Taliworks seeks extension for RM485m bonds issuances

KUALA LUMPUR: TALIWORKS CORPORATION BHD []'s management has applied to the Securities Commission (SC) to extend the issuance deadline for its two units' proposed bonds totalling RM485 million following the uncertainty about the outlook for the Selangor water sector, according to RAM Rating Services Bhd.

The ratings agency said Taliworks' special purpose vehicle Destinasi Teguh Sdn Bhd had earlier proposed to issue RM395 million secured bonds while another unit, Sungai Harmoni Sdn Bhd, had planned to issue RM90 million redeemable loan stocks. The deadline for both proposed issuances was on May 28.

Pending the SC's approval and finalisation of the terms and conditions of the proposed debt facilities, RAM Ratings said "their preliminary ratings have also been placed on Rating Watch with a negative outlook".

Sungai Harmoni is an operations and maintenance provider for Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).

Splash is the operator of phases 1 and 3 of the Sungai Selangor water-treatment plants and Syarikat Bekalan Air Selangor Sdn Bhd (Syabas), which is Selangor's sole water utility company, is the sole off-taker for its treated water.

"Pending the SC's approval and the finalisation of the terms and conditions of the proposed debt facilities, their preliminary ratings have also been placed on Rating Watch with a negative outlook, given the tightening liquidity and weakened cashflow of Sungai Harmoni in the immediate term," RAM Ratings sais in a statement on Thursday, June 10.

Destinai Teguh and Sungai Harmoni's proposed bonds are rated AA2, RatingWatch, negative outlook.

"All said, as long as the restructuring of the Selangor water sector remains unsettled, the water companies will remain vulnerable to Syabas' slow and partial payments. Any progress within the next few months will be crucial towards resolving the Rating Watch," RAM Ratings said.

RAM Ratings came to understand Splash had only been receiving 45% of its monthly billings to Syabas in recent months, which was a deterioration from the previous 60% collection rate.

This saw Splash's trade receivables surging to RM470.6 million as at end-March 2010 from RM276.88 million at end-March 2009. The ratings agency also warned that if collections from Syabas did not show significant improvement, "we expect Splash's liquidity position to be severely threatened".

RAM Ratings also cautioned that Splash would not be able to fund its requisite finance service reserve account balances by January 2011, which would be a breach of the covenants under its Bai Bithaman Ajil Debt Securities Issuance Facility (BaIDS) (2000/2016).

It added that due to Splash's financial woes, Sungai Harmoni was also affected and it had been receiving only partial payments from Splash.

"This has in turn weakened Taliworks' overall cash-generating ability, as Sungai Harmoni is its key cashflow contributor. This, coupled with the proposed financing exercise by Destinasi Teguh that is expected to weaken the credit profile of Taliworks' convertible bonds, will further strain the group's financial standing," it said.

RAM Ratings said Taliworks' RM201.95 million of consolidated cash and marketable securities as at end-March 2010 would support its short-term liquidity needs.

For the first quarter ended March 31, 2010, Taliworks posted net profit of RM19.41 million, up 130% from RM8.42 million a year earlier due to derivatives gain. However, pre-tax profit was RM11.1 million, below the RM11.29 million a year earlier. Revenue rose 20.7% to RM44.37 million from RM36.75 million.

Taliworks, which closed six sen higher at RM1.67 last Friday, is trading at a price-to-earnings ratio of 12.56 times.

OSK Research had in a recent report said excluding the one-off derivative gains incurred in 1Q01, Taliworks' earnings came in below its estimates by 24% and consensus by 23%.

The research house noted that although earnings at the water division were stronger due to higher production volume, the losses incurred by its waste management division and unrealised foreign exchange losses more than offset the water division's gains.

Taliworks rose six sen to RM1.67 last Friday, with 68,200 shares done.

Jim Rogers to speak at CIMB conference

KUALA LUMPUR: American investor and market commentator Jim Rogers, co-founder of the Quantum Fund, will impart his investment strategies including those in commodities, when he speaks at CIMB Private Banking's Investment Conference 2010 here on July 7.

In a statement on Sunday, June 13, CIMB Private Banking said Rogers, who is also a college professor, author of several investment books and creator of the Rogers International Commodities Index (RICI), would about "Southeast Asia in focus, 2010 and beyond", the theme of the one-day investment conference.

It said the theme reflected Asia's feat of being first to rebound from the global financial crisis, with Malaysia being one of several countries in the region to record a steep jump in economic growth, far outstripping Europe and North America.

The conference will also feature four other financial experts, with the opening address being delivered by Datuk Seri Nazir Razak, group chief executive of CIMB Group.

CIMB Private Banking said Rogers showed an early entrepreneurial streak, having started his own business at the age of five selling peanuts and picking up empty bottles that fans left behind at baseball games.

He got his first job on Wall Street after graduating from Yale University in 1964 and a second degree from Oxford University in 1966.

CIMB Private Banking said Rogers' Asia-centric investments made him uproot his business and family from America to Singapore, saying, "Southeast Asia with its natural resources and population, will be one of the growth areas of the next couple of decades. That is one reason I sold my house in New York and moved here."

His books include Hot Commodities: How Anyone Can Invest Profitably in the World's Best Market and A Bull in China: Investing Profitably in the World's Greatest Market.

Europe and economic data to call stocks' tune

NEW YORK: U.S. stock investors will keep a close eye on Europe this week, starting June 14, looking for signs the debt crisis may be stabilizing, while industrial production, housing starts and inflation data may offer more clues on the U.S. economic outlook, according to Reuters.

On Friday, an official said the European Union has reached agreement with Greece on how to move forward with pension reform, while Spain's economy ministry said it has not made and will not make a request for economic aid from the EU.

Market sentiment has been plagued for weeks by worries that European debt problems, including those in Greece, Spain and Hungary, could affect the global economy.

The Standard & Poor's 500 index .SPX is now down 10.3 percent from its April 23 closing high for the year, and considered in correction territory.

"We've gone through a period of extreme nervousness ... and problems haven't gone away, but I think right now, global investors are little less jittery," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.

The Chicago Board Options Exchange's Volatility Index .VIX or VIX, a measure of Wall Street's anxiety, slid 5.82 percent to end at 28.79 on Friday after rising more than 20 percent a week ago.

The three major U.S. stock indexes finished with gains for the week, with the Dow Jones industrial average .DJI up 2.8 percent, the S&P 500 up 2.5 percent and the Nasdaq Composite Index .IXIC up 1.1 percent.

"I will be looking to see if the euro holds gains that we saw in the last couple of days," Dickson said.

The euro fell against the dollar on Friday, but that was its first daily decline since Monday, when it hit $1.1876 -- its lowest level since 2006.

HOUSING STARTS, PPI AND CPI

Wall Street will keep a weather eye next week on the recovery in the U.S. housing sector, still deemed fragile with the expiration of a federal tax credit for home buyers.

U.S. housing starts and building permits for May will be released on Wednesday. Economists polled by Reuters forecast that housing starts will slip to an annual pace of 650,000 units in May from April's pace of 672,000 units.

Analysts said, however, that much of next week's economic news could be less troubling for the market.

"I think the takeaway for investors next week will be that the economy continues to expand, albeit at a very slow pace and inflation remains very benign," said Hugh Johnson, chief investment officer at Johnson Illington Advisors in Albany, New York.

The data could show "that the concerns should be about deflation, not inflation," he said.

Both the Producer Price Index and the Consumer Price Index for May are expected from the U.S. government next week.

The overall PPI for May, also due on Wednesday, is forecast to fall 0.5 percent, compared with a 0.1 percent dip in April. Core PPI, excluding volatile food and energy prices, is forecast to edge up 0.1 percent in May, compared with a gain of 0.2 percent in April.

Wednesday's data menu will include industrial production, which is forecast to rise 0.9 percent for May, compared with a gain of 0.8 percent in April.

The overall CPI for May, due on Thursday, is seen down 0.2 percent, compared with a 0.1 percent drop in April. Core CPI for May is forecast to rise just 0.1 percent, following no change in April.

EXERCISE YOUR OPTIONS

One high-profile item on Wall Street's agenda next week will be the initial public offering of the CBOE (CBOE.O), North America's last independent major financial exchange. The IPO is expected to be priced on Monday evening, with the stock set to start trading on Tuesday.

Investors will pay close attention on Wednesday when Federal Reserve Chairman Ben Bernanke speaks on financial reform.

Stocks got a boost this week after Bernanke said the economic recovery appeared to be on solid footing and that he expects the economy to keep growing.

Only a handful of Standard & Poor's 500 companies are scheduled to report financial results next week. Among them are Best Buy Co(BBY.N) and FedEx Corp(FDX.N).

Friday marks the so-called "quadruple witching" period, a term used by professional traders for the quarterly settlement and expiration of four different types of June equity futures and options contracts.

The event, which starts on Thursday, can lead to greater volume and volatility as players adjust or exercise their derivative positions.

An early look at the soon-to-expire June open interest on the S&P 500 indicates a potential pinning at the 1,100 strike price, said Scott Fullman, director of derivative investment strategy at broker-dealer WJB Capital Group, in New York. - Reuters

InsiderAsia model portfolio ? Week 381

TRADING in global equities continued to be erratic over the past one week. Sentiment was largely dictated by daily developments while longer-term concerns, such as the debt crisis in Europe, weighed on investor appetite for risks.

Recent data out of the US indicated somewhat patchy improvement in the country's jobs market. High unemployment rate is expected to keep a lid on consumer spending, which accounts for two-thirds of its economy.

Similarly, investors are still uncertain of the extent of the fallout from the sovereign debt crisis in Europe on the rest of the world. Fiscal tightening over the next year or two, at least, will damp export demand for many Asian countries, including China.

Whilst China's exports continued to grow at a blistering 48.5% pace in May, there are also indications of a slowdown in industrial production. Rising inflation may also tip the government's hand in further policy tightening.

Investors are likely to stay skittish on the back of prevailing uncertainties. Trading interest over the next few weeks may also be affected by distraction from the FIFA World Cup.

Bellwether indices in the region ended the week on a mixed note, with the markets in Hong Kong and China finishing in mildly positive territory while Japan and Singapore ended slightly lower. On the home front, the FBM KLCI was flat for the week, closing at 1,294.7 points. Daily on-market volume slipped further to less than 576 million shares, on average.

Stocks in our model portfolio fared comparatively well against the benchmark index. Our basket of 17 stocks gained 2.31% led by strong performances from My EG Services and Faber Group. Including our large cash reserves (for which no interest is imputed), the total portfolio value was up by roughly 1.75% to RM577,120.

Last week's gains lifted our model portfolio's cumulative returns since inception to 260.7% on our initial capital of just RM160,000. Our total profits are very substantial at RM417,120, of which RM239,812 has already been realised from earlier sales, and the rest are paper gains.

By comparison, the FBM KLCI was up by about 100.2% over the same period, even though it has been less representative of the broader market's performance. Plus, our portfolio holds a significant amount of non-interest yielding cash at all times for prudence's sake.

Most of the stocks in our portfolio ended higher last week with four stocks closing in the red while three were unchanged. Shares for Faber (+12.4%) and My EG Services (+15.8%) were the top performers while Green Packet lost a further 5.4% to 87 sen. Nevertheless, we remain upbeat that the WiMAX broadband service provider will achieve breakeven at the operating level later this year, which should bolster investor sentiment for the stock.

We are keeping our portfolio unchanged for the moment and will monitor developments for cues on the market's outlook going forward. ''

Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.

#Today's Diary* What to expect on June 14, 2010

1. Kimlum Corporation Bhd prospectus launch at Junior Ballroom, 2nd Floor, Junior Ballroom, 2nd Floor, Nikko Hotel KL at 10.15am

2. DAYANG ENTERPRISE HOLDINGS BHD [] AGM at Imperial Hotel, Jln Pos, Miri, Sarawak at 11.30am

S Korea unveils FX controls to curb capital mkt swings

SEOUL: South Korea announced on Sunday, June 13 long-anticipated curbs on banks' currency trades, saying it aimed to rein in short-term foreign debt and volatile capital flows that posed a risk to the world's ninth-biggest exporter.

The authorities, alarmed by the won's sharp swings during recent market turbulence caused by Europe's debt problems, have been priming investors for weeks for action aimed at stabilising its currency and cooling overseas borrowing.

The well-flagged new restrictions slap limits on banks' and other financial institutions' currency forwards, cross-currency swaps as well as non-deliverable currency forwards.

"These measures are aimed at reducing the volatility in capital flows that poses a systemic risk in the country instead of driving the exchange rate into a specific direction," South Korea's finance ministry, two financial regulators and the central bank said in a joint statement.

"The country needs to prepare 'a minimum set of safety tools' that fully reflect the special features... such as the country's high volatility in capital flows," the statement said, adding that the new steps reflected a global trend towards tighter regulation of banks' activity.

The curbs, expected to take force in October, will apply to both domestic and foreign banks, but official data showed foreign bank branches are the ones that will be immediately affected.

The new rules will cap domestic banks' and non-bank financial institutions' currency forwards and derivatives at 50% of their equity capital. The cap for foreign bank branches was set at 250% of equity to account for their lower capital, which on average is just 1/30 of that held by domestic banks.

However, foreign banks' currency derivatives positions amounted to just over 300% of capital, while domestic banks' exposure totalled 15.6% of equity capital, government data showed.

Banks will have up to two years to comply fully with the new limits, the authorities said, addressing market concerns that the new rules could lead to more, not less, market volatility if banks and investors were given little time to adjust.

In another effort to calm markets, the authorities said they were ready to help if the new controls led to increased short-term market volatility.

The won weakened in the past week in anticipation of the curbs, but closed 0.4% higher on Friday in a sign that investors have largely factored in the new rules.

The authorities said South Korea's economy was more vulnerable to market gyrations than most of its peers because of its high short-term foreign debt.

The debt is equivalent to 60% of foreign reserves ' nearly twice the ratio in Indonesia or Malaysia ' and largely reflects an imbalance in the forward market caused by heavy dollar selling by shipbuilders and other big exporters.

This depresses the cost of dollars, making borrowing the US currency and swapping into won particularly attractive.

In addition, banks need to offset long dollar positions in their deals with exporters with dollar borrowing, which also drives up short-term debt volumes, leaving South Korea exposed to a sudden dollar squeeze, similar to that which followed the collapse of Lehman Brothers in September 2008.

In addition to limits on currency trades for banks, the authorities tightened the curbs on companies' currency derivatives trades announced in November, lowering the ceiling to 100% of the value of their physical foreign trade transactions from the initial 125%.

The central bank will also take steps next month to limit foreign-currency lending by banks to local companies by allowing such lending only to finance documented deals with foreign entities. ' Reuters

Association of Malaysian Medical Industries wants review of tax incentives for R&D

GEORGE TOWN: The government should revise the current practice of giving tax incentives for research and development (R&D) based on capital investments.

Instead, tax deductions should be given for those investing in intellectual property and talent development.

Association of Malaysian Medical Industries (AMMI) secretary Hitendra Joshi said the incentives given now were outdated.

"We need to enhance more R&D work carried out by companies and the best way to encourage them is provide better tax incentives. Incentives should also not necessarily be in the form of grants. Look at medical industries which have been here for more than 20 years, none have closed down.

"They have faith in what they see here, but we need to relook at the incentives to keep them here," he said.

He also pointed out that the medical and healthcare industry also withstood the recession and downturn recently and would be another engine of growth for Malaysia.

Joshi said after an MoU signing between AMMI and the Penang Skills Development Centre (PSDC) to carry out the competency development programme in medical TECHNOLOGY [].

The programme would train existing employees in the medical industry, while new graduates would also be trained on fast track basis to meet the needs of the industry.

Also present was AMMI chairman Lim Bee Leong and PSDC CEO Datuk Boonler Somchit.

The programme supported by the Northern Corridor Implementation Agency (NCIA), and Khazanah Nasional Bhd is catered to expand the pool of skilled workforce in the medical industry.

Through the programme, it is aimed to create a larger pool of employable talent for the medical industries.

AMMI's 30 members employ more than 13,000 employees, out of which 70% are from Penang, who will benefit from the programme.

AMMI members contributed RM4.3 billion of the total RM8 billion from the medical devices sector in 2008.

Joshi said this ready pool of qualified staff for the industry would also serve as an impetus for medical industry investors to come here.

Lim, meanwhile, stressed on the need for Malaysia to have a roadmap to lead to where it wants to be in the medical devices industry.

#Stocks to watch:* Pharmaniaga, SAAG, BCorp, Wah Seong

KUALA LUMPUR: Key regional markets could perk up on Monday, June 14 underpinned by the firmer close on Wall Street while the CBOE Volatility Index, a gauge of investor anxiety, fell 5.8% to settle at 28.79, its lowest level since May 13.

On Wall Street, the Dow Jones industrial average gained 38.54 points, or 0.38 percent, to end last Friday at 10,211.07. The Standard & Poor's 500 Index rose 4.76 points, or 0.44 percent, to 1,091.60. The Nasdaq Composite Index climbed 24.89 points, or 1.12 percent, to 2,243.60.

For the week, the Dow rose 2.8 percent, the S&P gained 2.5 percent and the Nasdaq advanced 1.1 percent.

Reuters reported that in another bullish sign, the S&P 500 found technical support around the 1,077 level that marks its 14-day simple moving average. The benchmark posted its first back-to-back close above its 14-day SMA since late April.

At Bursa Malaysia, sentiment could firm up further as investors digest news from the 10th Malaysia Plan announced last Thursday. Infrastructure stocks could advance as more jobs are rolled out.

Stocks to watch include PHARMANIAGA BHD [], BOUSTEAD HOLDINGS BHD [], Berjaya Corp Bhd, WAH SEONG CORPORATION BHD [], SAAG Consolidated Bhd and Tomei.

Boustead has launched a RM534 million acquisition of Pharmaniaga'' Bhd to buy an 86.81% stake from the UEM Group Bhd. The move is seen as crucial for Boustead as it seeks to strengthen its pharmaceutical business.

The offer price works out to RM5.75 per share or a 12% premium to its last traded price on Thursday of RM5.10. Both counters start trading on Monday.

Meanwhile, Berjaya Corp has clarified Ascot Sports Sdn Bhd has the Minister of Finance's approval to conduct a sports betting operations and that the formal licence which was first issued in 1987 is pending re-issuance.

It went on to state that "as such it is evident from the above statements that Ascot has the approval from the Minister of Finance to conduct a sports betting operations and that the formal licence which was first issued in 1987 is pending re-issuance".

In Wah Seong Corp, its managing director and chief executive officer Chan Cheu Leong says the group has an order book of RM1.2 billion, with the bulk or 57 % coming from its pipe-coating business.

He added the company is bidding for RM5.3 billion of projects, most of them located in Malaysia, Australia and Southeast Asia.

Chan said the oil and gas industry will see about US$170 billion being spent on deepwater exploration and production in the next five years, 75% of which will be in the Golden Triangle ' comprising Brazil, Mexico and North Africa.

'Deepwater developments present an opportunity as WSC is one of the few companies who have the TECHNOLOGY [] and track record. This will enable us to further expand our core O&G pipe-coating activities, not only in the region but also globally,' said Chan.

Filings to Bursa Malaysia showed that Doraley Assets Management Ltd had sold down its stake in SAAG Consolidated Bhd from June 2 to 9

The British Virgin Islands-registered fund management company sold 60.38 million shares during that period, reducing its stake to 132.58 million shares or 7.34%.

As for Tomei, the country's second largest gold jewellery maker has its own unique means of protecting itself against the price fluctuations of the precious metal. More in The Edge weekly.

Wall Street climbs in late advance on chip makers

NEW YORK:'' Stocks rose in a late rally on Friday, June 11 as a strong forecast from a chip maker lifted tech shares and helped alleviate concerns about the economy's health after an unexpected drop in retail sales, according to Reuters.

National Semiconductor Corp rose 5 percent to $14.21 a day after it forecast margins and revenues above estimates after a horrible 2009.The Philadelphia Semiconductor index rose 1.4 percent.

"The macro news has been increasingly negative, but you still have some companies reporting good forecasts, and people start to think (selling) got a bit overdone," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com in Shrewsbury, New Jersey.

"National Semiconductor made a positive announcement. That's why you're seeing the strength primarily in tech," he said.

Even so, the volume was lackluster, indicating little conviction that the advance will continue next week.

The Dow Jones industrial average gained 38.54 points, or 0.38 percent, to 10,211.07. The Standard & Poor's 500 Index rose 4.76 points, or 0.44 percent, to 1,091.60. The Nasdaq Composite Index climbed 24.89 points, or 1.12 percent, to 2,243.60.

For the week, the Dow rose 2.8 percent, the S&P gained 2.5 percent and the Nasdaq advanced 1.1 percent.

COLD DAY FOR RETAILERS

U.S. retailers' sales unexpectedly fell in May for the first time in eight months, the U.S. Commerce Department reported.

But a jump in a consumer sentiment index to a near 2-1/2-year high in a preliminary reading for June tempered fears of a slowing economic recovery. The consumer sentiment reading came from the Thomson Reuters/University of Michigan Surveys of Consumers.

Consumer-related shares were the hardest hit, with Home Depot down 1.5 percent at $32.22, and Procter & Gamble down 1.5 percent at $61.01, weighing down the Dow industrials. The S&P retail index . slid 0.2 percent.

But commodity-related companies also gave support to stocks, with the S&P materials sector'' up 1.2 percent.

U.S. Steel Corp jumped 3.8 percent to $44.82.

VIX FALLS

In another bullish sign, the S&P 500 found technical support around the 1,077 level that marks its 14-day simple moving average. The benchmark posted its first back-to-back close above its 14-day SMA since late April.

The CBOE Volatility Index, a gauge of investor anxiety, fell 5.8 percent to settle at 28.79, its lowest level since May 13.

Big-cap pharmaceutical companies' shares also advanced after Barclays Capital upgraded the sector to "positive" from "neutral," citing the revenue potential of new products.

Pfizer Inc was the Dow's top percentage gainer, up 3.7 percent at $15.46.

U.S.-listed shares of BP Plc climbed 3.6 percent to $33.97 as UK officials made supportive comments about the company, even as scientists doubled estimates of the Gulf of Mexico's oil spill. - Reuters

Warren Buffett lunch sells forUS$2.63 million on eBay

NEW YORK: A bidder has agreed to pay US$2.63 million for a steak lunch with the billionaire investor Warren Buffett in a charity auction held on eBay Inc's website, according to Reuters.

The highest bid in the 11th annual auction topped the previous record $2.11 million paid in 2008 by Zhao Danyang, a Hong Kong investor. Wealth manager Salida Capital Corp of Toronto won with a $1.68 million bid in 2009.

The identity of the winning bidder could not immediately be determined after bidding closed on Friday night, June 11.

EBay was not immediately available for comment. Berkshire Hathaway Inc, Buffett's insurance and investment company, did not immediately return a request for comment.

The winner and up to seven friends will dine with the world's third-richest person at the Smith & Wollensky steakhouse in midtown Manhattan. Smith & Wollensky is also donating $10,000.

As in his increasingly frequent television appearances, Buffett will talk about pretty much anything apart from what he is buying and selling.

Proceeds benefit the Glide Foundation, a San Francisco non-profit organization offering meals, healthcare, child care, housing and job training for the poor and homeless. Glide is also known for lively Sunday morning services that include gospel music.

Buffett began auctioning the lunches in 2000 after his first wife Susan introduced him to Glide and its founder, the Rev. Cecil Williams.

In a Friday interview, Williams said the auction was critical to Glide because the economy has caused donations to fall 20 percent this year, while demand for Glide's services was up 30 percent. Glide's annual budget is about $17 million.

The auction began on Sunday night, and the top bid rose from $1.8 million in the last hour. Nine bidders made a total of 77 bids. Entering Friday, the highest bid had been $900,100, according to eBay.

"I'm jumping for joy. There's no doubt about it," Williams, 80, said after the high bid had topped $1.5 million. "Warren Buffett understands Glide and he supports Glide. I said to him a week-and-a-half ago, 'You're such a good person,' and he laughed and said, "Well you know, I'm trying, I'm trying.'"

The 10 prior auctions had raised more than $5.9 million. The first three were live, with top bids ranging from $25,000 to $32,000, according to Glide.

Buffett, 79, built an estimated $47 billion fortune running Omaha, Nebraska-based Berkshire, which operates about 80 businesses and has tens of billions of dollars of investments.

In 2006, Buffett pledged most of his wealth to the Bill & Melinda Gates Foundation and four family charities. Bill Gates, a Microsoft Corp co-founder, is a Berkshire director.

Susan Buffett died in 2004. Warren Buffett remarried two years later on his 76th birthday.

The following are winners of the Glide auction since bidding moved online:

2003 -- David Einhorn, Greenlight Capital, $250,100

2004 -- Jason Choo, $202,100

2005 -- Anonymous, $351,100

2006 -- Yongping Duan, $620,100

2007 -- Mohnish Pabrai, Guy Spier, $650,100

2008 -- Zhao Danyang, Pureheart China Growth Investment Fund, $2,110,100

2009 -- Salida Capital Corp, $1,680,300. - Reuters