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Feb 24, 2011

Financial And Forex Info | Kitco New York Close Report





New York Market Close Feb 24/11 05:20 PM EST
Metals
Bid
Ask
Change
Low
High
Gold
1402.10
1403.10
-9.60
-0.68%
1391.40
1419.40
Silver
32.11
32.13
-1.43
-4.26%
31.72
33.81
Platinum
1781.00
1786.00
-1.00
-0.06%
1766.00
1804.00
Palladium
773.00
779.00
-4.00
-0.51%
757.00
791.00

NYT: Afternoon Business News: Foreign Investment Ebbs in India


BUSINESS

Foreign Investment Ebbs in India

By VIKAS BAJAJ
Direct investment in India fell more than 31 percent last year, and corruption and bureaucracy are being blamed.

Oil Prices Ease as Wall Street Wanders

By CHRISTINE HAUSER
Oil prices continued to rally, pushing stocks lower in Europe and Asia amid fears that unrest could spread to other major Middle East producers.

G.M. Reports an Annual Profit, Its First Since 2004

By NICK BUNKLEY
General Motors said it earned $4.7 billion in 2010, and that union workers would receive profit-sharing checks of $4,300, the most in the automaker's history.
DealBook

Investigation Puts Porsche-Volkswagen Merger at Risk

By CHRIS V. NICHOLSON
Porsche says that its merger with Volkswagen may be at risk after German prosecutors expanded the scope of their inquiry into the company.

Toyota Recalls 2 Million Vehicles Over Gas Pedal Issues

By NICK BUNKLEY
The latest recalls are intended to address accelerator pedals that could become entrapped in floor mats or jammed in driver's side carpeting.

Financial And Forex Info | Reuters - Daily Investor Update: Late rebound on oil drop shows bulls still kicking





News

LATEST NEWS
Late rebound on oil drop shows bulls still kicking
NEW YORK (Reuters) - Bruised but not bowed, bulls staged a rebound on Thursday and helped stocks stabilize in a volatile session suggesting investors aren't ready to give up on the market's rally. | Full Article

Oil falls from near $120 on Saudi, Gaddafi rumor
February 24, 2011 03:31 PM ET
NEW YORK (Reuters) - Oil dropped sharply from 2-1/2 year highs near $120 a barrel on Thursday following Saudi Arabia's assures it could fill any Libyan supply shortfalls and unsubstantiated trade rumors Libyan leader Muammar Gaddafi had been shot. | Full Article
GM shares at post-IPO low, oil risk trumps profit
February 24, 2011 02:22 PM ET
DETROIT (Reuters) - General Motors Co posted fourth-quarter results that topped Wall Street expectations, but its shares fell below their IPO price as investor concerns shifted to the pressure from rising oil prices and higher costs of launching and selling new cars. | Full Article
Toyota recalls 2.2 million more autos; U.S. ends probe
February 24, 2011 01:15 PM ET
DETROIT/WASHINGTON (Reuters) - Toyota Motor Corp said on Thursday it was recalling nearly 2.2 million vehicles over the risk that the accelerator pedal could be trapped by loose or misplaced carpet on the driver's side. | Full Article
Fed's Bullard says it's time to debate completing QE2
February 24, 2011 03:39 PM ET
BOWLING GREEN, Kentucky (Reuters) - A senior U.S. Federal Reserve official said on Thursday he thinks it is time to consider tapering off or scaling back a $600 billion bond-buying program because of an improved economic outlook. | Full Article

Financial And forex Info | The Australian Business Briefing: Wall St pares losses as oil retreats









Update for Fri Feb 25 08:42:32 EST 2011

Wall St pares losses as oil retreats
Wall St UPDATED Donna Kardos Yesalavich US stocks suffered their third-straight decline today but they managed to pare steep losses late in the session as the oil price retreated.
 
Oil price slips as supply fears ease
oil Jerry A. DiColo OIL prices retreated sharply from a fresh two-and-a-half year high today, as US and other officials eased concerns about supplies.
 
Industry slams Gillard's carbon call
Julia Gillard Matt Chambers and Annabel Hepworth THE nation's biggest manufacturers have accused Julia Gillard of failing to consult business on plans to introduce a carbon price next year.
 
Newmont profit polished by gold price
boddington gold Matt Whittaker NEWMONT Mining's fourth-quarter profit jumped 46 per cent, capping a year of record-setting revenue as gold prices climbed to historic highs.
 
Iron ore junior breaks stranglehold
Mike Young and Andrew Forrest Andrew Burrell ANDREW Forrest has issued a fresh challenge to BHP and Rio by allowing a junior miner to export iron ore using his company's railway and port.
 
End of the road for RiverCity Motorway
clem 7 tunnel Tracy Lee and Nabila Ahmed QUEENSLAND'S second largest toll road project has failed as RiverCity Motorway collapsed yesterday owing $1.3 billion.
 
Voelte expects a quick exit
Don Voelte Matt Chambers DEPARTING Woodside chief Don Voelte expects to step down before his $14 billion Pluto LNG project is in production.
 
UBS probes trading floor scrap
George Kanaan, UBS Scott Murdoch UBS will today decide on the future of its two star traders involved in a fight on the investment bank's busy trading room floor this week.
 
Financial Markets
Wall St pares losses as oil retreats
Wall St UPDATED Donna Kardos Yesalavich US stocks suffered their third-straight decline today but they managed to pare steep losses late in the session as the oil price retreated.
 
Oil price slips as supply fears ease
Gold price edges up as rally slows
 
Financial Markets Coverage
 
Mining & Energy
Oil price slips as supply fears ease
oil Jerry A. DiColo OIL prices retreated sharply from a fresh two-and-a-half year high today, as US and other officials eased concerns about supplies.
 
Gold price edges up as rally slows
Newmont profit polished by gold price
 
More Mining & Energy Coverage

Financial And Forex Info: The Australian Capital Circle: Battlelines drawn on carbon price




Capital Circle Newsletter

Battlelines drawn on carbon price
 
Julia Gillard has bought the fight by announcing she will price carbon - and Tony Abbott is ready for that fight.

The PM's day, per the press office: Julia Gillard has begun her day with a pair of radio interviews on the ABC and then 2GB with a fired up Alan Jones. The Jones interview got off to a bad start, with the radio host upbraiding Ms Gillard for running late before telling the PM people now called her "Jul-liar, not Julia" for announcing a plan to put a price on carbon.
In a 20 minute grilling Ms Gillard gave as good as she got, telling Mr Jones that she had not misled Australians about a carbon price, that Tony Abbott's claim of a $300 impost on families were simply wrong and that pricing carbon was the right thing to do.
Later today she will be appear at the Australian National University in Canberra to continue the sell on her plan to price carbon.
Tony Abbott flew to Brisbane last night. He will visit flood-hit small businesses today and has also hit the airwaves to begin his campaign against Ms Gillard's proposed carbon tax, which he says will cost the average family $300.
***Sign up to Capital Circle -- news from the beltway to your inbox***
To the battlements: The Australian leads with a three column splash, reporting that Julia Gillard is determined to tax carbon from July 1 next year but faces months of tense negotiations with the Greens over industry compensation and a fierce scare campaign from Tony Abbott on rising electricity and petrol prices. (more from Sid Maher)
The Sydney Morning Herald headlines "Green light for tax on carbon" with a report from Lenore Taylor, the Daily Telegraph leads with "$300 carbon tax bill'' and a report from Simon Benson and Alison Rehn, while the Financial Review leads with "PM gambles on 2012 carbon price" and a report from Marcus Priest and Laura Tingle
Read more...

Politics this week Feb 24th 2011 From The Economist print edition






Muammar Qaddafi, the ruler of Libya, deployed tanks and fighter jets in an attempt to put down a popular uprising, ignited by street protests, that started in the east of the country and spread to Tripoli, the capital. Rebels held large swathes of territory after taking heavy losses estimated to be at least 1,000 killed and many more injured. The UN Security Council demanded an end to the violence. See article
The open defiance of protesters against authoritarian government in the Middle East spread to Morocco and Iraqi Kurdistan. See article In Bahrain the royal family ordered harsh force to be used against the demonstrators, killing several. But after heavy criticism it relented and vowed to work towards political reform. See article
In Egypt the chief prosecutor called for the freezing of assets belonging to Hosni Mubarak, the deposed president. See article
Two Iranian warships passed through Egypt’s Suez Canal for the first time in more than three decades, en route to Syria. Israel described the ships’ presence off the Israeli coast as a “provocation”.
President Yoweri Museveni of Uganda won re-election with an increased majority. The election was said to be fairer than the one five years ago. See article
In the Democratic Republic of Congo a court sentenced Kibibi Mutware, a militia leader, to 20 years in prison for mass rape. Forty-nine women testified against him in the first case of its kind.

Prosecutors in Brazil started an investigation into Luiz Inácio Lula da Silva, whose presidential term ended last year, for spending $3.5m of public funds in 2004 to send letters promoting low-interest loans. The prosecutors say the letters had no legitimate purpose and only served to benefit a bank that was subsequently linked to a corruption scandal.
Cuba released seven more political prisoners, bringing the total to 70 freed since last year. One of the released prisoners is refusing, unlike all the others, to go into exile.




Tens of thousands of union sympathisers from across America converged in Madison, Wisconsin’s capital, to protest against a plan by Scott Walker, the new Republican governor, to end collective-bargaining in the public sector. They were met by thousands of tea-party activists. The legislature was unable to form a quorum to debate the issue after Democratic state senators absconded to Illinois. Other states with big deficits are also thinking about curbing worker benefits. Union protests spread to Ohio and Indiana. See article
In a surprise turnaround, the Justice Department said it would no longer argue in favour of the Defence of Marriage Act, a law signed by Bill Clinton in 1996 that bars the federal government from recognising same-sex marriage, and that it now considers the act to be unconstitutional. The decision could open the courts to thousands of challenges from gay couples from the handful of states where gay marriage is legal.
Rahm Emanuel cruised to victory in the Chicago mayor’s race, picking up 55% of the vote and thereby avoiding a run-off. The second-placed candidate came in some 30 percentage points behind. An immediate problem facing Mr Emanuel when he enters office in May will be the city’s budget deficit. See article

Germany’s ruling Christian Democratic Union suffered a heavy defeat in a state election in Hamburg. In a bad week for Angela Merkel her defence minister, Karl-Theodor zu Guttenberg, was embroiled in a plagiarism scandal that forced him to relinquish his doctorate. And after eight weeks of tortuous negotiations, her government agreed on a costly compromise with the opposition over reforms to unemployment benefits and the minimum wage. See article
Thousands of Basques marched in Bilbao in support of allowing the registration of Sortu, a new separatist party. Its predecessor, Batasuna, was outlawed in 2003 for having links to ETA, an armed terror group. Prosecutors want Sortu to be banned, too. See article
A new government was formed in Kosovo. Parliament elected Hashim Thaci to serve a second term as prime minister, despite allegations linking him to a murder and organ-harvesting scandal after the Kosovo war in 1999.




Christchurch, New Zealand’s second-largest city, was devastated by an earthquake and several aftershocks. Scores of people died and hundreds were missing in New Zealand’s worst natural disaster for 80 years. Damages were estimated at $6 billion. John Key, the prime minister, said it could turn out to be the country’s “darkest day”. See article
An online campaign urged people in Beijing and a dozen other cities in China to heed the example of the “jasmine revolution” sweeping the Arab world and to converge in public places to call for political and economic rights. Very few civilians turned up, but police were out in droves and censors banned the word “jasmine” from China’s microblogs. Activists reported that a number of their leaders were arrested ahead of the protests.
Afghanistan suffered several suicide-bombings. The most lethal attack killed at least 38 people queuing at a bank in the eastern city of Jalalabad. Others killed dozens in four other cities. Meanwhile, it was alleged that a NATO-led operation had resulted in the deaths of 64 civilians in Kunar province. An outgoing UN official said that security is “at its lowest point” in Afghanistan since 2001. See article
The governments of Thailand and Cambodia agreed to let the Association of South-East Asian Nations send military observers to a disputed area along their border. A recent exchange of fire around the Preah Vihear temple killed at least eight people. The observers will all be Indonesians.
Nearly 2.7m civil servants set out around India to conduct the world’s second-largest census. For the first time the census-takers will ask which of three sexes—male, female or “other”—the subject belongs to, and record how many Indians have electricity, toilets and permanent dwellings. Caste will also be tallied, in a separate survey. See article
Shanghai announced a one-dog policy, based along the lines of China’s one-child law. Owners of the city’s many unlicensed pooches insisted the local authorities were hounding them.

Business this week Feb 24th 2011 From The Economist print edition







The political strife in Libya caused oil prices to soar. Brent crude traded at well above $115 a barrel in London and West Texas Intermediate at around $100 in New York. Investors turned to precious metals as a haven, helping to push up the price of silver to a 31-year high. See article
In Côte d’Ivoire the internationally recognised winner of November’s disputed presidential election extended a ban he has imposed on cocoa exports from his country, in an effort to make the incumbent president stand aside. Cocoa stocks are piling up in ports, increasing the chance of the beans decaying. There was more violence in the west African country this week.
Apple’s board of directors was challenged by investors at the annual general meeting to reveal the succession plan it has drawn up to replace Steve Jobs should the chief executive not return from medical leave. In a vote shareholders backed the board, which argues that disclosing the plan now would only help competitors. Mr Jobs did not attend the meeting.

Wal-Mart reported another poor quarter in America, with revenue dipping again from stores that have been open for at least a year. Sales from the retailer’s international business, which accounts for around a quarter of its profit, boosted its overall results. Wal-Mart is facing stout competition at home from the spread of discount chains that offer even-cheaper goods to consumers who feel particularly cash-strapped.
Making good on its recent undertaking to conduct more of its business in emerging markets, BP bought a stake in the maritime natural-gas assets owned by India’s Reliance Industries. Potentially worth around $9 billion, the deal is one of the biggest-ever foreign investments in India.
BHP Billiton boosted its energy portfolio by agreeing to pay $4.8 billion for shale-gas assets in Arkansas. The mining company earns a fifth of its profit from oil and gas resources.

Huawei, China’s biggest maker of telecoms equipment, reversed course and accepted the recommendation of the Committee on Foreign Investment in the United States that it revoke its acquisition of assets owned by 3Leaf, an American technology company. Huawei had already bought the assets, but officials at the Pentagon asked the CFIUS, which considers the national-security implications of takeovers, for its opinion. If Huawei had persisted, the White House would have had to rule on the deal.
Alibaba’s chief executive and chief operating officer both resigned after taking responsibility for a scandal at the Chinese e-commerce website, in which some 2,300 online dealers conned their customers. The sellers had used fake documents to set up their businesses on the site, allegedly with the help of a small number of Alibaba staff. See article
HP’s share price fell sharply after it delivered a weaker-than-expected set of quarterly earnings that showed sales declining in the company’s IT services and personal-computing businesses. HP shaved $1.5 billion from its revenue target for the year.
A judge in Manhattan ruled that the sale of Lehman Brothers’ American business to Barclays in 2008, shortly after the investment bank’s spectacular collapse, was in order, throwing out a claim from Lehman creditors that they were entitled to an $11 billion “windfall” from the deal. It was widely expected that the creditors would lose their case.
Meanwhile, there was another political fuss in Britain over the activities of big banks when Barclays was forced to reveal that it had paid just £113m ($176m) in British corporation tax in 2009, equivalent to 2.5% of its global pre-tax profit that year. Barclays coughed up more than £2 billion in other British taxes in 2009, mostly in payroll-tax contributions, but, as with other banks, was able to reduce its corporate-tax liability in Britain by offsetting bad-debt charges it took during the financial crisis.

An experiment conducted by the Nottingham School of Economics suggested that the payment of bonuses to workers did not encourage greater effort, and actually led to more shirking. But when penalties are introduced for slacking, worker efficiency is enhanced, reducing shirking by half.
Joseph Flom, a legendary lawyer who participated in many of the big hostile takeovers of the 1970s and 1980s, died at the age of 87. Mr Flom’s clients included T. Boone Pickens, James Goldsmith and Ron Perelman. His services were sometimes retained by companies as a defence against those corporate raiders. A poor boy from Brooklyn, Mr Flom entered Harvard Law School without having earned an undergraduate degree.

MarketWatch: personal finance Daily: Are the markets overbought and overvalued?

MarketWatch
Personal Finance Daily
FEBRUARY 24, 2011

Thursday's Personal Finance Stories

By MarketWatch



Don't miss these top stories:
Do the volatility in the equity markets and global political turmoil represent a buying opportunity or are they a signal to lighten up on your stock exposure? In his Your Portfolio column today, Robert Powell examines the pros and cons with Christopher Pavese, a chartered financial analyst and chief investment officer of Broyhill Asset Management. Pavese's take? He said the current market is reminiscent of two other times in history when we've had "Monster Rallies," where the markets doubled in short period of time and then fell.

Also in today's Personal Finance coverage, Kristen Gerencher looks at insurance tiers that stick some patients with staggering out-of-pocket costs for specialty drugs — and the efforts by some states to limit those costs.

Anne Stanley , Managing Editor / Personal Finance

Are the markets overbought and overvalued?

Buying opportunity? To some, that's what the recent turmoil in the world and in the equity markets, including this week's declines in the Dow industrials, means. To others, it's further evidence of the need to go light on stocks.
Read more: Are the markets overbought and overvalued?


HEALTH CARE

Drug plans stick some patients with steep costs

Insurance companies' tiered drug plans force some patients to pay steep out-of-pocket costs for their medications, but a proposed law in California aims to change that practice.
Read more: Drug plans stick some patients with steep costs.


REAL ESTATE

Rate on 30-year fixed mortgage dips below 5%

The average rate on 30-year fixed-rate mortgages dips below 5% this week, according to Freddie Mac's weekly survey of conforming mortgage rates, released on Thursday.
Read more: Rate on 30-year fixed mortgage dips.


New-home sales fall 12.6% in January

Severe winter weather and an expiring tax break in California have led to volatility in the data.
Read more: New home sales fall in January.


INVESTING

GM posts fourth-quarter, full-year profits

The auto maker ends its seven-year losing streak, posting an annual profit after earning $510 million in the fourth quarter.
Read more: GM posts profits.


When will gold hit a new high?

Gold's lackluster trading early Thursday indicates to some that bullion will now fail in its attempt to surpass its early-December high.
Read more: When will gold hit a new high?


Oil, Mideast still stump U.S. 30 years later

The latest events in the Middle East mirror what we went through three decades ago, and politicians should be worried, writes Kathleen Madigan.
Read more: Oil, Mideast still stump U.S.


Decade's top performer is a hard-assets bull

The decade's top performer is a hard-assets bull — and he says the Middle East mess, and much else, means there's more to come, writes Peter Brimelow.
Read more: Decade's top performer is a hard-assets bull.


Apple and investors in an awkward dance

Apple and its shareholders disagree on how to handle its CEO succession strategy, an uncomfortable but vital topic that is making everyone uneasy.
Read more: Apple and investors in an awkward dance.


Five ETFs that need to die

Exchange-traded funds are both a blessing and the curse for individual investors these days, writes Jeff Reeves.
Read more: Five ETFs that need to die.


ECONOMY AND POLITICS

State woes won't put brakes on recovery

Aggressive spending cuts by states such as Wisconsin and California are likely to trim U.S. growth in 2011, but the potential drag would be far too small to sidetrack the recovery, economists say.
Read more: State woes won't put brakes on recovery.


The ‘big dog' is in a big fight

Powerful public-worker union AFSCME is in one of the biggest fights in the union's history, and union officials are claiming it's in the crosshairs of Republicans for its aggressive support of Democrats.
Read more: The ‘big dog' is in a big fight.


Filings for U.S. jobless benefits drop to 391,000

New applications for jobless benefits fall by 22,000 last week, below what's regarded as a key level for determining whether the U.S. labor market is improving or not.
Read more: Filings for U.S. jobless benefits drop.

_________________________________________________________________

The Washington Post Afternoon Edition: Today's Most Read Opinion Columns: Jay Carney: Mouthpiece for an inscrutable White House

Washington Post

1) Jay Carney: Mouthpiece for an inscrutable White House

Obama's new press secretary can't say much.

2) Rush Limbaugh binges on anti-Michelle Obama vitriol

Rush Limbaugh has no right to chew away at Michelle Obama on nutrition.

3) In the Middle East protests, a seismic shift

Ultimately, Obama needs a new strategy to respond to Arab unrest.

4) Can Chris Christie handle the truth?

The N.J. governor could learn a thing about fiscal truth-telling from Mitch Daniels.

5) Why was President Obama last to speak up on Libya?

ONCE AGAIN, an Arab dictator is employing criminal violence in a desperate effort to remain in power - and once again, the Obama administration has been slow to find its voice. This time, the tyrant is one of the Middle East's most evil men - Moammar Gaddafi, whose regime has staged spectacular...

6) The big reveal: Who Rahm Emanuel really is

As Chicago mayor, he'll have to show his true politics.

7) For the Mideast, a code for rising democracies

The Mideast needs a standard to separate democracy devotees from abusers.

8) Are the Mideast revolutions bad for women's rights?

On Friday, Egyptians again gathered in Cairo's Tahrir Square, this time in a victory celebration, one week after their revolution unseated President Hosni Mubarak. Tunisians have also been sampling new freedoms of speech and press along a boulevard that is no longer a war zone. But even as the ex...

9) President Obama's risky rejection of the Defense of Marriage Act

PRESIDENT OBAMA and Attorney General Eric H. Holder Jr. declared on Wednesday that the Justice Department would no longer be an advocate for the indefensible - a law that relegates the nation's gay and lesbian citizens to second-class status.

10) Out of Wisconsin, a lesson in leadership for Obama

The Wisconsin governor's comportment in the budget crisis makes three things clear.

Financial And forex Info | SRS: W. P. Carey Announces Fourth Quarter and Year-End 2010 Financial Results



Investing for the long run



W. P. Carey Announces Fourth Quarter and Year-End 2010 Financial Results
New York, NY – February 24, 2011 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today reported financial results for the fourth quarter and year-ended December 31, 2010.    

Download the accompanying tables for W. P. Carey's fourth quarter and year-end 2010 financial results here.
QUARTERLY AND YEAR-END RESULTS
  • Funds from operations—as adjusted (AFFO) for the fourth quarter of 2010 was $36.3 million or $0.90 per diluted share, compared to $33.7 million or $0.83 per diluted share for the fourth quarter of 2009.  AFFO for the year ended December 31, 2010 was $130.9 million or $3.27 per diluted share, compared to $122.9 million or $3.09 per diluted share for 2009.
  • Cash flow from operating activities for the year ended December 31, 2010 was $86.4 million, compared to $74.5 million for 2009, while adjusted cash flow from operating activities was $88.6 million for 2010, compared to $93.9 million for 2009.
  • Total revenues net of reimbursed expenses for the fourth quarter of 2010 were $68.3 million, compared to $48.5 million for the fourth quarter of 2009.  Total revenues net of reimbursed expenses for the year ended December 31, 2010 were $213.9 million, compared to $184.8 million in 2009.  Reimbursed expenses are excluded from total revenues because they have no impact on net income.
  • Net Income for the fourth quarter of 2010 was $19.8 million, compared to $23 million for the same period in 2009.  For the year ended December 31, 2010, net income was $74 million, compared to $69 million for 2009. Results from operations in our investment management segment were significantly higher in 2010, primarily due to a higher volume of investments structured on behalf of the CPA® REITs and lower impairment charges recognized by the CPA® REITs.
  • For the year ended December 31, 2010, we received approximately $16.6 million in cash distributions from our equity ownership in the CPA® REITs.
  • Further information concerning AFFO and adjusted cash flow from operating activities—non-GAAP supplemental performance metrics—is presented in the accompanying tables and related notes.

INVESTMENT ACTIVITY
  • Investment volume for the year ended December 31, 2010 on behalf of the CPA® REITs and for our own portfolio totaled approximately $1.1 billion, or double last year’s volume of approximately $548 million.  International investments comprised 43% of total investments during 2010, compared to 36% in 2009, and we expect that international transactions will continue to form a significant portion of the investments we structure.
  • We closed approximately $593 million in investments on behalf of the CPA® REITs in the fourth quarter of 2010. These investments involved forty-seven facilities containing approximately five million square feet in the U.S., Canada, Croatia, China and Spain.

FUNDRAISING ACTIVITY
  • We continue to raise investor capital through our latest CPA® REIT offering, CPA®:17– Global, so that we may take advantage of attractive investment opportunities that we believe are afforded by the current market environment. To date, CPA®:17 – Global has raised more than $1.4 billion in its initial offering.  CPA®:17 – Global has filed a registration statement with the SEC for a follow-on offering of up to an additional $1 billion of common stock.
  • Carey Watermark Investors commenced its initial public offering of up to $1 billion of common stock, the proceeds of which will be used to acquire interests in lodging and lodging-related properties.

ASSETS UNDER MANAGEMENT
  • W. P. Carey is the advisor to the CPA® REITs, which had real estate assets of $8.5 billion and total assets of $8.8 billion as of December 31, 2010. 
  • As of December 31, 2010, the occupancy rate of W. P. Carey’s 14 million square foot owned portfolio was approximately 89%.  In addition, for the 99 million square feet owned by the CPA® REITs, the average occupancy rate was approximately 97%.

PROPOSED MERGER OF CPA®:14 AND CPA®:16 – GLOBAL
  • As previously disclosed, on December 13, 2010 two of the CPA® REITs we manage, CPA®:14 and CPA®:16 – Global, entered into a definitive agreement pursuant to which CPA®:14 will merge with and into a subsidiary of CPA®:16 – Global, subject to shareholder approval and other closing conditions.  If the merger is approved and the other closing conditions are satisfied, we currently expect that the closing will occur in the second quarter of 2011, although there can be no assurance of such timing.

DISTRIBUTIONS
  • The Board of Directors raised the quarterly cash distribution to $0.510 per share for the fourth quarter of 2010.  The distribution—our 39th consecutive quarterly increase—was paid on January 14, 2011 to shareholders of record as of December 31, 2010. 

Commenting on the 2010 results, W. P. Carey President and CEO Trevor Bond noted, “With more than $1 billion in transactions completed and record fundraising of nearly $600 million, 2010 was one of our most successful years.  These acquisitions have added to the geographic and industry diversity of our portfolios, and we believe we can build on this momentum in 2011.  Although we’re seeing new competitors entering the net lease market, we believe that our leading position in the sector combined with our seasoned acquisitions, asset management and capital-raising teams will allow us to source and execute on opportunities and maintain the risk-return profile that has been the hallmark of our CPA® programs.  As global economics improve, we believe the demand for long-term capital to fund corporate growth and expansion will continue and that we are well positioned to grow and expand our own business in this environment.”

CONFERENCE CALL & WEBCAST
Please call at least 10 minutes prior to call to register.

Time: Thursday, February 24, 2011 at 11:00 AM (ET)

Call-in Number: 800-860-2442
(International) +1-412-858-4600

Webcast: www.wpcarey.com/earnings

Podcast: www.wpcarey.com/podcast
Available after 2:00 PM (ET)

Replay Number: 877-344-7529
(International) +1-412-317-0088

Replay Passcode:448255#
Replay Available until March 11, 2011 at 9:00 AM (ET).

W. P. Carey & Co. LLC
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long-term financing to companies worldwide via sale leaseback and build to suit transactions and manages a global investment portfolio of approximately $10.5 billion. Through its CPA® series of income-generating, non-traded REITs, W. P. Carey helps companies and private equity firms unlock capital tied up in real estate assets.  The W. P. Carey Group's investments are highly diversified, comprising contractual agreements with approximately 275 long-term corporate obligors spanning 28 industries and 17 countries. http://www.wpcarey.com

This press release contains forward-looking statements within the meaning of the Federal securities laws.  A number of factors could cause the Company's actual results, performance or achievement to differ materially from those anticipated.  Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated.  For further information on factors that could impact the Company, reference is made to the Company's filings with the Securities and Exchange Commission.
____________________________________________ 

Economist Intelligent Unit: Can big spending save Saudi Arabia?: From our Chief Economist

Economist Intelligence Unit


From our Chief Economist

Thursday February 24th, 2011


Saudi Arabia's rulers can hardly have failed to notice with alarm the turmoil on their doorstep, and this week the royal family unveiled US$36bn worth of spending packages in an attempt to ensure the population's docility. As our ViewsWire service explains, the rise in global oil prices makes such massive subsidies more affordable, but even so the royal family will struggle to deny its citizens a political voice indefinitely. The dilemma is that offering even modest reforms could undermine the very basis of royal rule.

In China, we consider the prospect of revolution of a very different kind. The government wants to boost R&D spending in an effort to make the economy more competitive. This will create opportunities for high–tech foreign companies, but it will also mean a more challenging environment for them in some respects. Also from ViewsWire, we feature a timely article on the progress of the G20's quixotic attempts to rebalance the global economy.

From Risk Briefing, we offer a webcast on the problem of rising global inflation. John Bowler, from our global forecasting team, talks about what's driving this trend and how authorities should respond. Industry Briefing takes a look at India, where a new National Broadband Plan aims to connect around 160m households to broadband services by the end of 2014. Lastly, Executive Briefing looks at how companies can find new customers and connect with young people in fast–growing emerging markets through branding, collaborative innovation and social media.

How do these issues affect your business? Please let me know at: robinlbew@eiu.com

Best regards,


Robin Bew
Chief Economist

EDITOR'S CHOICE
SAUDI ARABIA: BEARING GIFTS
The king will spend an extra US$36bn, mainly on jobs and housing, to forestall protests at socio–economic ills. This will not quench the thirst for political change.
CHINA: FROM "R&C" TO R&D
China is trying to boost research and development in order to move the economy up the value chain. This will attract foreign investors, but will also make life harder for them.
WORLD: G20 DISAPPOINTMENT
G20 members have agreed on indicative guidelines for monitoring global economic imbalances, but the deal is unlikely to have much practical impact on policies.
WORLD: INFLATION ALERT
Our outlook for the global economy tells a story of continuing recovery, but our inflation forecast has risen from 2.7% to 3.3%. What are the implications?
INDIA: BROADBAND AMBITION
India's government is planning to invest more than US$13bn to bring fixed–line broadband services to most of the population, even in villages.
CO–CREATING YOUR BRAND WITH THE UNDER–30S
The powerful combination of youth, technology and rising consumerism is creating opportunities and challenges for companies looking for their "next billion" customers.