Following a meeting with the President of the United States, Barak Obama, the BP Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill. Agreement was reached to create a 20 billion USD claims fund over the next three and a half years. BP will initially make payments of 3 billion USD in Q3 of 2010 and 2 billion USD in Q4 of 2010. These will be followed by a payment of 1.25 billion USD per quarter until a total of 20 billion USD has been paid in.
While the fund is building, BP's commitments will be assured by the setting aside of U.S. assets with a value of 20 billion USD. The intention is that this level of assets will decline as cash contributions are made to the fund. The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs.
Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility, or by a court, or as agreed by BP. The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims.
The oil company also announced it has canceled a dividend payment totaling about 2.6 billion USD that was scheduled for June 21. It also won't declare a dividend for the second and third quarters. BP executives said the escrow fund and dividend suspension are providing the kind of clarity that debt and stock investors have lacked since the spill began on April 20.
Investors saw the BP’s fund as a partial solution as the oil is still leaking, as a result, major US stock indices closed flat today. The market began the day by falling on news that home construction and applications for building permits slumped in May following the end of a homebuyer tax credit. The US Commerce Department reported construction of homes and apartments fell 10 percent from a month earlier to an annual rate of 593,000, well below the 650,000 economists had forecast.
As Major US stock indices, The China 100 stock index closed almost flat today by losing 0.38% to 873.30. The Panda China Large Cap Stock Index gained 1.68 points or 0.17% to 995.58. The Tiger China Small & Mid Cap Stock Index fell 0.83% to close at 869.37 and the Dragon China Undervalued Stock Index lost 0.16% to close at 748.77.
3SBio (SSRX) [13.34, 1.36, +10.35%] is currently above its 50-day moving average of 11.81 and above its 200-day moving average of 11.88. Longtop Financial Technologies Limited (LFT) [35.32, 2.57, +7.85%] a leading financial services solution provider in China, and Netezza Corporation, the global leader in data warehouse, analytic and monitoring appliances, today announced a sales and marketing relationship in China. Longtop and Netezza will cooperate to offer Netezza's data warehouse appliance along with Longtop's innovative decision support solutions for banking, insurance and securities companies.
Universal Travel Group (UTA) [7.01, 0.71, -9.90%] a leading travel services provider in China, today announced the pricing of a public offering of 2,857,143 shares of its common stock at $7.00 per share. The offering is expected to close on Monday, June 21, 2010. In addition, Universal Travel Group has granted the underwriters a 30-day option to purchase up to an additional 428,572 shares of its common stock to cover over-allotments, if any.
| TOP GAINERS |
|---|
 |
China Shandong Industries, Inc. (CSNH) |
5.00 |
 |
2.50 / + 100.00% |
|
|
3SBio (SSRX) |
14.33 |
|
1.36 / + 10.49% |
|
|
Longtop Financial Technologies Limited (LFT) |
35.32 |
|
2.57 / + 7.85% |
|
|
American Oriental Bioengineering Inc. (AOB) |
2.95 |
|
0.16 / + 5.73% |
|
|
Yongye International, Inc. (YONG) |
8.47 |
|
0.38 / + 4.70% |
|
| TOP LOSERS |
|---|
|
Universal Travel Group (UTA) |
7.01 |
 |
0.77 / - 9.90% |
|
|
Synutra International Inc. (SYUT) |
21.50 |
|
2.19 / - 9.24% |
|
|
China Armco Metals, Inc. (CNAM) |
3.90 |
|
0.28 / - 6.70% |
|
|
China America Holdings, Inc. (CAAH) |
0.01 |
|
0.00 / - 6.67% |
|
|
China Housing and Land Development, Inc. (CHLN) |
2.55 |
|
0.17 / - 6.25% |
|
 |
 |
| |
 China Marine Food Group Limited (CMFO) files 8-K - Current report. SHISHI, China, June 15 /PRNewswire-Asia-FirstCall/ -- China Marine Food Group Limited (NYSE Amex: CMFO) ("China Marine" or the "Company"), a manufacturer of Mingxiang® seafood-based snack foods, "Hi-Power" marine algae-based beverages and a distributor of frozen marine catch, is providing details surrounding its January 2010 acquisition of the Hi-Power marine algae-based business in response to investor inquiries.
China Marine initiated conversations with Mr. Qiu Shang Jing ("Mr. Qiu"), the founder of Hi-Power marine algae-based beverage and Shishi Xianghe Food Science and Technology Co., Ltd. ("Xianghe"), after China Marine's chairman and CEO, Pengfei Liu ("Mr. Liu"), was initially introduced in early 2009. There was no previous business relationship between Mr. Qiu and Mr. Liu and they share no family relationship.
|
| |
 Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) files 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]. Hsinchu, Taiwan, R.O.C. and San Jose, CA — June 16, 2010 — Taiwan Semiconductor Manufacturing Company, Ltd. (TSMC, TWSE: 2330, NYSE: TSM) and Stion Corp., a manufacturer of high-efficiency thin-film solar photovoltaic modules, today announced that the two companies have reached a series of agreements covering technology licensing, supply, and joint development.
In addition, VentureTech Alliance, a TSMC affiliate, will invest US$50 million to take a 21 percent stake in Stion.
Under the agreements, Stion licenses and transfers its thin-film CIGSS technology to TSMC, while TSMC will provide a certain quantity of solar modules to Stion using the technology. TSMC and Stion will also work together to enhance the thin film technology through joint development.
|
| |
 Universal Travel Group (UTA) files 424B5 - Prospectus [Rule 424(b)(5)]. We are offering 2,857,143 shares of our common stock. Shares of our common stock are currently traded on the New York Stock Exchange under the symbol “UTA”. On June 15, 2010, the closing sale price of our common stock was $7.78 per share.
|
| |
Universal Travel Group (UTA) files 8-K - Current report. Universal Travel Group, a Nevada corporation (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell to Brean Murray, Carret & Co, LLC (“Brean” or the “Representative”) as representative of the underwriters listed on Schedule IV hereto, (collectively, the Underwriters”) an aggregate of 2,857,143 authorized but unissued shares (the “Underwritten Shares”) of Common Stock, par value $0.001 per share (the “Common Stock”), of the Company. The Company has granted the Representative the option to purchase an aggregate of up to 428,572 additional shares of Common Stock (the “Additional Shares”) as may be necessary to cover over-allotments made in connection with the offering. The Underwritten Shares and Additional Shares are collectively referred to as the “Shares.” |
 |
|
| |
 China Advanced Con. Materials Gr. Inc. Receives Million China High Speed Rail Contract. China Advanced Con. Materials Gr. Inc announced that China Rail has awarded the Company a new contract valued at $1.3 million to provide its ready-mix concrete (RMC) manufacturing services for a section of the Tianjin to Qinhuangdao high-speed railway in Hebei Province. The project, which is contracted by the Company's Manufacturing Services business segment, will require 150,000 cubic meters of its high-performance RMC and is expected to be fulfilled through the end of 2010 or early 2011.
|
|
|
|
|
 |
|  | The China 100 Stock Index closed Wednesday, June 16, 2010:
874.30  2.34 (0.27 %) | | | China Shandong Industries, Inc. (CSNH) led the Gainers closing 6/16/2010:
5.00  2.50 (100.00 %)
| | | Universal Travel Group (UTA) was the Index biggest loser closing 6/16/2010:
7.01 0.77 (9.90 %)
| |
|
| |
|
|
|
 |
| | The China Vesting Large Cap Stock Index (Panda) closed Wednesday, June 16, 2010:
995.60 1.69 (0.17 %) | | | Longtop Financial Technologies Limited (LFT) led the Index closing 6/16/2010:
35.32 2.57 (7.85 %)
| | | Yingli Green Energy Holding Co. Ltd. (YGE) was the Index biggest loser closing 6/16/2010:
10.54 0.27 (2.50 %)
| |
|
| |
|
|
|
 |
| | The China Vesting Small and Mid Cap Stock Index (Tiger) closed Wednesday, June 16, 2010:
869.37 7.30 (0.83 %) | | | American Oriental Bioengineering Inc. (AOB) led the Index closing 6/16/2010:
2.95 0.16 (5.73 %)
| | | Universal Travel Group (UTA) was the Index biggest loser closing 6/16/2010:
7.01 0.77 (9.90 %)
| |
|
| |
|
|
|
 |
|
|
| | The China Vesting Undervalued Stock Index (Dragon) closed Wednesday, June 16, 2010:
752.77 2.86 (0.38 %) | | | China Shandong Industries, Inc. (CSNH) led the Index closing 6/16/2010:
5.00 2.50 (100.00 %)
| | | China America Holdings, Inc. (CAAH) was the Index biggest loser closing 6/16/2010:
0.01 0.00 (6.67 %)
| |
|
|
| |
|
|
|
|