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Vivendi in $1.9 Billion EMI Deal |
After a drawn-out auction, Citigroup has sold the recorded music division of the EMI Group to Vivendi, owner of the Universal Music Group, for $1.9 billion, according to a person briefed on the situation.The deal caps a process that lasted months, in which it appeared that the unit of EMI, which counts the Beatles among its artists, might sell for around $1.5 billion, less than the $1.7 billion to $1.8 billion Citigroup was said to be seeking. Universal became the front-runner after the billionaire Len Blavatnik, whose company owns Warner Music, reportedly walked away from the bidding process late last month.This week, The New York Times reported that EMI would be sold in two pieces, splitting the recorded music and publishing divisions. The Sony Corporation is said to be considering the publishing unit. DEALBOOK | NEW YORK TIMES | FINANCIAL TIMES
DEAL NOTES
Rich Americans�� Days on Top Are Numbered |
North America has only 20 more years to enjoy the distinction of being home to more ultra-rich individuals than Asia, according to a new study, Bloomberg News reports.��North America is so far ahead thanks to its entrepreneurship,�� Mykolas Rambus, chief executive of Wealth-X, which released the study, told Bloomberg. ��It will take time for Asia��s millionaires to build up their wealth into the ultra-affluent bracket, but when the switch happens, it is likely to be permanent.�� BLOOMBERG NEWS
Irish Business Titan Goes Bankrupt |
Sean Quinn, once considered Ireland��s richest man with a net worth of about $3.8 billion, has declared bankruptcy over debts to Anglo Irish Bank, much of which he disputes, BBC News reports. BBC NEWS
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Mergers & Acquisitions »Sinopec Expands in Brazil With Stake in Energy Company |
China’s energy companies have spent billions of dollars in recent years to gain access to new energy resources.DealBook »
E*Trade Calls Off Its Efforts to Sell Itself |
E*Trade withdrew its efforts to sell itself following recommendations from its adviser, Goldman Sachs, and public dismissals of interest from potential buyers like TD Ameritrade.DealBook »
Caterpillar to Buy Mining Machine Maker |
Caterpillar has struck a deal to buy ERA Mining Machinery, a Chinese company that manufactures coal mining equipment, for $886 million, The Financial Times reports. FINANCIAL TIMES | BLOOMBERG NEWS
Exchanges Are Said to Work on New Plan for Merger |
After failing to allay regulators�� concerns about a merger, NYSE Euronext and Deutsche B?rse are working on concessions before a deadline later this month, Bloomberg News reports. BLOOMBERG NEWS
Goldman��s Fee in Energy Deal: $20 Million |
Goldman Sachs is set to collect a tidy $20 million fee for advising the El Paso Corporation in its sale to Kinder Morgan, a deal that would create the nation��s biggest natural gas pipeline network, Bloomberg News reports. BLOOMBERG NEWS
Two Strategies for Prospective Yahoo Buyers |
While buyout shops like Kohlberg Kravis Roberts and TPG Capital have signed confidentiality agreements to get access to information, other firms, like the Blackstone Group and Bain Capital, are refraining from signing the documents that would limit their ability to team up with other partners, Reuters reports. REUTERS
INVESTMENT BANKING »Ahead of New Rules, Europe’s Banks Go on a Selling Spree |
European banks are shedding assets to cut their exposure to debt and refocus on their home markets as they prepare to follow new financial rules.DealBook »
Accounting Obscures What��s Really Going On |
Banks are fighting to stay profitable, but that��s not always obvious in their financial statements, which appear rosier because of a collection of accounting rules, The New York Times��s Floyd Norris writes. NEW YORK TIMES
Italian Banks Borrowing More |
As Italian bond yields soar, the country��s banks are tapping the European Central Bank for money, borrowing $152 billion as of the end of October, or 19 percent of the total European Central Bank lending, Bloomberg News reports.��The Italian banks are trapped,�� Roger Doig, an analyst at Schroders, told Bloomberg. ��They are where they are and that��s with the Italian sovereign.�� BLOOMBERG NEWS
Allianz Profit Hit by Greek Debt |
Third-quarter profit at the German insurance company Allianz fell to $350 million, a nearly 80 percent drop from a year earlier, as the bank took losses on Greek debt, The Associated Press reports. ASSOCIATED PRESS | BLOOMBERG NEWS
HSBC Employees Get Laid Off |
The bank, which has about 4,700 employees in New York, gave pink slips to 100 workers this week, The New York Post reports. NEW YORK POST
Out of Work,, and Out of Options |
Laid-off bankers in Asia are finding few opportunities for new employment, with the entire industry undergoing a period of retrenching, Reuters reports.��There are plenty of r��sum��s going around in the market right now, just not too many takers,�� Joe Neitham, a recruiter at the TRC Group in Singapore, told Reuters. REUTERS
PRIVATE EQUITY »Barclays Buyout Shop Gets Management Buyout |
Barclays Private Equity is being bought by its management team, which plans to rename it Equistone Partners Europe and sell about $70 million in assets, Reuters reports. REUTERS
McDonald��s as Distressed Property Investor |
The fast food giant, which owns about 45 percent of the land and 70 percent of the buildings for its restaurants, is looking to take advantage of the down market and buy more of those assets, The Financial Times reports. FINANCIAL TIMES
California Firm Has Reversal of Fortune |
The private equity firm Blum Capital, whose clients include public pension funds in California, has experienced a slide in the value of its investments amid volatile markets, The Wall Street Journal reports. WALL STREET JOURNAL
British Firm to Cut Jobs |
3i, the British buyout shop, plans to cut 10 percent of its work force, or about 45 jobs, as its shares trade at a steep discount to its net asset value, The Financial Times reports. FINANCIAL TIMES
HEDGE FUNDS »Nobel Winner Calls Hedge Fund Work ��Academic�� |
Thomas J. Sargent, who recently won the Nobel prize in economics, tells Bloomberg BusinessWeek about his new job advising the hedge fund Hutchin Hill.��For me, this is essentially academic work,�� Mr. Sargent said. ��What I do is I go down to their offices, they ask me some questions, and I go to the blackboard. It��s almost like a seminar. We talk about what makes the macroeconomy tick.�� BLOOMBERG BUSINESSWEEK
Hedge Fund to Profit on European Woes |
A former analyst at the Portuguese bank Banco Espirito Santo plans to start a hedge fund early next year that will bet on banks�� restructuring, FINalternatives reports. FINALTERNATIVES
Green Mountain Still Relatively Expensive |
Even after its stock plunged amid the hedge fund manager David Einhorn��s bet against it, Green Mountain Coffee Roasters is still nearly twice as expensive as the median company in the S&P 500 index, Bloomberg News reports. BLOOMBERG NEWS
Betting on R.I.M. |
The hedge fund manager Leon Cooperman, of Omega Advisors, recently bought 1.43 million shares of the BlackBerry maker Research In Motion, which have plummeted this year, Dow Jones Newswires reports. DOW JONES NEWSWIRES | ALLTHINGSD
A New China Fund |
Rega Technologies, based in Hong Kong, plans to start a new $40 million fund in January, focused on Chinese equities, Reuters reports. REUTERS
I.P.O./OFFERINGS »Zynga: Bully or Meritocracy? |
Mark Pincus, Zynga’s chief, said in an internal e-mail that a Wall Street Journal article about clawing back shares ahead of its I.P.O. had cast the company in a “false and skewed light.”DealBook »
Groupon Being Shorted About as Much as Possible |
When traders were first allowed to bet against Groupon this week by borrowing shares and then selling them, nearly 100 percent of the shares available to be loaned out were shorted, The Financial Times reports.��Investors are prepared to pay the highest fee to borrow the stock before shorting it,�� Alex Brog, an analyst at Data Explorers, which gathered the data, told the newspaper. FINANCIAL TIMES
Weighing In on Groupon |
Bloomberg BusinessWeek has a round-up of opinions from technology and finance professionals on Groupon��s I.P.O., with some praising the company and others expressing skepticism. Brad Feld, managing director at the venture capital firm Foundry Group, had this to say: ��Groupon went public?�� BLOOMBERG BUSINESSWEEK
VENTURE CAPITAL »Fact-Checking London��s Tech Success |
Despite Prime Minister David Cameron��s praise of the British government��s efforts to promote a London neighborhood as a start-up hub, the local technology scene may not be as booming as it��s made out to be, GigaOm reports. GIGAOM
Cloud Services Company Raises $3 Million |
Standing Cloud, which offers cloud-based computing services, raised $3 million in a round of financing, despite that the market seems to be saturated with its product, GigaOm reports. GIGAOM
Online Music Start-Up Expands |
TechCrunch profiles the start-up Shuffler.fm, which allows users to listen to music culled from various blogs, and which said it recently raised $700,000 in a round of financing. TECHCRUNCH
LEGAL/REGULATORY »In MF Global’s Wake, Regulators to Audit All Futures Firms |
Federal regulators have ordered an audit of every American futures trading firm to verify that customer money is protected, a move that comes after roughly $600 million in client money was discovered to be missing from MF Global, the bankrupt brokerage firm once run by Jon S. Corzine. The decision is meant to restore calm to a jittery industry.DealBook »
Consumer Groups Question Capital One’s HSBC Deal |
Capital One’s planned takeover of HSBC’s American credit card business would face tougher scrutiny from regulators if consumer groups have their way.DealBook »
France Not Happy About S&P Error |
Standard & Poor��s sent an alert that suggested it was cutting France��s sovereign credit rating, but then clarified �� nearly two hours later �� that the whole thing was a mistake.France’s finance minister, Francois Baroin, called S&P��s error ��quite shocking,�� according to Reuters. REUTERS | WALL STREET JOURNAL
Executive Perks Draw S.E.C. Inquiry |
The Securities and Exchange Commission is looking into the executive perks at Nabors Industries, whose chairman is set to receive $100 million, The Wall Street Journal reports. WALL STREET JOURNAL
Morgan Stanley Agrees to Follow Foreclosure Rules |
The bank struck a deal with the State of New York in which it agreed to refrain from ��robo-signing,�� or the approval of foreclosure documents without reading them, The Wall Street Journal reports. WALL STREET JOURNAL
European Nations Try to Tap Mom and Pop |
The governments of strapped countries like Ireland, Spain and Italy are turning toward retail investors for money, offering interest rates lower than what institutional investors demand, The Wall Street Journal reports. WALL STREET JOURNAL
Regulator Considers Disciplining Swiss Banks |
A regulator in Switzerland found problems with the way four of the country��s banks handled money from officials connected to the former governments of Tunisia, Egypt and Libya, The Wall Street Journal reports. WALL STREET JOURNAL
UBS Agrees to $8 Million Settlement |
The Securities and Exchange Commission had accused the bank of keeping inaccurate logs of short-selling, saying the behavior was ��pervasive, extending to every security handled by the lending desk,�� The Financial Times reports. FINANCIAL TIMES
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== www.chiclouisvuittononline.com Payouts to MF Global Clients ==
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KPMG, which is handling MF Global’s liquidation proceedings in London, said it had collected 82 percent of British client money, or ￡594 million, according to The Financial Times. The accounting firm told the newspaper that it hoped to begin returning money as soon as January to customers,, who have submitted more than 800 claim forms. Read more »
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== www.chiclouisvuittononline.com New Normal on Wall Street- Sm ==
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Illustration by The New York TimesWith firms like Goldman Sachs and Morgan Stanley reporting weak results for last year, Wall Street is having to confront doubts about itself.Is this a temporary slump? Or will the moneymakers never get to go back to their high-rolling ways? Many on Wall Street had hoped 2011 would be a year when the investment banks showed that they could still make solid profits in the more sober financial environment that has followed the 2008 crisis.
Related Links Graphic: Shrinking Wall Street Instead, Goldman Sachs’s earnings fell 67 percent last year; Bank of America’s investment banking operation, which includes Merrill Lynch, suffered a 53 percent decline in net income; and Morgan Stanley’s earnings were down by 42 percent.Some of the forces that weighed on earnings last year — like Europe’s government debt crisis and a sluggish United States economy — could go away. Yet Wall Street still faces permanent pressures on profitability, particularly stricter regulations aimed at making the financial system safer. For instance, Wall Street firms cannot borrow such large amounts of money and make bets with it. With much less of this kind of leverage, the game is changed — perhaps forever.Jim Lo Scalzo/European Pressphoto AgencyRuth Porat, Morgan Stanley’s chief financial officer, said return on equity would rise, but would not go back to its past heights.Andrew Harrer/Bloomberg NewsAsked about downsizing at Goldman Sachs, David A. Viniar, chief financial officer, said that was “a very difficult” question.“No matter how you cut it, the Goldman Sachs of tomorrow is not going to be the Goldman Sachs of 1999, when it did its I.P.O., or the Goldman Sachs of 2006, when it was at the high point of the cycle,” said Brad Hintz, a senior analyst with Sanford C. Bernstein & Company.As profits fall way short of internal targets, the executives who run Wall Street may have to cut back hard, to stop profits from falling even further. When asked by an analyst on Wednesday whether Goldman Sachs was thinking of downsizing to deal with the difficult business conditions, David A. Viniar, the bank’s chief financial officer, said, “That is one of the most critical questions and a very difficult one to answer.”Wall Street employees are feeling the squeeze this bonus season, which is going on right now. In 2011, Goldman set aside $12.22 billion to pay compensation and benefits for its 33,300 employees. That comes out to around $367,000 per person. In 2006,, the firm paid out $16.46 billion in compensation and benefits, or roughly $621,000 per employee. At Morgan Stanley, which lost money in the fourth quarter, cash bonuses were capped at $125,000 per person. The retrenchment has hurt morale among lower-tier workers. Young bankers and traders fresh out of Ivy League universities can no longer count on earning more than their peers in other prestigious industries, such as management consulting and law. Rounds of layoffs, which used to be aimed mainly at senior and midlevel employees, have cut through the junior ranks this year at firms like Credit Suisse, and bonuses are down for nearly everyone. At Goldman Sachs, some young analysts — a group that could earn year-end cash bonuses of up to $80,000 in better years — were given as little as $20,000 this year, according to one person with knowledge of this year’s numbers. On Wall Street, much depends on a financial performance metric, return on equity, which effectively measures the profits a bank was able to generate on its capital. If a bank made $1 billion in profits on $10 billion of equity, its return on equity would be 10 percent.In the middle of last year, Goldman Sachs’s target for return on equity was 20 percent, though the firm has since retreated from setting a target, citing the uncertainty in its business. Its actual return last year was only 3.7 percent, compared with 33 percent in 2006. Morgan Stanley managed 4 percent in 2011, compared with 23.5 percent in 2006.Analysts estimate that Goldman effectively pays 10 to 15 percent for its capital. As a result, in 2011, the firm did not even cover the cost of its capital.Morgan Stanley encapsulates the quandary facing a big Wall Street firm: Attempts to diversify may not help profitability. Over the last few years, rather than rebuild trading desks that were taking a lot of risks, Morgan Stanley has shifted its focus to wealth management, a steadier business, but that could mute returns.“Do I expect to see a return to a return on equity in the mid-20s like the old days? No, but is there a path to the midteens over time? Yes,” said Ruth Porat, Morgan Stanley’s chief financial officer, in an interview on Thursday.Wall Street firms operate under a tougher regulatory environment than existed in 2008. One of regulators’ first responses to the crisis was to make banks raise extra capital, to increase their buffer against losses, and they were told to use less short-term borrowed money to finance their businesses, which made them less vulnerable to runs. At the end of its 2007 fiscal year, Morgan Stanley’s $1.05 trillion of assets was supported by only $30 billion of equity. At the end of 2011, its equity was up to $60.5 billion and its assets were down to around $750 billion.These adjustments effectively make it impossible to get back to the returns on equity achieved in the glory days. With double the equity, Morgan Stanley would now need to double profits, from a smaller pool of assets, to get back to its mid-2000s returns.While some of 2011’s challenges may ease this year, Wall Street has to grapple with new regulations in 2012 that could whack profits.The new rules take aim at businesses in which Wall Street has traditionally made its fattest profit margins, like bond trading and trading in financial instruments called derivatives.The Volcker Rule, which is aimed at stopping banks from making financial bets for their own accounts, could permanently eat away at bond trading revenue. Efforts to strengthen the derivatives market — such as making sure that trades are properly backed with collateral — could deplete the profitability of this business.Mr. Hintz estimates that a Wall Street bank currently makes a 35 percent profit margin on its derivatives businesses, but he thinks the new rules could shrink that to 20 percent.Despite the pessimistic outlook, the fittest Wall Street firms will no doubt make a Darwinian bid to profit as weaker firms falter.United States banks could pick up new business in Europe, for instance. In November, the Swiss banks UBS and Credit Suisse announced big cuts in their securities businesses, and the Italian bank UniCredit recently said it was closing its equities business in Europe. And some United States banks may decide to retreat from certain activities, allowing others to pick up the business. The first part of this year may see a rebound in business, as investors venture back into the market. This occurred in the first part of 2009, once fears lessened. “You could see a couple of blockbuster quarters as pent-up demand comes back,” said Roger Freeman, a senior analyst with Barclays Capital. But he says revenue may taper off if new regulations bite.Still, Jamie Dimon, the chief executive of JPMorgan Chase, struck a more optimistic note in talking to reporters in a conference call last Friday. Noting that there were always swings in the investment banking business, he said, “I think when things come back, these numbers could boom again.”Bank of America’s chief financial officer, Bruce R. Thompson, said he thought the continued downdraft in trading revenue was temporary, rather than representing a long-term shift in the Wall Street landscape.“There’s always this question of what’s normal versus what’s not,” he said, adding that the first few weeks of 2012 had seen a pickup in trading activity. If his optimism proves wrong, and revenues remain depressed, though, more cuts loom. “Operating at a loss,” Mr. Thompson said, “isn’t something we will continue to want to do.”Kevin Roose and Nelson D. Schwartz contributed reporting.TagsBank of America, Bank of America-Merrill Lynch, Bruce Thompson, Credit Suisse, David A. Viniar, David Viniar, Goldman Sachs, Jamie Dimon, JPMorgan Chase &, Morgan Stanley, quarterly earnings, Ruth Porat, UBS, Unicredit, Volc, Wall Street Related ArticlesFrom DealBookRacing Along the Park With JPMorgan ChaseCuomo and the Broad Power of the Martin Act Previous Article Bankrupt, Kodak Vows to Rebound Next Article China’s Wealth Fund Buys Stake in British Utility Previous Article Bankrupt, Kodak Vows to Rebound Next Article China’s Wealth Fund Buys Stake in British Utility
== www.fashionlouisvuittonbag.com P.E. Moguls Face Tax Hike as ==
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Private equity executives are facing a major tax increase as a crucial lawmaker on Capitol Hill who has previously blocked the legislation now appears to condone the introduction of a tax that would double the amount they have to pay when withdrawing cash from their firms, The New York Post reported.The changed stance comes from Senator Max Baucus, chairman of the Senate Finance Committee and senior Democrat from Montana, and could mean an estimated $6 billion more in taxes over the next 10 years,, The Post said.Go to Article from The New York Post ?
TagsMax Baucus, Senate Finance Committee
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