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PRT Announces Executive Management Appointments

In his new role as Vice President Business Development, Mr. Kitchen will apply his expertise in strategy and business development to the investigation and advancement of new market opportunities for PRT, including, most particularly, potential markets for seedlings arising from public concerns over climate change.

Mr. Kitchen commented, "I presented a proposal to the Board of taking a step back from my current responsibilities as President and CEO in order to explore ways to develop carbon initiatives and new market opportunities for PRT, while at the same time allowing me more time to be with my family. We believe there are compelling opportunities emerging for our products and services, and that with a focused effort we can find new ways to grow the Fund."

Mr. more

Wing Lung Shares Fall After China Sets Limit on Bids (Update1)

On April 30, the bank reported a first-quarter loss after writing off $61 million of investments in structured investment vehicles and collateralized debt obligations.

The family of Chairman Michael Wu, seeking to sell a 53 percent stake, had sought at least three times book value, people with direct knowledge of the matter said earlier. Hong Kong's 18 publicly traded banks are valued at an average 2.45 times book value, according to data compiled by Bloomberg.

Merchants Bank was picked as the preferred bidder for Wing Lung Bank last week after offering the highest price, people familiar with the matter said at the time. ICBC said in a May 23 statement that it offered a ``reasonable price'' for Wing Lung after conducting due diligence. It didn't say whether the bid was accepted or rejected. more

Cessna announces two orders for business jets

Cessna Aircraft Co. took 24 business jet orders from Austrian charter company JetAlliance for several series of Cessna Citations, while a Russian air-taxi operator ordered 20 Citation Mustangs, Cessna announced Tuesday from the European Business Aviation Convention & Exhibition in Geneva, Switzerland.

Cessna, a Textron Inc. (NYSE: TXT) company, says the year-to-date Citation orders from JetAlliance now total 50.

The orders nearly span the entire Cessna Citation product range, from the Citation Mustang to the newly announced Citation Columbus, Cessna said in a written release.

The orders consist of four Citation Mustangs, seven Citation CJ2+s, 11 Citation CJ3s, three Citation CJ4s, 10 Citation XLS+s, seven Citation Sovereigns, four Citation Xs, and four Citation Columbus aircraft. more

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