Yoshihisa Morimoto, Former Tepco Executive, Nominated to BOJ Policy Board Mar 13, 2010
Shirakawa and his board will hold a policy meeting next week where they may seek to counter a contraction of their balance sheet caused by an forthcoming expiration of an emergency-credit program. The governor today told parliament that bolstering liquidity alone wont spur demand and that the bank will keep interest rate low persistently to prop up the economy. (Bloomberg -- Japan)
Lehman Report May Point Way for Criminal Charges Mar 13, 2010
The report details how Lehman used an accounting gimmick to move $50 billion in assets off its balance sheet, making the now-bankrupt banking firm appear financially healthier than it was. The report said the use of the accounting device was "materially misleading" and done for the sole purpose of "balance sheet manipulation.". (ABC News -- Wire)
Report: Lehman execs cooked books Mar 13, 2010
Although Lehman ultimately took aggressive action to reduce its balance sheet and thus its net leverage, Lehman s management did not make a firmwide decision to reduce these figures until well after the beginning of the risk appetite and balance sheet limit overages in mid;2007. Lehman did not disclose that it had been using an accounting device (known within Lehman as Repo 105 ) to manage its balance sheet ... For example, Lehman used the Repo 105 method to temporarily remove approximately $50... (South Florida Business Journal, FL)
CORRECTING and REPLACING CC Media Holdings, Inc. Reports Fourth Quarter and Full Year 2009 Results Mar 12, 2010
TABLE 2 - Selected Balance Sheet Information. Selected balance sheet information for 2009 and 2008 was. (Yahoo! Wire -- Entertainment News)
Countdown to collapse Mar 12, 2010
For others, it was the reading of a confidential balance sheet or a discreet conversation on the fringes of a meeting. But for each and every one, there came a dawning realisation during Saturday, 13 or Sunday, 14 September 2008 that the fourth biggest investment bank in America was about to go under and there was nothing they could do to save it. (BBC News -- Business)
Lehman report blasts executives Mar 12, 2010
Lehman s executives engaged in conduct ranging from non-culpable errors of business judgment to actionable balance sheet manipulation, as they used accounting gimmicks to move assets off the balance sheet without disclosing that to the government, rating agencies, investors, or Lehman s board. Valukas spent a year and $38 million producing the report on whether banks triggered Lehman s bankruptcy, whether Barclays improperly benefited from it, and what role was played by the Federal Reserve... (Boston Globe)
World's Richest Man Carlos Slim: Who Is He?A glimpse at the Mexican telecom mogul who has topped Bill Gates, Warren Buffet. Mar 12, 2010
In January 2009, Slim invested $250 million to bolster the then-ailing balance sheet of the New York Times Company. More recently, it was rumored that Slim was looking to buy the media company outright. (ABC News -- Business)
Home Equity Lending That Fueled Consumer Spending to Recover Mar 12, 2010
"Consumers are better managing their own personal balance sheet as a result of the difficult recession we went through," Nothaft said in an interview. "Many households had taken on too much debt and were overextended, and now people are focused on paying that off.". (BusinessWeek)
Indonesia Credit Rating Raised to 12-Year High by S&P on Economic Growth Mar 12, 2010
The ratings could be raised if inflation pressure diminishes, the external debt burden declines, the sovereigns balance sheet improves, or reforms such as subsidy rationalization suggest that fiscal and external vulnerabilities are reduced, the ratin 00001B55 g company said. To contact the reporter on this story: in Jakarta at. (Bloomberg -- Asia)
JPMorgan, Citigroup Helped Cause Lehman Illiquidity, Examiner Report Says Mar 12, 2010
Lehmans executives engaged in conduct ranging from non- culpable errors of business judgment to actionable balance sheet manipulation, as they used accounting gimmicks to move assets off the balance sheet without disclosing that to the government, rating-agencies, investors or Lehmans board. Fulds lawyer, , disputed the examiners allegation that the Lehman estate has a claim against him relating to transactions called Repo 105 transactions. (Bloomberg)
Japan Increasingly Likely to Sell Yen to Curb Gains, Morgan Stanley Says Mar 12, 2010
The may seek next week to counter a contraction of its balance sheet caused by the month-end expiration of an emergency-credit program, according to two central bank officials who spoke on condition of anonymity. Larger Toll. (Bloomberg -- Japan)
Charters Next Move Mar 12, 2010
Charter emerged from bankruptcy on Nov. 30, with a streamlined balance sheet after a group of bondholders agreed to swap a chunk of the debt owned them for equity in the new company. As part of the deal, bondholders like Apollo, Oaktree and others exchanged about $8 billion of their debt for stock and pledged to pump another $3 billion in equity in a new Charter. (Multichannel News)
Examiner Sees Accounting Gimmicks in Lehman Demise Mar 12, 2010
Lehman used the gimmick to temporarily remove $50 billion of assets from its balance sheet in 2008, according to the report. 1. (ABC News -- Wire)
Foreshore property deals rock the boat Mar 12, 2010
A glance at the authority's balance sheet reveals that in five years its rental income - desperately needed to fill the government's shrinking coffers - fell 12 per cent, to $53 million in 2008-09. The authority puts this down to the sale of the large Global Switch building in Ultimo and to the need to take properties off the market while they are upgraded. (Sydney Morning Herald -- Australia)
Wendys considers $1 billion bid for CKE, owner of Hardees Mar 12, 2010
"If I were a WEN shareholder I would like to see Pelz improve operations with his current holdings and allocate resources towards strengthening the balance sheet," he said. "Second, part of WEN acquiring CKR would likely be to make use of economies of scale; and, as you might suspect, management compensation would likely be high on the list of scaling back. That said, if upper management at CKR were removed after an acquisition, significant compensation agreements would likely be triggered (not... (St. Louis Business Journal, MO)
Earnings: Delek US Holdings posts big loss Mar 12, 2010
In the year ahead, we remain committed to capitalizing on strategic opportunities without compromising balance sheet discipline, said Uzi Yemin, president and CEO. Although our retail segment experienced weak demand for fuel and merchandise during the first half of 2009, business improved considerably during the second half of the year, as indicated by the strong same-store sales metrics reported in the third and fourth quarters of 2009, continued Yemin. 4th quarter 2009 earnings: -$21. (Nashville Business Journal, TN)
NYT: Report details how Lehman hid its woes Mar 12, 2010
Lehman executives engaged in what the report characterized as actionable balance sheet manipulation, in addition to nonculpable errors of business judgment. . (MSNBC -- Business)
Lehman bosses severely criticised Mar 12, 2010
The report accuses senior management of "actionable balance sheet manipulation" and using accounting gimmicks ... Lehman used "Repo 105" to temporarily remove $50bn of assets from its balance sheet in 2008, according to the report. (BBC News -- Americas)
Axiata to place out 20% of Indon unit, could receive more than RM2.2bil in proceeds Mar 12, 2010
Axiata group chief executive Datuk Jamaludin Ibrahim told the media recently that his company was considering paying a dividend from 2011, given the strength of its balance sheet. Assuming Axiata raises RM2. (The Star Online, Malaysia -- Business)
Deans Knight Income Corporation Releases Annual Financial Statements and Management Report of Fund Performance for the Year Ended December 31, 2009 Mar 12, 2010
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Earnings: Cumberland Pharmaceuticals revenue grows after IPO Mar 11, 2010
What they said: We are pleased to report that we achieved our objectives of remaining profitable and cash flow positive during the Calador launch, and that our balance sheet is now the strongest in the history of the company, said CEO A.J. Kazimi. What s next: Cumberland has filed two new patent applications for Caldolor that will address the effect of intravenous ibuprofen in critically-ill, hospitalized patients as well as its effect on patients blood pressure. (Nashville Business Journal, TN)
Shinsei Bank Is Said to Consider Abandoning Aozora Merger, Selling Shares Mar 11, 2010
Reports the deal is collapsing will continue to widen the spread between the banks share prices, with Aozora set to outperform, said , chairman of Honolulu-based Prospect Asset Management Inc. Shinseis balance sheet is much weaker than Aozoras, he said in an interview today. Shinsei 3. (Bloomberg -- Japan)
Private-Equity Acquisitions Set to `Thrive,' Clayton Dubilier's Gogel Says Mar 11, 2010
CEOs know you dont go to CEO heaven by managing the balance sheet, you go to CEO heaven by doing deals or by growing the top line, Gogel said. This shift in CEO focus from defense to offense, the ability of capital markets, CEO change, all creates the preconditions for what should be a pretty active M&A year in 2010. (Bloomberg)
GM CEO Says U.S. Will Make Money on Bailout Mar 11, 2010
"For the first time in over a decade, General Motors has a healthy, clean balance sheet. We are not being crushed under mountains of debt. We have a cost structure that works.". GM was given $50 billion of government financing to restructure in a bankruptcy steered by the U.S. Treasury, which remains a 61 percent owner of GM stock. (ABC News -- Wire)
Savanna Energy Services Corp. Announces Q4 2009 Results and Updates Capital Program Mar 11, 2010
Given the prevailing market conditions, in 2009 Savanna focused on cost reductions, rig redeployment to new basins, and balance sheet strengthening ... To strengthen its balance sheet, and to provide the requisite capital to execute its strategic initiatives, the Company issued 20 ... Savanna's balance sheet strength is evident at December 31, 2009. (CCNMatthews Press Releases)
Lufthansa Aims to Increase Operating Profit in 2010, Sees Revenue Recovery Mar 11, 2010
A solid balance sheet, efficient capacity adjustments and the reduction of costs are, and will remain, the decisive factors for success. . (Bloomberg -- Germany)
Investments not growing? Mar 11, 2010
You must have a personal balance sheet. Here's what it is and how to draw one up. (iAfrica.com)
Essential Energy Services Trust Announces 2009 Fourth Quarter and Year End Results Mar 11, 2010
Capable of reaching depths up to 3,750 meters while accommodating coil tubing up to 2" in diameter and depths up to 5,100 meters while using smaller diameter coil tubing, the deep coil tubing rig is ideally suited to work in the deep horizontal wells, generally found in the Bakken and Montney resource plays, as well as in the deeper Alberta plays. Activity levels for Essential's coil tubing rigs remained strong during the fourth quarter as shale gas activity continued to be the focus for many... (CCNMatthews Press Releases)
Public Storage Canadian Properties Announces Fourth Quarter 2009 Operating Results Mar 11, 2010
80 Weighted average number of Units outstanding 9,040,181 9,040,181 9,040,181 9,040,181 As at December 31, 2009 As at December 31, 2008 -------------------------- ------------------------- Balance sheet data: Cash and cash equivalents $ 268,000 $ 2,390,000 Real estate facilities, net 130,000,000 98,309,000 Properties under development 5,472,000 16,881,000 Receivables and other assets 523,000 630,000 Future income taxes 1,162,000 1,294,000 ----------------------------------------------------... (CCNMatthews Press Releases)
Helix BioPharma Corp. Announces Fiscal Q2 2010 Results Mar 10, 2010
The Company's unaudited interim consolidated balance sheet as at January 31, 2010 and the audited consolidated balance sheet as at July 31, 2009 are summarized below. Consolidated Balance Sheets as at ($ thousands) 31-Jan 31-Jul 31-Jan 31-Jul 2010 2009 2010 2009 ---- ---- ---- ---- Current assets: Current liabilities: Cash and cash equivalents 19,973 14,494 Accounts payable 1,341 1,299 Accounts receivable 973 1,053 Accrued liabilities 394 834 Inventory 881 858 Deferred lease credit 25 25 Prepaid... (Canada Newswire)
PAB Bankshares, Inc. Announces Financial Results for Fourth Quarter and Full-Year 2009 Mar 10, 2010
continued to carry excess liquidity on its balance sheet to support its operations, and. maintained adequate capital and reserves on its balance sheet to support its banking activities and serve its customers' financial needs ... During the fourth quarter, the Company continued to increase liquidity on its balance sheet to meet its funding needs and to have funds on hand for other contingencies through this economic recession. (Primezone Releases)
Accelerator jammed Mar 10, 2010
To keep the Treasury bond market under control in that last year, he would resort to yet further swelling of the Fed balance sheet, buying Treasurys in quantities as large as was necessary to fund the yawning federal deficit, thereby monetizing it. Until the end of 2012, it's likely that this policy would not yet have fully exhibited its obvious downside, so it would be feasible to continue it. (Asia Times Online)
City of London Developers to Start Skyscrapers as Rents End Two-Year Drop Mar 10, 2010
While third-party investors have yet to test the market, developers with their own money are deciding to proceed and placing their balance sheet at risk, said , CEO of London-based Development Securities Plc, builder of the office complex on the edge of the West End. Great Portland Estates Plc, an investment trust that halted most of its projects in 2008, is also viewing more sites in the City, CEO said in a telephone interview. (Bloomberg)
Trouble in the Qantas empire Mar 10, 2010
An $800 million equity raising was required last July to get the balance sheet under control. Even now, Transpacific's ability to complete a sizeable acquisition is in question as the group remains highly indebted, with forecast net debt of about $1. (Sydney Morning Herald -- Business)
Sitting on Rs 35,000-cr cash, BSNL may start PE Mar 10, 2010
According to BSNLs balance sheet for 2008-09 which has been accessed by ET, the telcos cash reserves fell to Rs 35,337 crore at the end of March 2009 from over Rs 40,000 crore a year ago. The only catch is that using a part of its cash reserves for setting up a fund will reduce the income BSNL earns as interest from its bank deposits. (India Times)
Gold Coast values hit by GFC: report Mar 10, 2010
"The demand for offices, manufacturing space, and storage has decreased, resulting in increased vacancies and price reductions. "Limited availability of credit has further eroded prices in the commercial and industrial sectors, with market activity dominated by a limited number of buyers with strong balance sheet capacity. " The report was seized upon yesterday by Natural Resources Minister Stephen Robertson to put to rest claims about the impact of his proposed amendments to the Valuation of... (Sydney Morning Herald -- Opinion)
U.S. Concrete faces NASDAQ delisting Mar 10, 2010
At that time, U.S. Concrete also said it had hired Lazard Freres & Co. and AlixPartners as financial advisers, and Kirkland & Ellis LLP as its legal adviser, to help it evaluate potential alternatives to strengthen its balance sheet. Most Read Stories. (Houston Business Journal, TX)
MGM Mirage to Sell $845 Million in Bonds Mar 10, 2010
LAS VEGAS -- Casino operator MGM Mirage says it will sell $845 million in new bonds due in 2020, looking to build a healthier balance sheet amid a gambling industry slump. MGM Mirage, the world's second biggest casino operator, is seeing gamblers make fewer trips to its resorts and spend less money when they do. (KLAS-TV.com, NV)
Leibovitz can keep portfolio under new debt deal Mar 10, 2010
The specific terms of the new deal were not disclosed, but Nanula said "it pays off all the Art Capital loan. ... It cleans up the rest of her balance sheet.". The Colony loan also contains more than $20 million of real estate collateral, Nanula added - Leibovitz's three 000029E4 Manhattan town houses. (KLAS-TV.com, NV)
PokerTek, Inc. Reports Fourth-Quarter and Full-Year-2009 Results Mar 10, 2010
Balance sheet strengthened ... Chief Executive Officer and Chief Financial Officer Mark Roberson commented, During the second half of 2009, we focused on turning the business around strategically and financially reducing operating expenses, strengthening our balance sheet and implementing new, more effective sales and marketing strategies that produce recurring revenues for PokerTek ... Balance Sheet and Cash Flow Information. (Yahoo! Wire -- Entertainment News)
Annie Leibovitz strikes debt deal to retain portfolio Mar 10, 2010
It cleans up the rest of her balance sheet. The Colony loan also contains more than $20 million of real estate collateral, Nanula added - Leibovitz s three Manhattan town houses. (Boston Globe)
Former Colonial execs acquire Dallas bank Mar 10, 2010
In addition to banker talent, Professional Bank is set to get about $4 million in new capital for its balance sheet. That will extend its lending abilities and allow it to grow more quickly, Miller said. (Dallas Business Journal, TX)
Shares of US bailed out companies surge Mar 10, 2010
Berkowitz, recently named U.S. stock fund manager of the decade by fund tracker Morningstar Inc., cited improvement in Citi's balance sheet. "People are so focused on the liabilities that they've potentially forgotten about some of the assets," Berkowitz told Fortune. (The Star Online, Malaysia -- Business)
Banca IFIS, Bois Sauvage, EADS, Lufthansa, Mediaset: Europe Equity Preview Mar 9, 2010
84 million shares to institutional investors to strengthen its balance sheet. Wessanen retreated 1 percent to 2. (Bloomberg -- Germany)
An off-limits bubble Mar 9, 2010
The Fed's balance sheet is a serious bubble issue, but it also remains untouchable. Treasury, GSEs, and Federal Reserve Credit are viewed as the solution, and a historic bubble is emboldened and builds momentum. (Asia Times Online)
Banking group plans to expand social benefits network Mar 9, 2010
The alliance, which says it represents 7 million customers in 20 countries with a combined balance sheet of more than $14 billion, committed to raise $250 million to support the expansion of $2 billion in lending to communities not served by banks and green projects around the world. "Within a couple of months we will (have) $140 million and it will not be difficult to raise the rest money over three years," said Abed, who is also chief of the BRAC, the world's largest non-government... (AlertNet)
National CineMedia, Inc. Reports Results for Fiscal Fourth Quarter and Full Year 2009 Mar 9, 2010
Selected Balance Sheet Data. Unaudited ($ in millions). (Yahoo! Wire -- Entertainment News)
Georgia banks find new ways to raise capital Mar 9, 2010
Heritage expands into new markets at a relatively low cost, and PAB , Park Avenue s parent company, shrinks its balance sheet while gaining a small amount of capital and boosting its key ratios. You almost have to be a non-traditionalist to raise money if you re a community bank, said Jim Gardner, chairman of Dallas-based Commerce Street Capital LLC, a full-service financial consulting and investment banking firm. (Atlanta Business Chronicle, GA)
COVER STORY: Charter's Next Move Mar 9, 2010
Charter emerged from bankruptcy on Nov. 30, with a streamlined balance sheet after a group of bondholders agreed to swap a chunk of the debt owned them for equity in the new company. As part of the deal, bondholders like Apollo, Oaktree and others exchanged about $8 billion of their debt for stock and pledged to pump another $3 billion in equity in a new Charter. (Multichannel News)
ResCare Reports Fourth Quarter and Year-End 2009 Results Mar 9, 2010
We managed our working capital and maintained a solid balance sheet, giving us a platform on which to take advantage of ever-present growth opportunities ... " 2010 Guidance The Company expects revenues of approximately $1.6 billion and diluted earnings per common share in the range of $1.05 to $1.15. The 2010 guidance assumes: Organic growth offsetting anticipated rate and volume reductions. Extension of the Medicaid funding provisions of the American Recovery and Reinvestment Act through June... (Primezone Releases)
A Hard-Times, Fast Food Fight Mar 9, 2010
A strong balance sheet and cash flow are helping to fuel further growth, he notes. Although McDonald's has dominated the competition so far, Burger King and Wendy's are trying to fight back. (BusinessWeek)
Portugal's Socrates rethinking debt Mar 9, 2010
02 billion by selling new government bonds to shore up its balance sheet. EPA A demonstrator clashes with riot police outside Greek Parliament. (New York Post -- Business)
Africa: South Africa and Nigeria to Issue Bonds Mar 9, 2010
The weak recovery is a result of weaker global demand, higher unemployment and less-rapid local credit expansion - this being partly due to burdened household balance sheets ... "The government's own balance sheet has been hit hard by the recession," said Lindow. (allAfrica.com)
Randolph-Brooks FCU plans to open more branches Mar 9, 2010
The growth is being driven by members demands for services, a healthy balance sheet and ripe market conditions for expansion, spokeswoman Sonya McDonald said. This article is for Paid Subscribers ONLY.. (Austin Business Journal, TX)
In deal on Everglades, a dream is deferred Mar 9, 2010
But by 2007, with a sagging sugar business looking to prop up its balance sheet and a new governor looking to burnish his environmental and national credentials, the fate of the Everglades was about to take another abrupt turn ... But by 2007, with a sagging sugar business looking to prop up its balance sheet and a new governor looking to burnish his environmental and national credentials, the fate of the Everglades was about to take another abrupt turn. (Honolulu Star-Bulletin)
NuVista Announces 2009 Year End Results Mar 9, 2010
No asset or liability value has been assigned to the contracts on the balance sheet as of December 31, 2009 ... Off Balance Sheet Arrangements - NuVista has no off balance sheet arrangements except for certain lease arrangements ... No asset or liability value has been assigned to these leases in the balance sheet at December 31, 2009. (CCNMatthews Press Releases)
ICICI sells Prabhadevi property Mar 9, 2010
The entire top floor of the high-end residential building was occupied by the CEO. The sale has been effected through multiple deals and will reflect in the companys balance sheet. According to property listings, a 1,200 square foot two-bedroom apartment in the locality sells for around Rs 3. (India Times)
When Goods Get Traded, Who Pays for the CO2? Mar 9, 2010
In a few rich nations, such as France, Sweden and Britain, more than 30% of consumption-based emissions could be traced to origins abroad; if those emissions were tallied on the other side of the balance sheet, it would add more than four tons of CO2 per person in several European nations. The effect in the U.S. is less extreme because the country exports more than Western Europe and because the U.S. economy has a higher carbon intensity but it made a difference. (Time.com)
Maximising your business' financial success Mar 9, 2010
In addition to the cash flow a current set of financials, including a balance sheet and a profit and loss, should be included with the application. When these documents accompany a request for finance it immediately sets the business apart from the multitude that don't go to this trouble. (Sydney Morning Herald -- Business)
Groves projections for ABC were $200m 'off the mark' Mar 9, 2010
The rest of the cost was listed as a capitalised asset in the company's balance sheet, falsely over-stating the worth of assets. The hearing continues today. (Sydney Morning Herald -- Business)
PIPE speculation rattles investors Mar 9, 2010
In return, Deutsche lent its balance sheet to support Wilson's underwriting positions while providing some technical and training support. Wilson has been paying Deutsche an average of $2. (Sydney Morning Herald -- Business)
The deficit dilemma Mar 9, 2010
Most economists also agree that it is a mistake to look at only one side of a balance sheet (whether for the public or private sector). One has to look not only at what a country or company owes, but also at its assets. (Sydney Morning Herald -- Business)
Controller hire is not a CPA Mar 9, 2010
You have to recognize, on your balance sheet, that liability, he continued. It s an expected outcome. (Hudson Register Star, NY)
Sack Says Fed Selling Assets Would Risk Sudden Increase in Long-Term Rates Mar 9, 2010
3 trillion balance sheet quickly through sales of assets would risk a sudden increase in long-term interest rates ... The balance sheet may see a considerable decline even without asset sales because of redemptions of debt, Sack said. (Bloomberg -- US)
Banks earnings still bleed red Mar 9, 2010
Dickey said most of that loss came shortly after he and Farrell joined the bank and aggressively revalued the balance sheet before injecting almost $15 million in new capital in the summer. Pages: 1. (Memphis Business Journal, TN)
