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In Latest IPOs, Profits Aren't the Point

Wall Street Journal Online - Thu, 10/10/2013 - 6:20pm
No profits? No problem. Investors are showing increasing hunger for initial public offerings of unprofitable technology companies and the potential for big gains that they bring.
Categories: Financial News

Energy Companies Drill for IPO Dollars

Wall Street Journal Online - Thu, 10/10/2013 - 6:06pm
U.S. oil-and-gas exploration and development companies such have raised $12 billion this year in IPOs and secondary offerings, according to Dealogic, placing 2013 on track to be the biggest year since at least 1993 for such offerings by U.S. energy companies.
Categories: Financial News

For Tower Group, Woes Could Force It to Refocus

Wall Street Journal Online - Thu, 10/10/2013 - 6:02pm
The insurer's travails illustrate the pitfalls of building a company through deals, as some of its problems can be traced to a small acquisition it made in 2009.
Categories: Financial News

SunTrust Banks Will Pay $1 Billion in Mortgage Pact

Wall Street Journal Online - Thu, 10/10/2013 - 5:35pm
SunTrust Banks is paying more than $1 billion to settle federal allegations of mortgage violations, in the latest move by a bank to put behind it costly legal issues stemming from the financial crisis.
Categories: Financial News

Broadcasters Look to Supreme Court in Aereo Fight

Wall Street Journal Online - Thu, 10/10/2013 - 4:23pm
Broadcasters could soon take their grievances with Aereo to the U.S. Supreme Court in the raging debate over streaming-video technologies.
Categories: Financial News

BP Found Negligent in Texas City Case

Wall Street Journal Online - Thu, 10/10/2013 - 4:13pm
A Texas jury found BP PLC was negligent in 2010 for allowing toxic gas to billow out of a refinery it used to own, but denied compensation to plaintiffs who said they risked health problems because of the pollution.
Categories: Financial News

Oversight of Goldman at Center of Suit Against New York Fed

Wall Street Journal Online - Thu, 10/10/2013 - 4:10pm
A former bank examiner with the New York Fed filed a lawsuit against the her former employer, alleging the regulator interfered with her oversight of Goldman Sachs.
Categories: Financial News

Alibaba Leads $206 Million Investment in ShopRunner

Wall Street Journal Online - Thu, 10/10/2013 - 3:59pm
Alibaba has led a $206 million investment in a rival to, one of its biggest U.S. moves as the Chinese e-commerce giant considers an initial public offering here.
Categories: Financial News

Alitalia Gets a Lifeline

Wall Street Journal Online - Thu, 10/10/2013 - 3:11pm
Alitalia was saved from imminent bankruptcy as Italy's government recruited the state-owned postal service to inject capital into the airline.
Categories: Financial News

North Dakota Pipeline Spills 20,000 Barrels

Wall Street Journal Online - Thu, 10/10/2013 - 2:50pm
A Tesoro Logistics crude pipeline spilled about 20,000 barrels of oil in a rural field in northwest North Dakota, in what appears to be the largest spill in the Bakken shale formation to date.
Categories: Financial News

Brazilian Brothers Settle Over Heinz Trades

Wall Street Journal Online - Thu, 10/10/2013 - 2:48pm
Two brothers agreed to pay nearly $5 million to settle allegations that they were behind a big stock-options trade made the day before the blockbuster $23 billion buyout of Heinz, the SEC said.
Categories: Financial News

Stocks Surge as Washington Moves to End Impasse

Time Magazine Latest Money News - Thu, 10/10/2013 - 2:32pm
(NEW YORK) The stock market is closing sharply higher as Washington moves closer to avoiding a default on the U.S. government’s debt. The market had its best day since January 2. The Standard & Poor’s 500 index rose 36 points to close at 1,692 Thursday. The Dow Jones industrial average jumped 323 points to end at 15,126. The Nasdaq composite rose 82 points to 3,760. House Republicans said they would advance legislation to temporarily extend the government’s borrowing authority so it can continue to pay its bills on time. The prospect of an unprecedented default on the U.S. government’s debt and a partial shutdown of the government have been dragging the stock market lower for three weeks.
Categories: Financial News

Meet Hershey’s New Candy Brand

Time Magazine Latest Money News - Thu, 10/10/2013 - 2:28pm
For the first time in three decades, an iconic American candy maker is introducing a new brand—and it’s a soft, sweet, rich blast from the past. This week, Hershey announced the rollout of a new line of Lancaster-branded caramels, which will be available nationwide by early 2014. It’s the company’s first new candy brand in 30 years, though the U.S. isn’t the first country to get a taste. Earlier this year, the Lancaster brand was introduced in China, which is the world’s second largest market for sweets (Americans, we’re #1!). As the Hershey community archives reveal, the Lancaster launch is something of a return to the past. Milton Hershey didn’t actually start out focusing on what we now know his surname for: chocolate. Instead, Hershey created the Lancaster Caramel Company in 1886, and its caramels were sold in a variety of shapes, sizes, and neat product names: They ranged from bean-shaped MCGINTYs that sold to children at the rate of ten for a penny, medium-grade JIM CRACK and ROLY POLY, to the top grade LOTUS. These top of the line caramels were made with sugar, corn syrup, fresh whole milk and 40% cream, together with almonds, a little cocoa powder, and a taste of chocolate. The inch-square LOTUSES sold to the trade in a five pound box for a dollar. Yes, back then, “Lotus eaters” were getting high on nothing other than caramels. When the new Lancaster Soft Cremes hit the marketplace in January 2014, the prices will be a bit higher than the 1800s-era products serving as their inspiration. Available in three varieties—caramel, vanilla and caramel, and vanilla and raspberry—they’ll sell in 8 oz. bags for $3.99, or in 4 oz. bags retailing at $2.49. “The launch of Lancaster Soft Crèmes takes Hershey back to the early days of our founder Milton Hershey and his truly innovative spirit and desire to make great tasting, high-quality products for consumers,” Hershey executive Steven Schiller said via press release. “The Lancaster brand will delight all consumers looking for a rich and indulgent
Categories: Financial News

BlackBerry Founder Looking at Buying Company

Time Magazine Latest Money News - Thu, 10/10/2013 - 2:28pm
(TORONTO) — BlackBerry founder Mike Lazaridis says he’s looking at making a potential takeover bid for the struggling smartphone company. Lazaridis, a major shareholder, said Thursday in filing with the Securities and Exchange Commission that he and Douglas Fregin, who helped launch the company, are looking to potentially acquire all of the shares they don’t currently own, either by themselves or with other interested parties. The filing says the two own 8 percent of BlackBerry. BlackBerry announced last month that Fairfax Financial Holdings Ltd. signed a letter of intent that “contemplates” buying the Canadian company for $9 a share, or $4.7 billion. Fairfax, BlackBerry’s largest shareholder, is trying to attract other investors. Private equity firm Cerberus is also interested in looking at Blackberry’s books as a step toward a possible bid.
Categories: Financial News

Why We Want—But Can’t Have—Personal Finance in Schools

Time Magazine Latest Money News - Thu, 10/10/2013 - 2:26pm
The drumbeat for teaching personal finance in schools has been heard. Doing something about it is proving more difficult. A nearly unanimous 99% of adults now agree that personal finance should be taught in high school, according to a poll last month from Harris Interactive sponsored by Bank of America. Yet just four states require a stand-alone personal finance course in high school and just 13 require money management instruction as part of some other class. The reasons for this disconnect are varied: Only one in five teachers feels qualified to lead a personal finance class, according to a University of Wisconsin study. So we don’t have enough instructors. Personal finance concepts are not part of standardized tests like the SAT or ACT. As the saying goes in education circles: If it’s not tested, it’s not taught. Education is run at the state level. So there is no federal authority to mandate personal finance classes, and each state has its own ideas on how to go about it. There is little academic agreement as to what kind of personal finance instruction works. Many educators are waiting for clarity before they sign on. We’re making progress. Teacher training through local government and school efforts, and through private programs like the PwC’s Earn Your Future is becoming more readily available. Nearly every state is participating in the common core initiative, which includes a push for personal finance. Nonprofits including JumpStart Coalition and Council for Economic Education have crafted teaching guidelines that should transcend state borders. Plenty other nonprofits, financial firms and federal authorities have stepped up with free programs. The federal government sponsors three useful websites at, and The Treasury Department, Federal Deposit Insurance Corp. and others offer learning materials. Most big banks including Wells Fargo and Bank of America through a partnership with Khan Academy offer learning materials as well. So do credit card companies including Visa, which has a global financial education effort and a Practical Money Skills website. Regional banks are in the mix too. Next
Categories: Financial News

Starbucks Asks Customers to Sign Petition

Time Magazine Latest Money News - Thu, 10/10/2013 - 2:26pm
(NEW YORK) — Starbucks, better known for its piping hot coffee, is throwing itself in the middle of yet another heated national debate. The world’s biggest coffee chain said Thursday that it will ask customers and businesses to sign a petition calling for an end to the partial government shutdown that has forced hundreds of thousands of federal workers off the job. The petition, which will be available at all Starbucks 11,000 U.S. locations to sign beginning Friday, calls for reopening the government, paying debts on time and passing a long-term budget deal by the end of the year. In addition to Starbucks customers, Schultz is trying to get the CEOs of the nation’s largest companies to sign. The move is unusual for a company like Starbucks. While big brands generally steer clear of politics to avoid alienating customers, Starbucks and its outspoken CEO, Howard Schultz, in recent years have run toward the spotlight by trying to gain a voice in national political issues. But because the company’s efforts are generally non-partisan and unlikely to cause controversy, marketing and corporate image experts say they burnish Starbucks’ reputation as a socially-conscious company. “It’s always risky when brands mix politics and business,” said Allen Adamson, managing director of the New York-based branding firm Landor Associates. “But the benefit for Starbucks likely outweighs the risk.” Last month, Schultz asked customers not to bring guns into Starbucks stores. In December of last year, the chain asked its employees to write “Come together” on cups to send a message to lawmakers about the damage being caused by the divisive negotiations over the “fiscal cliff,” a combination of tax and spending cuts that was scheduled to become effective Dec. 31, 2012. And In 2011, Schultz asked other chief executives to join him in halting campaign contributions until politicians stopped their partisan bickering over the debt ceiling, which led to a downgrade in the country’s credit rating. The CEOs of more than 100 companies, from AOL to Zipcar, took the pledge. Also in 2011, Starbucks collected donations
Categories: Financial News

Boeing Jet Marketing Chief to Leave

Wall Street Journal Online - Thu, 10/10/2013 - 2:18pm
The marketing and development chief for Boeing Co.'s commercial airplanes division is retiring and his duties will be split between the company's sales and finance operations.
Categories: Financial News

BlackBerry Co-Founder Explores Bid for Company

Wall Street Journal Online - Thu, 10/10/2013 - 2:15pm
BlackBerry co-founder Mike Lazaridis has hired bankers to explore a joint bid for the smartphone maker that forced him out as co-chief executive.
Categories: Financial News

Court Nixes Ruling Delaying Activision Deal

Time Magazine Latest Money News - Thu, 10/10/2013 - 1:55pm
(DOVER, Del.) — The Delaware Supreme Court on Thursday overturned a judge’s ruling that delayed the $8.2 billion sale of Vivendi’s majority stake in Activision Blizzard Inc. back to the video game maker and an investor group led by CEO Bobby Kotick and co-chairman Brian Kelly. The ruling clears the way for the deal to proceed before Tuesday’s deadline. Barely an hour after the court heard oral arguments, Chief Justice Myron Steele announced that the court had unanimously determined that the deal does not require the approval of Activision’s minority shareholders, as a Court of Chancery judge had ruled last month. “The stock purchase agreement here contested is not a merger, business combination or similar transaction,” Steele said, using disputed language from Activision’s corporate charter that was at the heart of the legal fight. Activision shares rose 70 cents, or 4.3 percent, to $16.98 in afternoon trading. Vivendi SA, a French media conglomerate that owns 61 percent of Activision, announced in July that it would sell most of its stake in the video game company, the maker of “World of Warcraft” and “Call of Duty.” Santa Monica, Calif.-based Activision would buy $5.83 billion worth of its shares at $13.60 apiece, while the investor group led by Kotick and Kelly would purchase another $2.34 billion worth. The deal would leave Vivendi with a 12 percent stake in Activision, while the investor group would control 24.9 percent. The rest of the shares would be traded on the public stock market. The proposed transaction, which carries an Oct. 15 termination date, was derailed after a lone Activision shareholder filed a last-minute, class-action complaint last month, asking for a temporary restraining order and arguing that minority shareholders should be allowed to vote on the deal because it amounted to a business combination or similar transaction involving Vivendi. “This is a complicated transaction,” shareholder attorney Michael Hanrahan argued Thursday. He noted that the stock purchase agreement involves a shell holding company and hundreds of millions of dollars in tax breaks known as net operating loss
Categories: Financial News

ND Pipeline Breaks, Spews 20,600 Barrels of Oil

Time Magazine Latest Money News - Thu, 10/10/2013 - 1:15pm
(BISMARCK, N.D.) — More than 20,000 barrels of crude oil have spewed out of a Tesoro Corp. oil pipeline in a wheat field in northwestern North Dakota, the state Health Department said Thursday. State environmental geologist Kris Roberts said the 20,600-barrel spill, among the largest recorded in the state, was discovered on Sept. 29 by a farmer harvesting wheat about nine miles south of Tioga. “The farmer was harvesting his wheat and started smelling oil,” Roberts said. “It went from there.” The spill has been contained and no water sources have been contaminated, Roberts said. Cleanup crews have recovered about 1,285 barrels of oil, officials said. A barrel is 42 gallons. Tesoro Logistics, a subsidiary of the San Antonio, Texas-based company that owns and operates parts of Tesoro’s oil infrastructure, said in a statement that the affected portion of the pipeline has been shut down. “There have been no injuries or known impacts to water, wildlife or the surrounding environment as a result of this incident,” it read. Tesoro said the cause of the spill is being investigated. “Protection and care of the environment are fundamental to our core values, and we deeply regret any impact to the landowner,” Tesoro CEO Greg Goff said in a statement. “We will continue to work tirelessly to fully remediate the release area.” The hole in the pipeline was a quarter-inch in diameter, said Eric Haugstad, Tesoro’s director of contingency planning and emergency response. Tesoro officials were investigating what caused the hole in the 20-year-old, 6-inch-diameter steel underground pipeline line that runs about 35 miles from Tioga to a rail facility outside of Columbus, near the Canadian border. Roberts said the hole may have been caused by corrosion. The spill is spread out over 7.3 acres, or about the size of seven football fields, he said, noting an oil pipeline breach in the late 1980s in the northeast corner of the state was larger. Roberts said the farmer who discovered the leak had harvested most of his wheat prior to the spill. The wheat
Categories: Financial News


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