Finance news. My opinion.

May 21, 2012

Treasuries Pare Losses as Leaders Meet in Europe - Bloomberg

Filed under: business, prices — Tags: , , , — Professor @ 4:56 pm

Treasuries pared losses as German and French finance ministers meet before a summit of regional leaders to discuss ways to contain the European debt crisis, stoking demand for government debt.

U.S. 10-year yields rose earlier on speculation record-low yields may limit demand as the government auctions $99 billion of coupon-bearing debt this week starting tomorrow. The U.S. will start this week

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May 19, 2012

Vietnam arrests 4 shipping execs in scandal

Filed under: loans, online — Tags: , , , — Professor @ 3:16 am

State media say police have arrested four senior executives at a major state-owned shipping company for alleged mismanagement.

Online VnExpress says Duong Chi Dung, former chairman of Vietnam National Shipping Lines, or Vinalines, and three other executives were detained Friday for allegedly causing losses of $80 million from 2009-2010 after purchasing old ships and making poor investments.

Dung was promoted in February to head the government’s Maritime Department no fax pay day loan.

The arrests come more than a month after nine senior executives of another major state-owned company, the Vietnam Shipbuilding Industrial Group, or Vinashin, were given lengthy jail sentences following a scandal that resulted in the lowering of Vietnam’s credit rating.

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May 7, 2012

Kellwood Co. names new CEO

Filed under: Uncategorized, technology — Tags: , , , — Professor @ 6:52 pm

Kellwood Co. has appointed Jill Granoff, former head of Kenneth Cole Productions, Inc., to be its new chief executive officer.

The Town and Country-based apparel company has diverse portfolio of brands including Vince, Rebecca Taylor, David Meister, Lamb & Flag, Baby Phat, and Sag Harbor.

Granoff replaces Michael Kramer, who left to become chief operating officer of J.C. Penney.

She was also formerly an executive vice president of Liz Claiborne Inc. where she was in charge of the worldwide business of Juicy Couture, Lucky Brand Jeans, and Kate Spade payday loans. She has also held executive positions with Victoria’s Secret Beauty and Estee Lauder Inc.

“I am excited about the opportunity to partner with Kellwood and Sun Capital to optimize the brand portfolio and enhance overall business performance,” she said in a statement. “We have a great platform to accelerate growth and profitability.”

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May 6, 2012

Yahoo CEO in trouble after 4 months on job

Filed under: legal, lenders — Tags: , , , — Professor @ 3:48 am

Scott Thompson’s reign as Yahoo’s CEO is in jeopardy after just four months on the job because he allowed an inaccuracy about his academic credentials to recur for years.

A major Yahoo shareholder who exposed the fabrication is now leading the charge to oust Thompson for unethical conduct. In a letter Friday, activist hedge fund manager Daniel Loeb demanded that the board of the struggling Internet company fire Thompson by noon EDT Monday or face possible legal action.

“CEO’s have been terminated for less at other companies,” wrote Loeb, who controls a 5.8 percent stake in Yahoo through his hedge fund, Third Point.

Yahoo reiterated Friday that “the board is reviewing this matter and, upon completion of its review, will make an appropriate disclosure to shareholders.”

Thompson’s troubles revolve around an exaggeration about his education at Stonehill College, a small Catholic school near Boston where he graduated in 1979. Since announcing Thompson’s hiring in January, Yahoo had included two bachelor’s degrees — one for accounting and the other for computer science — on the executive’s biography. The dual degrees appeared on Yahoo’s website and in an April 27 document filed with the Securities and Exchange Commission free business cards.

After being confronted Thursday by Loeb, Yahoo confirmed that Thompson received only an accounting degree from Stonehill. Yahoo has since removed all references to Thompson’s education from its website. The company hadn’t amended its SEC filing with the inaccuracy as of late Friday.

It’s unclear whether the inaccuracy originated with Thompson or someone else at Yahoo.

Even if Thompson didn’t personally write his biography, he almost certainly reviewed the information and should be held accountable for the distortion, said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.

Yahoo blamed an “inadvertent error.” After that excuse was ridiculed on the Internet, Yahoo issued another statement late Thursday about the board’s intent to look into what happened.

Loeb is trying to oust Thompson as he seeks four seats on Yahoo’s board of directors — one for himself and three for his allies.

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May 2, 2012

German court rules against Microsoft on patents

Filed under: business, news — Tags: , , , — Professor @ 10:12 pm

A court in Germany ruled Wednesday that Microsoft infringed two patents held by Motorola, in a case that could affect sales of its popular Xbox 360 console and the Windows 7 operating system.

The patent spat between the two companies centers on technology used for video compression that is owned by Motorola Mobility Holdings Inc., which Google is in the process of buying for $12.5 billion.

Following earlier complaints from Microsoft and Apple Corp., the European Union’s competition watchdog has opened two separate probes into whether Motorola unfairly limited rivals from using its patents by demanding exorbitant fees.

In Wednesday’s ruling, the state court in the southern city of Mannheim upheld Motorola’s complaint on the patent breaches and declared Microsoft Corp. liable for unspecified damages.

The court also ordered Microsoft to remove all products that infringe the patents from the German market, including its Xbox 360 console and the Windows 7 operating system.

But both parties have seven days to appeal before the verdict comes into force, and Microsoft spokesman Thomas Baumgaertner said the company plans to do so. Should Motorola want the verdict enforced before a final appeals ruling is issued, it would have to deposit several tens of millions of euros (dollars) as a legal security, the court said.

A U.S. court meanwhile has warned Motorola not to enforce the German verdict until it too has considered the patent issue.

“At the moment, there is no risk that we will be ordered to halt sales,” Baumgaertner said.

He said Microsoft hoped the German court’s ruling could open the way for a fairer licensing deal with Motorola.

Motorola issued a statement welcoming the verdict.

“We remain open to resolving this matter,” said the company. “Fair compensation is all that we have been seeking for our intellectual property.”

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May 1, 2012

Business digest

Filed under: business, house — Tags: , , , — Professor @ 7:08 am

Delinquent taxes paid by Roberts brothers • Michael and Steven Roberts bought a little breathing room for their beleaguered Roberts Mayfair Hotel on Monday. Roberts Hospitality Services paid off delinquent state sales taxes on the Mayfair, and $15,000 toward a sales tax bond, according an order issued by Circuit Judge Joan Moriarty in a lawsuit filed by the Missouri Department of Revenue. The state last month sued to close two Roberts hotels — the Mayfair and their Comfort Inn in the Central West End — over $212,000 in unpaid taxes. The state is seeking a larger bond on the Mayfair. Taxes on the Comfort Inn are still outstanding. (Tim Logan)

Bakers Footwear sales drop • A company executive for St. Louis-based Bakers Footwear Group Inc. blamed a drop in sales and profit in the fiscal fourth quarter in part on a “difficult dress boot season.” Net income was $3.4 million, or 36 cents a share, in the quarter ended Jan. 28, compared with $5.2 million, or 54 cents a share, in the same period a year ago. Net sales dropped 8 percent, to $53.6 million. (Kavita Kumar)

Reliance posts a profit • Reliance Bancshares Inc no teletrack payday loan. swung to a profit in the first quarter, boosted by a $2.5 million gain from the sales of investment securities. The bank holding company posted a net income of $719,000, compared with a loss of $5.2 million a year earlier. Frontenac-based Reliance is the holding company for Reliance Bank, which has 20 local branches. (Gregory Cancelada)

Reinsurance Group adjusts accounting • Reinsurance Group of America reported first quarter income of $123.3 million, or $1.67 per share, compared with $148.9 million, or $2.02 per share, in the corresponding period last year. The company said amounts for last year were adjusted for the retrospective adoption of new accounting guidance for deferred acquisition costs. Consolidated net premiums rose 7 percent, to $1.86 billion, from $1.74 billion. Reinsurance Group, based in Chesterfield, is among the largest global providers of life reinsurance. (Tim Bryant)

Read more business news at stltoday.com/business

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April 26, 2012

South Sudan president: Sudan has ‘declared war’

Filed under: loans, money — Tags: , , , — Professor @ 10:28 am

South Sudan’s president said its northern neighbor has “declared war” on the world’s newest nation, just hours after Sudanese jets dropped eight bombs on his country.

President Salva Kiir’s comments, made Tuesday during a trip to China, signal a rise in rhetoric between the rival nations, who spent decades at war with each other. Neither side has officially declared war.

Sudan and South Sudan have been drawing closer to a full-scale war in recent weeks over the unresolved issues of oil revenues and their disputed border. The violence has drawn alarm and condemnation from the international community, including from U.S. President Barack Obama.

South Sudan won independence from Sudan last year as part of a 2005 peace treaty that ended decades of war that killed 2 million people.

The U.N. Security Council was briefed on the situation late Tuesday and members demanded “an immediate halt to aerial bombardments by the Sudanese armed forces and urged an immediate cease-fire and return to the negotiating table,” Susan Rice, the U.S. ambassador to the United Nations and the current council president, told reporters at U.N. headquarters in New York.

Sudanese President Omar al-Bashir gave a fiery speech last week in which he said there will be no negotiations with the “poisonous insects” who are challenging Sudan’s claim to disputed territory near the border.

Kiir, the southern president, arrived in China late Monday for a five-day visit to lobby for economic and diplomatic support. China’s energy needs make it deeply vested in the future of the two Sudans. Beijing is uniquely positioned to exert influence in the conflict, given its deep trade ties to the resource-rich south and decades-long diplomatic ties with Sudan’s government in the north.

Kiir told Chinese President Hu Jintao the visit comes at a “a very critical moment for the Republic of South Sudan because our neighbor in Khartoum has declared war on the Republic of South Sudan.”

South Sudan’s military spokesman Col. Philip Aguer said that Sudanese Antonov warplanes dropped eight bombs overnight in Panakuac, where he said there was ground fighting on Monday. Aguer said he did not know how many people were killed in the attack because of poor communication links with the remote area.

On Monday, Sudanese warplanes bombed a market and an oil field in South Sudan, killing at least two people, after Sudanese ground forces reportedly crossed into South Sudan with tanks and artillery.

The U.N. Mission in South Sudan confirmed that at least 16 civilians in South Sudan were killed and 34 injured in bombings by Sudanese aircraft in Unity State, ambassador Rice told reporters. She said the mission reported that the bombings also caused significant damage to infrastructure.

Talks over oil revenue and the border issues broke down this month after violence flared. South Sudan invaded the oil-rich border town of Heglig, which Sudan claims it controls.

Following international pressure, South Sudan announced that it withdrew all its soldiers from Heglig payday loans. Sudan claimed its troops forced them out.

Rice said the Security Council welcomed the withdrawal of South Sudan’s forces from Heglig. She said many of the 15 council nations expressed concern about reports of extensive damage to oil infrastructure in Heglig.

Al-Bashir, the Sudanese president, has vowed to press ahead with his military campaign until all southern troops or affiliated forces are chased out of territory Sudan claims.

He also said he would never allow South Sudanese oil to pass through Sudan “even if they give us half the proceeds.”

Landlocked South Sudan stopped pumping oil through Sudan in January, accusing the government in Khartoum of stealing hundreds of millions of dollars of oil revenue. Sudan responded by bombing the South’s oil fields.

In Khartoum, the pro-government Sudanese Media Center said that two of Sudan’s Darfur states began implementing a ban on shipping to South Sudan. The ban was imposed by Sudan’s parliament.

Officials in the Darfur states said they warned merchants that “stern measures will be taken against any person found to be smuggling food supplies and other commodities into South Sudan,” the SMC reported.

Sudanese officials said the measures were imposed in response to the invasion of Heglig.

South Sudan government spokesman Barnaba Marial Benjamin said earlier this month that Chinese and American investors want to build oil refineries in the South in the next six to seven months.

Benjamin said the refineries will help South Sudan process fuel for local consumption. South Sudan will also build a pipeline to the Kenyan coast and another to Djibouti through Ethiopia to be able to export its oil, he said. He said both projects were meant to make South Sudan independent of Sudan’s fuel infrastructure and processing plants.

Kiir on Tuesday told Hu that he came to China because of the “great relationship” South Sudan has with China, calling it one of his country’s “economic and strategic partners.”

Both sides have tried to win Beijing’s favor, but China has been careful to cultivate ties with each. Like others in the international community, China has repeatedly urged the two sides to return to negotiations.

The White House repeated its earlier condemnation of the Sudanese incursion and called for both sides to stop fighting and hold peace talks.

“Sudan must immediately halt the aerial and artillery bombardment against South Sudan by the Sudan armed forces,” White House press secretary Jay Carney said Tuesday to reporters traveling with Obama to North Carolina. “Both governments must agree to an immediate unconditional cessation of hostilities and recommit to negotiations,”

He repeated Obama’s warning to both sides that “there is no military solution” to their differences.

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April 24, 2012

Home Prices in U.S. Cities Fell at Slower Pace in February - Bloomberg

Filed under: debt, online — Tags: , , , — Professor @ 7:16 pm

Home prices in 20 U.S. cities dropped at a slower pace in the year ended February, pointing to stabilization in the real-estate market.

The S&P/Case-Shiller index of property values fell 3.5 percent from a year earlier, the smallest 12-month drop since February 2011, a report from the group showed today in New York. The median forecast of economists surveyed by Bloomberg News projected a 3.4 percent fall. The index climbed from the prior month on a seasonally adjusted basis for the first time since April of last year.

Steadying home values are needed to lay the groundwork for a sustained rebound in the housing industry by giving prospective buyers confidence. Near record-low borrowing costs and more hiring may help the market absorb the foreclosures still in the pipeline, which may mean housing will no longer hinder economic growth.

April 19, 2012

Yen Drops as BOJ Signals Easing; Brazil

Filed under: debt, term — Tags: , , , — Professor @ 10:52 pm

The yen fell against most of its major counterparts as Bank of Japan (8301) officials signaled they

April 11, 2012

RSA

Filed under: Uncategorized, marketing — Tags: , , , — Professor @ 11:48 am

A U.K. house-price index rose to a 21-month high in March as first-time buyers sought to take advantage of an expiring property-tax exemption, the Royal Institution of Chartered Surveyors said.

The gauge rose 3 points from February to minus 10, the highest reading since June 2010, according to a report today e- mailed by London-based RICS, which conducts a monthly survey of property surveyors nationwide. Still, a reading below zero shows more surveyors saw price drops than gains last month.

The figures reflect Britons taking advantage of a two-year stamp-duty exemption for first-time buyers purchasing a home costing less than 250,000 pounds ($400,000) before it ended on March 24. A continuation of this year

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