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Soccer-Manchester United confirm Falcao one-year loan

* Falcao loan deal confirmed

* Takes United summer spending to $250 million (Adds details, quotes)

LONDON, Sept 2 (Reuters) – Manchester United confirmed they had signed Colombian striker Radamel Falcao on a one-year loan deal from Monaco after the transfer window closed on Monday.

“#mufc is delighted to announce Radamel Falcao has joined on a 1-year loan from Monaco with an option to buy,” the Premier League team said on its Twitter feed.

Falcao was in Manchester for a medical examination ahead of the proposed season-long loan from Monaco, a move revealed to Reuters on Monday by a source close to the deal.

The 28-year-old scored 11 goals in 20 appearances for Monaco after joining from Atletico Madrid for a fee of around 50 million euros (65.65 million US dollar) last year.

“I am delighted to be joining Manchester United on loan this season,” Falcao said on United’s website (www.manutd.com).

“Manchester United is the biggest club in the world and is clearly determined to get back to the top. I am looking forward to working with Louis van Gaal and contributing to the team’s success at this very exciting period in the club’s history.”

Falcao, who missed the World Cup after suffering a serious knee injury, had been linked with several top European clubs, including Real Madrid.

He will compete with regular strikers captain Wayne Rooney and Dutchman Robin van Persie for a place in a reshaped United team.

“I am delighted Radamel has joined us on loan this season,” Van Gaal said.

“He is one of the most prolific goalscorers in the game. His appearance-to-goal ratio speaks for itself and, when a player of this calibre becomes available, it is an opportunity not to be missed.”

Financial details were not disclosed but British media reports suggested the deal cost United 6.0 million pounds (9.96 million US dollar).

Manchester United earlier completed the signing of versatile Netherlands international Daley Blind and the Falcao move tipped the club’s summer spending spree past 150 million pounds ($249 million) following the British record transfer fee paid to Angel di Maria.

They will recoup some of that cash after selling England forward Danny Welbeck to Arsenal, while Mexico striker Javier Hernandez has also departed on a season-long loan to Real Madrid.

United are still looking for their first win under Van Gaal having drawn two and lost one match in the Premier League and crashed out of the League Cup 4-0 to lower league MK Dons.

(1 US dollar = 0.6022 British pound) (Reporting by Ian Ransom in Melbourne, editing by Nick Mulvenney; Editing by Nick Mulvenney)

SoccerSports & RecreationManchester UnitedFalcaoMonaco […]

Sterling Resources Announces Bridging Loan for US$12 Million and Further Financing Arrangements

CALGARY , Dec. 31, 2012 /CNW/ – Sterling Resources Ltd. (SLG.V) (“Sterling” or “the Company”) is pleased to announce that it has signed a secured US$12 million bridging loan agreement (the “Loan”) with a subsidiary of Vitol Holding B.V. (“Vitol”). Closing, is subject to TSXV approval and other customary conditions, which is expected in the next few days. The loan is intended to be used to fund remaining costs of the Ioana and Eugenia wells offshore Romania , certain other exploration costs on its Romanian oil and gas licences, ordinary course of business corporate costs in Canada and Romania and to repay funds temporarily advanced from the UK subsidiary to fund Romanian exploration costs in December. Together with existing cash resources, these funds are expected to last into early February 2013 .

The loan is secured by a first-ranking security package over Sterling’s offshore and onshore licences in Romania , a pledge of the shares of Sterling’s Romanian subsidiary, Midia Resources SRL, and a pledge of certain of Sterling’s receivables. The loan bears interest at a rate of LIBOR plus 1.0 percent, payable in arrears, subject to a maximum of 2.0 percent per annum during the term of the loan, and matures on March 31 , 2013. As consideration for the loan, Vitol is receiving 2,418,500 common shares of Sterling at a price of $0.717 per common share. The loan is repayable out of proceeds received from Romanian asset sales, including the previously announced sale of a portion of the Midia licence to ExxonMobil Exploration and Production Romania and OMV Petrom.

In addition the Company anticipates entering into a significantly larger private placement debt-based financing in January 2013. The proceeds of such a financing would allow for repayment of the Vitol bridging loan and would also fund remaining Breagh development costs through to first gas, other costs associated with Breagh and the UK senior secured £105 million loan facility including any partial loan repayment that may be required by the lenders of that facility, and other group costs through to first gas. The Company is also working to refinance its current senior secured credit facility for the Phase 1 development of the Breagh gas field during the next few months.

Sterling also reports that the UK secondary legislation regarding the changes to Small Field Allowance that benefit the Cladhan development came into force on December 20. Sterling now expects to receive in mid-January 2013 the second payment of US$4.33 million from TAQA Bratani Limited for the sale of 13.5 percent of Cladhan earlier this year.

Sterling Resources Ltd. is a Canadian-listed international oil and gas company headquartered in Calgary , Alberta with assets in the United Kingdom , Romania , France and the Netherlands. The shares are listed and posted for trading on the TSX Venture Exchange under the symbol “SLG”.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Filer Profile No. 00002072

Forward-Looking Statements

All statements included in this press release that address activities, events or developments that Sterling expects, believes or anticipates will or may occur in the future are forward-looking statements. In addition, statements relating to reserves or resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions that the reserves and resources described can be profitably produced in the future. In particular, this document contains forward-looking information and statements regarding: (i) the intended use of proceeds from the Loan; (ii) the anticipated receipt of approval from the TSXV; (iii) future capital expenditures and projects; and (iv) the timing, quantum and purpose of future financings.

These forward-looking statements involve numerous assumptions made by Sterling based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other-forward looking statements will prove inaccurate, certain of which are beyond Sterling’s control, including: the impact of general economic conditions in the areas in which Sterling operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations. Readers should also carefully consider the matters discussed under the heading “Risk Factors” in the Company’s Annual Information Form.

Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Sterling’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. These statements speak only as of the date of the press release. Sterling does not intend and does not assume any obligation to update these forward-looking statements except as required by law.

Financial outlook information contained in this press release about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this press release should not be used for purposes other than for which it is disclosed herein.

SOURCE: Sterling Resources Ltd.

Contact:

visit www.sterling-resources.com or contact:

Mike Azancot, President and Chief Executive Officer, Phone: 44-20-3008-8488, Mobile: 44-7740-432883, mike.azancot@sterling-resources.com

David Blewden, Chief Financial Officer, Phone: 44-20-3008-8488, Mobile: 44-7771-740804, david.blewden@sterling-resources.com

George Kesteven, Manager, Corporate and Investor Relations, Phone: (403) 215-9265, Mobile: (403) 519-3912, george.kesteven@sterling-resources.com

[…]

OKI Delivers ATM-Recycler G7 Cash Recycling ATM to Alfa-Bank in Russia

TOKYO–(BUSINESS WIRE)–

OKI (TOKYO:6703) today announced the delivery, through sales partner Europeum, of ATM-Recycler G7 cash-recycling ATMs to Alfa-Bank, Russia’s largest private bank. Scheduled to start November 2012, these deliveries will mark the first delivery in Russia of a cash-recycling ATM manufactured by a Japanese vendor. Prior to delivery in Russia, OKI’s ATM-Recycler G7 accumulated a strong sales track record in China and other regions. The product, a cash-recycling ATM available since 2010 and capable of handling multiple currencies, successfully met Alfa-Bank’s needs in trial deployments before the bank chose to move to full-scale delivery.

Russia’s market is the world’s sixth largest in terms of number of ATMs installed (including cash dispensers, according to OKI’s research as of 2011). This figure is expected to keep pace with the country’s economic growth.

“A single ATM-Recycler G7 handles 128 banknote denominations of multiple currencies, meeting one of Alfa-Bank’s demands,” said Shinya Kamagami, Senior Vice President and General Manager of OKI’s Systems Hardware Business Division. “The ATM-Recycler G7 uses deposited banknotes for withdrawals, leveraging its cash-recycling function to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs.”

Alfa-Bank currently operates 2,700 ATMs and has been considering a dramatic overhaul of its ATM network. The new ATMs making up this network required various functions to handle not just the Ruble, Russia’s home currency, but multiple key foreign currencies, including US dollars and Euros. In a pilot project running from June to September 2012, Alfa-Bank undertook a trial run involving four ATM-Recycler G7 units. This effort was positioned as part of a strategic plan to improve the bank’s network to maintain Russia’s leading customer service levels.

“The pilot project identified various benefits of deploying ATM-Recycler G7, including handling of multiple currencies and operating efficiencies, based on OKI’s proven track record gained over 30 years,” said Vilen Timiryazev, VP, Director of Processing Center at Alfa-Bank. “Under the pilot project, we also evaluated other features, including a feature allowing deposits and withdrawals of large sums of cash in single transactions, overall reliability as reflected in uptime rates, physical dimensions (width equivalent to current cash dispensers) that would allow installation in places occupied by current devices and flexible cassette composition that can be changed per places to be installed.”

Moving forward, OKI will seek to expand sales of the high-performance, high-quality and high-reliability ATM-Recycler G7 to financial institutions in Russia and in other countries, thereby contributing to efficient bank operations and enhanced banking services.

About OKI Electric Industry (OKI)

Founded in 1881, OKI Electric Industry is Japan’s leading telecommunications manufacturer in the Info-telecom field. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI’s global website at http://www.oki.com/.

About Alfa-Bank

Founded in 1990, Alfa-Bank is a full-service bank operating in most sectors of the financial market, including retail and corporate lending, investment banking, leasing, trade and structured finance. Alfa-Bank is Russia’s largest private bank in terms of total assets, total equity, customer accounts and loan portfolio.

According to its auditor reviewed IFRS financial statements for the first half 2012, the Alfa Banking Group, which comprises OJSC Alfa-Bank as well as its subsidiary financial companies, had total assets of $33.9 billion, gross loans of $24.1 billion, and total equity of $3.9 billion. Net profit after tax for 1H 2012 amounted to $544 million.

The Alfa Banking Group’s corporate and retail client base has grown considerably over the last several years: as of July 1, 2012 the Alfa Banking Group serves around 60,500 corporate and 7.8 million retail customers, while the branch network consists of 460 offices across Russia and abroad, including a subsidiary bank in the Netherlands and financial subsidiaries in the United States, the United Kingdom and Cyprus.

About Europeum

Founded in 1992, Europeum is the leading company providing solutions, technologies and services for financial institutions in Russia. Having daughter companies in major Russian cities and big network of subsidiaries Europeum is able to provide service and maintenance all over Russia.

Notes:

The names of the companies and products mentioned in this document are the trademarks or registered trademarks of the respective companies and organizations.

Contact:

OKI Electric Industry

Sonomi Kitamura, +81-3-3501-3835

Public Relations Division

press@oki.com […]

Most bank regulators dispute Greek stance on "virtual capital"

By Stephen Grey

LONDON (Reuters) – European banks should face penalties if they loan cash for share issues by other banks, national regulators from across Europe told Reuters. This comes after a Greek bank was found to have raised money from offshore companies financed by other institutions.

A survey of central banks and other authorities found that in most euro zone countries such transactions, if discovered, carry a hefty price: banks providing loans for the purpose of investing in another bank’s share capital should deduct an equivalent amount from their own capital.

The findings come after a Reuters report exposed how a major bank in Greece raised share capital via special offshore companies funded by other Greek banks. Some academic experts described the scheme as tantamount to raising “virtual capital” through a Ponzi scheme.

The Bank of Greece, which regulates the country’s banks, said that nothing prevented unconnected banks funding each other’s equity, raising concerns the technique might be widespread.

“European Union law does not prohibit granting loans to an entity (person or organisation) in order to participate in a share capital increase of another credit institution,” the Bank of Greece said in a statement.

Since 2008, Greek banks struggling with the financial crisis have raised more than 13 billion euros ($15.8 billion) of new capital. The Bank of Greece did not respond to an emailed query from Reuters when asked how much of this money was raised through indirect loans from other Greek banks.

In July Reuters reported that at least one fifth of a capital-raising last year by Piraeus Bank, Greece’s fourth-largest lender, involved shares bought by offshore “special purpose vehicles” with money borrowed from other banks.

Those funds included 65 million euros borrowed by the family of Piraeus’s chairman, Michael Sallas, to finance an undeclared stake of over 6 percent in the bank he heads.

Several banking officials in Athens said it was common for senior bankers in Greece to finance shareholdings in their own institutions with loans from other banks.

Sallas declined to answer questions on the issue. Piraeus is suing Reuters for an earlier story about the bank renting properties owned by companies run by Sallas and his family, and wants 50 million euros in damages.

“MAKE BANKS AS BIG AS YOU LIKE”

According to the European Banking Authority (EBA) and other banking experts, loans to finance shares in other banks should normally result in the lending banks taking a deduction from their own capital equivalent to the value of the loans.

Otherwise, said Hans-Peter Burghof, professor of banking and finance at the University of Hohenheim, Germany, “You can produce as much equity as you like and make banks as big as you like.”

A survey by Reuters of euro zone banking supervisors and central banks found that a majority agreed with Burghof’s view, though Spain, Luxembourg and Slovakia supported Greece’s position.

Asked about loans to a special purpose vehicle for the “sole purpose” of buying shares in another bank’s share issue, Germany’s Bundesbank said this amounted to an “indirect holding of capital instruments” of another financial institution. A spokesman said “such transactions will have to be deducted from the investing bank’s capital” under EU rules.

Austria’s financial market authority said it took the same view and “requires the deduction of holdings” from the lender’s capital.

The Bank of France took a similarly tough line. A spokeswoman confirmed that under French rules such lending should be declared.

“If it is an undeclared carried equity stake, then there is a presentation of false accounts and an offence has been committed. It’s a crime.” If declared, it should be deducted from the balance sheet, she said.

The Netherlands agreed, as did Finland. A spokesman for the Finnish regulator said: “If this kind of business is done greatly across the local banking sector it will create one potential system risk of course.”

Commenting on the survey, Simon Gleeson, UK-based regulatory partner at law firm Clifford Chance, said there was undoubtedly some “imaginary capital” in the European banking system. He said authorities may have little incentive to dig too deeply into the issue in countries where banking stability was a pressing concern.

British, and other major regulators, he said, tried correctly to apply a “substance over form” approach, attempting to consider the intention and effect of a loan scheme.

“If you have money going into a vehicle that has been set up for the sole purpose of buying these capital instruments, then it’s an issue, and capital should be deducted by the lender,” Gleeson said.

A few regulators in the euro zone did not agree. A Bank of Spain spokesman said: “Generally speaking, the law does not limit who you can give loans to.” Deductions applied only if the banks involved were linked, he said.

Luxembourg’s financial regulator said that “under European law the transaction mentioned (a loan to invest in capital raising) is not illegal and no deductions required”.

A spokesman for the National Bank of Slovakia said: “Yes, such loans are permitted, but there is no consequence on the field of capital deduction.”

Italy, Belgium, and Cyprus did not respond to questions from Reuters on the issue, nor did Britain’s Financial Services Authority.

Gleeson said: “This is one of the areas where a single regulator would be the only practical way of ensuring consistency between countries.”

Yannis Varoufakis, professor of economics at the University of Athens, was blunter about the way Greece allows banks to raise capital via loans from each other while the country relies on huge bailouts from the “troika” of the IMF, ECB and European Commission.

“These are loans from one bankrupt bank to another bankrupt bank,” he said. “It is scandalous the troika stays silent about this form of corruption while handing over billions of taxpayers’ money to these banks.”

Reacting to revelations about Piraeus Bank, the European Commission said last week that Greek banks would face due-diligence audits and possible management shake-ups in return for the share of bailout cash.

“The recapitalisation process will entail a significant revamp of corporate governance structures and management practices in banks where malpractice has occurred,” a spokesman said. The IMF and ECB declined to comment.

($1 = 0.8224 euros)

(Additional reporting by Michael Shields in Vienna, Padraic Halpin in Dublin, Eva Kuehnen and Marc Jones in Frankfurt, Ritsuko Ando in Helsinki, Philip Blenkinsop in Brussels, Michele Kambas in Nicosia, Martin Santa in Bratislava, Sonya Dowsett in Spain, Thomas Escritt in Amsterdam, Dan Flynn in Paris, Huw Jones in London, James Mackenzie in Rome, George Georgiopoulos in Athensl; Editing by Richard Woods and Michael Roddy)

[…]

Hudson Valley Holding Corp. Announces Financial Results for the Fourth Quarter and 12 Months of 2011

YONKERS, N.Y., Feb. 1, 2012 /PRNewswire/ — Hudson Valley Holding Corp. (NYSE: HVB) today reported fourth quarter and 12 month results for 2011 and announced plans for bulk loan sales to modify its asset mix, reducing the concentration of commercial real estate (CRE) and classified assets… […]