Lauren's Feed
May 11, 2013

Bloomberg CEO says client data access for reporters a mistake

May 11 (Reuters) – After reports that users of the company’s
financial terminals were investigating potential leaks of
confidential information, Bloomberg LP CEO Daniel Doctoroff
said that the company had made a “mistake” by giving journalists
access to data on clients’ terminal usage.

The financial information and news company sought to assure
its customers that Bloomberg News journalists will no longer
have any information about what users of its terminals are
accessing.

May 9, 2013

Goldman cuts investment fund pledges in half since Dodd-Frank-filings

NEW YORK, May 9 (Reuters) – Goldman Sachs Group Inc
has slashed its capital pledges to investment funds by nearly
half since the Volcker rule was signed into law in 2010, as it
prepares its principal investment business for restrictions on
investing its own money, according to regulatory filings.

The Wall Street bank has reduced future commitments to hedge
funds and funds that invest in private equity, credit and real
estate, by $5.8 billion since June 2010, the last period before
the Volcker rule was included in the Dodd-Frank financial reform
act. That represents a reduction of 48 percent, according to
data in filings with the U.S. Securities and Exchange
Commission.

May 2, 2013

AIG beats estimates, property and casualty business shines

By Lauren Tara LaCapra

(Reuters) – American International Group Inc’s (AIG.N: Quote, Profile, Research, Stock Buzz) property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as the insurer wrote more premiums at higher prices and reported lower losses.

The long-awaited turnaround in AIG’s property and casualty business helped the company beat analysts’ quarterly profit expectations on Thursday, sending its shares up 3 percent in after-hours trading.

May 1, 2013

Goldman comes to aid of Ebix with buyout offer

By Lauren Tara LaCapra

(Reuters) – A Goldman Sachs Group Inc affiliate (GS.N: Quote, Profile, Research, Stock Buzz) plans to spend $743 million to buy Ebix Inc (EBIX.O: Quote, Profile, Research, Stock Buzz), an insurance software provider that has been a target of allegations from short-sellers about inaccuracies in its financial statements.

An affiliate in Goldman’s merchant bank agreed to pay $20 per share for Ebix, which repeatedly has denied claims by the short sellers – some made as recently as in March – in critical reports posted online.

May 1, 2013

Exclusive: Goldman’s special situations group names new global head

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has named Julian Salisbury to become head of its Global Special Situations Group, as current head Jason Brown retires, according to memos sent on Wednesday that were obtained by Reuters.

Salisbury, a partner and managing director who now heads the group’s European operation, will move from London to New York for the role.

May 1, 2013

Goldman’s special situations group names new global head

NEW YORK, May 1 (Reuters) – Goldman Sachs Group Inc
has named Julian Salisbury to become head of its Global Special
Situations Group, as current head Jason Brown retires, according
to memos sent on Wednesday that were obtained by Reuters.

Salisbury, a partner and managing director who now heads the
group’s European operation, will move from London to New York
for the role.

May 1, 2013

Exclusive: Investor wants buybacks, spinoffs on Tim Hortons menu

NEW YORK (Reuters) – Canadian coffee-and-doughnut chain Tim Hortons Inc has come under pressure from a large investor to aggressively boost returns through debt-funded share buybacks and a scaling back of U.S. expansion plans, according to documents seen by Reuters and two sources familiar with the matter.

Hedge fund Highfields Capital, which owns about 1.5 percent of the company and which has a track record of bringing about change at other firms, wants Tim Hortons to borrow $3.4 billion to buy back more than one-third of its outstanding shares at $59 apiece, the documents show.

Apr 30, 2013

Tim Hortons investor agitates for buybacks, new strategy

NEW YORK (Reuters) – Canadian coffee-and-donut chain Tim Hortons Inc (THI.TO: Quote, Profile, Research) is under pressure from one of its top investors to buy back a large chunk of its shares, pare back in the United States and get more money out of its real estate assets, according to documents seen by Reuters and two sources familiar with the matter on Tuesday.

Hedge fund Highfields Capital, which owns about 1.5 percent of the company, wants Tim Hortons to borrow $3.4 billion to buy back more than one-third of its outstanding shares at $59 apiece, the documents show.

Apr 30, 2013

Exclusive: Tim Hortons investor agitates for buybacks, new strategy

NEW YORK (Reuters) – Canadian coffee-and-donut chain Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz) is under pressure from one of its top investors to buy back a large chunk of its shares, pare back in the United States and get more money out of its real estate assets, according to documents seen by Reuters and two sources familiar with the matter on Tuesday.

Hedge fund Highfields Capital, which owns about 1.5 percent of the company, wants Tim Hortons to borrow $3.4 billion to buy back more than one-third of its outstanding shares at $59 apiece, the documents show.

Apr 30, 2013

Few Wall Street banks will survive trading overhaul -report

NEW YORK, April 30 (Reuters) – Just a few Wall Street banks
will be able to maintain large trading operations after
adjusting to new rules and will achieve returns-on-equity of
just 15 percent to 16 percent, according to a Boston Consulting
Group report on Tuesday.

Banks like JPMorgan Chase & Co, Goldman Sachs Group
Inc and Deutsche Bank AG will be able to
maintain large trading operations because of their market share,
reputation and technology investments, according to a
presentation given by the consulting firm’s executives. But
smaller competitors will have to exit businesses altogether or
focus just on particular segments of the market.