JAKARTA, Indonesia, July 9, 2014 /PRNewswire/ — Frost & Sullivan is optimistic on growth in Indonesia’s machine tools and cutting tools market due to the individual growth of the mining, power generation, automobile, aerospace & defense industry.

Mr. K Vinod Cartic, Consultant at Frost & Sullivan said that as the use of composite materials in automobile industry increases, diamond tipped tools will also grow faster vis-a-vis cemented carbide tools. Cement carbide tools are heavily used in the mining and power generation industry and steel and steel alloys are mostly used in fabrication of various components.

He also said that the use of intricate components in aerospace & defense industry is expected to promote use of high precision tools.

Mr. Cartic predicts that the machine tools and cutting tools market in Asia Pacific is likely to grow at a CAGR (compound annual growth rate) of 9.1 per cent (2012-2017), to reach revenues worth US$6.36 billion in 2017.

“Developments in infrastructure in China and India have increased the demand for machine tools and cutting tools. China became the world’s largest consumer of machine tools and cutting tools in 2002. In 2012 China also led in production. Rapid development across various industries and investments in infrastructure are the key reason for this growth,” he added.

He also said that many countries depend on China’s consumption to increase their export sales. He added that the growth of the Indian’s economy and its related industries also create a huge potential for investments in the Asia Pacific’s machine and cutting tools market.

Mr. Cartic said that in Indonesia, machine tools import in the automotive sector contributed 45 percent of the country’s total imports, while the remaining came from several other sectors such as oil and gas, or transportation. He said that the majority of imported machine tools are from Japan and China.

He added that the heavy industry market account for the major share in terms of consumption of machine tools and cutting tools, estimated at 57.3 percent globally in 2012. The heavy industry primarily consists of equipment and vehicles used in mining and power generation, he said.

Mr. Cartic also said that nuclear power generates 12.3 percent of the electricity produced worldwide and this is expected to increase in the long term. South East Asian countries like Indonesia, Thailand, Malaysia, and Vietnam are expected to account for 29 nuclear reactors by 2025, he added.

He said that the two most commonly used tools used in the automobile industry are cemented carbide and diamond cutting tools. “Diamond tools are used in the machining of lightweight non-ferrous materials such as aluminum, copper, tin and composite materials. The growing demand for these materials in the fabrication of automobile components is likely to increase the demand for diamond tipped cutting tools,” he added.

“Machine tools and cutting tools manufacturers are likely to benefit from sales boost with production of automobiles likely to increase tenfold in Indonesia, India and China in the next five years,” he said.

He added that the growth of the machine tools and cutting tools market in the Oil &Gas (O&G) industry during the forecast period can be attributed to the increasing oil exploration activity in various regions across the world. Shell, Petrobras, and other major O&G companies are likely to invest in production platforms in countries such as Brazil, Malaysia, and Indonesia.

Mr. Cartic noted said that the global machine tools industry is in the growth stage. The estimated revenue is over US$15 billion and the CAGR between 2014-2017 is expected to be 6.2 per cent. “It is a highly price sensitive market and the market is controlled largely by the top few market participants,” he added.

He also noted that Indonesia became Taiwan’s 6th biggest market for machine tools in the first 10 months of 2012. Taiwan Association of Machinery Industry (TAMI) statistics showed that Taiwan’s exports of machine tools to the Southeast Asia surged 23.5 percent year on year in the Jan.-Oct. period of 2012, during which the island’s total machine tool exports increased 9.2 percent from the same period of last year to US$3.50 billion.

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JOHANNESBURG, July 7, 2014 /PRNewswire/ — Rwanda government seized Tribert Rujugiro Ayabatwa’s shares in Nshili Kivu Tea Factory (NKTF) on 25 June 2014. The Commission of Abandoned Properties in Nyaruguru District instructed NKTF to deposit any monies or any other benefits due to Ayabatwa in the District’s own bank account for “safekeeping.” By this action, government replaced Ayabatwa as shareholder in NKTF.

In a separate development, the Rwandan authorities seized Ayabatwa’s personal residence in Gikondo, Kigali. In this case, the Rwandan police forced their way into the property, ejected security and staff, and installed their own personnel. This private residence has since been converted into a bar and lodge.

Government claims that Ayabatwa’s assets were taken over because they were abandoned since he does not reside in Rwanda. As Ayabatwa explains, however, this assertion is contrary to Rwandan and universal laws that protect shareholders regardless of whether they are domiciled inside or outside their native countries. “Rwanda seems to be saying that no investor residing outside the country may own shares in Rwandan-based companies – or to be more precisely, a native Rwandan not currently living in his/her homeland may not own assets of any kind in his/her country.”

David Himbara, Senior Advisor to Ayabatwa, agrees that Rwanda’s U-Turn from protecting investors to seizing their assets is troubling and globally recognised as a bad sign. Himbara cites the US State Department’s “Rwanda 2013 Human Rights Report” which lists, among other governmental abuses of power, the illegal takeover of the Union Trade Centre (UTC), Ayabatwa’s US$20 million shopping mall.

In light of seizure of Ayabatwa’s shares in NKTF, confiscation of his private residence and turning it into a bar/lodge, and illegal takeover of UTC, Rwandan supporters, including the United States which is Rwanda’s largest donor, have good reason to worry. Rwanda’s earlier progressive reforms for improving doing business environment, are being be replaced by unpredictable behaviour that renders Rwanda high risk for doing business. This reality puts into question Rwanda’s willingness to wean off aid by building a viable private sector that generates inclusive economic growth and development.

Ayabatwa is a native Rwandan and successful Pan African businessman with interests throughout Africa in cement, real estate, food processing, banking and tobacco. For more information about Ayabatwa, his businesses and philanthropy, go to: http://tribertrujugiro.com/.

For further information:
Media Contact: David Himbara, ptgpr@fastmail.fm

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NEW YORK, July 7, 2014 /PRNewswire/ — The following is being released by the law firm of SUSMAN GODFREY LLP.

There is a $19 million settlement with Twin America, LLC, Coach USA, Inc., International Bus Services, Inc., CitySights LLC, and CitySights Twin, LLC (together called the “Defendants”).

The lawsuit pending in federal court in New York City claims that Coach and CitySights conspired to form a joint venture, Twin America, against state and federal law.  The lawsuit claims that this new company dominated the “hop-on, hop-off” bus tour business in New York City enabling the Defendants to fix ticket prices and reduce competition – resulting in higher ticket prices for customers. The Defendants deny that they did anything wrong.

Generally, the settlement includes anyone who bought Gray Line or CitySights “hop-­on, hop-off” bus tours in New York City from February 1, 2009 until June 16, 2014.

The Settlement Fund will pay:

  • Consumers up to $20 per eligible Hop-On, Hop-Off ticket. 
  • The cost to administer the settlement as well as attorney fees and the payments to the Class Representatives.

If there is any money left in the Settlement Fund after claims, costs, and taxes have been paid, it will be given to the Department of Justice, Antitrust Division, and/or the New York Attorney General’s Office.

Important Information

  • Consumers must file a claim online or by mail no later than January 19, 2015 to receive payment.
  • Consumers who do nothing will not get a payment and give up the right to sue.
  • Consumers who want to keep the right to sue the Defendants must exclude themselves by September 5, 2014.  
  • Consumers who stay in the settlement can object to it by September 5, 2014.
  • The Court will hold a hearing in this case on October 20, 2014, to consider whether to approve the settlement and a payment of attorneys’ fees up to one-third of the Settlement Fund, plus reimbursement of expenses, and a special service payment of $20,000 each to two Class Representatives.

For more information about the settlement or to get a claim form, visit www.TourBusSettlement.com or call 1-866-431-9265.

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