Tuesday, November 29, 2011

UK Value Investor




The stock market can be an unpleasant place.  Let's say, for example, that you own shares in HomeServe, the international home emergency insurance and repair business.
For years they've been good to you by increasing the dividend from 3p to 10p over the last decade and in that time you've seen the share price move from 100p to 500p.
Those are results worth shouting about.
Throughout this time HomeServe has been a relatively steady business, providing insurance and emergency repair services to homes across the UK, the USA, Spain and France and growth looked set to continue with further international expansion.
On the face of it then, it seemed to have just what I'm looking for in a company, a consistently high growth rate and a robust business.
And then, out of the blue, a statement at the end of October hits you with this: 
"Over the past month, HomeServe has been undertaking a comprehensive review of its UK telephone sales operations and procedures including commissioning an independent report from Deloitte.  This review showed that there were cases where its sales processes did not meet the Company’s required standards.
Following this review, the Company has therefore decided to suspend all telephone sales and marketing activity."
That must have scared the life out of a lot of shareholders.  In fact it did, because the share price then fell from close to 500p down to less than 250p.  Bye bye half of your investment.
The company is now retraining staff and restarting their sales operations but it will incur one-off costs of around £10m and estimated on-going costs of around £10m per year to support the higher standards.
On top of that those renewing customers who slipped through the net while the sales force was shut down is estimated to cost the company £15m in sales in 2013.  Analysts are much more gloomy though.
Looking back at past results, HomeServe seemed to be a decent business which, at the right price, may have been a good, defensive investment.  Such is the nature of investing and these kinds of events can happen even to good companies; remember 'New Coke'?
But was 500p the right price?
At that level the dividend yield was about 2.5% which is a little bit below average (the average of my short-list of about 150 companies is 4%).
The price was also over 30 times the 10 year earnings average.  That's more than 30 times the proven earnings power of the company.  Ben Graham often mentioned a sensible limit of 20 times and the average of the companies on my short-list is right around that level at 19.5 times.
To be worth more than 30 times the 10 year earnings average, the next 10 years would have to be almost certainly far better than the previous 10 years… as much as 3 times as good.  Of course, that may be possible because there are some companies that can triple their earnings decade on decade, but is HomeServe one of them?  Mr Market did think so, and now he doesn’t.
And that's the problem with overpaying
Even when the underlying company is good, if something even slightly scary turns up the share price can plummet faster than you log into your broker and issue the sell order.
At 500p my defensive value screen would have HomeServe ranked at number 97, while the FTSE 100 comes in at number 51.  Anything ranked below the FTSE 100 would be on the sell list as it's going to have a hard time competing with the FTSE 100 given that the index is such a relatively risk free investment.
At 500p HomeServe was a high risk investment
Not because the underlying company was shaky, because unless you were an insider or a very astute investigator, you probably wouldn't have known about the impending miss-selling crisis.
It was high risk because the share price was dependent on the continued good growth of the company and the continued confidence of the market, which in turn requires the continued absence of bad news.
However, now that the shares are priced at 235p HomeServe comes in at number 37 on my screen, which is getting close to the 'buy' zone.
If I had bought HomeServe at something under 230p (assuming it had been available at that price in the last year) then at the moment, it wouldn't have lost any money.
That's not to say that I would be looking to buy now because generally I try to avoid buying into turnaround or crisis situations, but:
By avoiding overpaying in the first place you at least have a chance of avoiding the massive share price drops that can occur when Mr Market loses confidence.
Remember, the market has sharp teeth, so be careful!

Get your children writing with Quadblogging!



Quadblogging is a great way of getting your children involved in writing and responding to writing by others around the world. If you haven’t heard of it before, read this description, taken from the Quadblogging blog:
‘Imagine four schools that had a partnership/agreement that would mean that for a four week cycle, each school's blog would be the focus for one week out of four. Each school in the Quad would spend some time visiting the blog of the school for that week, leave comments etc. After that week, another one of the four schools would be the focus and this would be repeated for the four week cycle and then repeated. It wouldn't take the pupils long to work out that during their week, they would get a boost in visitor numbers and comments. This would give a real focus to have posts online ready for this bulge in visits. During the other three weeks, pupils get to visit and comment on other blogs in their quad. Pupils being pupils, they would also venture out of the quads and visit other blogs that are linked.’

Here’s a video explanation, created by schools who have taken part in quadblogging in the past:
Click here to view the embedded video.
The next ’round’ of quadblogging starts in January 2012 and schools are being invited to sign up now. Complete the form on this page to get involved!

Monday, November 28, 2011

SPIELO INTERNATIONAL’S GALAXISTM MODULAR SYSTEM SOLUTION TO MAKE PERUVIAN DEBUT



news.casinolife


(LIMA, Peru) – SPIELO International has announced that is has recently signed anagreement with Grupo Masaris, one of Peru's largest gaming operators, to install itsGALAXIS™ modular systems solution.
This will be the first GALAXIS system deployed in Peru. The system will manage slotoperations at Grupo Masaris' 25 gaming facilities throughout Peru.SPIELO International's GALAXIS solution has been successfully approved underGaming Laboratories International (GLI) GLI-13 Technical Standard, anindependent certification of online systems that ensures the product's integrity,fairness, security, and operation, as well its compliance with open standardstechnology.
Peruvian law requires GLI certification for gaming system operation inthe country, and Mincetur, the Peruvian government gaming authority, issued theformal registration on Oct. 27, 2011.GALAXIS is a modular system solution and consists of the various Star|MODULESfor different applications in the casino. With its scalable design and customizablemodular integration, GALAXIS offers a powerful and diverse casino managementtool set for both slots and table games operations.
The combined strength of SPIELO International's online slots and table floornetworks, integrated with the GALAXIS range of software modules, offers apowerful and diverse casino management package"It is an honour for SPIELO International to sign this agreement with this importantgroup, with which we have built a long and beneficial relationship in the casinosector," said Tomás Mieles, SPIELO International Casino Systems Directorfor Latin America."We are pleased to expand our relationship with Grupo Masaris by providing ouronline solution system, GALAXIS. This reinforces our strategy of winning in ourhome market. We’ve been present in Peru for 10 years, and we’re looking forwardexpanding our footprint here."

Sunday, November 27, 2011

News Casinolife



DRGT is pleased to announce the appointment of Mr. Georg Steiner as Senior Business Development Director. Mr. Steiner is well known and respected in the international gaming industry, having held very senior positions at major gaming companies. Mr. Steiner will be heading up the business development department.
DRGT powered by SiP is the systems company that offers operators a whole world of choice in connecting gaming machines. The recent purchase of Systems in Progress – SiP – has brought about great synergies. SiP has many years of experience in systems and the combining of the SiP systems solutions with those from DRGT places the company in a unique position in the market. Furthermore, DRGT powered by SiP is an independent company and the systems solutions work on all slots – regardless of manufacturer, regardless of age.

DRGT executives - Georg Steiner (Senior Business Development Director), Michiel van Dam (COO) and Jurgen de Munck (CEO)JPG
Asked what motivated him to join DRGT, Mr. Steiner is clear: "DRGT is a company that is bringing real innovation and value to the market. The fact that operators can choose the right solution for themselves from simple accounting right up to progressive jackpot systems underlines how flexible the DRGT system is." Mr. Steiner adds a personal note. "I am from Graz in Austria where SiP is based so I naturally have close links with this company. I have always respected SiP and now with DRGT at the helm, SiP can focus more on bringing even more innovation to the market. I am particularly looking forward to working with the CEO – Jurgen de Munck – as he has the vision and the business acumen to ensure that all opportunities can be seized upon. In short, I am very pleased and proud to be joining such a great team".
Jurgen de Munck, CEO and co-founder of DRGT, comments, "Georg is a great addition to our team. He brings a vast amount of experience in the industry. Such a senior appointment reflects the international demand and the further opportunities we foresee in bringing the right systems solutions to this globally very diverse gaming market".
The new email address of Mr. Steiner is Georg@drgt.com

Oxford based – International Brand Gaming (www.internationalbrandgaming.com), specialist OEM solution provider, were pleased with the success of the recent SAGSE show in Buenos Aires.Exhibiting alongside our partners Quixant (Gaming Control Boards) and Elite Casino Products (Slot Cabinets) we were able to show a wide range of our product portfolio.
This included the Nitro cabinet as well as the QXi-200 and QXi-106 gaming control boards.'SAGSE proved to be the perfect opportunity for us to showcase our product offering to the growing South American market and the interest in both the Quixant and ECP range of products exceeded our expectations' said John Malin, Managing Director for International Brand Gaming, 'The South American market is a key part in the future of International Brand Gaming and our partners.
To ensure we are able to provide the best service to our customers within this market we have forged a partnership with Suzo South Americas S.A.'"It has been an excellent debut show for Quixant at the SAGSE event this year. Our wide range of gaming platforms received an extremely positive reaction from the new customers that we met at the show.
The combination of superior performance and competitive price make them an ideal choice for this market" said Gary Mullins, Sales Director of Quixant. "Furthermore, we are definitely looking forward to showing our commitment to the gaming industry in South America and participating next year""ECP was pleased to have its NITRO cabinet on display for the first time at SAGSE. We are very excited to introduce our cabinet solutions to the South American market via the show venue" said Jayne Alm, Marketing Manager, Elite Casino Products. "The South American marketing is expanding rapidly; and we know that ECP’s products, particularly the NITRO Series, offer game manufacturers a flexible, robust solution for their slot cabinet needs”.
For further information, IBG can be contacted on sales@internationalbrandgaming.com

London, 25th November, 2011, Gala Casino, the UK's number 1 casino operator, launches its new look website to customers and affiliate partners. The company is taking its offline heritage, reputation and gaming expertise to the online world. Boasting a loyal customer base of over 700,000 active members, who enjoy over 3 million visits per year to its clubs across the UK, Gala Casino's new website offers players a more diverse, navigable gaming experience that will translate to significant revenue share growth to its partners.
Matt Prevost, Marketing Director for Gala Coral states "As the Number  1 retail casino operator in the UK, we are looking to translate that leadership online on http://www.GalaCasino.co.uk.  We are offering extremely attractive bonuses for customers, including a £300 bonus pack with highly competitive wagering requirements as standard, and an aggressive games product map and marketing activities to drive traffic and, ultimately, commission based earnings revenue for our Affiliate Partners".
Gala  Casino is currently offering an enhanced £300 Welcome Bonus to players exclusively via its affiliate channel. This activity is supported by a new, aggressive customer retention program to dramatically enhance customer lifetime value. The company is taking advantage of its ongoing relationship with IGT and investing in a broad base of highly popular games. Current releases include the exotic Siberian Storm and will include the much-awaited releases of Star Trek, Grand Monarch and Pixie Forest.
On top of this, Gala Casino is offering new affiliates a 40% net revenue share for the first 3 months for affiliates applying before the end of  December. New marketing assets and collateral are available through the Gala Casino Affiliate Program at http://GCAffiliates.galacoral.com.

Friday, November 25, 2011

Teaching News



Posted: 22 Nov 2011 11:58 AM PST
Christmas is just over one month away and lots of schools are getting ready for their Christmas-themed lessons and activities! Our popular Christmas theme was published last year and the resources were downloaded many thousands of times. I’ve recently made a new set of resources and added them to the page. Take a look!
I’ve also made a set of ‘Inspirations’ posters linked to Christmas. These can be used as lesson starters… to stimulate discussion… to review what children know… as a starting point for creative writing… or for classroom display. If people like them, I’ll try and make some more Inspirations for the other sections on Teaching Ideas.
I’m sure that I’ll be making more Christmas resources over the coming weeks, so stay tuned to our RSS feed, Facebook and Twitter pages to receive the latest updates!

Teaching News



Posted: 23 Nov 2011 10:00 AM PST
I often receive emails from developers of education apps, so I thought that it might be useful to share some of the fantastic applications that are being created to support learning:
1) Happi Spells - ”Happi Spells” is a crossword spelling game where children can practice spelling by dragging letter tiles on to 48 different mini crossword puzzles. Compete for “snails” and try to improve your own high score!

2) I Learn With – Languages! - A fun educational game to help children aged from 3 to 7 years old  to learn their first words and short sentences in a foreign language. Find out more in the video below:
Click here to view the embedded video.
3) DK The Human Body App – An amazing application with clear information and incredible illustrations which helps you to learn about the human body.
4) Sing your times tables with Percy Parker – I’ve used this app in school a number of times and the children love singing along and learning their multiplication tables with Percy!

5) Healthy Star - The Healthy Star is a short introduction for young children, to the world of affirmations and enriches them with positive thoughts. The story includes simple relaxation exercises.

6) Edmodo – Teachers and students can stay connected to the fantastic Edmodo system using this iPhone and iPad app.
7) How to Make Origami – This app includes step by step instructions with 3D animations of paper folding to help you learn how to create amazing origami!
8 ) Eggs on Legs – Primary Games make lots of great interactive whiteboard software which I use at school regularly. They are also now developing iOS apps which look great!

9) Jungle Time – Learning how to tell the time can be a difficult concept for some children. This app helps children with their understanding and it can test them too!
10) Formative Feedback for Learning – An app that allows students to receive feedback on their performances in a wide range of curriculum areas. Find out more in the video below:
Click here to view the embedded video.
11) Story Builder – Can your children finish these story starter ideas?

12) Math Formulas – A guide to Maths formulae with information and examples. The topics covered include algebra, geometry, calculus, trigonometry, probability and statistics.

13) Britannica Kids (Ancient Rome) – Explore the history of Ancient Rome with the images, games and activities in this iPhone / iPod / iPad app.
14) GeoGame World Series - An educational geography game with lots of different options and challenges. Find out more in the video below:
Click here to view the embedded video.
15) TED – The TED talks are always enjoyable and inspirational… they cover a wide range of topics and you can access all of them through this great iOS app.
16) Fishy Numbers – A fun game which is designed to help primary school children with their mental addition skills. Find more educational apps by this developer at www.primaryapps.co.uk.

Which iOS apps do you use in your classroom?

ITF newsletter on the economic crisis


Posted:
A joint-venture comprising China Merchant Holdings International with a 55 per cent stake, Sri Lanka's Aitken Spence with 30 per cent and Sri Lanka Ports Authority holding 15 per cent, is to develop and operate the Colombo International Container Terminals (CICT) in Sri Lanka. The construction of CICT will start in January 2012 after the selection of the winning bidder.
Finnish corporation Wärstilä is planning to expand into offshore and marine gas business by acquiring the UK-listed Hamworthy Engineering for US$600 million.
Nasdaq-listed Diana Containerships has posted positive results for the first nine months, including a rise increases in average rates, after increasing its fleet.
Ferry operator Stena Lines has commenced services from its new £200 million port at Loch Ryan, near Stranraer, in south-west Scotland.
Singapore-listed offshore group STX OSV Holdings has confirmed a US$536 million contract to build eight LPG vessels for Transpetro, the largest oil and gas transportation company of Brazil and fully owned by Petrobras.
Athens-based Tsakos Energy Navigation (TEN) has secured more than US$1 billion in minimum revenues, but is still in the red for the nine months after posting a third-quarter $24.1 million loss.
Source: International Freighting Weekly; Lloyd's List; 24 November 2011
Posted:
The value of the 222 vessels owned by Maersk Line, the container division of Danish giant AP Møller-Maersk, is worth now US$9.1 billion, after losing a quarter of its value in the last 12 months. However Maersk Line, accounting for just under 16 per cent of the global container market, says it is prepared to face competition over the next four years, when overcapacity may put pressure on the market volatility. Maersk has recently taken delivery of the first series of 7,500 teu vessels from South Korean shipbuilder Daewoo for its services between Asia and South America provided in cooperation with Hamburg Süd. The trade between these two regions is forecast to double over the next five years.
Source: International Freighting Weekly; 23 November 2011
Posted:
German container line Hapag-Lloyd has announced a third quarter profit of €9.6 million, and an operating result of €36.7 million, compared to €251.2 million for the same period of 2010. Despite a programme of savings and cutting costs, Hapag-Lloyd has a cumulative loss of €23.1 million for the first nine months, whilst its revenue declined 4.2 per cent to €4.5 billion. Transport volumes have gone up 3.9 per cent to 3.9 million teu. Tourism group TUI has revealed plans to sell its 38.4 per cent stake in Hapag-Lloyd at the beginning of next year.
Source: Lloyd's List; 23 November 2011
Posted:
Oslo and New York-listed Frontline may be in the position of seeking a financial rescue package by the end of the year, after posting a third-quarter total loss of US$166.2 million. The average third-quarter equivalent earnings were in deficit of $13,200 for very large crude carriers (VLCCs) and $14,100 for suezmaxes. Frontline has to pay $438 million by the end of 2013 for its newbuidling programme. It is expected the investment vehicle Hemen Holdings, the main shareholder of the world's largest crude oil tanker fleet operator, to come up with a set of solutions for the next few months. Restructuring options, an equity issue, selling assets and loans are taken into consideration.
Source: Lloyd's List; 23 November 2011
Posted:
The World Container Index (WCI) freight rate for Shanghai to Rotterdam trade has increased to US$1,053 per feu, still one third lower compared to the peak values recorded in July. WCI rates are on the rise for China to US West Coast routes, which could be explained by the withdrawal of services from several carriers. Meanwhile, the Shanghai Containerised Freight Index (SCFI) for Asia to Europe and transpacific trades is on steady decline. Idle container fleet has recently increased according to Paris-based analyst Alphaliner but of the idled fleet the larger vessels are expected back into service as year-end cargo rates increase.
Source: Lloyd's List; 23 November 2011

UK Value Investor


Posted: 22 Nov 2011 01:16 AM PST
It's not easy being picky.  I've just spent the morning looking at Mothercare and still can't decide whether I like it or not.  It's either a speculative screaming bargain, or a value trap with a UK business which could suck cash out of the good part of the business (the high growth international bit).
After shoving the Mothercare paperwork to one side, my thoughts turned to beer… and then I noticed SABMiller's recent report.  Their string of good news made me smile and reminded me why I like to stick with 'best of the best' companies and leave the Mothercares of the world to those far more intelligent than I.
In case you don't know, SABMiller is one of the world's leading brewers, with over 200 brands, 75,000 employees and a listing in the FTSE 100. 
A quick look at the results over the last ten years shows that it's a monster compounding machine and the recession has done very little, if anything, to slow them down.  If you flick through the results via your favourite info-portal you should be impressed.
But there's more to investing than just saying "wow look at that growth", so let's get down and dirty with a systematic approach and a calculator, and use a few standards that Ben Graham himself thought of, and which are time tested and infinitely sensible.

Invest in a diversified group…

Of course this bit depends on what you've already got in your portfolio.  In my case I don't own any beer/wine companies but I do own Robert Wiseman Dairies which sells milk, but I can't see any meaningful crossover between those two markets so that's okay.
Geographic diversification can sometimes be a nice bonus so that the portfolio isn't too affected by the problems of any one region.  In this case, SABMiller are a global company selling beer mostly to North and South America, Europe and Africa, which helps tick that box.

Of large and prosperous business…

SABMiller is in the FTSE 100, so it's huge.  As for prosperous, there are various ways of measuring this but some of them could include the fact that it:
  • hasn't made a loss in ten years
  • always pays a dividend
  • has grown at something like 13% a year, VERY consistently for many years
  • has returned over 24% a year on each pound retained within the company
That's a record very few companies can match.

Which are conservatively financed…

With an interest cover typically around 6-7 times earnings it uses quite a lot of debt for an 'average' company.  However, it is not an average company.  Revenues, earnings and cash flow are all very stable and a strong and it operates in a defensive sector.  This level of debt should pose little or no problem unless we all become tee-total overnight, which seems unlikely.

With a long history of continuous dividend payments…

It ticks this box as well, and on top of that there are no cuts to the dividend, only increases which have been in the 10-15% range for a long time.  Very good.

The price paid should be reasonable in relation to the company's long term average earnings

Ben Graham said various things about this in his career, but a very simple and sound approach was to not pay more than 20 times the earnings of the past 10 years.  To pay more than 20 times the proven earnings power of the company was, in his opinion, to speculate that the company would have an endlessly glorious future ahead of it, and more importantly, that Mr Market would forever have a rosy view of the company and its future.
And this is where the investment case begins to unravel. 
SABMiller is undoubtedly a fantastic company and will very likely have a great and glorious future, but the market is replete with examples of great companies that made investors nothing but losses because they overpaid (Vodafone is a favourite example of mine).
At 2,140p the company is priced at around 32 times the average earnings of the last decade.  The current yield is also only 2.6%, providing scant downside protection should Mr Market change his mind.
With earnings of 116p it doesn't seem out of the question that, given enough gloom, Mr Market could send the shares back down to 1,000p.  Even if next year's earnings turn out to be 130p (as per current estimates) we could still see the shares at 1,300p.

Great company, not so great price

I have a simple screen and sort system which I pretentiously call my Defensive Value Rank.  It looks for companies that have a 10 year record of earnings and dividends and that are also currently profitable and paying a dividend.  Amazingly enough, only about 130 companies out of the 1,000 or so companies listed on the main market get onto this list.
Of those 130, SABMiller comes in at number 93 because of that low yield and high price.  In comparison, the FTSE 100 comes in at number 52, just above the halfway mark.
Sadly, SABMiller may be a great company but it isn't a great investment at this price, in my opinion. 
I'd rather put my money somewhere else.  Of course, with a company this good I'll be keeping my eye on the price and if it drops enough I'll bite Mr Market's arm off to get a piece.

Other opinions

What do the pros think?  Investors Chronicle says the price is 'high enough'.  Morningstar have it around 'fair value' and the broker consensus from Sharescope is 'strong hold'.  So it looks like nobody has it as a screaming buy, but it's definitely an 'add to watch list' company.
For an extended overview of defensive value investing, download the introductory report here. To see it in action, try the model portfolio

Tuesday, November 22, 2011

MoneyScience News


Posted: 22 Nov 2011 04:37 AM PST
moneyscience: Naked Capitalism (@yvessmith): -Links 11/22/11 http://t.co/kkJVR1ZR #linkfest

Visit MoneyScience for the Complete Article.
Posted: 22 Nov 2011 04:37 AM PST
moneyscience: Economist's View (@MarkThoma):- Links for 2011-11-22 http://t.co/v14StkGE #linkfest

Visit MoneyScience for the Complete Article.
Posted: 22 Nov 2011 04:37 AM PST
moneyscience: MoneyScience Daily is out! http://t.co/yz3zw0GO ▸ Top stories today via @moorehn @jake_bernstein @zerobeta @businessschools @zbodie

Visit MoneyScience for the Complete Article.
Posted: 22 Nov 2011 04:36 AM PST
moneyscience: RT @itrsgroup: French Senate Approves Automated Transactions Tax http://t.co/bbQhaSe3 #HFT

Visit MoneyScience for the Complete Article.
Posted: 22 Nov 2011 04:18 AM PST
moneyscience: The digitisation of banking is now mainstream http://t.co/s44ywKgn @chris_skinner

Visit MoneyScience for the Complete Article.
Posted: 18 Nov 2011 03:09 AM PST
hedgefundfocus: A Model of Casino Gambling - http://t.co/VRzcXcqw

Visit MoneyScience for the Complete Article.
Posted: 18 Nov 2011 03:09 AM PST
hedgefundfocus: An Empirical Investigation into the Risk-Taking Behavior of Hedge Fund Managers http://t.co/o1lcQAsX

Visit MoneyScience for the Complete Article.
Posted: 17 Nov 2011 02:11 PM PST
hedgefundfocus: A little bit early this week. Here's The Week in MoneyScience - Digest 17/11/11 - http://t.co/HWZqiRNm

Visit MoneyScience for the Complete Article.
Posted: 17 Nov 2011 06:01 AM PST
hedgefundfocus: Hedge Funds are "ignoring social media." http://t.co/F9CPHjOr

Visit MoneyScience for the Complete Article.

news.casinolife




LAS VEGAS, November 21, 2011  Bally Technologies, Inc. (NYSE: BYI), a leader in slots, video machines, casino management, mobile and interactive solutions, and networked systems, today announced that Srini Raghavan, Vice President,  has been named  to oversee the Company's games and systems activities in the Asia Pacific region in addition to his continued role as Managing Director of Bally's development centers in India and managing the Systems Operations in South Africa. Kurt Gissane has been promoted to Managing Director of Asia Pacific, headquartered in Macau, to manage the day to day business operations and customer relationships.
These changes follow the departure of Cath Burns, Bally's Managing Director of Asia Pacific, who recently left the Company for another career opportunity after six years of service.

Srini Raghavan Vice President & MD of Development India and South Africa
"We are thrilled to see Srini and Kurt step into these roles leading our Asia Pacific operations," said Richard M. Haddrill, Bally's Chief Executive Officer. "Srini has in depth operational management experience and a strong knowledge of our technology solutions, while Kurt brings nearly 12 years of gaming industry experience and a solid background in sales, business development, and marketing. Moreover, Kurt has been overseeing many of the day to day functions in our Macau office for the past two years, and has knowledge of the region and our customers that will be invaluable in continuing to drive Bally's growth in Asia Pacific."
Raghavan joined Bally Technologies in 2005 to serve as Managing Director for the Company's India operations, a role that he will continue to hold. Among his many accomplishments at Bally, Raghavan was responsible for establishing Bally's India Development Center; recruiting the initial core team; and has overseen growth of the operations to nearly 1,000 full time employees today. He has also led the delivery of various product releases across games, systems, and Information Systems; and established the Company's systems sales and support operations in South Africa.
Before joining Bally, Raghavan served nearly four years as Vice President and Managing Director of Manhattan Associates India, a company serving the multi national supply chain industry. During his career, he also held the role of General Manager of Analog Devices Lab in IIT Madras, a U.S. based digital-signal processing company, and founded his own company. Raghavan earned a degree in Economics from Delhi University and a diploma in Management. He considers his six year stint as a commissioned officer in the Army as a part of his core education.

Kurt Gissane Managing Director of Asia-Pacific, headquartered in Macau
Gissane joined Bally in 2009 as Associate Director, Business Development & Operations for the Asia Pacific region, overseeing the region's daily operations and successfully managing relationships with distributors, suppliers, and customers. In early 2011 he was promoted to Director of Sales and Operations. Gissane's business and sales acumen led to him being invited into Bally's President's Club for outstanding sales his first two years with the Company.
Before joining Bally, Gissane served with Aristocrat Technologies from 2000 to 2009, advancing through the company to Regional Sales Manager for Asia Pacific. Gissane earned a Bachelor of Business and Commerce degree from MONASH University of Victoria, Australia.
About Bally Technologies, Inc.
With a history dating back to 1932, Las Vegas based Bally Technologies designs, manufactures, operates, and distributes advanced gaming devices, systems and technology solutions worldwide. Bally's product line includes reel spinning slot machines, video slots, wide-area progressives, interactive and mobile applications, and Class II, lottery, and central-determination games and platforms. Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. For more information, please contact Laura Olson Reyes, Director of Corporate Communications, at 702 584 7742, or visit http://www.ballytech.com.  Connect with Bally on Facebook, Twitter, YouTube and LinkedIn.


This news release may contain "forward looking" statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward looking statements.  Future operating results may be adversely affected as a result of a number of risks that are detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update the information in this press release and represents that the information is only valid as of today's date.


BALLY TECHNOLOGIES, INC.
Posted: 21 Nov 2011 09:10 AM PST
LAKEWOOD, N.J.  (November 21, 2011) – Gaming Laboratories International (GLI) was the first independent gaming test lab to serve the Latin American and Caribbean region. Now the company has achieved yet another milestone, becoming the first test lab to be licensed in Bolivia. Under terms of the the license, GLI will test gaming machines, medias that allow the access to the games and games duly authorized by the  Autoridad de Fiscalizacion y Control Social del Juego.
"We are thrilled to be the first gaming test lab licensed by Bolivia's Autoridad de Fiscalizacion y Control Social del Juego, and we are grateful for the trust they have placed in GLI," said GLI Latin American and Caribbean Development Manager Karen Sierra-Hughes. "Once again, GLI has clearly proven our predominant position in the Latin American and Caribbean region, by becoming the first laboratory to obtain its accreditation in Bolivia."
"This achievement will benefit the global gaming industry, as it will create opportunities to continue to expand their product offerings into new markets," she continued.
GLI had established internal procedures to address the licensing processes in order to immediately react to the requirements of laboratory accreditation established by the regulators, and because of this preparation, once again GLI was the first test lab to achieve the license.
GLI is far and away the leading test lab in Latin America and the Caribbean, and services the region with its locations in Buenos Aires, Argentina, Mexico City, Mexico, Lima, Peru, and San Juan, Puerto Rico.
This latest news comes on the heels of GLI's recently completed Latin American Regulators Roundtable, which drew a record crowd of more than 58 regulators from 22 jurisdictions from Latin America and the Caribbean.
For more than 20 years, all around the world Gaming Laboratories International, LLC has been the leader in providing independent testing, inspection and certification services to the gaming industry. With 19 laboratory locations located across Africa, Asia, Australia, the Caribbean, Europe, North America and South America, GLI is the only global organization of its kind to hold U.S. and international accreditations for compliance with ISO/IEC 17025, 17020 and Guide 65 standards for technical competence in the Gaming industry. GLI offers independent third-party evaluation and certification of Gaming technology, devices and systems in addition to providing network and information security assessments. For more information, visit www.gaminglabs.com.

Women's Views on News


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Summary of story from The Guardian, November 21, 2011 Following a string of attacks on women at the Champ de Mars displacement camp in the centre of Port-au-Prince, Haiti, 27 men have joined a grass-roots security patrol to protect the women from further violence. The men work with women’s groups in the camp and are trained by the [...]
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Ivana Davidovic WVoN co-editor  Not-for-profit organisation Models of Diversity last week presented a charity fashion show with a difference. Instead of the usual offering of impossibly tall, thin, ethereal models strutting down the catwalk, Curves in Couture in London’s Notting Hill was a celebration of a healthy womanly figure. And all for a good cause [...]
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Summary of story from The New York Times, November 21, 2011 Malaysia currently has not one, but two reality TV shows dedicated to finding female preachers of Islam. The country is a secular state but Sunni Islam is the official religion and  Malays (the country’s majority ethnic group) are automatically Muslim by law. However, the [...]
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Summary of story from BBC News, November 21, 2011 Dr Helen Wright, president of the UK Girls’ School Association, has spoken out against the “erosion of the innocence of childhood” and parents’ role in this trend at her organisation’s annual conference in Bristol. Wright used examples of pole dancing classes for young children, high heels, [...]
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Summary of story from Women’s e-News, November 21, 2011 Morocco's parliamentary elections on November 25 will decide the real reach of women's gains in the newly approved constitution. The reformed constitution, approved by a landslide popular vote in July (see WVoN story) recognizes that women – in addition to having equal civil and political rights [...]
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Summary of story from write2kill, November 21, 2011 More than four people a day were killed in police and judicial custody in India between 2001 and 2010. The total of 14,231 includes 1,504 deaths in police custody and 12,727 deaths in judicial custody from 2001-2002 to 2009-2010 as per the cases submitted to the National Human [...]
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Mary Tracy WVoN co-editor In the UK, West Yorkshire’s Hollaback! campaign has launched the first ever survey into street harassment in West Yorkshire as part of the campaign, 16 Days of Action to end Violence Against Women. The 16 days are a symbolic link between the International Day to End Violence Against Women and International [...]
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Summary of story from The Guardian, November 20, 2011 When freelance journalist Nabila Ramdani started receiving racist and misogynistic abuse on Twitter, she complained to the police. Given that, in the past few weeks alone, three premier league footballers had instigated police action against offensive tweets, she expected the same response. Detective Sergeant Steve Worthington, [...]
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Summary of story from IBN India, November 21, 2011 In New Dehli, Tessy Thomas will be the first-ever woman director of an Indian missile project. Thomas is set to place India in an elite club of nations like the US, Russia and China with the capability to produce their own long-range Inter-Continental Ballistic Missiles (ICBMs). This [...]
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Summary of story from AlJazeera, November 21, 2011 Myanmar’s most prominent dissident, the Nobel Peace Prize laureate Aung San Suu Kyi, will run in the upcoming parliamentary elections for the first time in 21 years, a senior official in her party has announced. The announcement comes three days after her party, the National League for Democracy, [...]
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Summary of story from the Irish Independent, November 21, 2011 The Archbishop of Dublin, Dr Diarmuid Martin, has condemned prison authorities for forcing women prisoners to strip naked to be searched for drugs in the presence of male prison officers. His comments follow a recent visiting committee report which highlighted a number of ongoing problems in [...]
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Summary of story from The Times of India, November 19, 2011 A study at UCLA’s Jonsson Comprehensive Cancer Center has found that women taking menopausal hormone therapy that is a combination of both estrogen and progestin may be at a higher risk of developing breast cancer. The researchers discovered that women who take the combination [...]
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Summary of story from The Guardian, November 21, 2011 In Bangladesh, most households see no value in women’s work other than economic necessity. This prevailing attitude raises questions about the value and effectiveness of economic empowerment. A 2006 World Bank report argued that governments should invest in women and girls in order to achieve greater [...]
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Summary of story from The Times of India, November 21, 2011 Almost two centuries after Mary Shelley’s ‘Frankenstein’ was published, a new generation of female science fiction writers has emerged in a genre that has traditionally been overshadowed by men and images of heroic masculine leads. As a result, a slew of bidding wars has erupted [...]
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