“Buffett, Gates say worst is behind us - Hawk Eye” plus 4 more |
- Buffett, Gates say worst is behind us - Hawk Eye
- Fitch Downgrades 6 Classes from Morgan Stanley 2005-IQ9; Assigns ... - Businesswire.com
- Nortel Completes Sale Of CDMA Business And LTE Access Assets To ... - RTT News
- Schwab's trading volume falls 33 percent in Oct. - Seattle Times
- Rogers interested in OT Globalive's spectrum – CEO - Arab Finance
| Buffett, Gates say worst is behind us - Hawk Eye Posted: 15 Nov 2009 08:09 AM PST published online: 11/15/2009By TALI ARBELThe Associated Press NEW YORK -- Capitalism is still alive and well, say the world's two richest men, despite lingering shocks from the longest, deepest recession since the Great Depression. "The financial panic is behind us," said famed investor Warren Buffett, who recently made what he called an "all-in wager" on the U.S. economy by acquiring railroad Burlington Northern Santa Fe. "The bottom has come in stocks. Don't pass on something that's attractive today." Sitting facing each other in an auditorium filled with nearly 1,000 cheering people at a CNBC-sponsored event at Columbia University in New York, the CEO of Berkshire Hathaway Inc. and Microsoft founder Bill Gates fielded questions from Columbia Business School students on the recession, investing and what's the next Microsoft. There were at first reassurances that the U.S. economy had not collapsed since the last time the two sat in front of a student audience, in Nebraska in 2005. "We proved that we can make mistakes," said Gates. "But the fundamentals of the system, a marketplace-driven system where we invest in education and a great infrastructure for the long-term, that's continued." Even in the country's "darkest hour," he said, American businesses were still innovating. "Last fall was really blindsiding," Buffett said later. Still, "I did not worry about the overall survival of our economy." The worst recession since the 1930s may be over, but the recovery isn't expected to be strong enough to stem job losses and get businesses hiring again. Employers shed a net total of 190,000 jobs in October, a government survey showed Thursday. It was the 22nd straight month of losses. And the unemployment rate jumped last month to 10.2 percent, a 26-year high. The last time the economy saw a net gain in jobs was in December 2007. Buffett also commended the Bush administration's actions last September, saying "only the government could have saved things" after the collapse of Lehman Brothers triggered a freeze-up in credit markets and panic on Wall Street. In the future, however, Buffett said "there should be more downside to the head of any institution that has to go to the federal government to be saved for reasons of the greater society." The two endeared themselves to the audience with tips. Buffett exhorted students to "marry the right person" and said, "the worst investment you can have is cash." Gates, meanwhile, said he sees big opportunities in environmentally friendly energy and medicine. "Capitalism is great," he said. Gates wore a suit and tie, flashing the inner red lining of his jacket as he walked to his chair. Buffett, who earned a master's degree from Columbia in 1951, wore a sweater with the Columbia insignia. Students in the audience said they were glad the two were so confident about the economy. "That probably weighs a lot to a lot of people to hear Buffett say we're out of the crisis," said Andrea Basche, an Earth Institute student at Columbia.
This content has passed through fivefilters.org. | |
| Fitch Downgrades 6 Classes from Morgan Stanley 2005-IQ9; Assigns ... - Businesswire.com Posted: 11 Nov 2009 07:12 PM PST NEW YORK--(BUSINESS WIRE)--Fitch Ratings takes various rating actions on Morgan Stanley Capital I trust 2005-IQ9, commercial mortgage pass-through certificates. A detailed list of rating actions follows at the end of this press release. The downgrades are the result of Fitch's loss expectations and its prospective views regarding cash flow declines and commercial real estate market values. Fitch forecasts potential losses of 2.7% for this transaction, should market conditions not recover. Today's rating actions are based on the full losses of 2.7% as a majority of loans mature in the next five years. The bonds with Negative Outlooks indicate classes that may be downgraded in the future. To determine potential defaults for each loan, Fitch assumed cash flow would decline by 10% from year-end 2008. That is consistent with the analysis used in its review of recent vintage transactions whereby cash flow was assumed to decline 15% from year-end 2007 projected over a three year period. If the stressed cash flow would cause the loan to fall below 0.95 times (x) debt service coverage ratio (DSCR), Fitch assumed the loan would default during the term. To determine losses, Fitch used the above stressed cash flow and applied a market cap rate by property type, ranging between 7.5% and 9.5%, to derive a value. If the loan balance at default is less than Fitch's derived value, the loan would realize that amount of loss. These loss estimates were reviewed in more detail for loans representing 62.7% of the pool and, in certain cases, revised based on additional information and/or property characteristics. Loss expectations attributed to loans reviewed in detail represent approximately 71% of the 2.7%. Approximately 82.7% of the mortgages mature within the next five years as follows: 6.5% in 2010, 11.7% in 2011 and 1.9% in 2012, 5.5% in 2013, 44.9% in 2014 and 11.5% in 2015. Fitch identified 40 Loans of Concern (18.8%) within the pool, eight of which (10.0%) are specially serviced. Of the specially serviced loans, two (7.9% of the pool) are current. Two of the Fitch Loans of Concern (8.7%) are within the transaction's top 15 loans, and one (7.8%) is specially serviced. Fitch's analysis did not result in loss expectations for the top 15 loans. None of the top 15 loans are assumed to default during the loan term, as the stressed cash flow for each loan exceeds 0.95x DSCR. Fitch expects that 14 of the top 15 loans may default at maturity based on an insufficient accrued equity position as calculated in Fitch's refinance test; however, Fitch's analysis did not result in a loss based on its derived values being higher than the current loan amounts. A loan would pass the refinance test if the stressed cash flow would achieve a 1.25x DSCR as calculated based on a 30 year amortization schedule and an 8% coupon. The largest contributors to loss, are the specially serviced loans, are as follows: Okeechobee Industrial Park (0.7%), Bermuda Run (0.6%), and Mariemont Promenade (0.3%). Okeechobee Industrial Park transferred to the special servicer in June 2009 after the borrower failed to make that months payment. The loan is collateralized by a light industrial facility located in West Palm Beach, Florida, consisting of 11 buildings. Two main factors led to the default; decline in occupancy and lower market rent rates. When the current borrower assumed the loan, occupancy was 72% it has since fallen to 57%. In addition, according to the borrower many tenants are delinquent in rent payments; only 45% of tenants in place are current. The Bermuda Run loan is secured by a 165 unit/532 bed student housing project located in Statesboro, GA, home of Georgia Southern University. The property transferred to the special servicer December 2008. The market has become oversaturated with newer properties offering greater amenities. The borrower turned the property over to the lender. The special servicer worked with the borrower to transition control to a receiver and the receiver was appointed in March 2009. The receiver provided a takeover package and has made some recommendations to help make the property more competitive. The Mariemont Promenade loan is collateralized by a 49,442 square foot (sf) strip center in Mariemont, OH. A hill behind the property collapsed causing several tenants to vacate. Ongoing issues with the neighboring condo association are preventing the repairs from being completed. The borrower was unable to remediate the situation and a receiver was put in place. Fitch has downgraded, removed from Rating Watch Negative, assigned Loss Severity (LS) ratings and Rating Outlooks to the following classes as indicated: -- $130.2 million class A-J to 'AA/LS3' from 'AAA'; Outlook Stable; Fitch also affirms the following classes and assigns LS ratings, Rating Outlooks and Recovery Ratings as indicated: -- $249.7 million class A-1A at 'AAA/LS1'; Outlook Stable; Class A-1 has paid in full. Fitch does not rate the $11.5 million class P. Additional information on Fitch's amended criteria for analyzing recent vintage U.S. CMBS is available in the July 8, 2009 report, 'Surveillance Methodology for Recent Vintage U.S. CMBS' is available at 'www.fitchratings.com' under the following headers: Structured Finance >> CMBS >> Criteria Reports Structured Finance >> CMBS >> Special Reports Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. This content has passed through fivefilters.org. | |
| Nortel Completes Sale Of CDMA Business And LTE Access Assets To ... - RTT News Posted: 13 Nov 2009 09:09 AM PST
Canadian News
| Nortel Completes Sale Of CDMA Business And LTE Access Assets To Ericsson - Quick Facts 11/13/2009 12:15 PM ET (RTTNews) - Nortel Networks Corp. (NRTLQ.OB) said Friday that it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc., have completed the sale of substantially all of Nortel's CDMA Business and LTE Access assets to Telefonaktiebolaget LM Ericsson for a purchase price of US$1.13 billion. The sale was subject to court approvals in the U.S. and Canada as well as regulatory and other customary closing conditions. Those conditions have now been satisfied and the sale was concluded effective Friday. Click here to receive FREE breaking news email alerts for Nortel Networks Corp. and others in your portfolio by RTT Staff Writer For comments and feedback: contact editorial@rttnews.com
This content has passed through fivefilters.org. |
| Schwab's trading volume falls 33 percent in Oct. - Seattle Times Posted: 13 Nov 2009 12:43 PM PST This content has passed through fivefilters.org. | |
| Rogers interested in OT Globalive's spectrum – CEO - Arab Finance Posted: 15 Nov 2009 01:42 AM PST 15 Nov 2009 09:59 AM TORONTO - Rogers Communications Inc would be interested in buying Globalive's wireless spectrum if the telecom startup is unable to launch its business following a regulatory ruling that found it was not Canadian controlled. "Spectrum is a very valuable asset," Rogers Chief Executive Nadir Mohamed told reporters on Friday. "Rogers for sure would be interested in picking it up." Privately held Globalive Communications has been in limbo since late last month, when the Canadian Radio-television and Telecommunications Commission ruled the company is effectively under the control of its Egyptian-based financial backer, Orascom Telecom (ORTE). The ruling means Globalive can't launch without major changes to its ownership structure. The company had spent about C$442.1 million ($421 million) on buying wireless spectrum across Canada during last year's government auction and planned to start offering mobile phone service late this year or in early 2010. For Rogers, owner of the country's largest wireless service provider, the CRTC ruling means there will be less new competition entering the market. Canada's other two large established carriers, Telus Corp and BCE Inc, also stand to benefit if Globalive doesn't launch. In the ruling, the CRTC said Orascom owns 65.1 percent of Globalive's equity, has entered into a strategic technical arrangement with the firm, and controls and holds the Wind brand under which Globalive had been set to operate. It also holds the overwhelming majority of Globalive's outstanding debt. Anthony Lacavera, Globalive's chairman and founder, told Reuters the CRTC ruling has put the entire business at risk and has made attracting new outside investors nearly impossible. He added the company is still weighing its options. Globalive is one of several wireless newcomers poised to challenge BCE, Telus and Rogers. The others include Quebecor's Videotron unit, as well as privately held DAVE Wireless and Public Mobile. Source: Reuters Also in AF: HSBC raises Orascom Telecom to overweight This content has passed through fivefilters.org. |
E-mail article
Print view
Share
| You are subscribed to email updates from Business - Bing News To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
0 comments:
Post a Comment