Airbus sales drive Q1 profits at parent company

PARIS (AP) — European aerospace company EADS said strong deliveries by airplane maker Airbus helped drive higher earnings in the first quarter and laid out the hope that the new A350 long-range aircraft should make its first flight this summer.

The Airbus parent company also reaffirmed Tuesday its forecast of lifting commercial aircraft deliveries this year to between 600 and 610, as demand from Middle Eastern and Asian carriers to expand their fleets continues to drive sales for one of Europe's largest exporters.

EADS made a net profit for the January-March quarter of 241 million euros ($314 million), nearly double last year's equivalent of 126 million euros.

EADS CEO Tom Enders said in a statement the company "had a rather good start into 2013" and remained focused on improving profitability further "in 2013 and beyond."

Airbus delivered 144 aircraft in the first quarter, up from 131 in the same period last year. Last year Airbus delivered 588 aircraft, including 30 of its A380 superjumbos.

Airbus's revenue from commercial aircraft sales jumped nearly 16 percent in the quarter thanks to rising deliveries. Airbus' orders also continued to rise, with 410 net commercial aircraft orders in the quarter.

Airbus, which expects to take in around 700 orders this year, is preparing for the first flight of its new A350 long-range aircraft that is aimed at rivaling Boeing's 777 and 787.

In a call with reporters Chief Financial Officer Harald Wilhelm said Airbus is "more and more confident" that the A350 will make its first flight sometime this summer, after two years of delays blamed partly on the aircraft's new design, which makes use of unprecedented amount of lightweight carbon-fiber material.

EADS' overall revenue rose 9 percent to 12.4 billion euros in the first quarter. The company targets "moderate" revenue growth in 2013 and operating profit of 3.5 billion euros, well above the 3 billion euros booked in 2012.

View the original article here

Mexican Produce Company Owner Sentenced for Making a False Statement to a Financial Institution Insured by the U.S. Export-import Bank

WASHINGTON, March 15, 2013 /PRNewswire-USNewswire/ -- The Office of Inspector General (OIG) for the Export-Import Bank of the United States (Ex-Im Bank) announced today that the owner of a produce company in Hermosillo, Sonora, Mexico, was sentenced today for making a false statement to Frost National Bank, concerning loans insured by Ex-Im Bank.

Gilberto Salazar-Escoboza, 49, was sentenced by Chief Judge Fred Biery in U.S. District Court in San Antonio, Texas, to $500,000.00 in fines and twelve months of supervised release.  Salazar pleaded guilty on August 13, 2012, to one count of making a false statement to a financial institution.  Salazar was arrested on July 14, 2012, in California as he entered the United States from Mexico.  According to an indictment filed on June 20, 2012, in the Western District of Texas, San Antonio, Texas, Salazar was originally charged with three counts of bank fraud in connection with Ex-Im Bank insured loans.  Since his plea in August 2012, Salazar has paid back approximately $2.64 million in restitution to Ex-Im Bank, Frost National Bank, and a private insurance agency.

According to court documents, Salazar, a Mexican citizen, was the owner of three businesses identified as Empacadora Fruitcola Santa Ines, S.A. de C.V., La Costa Distribuciones Comerciales S.A. de C.V., and Videxport S.A. de C.V. located in Hermosillo, Sonora, Mexico.  All of these businesses are large produce and fruit companies which obtained loans from Frost National Bank for the purpose of purchasing U.S. manufactured equipment from U.S. suppliers.  Frost Bank insured some of those loans with Ex-Im Bank.  Salazar admitted that in February 2009, he knowingly made a false statement and report to a financial institution, when he submitted five checks to Frost National Bank purporting to show the payment of invoices to a supplier of goods, when in truth and fact and as Salazar well knew, such checks were never delivered to the supplier. 

The case was prosecuted by the U.S. Attorney's Office for the Western District of Texas, San Antonio Division.  The case was investigated by the Ex-Im Bank Office of Inspector General and Homeland Security Investigations in El Paso.

Ex-Im Bank, the official credit agency of the United States, is an independent executive agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. Ex-Im Bank provides a variety of financing mechanisms, including working capital guarantees, export credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank OIG is an independent office within Ex-Im Bank. The OIG receives and investigates complaints and information concerning violations of law, rules or regulations, fraud against Ex-Im Bank, mismanagement, waste of funds, and abuse of authority connected with Ex-Im Bank's programs and operations.

Additional information about the OIG can be found at http://www.exim.gov/oig/.  Complaints and reports of waste, fraud, and abuse related to Ex-Im Bank programs and operations can be reported to the OIG hotline at 888-OIG-EXIM (888-644-3946) or via email at mailto:IGhotline@exim.gov.

SOURCE Office of Inspector General for the Export-Import Bank of the United States

View the original article here

CORRECTED-Birds Eye names Irish company as the source of horse DNA find

DUBLIN (Reuters) - Frozen food maker Birds Eye said horse meat DNA found in two of its products came from an Irish meat processor that is part of one of Ireland's largest agricultural businesses.

Birds Eye was drawn into the scandal last month when a chilli con carne sold in Belgium was pulled off retail shelves after testing positive for horse DNA. That also prompted the withdrawal of its spaghetti bolognese and beef lasagne products.

The company said investigations had found its Belgian supplier Frigilunch NV had unknowingly sourced meat with horse DNA from Irish meat processor QK Meats.

"Our investigation has shown that Frigilunch NV (who supplied these products to us) was itself supplied meat with horse in it by an Irish meat processor QK Meats," Birds Eye said in a statement on Tuesday.

"In total we have tested 250 products across Europe and confirmed three products as containing horsemeat," Birds Eye said.

The horsemeat scandal erupted in Ireland after its food safety authority discovered horse DNA in frozen beef burgers and the Birds Eye investigation brings more unwanted attention on the country's reeling beef industry.

"All other meat suppliers to Frigilunch NV have been given the all clear through both Birds Eye's and Frigilunch NV's separate testing programmes," the statement said.

Private equity group Permira owns the Iglo Group whose frozen food brands include Birds Eye in Britain, Iglo, which trades across much of continental Europe, and Findus in Italy.

Birds Eye said tests showed its beef burgers, beef pies and beef platters sold in Britain and Ireland did not contain horse DNA.

QK Meats parent firm is the Arrow Group, which is privately owned by Irish businessmen the Queally brothers who own shares in one of Europe's largest food processors, Dawn Meats.

In response, QK Meats said it never knowingly incorporated horse meat into any of its beef products and is investigating the contamination.

(Corrects Frigilunch NV to Belgian from Dutch; Queally brothers hold Dawn Meats shares, not own company)

(Reporting by Stephen Mangan; Editing by Jon Hemming)

View the original article here