Finance News - part 7
FINANCE September 16, 2011 | 9:25 AM
- Police arrest UBS trader for bank fraud
- Investors doubt UBS, industry security
- UBS to shed $2.5 billion in employment costs
Swiss banking giant UBS has lost over $2 billion due to actions of a trader it employs, sending shock waves that reverberated throughout the trading day. Although UBS has declined to mention any particulars about the individual involved, 31 year old trader Kweku Adoboli was arrested by London police in relation to the fraud.
UBS AG shares dropped roughly 9%, closing at $11.41 on September 15.Read more »
FINANCE August 18, 2011 | 6:16 PM
- Manchester United applies to list shares on Singapore Exchange (SGX)
- Club aims to raise around $1 billion for up to a 30% stake, which will help ease its $865 million debt
- Large number of United’s top sponsors are based in Asia or conduct business there
Manchester United lodged an application to be publicly listed on Singapore’s stock exchange Thursday, according to a source linked to the deal.
The English Premier League Champions and three-time Champions League winners are hoping to generate around $1 billion by selling up to a 30% stake in the club to pay off some $865 million in debt.Read more »
FINANCE August 18, 2011 | 5:51 PM
- Foster’s calls for shareholders to reject hostile takeover bid, says offer is too low
- Takeover requires 90% acceptance from shareholders
- SABMiller bid biggest industry has seen since Heineken’s $7 billion takeover of Mexican company FEMSA in 2010
Australia’s biggest brewer Foster’s appealed to shareholders to turn down a US$10 billion hostile takeover bid from British-based SABMiller’s, saying the offer was too low.
SABMiller’s, whose major brands include Grolsch, Miller, Peroni and Pilsner Urquell, put the hostile offer directly to shareholders 45 minutes before the end of trading, its proposal of AU$4.90 (US$5.15) per share seeing shares rise 3 cents to AU$4.96.Read more »
FINANCE August 17, 2011 | 11:34 AM
- Yen falls again to 76.5 on August 19
- Record Japanese M&A cross-border transactions this year
- 80% of Japanese operating profits come from abroad
- Government announces $100 billion loan fund to weaken yen
After continued worries of a soaring currency, Japan saw its yen fall to 76.5 on August 19, after it had recently reached a post World War II record high against the dollar.
The decline came as Finance Minister Yoshihiko Noda announced that he is prepared to take strong action to curb the currency's strength. Since the announcement, the yen has fallen from 79.04 on August 4 to 76.8 today.Read more »
FINANCE August 9, 2011 | 6:58 PM
- Ethan Allen reports 9% sales increase in fourth quarter
- Analysts recommend holding stock, CEO “cautiously optimistic”
- Ethan Allen seeks global expansion, hires Arne Borrey as new VP international business
Ethan Allen Interiors Inc. posted its fourth quarter results, which reveal a sales increase of $89 million for the company and a profit gain of 91 cents per share for investors.
Fourth quarter earnings rose from $0.07 per share in quarter three to a pleasing $0.21 per share, with annual earnings reaching $0.58 per share. Its quarterly profit reversed a net loss of over $26 million, or 91 cents per share.Read more »
FINANCE August 5, 2011 | 10:45 AM
- Initial earnings impressive, with profit at $4.5 million and revenue up over 115%
- Shares hit a high of almost $106 on August 3
- LinkedIn could revolutionize both careers and stock market
LinkedIn has further beat expectations with initial earnings showing profit of $4.5 million, or close to 4 cents a share, in its second-quarter. Further, revenue rose by over 115% from $54.9 million in the same quarter last year to $121 million.
These results contrasted with analyst predictions of a 1 to 4% share net loss, and were a slight increase from its $4.3 million profit as a private firm in the second quarter of 2010.Read more »
FINANCE August 1, 2011 | 4:01 PM
- Williams-Sonoma to open shop in London within first half of 2012
- WSM rating downgraded by S&P and Stock Scouter
- UK becoming popular alternative for overseas expansion
San Francisco-based Williams-Sonoma retail chain is making plans to bring its gourmet cookware and upmarket furnishings to the United Kingdom. Williams-Sonoma hopes to debut its first UK store in London, seeking a 5,000 to 8,000 square foot unit for its new shop.
Williams-Sonoma, which currently operates a mail-order service to over 75 countries, has appointed Property Agent Harper Dennis Hobbs to assist in securing their first store, which is set to launch within the first half of 2012.Read more »
FINANCE July 29, 2011 | 10:45 AM
- UBS to alter or remove its 2014 profit target
- European debt crisis blamed for investment bank losses
- UBS CEO announces plans to reduce costs, cut 5,000 jobs
Switzerland's largest bank UBS has announced plans to cut jobs and push back their 2014 profit target. Net income fell to 1.02 billion Swiss francs ($1.27 billion) in the second quarter.
Analysts overestimated the company's net income by 27 million Swiss francs. One year ago, net income was 2.01 billion Swiss francs, roughly double that of this year's amount. Net profit dropped 49% due to a strong Swiss franc and slow trading in currencies and commodities. UBS stock fell 12% over the past year.Read more »
FINANCE July 29, 2011 | 10:22 AM
- With acquisition of electronic signature firm, Adobe to discontinue its cloud-based electronic signature service
- EchoSign service cuts document signature time to minutes rather than days
- Deal could help improve Adobe's financials following recent downgrade by Goldman Sachs
Adobe has acquired EchoSign, a Palo Alto-based firm that is a leader in the provision of on-demand electronic signature services, for an undisclosed sum.
Adobe will include EchoSign's electronic signature technology in its document exchange services platform, which includes the file transfer service SendNow, the form-creation tool FormsCentral, and CreatePDF, which is used to generate PDF documents online.Read more »
FINANCE July 27, 2011 | 11:06 AM
- Fiat regains majority 54% ownership of Chrysler
- Fiat holds option to buy remaining shares by June 2012
- Investor concern over Fiat debt lowers stock value
Fiat has renewed its majority ownership to nearly 54% in Chrysler after buying back 6% from the US Treasury and Canadian Government for $710 million. Fiat aims to up its stake to 59% by the end of 2011, and hopes the final merger will be sealed mid next year, when it has an option to buy the remaining shares.
Fiat lost 10% ownership to the US and Canadian governments following the Chrysler bankruptcy bailout plan in the summer of 2009. The bailout debt was $12.5 billion, of which Fiat has already paid $11.2 billion back to the US Treasury, six months ahead of schedule.Read more »