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HOUSTON (The Deal) --Privately held power and energy infrastructure owner LS Power Equity Advisors said Monday it agreed to pick up six natural gas-fired, combined-cycle power plants in the southeastern U.S. from Calpine (CPN) of Houston for $1.57 billion in cash.

The plants are in Gabriel, La.; Calhoun County, S.C.; Decatur, Ala.; Mobile, Ala.; Coweta, Okla.; and Pace, Fla., and generate 3,500 megawatts. They feed power to investor-owned utilities, municipal utilities, cooperatives and other market players.

Analysts at Tudor, Pickering, Holt & Co. Securities Inc. wrote in a note that the region is oversupplied and utility dominated, leading to subpar returns for independent power plant generators in the area. They think LS Power wants the plants because their value could increase after 2015 when coal retirements begin to be driven by the Environmental Protection Agency's Mercury and Air Toxics Standards. The analysts wrote that Calpine would rather use the proceeds to invest in competitive wholesale power markets such as California, Texas and the mid-Atlantic U.S.

"We see above market asset sales to utilities and co-ops as a distinct possibility over time (2020), but prefer that CPN [Calpine] realizes the value of these assets now and use the cash to invest in core markets versus waiting for possible opportunities to sell at higher multiples to regulated counterparties," they wrote.

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Calpine Sheds Six Power Plants in $1.6B Deal

BEIRUT: Lebanon's capital, Beirut, was once the centre-point of the country's civil war.

But it has since shed its deadly past to become one of the Middle East's most hip and fashionable party destinations.

And that's often quite a surprise for foreign visitors.

It's 10.30pm on Saturday in Beirut and the streets are packed with bar-hoppers.

For two decades, Lebanon was a dangerous war zone in the middle of a bitter civil war.

But despite its dark past, Beirut has gained a reputation for being one of the best party cities in the Middle East.

Every year, nightclubs in Beirut attract tens of thousands of partygoers from around the world.

For a growing number of Lebanese youth, partying provides a means of forgetting the past and putting aside fears for the future.

Medical doctor Andrew Letayf said: "People come out because they just want to get away and relax and live a normal life, like everybody does in the world.

"Unfortunately in Lebanon, with the political situation, it is tough, and Lebanese are very stubborn and they want to enjoy life, no matter what."

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Beirut sheds deadly past to become hip city

Poultry Sheds
Scanning over the show poultry pens http://www.facebook.com/LittleHawkStud.

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Dravida Munnetra Kazhagam (DMKs) Rajya Sabha member TM Selvaganapathy has submitted his resignation after being convicted in a cheating case related to construction of cremation sheds when he was minister for rural development and local administration in the AIADMK government during 1995-96.

Selvaganapathy told reporters his resignation was submitted to the chairman of Rajya Sabha and added he would approach the higher court and prove his innocence. According to the regulation, since he was proven guilty by the Judge, Selvaganapathy would lose his post once the order is conveyed to the Parliamentary Secretariat, even if he did not resign.

He joined the DMK in August 2008 and took charge as a member of RS in June 2010. According to reports, he is the first politician from Tamil Nadu to be disqualified from Parliament in such a case.

The Special Judge for CBI cases, Chennai, convicted Selvaganapathy and four others to undergo two years rigorous imprisonment with a fine of Rs 25,000 each for allegedly cheating the state and the central governments related to construction of cremation sheds under the Jawahar Rozgar Yojana.

The others include J T Acharulu, then secretary, and M Sathyamurthy, then director of rural department, along with Krishnamurthy, then project officer and T Bharathi, a private person.

CBI had registered a case on May 2, 1997 on the directions of High Court of Madras against T M Selvaganapathy, the then Minister for Rural Development and Local Administration in Tamil Nadua long with others, on the allegations that the accused persons entered into a criminal conspiracy between 1995 and 1996 at Chennai and other places in Tamil Nadu and cheated the Government of India and Government of Tamil Nadu in the matter of construction of cremation sheds under Jawahar Rozgar Yojana (JRY), which was not an identified item of work under JRY Scheme and also used the JRY funds.

It was also alleged that such work should not have been entrusted to co-operative societies and advanced payment to the societies was prohibited by the Tamil Nadu Government. But the work was given for construction of cremation sheds to Karungulam Co-operative Society in Nagapattinam District. The payments were made to the Society through demand drafts and the Special Officer of the Society facilitated Bharathi, a private person, who executed the work of erection of cremetion sheds though he was not the member of the society. He executed the said work in a substandard manner through the sub-contractors and not in conformity with the specifications, to encash the demand drafts. A loss was caused to the tune of around Rs 23 lakh to the Government, added a CBI announcement.

After thorough investigation, a charge sheet was filed against them. The Special Officer of Society expired and charges against him were abated while on completion of trial, all the other accused persons were found guilty, said the announcement.

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DMK's Rajya Sabha member resigns following court sentence

CHENNAI: DMK's Rajya Sabha member TM Selvaganapathy is all set to lose his post, with a CBI court here convicting him in the infamous creation shed scam case and sentenced him to undergo imprisonment for two years. Four others, including two IAS officers, too received similar sentence.

Selvaganapathy was local administration minister in the Jayalalithaa cabinet in 1995 when the cremation shed scam came to light, following a report from IAS officer Umashankar. He later joined the DMK, and is at present member of the Rajya Sabha. Now that he has been convicted, he stands to lose the post immediately after the order is conveyed to the speaker.

The case pertains to corruption and misappropriation of funds allocated under the Jawahar Rojgar Yojana and the plan to build 100 cremation sheds in Nagapattinam district in 1995. Besides Selvaganapathy, another AIADMK minister, SD Somasundaram, and some officers were cited as accused in the case.

IX additional sessions judge S Malathi who is also the special judge for CBI cases, convicted Selvaganapathy and ordered him to remain in jail for two years along with a fine of Rs 25,000. Apart from Selvaganapathy, two IAS officers JT Acharyulu, the then special commissioner rural development and M Sathiamoorthy, director of rural development were cited as accused. Of the three other officers cited as accused, one died during trial.

The special judge said, "Prosecution adduced reliable and satisfactory evidence beyond reasonable doubt," and imposed a fine of Rs 25,000 each. The CBI had invoked provisions of the Prevention of Corruption Act, 1988.

According to CBI, in 1995-96 under the Jawahar Rojgar Yojana scheme, a high level meeting was held by Selvaganapathy in which it was decided to construct 100 cremation sheds for Adi Dravidars in Nagapattinam. While the Centre would contribute 80%, the state would contribute 20% as its share.

The contract was awarded to Karungulam Carpentary and Blacksmith Worker Industrial Society in Nagapattinam and Rs 30 lakh was distributed. Later, inspection revealed that the sheds were of substandard quality and had no utility value.

The CBI alleged that the five accused had caused Rs 24 lakh loss to the government.

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DMK MP set to lose post, as CBI court convicts him in cremation shed case

Matt Zika sheds light on severe weather
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Graeme Smith on Kevin Pietersen: we can now have a beer and laugh
Graeme Smith sheds light on his improved relationship with axed England batsman Kevin Pietersen, who is now his team-mate at Surrey The pair were known for t...

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Palram Storage - Skylight Sheds - Amber - FI
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It's tough to spot criminals you cant see.

Yet five NYCHA security cameras at the gritty Van Dyke Houses in Brownsville have been rendered useless since the agency installed scaffolding that blocks their view.

NYCHA erected the sidewalk sheds at 362 and 390 Sutter Ave. to protect residents while it repairs the brick facades of the 61-year-old buildings as part of a $131,000 upgrade.

Tenants in the 22-building complex one of the citys roughest say they are more concerned about catching bad guys and avoiding ambushes than dodging falling debris.

You cant see when youre coming down from the building if anyone is there waiting, said Lisa Kenner, the president of the Van Dyke Tenants Association. And the scaffolding blocks the cameras. I just hope they get it down before summer.

The tenants concerns are not unfounded: Van Dyke logged 82 major crimes in 2013 the most of any NYCHA development, according to police figures. Crime at the complex jumped 82% over the 2012 total.

It makes me feel uneasy, said Stephanie Benet, 32, another Van Dyke resident. We already have enough issues to deal with.

NYCHA officials downplayed those concerns. In January, the agency finished removing scaffolds that were placed in 2010 and 2011 at 13 other Van Dyke buildings, but it doesnt expect to get rid of the sheds it installed in October at the two buildings until this summer.

When sidewalk sheds are in place, the cameras are adjusted when necessary to ensure they have a clear view, the agency said in a statement. Cameras have been adjusted at the remaining buildings with sidewalk sheds at Van Dyke Houses.

Yet the adjustments were not in evidence at the 14-story, 628-unit buildings on Tuesday. While two cameras on the corner of the buildings appeared to have partial views of the sidewalk, five others were pointed directly at the wooden scaffolding.

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Scaffolding blocks NYCHA safety cameras