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Jose turns out Lamp

ueb67 — Wed, 23 Jul 2008 04:02:46 +0200

JOSE MOURINHO has given up hope of signing Frank Lampard thissummer.

Inter Milan boss Mourinho accepts Chelsea star Lamps will start theseason at Stamford Bridge — and is now prepared to wait 12months to get him.

The Special One said: For Lampard, it will be easier to play withChelsea until the end of his contract rather than break it now, allof a sudden.

It seems to me difficult for him to be able to come here now.It’s easier that he comes next season.

That is a big boost for new Chelsea chief Big Phil Scolari, whowants midfielder Lampard to stay.

Scolari has spoken to Lamps every day since taking charge threeweeks ago. And he believes he is slowly talking the 30-year-oldEngland ace around as he underlines his ambitious plans for nextseason.

As Chelsea arrived in China for the start of their Far East tour,Scolari said: Every day I have spoken to Frank about how we canwin games together at Chelsea.

We are constantly talking about what is the best way for Chelseato play and what is the best position for him.

He is training very well. The most important thing is that he ishere with us.

Lampard is refusing to sign Chelsea’s offer of a four-yearcontract worth ?30,000 a week and wants a five-year deal or a moveto Inter.

But Blues chief executive Peter Kenyon said: The fact Frank ishere on tour with us is an important statement.

We have always said that we want him to stay and we are confidentthat is what will happen.

Self Locking Threaded Fasteners Open Up...

ueb67 — Wed, 23 Jul 2008 03:59:36 +0200

Engineers, however, have successfully attacked these challengeswhile providing new electrical design options with innovative Spiralock self locking threaded fasteners. This re-engineered thread formadds a unique 30-degree wedge ramp at the root of the female threadwhich mates with standard 60-degree male thread fasteners.

The wedge ramp of the self locking threaded fasteners allows thebolt to spin freely relative to female threads until tension iscreated in the male fastener. The crests of the standard malethread form are then drawn tightly against the wedge ramp,eliminating radial clearances and creating a continuous spiral linecontact along the entire length of the thread engagement. Thiscontinuous line contact spreads the clamp force more evenly overall engaged threads, improving resistance to vibrational loosening,axial-torsional loading, joint fatigue, and temperature extremes.

The innovative threaded fasteners with a locking feature integratedinto the thread form compensates for variations in manufacturingtolerances and processing. This locking feature enhances jointreliability even in soft materials and can reduce costly warrantyclaims or potential liability. It also opens new electrical designoptions by eliminating the need for secondary thread lockingdevices or procedures, thus simplifying assembly and inventorymanagement. The fasteners have been used in thousands ofmanufacturing applications to solve design challenges in a widerange of industries.

Eaton Corporation's electrical division chose the Spiralockfasteners and internal thread form for its Cutler-Hammer brandmetal enclosed front (MEF) accessible switchgear. When secured atthe factory, the self locking threaded fasteners and internalthread form are capable of holding the MEF switchgear's bus jointssecure for decades, according to

Paul Parker, a senior engineer with Eaton's electrical division,part of Eaton Corporation, a diversified industrial manufacturerwith sales of $13 billion in 2007.

"The self locking fasteners and internal thread form helped usachieve vibration-resistant locking in our bus design that canwithstand seismic, shipping, operational or thermal-related forcesfor the life of the product," says Parker. "By helping usattain a

no-maintenance bus design, the Spiralock fasteners and internalthread form opened up new design possibilities."

Production changeovers to these self locking fasteners aretypically quick and seamless, often requiring just an exchange oftraditional nuts, wire inserts or simply drilling out andre-tapping existing parts stock.

Ceramic Fasteners Offer Continuous Use A...

ueb67 — Wed, 23 Jul 2008 03:57:20 +0200

Chesterfield, UK - Alumina ceramic fasteners are now available frommechanical drive components specialist, Rino Industries Ltd ofChesterfield.

This special material enables continuous use at 1500C offeringexcellent electrical insulation and resistance against heat andchemicals. They may be used in heat resistant applications such ashot water and chemical pumps as well as electronic applicationssuch as electrical transformers and computer equipment but as heatand chemical resistance varies with the usage environment, it isnecessary to test in advance under actual conditions. As with allceramics, care must be taken when handling, as ceramic screws dobreak easily the company states.

Slotted flat fillister head machine screws, hexagon headed bolts,hexagon and Dihedral nuts are all available as standard and sizesrange from M3 to M10.

SOURCE: Rino Industries Ltd.

Manufacturers of standard & special fast...

ueb67 — Wed, 23 Jul 2008 03:54:22 +0200

Press Release

Rino Industries Ltd. Release date: June 24, 2008

Rino's PEEK(TM) Screws Are Top of the Range Rino Industries Ltd has introduced an innovative range of screwsinto their newly launched fasteners range of mechanical drivecomponents. PEEK(TM) material is a super-engineering thermoplasticexcellent for its special physical and chemical characteristics,the company states.

Several different types of fasteners are available which range fromcross recessed pan and flat head screws, hexagon bolts, socket headcap screws, hexagon socket set screws, hexagon nuts, washers,spacer nuts and hexagon socket head taper screw plugs.

PEEK(TM) is short for polyetheretherketone and is light brown incolour. It has many advantages which include excellent chemicalresistance, impenetrable by most chemicals with the exception ofconcentrated sulphuric acid. Excellent thermal and water resistantcharacteristics also help maintain high heat resistance strength.Abrasion, shock and fatigue resistance as well as radiation andelectrical properties are all listed by the company as advantageousfeatures. Its heat resistant temperature of 180 makes it mostuseful for hot water and chemical pumps.

Other ideal applications include electric/electronic fieldapplications, transformers and computer machinery, chemicalresistant environments such as FPD (flat panel display) andsemiconductor production equipment/devices, printed circuit boardetching devices, metal plating equipment and chemical plants.

Production Engineer

ueb67 — Wed, 23 Jul 2008 03:52:02 +0200

Job Description

Production Engineer/ Process Engineer/ Project Engineer/ AutoCad

23,000 - 拢28,000

Leicester

Our client, founded in 1903, has become the leading producer ofhigh strength aerospace fasteners and industrial socket screws.

Due to the successful and significant growth of the business, theyare looking to recruit a Production Engineer who has an in depthknowledge of machining. The main purpose of this role is to ensurethat new products, processes and projects are produced in anefficient manner and meet with quality standards. You will becapable of estimating costs and lead times and will have theability to manage the installation of new machinery and equipment.At times you will support the engineering team to help resolvetooling production problems.

To be successful in this role you must have come from anengineering or manufacturing background with experience of usingAutoCad. You should be a self-motivated and hard working individualwith excellent organisation skills and have the ability tocommunicate effectively at all levels. Knowledge of MicrosoftOffice packages is essential for this role.

ckner & Co - High book profit through th...

ueb67 — Wed, 23 Jul 2008 03:48:54 +0200

" Sales contract signed " Strategic focus on core business

companies/Sale

Duisburg (euro adhoc) - Duisburg, July 21, 2008 - Acting throughits Swiss subsidiary Debrunner Koenig Holding (DKH), Klkner &Co AG has signed a contract to sell Koenig Verbindungstechnik (KVT)to the private equity company Capvis. The sale price totalsapproximately EUR325 million, resulting in a book profit aftertaxes of about EUR265 million. The transaction is subject toapproval by the antitrust authorities.

KVT, a wholly owned subsidiary of DKH, is involved in the market offastening systems and sealing plugs, an area that is not part ofthe core business of Klkner & Co AG. The planned sale wasannounced in the company report for the first quarter of 2008.

KVT, which is headquartered in Dietikon, Switzerland, has aworkforce of about 300 people. In fiscal year 2007, it generatedsales of about EUR120 million and earnings after taxes of aroundEUR20 million. Among other things, the company for fasteningsystems and sealing plugs sells self-clinching fasteners, rivetingsystem, nuts as well as high-pressure fasteners used particularlyin automotive technology for hydraulic applications.

"We are intensifying our focus on our core business in Europe justas we are doing in North America. The funds generated by the saleof KVT can be used to finance the expansion of Kl鯿kner & Co,"said Dr. Thomas Ludwig, CEO of Klkner & Co AG.

Klockner sell Koenig Verbindungstechnik...

ueb67 — Wed, 23 Jul 2008 03:45:48 +0200

July 22, 2008

Klockner sell Koenig Verbindungstechnik for EUR 325 million

Acting through its Swiss subsidiary Debrunner Koenig Holding,Kl?ckner & Co AG has signed a contract to sell KoenigVerbindungstechnik to the private equity company Capvis. The saleprice totals approximately EUR 325 million, resulting in a bookprofit after taxes of about EUR 265 million. The transaction issubject to approval by the antitrust authorities.

KVT a wholly owned subsidiary of DKH is involved in the market offastening systems and sealing plugs an area that is not part of thecore business of Kl?ckner & Co AG. The planned sale wasannounced in the company’s report for the first quarter of2008.

KVT, which is headquartered at Dietikon in Switzerland has aworkforce of about 300 people. In fiscal year 2007, it generatedsales of about EUR 120 million and earnings after taxes of aroundEUR 20 million. Among other things, the company for fasteningsystems and sealing plugs sells self clinching fasteners, rivetingsystem, nuts as well as high-pressure fasteners used particularlyin automotive technology for hydraulic applications.

Dr Thomas Ludwig, CEO of Kl?ckner & Co AG said that "We areintensifying our focus on our core business in Europe just as weare doing in North America. The funds generated by the sale of KVTcan be used to finance the expansion of Kl?ckner & Co.

BSF india gets approval for Brass book s...

ueb67 — Wed, 23 Jul 2008 03:43:23 +0200

BSF India has recently got approval from German and UK buyers ofBrass book screws and male female screw

BSF India ( http://www.screws-fasteners.in ) has recently got approval from German and UK buyers of Brassbook screws and male female screw posts. The comapny has diversiedin to this folder screws Book binding screws business withacquisition of new Russian/Italian machines and can offer screws upto 6" in length .

The market of Chicago screws and book biding screws is largelydominated by European companies and BSF will be first Indiancorporation to breach in to this highly quality conscious market.

The cold heading and bar turning machines can give accuracy of upto 30 microns which is a god standard for the industry. The cost ofnew machines ahs been 4.5 Mn US$ which has been met from internalaccruals and bridge loan from SBL Bank.

BSF India with a workforce of 232 people is large exporter andmanufacturer of anchor fasteners cheese head screws Pan head screwsDIn 84 and DIN 85 with a strong foothold in UK USA GermanyAustralia etc. With its brand new facility at Rajkot BSF also plansto introduce 8.8 grade high tensile fasteners for automobileindustry along with other cold formed parts and radiatoraccessories.

The company has already got first sample approval from some leadingauto names in the country and Europe for HT fasteners in metricsizes. ( http://www.screws-fasteners.in/resourcess.htm ) . Brass anchors ( http://brass-anchors.screws-fasteners.in/ ) produced by BSF are used for door and wedge fastening acrosscentral European countries.

The company plans to hit the capital market with an IPO in about 12montsh for generation of funds to meet working capital requirementspost expansion and product approval with the auto companies.

Mr. Sayal the CFO of the company is confident of achieving 20% YOYgrowth in top line and bottom-line. The present turnover of thecompany is 23 Mn US$ inclusive of exports.

Doncasters adss on fastener systems

ueb67 — Wed, 23 Jul 2008 03:40:02 +0200

* Ferry Cap and Set Screw in Lakewood, Ohio, USA.

* Progressive Stamping in Royal Oak, Michigan, USA.

These three companies joined the Doncasters Group following the theFastenTech acquisition in 2007.

Doncasters told manufacturingtalk that all three sites havedeveloped a reputation as industry leaders in their fields.

They manufacture a range of safety-critical fasteners andapplication equipment for the construction, industrial andtransportation markets.

By combining the skill, knowledge and state-of-the-art equipment inuse at the fastener systems sites with the group's long-standingexpertise in the aerospace sector , Doncasters can now add a wide range of fasteners for theaerospace industry.

Commenting on the extended product range, chief executive officerof Doncasters, Eric J Lewis, said: "Our customers and prospects arelooking for suppliers that can provide a very wide range ofproducts and processes.

By expanding our Fastener Systems offering to the aerospace market,we will be able to continue to provide high quality parts to ourclients while working to become a true supply-chain integrator,helping OEMs streamline processes and minimise time spent dealingwith multiple suppliers".

he said that Doncasters Fastener Systems sites were currently intalks with a number of aerospace OEMs to develop the product rangeand obtain all relevant certifications.

The Division can supply high strength, performance criticalfasteners that can withstand the harsh rigours of demandingoperating environments.

Lewis concluded: "For many years, Doncasters has been a leader inthe aerospace industry.

I'm delighted to be able to extend the Group's services to theaerospace industry by introducing our Fastener Systems capabilityand am confident that the division will prove to be a real success,staying true to our high standards of quality, service, on-timedelivery and price".

Collectively, the division offers a range of services, includingthe following.

* Metal stamping and welding.

* Broaching , thread rolling , drilling, CNC (computer numerical control) machining andcenterless grinding.

* Cold heading.

* Fillet roll, head forging and collar forming.

* Heat treatment and painting.

* Thread patches, bonding, de-burring and drying.

* Quality validation, mechanical and metallurgical testing, fatiguetesting, acid etching, optical inspection and non-destructive testing (NDT).

Each site is certified to industry quality assurance standards and the division has the capability to manufactureproduct using a range of raw materials including low carbon steel , high carbon steel, stainless steel, copper, aluminum, A286, alloysteel, and nickel alloys.

* About Doncasters - the Doncasters Group is a fast growing leadinginternational manufacturer of performance and tolerance critical engineering components for a variety of end marketapplications.

Doncasters excels in working with alloys and metals that aredifficult to shape and form, and that are required to operate indemanding ambient conditions .

The company's range of products and processes has been developed tooffer customers a broad, vertically integrated capability.

Core manufacturing processes include precision casting, forging,fabrication, machining and production of superalloys.

? Doncasters Group: contact details and other news

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Rangel matter not black and white

ueb67 — Tue, 22 Jul 2008 04:00:46 +0200

by Frank James

House Ways and Means Chairman Rep. Charlie Rangel's sparring matchwith reporters today who questioned him about the propriety of hisinvolvement in fundraising for a City College of New York center bearing his name was worth watching.

Rangel clearly was angry about a story he believes isn't a story.In a nutshell, his position is that the letters his office sent outon congressional stationery were merely form letters. Moreimportantly, they didn't solicit any money, they merely tried tohelpful in encouraging meetings between the foundations and theCCNY. Furthermore, the Charles B. Rangel Public Service Center wasnamed by the school's board, not himself.

Beyond that, he emphasized, these were non-profit foundations hewas trying to get together with college officials, not corporationswith business before his Ways and Means Committee.

A rankled Rangel tried to turn the tables on Washington Postreporter Christopher Lee, usually never a good media strategy sincea rank-and-file reporter is no match for one of the nation's mostpowerful men who looked like he was bullying the reporter.

But Rangel clearly felt he was more sinned against than sinning.Here's a snippet of a transcript provided by the Washington Post :

First of all, I normally advise people, as I have been advised, notto respond to these allegations that I abused my congressionaldiscretion in writing on behalf of a school institution named afterme because it would blow over; or, as more often I've advisedmembers, that remember you don't have as much ink as the printersdo.

Rangel then announced he was making an exception, however:

So one of the things that I would use, hoping that it might catchon, is that I'm going to see how much damn ink The Washington Posthas.

So to that extent they -- another potential headline is, "RangelInsists That the Ethics Committee Investigate the UnfoundedCharges," because, first of all, nobody that can read is going tobring any charges against me, including The Washington Post, which,of course, I encourage them to do it, because then they have tofollow their own foundless story, and at least that gets somecoverage on this in The Washington Post.

And I would want to make certain that other members are in theposition to know what they can or cannot do.

As to the allegations, I challenge The Washington Post -- and ifyou can find some word a little stronger than that -- to show oneline in any of the letters that I have sent out on behalf of theCity College institution, which their board of directors decided toname after me, where there's a solicitation for funds.

RANGEL: In all of the letters that were sent to not-for-profitfoundations, rather than as they say to people who may havebusiness before my committee, I encourage them to meet with CityCollege to learn more about the program.

In the three areas that you can say is not listed that I waswriting to a foundation, one of them was writing to DavidRockefeller, and in my mind -- I was really writing to theRockefeller foundation, but if you want to say David Rockefellerhas business before my committee -- well, he wakes in the morning,I assume, just breathing he has business before my committee. Butit was a Dear David letter. And I've known the guy, and his brotherbetter when he was governor of New York.

The other one was Jack (sic) Greenberg, who while he was theexecutive director and (inaudible) the CEO of AIG -- that's theAmerican Insurance Group -- the only discussions I've ever had withhim was our shared experience in Korea, where we both earned theBronze Star. And in talking and writing the letter to him, again,he was known, as he is in the philanthropic world, as the CEO ofStarr Foundation, which is one of the largest in the country.

The third exception is Don Trump, who on that letter, which was oneof the letters that I know is in the possession of The WashingtonPost, is a handwritten note that I'm sending him the material as herequested. And, of course, he has no issue before the committee.

RANGEL: I might add that one of the people that have been out thereencouraging contributions, private and public, has been thelongtime district attorney of New York County, in terms of this.

All of my public life, I have felt that there has been such a gapbetween the ability to get an education and success in America. AndI've spent a lot of time in the Ways and Means Committee trying toencourage the private sector to make more of a contribution interms of working with the education resources we have in thiscountry, because I truly believe -- unlike some people, CondoleezzaRice and I believe that lack of education is a threat to ournational security.

And I'm just so proud of the almost monthly meetings I have withthe Business Roundtable, not just in talking about trade, butencouraging and asking them to fulfill a bigger obligation to theirlocal and public and private institutions of learning.

As I wrote earlier, Rangel is one of the best in Congress when itcomes to rhetorical combat so a strong and effective defense wasexpected.

Rangel may be right that nothing will come of an ethicsinvestigation, if one is held at all.

And after listening to Rangel, the whole situation seems far fromblack and white. It shows how complicated ethics can be.

Yes, there is an appearance issue. When the school named the centerfor him, it would have been exceedingly odd if it hadn't crossedthe minds of school officials that there could be some fund-raisingadvantages from that down the road. Rangel even suggested as muchtoday.

There's the aspect of his power. As chair of the W&M commission,even a form letter from Rangel's office gets the attention ofdonors in a position to give money.

He may not have specifically asked for money for the school in hisletters, but wasn't the purpose of the letters to get foundationpeople together with school officials so that the school officialscould solicit?

But Rangel really can't be blamed for the school naming itspublic-service center for him, even if school officials thought itwould help fundraising. Congress doesn't have a rule thatuniversities can't name a building or center for a sittingcongressman.

And as a congressman who represents Harlem, doesn't Rangel have anobligation to help institutions in his congressional district, eventhose named after him? Doesn't sending his letters to thephilanthropies arguably fall into that category?

Rangel said one of the most important things an ethicsinvestigation could do is provide clarity on where the line is inmatters like this. That would be a welcome outcome.

Low-income People Bearing Brunt of Soari...

ueb67 — Tue, 22 Jul 2008 03:58:10 +0200

HOME

Low-income People Bearing Brunt of Soaring Market Prices THT Online Kathmandu, July 20

With market prices spiralling out, low-income families are findingit difficult to eke out a living.

Due to the lack of a control mechanism, prices of foodstuffs areincreasing at an alarming rate.

In the last six months, price of a 30-kg bag of Mansuli rice hasgone up to Rs 880 from Rs 740. The price of 20 kg-bag of Basmatirice has risen to Rs 1,400 from Rs 1,200. Per litre price ofsoybean oil has jumped to Rs 140 from Rs 110, while the price perlitre of mustard oil has climbed to Rs 150 from the earlier priceof Rs 120.

Binita Ghimire sells roasted maize at Old Bus Park in Kathmandu.Though the Ghimire family toils from dawn to dusk, the income isnot enough to make a decent living.

"With Rs 100, we used to manage square meals in the past. Now, themoney is just enough for one meal," Ghimire, who is living at arented room in Khasibazaar with her husband and son, said.

She earns Rs 100 to Rs 150 a day. Her husband Sambhu, who works ina sweet shop at the bus-park, earns Rs 3,500 a month.

"Though we have been compromising on the quality of food, we havebeen finding it difficult to earn a livelihood," she added.

Hoping for a better life, Mahindra Ram, 64, came here from Bara 10years ago.

Ram, a cobbler by profession, works in the pavement of Bagbazaar.He and his four cobbler friends live in a rented room at Bagbazaar.

"We eat to sustain ourselves, not to savour the taste. We haven'teaten meat for months," he added. He said that he had stopped usingvehicles to travel short distances so as to save some money for hisfamily.

"Prices of foodstuffs have gone up, but our service chargeshaven't. No one will come to mend shoes if we increase our servicecharges. Instead of mending old shoes, people will buy shoes," Ramsaid.

Uranium-bearing liquid leaks from underg...

ueb67 — Tue, 22 Jul 2008 03:56:27 +0200

PARIS : Uranium-bearing liquid has leaked from a broken underground pipeat a nuclear site in southeastern France, the national nuclearsafety authority said Friday. It was the second leak discovered ata French site this month.

Experts are working to determine how much leaked uranium is presentat nuclear company Areva's plant in the town of Romans-sur-Isere,the Nuclear Safety Authority said in a statement. Specialists areto work to clean up the site.

The communique said the pipe is believed to have ruptured severalyears ago. It added that the pipe "was not in line with theapplicable regulations, which require shock resistance abilitysufficient to avoid rupture."

Areva spokesman Charles Hufnagel said the leak of lightly enricheduranium did not spread outside the site and had "absolutely noimpact on the environment." He said the factory hoped the leakwould be classified as a level 1 problem — the most minor ofseven possible rankings.

Still, the announcement was a new blow for Areva after a similarincident last week, when a liquid containing traces of unenricheduranium leaked from a factory in Tricastin in southern France.Areva said that problem "did not affect either the health ofemployees and local populations, or their environment."

Cornerstone Bancshares, Inc. Announces 2...

ueb67 — Tue, 22 Jul 2008 03:53:48 +0200

CHATTANOOGA, Tenn., July 18, 2008 /PRNewswire-FirstCall via COMTEX/----Cornerstone Bancshares, Inc. (OTC Bulletin Board: CSBQ) todayannounced the following: Cornerstone Bancshares, Inc. saw itsearnings bearing increase to $1.1 million for the 2nd quarter of 2008 or$.17 per share compared to $1.0 million for the 1st quarter of2008, an increase of 5.7%. Year-to-date, Cornerstone has earned$2.1 million or $.33 per share. These earnings represent more thana 30% decrease from 2007 earnings period over period. The decreasefrom the last year's earnings level has mostly been caused by netinterest rate margin compression of approximately 135 basis points.The compression was created when the Federal Reserve rapidlyreduced its Federal Funds rate 325 basis points over the lastseveral months and has been exacerbated by the severe liquiditycrisis created by large money center banks early this year. Thisliquidity crisis has caused the failure of a couple of large bankssuch as Bear Stearns that were heavily concentrated in housingcredit risk and were highly leveraged. As a result of thisliquidity crunch other banks, especially smaller banks, have seenthe cost of funds from products such as certificates of depositcost 100 basis points more than would be expected given the presentFederal Funds rate during previous periods. In the past,Cornerstone has been able to grow its balance sheet to offsetinterest rate compression, but in 2008 there is much moreuncertainty and not as much readily available capital to fund suchgrowth. Cornerstone believes the rest of 2008 will be a challengeand will use the time to build its capital and liquidity. The Bankcontinued to grow loans during 2008 but at a slower rate as loans,especially commercial real estate loans, increased to $384 million,an increase of 10.9% over the same period during 2007. TheCompany's performance metrics pulled back to normal peer levels.ROA was 0.95% for the second quarter of 2008 compared to 1.54%during the second quarter in 2007. ROE was 11.5% during the secondquarter in 2008 compared to 15.4% in 2007.

Presently the Company is operating at a comfortable 8.26% capitalleverage ratio and has the ability to continue to grow, but willspend the remainder of 2008 building capital until the economicenvironment improves.

The asset quality improved to the superior level during the secondquarter of 2008, non-performing loans as a percentage of averagetotal loans decreased to 0.39% while past-due loans as a percentageof total loans decreased to .95%.

Cornerstone Bancshares, Inc. is a one-bank holding company servingthe Chattanooga, Tennessee MSA with 5 branches and one loanproduction office in Dalton, Georgia and one loan production officein Knoxville, Tennessee and $450 million in assets specializing inbusiness financial services.

This press release contains forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995,which contains a safe harbor for forward-looking statements. TheCompany relies on this safe harbor in making such disclosures. Thestatements are based on management's current beliefs andassumptions about expectations, estimates, strategies andprojections. These statements are not guarantees of futureperformance or results and involve risks, uncertainties andassumptions that are difficult to predict. Therefore, actualoutcomes and results may differ materially from what is expressedor forecasted in such forward-looking statements.

SOURCE Cornerstone Bancshares, Inc.

Bearing down

ueb67 — Tue, 22 Jul 2008 03:52:14 +0200

Mae and Freddie Mac, two giant US mortgage corporations, had to berescued by the Federal Reserve and US treasury, sending investorson both sides of the Atlantic into a spin about what next mightbefall a deeply beleaguered banking sector.

With the attention of the City focused on the bearing struggling shareprice, Hornby also confirmed a long-running rumour that the bankwas to make job cuts. The announcement that 650 of its 65,000employees were to be axed across the UK made local headlines butwent almost unnoticed by the markets who were more concerned thatthe 拢4bn issue of new shares would get away smoothly.

Although B&B got investor backing for its critical 拢400m rightsissue rescue on Thursday, its executives came in for furthercriticism from shareholders. SLI, the buy-to-let lender's topshareholder, backed the rights issue but warned that it now neededto see action. "We look to your board to take steps to restorevalue to our clients' shareholdings in B&B," said Guy Jubb, head ofcorporate governance at SLI.

And while Barclays secured 拢4.5bn from investors on Friday tobolster its balance sheet, the bulk of the money will be providedby "anchor" investors led by Qatar, China and Singapore, ratherthan ordinary shareholders.

Against this grudging support, the board of HBOS will be hoping toplacate anxious shareholders and will do so by arguing that thebank is fundamentally sound. John Wriglesworth, economist at theWriglesworth Consultancy, said: "There's nothing wrong with HBOS'sstrategy. Of all the mortgage banks it is the only one that willsurvive as it is. It shouldn't change its strategy."

But analysts are divided on whether it is a likely takeover target.Spreng said: "There is no doubt that there's potential for atakeover. When the share price gets to a level where it isperceived as cheap, it leaves it open to potential suitors."

While Hornby has survived the rights issue, he must now regain thetrust of the City and investors. In March he proved he can takedecisive action when he moved quickly to quash rumours that HBOSwas in trouble after short-selling forced its share price toplummet. At the time he said: "I went on the front foot and issueda denial straight away."

But he has also been accused of errors of judgment, including hisdecision to go to London to address analysts rather than attend thebank's AGM in Glasgow in April.

Hornby will now be urged to move on from the current mire andexplain to employees, shareholders and customers exactly whatHBOS's strategy will be in the post-credit crunch era. He may haveto decide whether it is committed to being primarily a mortgagebank or if it should evolve into an all-round bank in the mould ofHSBC.

The next few months, or even years, will not be easy for anyfinancial institutions and Hornby is under pressure to prove he isa safe pair of hands, with the maturity and confidence to steerHBOS into better times.

Amending domestic law will not have bear...

ueb67 — Tue, 22 Jul 2008 03:42:52 +0200