Iowa View: Ethanol eases financial pains of Iowa families - Des Moines Register Iowa View: Ethanol eases financial pains of Iowa families - Des Moines Register

Sunday, May 20, 2012

Iowa View: Ethanol eases financial pains of Iowa families - Des Moines Register

Iowa View: Ethanol eases financial pains of Iowa families - Des Moines Register

Iowans are under financial pressure these days. Mortgage payments, saving for college and retirement, and feeding their families all weigh heavily on them. One thing relieving the stress of managing the family budget is ethanol.

Among car pooling, kids sporting events and getting to work on time, choosing the right fuel may not be uppermost on peoples minds. By choosing the right fuel, you can save a tremendous amount of hard-earned cash. That fuel is ethanol.

A recent fuel price analysis, conducted by Iowa State Universitys Center for Agriculture and Rural Development, found that pump prices would actually be $1.69 more per gallon across the Midwest if ethanol wasnt available. This $1.69 per gallon reduction adds up to a whopping $2,363 in annual savings for a typical Iowa family. That is a tremendous return on investment for 30 years of ethanol blending and local investment in ethanol production.

Fuel for our cars is a necessity, not a luxury. We cannot quickly (or cheaply) change where we live, where we work or what car we drive. When fuel costs go up, we are forced to cut back in other areas.

Ethanol prevents high gasoline prices from further eroding the Iowa family budget. One could argue that ethanol has saved the summer vacation because the $2,363 annual savings could buy fuel, lodging and fun for an Orlando trip. Closer to home, the ethanol savings could buy 15,753 diapers or 262 movie tickets or 39 pairs of athletic shoes. This adds to our economy, boosts tax revenue and provides more enjoyment.

As a domestically produced, renewable fuel, ethanol blends are providing consumers with a cost-effective fuel alternative that saves money. Ethanol also reduces the demand for high-cost, foreign oil by replacing 10 percent of our foreign fuel supplies.

It just makes sense to use more of what we produce here at home, instead of relying so heavily on foreign oil production to meet our transportation needs. And ethanol is making this happen.

The U.S. has now switched from being a major importer of gasoline to a major exporter of both gasoline and ethanol. As a result of this change, gas prices in the U.S. are measurably lower than would otherwise have been the case.

As crude oil costs increased last year, ethanol use rose, providing an increased savings of 32 cents per gallon. This price reduction effect has increased as ethanol production has grown in states with the greatest ethanol market penetration, like Iowa.

Bolstering ethanol use is keeping more money in the U.S. by cutting foreign oil demand. Our dependence on foreign oil has dropped from a high of 60 percent in 2005 to 45 percent in 2011. Roughly half of that drop is attributable to ethanol. Using more ethanol would boost household budgets, reduce demand for much of the foreign crude oil and be an investment in Iowa.

Lets keep more of the money we work so hard to get. Lets take advantage of the choices available when its time to fill our gas tanks. Lets keep money in the U.S. instead of supporting oil cartels. Remember, using ethanol slashes gas prices by $1.69 per gallon, saving the family budget over $2,300 a year.

Dookeran goes after CL Financial for bailout money - Trinidad Express

Finance Minister Winston Dookeran says the Government is seeking to claim some $20 billion from CL Financial (CLF).

He told the Sunday Express the Government has put in a claim to CL Financial before the expiration of the Shareholders Agreement in three weeks' time.

While the claim is an estimated $20 billion, the net amount would be around $10 billion, he explained in a telephone interview yesterday.

He did not commit to exact figures and CL Financial's ability, at present, to meet the Government's demands.

At the moment, he said the Ministry was being advised by a team of lawyers from the United Kingdom on how it negotiates with CL Financial moving forward.

"Things are happening. I don't know how much I can make public," he told the Sunday Express yesterday.

The Shareholders Agreement which was signed on June 12, 2009, succeeded the Memorandum of Understanding of January 30, 2009 signed between the Government, CLF and the Central Bank.

The Shareholders Agreement allows the Government to have controlling interest of the CL Financial board.

Government appointed directors on the CL Financial board include former Citibank executive Steve Bideshi, Krishna Boodhai and Marlon Holder while former finance minister Gerald Yetming is chairman of both CL Financial and CLICO. Steve Castagne and Andrew Mitchell, QC were voted on the board by the shareholders.

It was Government's guarantee for a return on its bailout of Lawrence Duprey's companies that made up CL Financial.

The lawyers, explained Dookeran, will negotiate with a limited liability company called United Shareholders Ltd (USL) which is comprised of CL Financial shareholders.

The establishment of USL, by Kirk Carpenter and Roger Duprey, was agreed to by CL Financial shareholders at an extraordinary general meeting held on May 16.

A resolution was also passed for the CL Financial board to form a shareholders' sub-committee, consisting of individuals appointed by USL.

That committee, it was reported, shall have the authority to negotiate and recommend to the CL Financial board any agreement, consent, extension or any other documentation supplemental to or derived from the Memorandum of Understanding of January 30, 2009 and the Shareholders' Agreement of June 12, 2009.

or years, CL Financial was a billion-dollar enterprise. Three years ago, Duprey went to the government after his empire, which comprised some 65 companies in 32 countries, was caught up in a perfect storm of economic collapse.

Its asset-rich portfolio cloaked its cash-poor balance sheets.

Government's intervention saw the revocation of subsidiary Clico Investment Bank's licence, installing of new boards at CLICO and eventually CL Financial and immediate liquidity injection to meet investment annuities which had matured.

CL Financial chairman Gerald Yetming is currently in London to take part in arbitration proceedings brought against the Government by foreign holdings company Consolidated Energy Ltd for its shareholding of Methanol Holdings Trinidad Ltd.

To date, Government has transferred $8.2 billion in cash and bonds to the CLICO policyholders and has spent an estimated $17 billion on CL Financial and its subsidiaries.

GeneLink Reports 2011 Financial Results - Yahoo Finance

ORLANDO, Fla., May 10, 2012 /PRNewswire/ -- GeneLink, Inc. (OTC Bulletin Board: GNLKE, "the Company," or "GeneLink"), a leading consumer genomics biotech company, reports financial results for the fiscal year ended December 31, 2011.

Financial Results:

  • The Company reached an agreement in October 2011 to sell its direct selling subsidiary, GeneWize Life Sciences, Inc. to Capsalus Corp (OTCBB:WELL.OB, or "Capsalus"). Capsalus assumed management of GeneWize for the last quarter of the year and the sale closed in February of 2012. Accompanying the sale was a licensing and distribution agreement which provided $1,000,000 to GeneLink during the fiscal year.
  • Annual net sales decreased from $7,839,972 to $4,684,577 as GeneWize struggled during the year to maintain their brand partner enthusiasm in advance of the sale and while combating competitive pressures.  In addition, anticipated revenues from the launch of other channels were delayed.
  • The operating loss in 2011 was $3,566,615.  Most of the loss is attributable to the reduction in sales in GeneWize and implementation of plans to support GeneLink's expansion into additional channels.  In addition, we had extraordinary legal expenses related to regulatory compliance.  Excluding the non-recurring legal fees and expenses of $665,000, and $379,670 in non-cash charges relating to the granting of stock, options and warrants, operating losses would be $2,521,945.

Dr. Bernard Kasten, GeneLink's Chairman and CEO stated, "2011 was a year of transition for us, which included the sale of our direct selling subsidiary, GeneWize Life Sciences, to Capsalus Corp (WELLE.OB).  Though the pending transaction challenged GeneWize's 2011 sales, newly infused enthusiasm through Capsalus bodes well for both Capsalus and GeneLink as GeneWize continues to feature GeneLink's highly differentiated nutrition and skin care products as a focus of its sales efforts.  With the added revenues anticipated from direct response and other targeted markets as well, we have high hopes for 2012."

Re-audit Required

In addition to its 2011 results, the Company reported that a re-audit of its 2010 financial statements resulted in a restatement of the Company's results for that year.

"While we are disappointed to have to restate our 2010 financial results, it's important to note that this restatement largely reflects a technical calculation regarding the beneficial conversion feature of our notes payable and had little impact on our previously reported 2010 revenues and operating loss and no net impact on 2010 cash flows," stated GeneLink's Chief Financial Officer, John A. Webb.

A re-audit of 2010 was required when, on March 5, 2012, the Company was notified that the Public Company Audit Oversight Board ("PCAOB") announced that it had suspended for one year the registration of Buckno Lisicky & Company, P.C. ("Buckno").  Buckno, the Company's prior independent registered accountants, was suspended for failure to timely file 2010 and 2011 annual reports with the PCAOB – a matter unrelated to its work with GeneLink. As a result of that suspension, the SEC determined that GeneLink could no longer include the audit reports of Buckno in its filings with them.  A re-audit by a new firm was required to address 2010 comparative figures included in the 2011 Form 10-K filing.

Additional information regarding the restatement will be included in a Form 8-K to be filed by the Company on or about May 11, 2012 with the U.S. Securities and Exchange Commission.

About GeneLink Biosciences, Inc.:

GeneLink Biosciences is a 17-year old leading biosciences company specializing in consumer genomics. GeneLink's patented technologies include proprietary DNA test assessments linked to personalized health, beauty and wellness applications and products. Its DNA assessments provide information that enables the customization of nutritional and skincare products designed and manufactured to fulfill each individual consumer's wellness needs. For more information visit

This release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in the press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. GeneLink disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future developments or otherwise.


Business Calendar, May 20 - The State

CENTRAL CAROLINAS ENTREPRENEURS CLUB: 11:45 a.m. fourth Tuesdays, Capital City Club, 1201 Main St., 25th floor; Frank Thomas, www.central, (803) 665-2256

INTERNATIONAL ASSOCIATION OF ADMINISTRATIVE PROFESSIONALS: Fourth Tuesdays. Meeting info on Facebook page “IAAP Palmetto Chapter.”


LEXINGTON BUSINESS ASSOCIATION: Noon Tuesdays, Flight Deck, 109 Old Chapin Road; Darcy Templeton, (803) 957-1243

LEXINGTON COUNTY LEADS GROUP: 11:45 a.m. Tuesdays, Flight Deck, 109 Old Chapin Road; Jeff Howle, (803) 678-8121,

LEXINGTON NETWORKING PROFESSIONALS: 12:45 p.m. second and fourth Tuesdays, Lexington Chamber of Commerce, 321 S. Lake Drive; Lori Harmon, (803) 359-9162

NORTHEAST BUSINESS NETWORK: 7 a.m. Thursdays, Lizard’s Thicket, 10170 Two Notch Road; Joe Brunetto, (803) 699-3007

NORTH COLUMBIA BUSINESS ASSOCIATION: Coffee Talk. 8 a.m. Thursdays, 2965 Main St., Columbia. Drop-in for business owners to network. Info: (803) 386-2426 or northcolumbia

NORTHEAST PROFESSIONAL WOMEN GROUP: 7:30 a.m. second and fourth Wednesdays, Lizard’s Thicket, 10170 Two Notch Rd. (803) 730-8686 or (803) 622-5334

PROJECT MANAGEMENT INSTITUTE: Noon third Mondays, Midlands Technical College Northeast Campus;

SOUTHERN NETWORK: 11:30 a.m. Mondays, Shoney’s, 600 Bush River Road; Dot Smith, (803) 665-1700

TOASTMASTERS: BullMasters: noon, second and fourth Tuesdays, DHEC, 2600 Bull St., Sims/Aycock buildings, Patricia Hill (803) 781-5248; Lexington County: 7 a.m. Thursdays, Lexington Medical Center, North Tower, Classroom No. 3, Douglas Ford (803) 546-7678; Professionals of Lexington: Noon Wednesdays, Flight Deck, 109 Old Chapin Road, John Bozard (803) 673-6527; Toastmasters: 7 a.m. Fridays; Lizard’s Thicket, 10170 Two Notch Road in Columbia, Dennis Gillan (803) 727-4301.


INFORMATION SESSION: Sponsored by The Richland County Planning and Development Services Division. 6-8 p.m. Monday, 4th floor training room, 2020 Hampton St. Info: (803) 576-1334

MEDICARE BASICS : Sponsored by Central Midlands Council of Governments Aging & Disability Resource Center. 10 a.m.-3 p.m. Tuesdays through June 26, Central Midlands Council of Governments, 236 Stoneridge Drive. Info: (803) 376-5390, ext. 312

INTERVIEWING SEMINAR: Sponsored by Midlands Technical College. Noon-2 p.m. Tuesday, Midlands Technical College Northeast Campus, 151 Powell Road. Fee: $99. Info: (803) 732-0432;

ENTREPRENEUR INFORMATION SESSION: Sponsored by the Small Business Development Center. 9:30 a.m.-noon Wednesday, USC Technology Incubator, 1225 Laurel St. Fee: $35 (preregistered) or $45. Info:

See the entire business events calendar:

Business events - Daytona Beach News-Journal


WEST VOLUSIA REGIONAL CHAMBER OF COMMERCE AM Connection - DeBary, 8 a.m., Gateway Center for the Arts, 880 N. U.S. 17-92, DeBary. Information: 386-490-4606.

FLAGLER COUNTY CHAMBER OF COMMERCE & AFFILIATES home-based business workshop, 9-11 a.m., Chamber of Commerce, 20 Airport Road, Suite C, Palm Coast. Information: 386-437-0106.

DELAND AREA CHAMBER OF COMMERCE networking lunch, 11:30 a.m.-1 p.m., Mulligan's Tavern, Victoria Park Golf Club, 300 Spalding Way, DeLand. Information: 386-734-4331.


EXECUTIVE ASSOCIATION OF DAYTONA BEACH breakfast meeting and exchange of business leads, 7:15 a.m., Halifax River Yacht Club, 331 S. Beach St., Daytona Beach. Speaker: Jeff Parry, Coleman Goodemote Construction. Information: 386-253-4539 or 386-673-3171.

SOUTHEAST VOLUSIA CHAMBER OF COMMERCE general membership luncheon, noon, Hidden Lakes Golf Club, 35, Fairgreen Ave., New Smyrna Beach. Information: 386-428-2449.

PORT ORANGE SOUTH DAYTONA CHAMBER OF COMMERCE Business Expo and silent auction, 4 p.m., Riverside Pavilion, 3431 Ridgewood Ave., Port Orange. Open to the public. Information: 386-761-1601.

WEST VOLUSIA REGIONAL CHAMBER OF COMMERCE Taste of West Volusia, 5-8 p.m., Gateway Center for the Arts, 880 N. U.S. 17-92, DeBary. Information: 386-490-4606.

SMALL BUSINESS DEVELOPMENT CENTER How to Start Your Own Business, 6-9 p.m., Daytona State College, 1200 W. International Speedway Blvd., Daytona Beach. Information: 386-506-4723.


FLAGLER COUNTY CHAMBER OF COMMERCE & AFFILIATES ribbon cutting, Bailey Group, 11 a.m., 25 Old Kings Road, Suite 6B, Palm Coast. 386-586-7997.

VOLUSIA/FLAGLER SCORE workshop, 6-8 p.m., Daytona International Airport, 700 Catalina Drive, Daytona Beach. Topic: "Building Your Own Website." Information: 386-255-6889.


SCORE 87-COUNSELORS TO AMERICA'S SMALL BUSINESS free counseling and workshops for those in small business or planning to start one. Telephone: 386-255-6889. Webster:

SMALL BUSINESS DEVELOPMENT CENTER offering startup guides, business-plan packets, and small-business counseling at Daytona State College, Building 110, Room 236, 1200 W. International Speedway Blvd., Daytona Beach. Telephone: 386-506-4723. Webster:

Cable and Wireless Worldwide plc: Technology and Communications Company Profile, SWOT & Financial Report - SBWire

Hyderabad, Andhra Pradesh -- (SBWIRE) -- 05/20/2012 -- Product Synopsis: ""Cable and Wireless Worldwide plc: Technology and Communications Company Profile, SWOT & Financial Report"" contains in depth information and data about the company and its operations. The profile contains a company overview, business description, competitive benchmarking, SWOT analysis, key facts, information on products and services, details of locations and subsidiaries, plus information on key news events affecting the company.

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For further information visit

Experts address growing demand for Islamic financial products & services - Saudi Gazette

MANAMA – As the Islamic finance industry continues to be one of the fastest growing components of the global financial system, with an estimated growth rate of 15 percent - 20 percent, international markets are witnessing an expanding demand for Islamic financial products and services - even beyond the traditional markets of South East Asia and the Middle East.
The Islamic funds and investments industry has seen steady growth over the past decade due to the growing global demand for Shariah-compliant financial products and services and a significant increase in the number of institutions structuring Islamic investment products.
According to Ernst & Young the Islamic funds industry grew to $58 billion, achieving a growth of 7.6 percent in 2010.
Held under the theme "New Growth Horizons: Expanding The Global Footprint of Islamic Funds and Investments", the two-day 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) starts today (May 20) in Manama, Bahrain.
Leading players, industry thought leaders and key regulators in the international Islamic funds and investments industry for gather for discussions that will seek to capitalize on the new opportunities and chart the future direction of the global Shariah-compliant funds and investments industry.
The event, held under the official patronage of the Central Bank of Bahrain, will be officially inaugurated with an opening keynote address by Abdul Rahman Mohammed Al Baker, Executive Director - Financial Institutions Supervision at the Central Bank of Bahrain. Speaking ahead of the event, Abdul Rahman Mohammed Al Baker said "as with other forms of Islamic finance, the Islamic funds industry has grown to become an increasingly substantial segment within the global financial markets and has gained significant interest as a viable and efficient alternative model of financial intermediation. Growing awareness and increasing demand for investing in accordance with h principles on a global scale have been the catalyst towards making the Islamic financial services industry a flourishing industry. This is also a reflection of the increasing wealth and capacity of investors, both Muslim and non-Muslim, to seek and invest in new investment products that serve their needs." – SG __

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Staffier: The real causes of the financial collapse - Abington Mariner

“Romney and the Republicans want to return to the Bush policies that got us into the financial/economic mess to begin with.” This has become the mantra of the left, an explanation they seized upon in 2008 and have hammered home ever since. The only problem? It’s not true.

Bush inherited a recession so he lowered tax rates twice. Federal revenues increased dramatically, unemployment was kept around 5 percent, and economic growth was adequate, despite two wars, the worst terrorist attack ever, and the worst natural disaster ever (Katrina). On 17 occasions, bush called on Congress to “fix” Fannie & Freddie, but the Democrats (especially Barney Frank and Chris Dodd) blocked all efforts to do so. Eventually they were at the heart of the financial collapse.

The real cause of the financial collapse? Carter passed the CRA (Community Reinvestment Act), an act to push home ownership. Clinton doubled down on the CRA, and ACORN began threatening banks into risky lending to those who really could not afford home ownership, Fannie & Freddie agreed to back these risky mortgages and Wall Street got involved in peddling them as investments. Inevitably, we had the 2008 crash, from which we still suffer. Unfortunately, the Republicans are silent and do little to repudiate the left’s wild assertion. The result: “the lie” becomes accepted as “the truth.” Someone should set the record straight.



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