If you hear your coworkers muttering about Houston and mission control this week, there’s a reason.
With just days to go ahead of the 40th anniversary of the Apollo 11 moon landing, AOL and the John F. Kennedy presidential library have launched a brilliant website that simulates the voyage from beginning to end.
CIT’s bailout talks with the government have fallen apart, setting the stage for a possible bankruptcy filing.The lender provides crucial funding to small and mid-sized U.S. businesses, from clothing manufacturers to Dunkin Donuts franchises.Founded in St. Louis in 1908, CIT boasts on its website that 1 million business customers depend on it for financing. Many may now have to depend on someone else, at a time credit markets remain tight, reducing business activity as the government tries to lift the economy out of recession.Is your business affected by CIT’s struggles? Have you found it difficult to obtain financing since the financial meltdown? We want to hear your stories in the comments section.
Buyouts Senior Editor Ari Nathanson and I compiled a list of buyout-backed companies which have used CIT as a lead arranger on its credit facility over the last three years, courtesy of Thomson Reuters data.We came up with 38 companies.* Of those 38, CIT provided a revolver loan to all but two. For companies that haven’t drawn down their revolver (including this week’s run, which has only added to the company’s demise), the sudden disappearance of CIT could mean the sudden disappearance of all liquidity.The interesting part is the amount of repeat business on the list. It brings new meaning to the “strong lender relationships” often touted by buyout pros. The one thing they don’t brag about is how a “strong relationship” with a failing lender could wind up being worse than no relationships!For example, Wind Point Partners used CIT for four of its portfolio companies. Thoma Cressey Equity Partners (before Carl Thoma and Brian Cressy split up) also has four CIT-led credit facilities in its portfolio. Sentinel Capital Partners and Baird Capital Partners each have two companies with CIT facilities.View the entire list below.
Today marks the launch of Reuters Small Business, designed to provide entrepreneurs with the knowledge they need to innovate and grow their businesses.
We’ve got a dedicated editorial team looking at the stories that matter most to the small business sector, and content from partners like Entrepreneur, BNET, IDG, GreenBiz.com, and Wired. Editor Jon Cook will also be reporting live from the Small Business Week conference in Washington, DC.
“We’re looking at how people travel in the United States and Europe and trying to find a theory behind human traffic,” Brockmann said. “Then we can unravel the structures within these networks and explain them.”
John McConnell, an editor at The Lancet and founding Editor of The Lancet Infectious Diseases, is answering questions about the swine flu:
What is the science behind how new flu strains arise – this one has pig, human and bird components (mainly pig). How has it got this way and how is it able to gain each of these components?
As part of Reuters new Green Business section, we have chosen a diverse group of companies to serve as a proxy for the emerging green technology sector. Over the coming months we’ll be discussing each of them at length, and rebalancing our portfolio to reflect trends in the industry.
Click here to see our portfolio in action. You can track our performance against benchmarks, comment on our choices, and create a portfolio of your own.
New Zealand and Israel confirmed cases of swine flu on Tuesday, the latest countries hit by a new strain that has killed up to 149 people in Mexico and threatens to become a pandemic.
The World Health Organisation has raised its alert level to phase 4, indicating a significantly increased risk of pandemic. Global markets tumbled for a second day on Tuesday on fears the outbreak could snuff out fragile signs of economic recovery.
[Click here to read more about Jes Staley’s appointment as head of JPMorgan Chase investment banking, putting him in line to succeed CEO Jamie Dimon]JP Morgan head of global asset management talks about operating alongside investment banking during a period of turbulent markets.[flv:http://archivecdn.reuters.com/reuters42/mojo/2008/01/24012007005.flv 480 360]