Ford CFO Leclair to retire Oct 11, 2008
Under his leadership, Ford has made significant progress in lowering costs, improving quality, improving efficiency, divesting non-core assets, improving our balance sheet and moving us to our One Ford. Lewis Booth, 59, a Ford executive in Europe for the past decade, has been named to replace Leclair. (Louisville Business First, KY)
Remodeling within reason Oct 11, 2008
Kitchen improvements get points on both sides of the balance sheet: increasing a home's value and pleasure. Most people gather in the kitchen, Michael Scott, design director for Robb y explains. (AZCentral -- Home)
NAB peers over the cliff Oct 11, 2008
4 billion of assets in its conduits now on balance sheet, of which $5. 7 billion was structured by outside parties, mostly investment banks. (Sydney Morning Herald -- Business)
AIG's gallows humour gives bankers a laugh Oct 11, 2008
"The left side of the balance sheet has nothing right and the right side of the balance sheet has nothing left. But they are equal to each other. So accounting-wise we are fine," he told the Institute of International Finance. AIG, crippled by losses on bad mortgage bets, was bailed out by the Fed with an $85 billion (50 billion pound) cash lifeline last month. (International Herald Tribune -- Arts)
For Online Brokers, A Not-So-Dire View Oct 11, 2008
Analysts say the firm loaded its balance sheet with mortgage-based securities more than other online brokers ... On the upside, E-Trade has been busy selling off assets to strengthen its balance sheet. (Investors Business Daily)
Viacom Updates Full Year 2008 Business Outlook Oct 11, 2008
We have a strong balance sheet and we continue to generate significant cash flow, which are important attributes in this time of economic uncertainty. "Viacom plans to provide additional information regarding its third quarter results and business outlook during its regular quarterly conference call on Monday, November 3, at 4:30 p.m. (ET), following the release of its earnings announcement.About ViacomViacom, consisting of BET Networks, MTV Networks and Paramount Pictures, is the world's... (Yahoo! Wire -- Entertainment News)
GE 3Q profit off 22%, but meets lower forecast Oct 11, 2008
Citigroup analyst Jeffrey Sprague told investors in a note Friday that while GE has some outstanding assets and a solid AAA balance sheet, its operating performance is uneven and its finance portfolio is risky. We believe GE may have reached the point that its size and complexity have become a hindrance to effective management, Sprague said, although he maintained his Hold rating on GE, citing good cash flow and a high dividend yield among its strengths. (San Diego Union-Tribune -- Business)
Glossary: Translating the financial crisis Oct 11, 2008
The decline in value is reflected in a reduction on the asset side of a company's balance sheet. Sponsored Links. (San Diego Union-Tribune -- Business)
Morgan Gets Slammed On Continued Debt Jitters Oct 11, 2008
Meanwhile, Mack has continued to try and rapidly trim Morgan's balance sheet from 987 billion in September to 900 billion as of last week. "Morgan Stanley today is in a strong position - with all of the capital, liquidity and talent we need to continue building on our leadership position in the market and seize the substantial opportunities it offers," Mack wrote in a memo last Tuesday. (New York Post -- Business)
Wachovia extends $50M credit to Tekelec Oct 11, 2008
The company had more than $190 million in cash and short-term assets on its balance sheet as of June 30. But in June, the company paid off a $125 million debt on which it was paying interest. (Charlotte Business Journal, NC)
The new improved Paulson plan Oct 11, 2008
It was a bailout, pure and simple, designed to take toxic assets off the balance sheets of participating institutions by paying more than their current market value ... Balance sheet contagion rules the global economy. (Salon)
Luminus scraps TransAlta bid Oct 11, 2008
As a result, TransAlta looks free to continue its long-term strategy of maintaining a strong balance sheet while it develops new power plants to replace its aging coal-fired generation capacity, industry observers said. "This gives TransAlta more leeway to run its business as it likes," said BMO Nesbitt Burns analyst Mike McGowan. (Globe and Mail)
Burnham Holdings, Inc. Announces Third Quarter and Nine Months Results and Declares Dividend Oct 10, 2008
The Company's balance sheet remains strong with high liquidity and working capital at a level consistent with the business activity ... 5) In 2006, accounting rule changes required recognition of the funded status of pensions and postretirement benefits as a net liability or asset on the Company's balance sheet ... Consolidated Balance Sheets (In thousands) September September (Data is unaudited (see Notes)) 28, 30, 2008 2007 ASSETS Current Assets Cash and cash equivalents $3,370 $1,527... (PR Newswire)
Brinker International Announces Preliminary First Quarter Earnings Per Diluted Share and Revised Fiscal Year 2009 Guidance Oct 10, 2008
2) Fiscal 2009 Guidance "While we expected our first quarter results to be down sharply versus a year ago due to rising commodity costs and the lap of the successful Honey Chipotle Chicken Crispers promotion, we did not foresee the sequential pressure on the consumer as the quarter unfolded. As a result, we have revised our full-year fiscal 2009 guidance to reflect this challenging sales environment. Despite these ongoing pressures, Brinker's disciplined capital allocation, strong balance sheet... (PR Newswire)
Meta Financial Group Unscathed by Subprime Mortgages; Remains Well Capitalized Oct 10, 2008
Such statements address the following subjects: future operating results; customer retention; loan and other product demand; important components of the Company's balance sheet and income statements; growth and expansion; new products and services, such as those offered by MPS or MetaBank; credit quality and adequacy of reserves; technology; and our employees. The following factors, among others, could cause the Company's financial performance to differ materially from the expectations,... (PR Newswire)
Robbins & Myers Reports Strong Finish to Record Year Oct 10, 2008
ROBBINS , INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (in thousands) August 31, 2008 August 31, 2007 ASSETS Current Assets: Cash and cash equivalents $123,405 $116,110 Accounts receivable 153,648 152,779 Inventories 109,797 99,196 Other current assets 8,017 7,410 Deferred taxes 13,476 11,178 Total Current Assets 408,343 386,673 Goodwill Intangible Assets 285,759 278,422 Deferred Taxes 21,969 9,583 Other Assets 10,931 12,196 Property, Plant ment 137,715 129,269 $864,717... (PR Newswire)
Asian Money Rates Rise as Central Banks Fail to Unlock Credit Oct 10, 2008
You just don't know whether the person you're lending to is going to be the guy that has the weak balance sheet and is going to fall over,'' said , interest-rate strategist at JP Morgan Securities Australia Ltd. in Sydney. What markets are telling you is that it doesn't matter what central banks and governments do. (Bloomberg)
Wells Gets Green Light Oct 10, 2008
Bank of America Corp., however, struggled earlier this week in an attempt to raise $10 billion to shore up its balance sheet for its Merrill Lynch acquisition. The Charlotte, N.C., bank ultimately sold 455 million shares priced at $22, below the $28 it had sought. (San Francisco Chronicle -- Business)
Laurentian Bank: Partner of the fifth edition of Joliette's October Blues Oct 10, 2008
Laurentian Bank of Canada has more than $19 billion in balance sheet assets. Founded in 1846, the Bank employs more than 3,500 people. (Canada Newswire)
Morgan Stanley and Goldman shares tumble Oct 10, 2008
"Morgan Stanley shares have been under extraordinary pressure as of late, for no apparent fundamental reason, as we estimate liquidity, the balance sheet, and long-term earnings prospects are sound," David Trone, an analyst with Fox-Pitt Kelton Cochran Caronia Waller, said in a research note ... Still, Moody's noted that Morgan Stanley had moved quickly to reduce risk on its balance sheet and decrease leverage, and said the firm has a "good liquidity profile.". (International Herald Tribune -- Technology)
Keycorp Clobbered Oct 10, 2008
But Ryan says there is a big difference in the amount of residential real estate exposure between the two banks, with Keycorp having much less exposure than National City and a much cleaner balance sheet. "Key has its share of problems, but it s not [as much] of a mismanaged basketcase as some of the other [hammered] banks," said Ryan. (Forbes -- Markets)
Uncle Sam: The Owner Of Last Resort Oct 10, 2008
The size of the Federal Reserve's own balance sheet has ballooned over the past few weeks from $800 billion to $1. 8 trillion. (Forbes -- Markets)
Economic Stabilization act full text (New version) Oct 10, 2008
(b) Disclosure- For each type of financial institutions that sells troubled assets to the Secretary under this Act, the Secretary shall determine whether the public disclosure required for such financial institutions with respect to off-balance sheet transactions, derivatives instruments, contingent liabilities, and similar sources of potential exposure is adequate to provide to the public sufficient information as to the true financial position of the institutions ... (1) the effects of such... (Gillette News-Record, WY)
Fabless future: AMD spins off factories Oct 10, 2008
"This isn't sleight of hand - this is a very hefty investment that helps clean up AMD's balance sheet," said analyst JoAnne Feeney of FTN Midwest Securities Corp. "This is the beginning of turning AMD around.". While the spin-off is good for AMD's finances, it could set up a showdown with Intel over a cross-licensing agreement the two companies have covering what is known as x86 architecture, which is the heart of PC chips and many server chips. (San Francisco Chronicle -- Technology)
S&P: Southwest has been slightly... Oct 10, 2008
Southwest maintains the strongest balance sheet in the industry with a significant cost advantage. It is normal for credit ratings to change from time to time. (Dallas Business Journal, TX)
Berkshire Bank sets stock offering at $24... Oct 10, 2008
This new capital bolsters our balance sheet and positions us well to continue to support our markets with loans and deposits, and to take advantage of growth opportunities that may develop as a result of current events. The underwriters have been granted an option to purchase up to an additional 225,000 shares to cover over-allotments. (Albany Business Review, NY)
* Chunghwa to unwind contract Oct 10, 2008
Citigroup maintained a buy rating on the stock of Chunghwa Telecom because of the companys sound free-cash-flow profile and debt-free balance sheet, with a target price of NT$85. That will represent a 20. (Taipei Times, Taiwan -- World)
Report: ImClone's secret suitor is Eli Lilly Oct 10, 2008
Last week, Lilly CEO John Lechleiter said during a speech that his company wants to expand the company's biotech portfolio so Lilly can tailor medicines to better treat disease variations or patient groups, adding that Lilly has a strong balance sheet and people should expect Lilly to "put our financial strength to work.". "We're constantly on the look-out to in-license promising molecules or even to make acquisitions that help Lilly move into new or complementary therapeutic areas," he said. (Yahoo News -- Pharmaceutical Industry News)
MARKAZI: Viewer's guide to Saturday's actionREPORTERS' NOTEBOOKS: Buzz across AmericaMANDEL: Horrendous timing for Auburn's firing Oct 10, 2008
Meyer saw a guy who looked like a CPA scanning AIG's balance sheet. He told Tebow to enjoy himself a little. (SportsIllustrated.CNN -- NCAA Football)
Weak real estate draws down BofF earnings Oct 10, 2008
The bank also said it added liquidity to its balance sheet through a CD and money market promotion. Reader Comments. (Tampa Bay Business Journal, FL)
Local bank leaders weigh in on economic woes Oct 10, 2008
Brent Given, president and CEO of The , says a bank s ability to extend credit is gauged by the condition of its balance sheet. We have a unique opportunity as a de novo (start-up bank) in that we have a clean balance sheet with no troubled loans or investments and a very strong capital position, Given says. (San Antonio Business Journal, TX)
Financial crisis is tempering Alamo City's optimism Oct 10, 2008
He says the balance sheet fundamentals of small businesses are relatively solid and are unlikely to be starved of capital. As for larger businesses, Tullos says those that are facing some uncertainty with regard to larger lenders may find it necessary to restructure their credit arrangements, moving business to those banks that feel more confident. (San Antonio Business Journal, TX)
Calderon Proposes Spending Plan to Help Mexico Weather World Credit Crisis Oct 10, 2008
If approved by congress, Calderon's proposal will transfer so-called Pidiregas debt issued by state-owned oil company Petroleos Mexicanos from the government's balance sheet to the oil company's books, allowing the government to free up 78. 3 billion pesos for spending. (Bloomberg -- Latin America)
Morgan Stanley under pressure as deal date approaches Oct 10, 2008
It has reduced its reliance on borrowed money and has about $50 billion in cash and highly liquid securities on its balance sheet. And now that it is a bank holding company (as is Goldman Sachs) Morgan Stanley can borrow directly from the Federal Reserve. (International Herald Tribune -- Business)
Time Out Called In Wachovia Fight Oct 10, 2008
It will expand Wells Fargo's earnings power, though at the risk of weakening its balance sheet and generating significant integration and legal costs. The benefits will not appear immediately, he said, estimating a Wachovia takeover would negatively impact Wells Fargo s earnings by 30. (Forbes)
Gabriele MarcottiINSIDE SOCCER Oct 10, 2008
And this would also mean creating a common accounting standard across the continent: it's ludicrous and idiotic that clubs in Italy and Spain can still list individual players as individual assets -- the much-abused "plusvalenze" system -- allowing them to inflate their balance sheet with some accounting sleight-of-hand. Forget gimmicks like salary caps, and focus instead on having open books and a responsible financial vision. (SportsIllustrated.CNN -- Soccer)
Local firm gets $50M nod from Wachovia Oct 10, 2008
The company had more than $190 million in cash and short-term assets on its balance sheet as of June 30. But in June, the company paid off a $125 million convertible debenture a type of bond on which it was paying interest. (Raleigh Triangle Business Journal, NC)
Inter-Rock Announces Shares for Debt Transaction Oct 10, 2008
"I believe the Transaction will strengthen Inter-Rock's balance sheet and, in turn, its ability to obtain new financing needed to explore existing projects or to pursue industrial minerals opportunities", said Michael Crombie, President of Inter-Rock. "At the same time, shareholders should benefit from enhanced liquidity". (CCNMatthews Press Releases)
Foremost Income Fund Announces Sale of Geotechnical Drill Rig Product Line Oct 10, 2008
This $5 million asset based divestiture will allow the Fund to further improve its strong balance sheet. The gain of approximately $1. (CCNMatthews Press Releases)
Dear Editor, Frustration over criticism of small town mayors Oct 10, 2008
The difference between large and small cities may be the zeros on the balance sheet. Sometimes leadership skills of small towns exceed those of large ones. (Russellville News Democrat Leader, KY)
Stockbrokers get another reason to stay put Oct 10, 2008
but then again, who knows how many CCC loans they have on their balance sheet packaged into some "AAA" 3% yielding CDO.. I guess we'll see in a few weeks. (Globe and Mail)
Bare the books, divorce-style Oct 10, 2008
But it's often fear that motivates many couples not to look too closely at their balance sheet. Divorce forces them to face those fears. (Globe and Mail)
Credit casualty Oct 10, 2008
In a crisis, such as the one we are experiencing now, the strength of a bank's balance sheet is of little consequence. What matters is the explicit or implicit guarantee provided by the state to the banks to back up their assets and provide liquidity. (BBC News -- Business)
World must follow my example, says Gordon Oct 10, 2008
The banks did follow his example by parking their debts off the balance sheet i.e PFI. Look where that got us. (Times Online)
Under the Radar Oct 10, 2008
But the company has the cash flow and balance sheet to continue shopping for smaller brands. Management aims to grow the sales of its existing businesses by 3% to 4% a year and add another two or three percentage points from acquisitions. (SmartMoney)
Weathering the Downturn Oct 10, 2008
Sound investing is one way to shore up your personal balance sheet. But if todays stock market has you spooked, you can get a nearly unbeatable return by focusing on paying off debts instead. (SmartMoney)
What policymakers can do to fight the financial carnage? Oct 10, 2008
A dollar shortage around the world has become the crux of the 15-month-old financial crunch because the near collapse of many U.S. mortgage-related assets has sent banks in Europe and elsewhere scrambling to find dollars to repair balance sheets. The IMF estimates that major global banks will need about $675 billion in additional capital over the next few years and says recapitalization using the public sector balance sheet should now be considered ... This makes it far more difficult for a... (USA Today -- Money)
Confidence cracks: When, how will our faith in markets return? Oct 10, 2008
Bankers aren't solely worried about unseen dangers on another institution's balance sheet. They're worried that in this environment, even seemingly solvent institutions can fail overnight. (USA Today -- Money)
US under pressure to rush out cash injection Oct 10, 2008
It could also help to reduce the risk of further sudden plunges in the equitymarket, by strengthening the balance sheet of firms that put capital at riskas market-makers, ensuring that there is always some buying interest for stocks. The US plan under consideration bears similarities to the British recapitalisation plan announced earlier this week. (FT.com -- Markets)
Econ 101: The Financial Crisis and Danger of Government Intervention Oct 10, 2008
In 1968, in order to remove its balance sheet from that of the government, Fannie Mae was turned into a stock holder-owned entity but not quite a private corporation, called a government sponsored enterprise. In a series of regulatory changes, Fannie Mae was granted certain privileges to expand credit into the subprime market. (Human Events Online)
Fifth Street Finance Corp. Releases Its Monthly Newsletter and Updated Investor Presentation Oct 10, 2008
Recently, however, we have seen some traditional senior lenders show a desire to get back in the market and start lending again, in an effort to rebuild their earnings and balance sheet. We believe the efforts by the government to shore up the financial system will take effect in our market in the medium term, probably towards the second half of 2009. (Primezone Releases)
CFOs on the front line of crisis Oct 10, 2008
The past year has brought lots of new accounting rules and changes to those rules, especially a controversial rule that requires companies to value assets on their balance sheet based on the current price at which others are selling those assets. Companies that are facing complex accounting requirements and realizing they don t have the knowledge to deal with them in-house are calling on outside consultants like Hudson, said the firm s Parrillo. (Baltimore Business Journal, MD)
CBH in debt buyback as it stalks Perilya Oct 10, 2008
CBH Resources has begun repurchasing its onerous debt at a discount rate in an effort to gain the confidence of its takeover target, Perilya, and shore up its balance sheet. CBH launched a hostile, $40. (Sydney Morning Herald -- Business)
Islamic finance rides the storm Oct 10, 2008
Outright speculation and dealing with any party that has a balance sheet more than a third of which is debt are forbidden, as are investments deemed unethical by Islamic scholars, such as casinos. But if these rules sound tough, the biggest difference is a ban on interest. (Sydney Morning Herald -- Business)
Silver lining in central banks' intervention Oct 10, 2008
And that fear of lending stems from the core problem: uncertainty inside the private sector banks about how much junk other banks are holding; uncertainty, in the end, about whether their balance sheets are in the black ... The first is the US Government's $US700 billion bad debt bail-out, which would literally lift junk debt out of the American banks, and place it onto the government balance sheet, where it would be managed on a life-of-loan basis. (Sydney Morning Herald -- Business)
In the red: Holidays no cheer for retail Oct 10, 2008
Roundy s spokeswoman Vivian King said that since Standard & Poor s reviewed Roundy s finances, the company s bank debt and other liabilities have decreased, making our current balance sheet stronger than it was back then. While we are disappointed with these changes, we recognize that they are reflective of the unusual conditions that exist in today s credit markets, King said via e-mail. (Milwaukee Business Journal, WI)
J&J Paid $68 Million So Far to End Birth-Control Patch Suits, Files Show Oct 10, 2008
In its last annual report on Feb. 26, the company reported no reserves for Ortho Evra cases and said any liability from them ``will be substantially covered by existing amounts accrued in the company's balance sheet and, where available, by third- party product liability insurance. . (Bloomberg -- US)
People Who Live in Glass Huser Oct 10, 2008
Jean-Claude Trichet, head of the European Central Bank, can't tap into a massive balance sheet the way his American counterpart can. The result has been crisis management by committee. (Slate)
Local banks selective about lending Oct 10, 2008
According to Inovar Resources Sdn Bhd managing director P.C. Tam, the company has not faced any problems getting credit due to its healthy balance sheet, low gearing and good sales. And Kleenso Resources Sdn Bhd managing director Lee Teck Meng said his outfit had not had trouble obtaining bank facilities so far. (The Star Online, Malaysia -- Business)
Black Thursday For GM Oct 10, 2008
"Neither can Toyota, but at least they've got a strong balance sheet.". More On This Topic Companies. (Forbes -- Business)
Morgan Stanley shares sink on worries about future Oct 10, 2008
"Morgan Stanley shares have been under extraordinary pressure as of late, for no apparent fundamental reason, as we estimate liquidity, the balance sheet, and long-term earnings prospects are sound," said David Trone, an analyst with Fox-Pitt Kelton. "We expect the firm to get major funding support from Mitsubishi, with details to emerge on Tuesday when the transaction is formally closed.". (Rapid City Journal, SD)
Market-place gods had it right Oct 8, 2008
First, banks pushed assets off their balance sheet by use of "structured investment vehicles" funded by commercial paper. Second, brokers started buying illiquid assets such as real estate and private equity participations, which had been at most a modest part of their balance sheets traditionally. (Asia Times Online)
German Firms Face $237 Billion in Writedowns This Year, Handelsblatt Says Oct 8, 2008
3 billion euros of goodwill on its balance sheet, and , are among those facing the biggest charges, Handelsblatt said. The extent of the writedowns will be known at the end of the year, when auditors calculate the goodwill impairments, the difference between the price a company paid to acquire assets, and their current value, the newspaper said. (Bloomberg -- Germany)
K V Kamath, CEO, ICICI Bank Oct 8, 2008
There are concerns relating to the way ICICI Bank has grown its international balance sheet. How valid are such concerns. (India Times)
EBay to cut jobs as it expands through acquisition Oct 8, 2008
Although eBay's stock is at a five-year low, Donahoe said the company's strong balance sheet and cash balance had allowed it to take advantage of Bill Me Later's declining value in a market that had been rough on all companies in the finance sector. "We feel a little like Warren Buffett." he said during the interview. (International Herald Tribune -- Technology)
