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TODAY'S TOP HEADLINES | Monday, December 1, 2008M & A: Redstone Said to Sell Midway GamesBANKING: Richard Fuld Jr., Villain or Victim? PRIVATE EQUITY: Citi Buys Sacyr Unit for $10 Billion HEDGE FUNDS: Icahn Raises His Stake in Yahoo to 5.5% OFFERINGS: Wall St. Looks to Extend Rally VENTURE CAPITAL: Should Taxpayers Back Tesla Motors? LEGAL: Bankruptcy Lawyer Leaves Goldman for Law Firm TOP STORY
 Veritas Capital, a New York-based firm that has acquired contracts whose profits soared from the wars in Afghanistan and Iraq, figures heavily in General McCaffrey's business associations, often undisclosed to media outlets like NBC News even as he gave very public statements about the progress of the Iraq war. According to The Times, the general has earned at least $500,000 from the buyout firm, several of whose businesses also profited from statements of support by General McCaffrey. Go to Article from The New York Times» ADVERTISEMENT  MERGERS & ACQUISITIONS Go to Article from The Wall Street Journal (Subscription Required)» Go to Previous Item from DealBook» Citigroup plans to sell its Japanese trust banking unit as the ailing U.S. banking giant struggles to survive the global financial crisis, according to the Nikkei. Go to Article from The Associated Press via The New York Times»  Go to Article from The New York Times» Go to Article from Breakingviews via The New York Times» Ryanair, Europe's largest low-cost airline, on Monday offered to buy Irish rival Aer Lingus for 750 million euros ($970.4 million), or just half the price of its bid in 2006 which, was blocked by the European Union. Go to Article from Reuters via The New York Times» Go to Article from The Irish Times» Go to Video from CNBC» A report in The Times of London on Sunday that Microsoft is in talks with Yahoo to buy the U.S. internet company's online search business for $20 billion is "total fiction," a key executive told AllThingsDigital. Go to Article from The Times of London» Go to Article from AllThingsDigital» Go to Article from Barron's» Go to Article from Reuters via The New York Times»  Go to Article from Reuters via The New York Times» Go to Related Article from Bloomberg News»   Go to Article from Business Sheet» Deloitte, the administrator of the retail and distribution businesses of British retailer Woolworths Group, has received dozens of inquiries from companies and individuals for parts of the business, according to several newspaper reports on Sunday. Go to Article from Reuters via The New York Times» Go to Article from The Times of London» Go to Article from The Observer» The prospects of Swiss drugmaker Roche raising a $45 billion syndicated loan to finance the buyout of the rest of U.S. biotech group Genentech are becoming increasingly remote, Reuters reported. Go to Article from Reuters via The New York Times» INVESTMENT BANKING Go to Article from New York Magazine»  Go to Article from Bloomberg News via The New York Times»  Go to Item from DealBook» About a quarter of those working for financial services companies in London's financial district, or the City, expect to get no bonuses this year while the majority expects their payments to drop by as much as 70 percent from last year, according to a survey by the recruitment firm Armstrong International. Go to Item from DealBook» The Federal Deposit Insurance Corporation is widening its search for buyers of failed banks. The agency said Wednesday that it would allow qualified parties without bank charters make bids to acquire the deposits and assets of failing institutions. Go to Statement from the F.D.I.C.» Go to Article from Bloomberg News» The European Commission is blocking a French plan to shore up the capital positions of big retail banks, insisting they must reduce their lending in return for state support, The Financial Times reported on Saturday. Go to Article from The Financial Times (Registration Required)» Go to Article from Reuters via The New York Times» German state bank BayernLB plans to slash more than a quarter of its work force -- 5,600 jobs out of 19,000 -- The Associated Press reported, citing a source close to the bank. Go to Article from The Associated Press via The New York Times» The blogger Tanta, an influential voice on the mortgage collapse and a former mortgage banker, died Sunday morning in Columbus, Ohio, The New York Times reported. Go to Article from The New York Times» Go to Item from Calculated Risk» PRIVATE EQUITYSpanish building giant Sacyr Vallehermoso has signed a deal to sell highway operator Itinere Infraestructuras to a Citigroup fund for 7.9 billion euros ($10 billion).Go to Article from Bloomberg News» Go to Article from MarketWatch»  Go to Item from The Deal Professor»  Go to Article from The New York Times» Daimler and Cerberus Capital Management traded public barbs Wednesday as negotiations over Daimler's minority stake in Chrysler turned contentious. Go to Article from The Associated Press via Google» Go to Item from DealBook» Ancora Capital Management (Asia), an Indonesian private equity firm, has taken a stake of as much as 5 percent in the coal mining company Bumi Resources, worth about $75 million, Reuters reported, citing an unnamed source. Go to Article from Reuters via The International Herald Tribune» Singapore Food Industries said on Monday its majority shareholder, Temasek Holdings is in talks to sell its stake in the firm. Go to Article from Reuters via The New York Times» Go to Article from The Straits Times» Go to Press Release from Singapore Foods (PDF)» HEDGE FUNDS Go to Article from The Associated Press via The New York Times» Paul Tudor Jones's hedge fund firm Tudor Investment has temporarily suspended redemptions from its $10 billion BVI Global Fund, as the company splits the hedge fund into two, Bloomberg News reported, citing a person familiar with the matter. Go to Article from Bloomberg News via The New York Times»  Go to Article from Bloomberg News via The New York Times» MI Developments, a Canada-based real estate company that has been locked in a heated battle with the activist investor David Einhorn, unveiled a complex plan on Wednesday that it hopes will increase its stock price and appease angry shareholders. Go to Item from DealBook» Wednesday's snag in Bell Canada's $50 billion buyout will likely hammer several big funds that were gaining confidence the deal would close on Dec. 11. Go to Item from DealBook» Parkcentral Capital Management, which said Tuesday it was liquidating a fixed-income hedge fund because it was "no longer viable," missed a margin call just days before the announcement, according to a lawsuit filed by JPMorgan Chase against the investment firm. Go to Article from FINalternatives» I.P.O. / OFFERINGWall Street will look to build on the strongest weekly performance for stocks since 1932 on Monday, with investors focused on how recession-minded shoppers fared at the malls and a raft of government data that could give a clearer picture of the economy.Go to Article from The Associated Press via The New York Times» Go to Related Article from The New York Times» European shares fell after staging a sharp rally last week and the yen rose on Monday as investors looked to interest rate cuts in several major economies. Go to Article from Reuters via The New York Times» VENTURE CAPITAL Go to Article from The New York Times» Ireland's state-owned utility, the Electricity Supply Board, has invested $20 million in electric car start-up Tesla Motors, according to The Irish Independent. Go to Article from The Irish Independent» Go to Article from GigaOm via The New York Times» Power.com, a Web start-up from Brazil with some prominent backers, aims to become the portal through which people access their online social lives. Go to Item from Bits» LEGALJames H. M. Sprayregen, a prominent bankruptcy lawyer who spent the last three years at Goldman Sachs, will return Dec. 12 to Kirkland & Ellis, the law firm where he spent 16 years advising companies on restructuring and bankruptcy matters.Go to Article from The New York Times» As Detroit's Big Three take a second run at Congress, hoping to persuade lawmakers to give them $25 billion in federal aid, their agendas are diverging as they contemplate futures as drastically different car companies. Go to Article from The New York Times» General Motors, which recently caught flak from lawmakers for using its corporate jet while pleading for a bailout, has asked aviation regulators to stop the public from tracking a plane it uses. Go to Article from Bloomberg News via The New York Times» Go to Previous Item from DealBook» Any collective plans from Detroit's Big Three, if they are to convince Congress to bail them out, may require additional cost-saving concessions from the United Auto Workers union. Go to Article from The New York Times» J. Ronald Trost, an expert on bankruptcy law, suggests a way to keep the Big Three automakers from failing. Go to Another View from DealBook» Detroit's auto companies, stung by the debate over their request for $25 billion in federal assistance, are trying to use almost any other term except "bailout" to describe what they want. Go to Item from DealBook» Shares of General Motors and Ford Motor rose sharply Wednesday after an analyst at Deutsche Bank said the government appeared increasingly likely to bail out the struggling Big Three automakers. Go to Article from Reuters via The New York Times»  Go to Article from The New York Times» Regulators have made strides in forcing banks and brokerages to make good to investors on their broken promises about auction-rate securities. Yet some investors are still falling through the cracks, The New York Times's Gretchen Morgenson writes in her latest Fair Game column. Go to Article from The New York Times» Paul Volcker, who helped tame runaway inflation in the 1980s during two terms as chairman of the Federal Reserve, has agreed to lead a new White House economic advisory committee, President-elect Barack Obama said Wednesday. He praised Mr. Volcker as "one of the world's foremost economic policy experts," The New York Times's Jeff Zeleny reports from Chicago. Go to Article from The New York Times» London Scottish Bank, which specializes in unsecured consumer lending and debt collection, said Monday it has gone into administration. Go to Article from The Associated Press via The New York Times» Go to Statement from London Scottish Bank» President Hu Jintao of China warned at a government meeting over the weekend that the global financial crisis was threatening to undermine the country's booming economy and that China could lose its competitive edge as trade growth slows. Go to Article from The New York Times» | |
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