Products June 16, 2008

Wind Energy ETF Hits the Market

June 16, 2008 (PLANSPONSOR.com) - First Trust Advisors L.P. has unveiled the First Trust ISE Global Wind Energy Index Fund, an exchange-traded fund (ETF) that is anticipated to begin trading June 18.
Reported by

A news release said the new offering will seek investment results that correspond generally to the price and yield (before the fund ‘ s fees and expenses) of the ISE Global Wind Energy Index, a modified market capitalization weighted equity index consisting of a portfolio of companies throughout the world active in the wind energy industry based on an analysis of the products and services offered by these companies.

The index includes only companies with market capitalizations of at least $100 million, the announcement said. First Trust will be the investment adviser for the ETF.

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“ Industry experts are predicting continued growth of installed wind generation capacity worldwide for a number of reasons, including concerns about supply security, rising fossil fuel costs, and mitigation efforts related to environmental problems and climate change,” said Robert Carey Chief Investment Officer of First Trust, in the announcement. ” First Trust sees the acceleration in the building of global wind generation capacity as a strong signal that wind generation has become an important global growth industry.”

Benefits June 13, 2008

MI County Adopts Four-Day Work Schedule to Save Gas

June 13, 2008 (PLANSPONSOR.com) - A Michigan county has approved a four-day work week to help county employees save on gas costs by cutting down on their office commute.
Reported by

A Michigan Business Review news account said Oakland County commissioners unanimously backed the proposal byCounty Executive L. Brooks Patterson who said the initiative could be in place by next week.The new work week will be staggered, with some working Monday to Thursday and others on an alternate schedule to keep county offices fully staffed.

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Patterson said he believes the reduced work week would save workers about two gallons of gas per week. With gas expected to stay at about $4 per gallon,”That’s $42 million dollars a year,” he said, according to the news report. “That’s significant savings.”

“I knew it had pretty wide support,” Patterson said of the 25-0 vote. “I talked to various commissioners. It was warmly embraced by the board and the commissioners.”

Patterson indicated he expects between 1,000 and 1,500 county employees to join the county’s program and has begun discussions with local private-sector employers to set up a similar plan.

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“We’re inviting the private sector, too,” he told the Michigan Business Review. “Oakland County has 740,000 jobs, so hopefully we can combine and get as much as 100,000 people.”

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