“CIT Group says CEO Peek plans to resign - Star-Tribune” plus 4 more |
- CIT Group says CEO Peek plans to resign - Star-Tribune
- Jean Sarkozy: I'm doing it my way, not Papa's (News Feature) - Monsters and Critics
- Calendar of major business events for Wednesday - Modesto Bee
- Business briefs - detnews.com
- Windhover Brings Roche, Genentech Executives Together to Talk Business ... - Market Wire
| CIT Group says CEO Peek plans to resign - Star-Tribune Posted: 13 Oct 2009 07:39 AM PDT STEPHEN BERNARD | Posted: Tuesday, October 13, 2009 7:45 am CIT Group Inc., a major business lender that's been devastated by the downturn in the credit markets, said Tuesday its chairman and CEO will resign at the end of the year. CEO Jeffrey M. Peek is stepping down as the company continues ongoing restructuring efforts to try and avoid bankruptcy. CIT has posted billions in losses as borrowing costs have outpaced the money it generates from lending to customers. As CIT's customers have struggled amid the recession, they have fallen behind on repaying loans. That has forced CIT to set aside more cash to cover those losses, a problem nearly all lenders have had during the recession. Some experts have warned that a total collapse of CIT would deal a crippling blow to an economy still bleeding well over 100,000 jobs a month. Its shares fell 17 cents, or 16.1 percent, to 87 cents in morning trading. Peek, who has been with CIT Group since 2003, said in a statement that CIT's recently launched restructuring plan makes it "the appropriate time to focus on a transition of leadership." New York-based CIT is in the middle of its second debt restructuring in recent months as it looks to reduce costs to remain in business. The current debt exchange could reduce the financial firm's near-term debt burden by $5.7 billion. CIT is trying to swap debt set to mature in the near future for bonds or preferred shares. At the same time, CIT has asked its biggest debt holders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection. CIT has already received $2.3 billion in federal bailout money, a $3 billion emergency loan from some of its largest bondholders, and bought back $1 billion in debt as it tries to reorganize and avoid collapse. The government bailout money was given to the firm last fall amid the peak of the credit crisis. The emergency loan and initial debt deal were completed over the summer. The retail sector would be hit especially hard by a CIT collapse, since it serves as short-term financier to about 2,000 vendors that supply merchandise to 300,000 stores, according to the National Retail Federation. Analysts have said 60 percent of the apparel industry depends on CIT for financing. Peek, 62, first served as CIT Group's president and chief operating officer, before being named CEO in 2004 and chairman in 2005. Before joining CIT, Peek served as a vice chairman at Credit Suisse First Boston LLC, overseeing the firm's financial services division. He also spent 20 years working at Merrill Lynch & Co. The board of directors is creating a search committee to find a new CEO. This content has passed through fivefilters.org. |
| Jean Sarkozy: I'm doing it my way, not Papa's (News Feature) - Monsters and Critics Posted: 13 Oct 2009 03:57 AM PDT
Taking a page from Frank Sinatra\'s songbook, Jean Sarkozy told a French daily that he was building his political career \'my way\' and that his meteoric rise had little to do with his father. Discussing his controversial candidacy for an influential post, the young man often derisively referred to as \'Prince Sarkozy\' told Le Parisien, \'Obviously I informed those who are close to me; that\'s only normal. But I follow my own way.\' Sarkozy gave the interview as the outcry grew over his candidacy to head the board of EPAD, the governmental agency that manages the La Defense financial district in the western suburbs of Paris. Critics decried his youth, inexperience and his lack of a college degree, and charged that he was getting the job only because he was the son of the president. \'If he did not have the name he does, would he be where he is today?\' said Socialist Segolene Royal, the losing candidate in the 2007 presidential elections. \'He dares to do whatever he wants,\' complained the head of the Green Party, Cecile Duflot. \'Afterwards, everyone gives in because he has the name he has.\' The EPAD board of directors consist of volunteers who make the final decision on building permits and other administrative issues in La Defense. The area is Europe\'s largest purpose-built business district and home to some 20,000 residents. It houses the headquarters of some 2,500 companies. More than 150,000 work there every day. Its budget for 2009 was 115 million euros (170 million dollars). But it also manages millions more that come from the sale of construction permits. According to Le Parisien, an expansion plan foresees the construction of a number of new high-rises, which will add 100,000 square metres of residences and bring in about 1 billion euros. There is only one prerequisite for the post Jean Sarkozy would like to assume: being a member of the federal or local government. He is currently regional councillor in the Paris suburb of Neuilly- South, one of the richest communities in the country. His wanting to assume such an influential post was also sharply criticized by Sarkozy\'s fellow law students at the Sorbonne. \'Do I think he has the ability to direct a public enterprise after two years of law school? No, I don\'t,\' one student told France Info radio. \'We\'re not talking about a training stage, but about directing a large district which handles a great deal of money.\' \'It\'s only by being the son of the president that he can have such a prestigious position so quickly,\' another student said. \'He was well-born. Good for him. But it\'s not very fair.\' For Jean Sarkozy, the protests over his latest job promotion were based purely on personal rancour. \'No matter what I say, what I do, I am criticized,\' he told Le Parisien. \'I ask to be judged, not on my civil status, but on my acts.\' '; PrintArticle();//--> This content has passed through fivefilters.org. |
| Calendar of major business events for Wednesday - Modesto Bee Posted: 12 Oct 2009 01:53 PM PDT WASHINGTON - Commerce Department releases retail sales for September, 8:30 a.m. WASHINGTON - Commerce Department releases business inventories for August, 10 a.m. WASHINGTON - Senate Energy and Natural Resources Committee hearing on the economic and energy effects of climate change legislation. WASHINGTON - Senate Banking, Housing and Urban Affairs Committee hearing on the banking industry, with witnesses including Sheila Bair, head of the Federal Deposit Insurance Corp., and John Dugan, comptroller of the currency. WASHINGTON - Senate Judiciary Committee hearing on prohibiting price fixing and other anticompetitive conduct in the health insurance industry. WASHINGTON - House Oversight and Government Reform Committee hearing on bonuses paid out by American International Group Inc. NORTH CHICAGO, Ill. - Abbott Laboratories releases third-quarter financial results. NEW YORK - JPMorgan Chase & Co. releases third-quarter financial results. This content has passed through fivefilters.org. |
| Posted: 13 Oct 2009 05:30 AM PDT Mich. reports stimulus saved 19,500 jobsLansing -- The state of Michigan is reporting about 19,500 jobs have been saved or created because of the federal Recovery Act. Nearly three-fourths of the jobs are related to education. The report, obtained from the state Monday, is based on information Michigan was required to file with the federal government over the weekend. The summary reflects nearly $3.7 billion state departments have received in stimulus dollars. Ford's market share in Europe at decade highFord Motor Co. 's share of the major European markets broke 10 percent for the first time in eight years last month after the Dearborn automaker posted its fourth consecutive month of year-over-year sales increases. Sales in the 19 largest European markets totaled 152,600 new vehicles, 12.3 percentage points more than a year before and well ahead of the industry's 2.9 percent gain. Its overall share of the European market has climbed to 9.2 percent this year, its highest level in a decade. New law allows farm animals more spaceLansing-- Gov. Jennifer Granholm has signed legislation requiring that farm animals confined in small cages have enough room to turn around and fully extend their limbs. The bill signed Monday sought to give consumers confidence that meat and animal by-products from Michigan farms are produced in accordance with a set of holistic animal care standards. Agriculture is arguably Michigan's second-largest industry. Advertisement MSU studying global effect of climate changeEast Lansing-- Michigan State University researchers are leading a $1.5 million study of the effects of climate change on global markets. Lead researcher Julie Winkler said Monday the study builds on her earlier work to develop computer models of the effect of climate change on tart cherry production and tourism in Michigan. She says the tart cherry business centered in northern Michigan provides a useful guide to the global effect of climate on industries including manufacturing and agriculture. The National Science Foundation is paying for the study. BMW to expand U.S. output, add workersBMW Manufacturing Co. is adding two production shifts at its Spartanburg, S.C., plant. The German automaker's contract agencies MAU Inc. and Tier One Solutions will be hiring up to 700 workers to support the added production. BMW, which makes the X5 SUV and X6 crossover at the plant, said it would add one shift immediately and another in early November. Michigan Heritage Bancorp is shut downShareholders voted last week to dissolve Michigan Heritage Bancorp Inc. On April 24, the state's Office of Financial and Insurance Regulation closed the Farmington Hills bank, and the Federal Deposit Insurance Corp. was named receiver. All deposit accounts have been transferred to Level One Bank , Farmington Hills. Online billing grows for Consumers EnergyJackson -- The number of Consumers Energy customers choosing online billing has grown steadily in the first decade of that free service. Today, nearly 1 in 6 residential customers -- about 400,000 -- use online billing, a number that's expected to grow dramatically in the near future. Survey: Most economists forecast slow recoveryNew York-- More than 80 percent of economists believe the recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist. That consensus comes from leading forecasters in a survey by the National Association for Business Economics released Monday. Industrials reach 2009 high; volume is highNew York-- Investors waiting for earnings reports to flow in traded cautiously Monday, giving up early gains and leaving the market narrowly mixed. The Dow Jones industrials reached a new 2009 trading high, edging closer to 10,000. Volume was light because of the Columbus Day holiday. Bond markets were closed and there were no economic reports. Apple director Levinson leaves Google's boardMountain View, Calif.-- Google Inc. said Monday that Arthur Levinson has resigned from the Internet search leader's board, averting a showdown with government regulators over his overlapping job as a director for computer and gadget maker Apple Inc. The Federal Trade Commission had been investigating whether Levinson's double duty on the boards of Google and Apple would lessen competition between the companies as they increasingly collide in the same markets. Philips' third-quarter net profit triples to $256MAmsterdam-- Royal Philips Electronics NV -- the world's largest lighting manufacturer -- reported a net profit of $256 million for the third quarter on Monday, three times the depressed levels of a year ago, due to cost-cutting measures. Despite the increase in profit, the company said sales fell 11 percent in the third quarter of 2009, as demand continued to lag for consumer electronics, high-end health care equipment and many kinds of lights, notably those used in the automobile industry. Staff and wire reports This content has passed through fivefilters.org. |
| Windhover Brings Roche, Genentech Executives Together to Talk Business ... - Market Wire Posted: 13 Oct 2009 08:36 AM PDT SOURCE: Elsevier Business Intelligence NORWALK, CT--(Marketwire - October 13, 2009) - Elsevier Business Intelligence and Windhover Conferences have announced a major addition to the lineup for their upcoming Therapeutic Area Partnerships event, Nov. 17-19 in Boston, MA. In Roche and Genentech: Understanding Their Collaborative Business Development Model, the two executives who designed and implemented the radical new collaborative business model will share exactly how they make this relationship work and the outlook for the business model in the future. Mary Graves, Executive Director, Roche Pharma Partnering, and Suzy Jones, Senior Director of Business Development, Genentech Partnering, will outline Roche's strategy for retaining Genentech's business development team despite taking the company private. The executives will discuss a variety of strategies, including:
-- Early stage, late stage and TAs, and who does what deal -- Who to talk to about partnering based on asset stage and therapeutic area -- Strategic priorities in the merged company -- Commercializing licensed products after the merger Therapeutic Area Partnerships will also feature its popular Top 10 Projects to Watch, including a Top 10 in each of four therapeutic areas: cardiovascular/metabolic, oncology, neuroscience and inflammatory/autoimmune. According to Roger Longman, Managing Director, Pharma, of Elsevier Business Intelligence, many companies previously featured on the Top 10 list have gone on to negotiate major deals. The complete list of all projects to date (in random order) is available at www.windhover.com/taprojects. Each project has been hand-selected by Windhover's elite selection panel to ensure a high-quality slate of presenters. Companies will present the product's target and first indication(s); other compounds addressing the same target; the relative advantage of the compound; the clinical results to date and general clinical plan for the future; IP on the compound or target; and any partnerships the company currently holds on the compound. Registered attendees have access to pre-conference access to a database that includes detailed technical, non-confidential information on projects available for partnering (pre-clinical and clinical stage). Industry analysts will open each Top 10 session with therapy area-specific discussions on Matchmaking in Drug Partnering: Identifying the Right Drugs and the Right Partners A major partnering event Therapeutic Area Partnerships is the industry's most targeted and efficient partnering meeting for life science companies seeking partnerships in the top therapeutic areas. Decision-makers (business development and R&D) focusing on these therapeutic categories can meet to develop strategic alliances between their companies. Also, attendees enjoy the personal and interactive setting that combines company presentations, 1:1 meetings and networking functions. Online registration for Therapeutic Area Partnerships is available at www.tapartnerships.com. Leading industry executives will discuss timely issues at Therapeutic Area Partnerships, including Therapeutic Area Partnering: Predicting Pharma Strategies in a Post Primary Care World with Elsevier Business Intelligence's Roger Longman; Who Is your Best Partner?: How Deals Differ in Various Therapeutic Areas; and Deal Structures that Allow Large and Small Companies to Share Risk. Top industry executives and strategists to speak at Therapeutic Area Partnerships include Dr. Carlo Russo, SVP, Biopharmaceutical Development, GlaxoSmithKline; Peter Wirth, Executive Vice President, Legal and Corporate Development, Genzyme Corp.; and Dr. Jeremy Levin, Senior Vice President, Strategic Transactions, Bristol-Myers Squibb. Additional speakers are available on the website. Therapeutic Area Partnerships will also offer several in-depth workshops. Global Sponsor for Therapeutic Area Partnerships is Campbell Alliance; Gold Industry Sponsors are Astellas, Merck & Co. and Sanofi Aventis; and Association Sponsor is the Licensing Executives Society. Regional Supporting Organization is BioteCanada; Neuroscience Advisor is NI Research; Inflammation Advisor is Healogix; Oncology Advisor is Campbell Alliance; and Cardiovascular/Metabolic Advisor is DefinedHealth. Media Partner is Pharmalicensing.com, and Major Supporting Publications are IN VIVO: The Business & Medicine Report;™ Start-Up: Emerging Medical Ventures;™ and "The Pink Sheet." To register, contact Pat Cardone at (203) 838-4401 ext. 124 or pccardone@windhover.com; or register on the Therapeutic Area Partnerships 2009 website at www.tapartnerships.com. About Windhover Conferences and Elsevier Business Intelligence Windhover Conferences is an Elsevier Business Intelligence company, the leading provider of business intelligence and analysis to senior executives in the medical device, pharmaceutical, and biotechnology industries. Publishers of IN VIVO: The Business & Medicine Report, Start-Up: Emerging Medical Ventures, The RPM Report: Regulation • Policy • Market Access, Medtech Insight, The Pink Sheet and The Pink Sheet Daily, Elsevier and Windhover also host a variety of industry meetings and webinars in both medical device and pharma/biotech, and produce a wide array of market research reports. For more on the companies' products and services, please visit www.ElsevierBI.com. This content has passed through fivefilters.org. |
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