Exclusive outtakes from industry leaders
Kinross Gold’s CEO Tye Burt said at the Reuters Global Mining and Steel Summit on Wednesday that as far as mergers and acquisitions go, his company is in a pretty good place — there are more deals hitting his desk, sellers are getting more motivated and Kinross, the third-largest of the Canadian gold miners, has the cash to do a little shopping.
While Burt did not expect to be party to one of those huge mega-deals, he did indicate the company was keeping its options open — and was listening for bargains.
Burt was one of the featured speakers at the summit, which continues through Thursday in New York, London and Sydney. The Summit program is in its fifth year, and in 2009 will include top-level executives from industries and sectors including everything from Infrastructure; to Global technology; to Investing in India, China, Japan and Russia; to Food and Beverages.
The Summits continue next week at the annual Global Food and Agriculture Summit with guests in the U.S. and Asia from March 16-19; and the Funds Summit in Luxembourg on March 17-18.
Mining and construction equipment maker Joy Global actually had a pretty good week for itself.
The company released its first-quarter results last Wednesday, which topped Wall Street’s expectations and sent the shares up more than 15 percent.
It seems that any sentence about Las Vegas, the people who work there or the stocks of the companies that run the big casinos ends better with the word “baby”. It’s almost like you can hear Frank saying it to Dino on their way into some smoky, after-hours cocktail party.
So, even though Bill Lerner, casino and gaming analyst at Deutsche Bank didn’t exactly end his comments on casino stock picks like Sinatra might have … well, it’s Vegas, baby!
The state of the airline industry and travel overall is not poised for a rapid takeoff in 2009 and looks like it will remain in rough shape until next year, said Pierre-Henri Gourgeon, chief executive of Air France-KLM, on Monday at the Reuters Travel and Leisure Summit.
The head of Europe’s largest airline, who became CEO in January, said he was unsure when things would turn around, but warned that both passenger and cargo metrics were down for the airline.
Priceline.com CEO Jeff Boyd told the Reuters Travel and Leisure Summit in New York that he thinks that at least two out of the four players in the online travel sector – Priceline, Orbitz, Travelocity and Expedia – could be in a position for either an IPO or a sale once the economy turns up.
“I think that the most important fact there is that two of the major players are owned by private equity,” he said. ”Orbitz is controlled by Blackstone. And Travelocity and Sabre Group are controlled by TPG and Silver Lake Partners. And what that means is eventually they will be looking for a way to monetize those private equity investments, and there’s two ways of doing it.
Throughout the current recession, many of the companies’ executives at this week’s Reuters Manufacturing and Transportation Summit have found an opportunity to review, pare back and possibly add on to their existing business mixes.
Such is the case for Edward Campbell, chief executive of Nordson Corp, which has a uniquely diversified set of businesses under its umbrella and is looking at what makes sense for them going forward.
Speaking at the Reuters Manufacturing and Transportation Summit, Rapp (who, incidentally, has been with Caterpillar for almost 30 years and is still considered something of a “youngster” there!!) said that while there are still many hurdles for the company to avoid in the short term, he thought CAT’s previous guidance was within reach.
On the first day of this year’s Reuters Manufacturing and Transportation Summit, one of the guests told us of the Chinese theory of the word “crisis” — the symbols for which are a combination of “problem” and “opportunity”.
On Tuesday, Vice Chairman John Rice told Reuters that both sides of the equation were in play for GE, but voiced confidence that the company would be able to hit its marks.