES (COLLECTIVELY, THE “RMBS TRUSTEES” AND EACH, AN “RMBS TRUSTEE”), TO THE HOLDERS OF CERTIFICATES, NOTES OR OTHER SECURITIES (THE “CERTIFICATEHOLDERS”) UNDER THE RESIDENTIAL MORTGAGE-BACKED SECURITIZATION TRUSTS IDENTIFIED IN EXHIBIT A, AVAILABLE AT WWW.RESCAPRMBSSETTLEMENT.COM (COLLECTIVELY, THE “SETTLEMENT TRUSTS” AND EACH A “SETTLEMENT TRUST”).
THIS NOTICE CONTAINS IMPORTANT TIME-SENSITIVE INFORMATION FOR CERTIFICATEHOLDERS AND OTHER PERSONS POTENTIALLY INTERESTED IN THE SETTLEMENT TRUSTS. ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE, AS APPLICABLE, ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO CERTIFICATEHOLDERS IN A TIMELY MANNER.
Dated: August 22, 2012 (date on which notice was delivered to registered Certificateholders)
This notice (the “Notice”) is given to you by the RMBS Trustees under the Pooling and Servicing Agreements (including Series Supplements and Standard Terms of Pooling and Servicing Agreements), Indentures and related Servicing Agreements (collectively, the “Governing Agreements”) governing the Settlement Trusts. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Governing Agreements.
I. Background.
As Certificateholders have previously been notified by each RMBS Trustee, on May 14, 2012, Residential Capital, LLC, and certain of its direct and indirect subsidiaries (collectively, “ResCap”) filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”) (In re Residential Capital, LLC, Case No. 12-12020 (MG) and related cases) (collectively, the “Chapter 11 Cases”).
THIS NOTICE CONCERNS A PROPOSED SETTLEMENT OF CLAIMS OF THE SETTLEMENT TRUSTS AGAINST RESCAP IN THE CHAPTER 11 CASES. THESE CLAIMS INCLUDE, WITHOUT LIMITATION, CERTAIN CLAIMS RELATING TO THE ORIGINATION AND SALE BY RESCAP OF MORTGAGE LOANS AND TO CERTAIN ASPECTS OF RESCAP’S SERVICING OF THOSE MORTGAGE LOANS. THE PROPOSED SETTLEMENT WOULD, IF APPROVED BY THE COURT AND ACCEPTED BY THE RMBS TRUSTEE OF A SETTLEMENT TRUST, BIND THAT SETTLEMENT TRUST AND RELATED CERTIFICATEHOLDERS. ACCORDINGLY, THE PROPOSED SETTLEMENT AND RELATED COURT APPROVAL PROCEDURES MATERIALLY AFFECT THE INTERESTS OF THE CERTIFICATEHOLDERS, AND THE RMBS TRUSTEES RESPECTFULLY REQUEST THAT ALL CERTIFICATEHOLDERS AND OTHER NOTICE RECIPIENTS READ THIS NOTICE AND RELATED MATERIALS CAREFULLY IN CONSULTATION WITH THEIR LEGAL AND FINANCIAL ADVISORS.
II. The Proposed Settlement.
On May 13, 2012, ResCap entered into separate agreements with two sets of Certificateholders (collectively, the “Institutional Investors”), each of which was titled an “RMBS Trust Settlement Agreement” (collectively, the “Original Proposed RMBS Trust Settlement Agreements”). On August 15, 2012, the Original Proposed RMBS Trust Settlement Agreements were amended (the “Amended Proposed RMBS Trust Settlement Agreements,” and together with the Original Proposed RMBS Trust Settlement Agreements, the “Proposed RMBS Trust Settlement Agreements”). (Copies of these documents can be obtained as explained in Part IV below.) The Proposed RMBS Trust Settlement Agreements seek to, among other things, settle the claims of the Settlement Trusts concerning ResCap’s alleged breaches of representations and warranties in the Governing Agreements and certain alleged violations of ResCap’s servicing obligations. The Proposed RMBS Trust Settlement Agreements are subject to the approval of the Court and the settlements set forth therein cannot be offered to or accepted by the Settlement Trusts until and unless such approval is granted by the Court (see Part III below).
The Proposed RMBS Trust Settlement Agreements provide that in settlement of the Proposed Settled Claims (as defined below) against ResCap, each Settlement Trust that accepts the settlement (an “Accepting Trust”) will be allowed a general unsecured claim against the estates of certain ResCap entities in the Chapter 11 Cases. If all Settlement Trusts become Accepting Trusts, such allowed claims will aggregate $8,700,000,000 (US$8.7 billion), less an allocation of the allowed claims for the payment of fees and expenses of the attorneys for the Institutional Investors as set forth in the Proposed RMBS Trust Settlement Agreements (the “Settlement Claims Allowance”). The Proposed RMBS Trust Settlement Agreements further provide that each Accepting Trust shall have the option (the “HoldCo Option”), at any time prior to confirmation of a chapter 11 plan in the Chapter 11 Cases (a “Plan”), to elect to receive up to twenty percent of that Accepting Trust’s Settlement Claims Allowance as an allowed general unsecured claim against the estate of Residential Capital, LLC (“HoldCo”), in lieu of a general unsecured claim against the estates of certain of its direct and indirect subsidiaries thereby reducing each Accepting Trust’s allowed general unsecured claim against such estates to the extent each Accepting Trust exercises the HoldCo Option. The determination of the Settlement Claims Allowance of each Accepting Trust (i.e., each Accepting Trust’s share of the aggregate Settlement Claims Allowance) is subject to an allocation procedure set forth in the Proposed RMBS Trust Settlement Agreements and all recipients of this Notice are referred to such agreements for the details of that procedure.
The Proposed RMBS Trust Settlement Agreements allow each related Settlement Trust to accept or reject the settlement offer independently without affecting the rights of any other Settlement Trust (including the share of the Settlement Claims Allowance to which any other Settlement Trust is entitled if it becomes an Accepting Trust). If approved by the Court, the Proposed RMBS Trust Settlement Agreements would affect the rights and interests of all Certificateholders, and their successors-in-interests and assigns, in any Accepting Trusts. The affected rights and interests will include, among other things, the release of claims against Rescap on behalf of the RMBS Trustee, the Accepting Trusts and all Certificateholders in the Accepting Trusts, arising out of or relating to (i) the origination and sale of mortgages to the Accepting Trusts, including representations and warranties made with respect to those mortgages and any mortgage repurchase obligations; (ii) documentation of the mortgages in the Accepting Trusts, with certain exceptions; (iii) servicing of the mortgages in the Accepting Trusts, with certain exceptions; (iv) certain setoff or recoupment under the Governing Agreements against ResCap; and (v) any loan seller that either sold loans to ResCap or Ally Financial Inc. that were sold or transferred to the Accepting Trusts (collectively, the “Proposed Settled Claims”).
The acceptance of the Proposed RMBS Trust Settlement Agreements by an Accepting Trust would not, at present, entitle such Accepting Trust to receive any specific amount of money or other consideration, at any specific time, as a distribution from the ResCap debtor entities’ bankruptcy estates. Rather, the Settlement Claims Allowance would entitle the Accepting Trust to receive such consideration as is eventually afforded to the claims of general unsecured creditors in the Chapter 11 Cases that are classified in the same manner as the claims of the Accepting Trusts. Accordingly, at present, Certificateholders cannot assume that acceptance by any Settlement Trust of the related Proposed RMBS Trust Settlement Agreement will result in any particular recovery with respect to the Settlement Claims Allowance of such Settlement Trust. Acceptance by any Settlement Trust of the related Proposed RMBS Trust Settlement Agreement would, however, resolve disputes with ResCap and other parties in interest to the Chapter 11 Cases as to the amount and general unsecured claim status of any claims such Settlement Trust may have with respect to the Proposed Settled Claims.
The RMBS Trustees have jointly engaged Duff & Phelps, LLC as their primary advisor with respect to their evaluation of the Proposed RMBS Trust Settlement Agreements and with respect to certain other matters in the Chapter 11 Cases. Each RMBS Trustee has also engaged independent counsel to advise it with respect to relevant legal matters affecting the particular Settlement Trusts that they administer. None of the RMBS Trustees has made a determination, as of the date of this Notice, as to the reasonableness of, or the advisability of entering into, the Proposed RMBS Trust Settlement Agreements on behalf of any Settlement Trust. None of the RMBS Trustees anticipates making its decision as to whether or not to accept the proposed settlement on behalf of any Settlement Trust until and unless the proposed settlement has been approved by the Court (see Part III below). Although the RMBS Trustees are cooperating with each other in their evaluation of the proposed settlement, each RMBS Trustee will make its own decision as to whether or not to accept the proposed settlement on behalf of any Settlement Trust, and for each Accepting Trust, whether, and in what amount, to elect to exercise the HoldCo Option, on the basis of information available to that RMBS Trustee at the time of such decision.
Settlement Trusts that do not accept the Proposed RMBS Trust Settlement Agreements and do not become Accepting Trusts will be subject to the procedures of the Bankruptcy Code and the Court (including the scheduling order for the Chapter 11 Cases entered by the Court) relating to the assertion and allowance of claims, including, but not limited to, ResCap’s right to object to the claims.
III. ResCap’s Motion for Approval of the Proposed RMBS Trust Settlement Agreements by the Court; The Rights of Certificateholders and Other Parties to Appear and Object.
The Proposed RMBS Trust Settlement Agreements are agreements between ResCap and the Institutional Investors and will not become effective or binding as to any Settlement Trust until and unless both (a) ResCap obtains Court approval to make the settlement offer to the Settlement Trusts and (b) such Settlement Trust, acting through its respective RMBS Trustee, accepts the Proposed RMBS Trust Settlement Agreements. Accordingly, on June 11, 2012, ResCap filed a motion with the Court seeking Court approval of the Proposed RMBS Trust Settlement Agreements and of ResCap’s offer of the settlement proposed thereunder to each of the RMBS Trustees on behalf of the Settlement Trusts (the “Original 9019 Motion”). On August 15, 2012, ResCap filed a Supplement to the 9019 Motion (together with the Original 9019 Motion, the “9019 Motion”).
Among other things, the 9019 Motion seeks a finding by the Court that the settlements proposed under the Proposed RMBS Trust Settlement Agreements are fair and reasonable to, and in the best interest of, all interested parties, including but not limited to, ResCap’s creditors, the Institutional Investors, the Certificateholders for each Accepting Trust and each such Accepting Trust, the RMBS Trustees, and certain other persons, as a compromise of the claims asserted by each Accepting Trust against ResCap.
On July 31, 2012, the Court entered an order setting forth a schedule of deadlines and the date of a hearing related to the 9019 Motion and the RMBS Trustees’ acceptance or rejection of the settlement under the Proposed RMBS Trust Settlement Agreements (the “Order”). Pursuant to the Order, the Court will commence an evidentiary hearing on the 9019 Motion (the “Hearing”) on November 5, 2012. If the Court grants the 9019 Motion, the RMBS Trustees must accept or reject the Proposed RMBS Trust Settlement Agreements on behalf of any Settlement Trust on or before the later of (a) November 12, 2012 or (b) five business days after the entry of an order granting the 9019 Motion. The RMBS Trustees have until the confirmation of a Plan to elect to exercise the HoldCo Option on behalf of each Accepting Trust.
[NOTE: Dates set forth in this Notice and in the Order may have changed between the date that this Notice was written and the date of publication or reading and are subject to subsequent change. Accordingly, Certificateholders and other persons interested in the Settlement Trusts should refer to the sources of information described in Part IV below for up-to-date scheduling information.]
Any Certificateholder or other person potentially having an interest in the Settlement Trusts may object to the 9019 Motion or any aspect of the Proposed RMBS Trust Settlement Agreements, may seek discovery regarding the 9019 Motion or the Proposed RMBS Trust Settlement Agreements, and may participate in the Hearing. The Court has directed that:
any objections to the 9019 Motion, along with any supporting expert reports, must be filed with the Court by October 5, 2012;
the RMBS Trustees’ objections or responses to the 9019 Motion, if any, must be served by October 15, 2012; and
any reply to objections to the 9019 Motion must be filed by October 29, 2012.
(Further information regarding additional deadlines regarding the 9019 Motion is contained in the Order which can be obtained as explained in Part IV below.)
If the Court approves the 9019 Motion and an RMBS Trustee agrees to accept the settlement under the Proposed RMBS Trust Settlement Agreements on behalf of an Accepting Trust, all Certificateholders under the Accepting Trust will be bound by the Proposed RMBS Trust Settlement Agreements and the releases contained therein, whether or not the Certificateholder appeared in the Hearing or submitted an objection to the 9019 Motion or the Proposed RMBS Trust Settlement Agreements. Accordingly, any Certificateholder that has concerns about or might object to the Proposed RMBS Trust Settlement Agreements should consider with their legal advisors whether to participate in the Court proceedings pursuant to any of the means described in the preceding paragraph. There will likely be no forum other than such Court proceedings in which a Certificateholder’s objection to the Proposed RMBS Trust Settlement Agreements will be able to be heard. If the Court approves the Proposed RMBS Trust Settlement Agreements, the decision of the applicable RMBS Trustee to accept or reject the proposed settlement on behalf of an individual Settlement Trust, and to exercise the HoldCo Option on behalf of an Accepting Trust, will be informed by each RMBS Trustee’s analysis of the settlement taking into account interests of all of its respective Certificateholders and will not necessarily be based on the interests, objections or other position of any individual Certificateholder.
IV. This Notice is a Summary; Other Sources of Information.
This Notice summarizes the Proposed RMBS Trust Settlement Agreements, the 9019 Motion and the Order and is not a complete statement of those documents, of relevant law or of relevant legal procedures. The RMBS Trustees do not intend to send any further notices with respect to the matters addressed herein, and Certificateholders and other potentially interested persons are urged to carefully review the Proposed RMBS Trust Settlement Agreements, the 9019 Motion and the Order and other pleadings that have been filed, and that subsequently may be filed, in the Chapter 11 Cases, and to consult with their own legal and financial advisors. The Proposed RMBS Trust Settlement Agreements and other related, material documents, including certain orders entered by the Court and other information relevant to the Proposed RMBS Trust Settlement Agreements, are available at http://www.rescaprmbssettlement.com, which will be updated each time additional, related, material papers are filed or orders are entered by the Court. You may also obtain any documents filed with the Court in the Chapter 11 Cases by logging on to PACER at https://www.uscourts.gov or by visiting ResCap’s claims agent website at http://www.kccllc.net/rescap. If you have any questions, you may call (866) 241-7538 in the United States, +1 (202) 470-4565 outside the United States or send an email to questions@rescaprmbssettlement.com.
Inquiries regarding the matters set forth in this Notice may be directed to questions@rescaprmbssettlement.com or, with respect to any particular Settlement Trust, to the RMBS Trustee for such Settlement Trust using the “RMBS Trustee Contact Information” for such RMBS Trustee at http://www.rescaprmbssettlement.com.
V. Other Matters.
Certificateholders and other persons interested in the Settlement Trusts should not rely on the RMBS Trustees, or on counsel or other advisors retained by the RMBS Trustees, as their sole source of information.
Please note that the foregoing is not intended and should not be construed as investment, accounting, financial, legal or tax advice by or on behalf of the RMBS Trustees, or their directors, officers, affiliates, agents, attorneys or employees. Each person or entity receiving this Notice should seek the advice of its own advisers in respect of the matters set forth herein.
Please be further advised that each of the RMBS Trustees reserves all of the rights, powers, claims and remedies available to it under the Governing Agreements and applicable law. No delay or forbearance by an RMBS Trustee to exercise any right or remedy accruing upon the occurrence of a default, or otherwise under the terms of the Governing Agreements, other documentation relating thereto or under applicable law, shall impair any such right or remedy or constitute a waiver thereof or an acquiescence therein.
Each of the RMBS Trustees expressly reserve all rights in respect of each applicable Governing Agreement, including without limitation its right to recover in full its fees and costs (including, without limitation, fees and costs incurred or to be incurred by such RMBS Trustee in performing its duties, indemnities owing or to become owing to such RMBS Trustee, compensation for such RMBS Trustee’s time spent and reimbursement for fees and costs of counsel and other agents it employs in performing its duties or to pursue remedies) and its right, prior to exercising any rights or powers in connection with any applicable Governing Agreement at the request or direction of any Certificateholder, to receive security or indemnity satisfactory to it against all costs, expenses and liabilities which might be incurred in compliance therewith, and all rights that may be available to it under applicable law or otherwise.
Please be advised that with respect to any particular inquiry from individual Certificateholders, an RMBS Trustee may conclude that a specific response to such inquiry is not consistent with requirements under applicable law and regulation of equal and full dissemination of information to all Certificateholders.
THE BANK OF NEW YORK MELLON, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., DEUTSCHE BANK NATIONAL TRUST COMPANY, DEUTSCHE BANK TRUST COMPANY AMERICAS, U.S. BANK NATIONAL ASSOCIATION OR WELLS FARGO BANK, N.A., severally, as trustees or indenture trustees of the Settlement Trusts
Source: RMBS Trustees