Egypt Corporate Lawyers: ODHN's amicable settlement with Falcom Hotels

Egypt Corporate Lawyers: ODHN's amicable settlement with Falcom Hotels: Naeem Analysis Orascom Development                                                                                   Egypt Ÿ 23 June 2014 ...

ODHN's amicable settlement with Falcom Hotels

Naeem Analysis Orascom Development
	Egypt Ÿ 23 June 2014

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Orascom Development's cordial settlement with Falcon Hotels, likely to reverse CHF56m provisions ►      Orascom Hotels and Development (ODHN) has reached an amicable settlement with Falcom Hotel, regarding the purchase and development of the Cape Citadel project and hotel ►      The settlement is likely to result in the reversal of CHF54m worth of provisions, all of which were booked by ODHN earlier on account of the dispute ►      As part of the overall settlement, effective immediately, Falcon Hotels SAE and its controlling shareholders have recognized the entitlement of Orascom Development, its partners and subsidiaries to receive all revenues from the Cape Citadel Hotel's operations Background of the case: ►      In 2008, ODHN entered into a transaction with Falcon Hotels for the purchase and development of the Cape Citadel project and hotel. This transaction later resulted in multiple disputes between Falcon and Orascom Development, its partners and subsidiaries ►      The disputes included numerous litigation procedures as well as four major arbitration proceedings in two different jurisdictions, and also resulted in ODHN to book one-time provisions ►      Cape Citadel is a five-star hotel with 514 rooms located in Sahl Hasheeh, south of Hurghada. The hotel generated a net profit from operations of CHF4.2m during 2013 Our take - Positive ►      The one-time gain of CHF54m, which is about 80% of the previously booked provisions, is likely to boost ODHN's bottom-line, most likely in 2Q14 ►      This should also help ODHN to strengthen its hospitality portfolio in Egypt, where we are expecting recovery in tourism activity in 2H14 ►      Important to note that Shal Hasheesh, Hurghada and El Gouna, where ODHN owns most of its assets, witness relatively healthy/stable tourist activities compared to Sharm El Shaikh; as the latter has suffered a lot on security concerns due to proximity to Sinai Going forward - 1H14 to still be subdued, while improvements to follow in 2H14 ►      ODHN's monetization and cost saving initiatives should help the group manage its expenses, and improve balance sheet. Therefore, we might see improvement in financials at the operating cost level in 2014. However, for the company to return to the growth trajectory, we believe that the overall tourism situation needs to improve in Egypt. ODHN recently agreed to sell some of its non-core assets in Egypt to Egyptian Resorts Group (EGTS, owned 4.5% by ODHN) for EGP1bn. Whilst we view this as a positive move, we still await more clarity on the deal before incorporating the same into our valuation; given that EGTS is expected to incur a capital increase to fund the EGP1bn payment and, ODHN may receive the payment partly in shares in case EGTS fails to attract 100% subscription to the rights issue ►      Tourism trend still down YoY, but shows improvement MoM. Number of tourists visiting Egypt till April 2014 YTD is down 28% YoY to 4m. However, tourist arrival numbers have been improving every month with March and April numbers depicting 22% and 14% MoM growth, respectively. We believe that 2Q14 would also be challenging to the company (from a top-line perspective). We expect gradual recovery starting 2H14 on the tourism front, given completion of the presidential elections. Smooth transition to a newly elected government should help a lot to stabilise the overall tourism industry in Egypt, and in-turn, helping ODHN to bounce back We continue to recommend an ACCUMULATE on ODHN

Best regards, Research Department 40 Lebanon str., Mohandseen, Giza, P.O. 12411, Egypt Tel: +2 0233005100, Fax: +2 0233005110 research@naeemholding.com www.naeemholding.com   This e-mail and any files transmitted with it are confidential and solely intended for the use of the recipient(s). Any review, retransmission, dissemination or other use of, or taking any action in reliance upon this information by persons or entities other than the intended recipient(s) is prohibited. E-mails are susceptible to alteration and their integrity cannot be guaranteed. NAEEM Brokerage shall not be liable for this e-mail if modified or falsified. If you are not the intended recipient of this e-mail, please delete it immediately from your system and notify the sender of the wrong delivery and the mail deletion. Any views or opinions presented within this e-mail are solely those of the sender and do not necessarily reflect those of NAEEM Brokerage unless otherwise specifically stated.

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Egypt Corporate Lawyers: I just saw this on FOREX.com

Egypt Corporate Lawyers: I just saw this on FOREX.com: I think you might enjoy this article: Reuters News BRIEF-Competition Tribunal imposes R534 million penalty on Sasol for over charging. June...

Egypt Corporate Lawyers: I just saw this on FOREX.com

Egypt Corporate Lawyers: I just saw this on FOREX.com: I think you might enjoy this article: Reuters News Egypt foreign reserves dip to $17.284 bln at end-May. CAIRO, June 5 (Reuters) - Egypts f...

Egypt Corporate Lawyers: Beltone and other investors is seeking to buy a 20...

Egypt Corporate Lawyers: Beltone and other investors is seeking to buy a 20...: Beltone and other investors is seeking to buy a 20% stake in EFG- hermes at 16 EGP per share which is 15% heigher than market price level ...

Egypt Corporate Lawyers: Beltone and other investors is seeking to buy a 20...

Egypt Corporate Lawyers: Beltone and other investors is seeking to buy a 20...: Beltone and other investors is seeking to buy a 20% stake in EFG- hermes at 16 EGP per share which is 15% heigher than market price level ...

Beltone and other investors is seeking to buy a 20% stake in EFG- hermes

Beltone and other investors is seeking to buy a 20% stake in EFG- hermes at 16 EGP per share which is 15% heigher than market price level

  تسعى شركة بلتون المالية القابضة مع مجموعة من المستثمرين (من بينهم رجل الأعمال المصري نجيب ساويرس) 

للاستحواذ على 20٪  من أسهم المجموعة المالية هيرميس.

*         تأكدت صحة هذه الأخبار بتصريحات رئيس الرقابة المالية شريف سامي، التي أفادت بتقديم عرض شراء 20٪ من أسهم هيرميس.

*         يستهدف عرض الشراء الحصول على نحو 20٪ من أسهم هيرميس مقابل 16 جم/سهم، وستكون حصة بلتون من الصفقة 1٪، والباقي للمستثمرين الآخرين.

*         ومن المرتقب أن تعلن هيرميس رسميًا عن هذه الصفقة في الوقت القريب

I just saw this on FOREX.com

I think you might enjoy this article: Reuters News Egypt foreign reserves dip to $17.284 bln at end-May.

CAIRO, June 5 (Reuters) - Egypts foreign reserves fell to $17.284 billion at the end of May from $17.489 billion in April, the central bank said on Thursday.

Reserves fell sharply after a 2011 uprising that ousted President Hosni Mubarak but were lifted last year when Gulf Arab states gave billions of dollars in aid to Egypt after the army deposed elected Islamist President Mohamed Mursi following protests against his rule.

(Reporting by Asma Alsharif)

((asma.alsharif@thomsonreuters.com)(+20225783290)(Reuters Messaging: asma.alsharif.reuters.com@reuters.net))

Keywords: EGYPT RESERVES








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I think you might enjoy this article: Reuters News BRIEF-Competition Tribunal imposes R534 million penalty on Sasol for over charging.

June 5 (Reuters) - Competition Tribunal

* Jse: competition tribunal imposes r534 million penalty on sasol for over charging

* Found sasol chemical industries limited , a subsidiary of sasol ltd (sasol), guilty of charging domestic customers excessive prices for purified propylene and polypropylene between january 2004 and december 2007.

* Tribunal imposed a penalty of r205.2 million in case of purified propylene and r328.8 million in respect of polypropylene

* Tribunal imposed a penalty of r205.2 million in case of purified propylene and r328.8 million in respect of polypropylene

* Also imposed remedies for determining scis future pricing of both purified propylene and polypropylene that would see scis prices charged to local customers drop

* Concluded that scis exercise of market power and its excessive prices have resulted in a missed opportunity for innovation and development for domestic manufacture of downstream plastic goods

Source text for Eikon: ID:nJseE0026a Further company coverage: SOLJ.J

((Johannesburg Newsroom; +27 11 775 3155))

Keywords: COMPETITIONTRIBUNAL/BRIEF








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I think you might enjoy this article: Reuters News Deals of the day- Mergers and acquisitions.

June 4 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:

** Japans Dai-ichi Life Insurance Co 8750.T has agreed to buy U.S. peer Protective Life Corp PL.N for $5.7 billion, the largest acquisition by a Japanese insurer, displaying its determination to grow overseas to counter weak prospects at home. Dai-ichi Life, Japans second largest private-sector life insurer, said it would issue up to 250 billion yen ($2.4 billion) in new shares to help finance the widely expected purchase of Protective Life. ID:nL3N0OL0Z0

** Swiss travel and duty free retailer Dufry AG DUFN.VX is buying rival Nuance Group for 1.55 billion Swiss francs ($1.7 billion) to bolster its business in the Mediterranean, Europe, Asia and the United States. The sale marks a lucrative exit for private equity group PAI Partners and GECOS - part of Italian retailer GruppoPam - which have jointly owned Nuance since a 2011 buyout that valued the company at 676 million francs.

ID:nL6N0OL0UN

** Volkswagen AG VOWG_p.DE said it raised 2 billion euros ($2.7 billion) from a share sale to help fund its long-planned takeover of Swedish truckmaker Scania AB SCVb.ST . VW said on Wednesday it had issued 10.47 million new preference shares at 191 euros each in an accelerated book building with institutional investors, a move that confirmed an earlier Reuters report. ID:nL6N0OL191

** Singapore-listed Frasers Centrepoint Ltd FRCT.SI made a surprise A$2.6 billion ($2.41 billion) cash takeover bid for Australias Australand Property Group ALZ.AX , trumping an offer from Australian firm Stockland Corp Ltd SGP.AX . Backed by Thai beer billionaire Charoen Sirivadhanabhakdi, Frasers Centrepoint made its offer less than a week after Stockland upped its bid to A$2.5 billion, Australand said in a statement on Wednesday. ID:nL3N0OK4Y5

** Hutchison Whampoa Ltd 0013.HK has resumed talks with Russian telecoms group Vimpelcom Ltd VIP.O over merging their Italian mobile firms, encouraged by Hutchisons 3 getting the go-ahead last week for an acquisition in Ireland, according to several people familiar with the situation. ID:nL6N0OK4UO

** The administrators of troubled New Zealand clothing retailer Postie Plus Group Ltd PPG.NZ said on Wednesday they had found a likely buyer for the company. The struggling company called in administrators from PricewaterhouseCoopers on Tuesday after its bank refused to back the retail chain, which has been racking up losses and losing market share for the past two years. The stock last traded at 7.3 NZ cents a share, valuing the company at NZ$2.9 million ($2.45 million). ID:nL3N0OL0T7

** French cement maker Lafarge SA LAFP.PA will combine its South Africa business with publicly traded Nigerian unit Lafarge Wapco WAPCO.LG , listing its Africa interests together on the Lagos bourse, its country chief executive said on Tuesday. Guillaume Roux said the deal, worth $1.35 billion, would see the Lafarge group get $200 million in cash and 1.4 billion new shares in Lafarge Wapco to effect the merger. ID:nL6N0OK4TM

** American Securities LLC is in advanced talks to acquire specialty chemicals company Emerald Performance Materials LLC from private equity peer Sun Capital Partners Inc for more than $1 billion, people familiar with the matter said on Tuesday.

ID:nL1N0OK2D0

(Compiled by Lehar Maan in Bangalore)

((lehar.maan@thomsonreuters.com, Within U.S. +1 646 223 8780, Outside U.S. +91 80 6749 6234, Reuters Messaging: lehar.maan.thomsonreuters.com@reuters.net))

Keywords: DEALS DAY/








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Egypt Corporate Lawyers: economic court fines mobinil EGP 100000

Egypt Corporate Lawyers: economic court fines mobinil EGP 100000: Economic court fines mobinil EGP 100000 for being non cooperative with competition authority المحكمة الاقتصادية تؤيد حكم تغريم شركة ...

economic court fines mobinil EGP 100000

Economic court fines mobinil EGP 100000 for being non cooperative with competition authority

المحكمة الاقتصادية تؤيد حكم تغريم شركة موبينيل

أيدت المحكمة الاقتصادية الحكم بتغريم إحدى شركة موبينيل بمبلغ مائة ألف جنيه نظرًا لعدم تعاونها في تقديم البيانات المطلوبة من جهاز حماية المنافسة. 

Egypt Corporate Lawyers: I just saw this on FOREX.com

Egypt Corporate Lawyers: I just saw this on FOREX.com: I think you might enjoy this article: Reuters News UPDATE 2-U.S. unveils sweeping plan to slash power plant pollution. (Adds comment from O...

Egypt Corporate Lawyers: I just saw this on FOREX.com

Egypt Corporate Lawyers: U.S. Supreme Court rulings may make life harder for patent trolls. (Recasts thr...

Egypt Corporate Lawyers: Massachusetts attorney general sues Fannie Mae& Fr...

Egypt Corporate Lawyers: Massachusetts attorney general sues Fannie Mae& Fr...: Reuters News BRIEF-Massachusetts sues Fannie Mae, Freddie Mac, FHFA over alleged refusal to engage in foreclosure buyback programs. June 2 ...

Egypt Corporate Lawyers: Usa government spying on Americans

Egypt Corporate Lawyers: Usa government spying on Americans: I think you might enjoy this article: Reuters News COLUMN-Senate must rein in the NSA. (Elizabeth Goitein is the co-director of the Liberty...

Usa government spying on Americans

I think you might enjoy this article: Reuters News COLUMN-Senate must rein in the NSA.

(Elizabeth Goitein is the co-director of the Liberty and National Security Program at the Brennan Center for Justice at New York University School of Law. The opinions expressed are her own.)

By Elizabeth Goitein

June 2 (Reuters) - The House of Representatives seemed poised last month to rein in the governments ability to spy on its citizens by prohibiting the bulk collection of Americans telephone records. On the eve of the vote, however, the Obama administration and House leadership intervened. In secret negotiations, they took a carving knife to the bill, removing key privacy protections.

It is now up to the Senate to breathe life back into this National Security Agency reform effort. The Senate Judiciary Committee is expected to take up the bill, known as the USA Freedom Act, this month. Panel members must hold firm on ending the bulk collection program and restoring limits on the NSAs ever-expanding surveillance activities.

The laws that Congress passed after 9/11 sought to aid intelligence gathering against foreign terrorist threats. They have now morphed, however, into tools for the mass collection of information about U.S. citizens as well as foreigners.

Under a provision of the Patriot Act that allows the FBI to obtain items relevant to an international terrorism investigation, the NSA for years has been collecting records of virtually every landline-based phone call that Americans make or receive.

The Foreign Intelligence Surveillance Court secretly approved this action. Though the court prohibited the NSA from searching the records without reasonable suspicion of a terrorist link, declassified court opinions exposed the NSAs shoddy record of compliance.

The Senate Judiciary Committees first task should be closing the loophole that was slipped into the USA Freedom Acts bulk collection ban. The bills earlier version required any government request for records be tied to a particular person, entity or account. But intelligence officials persuaded the House leadership to insert a strategic ambiguity - allowing the government to choose the specific selection terms it can use to identify records.

Though it would likely violate Congresss intent if the NSA used, for example, entire zip codes as its specific selection terms, it would arguably not violate the bills current language. That small opening, history shows, is all the leeway that the NSA and Foreign Intelligence Surveillance Court need. Congress, not the agency, should decide how the government must frame its requests.

The Senate committee should then address the privacy of the communications themselves. Under a 2008 statute, the government can collect the calls and emails of foreign overseas targets without a warrant. Though Americans communications are often swept up incidentally, the law requires the government to minimize their retention and use.

Instead, as former NSA contractor Edward Snowden has revealed, the government runs searches of the collected communications in order to find and review Americans calls and emails.

The committee should end these back-door searches by specifying that the government needs a warrant to search for Americans information. In addition, the Senate committee should prohibit warrantless collection if targeting an American is any part of the governments purpose.

The committee must ensure that the bill contains robust transparency provisions. In its original form, the bill required the government and allowed telephone and Internet companies to disclose detailed statistics about their surveillance transactions. Yet, despite intelligence officials recent public statements lauding the value of openness, they succeeded in diluting these provisions.

There is no excuse for hiding statistics divorced from any identifying information. Americans should know exactly how often the government collects their communications and records.

The same goal underlies all these changes: Surveillance laws must be used as Congress intended. A law allowing the government to obtain business records relevant to a terrorism investigation should not be used to collect every Americans telephone records. A law allowing the government to collect the communications of foreigners overseas should not be used to search for Americans calls and e-mails.

These points should be uncontroversial - especially given the lack of evidence that either bulk collection or back-door searches have significantly furthered counterterrorism efforts.

These basic reforms will reinforce principles too long honored in the breach: intelligence agencies should collect information about Americans only where there is reason to suspect wrongdoing, and only under publicly disclosed authorities.

Embracing these principles will serve Congress and the American people well - not only in the current legislative debate, but in the wider debate about the future of government surveillance.

(Elizabeth Goitein)

((jason.fields@thomsonreuters.com))

Keywords: GOITEIN NSA/








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Massachusetts attorney general sues Fannie Mae& Freddie Mac

Reuters News BRIEF-Massachusetts sues Fannie Mae, Freddie Mac, FHFA over alleged refusal to engage in foreclosure buyback programs.

June 2 (Reuters) -

* Massachusetts attorney general says sues fannie mae FNMA.OB , freddie mac

FMCC.OB over refusal to engage in foreclosure buyback programs

* Massachusetts ag martha coakley says also sues federal housing finance agency

* Lawsuit alleges that fannie mae, freddie mac have refused to comply with 2012

state law concerning foreclosure prevention

((New York Equities Desk; tel: +1 646 223 6000))








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I think you might enjoy this article: Reuters News UPDATE 2-U.S. Supreme Court rulings may make life harder for patent trolls.

(Recasts throughout)

By Diane Bartz and Lawrence Hurley

WASHINGTON, June 2 (Reuters) - The U.S. Supreme Court on Monday overturned two lower court patent decisions, one related to heart rate monitors and the other to management of Web images, in rulings that could make it harder for so-called patent trolls to win infringement cases.

In good news for Nautilus Inc NLS.N , the court vacated an appeals court decision in a fight between the exercise equipment maker and Biosig Instruments over heart rate monitors. Biosig had accused Nautilus of infringing its patent, but Nautilus said the patent was unclear and invalid. An appeals court ruled for Biosig. The Supreme Court did not rule on the validity of Biosigs patent but asked the appeals court to reconsider.

The Supreme Court also ruled in favor of Limelight Networks Inc LLNW.O over claims by Akamai Technologies Inc AKAM.O that it infringed patented technology for managing Web images and video. The decision overturned an appeals court decision that had made it easier to prove that a company is liable based on the induced infringement theory.

In an induced infringement, one company performs at least one of the steps protected by a patent while another (encouraged by the first) performs the rest. For example, company A can sell a product that does not infringe a patent held by Company B but includes in its information instructions about how to do it. When the customer performs the steps, it has been induced to infringe.

Both decisions were unanimous.

In the Nautilus case, the Supreme Court said the appeals court had permitted patents to be written too vaguely by disallowing only those that were insolubly ambiguous.

In place of the insolubly ambiguous standard, we hold that a patent is invalid for indefiniteness if its claims, read in light of the specification delineating the patent, and the prosecution history, fail to inform, with reasonable certainty, those skilled in the art about the scope of the invention, Justice Ruth Bader Ginsburg wrote on behalf of the court.

That ruling was the first since 1942 where the Supreme Court addressed the issue of how unclear, or indefinite a patent could be before it would be deemed invalid, said Harold Wegner, a patent expert with Foley Lardner LLP.

In the Limelight decision, the justices said Limelight cannot be held liable for inducing patent infringement when no party has directly infringed the patent in question.

The court, in an opinion by Justice Samuel Alito, reversed an August 2012 ruling by a divided U.S. Court of Appeals for the Federal Circuit in Akamais favor, which effectively made it easier to prove that a company is liable based on the induced infringement theory.

The decisions were bad news for patent trolls, the derisive name for companies that use weak or overbroad patents to litigate aggressively, said James Barney, a patent expert with Finnegan, Henderson, Farabow, Garrett Dunner, LLP

Historically speaking, the patents that are often asserted by patent trolls do tend to have ambiguous claims, said Barney. This case will have an impact on those types of claims.

The cases at the Supreme Court are Nautilus v Biosig Instruments, Inc, No. 13-369 and Limelight Networks, Inc v Akamai Technologies, Inc, No 12-786.

(Reporting by Diane Bartz and Lawrence Hurley; Editing by Ros Krasny, Doina Chiacu, Leslie Adler and Steve Orlofsky)

((Diane.Bartz@thomsonreuters.com)(1 202 898 8313))

Keywords: BIOSIG NAUTILUS/PATENT








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I think you might enjoy this article: Reuters News UPDATE 2-U.S. unveils sweeping plan to slash power plant pollution.

(Adds comment from Obama, Senate minority leader, electricity utilities, updates share prices)

By Valerie Volcovici and Jeff Mason

WASHINGTON, June 2 (Reuters) - The U.S. power sector must cut carbon dioxide emissions 30 percent by 2030 from 2005 levels under federal regulations unveiled on Monday that form the centerpiece of the Obama administrations climate change strategy.

The Environmental Protection Agencys proposal is one of the most significant environmental rules proposed by the United States, and could transform the power sector, which relies on coal for nearly 38 percent of electricity. It also set off a political backlash likely to run well into next year.

Gina McCarthy, EPA administrator, said on Monday that between 2020 and 2030, the amount of carbon dioxide the proposal would reduce would be more than double the carbon pollution from the entire U.S. power sector in 2012.

States will have flexible means to achieve ambitious but attainable targets, regardless of their current energy mixes. States which rely heavily on coal-fired power plants are thought to have the toughest tasks ahead.

The flexibility of our Clean Power Plan affords states the choices that lead them to a healthier future. Choices that level the playing field, and keep options on the table, not off, McCarthy said in remarks at EPA headquarters on Monday.

The plan had come under pre-emptive attack from business groups and many Republican lawmakers as well as Democrats from coal-heavy states like West Virginia before it was unveiled.

But the 645-page plan looked less restrictive than some had feared, with targets easier to reach because emissions had already fallen by about 10 percent by 2013 from the 2005 baseline level, partly due to retirement of coal plants in favor of cleaner-burning natural gas.

The plan gives states multiple options to achieve their emission targets, such as improving power plant heat rates; using more natural gas plants to replace coal plants; ramping up zero-carbon energy, such as solar or nuclear; and increasing energy efficiency.

States can also use measures such as carbon cap-and-trade systems as a way to meet their goals.

Share prices for major U.S. coal producers like Arch Coal

ACI.N , Peabody Energy BTU.N and Alpha Natural Resources

ANR.N closed at or near multi-year lows on Monday.

A LEGACY ISSUE

Mondays rules cap months of outreach by the EPA and White House officials to an array of interests groups.

The countrys roughly 1,000 power plants, which account for nearly 40 percent of U.S. carbon emissions, face limits on carbon pollution for the first time.

Climate change is a legacy issue for President Barack Obama, who has struggled to make headway on foreign and domestic policy goals since his re-election.

But major hurdles remain. The EPAs rules are expected to stir legal challenges on whether the agency has overstepped its authority. A 120-day public comment period follows the rules release.

The National Association of Manufacturers, a long-time EPA foe, argued on Monday that the power plant plan was a direct threat to its members competitiveness.

The electric utility industry, encompassing plants that use resources from coal and natural gas to wind was more circumspect about the plan.

While the 2030 reduction target is ambitious, it appears that utilities may be allowed to take advantage of some of their early actions, the Edison Electric Institute said.

Lawmakers representing big coal states lashed out.

Mitch McConnell of Kentucky, Republican leader in the U.S. Senate, termed the rules a dagger to the heart of the middle class that would damage the economy.

Republicans are trying to wrest control of the Senate from Democrats in Novembers elections. Four of the states with Senate seats in play are among the top 10 coal producers nationally: West Virginia, Kentucky, Montana and Colorado.

Obama, on a conference call with public health groups, said Americans electricity bills would shrink, not rise, as the rules spur investment in new technologies.

The EPAs McCarthy also forecast that the regulations could yield over $90 billion dollars in climate and health benefits.

Soot and smog reductions that would be achieved through the plan would translate into a $7 health benefit for every dollar invested in the plan, she said.

The EPA estimates that reducing exposure to particle pollution and ozone could prevent up to 150,000 asthma attacks in children and as many as 3,300 heart attacks by 2030, among other impacts.

The rules, when finalized, could give Washington more clout in international talks next year to develop a framework for fighting climate change. The United States is eager for emerging industrial economies such as China and India to do more to reduce their emissions. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

FACTBOX-U.S. carbon cut plan by the numbers ID:nL1N0OJ0M3

GRAPHIC-U.S. energy-related CO2 emissions:

http://link.reuters.com/haj79v

GRAPHIC-State-by-state power generation by source:

http://link.reuters.com/gaj79v ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

(Reporting By Valerie Volcovici and Jeff Mason; additional reporting by Mark Felsenthal; Editing by Ros Krasny and Alden Bentley)

((valerie.volcovici@thomsonreuters.com)(+1)(202)(898 8373)(Reuters Messaging: valerie.volcovici.thomsonreuters.com@reuters.net))

((See ID:nUSCLIMATE for full coverage of the EPAs power plant proposals))


Keywords: USA CLIMATECHANGE/EPA








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© Thomson Reuters 2011. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. 'Thomson Reuters' and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.
For additional information on other Thomson Reuters Services please visit the Thomson Reuters public web site http://www.thomsonreuters.com/.

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I just saw this on FOREX.com

I think you might enjoy this article: Reuters News UPDATE 2-U.S. unveils sweeping plan to slash power plant pollution.

(Adds comment from Obama, Senate minority leader, electricity utilities, updates share prices)

By Valerie Volcovici and Jeff Mason

WASHINGTON, June 2 (Reuters) - The U.S. power sector must cut carbon dioxide emissions 30 percent by 2030 from 2005 levels under federal regulations unveiled on Monday that form the centerpiece of the Obama administrations climate change strategy.

The Environmental Protection Agencys proposal is one of the most significant environmental rules proposed by the United States, and could transform the power sector, which relies on coal for nearly 38 percent of electricity. It also set off a political backlash likely to run well into next year.

Gina McCarthy, EPA administrator, said on Monday that between 2020 and 2030, the amount of carbon dioxide the proposal would reduce would be more than double the carbon pollution from the entire U.S. power sector in 2012.

States will have flexible means to achieve ambitious but attainable targets, regardless of their current energy mixes. States which rely heavily on coal-fired power plants are thought to have the toughest tasks ahead.

The flexibility of our Clean Power Plan affords states the choices that lead them to a healthier future. Choices that level the playing field, and keep options on the table, not off, McCarthy said in remarks at EPA headquarters on Monday.

The plan had come under pre-emptive attack from business groups and many Republican lawmakers as well as Democrats from coal-heavy states like West Virginia before it was unveiled.

But the 645-page plan looked less restrictive than some had feared, with targets easier to reach because emissions had already fallen by about 10 percent by 2013 from the 2005 baseline level, partly due to retirement of coal plants in favor of cleaner-burning natural gas.

The plan gives states multiple options to achieve their emission targets, such as improving power plant heat rates; using more natural gas plants to replace coal plants; ramping up zero-carbon energy, such as solar or nuclear; and increasing energy efficiency.

States can also use measures such as carbon cap-and-trade systems as a way to meet their goals.

Share prices for major U.S. coal producers like Arch Coal

ACI.N , Peabody Energy BTU.N and Alpha Natural Resources

ANR.N closed at or near multi-year lows on Monday.

A LEGACY ISSUE

Mondays rules cap months of outreach by the EPA and White House officials to an array of interests groups.

The countrys roughly 1,000 power plants, which account for nearly 40 percent of U.S. carbon emissions, face limits on carbon pollution for the first time.

Climate change is a legacy issue for President Barack Obama, who has struggled to make headway on foreign and domestic policy goals since his re-election.

But major hurdles remain. The EPAs rules are expected to stir legal challenges on whether the agency has overstepped its authority. A 120-day public comment period follows the rules release.

The National Association of Manufacturers, a long-time EPA foe, argued on Monday that the power plant plan was a direct threat to its members competitiveness.

The electric utility industry, encompassing plants that use resources from coal and natural gas to wind was more circumspect about the plan.

While the 2030 reduction target is ambitious, it appears that utilities may be allowed to take advantage of some of their early actions, the Edison Electric Institute said.

Lawmakers representing big coal states lashed out.

Mitch McConnell of Kentucky, Republican leader in the U.S. Senate, termed the rules a dagger to the heart of the middle class that would damage the economy.

Republicans are trying to wrest control of the Senate from Democrats in Novembers elections. Four of the states with Senate seats in play are among the top 10 coal producers nationally: West Virginia, Kentucky, Montana and Colorado.

Obama, on a conference call with public health groups, said Americans electricity bills would shrink, not rise, as the rules spur investment in new technologies.

The EPAs McCarthy also forecast that the regulations could yield over $90 billion dollars in climate and health benefits.

Soot and smog reductions that would be achieved through the plan would translate into a $7 health benefit for every dollar invested in the plan, she said.

The EPA estimates that reducing exposure to particle pollution and ozone could prevent up to 150,000 asthma attacks in children and as many as 3,300 heart attacks by 2030, among other impacts.

The rules, when finalized, could give Washington more clout in international talks next year to develop a framework for fighting climate change. The United States is eager for emerging industrial economies such as China and India to do more to reduce their emissions. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

FACTBOX-U.S. carbon cut plan by the numbers ID:nL1N0OJ0M3

GRAPHIC-U.S. energy-related CO2 emissions:

http://link.reuters.com/haj79v

GRAPHIC-State-by-state power generation by source:

http://link.reuters.com/gaj79v ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

(Reporting By Valerie Volcovici and Jeff Mason; additional reporting by Mark Felsenthal; Editing by Ros Krasny and Alden Bentley)

((valerie.volcovici@thomsonreuters.com)(+1)(202)(898 8373)(Reuters Messaging: valerie.volcovici.thomsonreuters.com@reuters.net))

((See ID:nUSCLIMATE for full coverage of the EPAs power plant proposals))


Keywords: USA CLIMATECHANGE/EPA








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