HONG KONG - Once again, South Korea showed the world that its judicial system seems to favor protecting influential billionaires over safeguarding stockholders. Former Samsung Chairman Lee Kun-hee was found guilty on Friday of breach of trust for illegally transferring below-market-price bonds to his children. The deal caused huge monetary losses to a Samsung...
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Monthly Archives: August 2009
En Route VW And Porsche – US-FOREX.US
Europe’s biggest carmaker, Volkswagen, is finally taking over Porsche after agreeing on Thursday to buy a 42% stake in the sports car unit of debt-ridden Porsche, ending months of fractious relations between the two companies. Volkswagen expects the deal to be completed by 2011 and provide a total of 700 million euros in savings...
VW And Porsche United- US-FOREX.US
Europe’s biggest carmaker, Volkswagen, is finally taking over Porsche after agreeing on Thursday to buy a 42% stake in the sports car unit of debt-ridden Porsche, ending months of fractious relations between the two companies. Volkswagen expects the deal to be completed by 2011 and provide a total of 700 million euros in savings...
The Opel Saga Continues – US-FOREX.US
It had seemed like a done deal. Canadian auto parts supplier Magna said it had reached an agreement in principle with General Motors’ management over a contract to buy a stake in GM’s European unit Adam Opel. But on Friday, Opel’s other bidder, Belgium-listed holding RHJ International, said it is still “very much” in...
Spains Pains – US-FOREX.US
Pity Spain. While stimulus packages offered by the German and French governments quickly helped lift those nations out of recession in the past quarter, Spain had no such luck, and shrank by a more-than-expected 1% quarter-on quarter, its National Statistics Institute said Friday.It also doesn’t look like the situation will pick up any time...
Crazy For Junk – US-FOREX.US
Here’s more evidence of risk-taking’s rebirth: Sales of the riskiest, speculative debt has already surpassed last year’s total. Corporations have sold 88 billion in junk bonds worldwide, up from 49.5 billion in 2008, according to data provider Dealogic. The 4.2 billion bond sale by Canadian miner Teck Resources Limited in May is the year’s...
No Time For Games – US-FOREX.US
Another month, another hit to an industry that once seemed immune to the financial distress afflicting broad segments of the economy. Sales of video games, both hardware and software, fell 29% in July compared to the same month in 2008, according to research group NPD. That’s the fifth consecutive monthly decline, although a smaller...
Retailers Cant Wait For School – US-FOREX.US
American shoppers can’t decide if they’re ready to spend again or should hold off on that new plasma screen in case they lose their job, their home or their life savings. Big retailers also can’t decide. They posted better July sales figures than some had expected but a mixed batch of second-quarter earnings. Today...
Consumers Trade Down – US-FOREX.US
Cash-strapped consumers are looking to get the most bang for their buck, forcing retailers to adapt to new spending habits, says Claire Gruppo, co-founder and managing director of investment bank and M&A firm Gruppo, Levey.”People aren’t comfortable paying for brands or an experience if they don’t feel it’s worth it,” Gruppo said, “and the...