Uma sociedade de direito luxemburguês.

Uma sociedade de direito luxemburguês. There's nothing to argue about or debate. The way how I present things, - everyone can understand and accept.

Gestão da Cimpor não está limitada mas deve ser leal (act.). OPA à Cimpor. O conselho de administração da Cimpor não está sujeito a qualquer limitação de actuação em resultado de estar em curso a OPA da Companhia Siderúrgica Nacional (CSN), mas continua obrigada a deveres de lealdade para com todos os accionistas, determinou a Comissão do Mercado de Valores Mobiliários (CMVM), em resposta a um requerimento da cimenteira. Mas o anúncio preliminar da OPA pretende condicionar os poderes do conselho de administração da cimenteira.O conselho de administração da Cimpor não está sujeito a qualquer limitação de actuação em resultado de estar em curso a oferta pública de aquisição (OPA) da Companhia Siderúrgica Nacional (CSN), mas continua obrigada a deveres de lealdade para com todos os accionistas, determinou a Comissão do Mercado de Valores Mobiliários (CMVM), em resposta a um requerimento da cimenteira. Mas o anúncio preliminar da OPA pretende condicionar os poderes do conselho de administração da cimenteira. A entidade de supervisão considerou que é “inaplicável à Cimpor” a regra que impõe a limitação de poderes de gestão a sociedades que estão sob uma OPA, já que a entidade que lança a oferta, uma sociedade de direito luxemburguês dominada pela brasileira CSN, não está sujeita a este tipo de condicionantes. No entanto, como recorda a CMVM, o conselho de administração da cimenteira continua “sujeito aos deveres fiduciários previstos” no Código de Valores Mobiliários, “designadamente o dever de agir de boa-fé e lealdade de comportamento”. Anúncio preliminar impõe limitações. Apesar de a lei não impor quaisquer limitações à gestão da Cimpor, no anúncio preliminar da OPA, a CSN sublinha que “a decisão de lançamento da oferta baseou-se no pressuposto de que, até ao termo do prazo da mesma, não ocorrerá alguma circunstância com impacto significativo na situação patrimonial, económica e financeira na sociedade visada, vista em termos consolidados”. O oferente detalha o tipo de actuações que, no seu entender, o conselho de administração não deve adoptar se não quiser pôr a OPA da CSN em causa, que vão desde a emissão de acções e obrigações de valor superior a 50 milhões de euros à venda ou compra de activos também em montante superior a 50 milhões. Se a equipa liderada por Ricardo Bayão Horta optar por tomar uma das decisões de gestão que a CSN considera que não devem ser adoptadas, não incorre em qualquer pena por parte do supervisor, tendo em conta a posição da CMVM. No entanto, no limite, o promotor da OPA pode retirar a sua oferta.

Uma sociedade de direito luxemburguês. 32003L0123. Directiva 2003/123/CE do Conselho, de 22 de Dezembro de 2003, que altera a Directiva 90/435/CEE relativa ao regime fiscal comum aplicável às sociedades-mãe e sociedades afiliadas de Estados-Membros diferentes. Jornal Oficial nº L 007 de 13/01/2004 p. 0041 – 0044. Directiva 2003/123/CE do Conselho. de 22 de Dezembro de 2003. que altera a Directiva 90/435/CEE relativa ao regime fiscal comum aplicável às sociedades-mãe e sociedades afiliadas de Estados-Membros diferentes. O CONSELHO DA UNIÃO EUROPEIA, Tendo em conta o Tratado que institui a Comunidade Europeia e, nomeadamente, o seu o artigo 94.o, Tendo em conta a proposta da Comissão, Tendo em conta o parecer do Parlamento Europeu(1), Tendo em conta o parecer do Comité Económico e Social Europeu(2), Considerando o seguinte: (1) A Directiva 90/435/CEE(3) instituiu regras comuns em relação aos pagamentos de dividendos e outra distribuição de lucros que se pretendem neutras do ponto de vista da concorrência. (2) O objectivo da Directiva 90/435/CEE é isentar de impostos com retenção na fonte os dividendos e outro tipo de distribuição de lucros pagos pelas sociedades afiliadas às respectivas sociedades-mãe, bem como suprimir a dupla tributação deste rendimento ao nível da sociedade-mãe.



i) As sociedades de direito luxemburguês denominadas "société anonyme", "société en commandite par actions", "société à responsabilité limitée", "société coopérative", "société coopérative organisée comme une société anonyme", "association d'assurances mutuelles", "association d'épargne-pension", "entreprise de nature commerciale, industrielle ou minière de l'Etat, des communes, des syndicats de communes, des établissements publics et des autres personnes morales de droit public", bem como outras sociedades de direito luxemburguês sujeitas ao imposto sobre as sociedades luxemburguês;

(SINGLE EBALA PHOTO BILDE): 507 ct Cullinan Heritage tendered 'shortly'. A 507 carat white diamond that Petra Diamonds recovered in South Africa in September, has been named the Cullinan Heritage, the diamond miner announced today, miningweekly.com reported. The diamond, ranking as one of the top 20 largest high quality rough diamonds ever discovered, was unearthed at the Cullinan mine on September 24, which is Heritage Day in South Africa, the report said. Petra explained that the name reflected the date of the recovery of the diamond, as well as its origins from the Cullinan mine, which had produced the majority of the world's most famous diamonds, including the 3016 ct Cullinan, which is largest ever found. CEO Johan Dippenaar said that the Cullinan Heritage would shortly be placed on tender in Johannesburg and that it would announce the results of sale before the end of the month. "Since we announced the recovery of the diamond in September 2009, we have experienced a high level of interest from the trade," he said in a statement.

Ofgem urges shake-up of energy market. Environment Correspondent. Published: February 3 2010 08:35 | Last updated: February 3 2010 11:00. Sweeping reforms of the UK’s energy market must be brought in urgently to protect energy supplies, reduce greenhouse gas emissions and deliver the £200bn investment needed in the power sector, the energy regulator said on Wednesday. Ofgem said options for reform would include placing more stringent legal obligations on energy suppliers, and “improved market signals”, which could include a higher price on carbon dioxide emissions. More drastic options could include a centralised renewables market and a central buyer of energy for the whole of the UK. Without reform, the regulator signalled, there was a clear risk to energy supplies. Alistair Buchanan, chief executive of Ofgem, said: “There is an increasing consensus that leaving the present system of market arrangements and other incentives unchanged is not an option.” He said acting promptly would consumers save money and improve the UK’s energy security. Ofgem’s report, Project Discovery, the result of a year of consultation, joins an increasing body of opinion that the UK’s liberalised energy market is ripe for reform. The body set up to advise ministers on greenhouse gas emissions, the Climate Change Committee, headed by Lord Turner, concluded last year that the current system was not encouraging the investment needed in renewable power and that much more government intervention in the market would be necessary. Reducing emissions while keeping the lights on, and correcting an increasing over-reliance on gas imports, would require investments of up to £200bn in the next decade, according to the Ofgem report. Moreover, this would be needed at a time when credit is tight. The regulator said: “The unprecedented combination of the global financial crisis, tough environmental targets, increasing gas import dependency and the closure of ageing power stations has combined to cast reasonable doubt over whether the current energy arrangements will deliver secure and sustainable energy supplies.” Ofgem’s most radical suggestion is to have a central buyer of energy. Under this option, a single entity set up by the government would take charge of tendering for all of the new infrastructure needed, such as power stations and renewable energy plants. “It would mean taking away the market’s role in delivering that investment,” said Ofgem. Another possibility is for the UK to set a minimum price on carbon emissions, independently of the European Union. At present, carbon prices are determined by the number of emissions permits issued under the EU’s emissions trading scheme, which has been running since 2005. But the recession and the reluctance of governments to pressure industry have meant carbon prices are too low to sway investment decisions. If the UK were to set its own minimum prices, Ofgem said, it would reduce uncertainty for industry and encourage investment in low-carbon technologies. Ofgem’s conclusions will now be presented to government and industry for further consultation. The most radical options would require new legislation, but some of the less interventionist measures, such as penalising companies for failing to energy quotas, Ofgem could deliver itself. One of the key problems identified by Ofgem is that a substantial proportion of the UK’s fleet of power stations is being taken out of service, including many of the ageing nuclear plants that satisfy nearly a fifth of electricity demand, and some coal-fired plants that fall foul of tougher European environmental standards. They will need to be replaced, but progress is slow. In spite of the government’s new-found enthusiasm for nuclear power, no new reactors have yet reached the planning stage. Utilities have come up with several plans for new coal-fired power stations, but some or all of these will need to be built with facilities for capturing and storing carbon dioxide, a technology still in its infancy and likely to take years to mature. John Cridland, deputy director-general of the CBI employers’ organisation, said massive private sector investment in the energy sector would be needed. “In light of this, future policy must take into account the benefits of a competitive market and also the need to give some certainty to investors who will be required to pay for new energy sources,” he said. The Association of Electricity Producers, an industry body, said the electricity industry was willing to come forward with the investment needed, but was concerned about regulatory uncertainty. David Porter, chief executive of the AEP, said: “The electricity industry wants to invest, but in order to attract investment on that scale, we must have clear and stable policy that investors have faith in. Not only that, but, the UK’s energy market must look at least as attractive as that of other countries because there is competition for funds all over the world and investors will be careful where they put their cash.” But he warned that the UK’s history of changes to the functioning of the electricity market was not promising. When the electricity trading arrangements were last changed, the process took three to four years. He warned: “Changes of that kind actually add to the uncertainty facing investors and Ofgem admits that even the most modest of its five proposals involves significant change.” Ian Parrett, an analyst at Inenco, a consultancy, painted a gloomy picture of the UK’s energy future, saying regular power cuts for industry and consumers were inevitable, and could start as soon as 2012. He said: “The bottom line is that we have left it too late to bridge the generation gap that is fast approaching. Delays in new generating capacity and the lack of levels of investment required to bring new generating capacity on-stream have put us in this situation, with the forced shutdown of older, coal-fired generating plants now looming on the horizon. The impact that will have is very worrying.”