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Archive for January, 2006
Monday, January 30, 2006 Savings take a dive By Ian Mylchreest New government figures show that national savings went into negative territory for the first time since the Great Depression, reports the Associated Press. Then, unemployment and business failures led people to dip into their savings just to survive.
Now other things are in play. The biggest factor in savings going backwards were big ticket items that [...]
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Monday, January 30, 2006 SOX produces more problems By Ian Mylchreest The acconting reforms that were designed to hold executives accountable are uncovering more and more problems, reports the Washington Post. And the paper implies, that's not always a good thing.
It cites the example of the Mills Corp., which restated its accounting for a joint venture. That led to a second restatement and a slew of [...]
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Monday, January 30, 2006 Fairmont deal stiffs Icahn By Ian Mylchreest Takeover specialist Carl Icahn has been thwarted in his bid to buy Fairmont Hotels & Resorts, reports Bloomberg. The deal that has beaten him out is a joint bid by Saudi Prince Alwaleed bin Talal and Los Angeles-based Colony Capital LLC. The pair will pay $45 a share for Toronto-based Fairmont.
Fairmont will be merged with [...]
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Monday, January 30, 2006 Private equity is looking at the big boys By Ian Mylchreest One constant refrain from the World Economic forum last week was the yearning of large public companies to be taken private, reports the New York Times. And it's not just because of the rigors of Sarbanes-Oxley or the awkward questions shareholders raise.
It's more about management, reports the paper. The private equity deals allow large companies [...]
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Friday, January 27, 2006 Friday quick hits By Steve Sebelius It's Friday, and there's plenty going on. Let's do some quick hits:
• UNLV President Carol Harter will be leaving the presidency soon, reports my friend and colleague Jon Ralston. Harter was never the favorite of university Chancellor Jim Rogers, so we're not surprised. A little inside tidbit: When we last interviewed Harter one-on-one, we [...]
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Friday, January 27, 2006 (Nadel)stern rules! By Steve Sebelius The reactions to the Clark County School District's unanimous selection of in-house candidate Walt Rulffes continue to pour in, and the business community is up to its green eyeshades in anger. In fact, the comments of some members of the Coalition for a Better Nevada are so intemperate as to cross the boundary between mere [...]
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Friday, January 27, 2006 NCED rolls out new campaign By Ian Mylchreest The Nevada Commission on Economic Development has made its latest raid on the California economy, reports the Review-Journal. The campaign officially launches in major markets in the Golden State next week.
The ads feature the "missing bear" from the state flag and the once "happier cows" who have migrated eastwards where the economic opportunities are greater [...]
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Friday, January 27, 2006 FTC settles on identity theft By Ian Mylchreest The Federal Trade Commission has struck a $15 settlement with ChoicePoint, the credit data outfit over the company's security breaches in 2004, reports the New York Times . ChoicePoint happily sold credit histories to fake businesses that used the data to steal consumer's identities.
The government says there were obvious red flags in the fraudulent applications, [...]
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Friday, January 27, 2006 Is this stock hot or what? By Ian Mylchreest The Chipotle Mexican Grill IPO has more than doubled the initial price, reports USA Today. The stock went from $22 to over $44 on its first day on the exchange.
And that makes it the first stock since the dot.com craze to do that well out of the starting gate. The paper says that the big [...]
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Friday, January 27, 2006 Hamas wins; world loses By Len Butcher It was another DEWEY WINS! type of headline as almost all news media were reporting a Fatah victory in Wednesday’s Palestinian elections. In fact, we were being fed percentage of votes and seats won by the ruling Fatah party, that was being strongly opposed by the Islamic militant Hamas party. But when it was over [...]
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