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Dominion Lending Centres Clearlease Reports Ocwen in lead to buy Goldman’s Litton

VANCOUVER, BC (May 20, 2011) Clearlease Reports Goldman Sachs Group Inc has moved closer to offloading Litton Loan Servicing, with Ocwen Financial Corp leading in an auction to acquire the troubled mortgage business, sources familiar with the situation said this week.

A deal, however, has not been reached yet, so talks could still fall apart.

While Litton is not a large component of Goldman’s operations, divesting the business would close an unpleasant chapter for the Wall Street bank.

Goldman bought Litton in 2007 for about $430 million, hoping to glean more information about the housing market to aid its mortgage-bond trading business. Shortly after the deal closed, the subprime housing market fell into shambles.

High levels of delinquencies and foreclosures have cut into profits of many servicing businesses. In recent months, sloppy foreclosure practices have also attracted regulatory attention and bad publicity.

Goldman began considering a sale of Litton late last year, and in the first quarter it took a $220 million writedown related to the business.

In a regulatory filing, the bank said it expected to sell Litton within a year and was cooperating with requests for information from regulators and state attorneys general about its foreclosure practices as part of a nation-wide probe.

The Houston-based business could fetch up to $500 million in the auction, sources said last month. At the time these sources said Goldman was also offering 85 percent financing for the deal, which would be used to finance roughly $2.5 billion of “advances.”

Companies like Litton, which collect mortgage payments from borrowers and foreclose on properties, make advances to mortgage owners when a loan goes bad, to cover things like principal and interest payments.

Ocwen has been buying businesses from banks in recent months. Last May, Ocwen bought a $6.9 billion servicing portfolio from Morgan Stanley’s Saxon Mortgage Services. Ocwen also bought Barclays U.S. mortgage servicing business HomEq for $1.3 billion last year.

Goldman and Ocwen declined to comment. The sources declined to be named because the sale process is not public.

Other firms that looked at buying Litton include, Carrington Holding Co, Fortress Investment Group’s Nationstar, and several private equity firms, sources have previously said.

Ocwen’s shares were off 0.7 percent at $11.72, while Goldman’s stock was down 1.1 percent at $137.87 in early afternoon trading on the New York Stock Exchange.
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About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

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Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
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A deal, however, has not been reached yet, so talks could still fall apart.

While Litton is not a large component of Goldman’s operations, divesting the business would close an unpleasant chapter for the Wall Street bank.

Goldman began considering a sale of Litton late last year, and in the first quarter it took a $220 million writedown related to the business.

Goldman and Ocwen declined to comment. The sources declined to be named because the sale process is not public.

Other firms that looked at buying Litton include, Carrington Holding Co, Fortress Investment Group’s Nationstar, and several private equity firms, sources have previously said.

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Dominion Lending Centres Clearlease Reports Ocwen in lead to buy Goldman’s Litton

A deal, however, has not been reached yet, so talks could still fall apart.

While Litton is not a large component of Goldman’s operations, divesting the business would close an unpleasant chapter for the Wall Street bank.

Goldman began considering a sale of Litton late last year, and in the first quarter it took a $220 million writedown related to the business.

Goldman and Ocwen declined to comment. The sources declined to be named because the sale process is not public.

Other firms that looked at buying Litton include, Carrington Holding Co, Fortress Investment Group’s Nationstar, and several private equity firms, sources have previously said.

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Dominion Lending Centres Clearlease Reports Air Canada (TSX:AC.B) customer service workers set to Strike

VANCOUVER, BC (May 20, 2011) Clearlease Reports Air Canada’s (TSX:AC.B) customer service and airport workers voted on Friday May 20, 2011 more than 98 per cent in favour of going on strike, if necessary, to support their efforts for a new collective agreement.

The Canadian Auto Workers union set a strike deadline for June 13 at midnight after more than 80 per cent of its members at Air Canada cast ballots.

Negotiations with the country’s largest airline resume in Toronto on Tuesday with a federally appointed mediator.

Air Canada said there is sufficient time for the parties to reach an agreement before the strike deadline.

If talks fail to reach a settlement, the airline said it plans to maintain full operations by implementing a contingency service plan at airports and call centres to minimize impact on customers.

Consequently, Air Canada said customers can continue to book flights with confidence.

The strike vote comes less than a day after Air Canada’s pilots rejected a tentative agreement designed to cut costs and pave the way for the launch of a low-cost carrier.

On the Toronto Stock Exchange, Air Canada’s shares gained one cent at $2.35 in morning trading.

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The Canadian Auto Workers union set a strike deadline for June 13 at midnight after more than 80 per cent of its members at Air Canada cast ballots.

Negotiations with the country’s largest airline resume in Toronto on Tuesday with a federally appointed mediator.

Air Canada said there is sufficient time for the parties to reach an agreement before the strike deadline.

If talks fail to reach a settlement, the airline said it plans to maintain full operations by implementing a contingency service plan at airports and call centres to minimize impact on customers.

Consequently, Air Canada said customers can continue to book flights with confidence.

The strike vote comes less than a day after Air Canada’s pilots rejected a tentative agreement designed to cut costs and pave the way for the launch of a low-cost carrier.

On the Toronto Stock Exchange, Air Canada’s shares gained one cent at $2.35 in morning trading.

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Dominion Lending Centres Clearlease Reports Air Canada (TSX:AC.B) customer service workers set to Strike

The Canadian Auto Workers union set a strike deadline for June 13 at midnight after more than 80 per cent of its members at Air Canada cast ballots.

Negotiations with the country’s largest airline resume in Toronto on Tuesday with a federally appointed mediator.

Air Canada said there is sufficient time for the parties to reach an agreement before the strike deadline.

If talks fail to reach a settlement, the airline said it plans to maintain full operations by implementing a contingency service plan at airports and call centres to minimize impact on customers.

Consequently, Air Canada said customers can continue to book flights with confidence.

The strike vote comes less than a day after Air Canada’s pilots rejected a tentative agreement designed to cut costs and pave the way for the launch of a low-cost carrier.

On the Toronto Stock Exchange, Air Canada’s shares gained one cent at $2.35 in morning trading.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

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Dominion Lending Centres Clearlease Reports Hydro-Quebec’s Q1 profit dips slightly to $1.4 billion on lower exports

VANCOUVER, BC (May 20, 2011) Clearlease Reports Friday May 20, 2011 that Hydro-Quebec’s net profit slipped slightly to $1.4 billion in the first three months of 2011 due to lower exports in cold winter temperatures.

The public utility’s net income dropped by just $37 million from the same period in 2010.

The colder winter temperatures prompted its production division to slightly reduce its net export volume in order to meet electricity demand in Quebec. Hydro-Quebec Production earned $782 million, down $42 million from the same period in 2010.

The $156-million decrease in net electricity exports was partly offset by a $136-million increase in revenue from electricity sales to Hydro-Quebec Distribution.

The distribution division earned $477 million, which was in line with the prior year results. Higher electricity sales was offset by increase electricity purchases.

Hydro-Quebec TransEnergie’s net income was flat at $135 million.

The construction segment’s activity slipped to $409 million from $512 million last year. Among the major projects underway are Eastmain-1-A/Sarcelle/Rupert and Romaine-2.

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The public utility’s net income dropped by just $37 million from the same period in 2010.

The $156-million decrease in net electricity exports was partly offset by a $136-million increase in revenue from electricity sales to Hydro-Quebec Distribution.

The distribution division earned $477 million, which was in line with the prior year results. Higher electricity sales was offset by increase electricity purchases.

Hydro-Quebec TransEnergie’s net income was flat at $135 million.

The construction segment’s activity slipped to $409 million from $512 million last year. Among the major projects underway are Eastmain-1-A/Sarcelle/Rupert and Romaine-2.

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Dominion Lending Centres Clearlease Reports Hydro-Quebec’s Q1 profit dips slightly to $1.4 billion on lower exports

The public utility’s net income dropped by just $37 million from the same period in 2010.

The $156-million decrease in net electricity exports was partly offset by a $136-million increase in revenue from electricity sales to Hydro-Quebec Distribution.

The distribution division earned $477 million, which was in line with the prior year results. Higher electricity sales was offset by increase electricity purchases.

Hydro-Quebec TransEnergie’s net income was flat at $135 million.

The construction segment’s activity slipped to $409 million from $512 million last year. Among the major projects underway are Eastmain-1-A/Sarcelle/Rupert and Romaine-2.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

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Dominion Lending Centres Clearlease Reports Valuation worries drive Glencore below issue price

VANCOUVER, BC (May 20, 2011) Clearlease Reports Shares in commodities trading group Glencore fell below their issue price of 530 pence on Friday May 20, 2011, the second day of conditional trading, as investors fretted over its valuation.

The world’s largest diversified commodities trader touched a low of 519 pence in unofficial grey market trade before closing at 524 pence, down 1.1 percent after more than 200 million shares changed hands, underperfoming a virtually flat FTSE index and a 0.4 percent dip in the broad mining sector.

The shares had closed on Thursday at 530 pence, exactly flat on a debut price in the middle of its indicated range, after a day of heavy volumes — more than twice Friday’s levels — that made it one of the most traded stocks in the market.

“Basically, the valuation looks a little bit rich. They worked very hard to get a favorable price and one could argue the only reason it was up yesterday was support from the sponsoring banks,” said analyst Nik Stanojevic at Brewin Dolphin.

“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”

Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.

Glencore, the world’s largest diversified commodities trader, has said there was strong demand for its stock and it had enough buyers to cover its offering of up to $11 billion within hours of starting the sale process earlier this month.

But many investors have also expressed concern over the outlook for commodities, particularly after this month’s sell-off, and fretted over the discounts that should be applied to take account of Glencore’s conglomerate structure and of the fact it has operated away from the public eye for 37 years.

“Perhaps the fact that the float has, despite being over four times covered, been met with broad skepticism and sobriety is a sign of underlying health in the metals market?” analysts at Numis said in a morning note.

“The hopes for a 5-10 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”

Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.

At the offer price of 530 pence, Glencore has a market value of 36.7 billion pounds ($59.3 billion). It will be the fifth-largest mining-related company on the London exchange.Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.

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“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”

Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.

“The hopes for a 5-10 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”

Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.

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Dominion Lending Centres Clearlease Reports Valuation worries drive Glencore below issue price

“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”

Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.

“The hopes for a 5-10 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”

Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Contact DLC Clearlease.com:

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Prada gets nod for $2 billion Hong Kong IPO

VANCOUVER, BC (May 20, 2011) Clearlease Reports Italian luxury fashion house Prada has been given the green light today, Friday MAy 20, 2011 to launch an initial public offering in Hong Kong in June, in which it aims to raise up to US$2 billion, a report said Friday.

The family-owned fashion giant is looking to begin bookbuilding for institutional investors in the second week of June after receiving regulatory approval in the southern Chinese city, Dow Jones Newswires reported, quoting an unnamed source.

The Hong Kong Stock Exchange said they would not comment on any listing application status, while Prada’s spokeswoman in Hong Kong did not immediately return calls from AFP.

The Milan-based group filed a request for its highly anticipated public offering in March, in an offer which it plans to sell 20 percent of its shares. The move would value the group at up to eight billion euros ($11.3 billion).

Prada, which includes the Prada, Miu Miu, Church’s and Car Shoe brands is 95 percent controlled by the Prada family and executives.

Prada announced in January it would make its first public listing on the Hong Kong bourse in a sign of Asia’s growing appetite for designer goods, especially to tap the cash-rich mainland Chinese markets.

China is the world’s fastest-growing market for luxury goods.

It is forecast to be the world’s top buyer of products such as cosmetics, handbags, watches, shoes and clothes by 2015, according to consultancy PriceWaterhouseCoopers.

It will join a slew of other luxury fashion brands also eyeing a listing in Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.

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VANCOUVER, BC (May 20, 2011) Clearlease Reports Italian luxury fashion house Prada has been given the green light today, Friday May 20, 2011 to launch an initial public offering in Hong Kong in June, in which it aims to raise up to US$2 billion, a report said Friday.

The family-owned fashion giant is looking to begin book building for institutional investors in the second week of June after receiving regulatory approval in the southern Chinese city, Dow Jones Newswires reported, quoting an unnamed source.

The Hong Kong Stock Exchange said they would not comment on any listing application status, while Prada’s spokeswoman in Hong Kong did not immediately return calls from AFP.

Prada, which includes the Prada, Miu Miu, Church’s and Car Shoe brands is 95 percent controlled by the Prada family and executives.

China is the world’s fastest-growing market for luxury goods.

It is forecast to be the world’s top buyer of products such as cosmetics, handbags, watches, shoes and clothes by 2015, according to consultancy PriceWaterhouseCoopers.

It will join a slew of other luxury fashion brands also eyeing a listing in Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Contact DLC Clearlease.com:

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Prada gets nod for $2 billion Hong Kong IPO

The Hong Kong Stock Exchange said they would not comment on any listing application status, while Prada’s spokeswoman in Hong Kong did not immediately return calls from AFP.

Prada, which includes the Prada, Miu Miu, Church’s and Car Shoe brands is 95 percent controlled by the Prada family and executives.

China is the world’s fastest-growing market for luxury goods.

It is forecast to be the world’s top buyer of products such as cosmetics, handbags, watches, shoes and clothes by 2015, according to consultancy PriceWaterhouseCoopers.

It will join a slew of other luxury fashion brands also eyeing a listing in Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Contact DLC Clearlease.com:

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports High pump prices cut into April gasoline demand

VANCOUVER, BC (May 20, 2011) Clearlease Reports U.S. gasoline demand fell in April for the time in three months as high pump prices and expensive grocery bills took their toll on drivers, the American Petroleum Institute said on Friday.

Total U.S. crude oil and petroleum product consumption jumped 5.2 percent in April from a year earlier to 19.886 million barrels per day, according to the API’s monthly supply and demand report.

“Growth in product demand was mixed as the U.S. economy struggled to gain momentum,” said API chief economist John Felmy. “Gasoline demand was still up for the year to date over a year ago, but recent higher gasoline and food prices appear to have encouraged consumers to cut back in their driving.”

Deliveries, which are a good indicator of demand, are calculated by API to reflect petroleum products moved from refineries and bulk storage to wholesale and retail suppliers.

API’s total oil demand figure for April is much higher than the U.S. Energy Information Administration’s preliminary estimate of fuel consumption at 19.050 million bpd for the month. The EIA issues its revised April demand number at the end of June.

U.S. gasoline demand for April fell 2.2 percent to 8.906 million bpd, as the average pump price increased 24 cents a gallon during the month. Gasoline use was still up 0.8 percent during the first fourth months of this year.

Gasoline production at U.S. refineries in April also declined for the first time this year, but still was the second highest for the month in the past 10 years.

Demand for distillates, which included heating oil and diesel fuel, soared 15.2 percent to 4.270 million bpd.

“Deliveries of ultra-low sulfur distillate, the fuel used in commercial trucking, surged, suggesting continuing forward motion in the economy,” Felmy said.

Jet fuel demand in April increased 1.9 percent to 1.418 million bpd, while residual fuel use fell 0.5 percent to 575,000 bpd.

On the supply side, U.S. monthly crude oil production declined 0.5 percent to 5.467 million bpd.

Crude oil and petroleum product imports averaged 11.272 million bpd, down 9.9 percent from a year ago, leaving the U.S. a net exporter of refined products.

“A relatively weak dollar and strong product output from refiners continued to boost petroleum exports this year,” API said.

Total imports in April accounted for 56.6 percent of U.S. oil demand, down from 66.1 percent a year earlier.