From AllAfrica.com

Managing Director, of Inland Bank Nigeria Plc, Alhaji Zannah Lamba revealed yesterday that First Inland Bank, the new banking group which it is to form with First Atlantic Bank, is currently holding talks with about three other banks with the hope of acquiring two of them as a way of strengthening the new bank to properly position it for greater challenges in the post consolidation era.

Also, shareholders of Inland Bank Nigeria Plc yesterday endorsed the bank’s merger plan with First Atlantic Bank Plc to form First Inland Bank Plc, at a Court Ordered Meeting held in Abuja

Speaking at the meeting yesterday, Alhaji Zannah said the new bank’s bid acquire about two other banks will pro-perly position it to face greater challenger in the post consolidation era. He however did not mention names of the banks that would be acquired, even as he pointed out that the talks have not been concluded on the matter.

He said the unanimous endorsement of the bank’s merger plan by its share holders will enable it move to the next stage of the consolidation process which involves filling all the necessary documents to the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and the court that ordered the meeting.

The MD noted that, already, the First Inland Bank group has raised a total of about N21billion in a bid to meet the N25billion minimum recapi-talization as required by the CBN, adding that some existing shareholders of the bank have indicated willingness to pro-vide more funds so that the N25billion can be met before December.

In his address, the Chairman of the bank, Alhaji Muhammad Danmadami said the merger will offer both banks "with challen-ges as well as excellent oppor-tunity to take advantage of sy-nergies of operations in the emerging competitive banking industry", adding that the it would also lead to increased shareholders returns and better employee welfare.

For the merger to be effec-tive, all shareholders of First Atlantic bank would surrender their shares at a transfer rate of 2 ordinary shares of the bank of 50k each for 3 ordinary shares of 50k each in inland bank. The name would then be changed to First Atlantic bank

Speaking on behalf of shareholders of the bank, National Coordinator of Independent shareholders Association of Nigeria (ISAN), chief S. N. Nwosu charged the board and management of the new bank to work hard and be proactive in order for them to be able to meet challenges in the post consolidation era, even as he commended some current directors of the bank for accepting to relinquish their positions in order for the new group to take off.

He urged the CBN to consider creating a two tier banking industry so that banks that do not raise N25billion by December this year will not be thrown out of business but still have other kinds of banking activities to perform, a situation which he said would save jobs and secure shareholders funds in those banks.

Another shareholder and executive of ISAN, A. A. Adeleke, commended the bank for choosing First Atlantic bank as its merging partner as he said "this merger is actually the first true merger in terms of amalgamating the north and the south"

The 3rd Annual Big Idea Event consists of talks, workshops, business simulation games and an exhibition to assist Entreprenuers in Starting and Developing their Business/es!

Mark Shuttleworth’s HBD Venture Capital and the Innovation Fund invite you to attend this years’ Annual Big Idea Event!

The Big Idea focuses on delivering practical advice, tips, facts, case studies and contacts to support South African Entrepreneurs and future Entrepreneurs.

The Big Idea doesn’t have a specific target audience in the entrepreneur market, and is for anyone who wants to start a business, is running a business already for any amount of time, for students, for professionals, for academics…

Local and International Business Experts will share practical and effective problem-solving methods, provide information on assistance that is available or just motivate and inspire you to get out and start and/or develop your own business.

The event consists of business related talks, such as: Successful Business Planning; Budget & Cash Management; Key Legal Aspects to consider when Starting Up; Innovative Marketing & Sales; Brand Management; How and where to seek Funding; The Art of Negotiation; Labour Law; Tax issues for Start-Ups; Global Expansion and How to sell your Business for Profit.

Alongside the main presentations, various interactive workshops will be on offer including: Stimulating Creative and Innovative Thinking; How to get Motivated; Growth and Leadership as well as Fun Business Simulation Games to get you practicing your newly learnt skills. An exhibition of products and services that provide support and solutions to entrepreneurs and their businesses will also take place at the Big Idea event.

The event runs as follows:

Cape Town: 26 - 27 October at The Lagoon Beach Hotel, Milnerton
(www.lagoonbeachhotel.co.za)
Johannesburg: 3 - 4 November at the Birchwood Hotel, Boksburg
(www.birchwoodhotel.co.za)

This year’s venues offer you a fabulous environment to learn about developing and growing your business and at the same time enjoy the natural beauty of the area to relax, network, share views and experiences!

Seats are limited, and allocated on a first-come-first served basis. As fees are subsidised by HBD Venture Capital and the Innovation Fund, your entrance fee is only R300 incl. VAT.

To see the full program and to register online visit: www.thebigidea.co.za or phone Louise on (021) 970 1050 or Nolunthando on (021) 970 1010.

From MarketWire

FTS Group, Inc. (OTC BB: FLIP), a publicly traded acquisition and development company, today announced that it has secured an investment banking agreement with New York based Westor Capital Group, Inc.

Since 1999, Westor Capital Group (WCG) has assisted emerging growth companies in the corporate financing arena, specializing in structuring and arranging equity and debt financings. Westor Capital is currently one of the top placement agents in the country having arranged financings in excess of $30 million within the past 12 months.

FTS Group’s CEO, Scott Gallagher, stated, "We’re excited to have Westor on board once again. We are pleased they accepted this engagement to participate in the $5.5 million acquisition/spin-off transaction we announced last week. This is an exciting moment in the evolution of our business. Closing this transaction will result in tangible increased stockholder value for everyone involved in FTS, we’re proud that Westor believes in that vision and has decided to assist us in realizing it."

From Azcentral

High gas prices might not be the only thing cramping motorists’ driving budgets: Auto-insurance costs in Arizona are on the rise and remain on the high side nationally.

The average rate has gone up 16.6 percent in Arizona in the latest five-year measurement. But there is some good news: The increase is less than the national average.

Campaigns to cut red-light running, slow speeders and cut drunken driving are paying off, and the industry remains very competitive, with more than 270 firms licensed to write auto policies in Arizona

But while overall collisions have dropped, severe collisions still exceed the national average and contribute to higher auto premiums. And Arizona’s auto-theft rate remains sky-high, 136 percent above the national average.

Nielsen and other industry observers point to several improving trends to explain the moderation in insurance price increases.

Crashes dropped 2.5 percent from 2002 to 2003, according to the latest data Frederikson has analyzed.

Fewer of those crashes are happening on city streets - Frederikson credits red-light cameras, photo radar and police enforcement - but the flip side is that more are happening on the speedier freeways, often involving up to a half-dozen vehicles, he said. Forty-six percent of those collisions are rear-end accidents.

"That is speed and driver-inattention issues," he said. "Or tailgating."

It’s those driving conditions that help keep Arizona in the upper tier of states when it comes to auto-insurance costs.

Speeding drivers typically cause more severe collisions, driving up the cost of medical payments and repairs. Arizona insurers pay $563 more than the national average to cover medical costs due to collisions, Frederikson said. And the state has a higher rate of people claiming to be injured in an accident: 19.5 percent greater than the national average, he said.

Frederikson said he suspects that’s because Arizonans also like to hire attorneys to represent them in collision claims: 42 percent of Arizonans get a lawyer to represent them, compared with 24 percent nationally.

To help keep rates down, he advises: Keep off the freeways, and "if you’re not injured, don’t claim to be injured."

Comparison shopping also helps, since the competition between insurance companies produces lots of choice, industry analysts say.

The Department of Insurance counsels Arizonans to get a variety of quotes, and the agency’s semiannual survey comparing premium prices shows why: Within the quotes gathered for 2005, state insurance officials reported huge gaps between the lowest and highest quotes for hypothetical drivers.

For example, a married, middle-aged couple with clean driving records and a 2003 Ford Explorer and a 2005 Ford Taurus in the driveway could face prices in 2005 that are 57 percent to 812 percent greater than five years ago, the survey shows.

But many drivers stay with a company they trust, or can’t be bothered to shop every six months, when policies come up for renewal.

Sometimes they get lucky.

Manuel Franco said he saved $300 on his insurance when AAA, which provides his auto insurance, switched to another carrier. If AAA hadn’t made the switch, the Avondale resident said he doubted he would have done so on his own.

These factors contributed to the average six-month Arizona auto premium of $920.38, the 13th-highest cost in the United States as measured in 2003 by the National Association of Insurance Commissioners. From 1999 to 2003, the latest year for which data are available, commission statistics show Arizona costs rose 16.6 percent, below the national average of 19.9 percent.

From Forbes

HCC Insurance Holdings Inc. on Wednesday said it will expand its specialty insurance products by acquiring a unit of General Motors Acceptance Corp.

The Houston-based company - which sells specialized property and casualty insurance - did not release terms of the deal to acquire MIC Life Insurance Corp. The insurer, which currently is inactive but has a license to conduct business in all states except New York, is part of GMAC Insurance Holdings Inc.

"The addition of a second life company to the HCC group will provide increased flexibility to continue expanding our specialty life, accident and health insurance products," said Chairman and Chief Executive Officer Stephen Way said in a statement.

Shares of HCC fell 20 cents to $27.32 in afternoon trading on the New York Stock Exchange. General Motors shares added 17 cents to $26.59 on the NYSE.

(more…)

When the New York Stock Exchange unfurled its plan six months ago for a $6-billion merger with Chicago-based Archipelago Holdings Inc., David Corcoran was appalled. A seat holder for more than 25 years, he thought the terms of the NYSE’s linkup with its much smaller rival shortchanged members.Time and soaring seat prices can work miracles, however. The price of exchange memberships has nearly doubled since the deal was announced, meaning Mr. Corcoran now stands to pocket $3.6 million in cash and stock for a seat that cost him $190,000.

Read more here