December 2007 - Posts
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A Tennessee court tells The Finish Line it must complete its acquisition of financially troubled Genesco. The case is the latest in a growing number of efforts by companies to back out of planned mergers and acquisitions. Genesco Inc. said the Chancery...
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Expenses from strip clubs and dog kennels were undisclosed compensation for former executives of restaurant chain Buca di Beppo, the SEC says. The Securities and Exchange Commission entered final judgments against two former finance executives who the...
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Private equity may have lost some of its leverage, but it's still a force for companies looking to buy, sell, or just attract capital. The recent falloff in private-equity activity could hardly have been more precipitous. As credit markets tightened...
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Payouts were aplenty in 2007 for the S&P 500 but were dwarfed by corporate buybacks. S&P 500 companies paid out $246.6 billion in dividends in 2007, up 11.5 percent from $224.8 billion in 2006. Standard and Poor's expects those numbers to...
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The auditor of the bankrupt auto-parts maker takes a hit as Delphi's woes continue. Deloitte & Touche LLP agreed to pay more than $38 million to settle claims related to an accounting scandal at Delphi Corp., according to Grant & Eisenhofer...
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Lower costs for companies, hefty fees for underwriters, and attractive results for investors combined to make this year a record-setter for convertible bonds. Sales of convertible bonds set a record in 2007. More than 800 companies raised at least $183...
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Despite the subprime crisis, the merger of commercial property developers Unibail and Rodamco went off without a hitch. Sometimes it's better to be boring. In a year when many big M&A deals were drawn out, contested affairs, French commercial...
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Companies often play games with working capital to boost year-end results. Opera singers aren't the only ones who like to end on a high note. In a bid to boost the year-end results featured in their annual reports, companies across Europe are going...
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Making scents of the world's perfume industry. "We had no choice; we just didn't have enough money." That's how Lyn Harris, owner of high-end perfume company Miller Harris in London, describes her decision not to follow the mass...
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Bumper profits and a stellar reputation. Time to worry. "It is important to be a bit institutionally paranoid, especially when things are going well." Thus Lloyd Blankfein, chief executive of Goldman Sachs at a conference in November. After...
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A successful deal may hinge on the ability to create trust — or uncover deception. He rubs his chin, you rub your chin. She crosses her legs, you cross your legs. Does he have a Southern accent? Talk more slowly and drop the occasional "y'all...
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The parent of ACA Financial Guaranty hands control of its bond insurance unit to state regulators. ACA Capital Holdings said that Maryland insurance regulators will oversee the activities of its bond insurance unit. In a regulatory filing, the specialty...
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The Cold War might be over, but a chill wind
threatens to blow through business between Russia and the West. There were several ways to interpret recent remarks by Russian President Vladimir Putin, who used a speech to his country's parliament to...
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After 21 months in bankruptcy, the way is clear for a January emergence for the auto parts company, which predicts a return to successful global competition. Dana Corp. said a Federal bankruptcy judge signed an order confirming the company's Reorganization...
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Italian finance chiefs are coming to terms with new laws inspired by Sarbanes-Oxley. Can you say "Sarbanes-Oxley" in Italian? According to some experts, it sounds like "law 262," though this is not an exact translation. Passed in 2005...
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The Equal Employment Opportunity Commission has finalized a rule that lets employers shift some of their health-benefit burden to Medicare. A new federal rule affirms how companies can keep their post-retirement health-care costs down. Employers that...
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When it comes to dealmaking, the party may be over for private equity. But cash-rich corporate buyers have reason to cheer. In Paris, private equity boss Guy Hands, of Terra Firma, remembered fondly a "bygone era" in credit conditions at a conference...
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Sanyo, McAfee, Leap Wireless announce end-of-year accounting adjustments. Three companies hoping to start the new year with a clean slate announced significant restatements during the last full week of 2007. Sanyo Electric said on Tuesday that it would...
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Both company directors and senior managers place a premium on strategic planning. So what keeps them from collaborating on it? Merrill Lynch CEO E. Stanley O'Neal knows what happens when a CEO's priorities differ from those of the company's...
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Most companies fail to report the true value of their software assets, according to a new study. Though global spending on IT exceeded India's GDP last year, a new study suggests that companies aren't getting their money's worth. The report...
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How does a company balance the pros and cons of accelerated share repurchases? Accelerated share repurchases (ASRs) can boost a languishing stock and lead to a sustained rise in share price, but at what cost? Companies that take the ASR route buy all...
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Before merging with the French telecom giant, Lucent allegedly spent $10 million in three years entertaining Chinese officials. Alcatel-Lucent has agreed to pay $2.5 million to settle bribery charges with United States federal regulators. The French telecommunication...
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Stock exchanges enlist friendly academics in their battle for listings. At best, the rhetoric of the major players involved in the consolidation of the world's stock exchanges could be described as coarse. The squabbling between financial centres...
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Now the Department of Justice wants to know more about the voting machine company's revenue recognition practice. Diebold Inc. said the Justice Department has become the latest government agency to launch an investigation into accounting practices...
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