| EYE ON ART
MARCH, traditionally, is an exciting month for Asian Art in New York. In addition to the bi-annual Christies and Sothebys auctions of Chinese, Japanese, Korean and Indian Art, there is also the Asian Art Fair that attracts a wide variety of gallerists and dealers. For the Modern and Contemporary Indian Art market, the auctions are important as they allow collectors and dealers to gauge the international market (internal dealer and auction house dynamics not withstanding) since the last major sales six months prior. This season threw up some interesting observations. .
TOPIC OF THE DAY Bidding process
The Spring Lake Heights Borough Council awarded a sole bidder a $750,000 contract to replace residential water meters. The sole bid was just $35 less than the appropriation. The bid specifications stated, "The Borough has selected Sensus Metering Systems for this Project. The successful contractor will replace all existing water meters with Sensus meters." No one in borough hall could provide one document showing the name Sensus Metering Systems, let alone explain how it was "selected." In-Line Services was the only Sensus distributor and installer that bid. New Jersey's public contract law strongly discourages the use of manufacturer names in bid specifications because it prevents free, open and competitive bidding. Every borough taxpayer should ask, "Why would they do this?" Surely, the answer is not "for the love of Spring Lake Heights." Would any of those who voted for this contract stop at one bid if it were their personal $750,000 and their own residential project? The bid specifications deny Spring Lake Heights taxpayers a competitive process.
Bidding war for Bell Canada?
BCE Inc. (NYSE: BCE) rose another nearly 4.5% today after The Globe and Mail reported a possible bidding war for BCE. The consortium of Canadian pension funds, led by Kohlberg Kravis Roberts & Co., might soon have two other groups considering the same deal.To remind you, first there were rumors BCE is in talks with buyout firms. Then came a denial, followed closely by an acknowledgment: BCE is indeed considering taking the company private. Here are the reported players: KKR is considering taking control of one-third of the company with partners Canada Pension Plan Investment Board and two other pension funds, thus fulfilling the required majority Canadian ownership. Ontario Teachers Pension Plan is apparently assembling its own consortium and preparing to formally enter the bid process early next week.
Iran seeks bids for nuke stations
TEHRAN, Iran -- Iran said Sunday that it was seeking international bids for building two more nuclear power plants despite international pressure over its nuclear program. "Iran is launching two international tenders for the construction of two nuclear power stations of between 1,000 and 1,600 megawatts capacity in Bushehr," said Ahmad Fayazbakhsh, the deputy head of Iran's Atomic Energy Organization, who was quoted by the ISNA news agency. He said that contacts already had been made with Russian and European firms, but that with Iran under U.N. sanctions because of its nuclear program, it was unclear if companies would want the risk of taking on the projects. Russia helped Iran build its first, nearly completed, nuclear reactor in the southern city of Bushehr.
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