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Source: http://video.msnbc.msn.com/cnbc/48086718/
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Friday, July 6, 2012
Thursday, July 5, 2012
Vatican gets report card on financial transparency
VATICAN CITY (AP) ? The Vatican got a report card Wednesday on its efforts to be more financially transparent ? but it's a secret for now.
A Council of Europe committee in Strasbourg adopted a report by independent inspectors examining the Holy See's efforts to comply with international standards to fight money laundering and terror financing.
The evaluators' preliminary report found areas where the Vatican was compliant and where it needed work. During the meeting Wednesday of the panel, known as the Moneyval committee, that report was amended by governments who are committee members, as often occurs.
But neither the Vatican nor the Council of Europe would disclose the outcome, saying Moneyval's procedures forbid it.
The full report will be released in about a month's time, after the Vatican makes its own observations about the findings.
The Vatican submitted itself to the Moneyval evaluation process more than two years ago after it signed onto the 2009 EU Monetary Convention and in a bid to shed its image as a financially shady tax haven whose bank has long been embroiled in scandal. Since then, it has written and rewritten a law criminalizing money laundering, created a financial watchdog agency and ratified three anti-crime U.N. treaties, among other measures.
The moves have all been designed to comply with the 49 recommendations of the Financial Action Task Force, the Paris-based policymaking body that helps countries develop anti-money laundering and anti-terror financing legislation. The Moneyval report card delivered Wednesday checked off whether the Vatican was compliant or not with the recommendations.
In recent weeks, Italian news reports have suggested that the Vatican would break even on the 16 critical "core and key" recommendations from the broader 49, getting a passing grade on eight and a non-compliant or partially compliant grade on the other eight. If a country gets 10 or more bad marks, it has to submit itself to a more rigorous verification process during the next two years.
The main concern going into Wednesday's plenary meeting was whether Moneyval's 29 other member states ? mostly small countries such as Albania, Latvia, Israel and Slovenia ? would amend the original report in a more negative direction and push the Holy See over the non-compliant threshold.
Italy is an observer at Moneyval, and has indicated it doesn't think the Holy See deserves to be on the so-called "white list" of financially transparent countries.
Italian prosecutors have placed the Vatican bank's director general and ex-president under investigation for alleged money-laundering; the Bank of Italy designated the Vatican bank, known as the Institute for Religious Works, an off-shore bank, requiring Italian banks that do business with it to go through more rigorous checks. And earlier this year, JPMorgan closed its Vatican account altogether; the Vatican says it did so under pressure from Italian regulators.
While the criteria for rating compliance is supposed to be objective, such developments may have influenced committee members as they reviewed and amended the report, which must be adopted by consensus.
In addition, the Vatican has been besieged by a scandal over leaked documents that have alleged, among other things, corruption in the awarding of Vatican contracts, and exposed internal debates over the scope of the new anti-money laundering law.
The Vatican bank's chief was also ousted last month for not doing his job, failing a unanimous no-confidence vote by the bank's board. Technically that development shouldn't have factored into the report since the cutoff for compliance was set in January. But it may have created an impression.
The Holy See, however, recently began fighting back: Just last week, the IOR, as the bank is known, opened its doors to a group of journalists for the first time and showed off its customer due diligence measures, anti-money laundering checks and other procedures that it says have been in place for years. Similar presentations were given in recent weeks to ambassadors accredited to the Holy See.
The Vatican spokesman, the Rev. Federico Lombardi, declined to comment on the substance of the Moneyval report as did a spokesman for the Council of Europe. But Lombardi said he was "serene and hopeful" that the Vatican was on the right path.
He stressed that it was a significant move for the Holy See to embark on the Moneyval verification process to begin with, and that Pope Benedict XVI himself wanted it.
___
Follow Nicole Winfield at www.twitter.com/nwinfield
Source: http://news.yahoo.com/vatican-gets-report-card-financial-transparency-174710963--finance.html
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Monday, July 2, 2012
Viewing terrorist attacks on TV increases pain intensity -- Ben-Gurion U. researchers
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Public release date: 2-Jul-2012[ | E-mail |
Share ] Contact: Andrew Lavin
andrewlavin@alavin.com
516-944-4486
American Associates, Ben-Gurion University of the Negev
It's official, news media are a pain
BEER-SHEVA, ISRAEL --July 2, 2012 "Exposure to media coverage of terrorist missile attacks increases pain levels in people already suffering from chronic pain," according to a new study by Ben-Gurion University of the Negev (BGU) researchers.
"Does War Hurt? Effects of Media Exposure After Missile Attacks on Chronic Pain," published in the online version of the Journal of Clinical Psychology in Medical Settings, showed that exposure to the attacks through the media predicted an increase in pain intensity and in the sensory component of pain during the pre-post war period, but did not predict depression or anxiety.
These findings contribute to the understanding of the effects of terrorism on physical and emotional distress, and identify chronic pain patients as a vulnerable population requiring special attention during terrorism-related stress.
Prof. Golan Shahar and Dr. Sheera F. Lerman of BGU's Department of Psychology, along with Dr. Zvia Rudich of Soroka University Medical Center, assessed patients regarding their pain, depression and anxiety, as well as their level of exposure following the missile attacks during Operation Cast Lead in Israel's Negev Region. Prof. Shahar is also affiliated with Yale University's Department of Psychiatry in New Haven, Connecticut.
Stress and media exposure were also strongly related, suggesting that the amount of television viewing related to the terrorist attacks may have influenced how much stress the individual experienced.
"Patients' previous levels of emotional distress may affect their ability to cope with stressful situations, making stressors more prominent and influencing them to seek out more information about the situation," Prof. Shahar explains.
The study assessed 55 chronic pain patients treated at a specialty pain clinic. The patients completed self-report questionnaires regarding their pain, depression and anxiety before and after the three-week missile attack.
###
The research was supported by The Israel Science Foundation (Grant No.751/08).
About American Associates, Ben-Gurion University of the Negev
American Associates, Ben-Gurion University of the Negev (AABGU) plays a vital role in sustaining David Ben-Gurion's vision, creating a world-class institution of education and research in the Israeli desert, nurturing the Negev community and sharing the University's expertise locally and around the globe. With some 20,000 students on campuses in Beer-Sheva, Sede Boqer and Eilat in Israel's southern desert, BGU is a university with a conscience, where the highest academic standards are integrated with community involvement, committed to sustainable development of the Negev. AABGU is headquartered in Manhattan and has nine regional offices throughout the U.S. For more information, visit www.aabgu.org.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Public release date: 2-Jul-2012[ | E-mail |
Share ] Contact: Andrew Lavin
andrewlavin@alavin.com
516-944-4486
American Associates, Ben-Gurion University of the Negev
It's official, news media are a pain
BEER-SHEVA, ISRAEL --July 2, 2012 "Exposure to media coverage of terrorist missile attacks increases pain levels in people already suffering from chronic pain," according to a new study by Ben-Gurion University of the Negev (BGU) researchers.
"Does War Hurt? Effects of Media Exposure After Missile Attacks on Chronic Pain," published in the online version of the Journal of Clinical Psychology in Medical Settings, showed that exposure to the attacks through the media predicted an increase in pain intensity and in the sensory component of pain during the pre-post war period, but did not predict depression or anxiety.
These findings contribute to the understanding of the effects of terrorism on physical and emotional distress, and identify chronic pain patients as a vulnerable population requiring special attention during terrorism-related stress.
Prof. Golan Shahar and Dr. Sheera F. Lerman of BGU's Department of Psychology, along with Dr. Zvia Rudich of Soroka University Medical Center, assessed patients regarding their pain, depression and anxiety, as well as their level of exposure following the missile attacks during Operation Cast Lead in Israel's Negev Region. Prof. Shahar is also affiliated with Yale University's Department of Psychiatry in New Haven, Connecticut.
Stress and media exposure were also strongly related, suggesting that the amount of television viewing related to the terrorist attacks may have influenced how much stress the individual experienced.
"Patients' previous levels of emotional distress may affect their ability to cope with stressful situations, making stressors more prominent and influencing them to seek out more information about the situation," Prof. Shahar explains.
The study assessed 55 chronic pain patients treated at a specialty pain clinic. The patients completed self-report questionnaires regarding their pain, depression and anxiety before and after the three-week missile attack.
###
The research was supported by The Israel Science Foundation (Grant No.751/08).
About American Associates, Ben-Gurion University of the Negev
American Associates, Ben-Gurion University of the Negev (AABGU) plays a vital role in sustaining David Ben-Gurion's vision, creating a world-class institution of education and research in the Israeli desert, nurturing the Negev community and sharing the University's expertise locally and around the globe. With some 20,000 students on campuses in Beer-Sheva, Sede Boqer and Eilat in Israel's southern desert, BGU is a university with a conscience, where the highest academic standards are integrated with community involvement, committed to sustainable development of the Negev. AABGU is headquartered in Manhattan and has nine regional offices throughout the U.S. For more information, visit www.aabgu.org.
[ | E-mail | Share ] ?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Source: http://www.eurekalert.org/pub_releases/2012-07/aabu-vta062812.php
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Sunday, July 1, 2012
Dealtalk: BofA, Goldman among beneficiaries of Malaysia deal boom
SINGAPORE/HONG KONG (Reuters) - In an otherwise dismal year for Asia's investment banking industry, a ray of hope has appeared from the most unlikely of places: Malaysia.
State oil company Petronas announced the country's largest-ever outbound takeover last week, offering to buy its Canadian partner Progress Energy Resources Corp for $4.7 billion to gain control of vast shale gas deposits to supply lucrative Asian markets. The news broke on the same day Malaysian palm oil firm Felda Global listed its $3.1 billion IPO with a 20 percent pop.
Bank of America-Merrill Lynch, Goldman Sachs and J.P. Morgan are among the investment banks benefiting from the deal-making boom at a time when fees are tough to come by. A few key business relationships have paid off for BofA-Merrill, while Goldman's expanded business and J.P. Morgan's decades-long operation in Malaysia have been a boon for them.
Another $5 billion to $7 billion of Malaysian stock offerings are expected during the next year, turning the normally sleepy Kuala Lumpur financial hub into one of the most active deal centers in the world.
"I would imagine we're one of the few markets where head-hunters are paying any interest at the moment by virtue of the fact that things are happening," said Steve Clayton, senior country officer for J.P. Morgan Malaysia.
Clayton says that headcount at J.P Morgan Malaysia will increase over 50 percent within the next two years. The bank's franchise in the country dates back to 1964.
Driving the boom is a combination of government-led divestitures, election-year politicking and steady economic growth across Southeast Asia.
"There's an underlying ASEAN story," said a top Asia investment banker who did not want to be identified. "The orientation of investment banking fees was always directed more to China. The slowdown of IPOs in Hong Kong has acutely impacted that flow of business. So on a relative basis, ASEAN is seeing a bigger component of the fee pool."
While credit ratings agencies are concerned about Malaysia's budget deficit and the country is very exposed to any slowdown in trade finance given its sizable export market, economists remain positive as the local oil industry continues to churn out heaps of cash for the government.
The Petronas deal, one of the biggest outbound deals from Asia this year, will boost Malaysian M&A volume to $19.3 billion. Malaysia's share of Asian M&A volume doubled to 8 percent so far this year.
Aviva and ING's
EQUITY DEALS
At nearly $5 billion year-to-date, equity and equity-related deal volumes in the country are the most since at least 2000, according to Thomson Reuters data, and already equal the total for all of 2011.
J.P. Morgan is one of the top equity underwriters in Malaysia, and is No. 3 in estimated fee rankings behind the country's two dominant local banks, Maybank and CIMB, according to Thomson Reuters data.
Malaysia's largest pension fund is a J.P. Morgan client, which sources say is a key part of the bank's success there.
Goldman Sachs
BofA-Merrill scored the mandate to advise Petronas, the bank's fourth M&A advisory role with the oil giant, and it also has a role in the upcoming $2 billion IPO of Malaysia's IHH Healthcare.
Goldman does not have an advisory role in the Petronas deal, but stands at No. 2 in Malaysian M&A, having worked on four deals worth $3.9 billion.
Goldman was also the sole arranger for the $1.75 billion private placement of 1MDB Energy, a unit of Malaysia's government-owned investment company.
The deal was one of the biggest privately placed U.S. dollar bonds on record from Asia. Thomson Reuters publication IFR said in an article on the deal that Goldman may have made between $21.8 million to $30.6 million handling the sale, dwarfing the six-figure sums that typically come with such a trade.
If such a fee were earned, that would total the near equivalent of what Morgan Stanley received in Asia debt sales for all of last year, according to Thomson Reuters data.
Goldman declined to comment on the 1MDB role, though Yusof Yaacob, chairman of corporate finance for Goldman Sachs Malaysia, did discuss business prospects.
"The Malaysian economy has been doing relatively well despite the global slowdown," he said. "We expect to see continued consolidation and restructuring in sectors including financial services and energy."
Investment bankers say whether the burst of activity in Malaysia is sustainable depends on whether deals in Hong Kong and mainland China pick up.
China's investment banking fees for domestically listed stocks almost quadrupled since 2007 to $2.2 billion while overall China investment banking fees, which include offshore listed companies, rose 25 percent to $4.4 billion, according to Thomson Reuters.
One equity capital markets investment banker said Southeast Asia's deal activity has, in past periods, picked up when China slowed down.
(Additional reporting by Denny Thomas; Editing by Ryan Woo)
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Best Internet Marketing Strategies For Small Business In 2012 ...
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Best Internet Marketing Strategies in 2012
New York, NY ? Internet marketing tips blog, WebTrafficToolkit.com, has just published their 3 best internet marketing strategies for small businesses in 2012.
These best internet marketing strategies are part of the $1K A Day In 60 Days Marketing Plan that thousands of online entrepreneurs and offline small business owners are currently tapping into at http://webtraffictoolkit.com/onlinebiz.html
*?Viral PDF?Internet Marketing?- ?Viral PDF marketing involves writing a high quality short report or ebook and then syndicating it to numerous online sources. This can include document sharing sites such as scribd, docstoc and slideshare.net.?
* Small Business Blogging ? ?Write a daily blog post for your small business blog. This does not need to be anything complicated. Just a simple 500 word article around a relevant keyword that your potential customers will be searching for online. The more content you have out there the more website traffic you will get.?
* SEO Online Press Releases ? A regular press release is an excellent idea for the ongoing internet marketing strategy for any small business owner. Try to tie in your press releases with current news trends for maximum exposure. PRWeb and PRNewswire are excellent online press release distribution sites for this.?
Readers are encouraged to check out the $1K A Day In 60 Days System that makes use of these strategies at http://webtraffictoolkit.com/onlinebiz.html
About WebTrafficToolkit.com:
WebTrafficToolkit.com is an internet marketing strategies?website that teaches small business owners how to leverage the power of the internet for more traffic, leads, and sales.
Related articles:
Best Social Networking Marketing Strategies in 2012 Revealed by Web Marketing Blog3 Online Marketing Tips For Small Businesses Revealed By WebTrafficToolkit.comViral Video Marketing Tips To Help YouTube Videos Go Viral Just Published By Business Marketing BlogTwitter Marketing and Facebook PPC Are Among Top 3 Social Media Marketing Strategies In 2012Content Marketing Strategy For Small Businesses In 2012 Just Published
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Relative Terms: Businessb | internet-marketing | httpsmallbusiness-howtoadvicetips-combest-internet-marketing-strategies-for-small-business-in-2012utm_sourcerss | Strategies | bSmall | internet | bMarketingbRelated tips
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Abbotsford tennis ace lands scholarship from NCAA's New Mexico Lobos
After years of honing his tennis skills in relative isolation, Riaan du Toit is looking forward to a more collaborative approach when he attends the University of New Mexico this fall.
To accommodate his practice schedule and the frequent travel that his tennis career demands, the 18-year-old Abbotsford resident completed his high school studies by homeschooling through Fraser Valley Distance Education.
When he arrives in Albuquerque in September, du Toit knows he?ll be in for quite a transition in terms of both tennis and school. His schedule will be more regimented on both fronts, and he?ll be working alongside other people to a greater degree in class and with the Lobos tennis team.
But it?s a transition that du Toit is thrilled about.
?Up here, it?s not always easy getting the right training and the right environment (for tennis),? he noted. ?It?s tough with the facilities, and the other players all have their own thing going.
?In university, there?s going to be a set schedule for my tennis, and I?ll know for a fact that I?m playing for this many hours, going to the gym for this many hours, going to a tournament this weekend. I think just because of that, I?ll end up playing a lot more than I have before. I definitely think it?s going to improve my game.?
Du Toit has racked up plenty of frequent flyer miles over the past 12 months, traveling to International Tennis Federation (ITF) junior tournaments around the globe.
Last August, he won both the singles and doubles titles at an ITF event in Burlington, Ont. Then it was off to Florida for the renowned Junior?Orange Bowl and Eddie Herr international tournaments, where his solid performances piqued interest from several NCAA programs ??Penn State, Wake Forest and Tennessee, in addition to New Mexico.
He also traveled to ITF tourneys in Tunisia and South Africa, and made it to the singles final in Tunisia. Along the way, he boosted his ITF junior ranking as high as 251st in the world.
Du Toit settled on New Mexico as his NCAA program of choice after visiting the campus in January.
?They had some Canadians that had gone there previously, and it?s such a friendly environment,? he explained. ?It was definitely a welcoming experience.?
Riaan comes by his talent honestly. His father Andre is a tennis coach who used to run an academy in his native South Africa, and older siblings Charles and Trudie had highly decorated junior careers.
Trudie also earned an NCAA scholarship ??she recently completed her senior year at the University of Oregon.
?She just enjoyed it so much, and she said I won?t have any trouble transitioning,? Riaan said. ?I think I?ll fit right in. Socially, it?ll be a great experience.?
Du Toit?s goal is to play pro tennis one day, and if all goes well, he?d love to embark on that journey after two or three years at New Mexico.
He models his game after Novak Djokovic, the five-time Grand Slam champ from Serbia who is currently ranked No. 1 in the world.
?He?s got an attitude, but I try to look past that,? du Toit said with a chuckle. ?I just like his game. He?s kind of in between (Roger) Federer and (Rafael) Nadal ??between the power and the spin. I think that?s the perfect medium. What more could you want??
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Source: http://www.abbynews.com/sports/160458235.html
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BHP Billiton Energy Coal - Sale 4 (Middelburg, South Africa)
Viewing is strictly by appointment only on 25th of June 2012 and 26st of June 2012 - Please download the 'Location Information' below 'Downloadable documents'
A refundable deposit is required to participate in this sale, please download the participation form below 'Downloadable documents' section and fax back to +27 (0)21 702 3207 or email to
GoIndustry DoveBid S.A. (Pty) Ltd.
GOINDUSTRY DOVEBID SA (PTY) LTD ONLINE AUCTION TERMS & CONDITIONS ? MOVEABLE ASSETS
By participating in this Online Auction, you consent to be bound by these terms and conditions in addition to our general terms and conditions as well as any additional terms that may be imposed by the seller or announced at the auction, included within the Notice to Purchasers, Rules of Auction and/or set forth on individual asset lot pages.? For the purposes of these terms and conditions, we refer to any person or entity registering to offer or offering to buy goods as a "buyer" regardless of whether any contract of sale is concluded.
1. Auctioneer's role in Online Auctions
For the purpose of the Online Auction, ?GoIndustry DoveBid SA (Pty) Ltd will be the auctioneer and agent for the seller (the "Auctioneer") and will sell goods to a buyer.
The Auctioneer may at its discretion or upon the instruction of the seller:
(a) alter or withdraw all or any lots up to the moment at which such lot(s) are indicated as "SOLD" (the "Announcement of Sale");
(b) where a reserve has been placed on any lot, withdraw that lot in the event that the highest bid price at the end of the Online Auction does not meet the reserve;
(c) bid for any lot or lots offered for sale at the Online Auction on its own account ?
(d) bid for any lot or lots offered for sale at the Online Auction on behalf of ?third parties
(e) bid for any lot or lots offered for sale at the Online Auction on behalf of sellersbut, if on behalf of sellers, not at or in excess of the reserve price; and/or
(f) combine (including in bulk), sub-divide or amend a lot or lots as the Auctioneer deems appropriate.
The Auctioneer, GoIndustry DoveBid SA (Pty) Ltd, any GoIndustry DoveBid Group Company or an Associated Auctioneer may participate as sellers in Online Auctions from time to time.
Buyers agree that GoIndustry DoveBid and/or, where applicable, the Auctioneer may at any time and from time to time without notice: (i) discontinue an Online Auction either temporarily or permanently; or (ii) extend an Online Auction beyond the period indicated on the Site.
2. Sale
Unless otherwise indicated, all lots are offered subject to a reserve, which is the confidential minimum price below which a lot will not be sold.? The reserve price may be decreased by the Auctioneer or seller at any time before or during the online auction.? The reserve price may be decreased to the level of the highest Autobid if that bid is below the current reserve price with the effect that the highest Autobid may be accepted.
Subject to the reserve price (if any) being met, each lot shall be sold to the highest bidder. All sales are final. In the event of any dispute arising between buyers such dispute shall be dealt with in such manner as the Auctioneer may in its absolute discretion determine. The Auctioneer reserves the right to resell any lot in dispute by putting it up for auction again. The Auctioneer reserves the right to rescind any sale for any reason in which case the buyer?s sole remedy shall be the refund of the amount of the purchase price and any Buyer?s Premium actually paid.
The completion of a sale shall be indicated on the Site by showing the item as "SOLD" online - if an Online Auction for a lot closes without the lot being sold, it will show as "CLOSED", if a lot is withdrawn, it will show as ?WITHDRAWN".
3. Regulation
Bidding shall be regulated by the Auctioneer in such manner as it may think fit and, without prejudice to the generality of the foregoing, the Auctioneer may without ascribing any reason therefore, refuse to accept any bid or may facilitate automatic bids on behalf of buyers during the Online Auction process.
4. Notice to Purchasers
The Site will show a separate Notice to Purchasers for each Online Auction which will stipulate a payment date ("Payment Date") for each lot in an Online Auction and the date by which the goods will have to be removed by the successful buyer ("Clearance Date" or "Removal Date") and certain other terms and conditions which form part of these Terms and Conditions.
5. Buyer's Premium
The buyer will pay to the Auctioneer such premium ("Buyer's Premium") on the Announcement of Sale as stipulated in the Notice to Purchasers for the Online Auction in question to which will be added any applicable value added tax or the equivalent or similar sales taxes in the relevant jurisdiction at the current rate. The Buyer's Premium is not negotiable and is payable by all buyers. The Auctioneer, when acting as agent for the seller, may also receive commission from the seller.
6. Buyer's obligations
(a) Payment
Unless otherwise provided for in the Notice to Purchasers for the Online Auction in question, immediately after the Announcement of the Sale, the successful buyer shall pay a 25% deposit towards the purchase price. Where applicable, buyers expressly authorise GoIndustry DoveBid and/or the Auctioneer to charge buyers? credit cards for the amount of such deposit.?If a successful buyer fails to make a timely deposit, the Auctioneer and the seller may resell the item in question without notice.? In addition, unless otherwise provided for in the Notice to Purchasers, the successful buyer shall pay the full purchase price of the lot (including in addition Buyer's Premium and any value added tax or the equivalent or similar sales taxes) to the Auctioneer on behalf of the seller (in cleared funds) on or before the Payment Date. More information about the applicable taxes may be given in the Notice to Purchasers for the Online Auction in question, however, buyers should seek their own tax advice. The buyer agrees that invoices may be issued in electronic form by email.
Payment shall be made in the currency specified on the relevant Notice to Purchasers. Any bank charges in respect of conversion or transfer of monies shall be met by the buyer. If goods are exported, tax refunds or zero rating may apply, tax refunds (if any) will be made by the Auctioneer, subject to receipt of (i) satisfactory proof of export by the buyer; (ii) the corresponding amount of tax refund from the relevant tax authority or the seller and (iii) the relevant tax forms (if applicable).
(b) Collection/Removal
Unless otherwise provided for in the Notice to Purchasers for the Online Auction in question, the buyer will:
(a) remove lots from the seller's premises during normal business hours and not later than the Clearance Date/Removal Date for the lot in question and this condition shall be of the essence of the contract;
(b) only remove lots by previous arrangement with, and subject to the supervision of, the Auctioneer or its agent(s) or appointed representative(s);
(c) not be permitted to remove any lots it has purchased from the seller's premises until all sums due in respect thereof have been paid; and
(d) be responsible for the removal and insurance of the purchased lot(s) at its own expense.
If, in the Auctioneer's opinion, removal of any lot or part thereof will be likely to cause serious damage to the seller's premises, or any other damage which the buyer is either unable or unwilling to rectify, the Auctioneer may by notice to the buyer rescind the sale of such lot or permit the removal thereof from the premises to proceed subject to such conditions as it may think fit to impose. GoIndustry DoveBid shall have no responsibility to disconnect utilities to the sold asset, including electric, gas, waste and water lines.
The buyer shall provide, or ensure that their agent(s) performing removals on its behalf, provide on demand, evidence of insurance policies reasonably satisfactory to the Auctioneer, GoIndustry DoveBid and/or the Seller.
Should any party claim possession of or title to all or part of a lot prior to its removal from the seller's premises, the Auctioneer reserves the right to rescind the sale thereof or to remove or permit the removal thereof from the seller's premises subject to such conditions as it may think fit to impose.
Should the buyer fail to comply with any of the foregoing requirements the lot or lots which have been subject to an Announcement of Sale to him or any part thereof may, without further notice, be re-offered for sale, destroyed or otherwise disposed of by the Auctioneer in any manner as it shall in its absolute discretion deem fit, and any monies paid shall be forfeited.
Without prejudice to any claims that the Auctioneer and/or the seller may have against the buyer for breach of contract or otherwise the buyer will become liable from the Clearance Date/Removal Date for all storage, security and administration expenses and the cost of and incidental to re-selling and/or otherwise disposing of uncleared items.
7. Buyer's responsibilities and conduct
The buyer will be responsible for all damage that it, its carriers or its agents may do to the property of any third party (and, in particular, to the seller's premises) in removing the lot(s) it has purchased. Should the Auctioneer consider such damage likely to occur, it may require the buyer to deposit such sum of money with the Auctioneer, by way of security for the costs of reinstating that part of the premises likely to be damaged by the removal of a lot, as the Auctioneer may require. Should the buyer refuse to deposit such monies, the Auctioneer may refuse the buyer access to the seller's premises for the purpose of collecting all or any of the lots it has purchased, or rescind the sale of such lot.
By placing a Bid on a lot, the buyer represents, warrants and undertakes that it has the authority and capacity to enter such Bid and close the transaction and that any Bid that it makes constitutes an irrevocable offer to buy the lot in question for the full amount of the Bid.
8. International statutory compliance exclusion
(a) It is expressly brought to the buyer's attention that, at the time of sale, any item of plant, machinery or equipment contained in the lot(s):
may not necessarily comply with the Occupational Health and Safety Act 1993, National Environmental Management Act 1998, Environmental Conservation Act 1989 ?or any other South African Legislation ?Regulations, Directives or their applicable laws or equivalent or similar laws in any relevant jurisdiction or; and
could contain blue or white asbestos, hazardous substances, dangerous chemicals etc. which if not handled correctly during their removal from a site could be in breach of the Environmental Conservation Act, Occupational Health and Safety Act 1993, or any other current legislations covering the use of such substances in a working environment in South Africa, Southern African Development Community (?SADC?), the UK, the EC, the United States or any other relevant jurisdiction.
(b) The buyer undertakes to:
remove, ship and use any purchased plant and equipment within South Africa or SADC ?or any other relevant jurisdiction in a way that does not contravene any relevant legislation and in full compliance with all applicable health and safety standards and regulations;
comply with all current applicable legislations in any relevant jurisdiction and reasonable instructions by the Auctioneer in relation to the removal/disposal of waste including hazardous waste.
Participants agree to comply with all applicable export or import control or related laws or regulations and not to violate any applicable local, state, national or international law, statute, ordinance, rule or regulation. Participants acknowledge that the Auctioneer is not the exporter of any asset unless expressly stated.? The Auctioneer gives no representation or warranty concerning and has not conducted any investigation to ascertain which items, if any, constitute, for example, ?Restricted Technology? for US law purposes or whose export is otherwise restricted under applicable law. The Auctioneer and the seller reserve the right to cancel or rescind any sale in an Online Transaction at any time if either of them ?determines, in its absolute discretion, that the sale does or may violate applicable export or import control or related laws and regulations.?
9. Intellectual Property Rights
The buyer acknowledges that any software or intellectual property rights attaching to a lot or lots may not be the property of the seller or capable of transfer by the seller. Neither the seller nor the Auctioneer is in any way authorising the use by the buyer of such software or intellectual property rights and any use of such software or exploitation of such intellectual property rights shall be at the buyer's sole risk.
10. Transfer of risk
Upon the Announcement of Sale the buyer shall assume all risks in and relating to such lots. The buyer is advised to effect in respect of all such risks arising thereafter any insurance it may consider necessary. The duty of the Auctioneer and/or the seller to make lots available shall be deemed performed upon Announcement of Sale even if a lot is subsequently damaged and/or part thereof has been lost.
Property and title in each lot shall not pass to the buyer until:
(a) full payment therefore has been received or (where payment or part payment is made by cheque) until the cheque(s) in question have been cleared; and
(b) each such lot has been removed from the seller's premises in its entirety.
11. As Is
All goods are sold "AS IS, WHERE IS, WITH ALL FAULTS AND WITHOUT RECOURSE". Illustrations, pictures or videos posted on the Site are for the convenience of the buyers only.
The seller, the Auctioneer and, where applicable, GoIndustry DoveBid has used its reasonable endeavours to ensure that the description of each lot(s) appearing on the Site are accurate, but the buyer relies upon such description at its own risk. Buyers should satisfy themselves prior to the sale as to the condition of the lot and should exercise and rely on their judgment as to whether the lot accords with its description at their own risk.
Subject to the obligations accepted by GoIndustry DoveBid and, where applicable, the Auctioneer under these Terms and Conditions neither the seller nor GoIndustry DoveBid nor, where applicable, the Auctioneer nor any of their respective employees or agents are responsible for errors of description or for the genuineness or authenticity of any lot and no warranty whatever is given by GoIndustry DoveBid or, where applicable, the Auctioneer, or the seller or their respective employees or agents to the buyer in respect of any lot and any express or implied conditions or warranties are hereby excluded to the greatest extent permitted by law.
12. Liability
Where the buyer loads any item of plant, machinery or equipment contained in a lot or lots to remove it from a site, neither the seller nor GoIndustry DoveBid nor, where applicable, the Auctioneer shall be under any liability whatsoever to the buyer or any third party for any damage however so caused by the removal and the buyer shall be responsible for and indemnify the seller and GoIndustry DoveBid and, where applicable, the Auctioneer against any damage or loss which the seller or GoIndustry DoveBid or, where applicable, the Auctioneer may suffer or incur in respect of loss, damage or injury suffered by the buyer's employees or any third party arising from the removal of the plant, machinery or equipment.
The Auctioneer is acting as agent of the seller in an Online Auction and is not responsible for acts and omissions of the seller or any of the seller's principals, officers, directors, employees or other agents.
13. Limitation of liability
Neither seller nor GoIndustry DoveBid nor, where applicable, the Auctioneer shall? be liable, in contract, tort (including negligence) or for breach of statutory duty or in any other way for:
1.?????? any loss arising from or in connection with loss of revenue, profits, contracts or business or failure to realise anticipated savings or profits;
2.?????? any loss of goodwill or reputation; or
3.?????? any indirect or consequential losses suffered or incurred by buyer,
arising out of or in connection with these Terms and Conditions and any of the actions or events contemplated within them or deriving from a sale of goods pursuant to them (?Relevant Events?).
The aggregate respective liability of seller or GoIndustry DoveBid in respect of any other loss or damage suffered by a buyer and arising out of or in connection with these Terms and Conditions or arising out of or in any way connected with any Relevant Events, whether in contract, tort (including negligence) or for breach of statutory duty or in any other way, shall not exceed (i) in the case of the seller, the amount of the purchase price paid by the buyer; and (ii) in the case of GoIndustry DoveBid the buyer?s premium paid by the buyer, in each case in respect of the goods which are the subject of the claim.
The Buyer undertakes to defend (by counsel satisfactory to GoIndustry DoveBid) and indemnify GoIndustry DoveBid and seller and hold GoIndustry DoveBid and seller harmless from and against any claim, demand, cause of action, liability or expense (including attorneys' fees and costs) asserted against or incurred by GoIndustry DoveBid, the seller or any third party in connection with the sale, removal, shipment or use of any purchased assets or a breach by the Buyer of these Terms and Conditions.?
Nothing in this clause shall limit or exclude liability for death or personal injury resulting from the negligence of seller or GoIndustry DoveBid or their respective employees or agents.
Notwithstanding any contrary provision in these Terms and Conditions, neither the Seller nor GoIndustry DoveBid limits or excludes its liability in respect of fraud,? or any other statutory or other liability which cannot be excluded under applicable law.
?14. Choice of Law and Venue
ALL DISPUTES RELATING TO THESE TERMS AND CONDITIONS BETWEEN PARTICIPANTS AND THE AUCTIONEER SHALL BE EXCLUSIVELY GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF SOUTH AFRICA.
PARTICIPANTS AND THE AUCTIONEER HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE SOUTH AFRICAN ?COURTS OVER ANY CLAIMS, DISPUTE OR MATTER ARISING UNDER OR IN CONNECTION WITH THESE TERMS AND CONDITIONS OR THEIR ENFORCEABILITY. EACH PARTICIPANT ACKNOWLEDGES THAT GOINDUSTRY DOVEBID WOULD NOT PERMIT THE PARTICIPANT TO REGISTER AS A BUYER OR SELLER IF THE TERMS OF THIS CLAUSE 14 WERE NOT VALID, BINDING AND ENFORCEABLE.
Participants irrevocably consent to any process in any legal action or proceedings arising out of or in connection with these Terms and Conditions or its enforceability being served in accordance with the provisions of these Terms and Conditions relating to the service of notices. Nothing contained in these Terms and Conditions shall affect the right to serve process in any other manner permitted by the laws of the country in which service is to be effected.
If a sale consists of real property , the Participants and GoIndustry DoveBid agree, , to do all things and execute all contracting deeds, assignments, instruments, transfers and other documents as may be necessary or desirable to give full effect to the transaction in that country.
These Terms and Conditions are drawn up in the English language.? If these Terms and Conditions are translated into another language, the English language text prevails.
GoIndustry DoveBid SA (Pty) Ltd
January 2012
Source: http://www.go-dove.com/event-16715?lcid=en
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