Dalene notes

There’s a new batch of quick-service restaurants on the block – Arby’s, A&W and Long John Silver’s – and according to YouGov BrandIndex, A&W is the most popular of the three. A&W, founded in 1919 and known for its root beer, had the trio’s highest satisfaction rates, said YouGov BrandIndex, which does daily consumer perception research on brands.  A&W and Arby’s had higher satisfaction scores than an average of about two dozen fast-food chains, while Long John Silver’s fared worse. (See graphic below) “A&W and Arby’s have a core group of supporters and satisfied customers,” said Ted Marzilli, global managing director for YouGov BrandIndex. “If I’m a buyer, that’s a strength.” Marzilli predicted that all three brands would find buyers, although prices and other terms likely would differ. He said A&W and Arby’s could be reinvigorated by buyers who focused on their strengths, while Long John Silver’s is more of a turnaround story. Another big question is whether any of the chains will snag a valuation as rich as the one attached to Burger King’s $3.3 billion sale to 3G Capital last year.  The $24 per share sale price represented a 46 percent premium to Burger King’s price before news of the negotiations emerged. When asked how Burger King satisfaction scores looked, Marzilli said they were ”a hair higher” than Arby’s over the last six months. 

The surgery on the octogenarian monarch was successful, but with his immediate heir, Crown Prince Sultan, also in his 80s and experiencing health problems that have kept him in the United States since June, there is an increasing focus on the kingdom’s leadership plans.”They have a system,” said Qainan al-Ghamdi, a former editor of al-Watan daily newspaper. “After the king comes the crown prince and after him Prince Nayef. So if anything happens, there is no problem.”To outsiders, the al-Saud ruling family’s succession process often appears forbiddingly opaque. But behind the ornate gilt doors of Riyadh palaces, the senior most princes in a family thousands strong have long sketched out the next steps in a complex dance of power.Unlike in European monarchies, the line of royal succession does not move directly from father to eldest son, but has passed down a line of brothers born to the kingdom’s founder King Abdulaziz Ibn Saud, who died in 1953.So far five brothers have become kings and around 20 are still alive, but only a few of those are thought realistic candidates to rule the country where Islam was born some 14 centuries ago. Some have already been passed over or renounced their claims to rule.Under rules drawn up soon after Abdullah became king in 2005, succession decisions should lie with an “allegiance council” of the ruling al-Saud family.The council has 34 princely members who each represent a family of a son of Ibn Saud and can cast one vote each to choose the next heir to the throne.However, the mechanism has not yet been put to the test and while the next two or three moves down the royal ladder seem fairly straightforward, there will be keen interest in how the council handles a more complex succession decision in the future.”The system has worked well in the past but there are new challenges,” said Khaled al-Maeena, editor at large of the English language daily Arab News. “But even 10 years down the line it will go smooth. This is a hallmark of the al-Saud.”FRONTRUNNERSTo avert a repeat of the situation that unfolded after King Fahd fell ill, when Abdullah’s leadership was fettered by his ambiguous position as de facto regent but without the formal title, the council has the power to remove a king or crown prince who is too sick to rule.Given the old age of both Abdullah and Sultan, who in a 2009 diplomatic cable released by WikiLeaks was described as “to all intents and purposes incapacitated”, the clause might prove an important failsafe in a country where power emanates from the top.Nayef, the kingdom’s veteran interior minister, was named second deputy prime minister in 2009 and is widely assumed to be second-in-line to become king behind Abdullah and Sultan.His emergence as the most active senior member of the ruling family has caused liberal Saudi Arabians some disquiet, due to his reputation as a steely conservative with close ties to the powerful clergy of the kingdom’s austere Wahhabi school of Islam.However it is possible that as king Nayef may be more likely to move toward the center ground of a political system that prizes consensus — meaning the slow process of economic and social reforms initiated by Abdullah might continue.The most powerful bloc within the variegated ranks of the al-Saud is thought to comprise the sons born to Ibn Saud by his favorite wife Hassa bint Ahmed al-Sudairi: the so-called “Sudairi Seven”.They included the late King Fahd, Crown Prince Sultan and Prince Nayef, as well as the powerful Riyadh Governor Prince Salman who is widely seen as next in line after Nayef. Three other brothers include a former defense minister, a deputy defense minister and a deputy interior minister.GRANDSONSTo many analysts the key question is what will happen when the succession moves beyond the sons of Ibn Saud to one of his grandsons.That decision might not be made for a decade or more, but outside observers already see the emergence of a handful of contenders who appear better qualified to rule than their cousins.There are no formal rules to dictate how the generational transition will be made other than through Abdullah’s allegiance council. But any candidate would need broad support among the family as well as a strong record of political experience.That might point to one of the Sudairis, such as Fahd’s son Mohammed, who is governor of the Eastern Province, Sultan’s son Khaled, who is deputy defense minister and led Saudi forces during the 1991 Gulf War, or Nayef’s son Mohammed, who as deputy interior minister was partly responsible for the successful suppression of an al Qaeda uprising six years ago.Another potential candidate among the third generation of the al-Saud is Prince Khaled al-Faisal, son of the former King Faisal and well regarded governor of Mecca Province, one of the most prestigious jobs in the country.Prince Miteb bin Abdullah, the son of the present king, has inherited his father’s position as head of the Saudi Arabian National Guard, a military unit that stands separate to the ordinary armed forces and defends against the risk of coups d’etat.

* Spanish yields rise, still well below Italy’s* Econmin sees 4 bln euros extra room for manoeuvre* New govt will struggle with EU-high jobless, need for budget cutsMADRID, Oct 14 (Reuters) - Standard & Poor’s cut Spain’s credit rating on Friday, sending the euro briefly lower and underlining the challenges facing Europe’s major powers as they meet G20 counterparts over the euro-zone debt crisis.S&P, whose move mirrored that by fellow ratings agency Fitch last week, cited high unemployment, tightening credit and high private-sector debt among reasons for cutting the nation’s long-term rating to AA- from AA.Spanish 10-year government bond yields rose slightly in response, although they remained almost 60 basis points lower than those of Italy and, at 5.27 percent, some distance from the 7 percent level widely regarded as unsustainable.”Despite signs of resilience in economic performance during 2011, we see heightened risks to Spain’s growth prospects due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in Spain’s main trading partners,” S&P said.It also noted the “incomplete state” of labour market reform and the likelihood of further asset deterioration for Spain’s banks, and downgraded its forecast for Spanish economic growth in 2012 to about 1 percent, from the 1.5 percent it forecast in February.High yields on Spanish government bonds point to concerns that it could be the next euro zone economy to require a Greece-style bailout, and despite an unpopular austerity programme, doubts remain that Spain will meet its deficit target of 6 percent of GDP this year.The Financial Times quoted a senior Spanish official as saying that meeting the 6 percent deficit target would be “difficult”.But Spain’s Economy Minister Elena Salgado said later on Friday that there would be some margin for manoeuvre this year thanks about 2 billion euros raised by an auction of wireless frequencies and lower interest payments.”Interest payments by the central government will be at least 2 billion euros below budget. So the combined effect of the spectrum auction and lower interest payments will mean we have a margin of 0.4 percent (of GDP)” Salgado said.BETTER PIIGSS&P announced the downgrade as finance ministers and central bank chiefs from the world’s 20 biggest economies were due to meet later on Friday in Paris amid pressure to find an urgent and convincing solution to the deepening debt crisis.Spanish unemployment, at 21 percent, is the highest in the European Union, reflecting a stagnant economy, the collapse of a decade-long housing boom and cuts aimed at taming a public sector deficit that reached 11.1 percent of GDP in 2009.The decision to shelve multi-billion-euro privatisation plans, mainly due to tough market conditions, has meanwhile deprived the state of much needed revenues.”The market’s perception of Spain is that it’s in a stronger position (than other debt-laden states) - with a strong defence on bank capitalisation in place from the FROB bad bank fund, aggressive government action to control and cut spending and a 70 percent debt/GDP ratio,” said Bill Blain, senior director at broker NewEdge Group.”The biggest problem, but the issue I read least about, is the unresolved crisis between central government making cuts and the reticence of regions to follow,” he said.Salgado said the government will shortly announce its plans to ensure Spain’s heavily-indebted regions meet their tough 2011 deficit targets.JOB DILEMMAA botched labour market reform in 2010 did little to alleviate joblessness that is concentrated mainly amongst younger Spaniards, and a new government after November 20 general elections will be under pressure to tackle the issue.The centre-right People’s Party is expected to win the election easily and deepen austerity measures but they have shied away from presenting specific policy measures for fear of eroding public support.Like Fitch, which also now rates Spain at AA-, S&P signalled further possible downgrades for Spain, saying there was still a risk the euro zone’s fourth-largest economy could slip into recession next year, with a 0.5 percent contraction.The euro reached a session low of $1.3723 after the downgrade, but later recovered on reports the European Central Bank was buying Spanish and Italian debt.Hopes that G20 officials would agree on the outlines of a plan to resolve the debt crisis ahead of a European Union summit on Oct. 23 also buoyed the shared currency, which remained on course for its biggest weekly rally since January.Spain’s blue chip index was little affected by the rating cut.Finance chiefs from outside the euro zone are expected to speak frankly when they meet their European counterparts at Friday’s G20 meeting, given impatience growing over the crisis and its implications for the rest of the world.On Thursday, Fitch cut credit ratings or signalled possible downgrades for several major European banks. It downgraded UBS <UBSN.VX, Lloyd’s Banking and Royal Bank of Scotland . It also placed Barclays Bank , BNP Paribas, Credit Suisse, Deutsche Bank and Societe Generale on watch negative.

By Ju-min ParkSEOUL, Oct 14 (Reuters) - Hyundai Oilbank, South Korea’s smallest crude oil refiner, has narrowed down a group of banks to handle its up to $2 billion IPO planned for early next year, with Goldman Sachs, Credit Suisse, and Citigroup among the firms selected, sources with direct knowledge of the matter said on Friday.The list of five foreign banks and 10 local banks will be shortened further for final selection on or around October 21, one of the sources said.The other foreign banks on the so called short list include, BofA-Merrill and BNP Paribas. Woori Investment & Securities and Daewoo Securities are among the local banks placed on the list.The world’s largest shipbuilder, Hyundai Heavy Industries Co Ltd , which owns a 91.1 percent stake in Hyundai Oilbank is running the public float process.South Korean corporates typically choose multiple underwriters for their stock offerings, often spreading out responsibility across foreign and local banks for large deals. Such a practise often prompts complaints from the banks, knowing their fee will have to be shared with all involved.Still, banks bid aggressively for these large, high-profile deals, as these transactions help seal a relationship with a corporate for future transactions, assuming all goes well. Even for a low fee, such deals also helps boost banks’ ranking status on league table credits, which they use for external marketing and internal progress checks.The offering’s early stages comes at a brutal time for equity offerings, given the market volatility. The company, it’s top shareholder and the banks hope the deal’s target date of next May or June will come when markets settle.Mirae Asset Life Insurance has delayed its plan to next June after deciding to offer preferred shares to private equity funds.Sources say it will be the largest South Korean IPO since the $4.4 billion offering by Samsung Life Insurance last year.A Hyundai Heavy spokesman declined to comment. All the banks mentioned either declined to comment or could not immediately be reached.Other local banks on the deal include Samsung Securities < 016360.KS >, Korea Investment & Securities, Mirae Asset Securities < 037620.KS s and Shinhan Investment Corp.

Euro 2008 semi-finalists Turkey needed a win to ensure a definite place in the playoffs but as Belgium lost 3-1 to Germany on Tuesday a draw would have been enough.Turkey finish the campaign in second place with 17 points, behind Germany, who won all 10 of their games. Azerbaijan finished fifth in the six-team group on seven points.Turkey looked the better side from the start, with Real Madrid midfielder Hamit Altintop sending several shots just wide of the Azeri goal during the first half.They controlled the second half too and after Yilmaz made the breakthrough he was denied a second goal when his shot was well saved by Azeri keeper in the 84th minute.

“Like many of you, I have experienced the saddest days of my lifetime and shed many tears during the past week,” Cook said. “And I’ve found comfort in both telling and listening to stories about Steve.”Jobs died last Wednesday at the age of 56 after a long battle with a rare form of pancreatic cancer.

As a thriving metropolis, New Delhi is taking steps towards becoming a world-class city but the safety of its residents remains a concern — especially if you are a woman. A Thomson Reuters survey ranks India as the fourth most unsafe place for women in the world. And its capital is no safe haven for its female residents. But what makes New Delhi so unsafe? Experts differ on whether it’s the deep seated psyche of a male-dominated society, its socio-economic diversity or perhaps both. Molestation, sexual harassment and even rape have become so common that staying safe is often seen as the woman’s responsibility. Earlier this month, a woman travelling in an auto-rickshaw barely escaped when two men in a passing van tried to grab her. The auto-rickshaw driver was in cahoots with the kidnappers but the woman managed to evade them and jump out, leaving her bag behind. The woman, whose T-shirt was torn during her escape, sought refuge with a policeman who started questioning her, inadvertently letting the would-be rapists escape. The woman was dressed in a T-shirt and jeans. The incident took place around 8 in the evening. And there were many witnesses, who watched apathetically. In such cases, officials often blame the woman’s attire. Would the men not have attempted kidnapping the woman if she was wearing a saree, salwar-kameez or a burqa? The latter would probably lessen the chances. Is there a definition for appropriate attire, behaviour, a certain way of being — or all of them put together — to ensure no unwanted attention? So far as New Delhi is concerned, it is widely understood that the new-age woman, boldly breaking social mores and stepping into male domains, needs to be extremely cautious of the way she carries herself in public places. Why is a woman walking in the street seen as fair game if a man isn’t with her? Across the length and breadth of India, it is difficult to determine what state or city is more conservative than the other. A survey by Jagori, a women’s rights group, and the United Nations Development Fund for Women (UNIFEM) last year reveals that two out of every three women in New Delhi have been sexually harassed at least twice and up to five times in one year. Seventy percent of the men interviewed said they would rather not intervene. The establishment often forgets to ask what gives any man the licence to ogle, grope or rape a woman no matter what she may or may not be wearing. The question isn’t only about attire, it is in fact about a deep-seated mentality that runs into many centuries of an extremely sexually repressed India, where the repression translates itself into violence at various levels. Where do we draw the line between acceptable and unacceptable behaviour? Is there hope for New Delhi?