Finance News - part 11
FINANCE April 11, 2011 | 5:08 PM
- €70 billion bill for Irish banking sector bailout
- Irish Life & Permanent will sell life insurance arm to raise €4 billion
- Only Bank of Ireland and Allied Irish Banks to remain in 2015
The price tag of rescuing Ireland’s battered banking sector is barely conceivable: €70 billion ($99 billion). That is not far off the €70 billion that Britain spent bailing out its own banks. But in the Republic of only 4.4 million people, the burden will be significantly heavier.
Late last month, the Central Bank of Ireland said four banks required a further cash injection of €24 billion, as revealed in a capital and liquidity stress test. These tests, a condition of the €85 billion EU-International Monetary Fund (IMF) bailout loan, are designed to determine if Irish banks could withstand another severe crisis over the next three years.Read more »
FINANCE April 1, 2011 | 5:28 PM
- Dr. Peter B. Henry appointed to Board of Directors; David Brearton appointed CFO
- CEO Irene Rosenfeld’s compensation was cut 27% in 2010 to total over $19 million
- Kraft reported 2010 net revenue growth of 27% to $49.2 billion
Today global food giant Kraft Foods Inc. added to its Board of Directors Dr. Peter B. Henry, 41, who is Dean of the New York University Stern School of Business and a recognized international economist. The company also confirmed that current directors Frank G. Zarb and Deborah C. Wright will not stand for re-election.
Kraft previously announced on March 14 that current Executive Vice President of Operations David Brearton, 50, will replace Executive Vice President and Chief Financial Officer Timothy McLevish, 55, after Kraft files its first quarter financial statements this year. McLevish will leave the company mid-2011.Read more »
FINANCE March 31, 2011 | 6:07 PM
- GE Energy buys 90% of Converteam for $3.2 billion, secures option to buy remaining 10% for $480 million
- Converteam reported revenue of $1.5 billion in 2010 with income from operations totaling over $222 million
- GE Energy revenue was listed at $38 billion in 2010
GE Energy, a leading global supplier of power generation and energy delivery technologies, has purchased 90% of power conversion specialist Converteam Group SAS for $3.2 billion, with the option to buy the remaining 10% in two to five years for $480 million depending on performance. The transaction should be finalized during the third quarter of 2011.
GE Energy purchased the 90% position from Converteam management, Barclays Private Equity and LBO France. These listed investors are owners due to two previous leverage buyout operations: In 2005, Barclays Private Equity teamed with Converteam management to buy the company, while a similar deal was made in 2008 with LBO France.Read more »
FINANCE March 28, 2011 | 12:11 PM
- eBay agrees to $2.4 billion price tag for GSI Commerce
- New deal is eBay’s biggest purchase since Skype in 2005 and PayPal in 2002
- Acquisition should be finalized by third quarter 2011
Online auction leader eBay is set to buy online services company GSI Commerce in an effort to draw more customers and compete with its online marketplace rivals.
The price tag comes in at $2.4 billion, including GSI’s $400 million in debts. It is eBay’s biggest buy since 2005 when it bought Skype for $2.6 billion.Read more »
FINANCE March 24, 2011 | 9:52 AM
- PayPal mobile transactions reach $6 million per day
- Mobile transactions in 2011 should top $2 billion, with more than $7.5 billion expected in 2013
- PayPal has 95 million user accounts, and 9 million businesses using their online transaction services in 190 countries
PayPal mobile transactions have exceeded $6 million per day, with significant growth expected over the coming years, according to an executive statement from the online payment group.
In 2008, mobile transactions with Paypal were estimated at $24 million. This amount grew to $140 million in 2009 before leaping to $750 million last year. In 2011, transaction volume is expected to reach $2 billion and based on this growth, it should top $7.5 billion in 2013.Read more »