Tufton Assets Share Discussion Threads

[maywillow] 16/4/2004 19:41

Reservoir on its Way Back to Full Capacity with a Little Help from Alstom
ALSTOM Power Conversion was approached by Morrison Utility Services, working for Southern Water Services, to help out in an emergency situation at Yalding, in Kent. The 1.5MW Pacer drive at the Yalding water pumping station needed to be replaced as quickly as possible.

With one of the five drives out of action, Southern Water's main priority was to repair or replace the drive in the shortest time possible without compromising the operation of the station.

Due to the low rainfall the previous year, the Yalding pumps needed every opportunity to extract as much water as permitted in order to fill Bewl reservoir. Yalding pumping station extracts water out of the River Medway and pumps it 17km to the reservoir.

Dave Dodd from Morrison Utility Services said, "We required a company who were familiar with the site and could offer the best price with the shortest lead time. ALSTOM was able to offer the complete solution, replacing the damaged drive with a 690v ALSPA MV3000 liquid cooled drive to get the station back to full output".

Mike Smith, ALSTOM's Regional Business Manager at West Malling said "We quoted and received the order from Morrison Utility Services within 2 days during the Christmas week. The complete solution includes the removal, installation and commissioning of the drive, which was completed by mid February."

ALSTOM gained the order in competition with other manufacturers.

For further information please contact Christine Davidson, ALSTOM Power Conversion on 01782 781030 or [e-mail]

[grupo guitarlumber] 16/4/2004 08:25

English Français



Something rotten in the state aid of Denmark


Denmark has come out as top offender in a list of European countries giving state money to prevent cash-strapped industries going to the wall, according to an EU paper out next week.

The Danes, along with Germany, Spain and Portugal, head a run-down of big spenders in the latest ‘state aid scoreboard’ to be published on Tuesday by the European Commission – despite an overall downturn in such handouts EU-wide.

European regulators frown upon cash boosts, rescue loans and tax breaks given by governments to ailing industries, fearing that such support impedes EU competitiveness.

Whilst Copenhagen spends 0.7 per cent of the nation's wealth on aid, Berlin, Madrid and Lisbon all weigh in close behind at 0.5 per cent of GDP.

In contrast, the United Kingdom, Finland, the Netherlands and Sweden enjoy good ratings on the scoreboard with the lowest level of aid spending of all 15 member states at only 0.2 per cent.

France, despite high-profile and controversial industry bail-outs involving companies such as Alstom, Bull and EDF, holds surprisingly steady with a mid-ranking position in the list of countries.

The state aid analysis chart adds there is a general downward trend in spending across Europe, with the average pan-EU standard falling from 0.5 per cent GDP in 2000 to 0.39 per cent in 2004.

The drop is experienced by 14 out of the 15 EU states, with Portugal and Ireland showing the greatest percentage fall.

Brussels will see the decline as a statistical vindication of its clampdown on illegal state aid, despite temporary leeway offered to European industries in dire straits such as shipbuilding and mining.

Indeed the scoreboard adds that manufacturing, fisheries, coal and transport are the four sectors experiencing most state aid activity.

The decline in aid help however is not as sharp as the fall in the early 1990s; before the payments started to rise again between 1997 and 1999 due to an increase of regional aid in Germany and Italy.

The report also sees the EU executive classify state funding into two distinct lists - so-called ‘good aid’ and ‘bad aid’.

Whilst ‘good aid’ reflects monies given to research and environmental projects in the EU, ‘bad aid’ signifies financial bail-outs, rescue plans and restructuring funds.

Just as Brussels is keen to promote the former scenario, aid falling into the second category remains a favourite bug-bear of the EU competition watchdog.

And the paper reports a rise in ‘good aid’, expressed as a percentage of the total average across the EU, with ‘bad aid’ falling to a lower level.

France: middle-ranking but high-profile

France may enjoy a middling position on the scoreboard, but the EU’s lawmaker, watching over competition policy, is all too aware of Paris in the context of state aid.

The decision this week by flagship power group Electricité de France to seek legal redress and overturn a Brussels’ demand to repay €1.2 billion in fiscal benefits to the state opens up a new avenue of tension between the two capitals.

EDF follows a line of run-ins between France and the European Commission over alleged state aid, including wrangles over engineering group Alstom, computer giant Bull and telecommunications operator France Telecom.

[grupo guitarlumber] 15/4/2004 07:28

MADRID (AFX) - Spanish state railway Renfe's management has delayed the
signing of 2.3 bln eur worth of high-speed train orders awarded to manufacturers
including Bombardier Inc and Siemens AG, Cinco Dias reported without naming a
source.
According to Cinco Dias, Renfe's management has delayed signing the
contracts for 151 high speed trains, awarded while the Popular Party was in
office, until the Socialist government takes over.
The newspaper said the Socialist government has questioned the awarding of
contracts for trains on a network which has not been built yet.
The contracts include a 430 mln eur order for Siemens, 930 mln eur for
Alstom and Construcciones y Auxiliar de Ferrocarriles SA and a 615 mln eur order
to the consortium formed by Bombardier Inc and family-owned Spanish train
manufacturer Talgo.
[e-mail]
jg/cml

[waldron] 12/4/2004 07:57

Super-commissioner plan for EU threatens anti-subsidy drive
By Daniel Dombey in Brussels
Published: April 12 2004 5:00 | Last Updated: April 12 2004 5:00

Plans by the European Union's biggest states to create a super-commissioner could hamper Brussels' drive against government subsidies.


The idea of a super-commissioner was first raised by Britain, France and Germany at a summit in February. They proposed a vice-president of the Commission with the power to promote economic reform and competitiveness.

France and Germany want to use the super-commissioner to prevent the Commission from waging an "excessive" campaign against subsidies.

The UK is less enthusiastic and thinks that France and Germany would not win the necessary backing among European leaders to make deep-seated changes to anti-subsidy rules.

Paris and Berlin are also keener than London to encourage the Commission to look more kindly on mergers that would create European or national champions.

"There are different ideas on how to promote competitiveness and reform the European economy," said a UK diplomat, "but the Union as a whole is broadly set on the same path."

The Commission's push on reducing subsidies, which many officials contend waste public money and distort competition, has reduced EU "state aid" to the manufacturing, services and mining sectors from ?51.6bn ($62.3bn, £34bn) in 1997 to ?33.5bn in 2001.

Although the super-commissioner idea has not yet been endorsed by the full EU, the three big countries hope the idea will be backed at the Union's June summit, when a nominee for the next Commission president will also be proposed.

Under the plans endorsed by the three leaders, the super-commissioner would probably supervise other powerful commissioners.

"The vice-president of the Commission would be a strong signal that industry is important and [he or she] would have to fight against the deindustrialisation of the EU," said a French spokesman.

Mario Monti, the EU's current competition commissioner, has clashed with France recently over subsidies to Alstom, the engineering group, and Bull, the computer maker - although both packages are likely to win final Commission approval.

"In cases such as Alstom perhaps the Commission should have had a more balanced discussion and not just taken competition into account," said the French spokesman.

The Commission has already allowed member states a margin of latitude by permitting them to argue that apparent subsidies are really ordinary investments. Mr Monti is scheduled to leave his post in November, when the new Commission takes office.

"A mature competition policy fosters increased competitiveness as a core goal," said the Commissioner's spokesman.

Any relaxation of merger policy towards potential European champions could also be fraught with danger, since the EU also rules on all-US mergers.

[ariane] 08/4/2004 16:08

Alstom sets benchmark for rapid generator rotor rewind

8 March 2004 ¿ Alstom has set a benchmark by completing a generator rotor rewind in 22 days, against the industry standard of 42 days. This project was completed for the 660 MW Majuba power plant, owned by Eskom, located in Volksrust, South Africa.

Due to fuel supply restrictions the generator units are currently operated for system peak lopping. As the plant did not have a spare rotor available, the rewind work had to be done within an outage period.

The challenge for was therefore to plan a 22-day rewind within the 42-day outage programme, identify and deliver to site all of the necessary materials, consumables and tooling required to complete the work.

The rewind work was completed in Rosherville workshops, in Johannesburg, which is owned by Rotek Engineering, a subsidiary of Eskom. A team of Alstom winding experts supported Rotek workshop staff throughout the project

[ariane] 08/4/2004 11:49

Alstom awarded refurbishment contract for NY St. Lawrence project

8 April 2004 - Alstom has been awarded a contract valued at around €20m ($24.3m), from the New York Power Authority, for refurbishment work at the St. Lawrence - FDR Power Project (942 MW), located on the St. Lawrence River in Massena, New York, US.

The scope of work covers the overhaul of a further 8 x 58.9 MW fixed blade propeller turbines and replacement of their runners. It also includes model-testing, supply of various components and repair work at the site.

Design and engineering for the turbine runners will start later this year, and manufacturing of the first unit is scheduled for 2006. Installation of the eight units is scheduled to take place between 2007 and 2013. Since 1998, Alstom has been performing similar work for the New York Power Authority for the first eight units at St. Lawrence.

Alstom's North American Hydro unit in Denver is responsible for the management and execution of the project. Ron Miller, Senior Marketing Director for the US Hydro market, commented, ''This order was won following a competitive bidding and it demonstrates the Power Authority's confidence in our capability based on our past performance."

[energyi] 06/4/2004 19:52

SOME TANKER stocks

Nordic American Tankers


Knightsbridge Tankers

[grupo guitarlumber] 02/4/2004 19:36

2.02 euros

[grupo guitarlumber] 02/4/2004 13:42

extract



Alstom wins two orders for air pollution control systems in France for over €230m

2 April 2004 - Alstom has won two separate orders to supply air pollution control systems for power plants in France with a combined order value in excess of €230m ($284m). The orders have been awarded by Electricité de France (EDF) and LA SNET, an independent power producer owned by Endesa, EDF and Charbonnages de France

[maywillow] 02/4/2004 06:19

Alstom confident in rail tender
By Zhanglu (China Daily)
Updated: 2004-04-02 09:09

Alstom, the French energy and transport infrastructure provider, expressed its confidence in the competition to build China's planned US$12 billion, high-speed Beijing-Shanghai railway.

"We could be the preferred partner for the Chinese Government, with our advanced TGV technology and over 30 years' operation experience," said Alstom Chairman and CEO Patrick Kron during his visit to Beijing this week.

The company is capable of providing trains carrying 1,000 passengers with a speed of 350 kilometres per hour, Kron said.

"And we are able to offer the best technology and solutions according to the project's demands, when the bidding is launched," he said.

Meanwhile, the company's rich experience of doing business in China and its willingness to transfer the technology and part of manufacturing to the country will help sharpen its competitive edge in the battle, he added.

The world's eighth high-speed railway, Korea Train eXpress (KTX), which chose Alstom's TGV technology, began official operations yesterday. The inauguration of the KTX further demonstrates the company's advanced technology and excellent project management, Kron said.

However, he said he would not like to be too certain about his company's chances in the competition until the tender is launched, he added.

Earlier this year, China reportedly decided to use the French company's TGV technology in building the 1,300-kilometre-long high-speed railway.

But both the company and China's Ministry of Railway denied the report.

The ministry said any decision will be made through a fair and open international bidding process.

The call for tenders is expected to take place in the second half of the year.

Currently, Alstom and companies from Germany, headed by Siemens, and Japan, headed by Mitsubishi Heavy Industry, are striving to stake their claims for contracts in the project.

"Alstom has its edges, and so do the other two groups," said Sa Shuli, a railway expert from the Beijing Jiaotong University.

According to him, Germany's ICE technology is stronger in terms of manufacturing. While, Japan's Shinkansen line is advantageous in management and operation.

"A long period of time is still needed for the Chinese Government to decide which technology will be used in this project," Sa said.

He added that the country still has not made a decision between the use of wheel-track technology or maglev technology, though many railway experts prefer the former.

"The Beijing-Shanghai railway project is of great importance for our company, and we are well-prepared for the strong competition," Kron said.

But, it is not the only project for the company, he added.

It is also preparing competitive bids for four metro railway lines in Beijing and five or six lines in Shanghai.

[waldron] 01/4/2004 12:23

PARIS (AFX) - Thales SA confirmed French state-owned shipyard Direction des
Constructions Navales has exercised its option to buy out Thales' 50 pct stake
in the companies' military shipbuilding venture, Armaris.
The statement confirmed an earlier newspaper report.
The report cited government sources as saying DCN had found itself competing
with Thales for export contracts, and the government wanted to put an end to
such conflicts ahead of any discussions about a tie-up between the two
companies.
Thales said Armaris is "pursuing the ambitious objectives assigned to it by
its shareholders."
Thales added that it will "take ... measures to develop cooperation",
without providing further details.
[e-mail]
sr/jms

[maywillow] 31/3/2004 12:12

Updates with quotes from Alstom's Kron)
BEIJING (AFX-ASIA) - France's Alstom SA is preparing to lodge bids for more
than 10 rail link projects in China as part of plans to double orders in the
country to 1 bln eur a year by 2006.
Alstom hopes to provide the technology for subways in at least three major
cities - Bejing, Shanghai, Guangzhou - as well as inter-city rail links between
Beijing and Tianjin, Shanghai and Hangzhou and Guangzhou and Shenzhen, and
electric locomotives for freight trains, Alstom's chairman and chief executive,
Patrick Kron, told a press conference.
Kron added that the company is also well-placed to win a contract for a
Beijing-Shanghai high-speed train link.
"We think we have the right offer and we think we have the right experience
to do it in terms of knowing the way to do business in China and the way to
transfer technology to our partners," Kron said, without providing further
details.
Kron said Alstom is determined to play a part in the development and
modernization of China's railway system and power generation industry and is
willing to transfer its latest technology to local partners in order to achieve
this goal.
"We have totally prepared to transfer technology because this is part of the
requirement to be successful. It also triggers the need for us to keep
developing new generations of TGV and that's what we will keep doing," Kron
said.
Alstom aims to increase orders for railway and power generating technology
in China to 1 bln eur by March 31, 2006, from 500 mln eur last year.
Last week, Alstom won a 163 mln eur contract to supply four 700 megawatt
power generators to the controversial Three Gorges Project, the world's largest
power project.
Alstom is also involved in the Daya Bay nuclear power station in southern
Guangdong province and has a joint venture company, Tianjin Alstom Hydro Co Ltd.
Last November, Alstom signed a strategic framework memorandum with the
government-backed China Aviation Industry Corp to cooperate in long-term R&D,
manufacturing and sales of gas turbines in China.
[e-mail]
amj/js

[maywillow] 31/3/2004 06:57

PARIS (AFX) - EU Competition Commissioner Mario Monti is pushing for Alstom
to make hundreds of millions of euros of "niche" divestments to compensate for
receiving French government subsidies, the Financial Times reported.
Monti believesthe engineering group's current bail-out plan involves about
3.3 bln eur of state aid once a 900 mln eur repayment by Alstom to the
government has been factored out, the newspaper said without naming sources.
However, people close to Alstom believe the state aid amounts to just 1 bln
eur.
And Monti's scope for action is also limited by the fact that big
divestments of Alstom's chief businesses would create antitrust problems.
Monti's staff are therefore seeking "niche" businesses within the trains and
turbines sectors for Alstom to divest, and some still hope it could be forced to
sell assets accounting for "a double digit percentage" of its full-year revenues
of 21 bln eur, the newspaper said.
[e-mail]
jms

[waldron] 30/3/2004 12:56

Updated Mar.30,2004 18:37 KST



Bullet Train Set to Benefit Koreans on the Move

The chairman and CEO of Alstom Group Patrick Kron

The chairman and CEO of Alstom Group Patrick Kron, who is in Korea to watch the opening of the high-speed Gyeongbu line, said that since 80 percent of the South Korean population live near the line connecting Seoul and Busan and the bullet train is much more convenient and efficient to use than an airplane or an ordinary rail, the high speed express has a competitive edge.
"When the high-speed Korea Train Express (KTX) begins operations Thursday, it will become the most used railway in the world, with about 120 million users annually," said Kron, in an interview with The Chosun Ilbo.

He said that the KTX is just the beginning, mentioning that Alstom is thinking of setting up a collaborative project with Korea based on the cooperation the two have had for 10 years. When entering into the market of a third country, especially in Southeast Asia, it may be possible for Korea to oversee management of the project, while Alstom takes responsibility for vehicle supply. Kron pointed out that among the nine countries that use high-speed trains designed by Alstom, Korea is the only country where both exports of train equipment and transference of TGV technology were achieved. Over 1,000 Korean engineers were educated in France, and over 400 French engineers assisted in implementing the technology in Korea, explained Kron.

He added that the KTX will not only save time compared to air travel and connect cities, but it will be environmentally friendly since it uses electricity, and will operate regardless of weather conditions. He also said that it will be able to provide many positive affects immediately, such as decentralization of the population and increased economic well-being, and reduce traffic congestion.

The opening of the Southeast TGV line in France connecting Paris to Leon (430 km) resulted in over 50 percent of airplane passengers switching to bullet trains, and now over 90 percent of transportation is made by means of the high-speed French line, he said.

(Song Eui-dal, [e-mail]

[waldron] 30/3/2004 10:58

(updates with DCN comment that buyout would be 'stupid')
PARIS (AFX) - State-owned shipyard Direction des Constructions Navales said
it has no plans to buy out Thales SA's stake in the companies' military
shipbuilding venture, Armaris, even though it has the authority to do so.
"We could buy Thales' 50 percent stake in Armaris but it would be stupid to
do so because we are trying to develop a partnership with them," said a DCN
spokesman.
"We have no desire to provoke a crisis with Thales. We are in talks and it
is natural that there should be some disagreements."
The comment came after reports that the government had threatened a buyout
of Thales' stake. Les Echos said this morning that the government has cleared
DCN to exercise a call option on the stake amid a disagreement between the
partners, leaving the venture's fate in the balance.
Thales, meanwhile said it is continuing to hold discussions with its
"longstanding partner" DCN, but declined to comment on the talks.
"Thales' sole priority for making strategic decisions is the interest of all
its shareholders, notably regarding the evolution of this core sector of the
European defence industry," it added.
[e-mail]
jad/jms

[waldron] 30/3/2004 07:46

PARIS (AFX) - The government has cleared state-owned Direction des
Constructions Navales to buy Thales SA's 50 pct stake in the companies' military
shipbuilding venture Armaris, leaving the venture's future in the balance, Les
Echos reported.
The state authorised DCN CEO Jean-Marie Poimboeuf to exercise a call option
on the stake at a DCN board meeting last week, the financial daily reported
without naming sources.
Armaris was formed last year. The agreements upon which the venture is based
expire tomorrow - including the call option that the government had put in place
to protect its interests.
All parts of the agreement - including the option - were scheduled to be
extended tomorrow.
But according to the newspaper, Thales CEO Denis Ranque has refused to allow
the option to be extended, arguing that it slants the venture in DCN's favour.
As a result, the state has reportedly upped the stakes by authorising
Poimboeuf to exercise the option ahead of the agreement's expiry.
[e-mail]
jms/jad

[waldron] 30/3/2004 07:28

SEOUL (AFX) - French Industry Minister Nicole Fontaine said she is confident
Alstom SA will win a contract to provide a high-speed train line between Beijing
and Shanghai "by the end of the year."
Fontaine was speaking after the inauguration of South Korea's high-speed
network yesterday, and after a meeting with Chinese transport ministry
officials.
"We will have a response by the end of the year... The French candidate is
viewed with the utmost respect and has a great chance ofbeing chosen," she
said.
Fontaine added that she has timetabled a trip to China in May to discuss
cooperation projects in nuclear energy.
The tender for offers for the rail project has yet to be launched, but will
likely also attract bids from Japan's Shinkansen train and Siemens AG's ICE.
Speaking here yesterday Alstom chief executive officer Patrick Kron said he
felt the company was "well placed" to win the contract.
He also confirmed it will renegotiate two lending covenants with banks "in
the coming weeks", indicating that it will fail to hit the financial ratios upon
which the loans are based in its year to March results.
This morning, La Tribune reported that Alstom's creditor banks are likely to
grant the company a waiver of several months over the non-compliance with the
covenants, amid expectations of new orders or even a possible bid from rival
Siemens AG.
Meanwhile, Les Echos quoted Kron as indicating he is confident of securing a
waiver.
"The banks are not going to pull the rug from under a company that is in a
recovery phase," he was quoted as saying.
"Either they agree to negotiate or they default us (on the loans)... I am
not prepared to go further" in granting the banks more favourable lending terms,
he added.
[e-mail]
paj/bh/jad/jms

[waldron] 30/3/2004 07:11

LONDON, March 29 (New Ratings) – Analyst Ben Uglow of Morgan Stanley reiterates his "overweight" rating on Alstom (ALSO). The target price is set to €2.60.

[waldron] 28/3/2004 11:55

BEIJING (AFX-ASIA) - China today announced the signing of purchase contracts
for 547 mln usd worth of generating equipment for the controversial Three Gorges
Dam, state press reported.
Four of the 12 hydroelectric generators are to be supplied by French company
Alstom SA, the People's Daily said.
Dongfang Electrical Machinery Co Ltd will also supply four generating units,
while the Harbin Electric Machinery Factory was awarded contracts for the
remaining four units, the People'sDaily said.
With a designed capacity of 18,200 megawatts, the 22 bln usd Three Gorges
will be the world's largest power project when all of its 26, 700,000-kilowatt
generators go on line by 2009.
So far only six of the 14 units on the northside of the dam are up and
running, with four more set to begin operation this year.
Alstom and General Electric of Canada are supplying all the units on the
north side of the dam.
The Three Gorges reservoir will displace between 1.2-1.9 mln people, and
submerge 19 cities and 326 towns.
sai/sdm/swp

[waldron] 26/3/2004 08:29

26.03.2004 06:33:00 GMT 
French Alstom negotiating with Poland's Belchatow power plant to build energy block 
Debe. (Interfax-Europe) - French engineering company Alstom is in talks with Poland's Belchatow power plant to build a USD 880 mln power block, Belchatow General Director Edward Najgebauer said at a Treasury Ministry conference in Debe, northeast of Warsaw.

The construction is slotted for completion by 2008.

"We are negotiating a contract with Alstom, and in the near future we intend to begin organizational financing of this project," Najgebauer said.

In November, Belchatow said that it had received bids on the project from Alstom and a Japanese consortium formed by Hitachi and Mitsui. The European Bank for Reconstruction and Development (EBRD) is to co-finance the investment. The company previously said that it plans to sign a construction contract in May, and finish collecting funds to finance it by mid-2004.

The project is to be financed as follows: 30% in equity (EUR 255 mln) and 70% in credit (EUR 595 mln), out of which EUR 100 mln will come from the EBRD.

The Belchatow plant, one of Poland's biggest generators, is to be the cornerstone of the BOT group, which in April is to become one of two energy-generating powerhouses planned by the Polish government. A tie-up of Belchatow with plants in Opole and Turow, as well as a link-up with connected coal mines, was to occur in 2003, though the timeframe has been delayed.