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Today’s economic climate has left more consumers strapped for cash. Those who don’t qualify for bank loans or credit cards increasingly are turning to short-term, consumer loans - often called “payday loans” - to help make ends meet.

Metropolitan Family Services wants consumers to know they have rights. The Illinois Payday Loan Reform Act of 2005 established consumer protections for short-term loans of 120 days or less, with APRs above 36 percent. But not all lenders adhere to the provisions of the Act or have found loopholes to skirt the restrictions. Here are some tips to tell if a loan is consumer friendly and has protections:

1. The loan should not exceed 25 percent of your gross monthly income. This percentage best reflects how much you can afford to repay. If offered more, beware.
2. You should not qualify for more than two short-term loans at one time. Unscrupulous lenders place no limits on the number of loans you can take out, keeping you indebted to them.
3. You should not pay more than $15.50 in finance charges for every $100 borrowed. If you’re paying more, report it to the Attorney General’s office.
4. If you are in debt more than 45 days, your lender should offer an interest-free repayment plan. If your only option is to roll the loan over - and an unlimited number of rollovers is allowed - that is a predatory practice which could trap you in a cycle of debt.
5. A legitimate lender subscribes to a reporting service that enforces provisions of the Payday Loan Reform Act. Ask if your lender does.

Metropolitan Family Services supports SB 1993, which seeks to extend the Payday Loan Reform Act protection to ALL small, short-term consumer loans. We believe Chicago area families should know how to avoid predatory lending products that may bring them financial ruin, destroying their hope for a secure future.

Metropolitan Family Services (MFS) has been at the heart of Chicago’s city and suburban communities responding to the needs of families for 150 years. Through seven major community centers, their related locations and social policy advocacy, Metropolitan serves low-income and working-poor families facing a dynamic and ever-changing environment. As an integral part of each community we serve, we listen, actively participate and lead the way in helping families realize their amazing strength. http://www.metrofamily.org/.

Source: Metropolitan Family Services

Web site: http://www.metrofamily.org/

Century Casinos, Inc. (Nasdaq: CNTY; Vienna Stock Exchange) today reported financial results for the three months ended March 31, 2008.

First Quarter 2008

For the first quarter of 2008, net operating revenue was $20,980,000 and consolidated Adjusted EBITDA* was $4,393,000. This represents a slight decrease in net operating revenue over the same quarter of last year ($21,144,000 in the first quarter of 2007) and a 16% decrease in consolidated Adjusted EBITDA* ($5,220,000 in the first quarter of 2007). Improvements in net operating revenue at the Company’s property in Edmonton were offset by a decline in net operating revenue at our properties in Colorado, particularly at Womacks.

The Company reported net earnings of $541,000, or $0.02 per basic share for the quarter ended March 31, 2008. Net earnings for the 2007 first quarter were $1,542,000, or $0.07 per basic share. In the first quarter of 2008, the Company incurred increases in depreciation charges of $246,000, primarily related to gaming and non-gaming equipment additions during 2007. In addition, stock-based compensation expense increased by $334,000 primarily due to the issuance of stock options and restricted stock in July 2007. In April 2008, the Company received a written waiver from its lender in Central City for a covenant violation in exchange for a cash payment of $162,500. This amount was included in interest expense during the first quarter of 2008. Interest expense without the waiver fee decreased by $522,000 when comparing the quarter ended March 31, 2008 to the same quarter in 2007. Finally, general and administrative expenses increased at the Company’s North American casinos by approximately $457,000 due to additional property tax accruals and utility charges.

“We are pleased with the growth at our Canadian operation, but we face significant challenges at our Colorado operations in light of the economic downturn and the smoking ban that became effective on January 1, 2008,” said Co CEOs Erwin Haitzmann and Peter Hoetzinger. “We expect to see our short term growth come from international markets such as Canada and Poland.”

Property Results

Century Casino & Hotel (Edmonton, Alberta, Canada) — Net operating revenue at the Century Casino & Hotel in Edmonton increased 34% to $5,557,000 for the first quarter of 2008 compared to $4,152,000 for the first quarter of 2007. Adjusted EBITDA* was $1,928,000 for the three months ended March 31, 2008 and $983,000 for the three months ended March 31, 2007. The Company operated the casino with 50 additional slot machines during the first quarter of 2008 as compared to the first quarter of 2007. The Company also increased the number of tables at the casino from 32 to 35 in March 2008 and introduced 24-hour poker at the casino during the fourth quarter of 2007. The Company opened the hotel portion of the facility in March 2007. All of these factors have led to additional play at the casino.

Womacks Casino (Cripple Creek, Colorado, USA) — Net operating revenue at Womacks Casino in Cripple Creek, Colorado decreased 29% to $2,882,000 for the first quarter of 2008 from $4,059,000 for the same period in 2007. Management believes that revenue in the first quarter of 2008 at Womacks was negatively impacted by a variety of factors. The Cripple Creek market as a whole declined 12.7%, which management attributes to a decline in consumer discretionary income, increased fuel prices and a smoking ban that went into effect on January 1, 2008. In addition, management believes that Womacks lost a significant amount of its customers due to a renovation that began during the fourth quarter of 2007 and continued through the first quarter of 2008. The Company is reviewing strategies to improve revenue at Womacks. Womacks’ Adjusted EBITDA* for the first quarter of 2008 was $279,000 compared to $1,293,000 in the first quarter of 2007. The decrease in Adjusted EBITDA* is due to the decline in revenue, which management believes was a result of the above mentioned renovation and smoking ban and an overall market decline of 12.7% in Cripple Creek.

Century Casino and Hotel (Central City, Colorado, USA) — Net operating revenue at the Century Casino and Hotel decreased 2% to $4,407,000 for the first quarter of 2008 compared to $4,515,000 reported for the same period in 2007. Adjusted EBITDA* for the first quarter of 2008 was $835,000 compared to $1,055,000 in the first quarter of 2007. The decrease in Adjusted EBITDA* is primarily due to an increase in general and administrative expenses resulting from increased property tax accruals. The Central City gaming market as a whole decreased 9.3% for the first quarter of 2008 compared to the first quarter of 2007. On December 31, 2007, the Company acquired the remaining 35% of all issued and outstanding partnership units from the minority investor in its casino in Central City, Colorado. The Company now recognizes the casino’s net income or losses at 100% going forward.

The Caledon Hotel, Spa and Casino (Caledon, South Africa) — Net operating revenue at the Caledon decreased 4% to $4,218,000 for the first quarter of 2008 compared to $4,384,000 reported for the same period in 2007, primarily due to foreign currency rates. Net operating revenue in South African Rand (”Rand”) was ZAR 31,709,000 for the quarter ended March 31, 2008 compared to ZAR 31,659,000 for the quarter ended March 31, 2007. Adjusted EBITDA* for the first quarter of 2008 was $1,504,000 compared to $1,516,000 in the first quarter of 2007.

Century Casino and Hotel (Newcastle, South Africa) — Net operating revenue increased 2% to $2,713,000 for the first quarter of 2008 compared to $2,653,000 reported for the same period in 2007. Net operating revenue in Rand was ZAR 20,463,000 for the quarter ended March 31, 2008 compared to ZAR 19,173,000 for the quarter ended March 31, 2007. Newcastle’s Adjusted EBITDA* for the first quarter of 2008 was $899,000 compared to $840,000 for the first quarter of 2007. We opened the casino facility in December 2006.

Other Operations — The Company’s other operations, which include the Century Casino Millennium in Prague and the Company’s ship-based casinos, contributed net operating revenue of $1,201,000 and Adjusted EBITDA* of $68,000 for the quarter ended March 31, 2008 compared to net operating revenue of $1,375,000 and Adjusted EBITDA* of $258,000 for the quarter ended March 31, 2007. The decline in Adjusted EBITDA* is primarily due to a decline in revenue at the Century Casino Millennium.

Corporate — Corporate operations reported negative Adjusted EBITDA* of $1,120,000 for the quarter ended March 31, 2008 compared to negative Adjusted EBITDA* of $725,000 for the quarter ended March 31, 2007. The decrease in Adjusted EBITDA* is primarily due to a decrease in foreign currency gains recognized period over period of $716,000 and increased general and administrative expense of $131,000, offset by the recognition of $460,000 of equity earnings from our investment in Casinos Poland. We acquired a 33.3% interest in Casinos Poland in March 2007.

About Century Casinos, Inc:

Century Casinos, Inc. is an international casino entertainment company that owns and operates the Womacks Casino and Hotel in Cripple Creek, Colorado, the Century Casino & Hotel in Central City, Colorado, the Century Casino & Hotel in Edmonton, Alberta, Canada, and the Century Casino Millennium in the Marriott Hotel in Prague, Czech Republic. The Company also operates casinos aboard the Silver Cloud, The World of ResidenSea, and the vessels of Oceania Cruises. Through its subsidiary Century Casinos Africa (Pty) Limited, it owns and operates The Caledon Hotel, Spa & Casino near Cape Town, South Africa, as well as 60% of, and provides technical casino services to, Century Casino Newcastle, in Newcastle, South Africa. Furthermore, the Company’s Austrian subsidiary, Century Casinos Europe GmbH, holds a 33.3% ownership interest in Casinos Poland Ltd, the owner and operator of seven full casinos and one slot casino in Poland. The Company continues to pursue other international projects in various stages of development.

For more information about Century Casinos, visit our new website at www.centurycasinos.com. Century Casinos’ common stock trades on The NASDAQ Capital Market(R) and the Vienna Stock Exchange under the symbol CNTY.

Source: Century Casinos, Inc.

Web site: http://www.centurycasinos.com/

Winners at top of class in both academics and community service

Toyota Motor Sales, U.S.A., Inc., (TMS) rewarded 100 high school seniors with $1 million in college scholarships for their commitment to education and community service at an awards banquet tonight.

The winners, who make up the 12th class of Toyota Community Scholars, were chosen from a pool of more than 8,000 students nationwide nominated by their schools. To be eligible, students must be proven leaders both in the classroom and in their communities.

Based on its accomplishments, the 2008 class learned at an early age that “giving back” to the community was not an obligation, but, rather, a way of life. As one Scholar, Jacob Rouse of Union, Ky., put it: “When helping others, an incredible feeling is instilled in your veins. This feeling allows you to believe you have meaning in the world.”

For the 2008 class, their dreams of making a difference became reality through programs ranging from raising $120,000 for the American Cancer Society to collecting over 3,000 pounds of food that was distributed to youngsters at more than 160 schools. In addition, one scholar - a cancer survivor and amputee - has personally visited over 600 patients with the same afflictions, providing them with gift boxes.

“It is truly amazing to see what these 100 high school seniors have accomplished at such a young age,” said Michael Rouse, TMS corporate manager of philanthropy and community affairs. “Their dedication both to academics and community service is an inspiration to all of us.”

The scholarships are valued at $20,000 or $10,000 each, over four years, for study at a four-year college or university starting in the fall of 2008. Since the Toyota Community Scholars program began in 1997, TMS has awarded over $13 million in scholarships to 1,200 students across the U.S.

Kristen Allcorn, a Toyota Community Scholar from Sedalia, Mo., is a prime example of the dedication to community service exhibited by this year’s class. As the founder of The Community Cafe, Allcorn and her group of volunteer students have provided over 11,000 free evening meals to needy residents in her hometown. Hot meals are served five nights a week, with plans to expand that to three meals each day, seven days a week.

All told, Allcorn and her group have raised over $13,000 to keep The Community Cafe operational.

Consequently, Allcorn, like many of the Scholars, found community service to be the roadmap to what she wants to do in the future. “I never imagined the impact The Community Cafe would have on my community or myself. The Community Cafe has influenced my career plans, and I have committed to living a life of service.”

The Toyota Community Scholars program is administered by Educational Testing Services in Princeton, N.J. The 12 national winners ($20,000 each) and 88 regional winners ($10,000 each) were selected by a panel of college and university admissions officials from across the U.S.

The scholarship winners were guests of honor tonight at an awards banquet in San Antonio that was attended by education, community, business and government leaders. Liz Murray, subject of the Lifetime Television movie, From Homeless to Harvard, was the keynote speaker.

The two-and-a-half-day program included a tour of Toyota Motor Manufacturing, Texas, Inc., in San Antonio, which builds the Tundra full-size pickup truck. In addition, the Scholars enjoyed an authentic Texas BBQ dinner, with games, entertainment and dancing at the Rio Cibolo Ranch.

Toyota Motor Sales (TMS), U.S.A., Inc. is the marketing, sales, distribution and customer service arm of Toyota, Lexus and Scion in the United States, marketing products and services through a network of 1,427 Toyota, Lexus and Scion dealers in 49 states. Established in 1957, TMS and its subsidiaries also are involved in distribution logistics, motorsports, and research and development.

2008 TOYOTA COMMUNITY SCHOLARS
Community Service Snapshots

Following is a small sampling of community-service projects performed by the 2008 class of Toyota Community Scholars (more detail can be provided upon request; student interviews can also be arranged).

• Surviving cancer and an amputation inspired this Scholar to found the Hearts of Hope project, where she mentors and personally visits cancer patients and amputees as they undergo treatments and/or recover from limb loss. Over the past nine years, she has visited more than 600 patients, and dedicates more than 300 hours of service per year to patients and their families. She funds the project herself with money earned from a part-time job. (Shanna Decker, Plainview, Minn.)
• Founded The Community Cafe, a soup kitchen that has provided more than 11,000 meals to the needy. The Community Cafe has also raised more than $13,000 from civic groups and individuals. Hot meals are currently served five nights a week; the program also provides a take-out meal service. This Scholar hopes to expand The Community Cafe to offer meals three times each day, seven days a week to ease hunger and help to relieve the financial strain of the people served. (Kristen Allcorn, Sedalia, Mo.)
• This Scholar helped raise $21,000 to benefit Team River Runner, an organization that rehabilitates wounded U.S. soldiers at a local hospital by teaching them to kayak. The majority of the funds bought a new transport van as well as three new kayaks for the wounded veterans to use. His work with the organization has helped raise awareness about the wounded soldiers recovering at nearby Walter Reed Hospital. (Eric Weisberg, Bethesda, Md.)
• In 2005, founded Beyond All Borders - a project that aims to help children suffering from weekend hunger. The program has since collected over 3,000 pounds of food for distribution to more than 160 schools in New Jersey. Beyond All Borders has also expanded its focus to global-hunger issues by reaching out to help alleviate Kenya’s hunger problems. This student’s group also raised $5,300 to plant five acres of passion fruit for 50 Kenyan farm families. (John Monagle, Clark, N.J.)
• Based on the need for programs focused on character-development in children, this Scholar started a non-profit foundation called the Open My Eyes Foundation, which carries a message encouraging students to see every person as valuable. By means of the book she has authored, Look At Me I Am Just Like You, this Scholar has led discussions with over 1,500 children, ultimately raising awareness that leads students to accept diversity. She is confident that her project will help put an end to loneliness, racism, suicides, self-centeredness and bullying in forthcoming generations. (Abigail Hardin, Clinton, Miss.)

Source: Toyota Motor Sales, U.S.A., Inc.

ING Real Estate’s investment management business in Asia today announced the appointment of Mr. Leong Chi Meng as Managing Director and Country Manager for Singapore and South East Asia.

Based in Singapore, Chi Meng will join the regional management team to support the company’s real estate investment management activities in the region. He reports to Richard Price, Regional CEO for Asia.

“We are delighted to welcome a senior professional of Chi Meng’s stature and who will provide valuable support for the team on the ground in Singapore. We believe his 18 years’ experience in the industry, and work with both regional and international investors will significantly benefit our business. South East Asia has always been an important region for us and we will continue to expand our portfolio here and look at new market entry opportunities on a selective basis,” stated Richard Price.

ING Real Estate currently manages investments in Singapore, Thailand, Malaysia and The Philippines on behalf of a range of funds and separate account clients.

About ING Real Estate

ING Real Estate is an integrated real estate group focused on the development, financing and investment management of quality real estate in all major global markets with a total portfolio of over EUR100 billion. ING Real Estate ranks among the world’s leading real estate companies and serves a broad client base from offices in 21 countries in Europe, North America, Asia and Australia.

ING Real Estate is part of ING Group, a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in over 50 countries.

Source: ING Real Estate

Reverse mortgage lender partners with national group to lobby for seniors

Senior Lending Network, the educational program provided by World Alliance Financial Corp., an industry leader in reverse mortgages, announced the sponsorship of the National Committee of Grandparents for Children’s Rights (NCGCR) transportation from New York to the Washington D.C. GrandRally on May 7, 2008. The event, which occurs every two years, is the largest national effort to advocate and lobby for substantial legislative change that protects grandparents and their grandchildren.

“The GrandRally invites caregivers from all across the United States to join together in front of the Capitol Building in Washington D.C. At the event, participants are able to meet with members of Congress to share facts and experiences they have had,” said Brigitte Castellano, executive director of NCGCR. “We are so pleased that the Senior Lending Network has supported our efforts and funded the transportation for our trip.”

“The GrandRally and the mission set by the NCGCR is a terrific cause that we are proud to take part in,” said David Peskin, CEO of the Senior Lending Network. “This is our way to lobby for positive change in support of grandparents who work hard to help their families. Senior Lending Network upholds caregivers at all levels and acknowledges their hard work and dedication to others.”

About World Alliance Financial Corp.

World Alliance Financial Corp., a member of the KBC Group, is one of the largest reverse mortgage companies in the nation. Through its wholesale and retail channels, the company is dedicated to building the reverse mortgage industry by fostering strong partnerships with originators and by providing outstanding consumer education. The company educates millions of Americans about the important benefits of reverse mortgages through the Senior Lending Network, its national consumer education campaign, and then links interested consumers to qualified and experienced originators, who have access to World Alliance Financial’s wholesale reverse mortgage products, technology, and education services. For more information, call 1-800-562-6755 or visit the company’s website at www.worldalliancefinancial.com.

About NCGCR

The National Committee of Grandparents for Children’s Rights was established to form a coalition of concerned grandparents, citizens and agencies united to create one powerful voice and to network with groups throughout the nation that share our goals. NCGCR’s mission is to advocate and lobby for substantial and urgent legislative changes that protect the rights of grandparents to secure their grandchildren’s health, happiness and well-being. NCGCR is committed to monitoring agencies that affect our grandchildren at the city, county, state and federal levels and to protect the rights of grandparents and the needs of grandchildren who are at risk. For

more information visit the organization’s website at www.grandparentsforchildren.org.

Source: World Alliance Financial Corp.

Web site: http://www.worldalliancefinancial.com/
http://www.grandparentsforchildren.org/

Winners from NYC and Buffalo contribute to local communities

Empire State Economic Development announced the winners of the inaugural New York State Foreign Investment Award during an awards luncheon at the New York Academy of Sciences in New York City on May 7. The awards recognize foreign-owned New York firms for their economic, civic and philanthropic contributions to the local community in New York State.

The winners in each category include:
Large firm: HSBC Bank, NYC, UK - 14,000 employees
Mid-size firm: Bureau Veritas, Buffalo, France — 300 employees
Small firm: Impact Learning & Development, Inc., NYC, UK - 8 employees
“I want to express our appreciation to these three companies for their exemplary commitment to creating value, providing employment and contributing to our communities,” said Upstate Empire State Development Chairman Daniel C. Gundersen. “Success in bolstering our global competitiveness is critical to our state’s future, upstate and down. This award appropriately recognizes foreign investors for the positive contributions they make in our state.”

“We commend these three companies for understanding, in this increasingly global economy, the importance of giving as well as taking to cement relationships with the communities where they do business and with the New York employees who contribute so greatly to their continued success,” said Downstate Empire State Development President Avi Schick. “As these companies and others like them have discovered, upstate and down, New York has much to offer foreign investors and we look forward to working with them and sharing economic growth.”

Headquartered in the United Kingdom, HSBC Bank has more than 460 bank branches throughout the United States, with about 380 in New York State. It is one of the nation’s 10 largest bank holding companies by assets.

Bureau Veritas, headquartered in Paris, France with a New York State location in Buffalo, is an international group and one of the world’s leaders in conformity assessment and certification services, helping clients to manage risk and enhance their performance in the fields of quality, health and safety, environment and social responsibility.

Impact Learning and Development is a global people development company headquartered in the United Kingdom with a New York City location. It designs and delivers learning journeys for individuals, teams and organizations, integrating the very best in interactive learning, leading edge theory and facilitated reviews.

The additional finalists for the award included Canon and Siemens in the large firm category, Icon Central Laboratories and Koike Aronson Inc. in the mid-size firm category and Hailo LLC and PR Newswire Association LLC in the small firm category.

Eligibility required that the company be owned by a non-U.S. entity (at least 51 percent or greater ownership) and be located in New York State. Nominations came from the companies themselves and other organizations and individuals with first-hand knowledge of the company’s community contributions.

Empire State Development is New York’s chief economic development agency, encompassing business, workforce and community development. ESD also oversees the marketing of “I LOVE NY,” the State’s iconic tourism brand. For more information, visit www.nylovesbiz.com.

Source: Empire State Development

Web Site: http://www.nylovesbiz.com/

Fixed mortgage rates were largely unchanged this week. The average conforming 30-year fixed mortgage rate backtracked to 6.13 percent, according to Bankrate.com’s weekly national survey of large lenders. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.

The average 15-year fixed rate mortgage popular for refinancing was unchanged at 5.71 percent, while the average jumbo 30-year fixed rate remains 7.35 percent. Adjustable mortgage rates retreated, with the average 5/1 ARM retreating to 5.87 percent and the average 7/1 ARM falling to 6.09 percent.

Even though adjustable mortgage rates pulled back this week while fixed rates held steady, the value remains in fixed rate mortgages. The average 30- year fixed mortgage rate is 6.13 percent, compared to the 7/1 ARM at 6.09 percent. That is a negligible difference considering the 30-year fixed rate offers the guarantee that the rate will never change. Borrowers should look for a more substantive difference in the two rates, and even then, the adjustable rate mortgage is best suited for home buyers that don’t plan to be in the home when the interest rate resets. Adjustable rate mortgages should not be used as a shortcut to affordability!

Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. In February, the average 30-year fixed rate got as high as 6.41 percent, which meant the same $200,000 loan would have carried a monthly payment of $1,252.32. Today, with the average rate at 6.13 percent, a $200,000 loan would mean a monthly payment of $1,215.87.

SURVEY RESULTS

30-year fixed: 6.13% — down from 6.16% last week (avg. points: 0.40)

15-year fixed: 5.71% — unchanged from last week (avg. points: 0.37)

5/1 ARM: 5.87% — down from 5.96% last week (avg. points: 0.33)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate’s weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. A majority, 63 percent, think rates are headed higher while twenty-one percent forecast that rates will remain more or less unchanged. Unfortunately for borrowers, just 16 percent predict rates will move lower in the coming 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

About Bankrate, Inc. (NASDAQ:RATE)

The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure and InsureMe. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company’s flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2007, Bankrate.com had nearly 60 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO) , America Online (NYSE:TWX) , The Wall Street Journal and The New York Times (NYSE:NYT) . Bankrate.com’s information is also distributed through more than 500 newspapers.

Source: Bankrate, Inc.

Web site: http://www.bankrate.com/

Songdo, a new Korean city currently under construction, will offer ubiquitous technology for citizens, government, education.

Microsoft Corp. will play a key role in creating a ubiquitous computing environment for future citizens and businesses of Songdo International Business District (IBD). The city of the future is currently under construction in Incheon just 40 miles southwest of Seoul, South Korea. Songdo will be the first “new” city in the world designed and planned as an international business district. Microsoft has signed a memorandum of understanding (MOU) with Gale International, the developer responsible for the $35 billion (U.S.) project, to collaborate to deliver technology and infrastructure and create a cutting-edge, digitally connected and environmentally sustainable city for the benefit of citizens, businesses and government.

“Designing an entirely new city from the ground up provides a unique opportunity to create an ideal technological infrastructure in which access to digital capabilities and experiences is an inherent part of the living and working environment across people’s lives,” said Bill Gates, chairman of Microsoft, in a keynote address at the Government Leaders Forum-Asia in Jakarta, Indonesia. “Microsoft is pleased to join with Gale International, which is working closely with the governments of Korea and Incheon and the Incheon Free Economic Zone Authority to help turn this exciting vision into reality.”

Microsoft, Gale International and the Korean government are working to identify the technological requirements of this state-of-the-art project. Plans include providing a common interface to connecting to government services via Windows Mobile and the Microsoft Citizen Service Platform, as well as the implementation of technologies that empower this LEED-Neighborhood Development certified city and the use of tools such as the upcoming Microsoft Surface combined with Virtual Earth to provide greater access via kiosks to information on the city as an international gateway to residents and visitors.

“I am very glad to have Microsoft as one of the major technology partners for the ubiquitous connectivity of Songdo IBD, a part of the Incheon Free Economic Zone,” said Heon-Seok Lee, commissioner of the Free Economic Zone Authority. “I am confident that Microsoft’s technologies will successfully make Songdo IBD a cutting-edge technology-enabled city, which will accelerate Incheon Free Economic Zone’s city development and investment promotion.”

The MOU announced today is a comprehensive expansion of an existing collaboration between the various parties focused on the Educational Excellence in Technology Initiative to link students, parents, educators, academic institutions, local industry and government partners in a shared vision of how students and workers can reach their potential through technology skills training in a global context. Specifically, the original agreement outlines the integration of the Microsoft Digital Literacy Curriculum and Microsoft IT Academy into the Songdo International School, which will be Asia’s most modern private preparatory school. It will be available there both in the school curriculum and in after-hours adult education for local citizens.

“I am glad to be able to extend and enhance our alliance with Microsoft, which further deepens and broadens our collaborative efforts with the world’s leading IT company,” said Stanley C. Gale, chairman and partner of Gale International. “I am very confident that Microsoft will help Songdo IBD set an example for other cities around the world.”

Songdo IBD, the “Gateway to Northeast Asia,” is the first new city in the world designed and planned as an international business district. This 100 million-square-foot, master-planned metropolis located within the Incheon Free Economic Zone will be connected to the Incheon International Airport, one of the world’s busiest, by a new 7.4-mile bridge and linked by subway to Seoul. It is estimated that when complete in 2015, Songdo IBD will be home to 65,000 people and that 300,000 will work there.

Songdo IBD will offer every conceivable amenity, including a world-class hospital, an international preparatory school, museums and the Jack Nicklaus Golf Club Korea. Songdo IBD will be 40 percent green space, featuring a 100-acre Central Park. It is being designed and constructed to ensure long-term environmental sustainability, thus minimizing the city’s carbon footprint. Songdo IBD was recently named a “green urbanism” pilot project by the U.S. Green Building Council. More information can be found at http://www.songdo.com/.

About Gale International

Gale International is a premier international real estate investment and development company with headquarters in New York and offices in Boston; Irvine, California; Seoul and Songdo, South Korea.

About Microsoft

Founded in 1975, Microsoft (NASDAQ:MSFT) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

Source: Microsoft Corp.

Web site: http://www.microsoft.com/
http://www.songdo.com/

Wells Fargo & Company (NYSE:WFC) and Scotiabank said today that Wells Fargo will provide Scotiabank with factoring services through its Wells Fargo Century subsidiary and treasury services through its Global Correspondent Banking division. Factoring provides exporters and distributors with accounts receivable financing that accelerates cash flow by reducing the time distributors wait for payments.

Scotiabank will begin to offer pre- and post-export financing immediately through its Commercial Banking Centre in the Dominican Republic and plans to expand factoring to other countries soon. In turn, Wells Fargo gains new international business opportunities, particularly in Latin America, where exports have increased due to the Dominican Republic-Central America Free Trade Agreement.

“Adding factoring to our supply chain financing capabilities will allow us to provide our clients in the Americas and around the world with more financing options to accelerate their accounts receivables so they can concentrate on managing and growing their business,” said Alberta Cefis, Executive Vice-President and Group Head, Global Transaction Banking, Scotiabank.

“We are pleased to be working with Wells Fargo Century, a respected and experienced factoring company,” said Rob Pitfield, Executive Vice-President, International Banking, Scotiabank. “As Canada’s most international bank, we are pleased to offer this new service to clients and looking forward to expanding the service to more countries.”

“This is truly an international success story, bringing together not only a U.S. and Canadian bank, but also multiple teams within Wells Fargo to provide financing to companies outside of North America,” said Stuart Brister, president and CEO of Wells Fargo Century. “We are excited to work with Scotiabank and leverage its expertise to provide flexible financing solutions to customers beyond our borders.”

Scotiabank’s Global Transaction Banking (GTB) business provides financial solutions to commercial and corporate clients domestically and around the world by drawing on more than 175 years of banking experience to meet the needs of clients. Scotiabank, which was named “Best Trade Finance Bank in Canada” by Global Finance magazine for 2008 and 2006, through its Global Transaction Banking (GTB) unit, currently offers a wide variety of supply- chain financing services, including electronic banking and payments, trade finance, commercial and business cards, foreign exchange and correspondent banking. In partnership with Scotiabank’s International Banking Division and its wholesale banking division, Scotia Capital, GTB has an extensive network in some 50 countries as well as unmatched NAFTA presence and unique footprint in the Americas.

Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $449 billion in assets (as at January 31, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchange (BNS). For more information please visit http://www.scotiabank.com/.

Wells Fargo Century, the largest bank-affiliated factoring company in the U.S., provides senior secured financing solutions for domestic and international manufacturers, wholesalers and importers through trade finance and factoring. Wells Fargo’s Global Correspondent Banking division provides a full array of products and services for domestic and international banks. For more information on these units, visit wellsfargo.com/com.

Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the Internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa” and Standard & Poor’s Rating Services, “AAA.”

Source: Wells Fargo & Company

Web site: http://www.wellsfargo.com/
http://www.scotiabank.com/

A flat pattern in home sales activity should continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors(R).

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” he said. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.”

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in March, edged down 1.0 percent to 83.0 from a downwardly revised level of 83.8 in February, and was 20.1 percent lower than the March 2007 index of 103.9.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said additional costs in many markets are hindering a recovery. “Our members are telling us that more buyers are looking at homes but are slow in signing contracts, and that’s contributing to the weakness in pending home sales,” he said. “In many cases buyers are waiting for greater access to affordable credit, especially in higher cost areas, but some are disappointed with what appears to be unnecessarily restrictive lending requirements. The good news this week is there is some discussion toward relaxing some of the burdensome lending practices.”

The PHSI in the Northeast jumped 12.5 percent in March to 80.8 but remains 15.4 percent below a year ago. In the South, the index slipped 0.1 percent to 84.9 and is 26.7 percent lower than March 2007. The index in the West declined 1.4 percent in March to 91.2 and is 9.5 percent below a year ago. In the Midwest, the index fell 10.4 percent in March to 74.1 and is 22.3 percent below March 2007.

Existing-home sales are projected to rise from an annual pace of 4.95 million in the first quarter to 5.82 million in the fourth quarter. For all of 2008, existing-home sales are likely to total 5.39 million, and then rise 6.1 percent to 5.72 million next year. “Although more than half of local markets are expected to see price growth this year, the aggregate existing-home price will decline 2.4 percent in 2008, driven by a relatively few markets that are very oversupplied,” Yun said. The median price is forecast at $213,700 this year before rising 4.1 percent to $222,600 in 2009.

Some areas already are seeing sales increases, underscoring that all real estate is local. In March, unpublished snapshot data shows sales in Bakersfield, Calif., and Jackson, Miss., were higher than a year ago. At the same time, price gains were noted in markets such as Buffalo-Niagara Falls, and Cedar Rapids, Iowa. On May 13, NAR will report first-quarter data on metropolitan area home prices, covering about 150 metro areas, and state home sales.

“Although some market adjustments are necessary, a downward overshooting of the housing market would cause unnecessary loss in economic output, income and jobs,” Yun said. “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.”

New-home sales are expected to fall 30.9 percent to 536,000 this year before rising 10.1 percent to 590,000 in 2009. Housing starts, including multifamily units, will probably drop 29.5 percent to 955,000 in 2008, and then rise 1.3 percent to 967,000 next year. The median new-home price is estimated to fall 3.7 percent to $238,000 this year, and then rise 5.4 percent in 2009 to $250,900.

The 30-year fixed-rate mortgage is likely to rise gradually to 6.2 percent by the end of the year, and then average 6.3 percent in 2009. NAR’s housing affordability index is expected to rise 10 percentage points to 127.0 for all of 2008.

Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.3 percent in 2009. The unemployment rate is projected to average 5.3 percent in 2008 and 5.5 percent next year.

Inflation, as measured by the Consumer Price Index, is seen at 3.4 percent this year and 2.2 percent in 2009. Inflation-adjusted disposable personal income is forecast to grow 1.2 percent in 2008 and 3.0 percent next year.

The National Association of Realtors(R), “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for April will be released May 23; the next Forecast / Pending Home Sales Index will be released June 9.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

Source: National Association of Realtors

Web Site: http://www.realtor.org/