news blog from Hettie

Turn home into a winter wonderland, reap profit later?

Want to kick up your feet no matter how hard the cold weather kicks its heels? With winter on the way, we examine luxury renovations ideal for cocooning. Judge for yourself whether theyâre worth a set of blueprints and a stack of greenbacks. Item: Home theaterÂ system Why you want it: Screening movies in your own theater Â complete with rump-shaking sound and a larger-than-life picture Â can bring out the Hollywood mogul in anyone. Cost: Estimates vary widely, but figure a minimum of $5,000 for a high-end setup that includes 7.1 Dolby Digital surround sound, at least seven speakers and a subwoofer, amplifiers and a 73-inch rear projection TV that can reproduce 3D and HDTV images. Rich Conklin, a principal engineer with Grand Home Automation in Grand Rapids, says the companyâs âSignature Seriesâ surround systems range from $15,000 to $30,000. Value: A survey conducted by Axiom Home Theaters in Dwight, Ontario, Canada found that a 375-square-foot home theater can add $15,000 to $25,000 to a house priced between $150,000 and $350,000. (Those figures apply to both U.S. and Canadian dollars.) However, this is one asset you can take with you to a new home, as many of the components are portable. Did you know?: Music engineer/producer Jeremy Kipnis designed a home theater system that reportedly cost more that $6 million, and incorporates three dozen-plus speakers and a motion-picture screen measuring 18 x 10 feet. Â Item: Heated driveway Why you want it: Who wants to shovel during a snowstorm when you can flick a switch and melt the white stuff away? Cost: About $1,500 to outfit 100 square feet of driveway with radiant heating elements and controls, according to Warmup United States of Danbury, Connecticut. Heated Driveway Systems, a division of Warmzone in Salt Lake City, Utah, estimates operating costs at 28 cents per 100 square feet per hour. Value: A $2,000 investment in a heated driveway equals of 80 man-hours of shoveling, if you paid two local kids $25 each to shovel your driveway for an hour. Did you know?: In some cases, heated driveway systems can reduce the cost of homeownerÂs insurance due to reduced risk of accidents from walking on slippery property. Â Item: In-ground indoor pool Why you want it: Swimming year round for exercise beats just about any domestic alternative, especially heart-attack-inducing snow shoveling. Cost: A fiberglass in-ground pool from Endless Pools of Aston, Pennsylvania starts at about $25,900 for a model measuring 8 Â½ feet wide, 18 feet long and 60 inches deep. Value: A study co-authored byÂ G. Stacy Sirmans, a real estate professor at Florida State University, found swimming pools add 8 to 13 percent to a homeâs selling price. A pool Âis generally positive and significantÂ to a homeÂs value, Sirmans says. Did you know?: When Robert Kaufman died in 1995, he left behind a five-story Manhattan townhouse with a sauna, hot tub and an enormous indoor pool measuring 8 feet deep. The home Â which apparently hosted some lascivious bachelor parties Â went up for sale for $10.9 million this year, the New York Times reports. Â Item: Wine cellar Why you want it: You (and your collection) have outgrown that Crate & Barrel wine rack on wheels. Cost: Wine Cellar Innovations of Cincinnati, Ohio custom-builds cellars that can hold 1,400+ bottles, and range from about $4,000 to $71,000. The top-of-the-line ÂPlatinumÂ series features racks made from all-heart redwood, and a selection of custom moldings and cabinetry. Value: It depends on the wine you put in it. Serious oenophiles can make a handsome profit selling the vintages they accumulate. SothebyÂs Hong Kong sold part of an American collectorÂs cellar in April for $5.1 million. Did you know?: For those who can make the dates, SothebyÂs London will auction the wine collection of Âa successful entrepreneur and philanthropistÂ on Oct. 26 and 27. The goods include some 5,743 bottles, 689 magnums, 479 double magnums, 215 Jeroboams and 247 Imperials. Â Item: Custom bowling alley Why you want it: In a high-tech world, bowling still rules as low-tech family fun. Or perhaps youâve seen âKingpinâ and âThe Big Lebowskiâ so often youâve developed an uncontrollable kegling urge. Cost: A two-lane residential bowling alley installed byÂ Murrey Bowling of Los Angeles, California ranges from $130,000-$200,000, while a one-lane alley ranges from $80,000-$105,000. Value: Assuming public bowling costs $5 per game, and a family of four bowls two games daily, five days a week, it would take 9-plus years for a $100,000 alley to pay for itself, not counting maintenance and operating costs. But imagine the marathon bowling parties you could throw. Did you know?: John Amend of Dallas built a private four-lane bowling center that he uses for business networking and charity events.Â According to the Dallas Business Journal, Dallas Cowboys quarterback Troy Aikman and former President George W. Bush have bowled there. The price tag: $1.5 million. This past summer, Reuters Wealth looked at luxury home add-ons through the eyes of Architect Barbie and bathroom lovers. InÂ July, we examined six home additions in aÂ Barbie Dream House Competition, running the gamut from solar power to a greenhouse. And in ourAugust âRoyal Flushâ bathroom feature, we highlighted the joys of a $47,000 bathtub andÂ luxury three-ply toilet tissue in seven colors (including black). Â

Tags: Turn home into a winter wonderland reap profit later
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No “big bang” expected from Durban climate talks: EU

Jos Delbeke, director general for climate action at the European Commission, told a news briefing in Beijing that he had no illusions about the challenges facing negotiators during the next round of talks in Durban, but said he was optimistic that a “step by step” approach could seal a global compact by 2014-5.”I think if people are expecting a big bang, that is not on the cards,” he said.”Even if we do not have a big bang at Durban, we have the opportunity to make operational steps that are going to turn out to be very important for the elaboration of a new comprehensive regime.”After the disappointments of Copenhagen in 2009 and Cancun in 2010, the latest round of discussions to extend the Kyoto Protocol will take place in November, and Delbeke said negotiators had already shed the illusion that a deal could be sealed in one easy step.The first phase of the Kyoto agreement will expire at the end of 2012, but with most of the world preoccupied with reviving the economy and handling the European sovereign debt crisis, few expect any breakthroughs.Media reports have suggested that big greenhouse gas producers like Japan and Canada would not even participate in the second phase of Kyoto, which Delbeke said he “deplored.”“I think in reality what may happen is that the Europeans will pronounce themselves politically in favor of the Kyoto Protocol but that they will only go for ratification of the agreement if other parties join the club and undertake action.”Delbeke said beyond the challenges of signing a new global deal, incremental progress was likely to be seen on technological cooperation, as well as issues like adaptation to climate change and monitoring emissions.BILATERAL DEAL?China has been the biggest beneficiary of the Clean Development Mechanism (CDM), a Kyoto Protocol scheme that allows industrialized countries to meet their CO2 reduction targets by purchasing “certified emission reductions” or CERs from low-carbon projects launched in developing nations.But the EU, the biggest buyer of CERs, has said it will not accept CERs generated by Chinese projects once the current phase of its Emissions Trading Scheme ends in 2012, though projects already registered will remain valid.”Our ministers last week came together and they said they remain open to continue the Kyoto Protocol but there are a number of conditions attached to it,” said Delbeke.”One of them is the environmental integrity of the Kyoto Protocol needs to be improved. Another is that many more players have to join in.”With the EU committed to bringing the benefits of the mechanism to least developed countries, China will need to negotiate a separate bilateral deal with Europe if it wants to continue supplying carbon credits to Europe after 2012.But that is likely to need stronger commitments to reduce absolute levels of greenhouse gas, including “sectoral” programmes that will force entire industries rather than individual projects to cut their emissions.China, for its part, is still committed to the Kyoto principle of “common but differentiated responsibilities” which puts most of the responsibility for cutting emissions on the shoulders of developed nations.The EU has been in discussions with potential partner countries but Delbeke wouldn’t be drawn on whether talks with China were making progress.”We have had quite a number of discussions — it is about improving the CDM and, as far as we are concerned, opening up a new sector-based mechanism,” said Delbeke.He said talks were at an early stage and the important issue was ensuring that credits generated from sectoral schemes were recognized by the United Nations.”I think it is fair to say that before such credits become available, we still will need some time because the clarity on sectoral mechanisms is not yet there, and it has to be implemented, and the credits have to be generated. It is not something that is going to happen on January 1, 2013.”

Tags: No big bang expected from Durban climate talks EU
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UPDATE 1-Steel Dynamics Q3 profit more than doubles

* Q3 rev rises to $2 bln from $1.6 bln last yearOct 17 (Reuters) - Steel Dynamics posted quarterly profit which more than doubled on higher shipments and increased external steel selling price.Third-quarter net profit was $43 million, or 19 cents per share, up from $19 million, or 9 cents per share, a year ago, the Fort Wayne, Indiana-based steelmaker said on Monday.But the profit was lower than the $99 million, or 43 cents per share, it earned this year’s second quarter. Revenue fell to $2 billion from $2.1 billion last quarter.Last month, Steel Dynamics forecast third-quarter earnings that lagged market estimates, citing uncertainty in the U.S. and global economies, which led to lower demand for its products.As a result, analysts lowered their estimates for the third quarter to 20 cents per share from 29 cents per share, according to Thomson Reuters I/B/E/S.

Tags: UPDATE 1Steel Dynamics Q3 profit more than doubles
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UPDATE 1-Coldwater Creek sees bigger-than-expected Q3 loss

* Sees Q4 loss $0.17-$0.26 vs est -$0.28Oct 17 (Reuters) - Women’s apparel retailer Coldwater Creek Inc forecast a wider-than-expected third-quarter loss, hurt by weak traffic and high advertising costs.The retailer, whose larger rivals include Chico’s FAS and Ann Taylor Stores Corp , projected a third-quarter loss of 30-36 cents per share, while analysts were expecting a loss of 28 cents per share, according to Thomson Reuters I/B/E/S.The company, which has been struggling with its merchandise for over a year now, expects comparable premium retail store sales to fall 17-21 percent for the period and flat gross margins compared to last year.However, the Sandpoint, Idaho-based company — which has been working on a number of initiatives to improve its business, including shutting stores — forecast a smaller-than-expected as it hopes its holiday collection will appeal to customers.It projected net loss at 17-26 cents a share for the quarter, while analysts had expected a loss of 28 cents a share.Coldwater shares closed at $1.13 on Monday on Nasdaq.

Tags: UPDATE 1Coldwater Creek sees biggerthanexpected Q3 loss

UPDATE 1-Coldwater Creek sees bigger-than-expected Q3 loss

* Sees Q4 loss $0.17-$0.26 vs est -$0.28Oct 17 (Reuters) - Women’s apparel retailer Coldwater Creek Inc forecast a wider-than-expected third-quarter loss, hurt by weak traffic and high advertising costs.The retailer, whose larger rivals include Chico’s FAS and Ann Taylor Stores Corp , projected a third-quarter loss of 30-36 cents per share, while analysts were expecting a loss of 28 cents per share, according to Thomson Reuters I/B/E/S.The company, which has been struggling with its merchandise for over a year now, expects comparable premium retail store sales to fall 17-21 percent for the period and flat gross margins compared to last year.However, the Sandpoint, Idaho-based company — which has been working on a number of initiatives to improve its business, including shutting stores — forecast a smaller-than-expected as it hopes its holiday collection will appeal to customers.It projected net loss at 17-26 cents a share for the quarter, while analysts had expected a loss of 28 cents a share.Coldwater shares closed at $1.13 on Monday on Nasdaq.

Tags: UPDATE 1Coldwater Creek sees biggerthanexpected Q3 loss

NYSE Euronext D.Boerse clients fearful over costs

“I don’t see clear benefits from mergers. I see increased complexity and increased complexity rarely implies increased savings,” said Philippe Guillot, head of trading at broker Cheuvreux.”Nothing has led us to believe that savings will be passed on to the end investors,” Guillot told the European Exchanges Summit in London on Monday.Europe’s largest share-trading firms, including the world’s top investment banks, fear a merger between Deutsche Boerse and NYSE Euronext will give the combined entity an effective monopoly in some areas, which could lead to increased costs.”They’ve not offered us much in the way of assurances over trading fees, our main outlay, instead they are talking up connectivity savings,” said one head of electronic trading at a large investment bank.NYSE Euronext sought to allay these concerns on Monday, saying costs would come down for clients, though it did not rule out higher trading fees.”The merger will lead to infrastructure savings. Clients will have less to do to connect to our platforms and less to do in clearing and settlement. It does not equal lower fees but it will mean overall savings,” said Roland Bellegarde, group executive vice president and head of European cash and listings at NYSE Euronext.The exchange partners are keen to stress clients will make hefty savings in their technology budgets because the merger will mean they need to maintain just one set of infrastructure links to trade products which today require two sets of pipes.The European Commission is currently studying the exchange mega-merger, particularly derivatives trading and clearing services, with a view to announcing whether it has decided to back or block the deal in December.Deutsche Boerse and NYSE Euronext hoped to avoid tricky questions over the combination of the two top European futures platforms by arguing the vast over-the-counter (OTC) futures market should be factored into any anti-trust deliberations.But three people familiar with the matter said last week the Commission told the exchanges at the start of the month it had opted not to include OTC derivatives in its review of the planned merger, a potential blow to the deal.NYSE Euronext and Deutsche Boerse have until November8 to address formally the European Commission’s specific concerns, including the suggestion that the merged firm will have an effective monopoly in European listed futures trading.Deutsche Boerse’s Eurex and NYSE Euronext’s Liffe have between them 93 percent of European futures trading and 86 percent of European options activity, World Federation of Exchanges data shows.

Tags: NYSE Euronext DBoerse clients fearful over costs
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I would not have picked Tiger Woods for Cup, says Norman

“I wouldn’t have (picked Woods),” Norman told the Fort Myers News-Press newspaper in Florida on Sunday. “I think Keegan Bradley was much more deserving.”I can understand the name of a Tiger Woods and his history of what he’s done on the golf course. But I pick the guys who I think are ready to get in there and play and have performed to the highest levels leading up to it.”Norman will lead the Internationals at Royal Melbourne Golf Club where his opposite number, Fred Couples, will have Woods and Bill Haas on his team as his two captain’s picks.Couples had inked Woods in as one of his selections a month early, despite the 14-times major champion’s struggles on and off the course in recent years.Woods has played in every Presidents Cup since 1998 but has not triumphed anywhere since the 2009 Australian Masters while battling leg injuries and trying to rebuild his golf swing and private life following the breakup of his marriage.”I just don’t think he’s swinging the golf club the way he used to when he won all those major championships,” Norman said of Woods, whose world ranking has slipped to 52nd.”He’s a different player out there nowadays. He looks more confined. I know what it takes to have freedom in a golf swing … and I just don’t think he’s technically in the right position to do what he used to do.”Norman expressed sympathy over the omission of 25-year-old Bradley from the U.S. team.”If I was in his shoes, I would feel like I got gut-checked a little bit,” the Australian said. “He’s a young guy. He likes the Presidents Cup. He loves the idea of playing for his country and he’s not, so I feel for him.”

Tags: I would not have picked Tiger Woods for Cup says Norman
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Brazil default indicator dips in September -Serasa

* Policy-makers expected to cut interest rates on Oct. 19SAO PAULO, Oct 14 (Reuters) - An indicator of consumer default in Brazil fell month-over-month in September for the first time after half a year of gains, credit research company Serasa Experian said on Friday.The so-called Indicador Serasa Experian de Inadimplencia do Consumidor fell 3 percent in September from August and also slowed in September from a year ago, the company said.Markets have worried about credit quality in Latin America’s biggest economy this year, with the default rate in August at its highest level since February 2010.Bank stocks are largely down for the year, with shares of Itau Unibanco losing about 19 percent so far in 2011. That compares to a loss of 21 percent for the benchmark Bovespa stock index .Brazil’s central bank expects credit to expand 17 percent this year — a significant rise in a country where millions of people have risen to the middle class in recent years, yet many still lack basic bank accounts.Economists say many of those new middle class members — whose shopping sprees for everything from home appliances to cell phones have helped push growth — are still learning to manage credit.Default rates are 23.3 percent higher than the year-earlier month, Serasa Experian said.The central bank had clamped down on credit at the start of this year but resumed cutting interest rates in August as the global economy turned gloomy.With the benchmark Selic rate now at 12 percent, analysts see policy-makers cutting further to 11.50 percent at a meeting on Wednesday.Serasa Experian is part of the UK-based Experian group , the largest consumer credit information agency outside the United States.

Tags: Brazil default indicator dips in September Serasa
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TEXT-Fitch:North American financial institutions drive wider CDS

While European sovereigns saw a reprieve with spreads tightening 2%, CDS on North American financial institutions widened another 1.7%. ‘The most notable underperformers were AIG and Goldman Sachs Group , which came out 13% and 9%,respectively,’ said Author and Director Diana Allmendinger.Elsewhere, Germany led the CDS rally in Europe, with spreads finishing the week 12% tighter after tasting record high levels mid-week. However, ‘Belgium bucked the trend and finished the week 9% wider, likely due to concerns surrounding Dexia ,’ said Allmendinger.Fitch Solutions’ Risk and Performance Monitor is a report that gauges CDS market sentiment and spread movement among major companies and sovereigns throughout the world on a weekly basis. The Risk and Performance Monitor is part of Fitch Solutions’ Risk and Performance Platform, which provides a single point of access for CDS pricing data, market indicators of credit quality from a suite of market implied ratings models, as well as portfolio monitoring features.The ‘Fitch Risk and Performance Monitor’ is available by clicking on the above link.Additional insightful market data and analysis is available at ‘Link to Fitch Solutions’ Report: Fitch Solutions’ Risk and Performance Monitor

Tags: TEXTFitchNorth American financial institutions drive wider CDS

CORRECTED-OFFICIAL-UPDATE 2-Zain Saudi replaces CEO Al Barrak

DUBAI Oct 11 (Reuters) - Saad al-Barrak has resigned as telecoms operator Zain Saudi’s chief executive, the company said on Tuesday, two weeks after a consortium withdrew plans to buy a 25 percent stake.Khalid Al-Omar will take over as chief executive and managing director with immediate effect, while Badr al-Kharafi has been appointed to the board, the company said in a statement to the Saudi bourse.Bahrain Telecommunications Co and Kingdom Holding withdrew a joint $950 million bid for a 25 percent stake owned by Kuwait’s Zain last month, while al-Barrak also tried to put together his own consortium to buy out Zain and allow him to remain in charge.Barrak was also the former chief executive of Zain and was the architect of Zain’s rapid expansion in the previous decade, when Zain claimed to be the fourth largest telecoms carrier globally, with operations in 23 countries.Zain has since retrenched to become a seven-licence carrier, selling its African operations to India’s Bharti Airtel for $9 billion in 2010, with indebted shareholder the Kharafi Group seen as the main driver for this change in strategy.Kharafi also failed in two attempts to sell controlling stakes in Zain, first to an Indian-led consortium and then to UAE’s Etisalat .A condition of the proposed deal with Etisalat was for Zain to first sell its stake in Zain Saudi since Etisalat is already active in Saudi Arabia through its affiliate Mobily .Zain Saudi shares closed 1.7 percent lower on the Saudi bourse on Tuesday.

Tags: CORRECTEDOFFICIALUPDATE 2Zain Saudi replaces CEO Al Barrak
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