Governance

IPO Watch: Surf’s Up at Lisboa Leisure

Fri, 30 Jul 2010 02:00:00 EDT

In a too-good-not-to-be-true story, Lisboa Leisure, Inc. will conduct an initial public offering in hopes of realizing $32,000 in proceeds…

Executive Compensation Watch: Neiman Marcus’s Luxury Pay Packages

Fri, 30 Jul 2010 01:30:00 EDT

As luxury retail sputters, high end retailer Neiman Marcus seems to be attempting to inject new life into its existing employees by way of new compensation incentives…

Carmakers’ Profits Soar

Thu, 29 Jul 2010 23:58:00 EDT

A patchy recovery in the United States is a big industry concern, in particular for Japanese carmakers, which rely heavily on that market for profits…

Regulatory Watch: New Reporting Rules for Mineral Sector

Thu, 29 Jul 2010 01:00:00 EDT

Mining, petroleum and mineral companies looking to list on the Hong Kong Stock Exchange now must comply with additional reporting standards…

Portugal Telecom to Pay $4.8 Billion for Oi Stake

Wed, 28 Jul 2010 09:53:38 EDT

Brazilian phone giant Oi said that Portugal Telecom would pay 8.44 billion reais ($4.77 billion) for stakes in the company and two operating units, as part of a broader plan to expand in Latin America and Africa...

Ghosts of CDOs Past: Subprime Litigation Spooking Hedge Funds

Wed, 28 Jul 2010 03:00:00 EDT

Subprime chickens are still coming home to roost for hedge funds like Highland Capital Management and one-time fund operator Carlyle Group, which have been the targets of recent lawsuits…

Offering Watch: For Israel’s Radvision, Cash is King

Wed, 28 Jul 2010 01:00:00 EDT

Contrary to other industries’ credit woes, Israel’s cash-laden Radvision has announced an offer to repurchase nearly a million of its shares representing 5% of the company’s voting power…

Some Lenders Question Dubai's Shortfall Guarantees

Wed, 28 Jul 2010 00:31:23 EDT

Dubai's pledge to cover gaps in Dubai World's debt repayment plan has become a sticking point for lenders, some of whom want state guarantees to fall under British -- not local -- law...

Norilsk Says Ready to Publish AGM Ballots for Board

Tue, 27 Jul 2010 13:15:48 EDT

Russian metals giant Norilsk Nickel said it was ready to publish all the ballots cast in the board elections to counter allegations from UC RUSAL that it had manipulated the results...

UAL, Continental Thin Top Ranks Ahead of Merger

Tue, 27 Jul 2010 09:17:26 EDT

UAL Corp and Continental Airlines Inc said that John Tague, president of UAL's United Airlines, and UAL Chief Financial Officer Kathryn Mikells will leave the company following the close of...

BP Replaces CEO and Posts $17 Billion Quarterly Loss

Tue, 27 Jul 2010 03:45:59 EDT

BP Plc named American Bob Dudley as its next CEO, saying Tony Hayward would stand down after his gaffe-prone handling of the worst oil spill in U.S. history that triggered a $17 billion...

India's Cbank Tightens Monetary Policy More Than Expected

Tue, 27 Jul 2010 02:00:00 EDT

India's central bank raised interest rates more forcefully than expected in the face of inflation that has held stubbornly above 10 percent for the past five months...

China Runs Stress Tests on Property Trusts

Mon, 26 Jul 2010 23:00:00 EDT

China's banking regulator has run stress tests in the country's trust firms to see if they can withstand a downturn in the property sector, the Economic Observer reported on Saturday, citing unidentified industry sources…

Dubai World Document Reveals Price of Failure

Mon, 26 Jul 2010 12:33:51 EDT

Dubai World warned that lenders, aside from the government's own support fund, would face a "significantly" worse deal if its debt plan fails and it is forced to seek liquidation...

UK Says EU Must Not Intervene Directly in Domestic Banks

Mon, 26 Jul 2010 04:52:03 EDT

The European Union's new financial supervisory bodies should not be able to directly regulate a domestic bank, a government minister said...

PRC Outbound Investment Tide in Tough Regulatory Seas

Mon, 26 Jul 2010 01:30:00 EDT

Much of the US$55 billion in outbound investment, invested in the first half of 2010 by Chinese entities, can be credited to agile corporate counsel. Navigating through the maze of China’s outbound investment laws, these lawyers…

BlackBerry Poses Social, Security Risks, UAE Warns

Mon, 26 Jul 2010 01:05:38 EDT

The BlackBerry, made by Canada's Research In Motion, is open to misuse that poses security risks to the United Arab Emirates, which said on Sunday it would seek to safeguard its consumers and laws...

Bahrain to Privatise Gulf Air as Soon as Possible

Mon, 26 Jul 2010 01:00:26 EDT

Bahrain plans to privatise national carrier Gulf Air as soon as possible encouraged by positive results in its restructuring...

The Crucible of Islamic Finance: Dissolving IIG’s $200 Million Sukuk

Sun, 25 Jul 2010 18:00:00 EDT

The maturity of the Islamic finance industry will soon face another critical test, as defaults on $200 million sukuk don’t escape the notice of financial markets…

Magna Shareholders OK $1 Billion Stronach Deal

Fri, 23 Jul 2010 17:00:00 EDT

Magna International said that about three-quarters of its subordinate shareholders approved a deal that would pay founder Frank Stronach upwards of...

Capitalisation Estimates for European Banks

Fri, 23 Jul 2010 04:39:20 EDT

With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect...

M&A Watch: When Competition Comes Calling, Israel Techs Get Merging

Fri, 23 Jul 2010 00:15:00 EDT

Faced with overwhelming telecom competition, M&A provides a welcome respite. In their corner of VOIP, YMax Corp. and Israel’s VocalTec Communications Ltd. are...

Saving Volvo:Geely Buys Brand and Management Test

Thu, 22 Jul 2010 22:18:54 EDT

One of the toughest struggles in the negotiations was just how interwoven Volvo had become with the wider Ford Motor Group including safety and in-car-entertainment equipment...

Bank Pay Guarantees Under Spotlight as Hiring Returns

Thu, 22 Jul 2010 04:26:19 EDT

Investment banks are once again luring top rival talent with generous guaranteed pay packages that may convince a top banker to jump ship, while also inviting scrutiny from regulators across the globe...

BP Sets New Standards: State of Play, From Litigation to Legislation

Thu, 22 Jul 2010 03:00:00 EDT

The oil and gas exploration and drilling industry faces a legal landscape being rapidly transformed by a yet-to-be determined number of lawsuits and several legislative proposals on the congressional fast track…

Dubai World Ready to Use Tribunal for Debt Deal

Thu, 22 Jul 2010 02:18:34 EDT

Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of $14.4 billion in debts...

Piracy and Disclosures: The Dangers and Costs of Globalization

Thu, 22 Jul 2010 00:30:00 EDT

For all the drama of high seas brigandage, many of the risks and costs go unpublicized. Wherever there’s insurance, litigation follows…

Motorola Sues Huawei, Lemko for Trade Secret Theft

Wed, 21 Jul 2010 22:00:39 EDT

U.S. mobile phone maker Motorola Inc sued former employees and rival Huawei Technologies Co and Lemko Corp, alleging they conspired to steal trade secrets...

PRC Hot Topic: Businesses Lament Early Real Estate Winter

Wed, 21 Jul 2010 01:30:00 EDT

In the PRC’s highly regulated economy, listed companies and business not directly in the real estate sector can be intimately affected by regulatory changes such as those pertaining to zoning and land-use…

Canadian Board Representation: Double-Edged Sword or Sturdy Shield?

Wed, 21 Jul 2010 00:30:00 EDT

Directors of public issuers are on the firing line. Investors and regulators are looking carefully into how directors are elected and whose interests they represent…

PCCW to Join Pinebridge in Vivacom Rescue

Tue, 20 Jul 2010 22:08:49 EDT

PCCW and its chairman's privately owned fund plan to rescue debt-laden Vivacom, Bulgaria's biggest fixed-line operator, by jointly investing 180 million euros ($232 million) in return for a 51 percent stake...

Carl Icahn Renews Hostile Bid for Lions Gate Studio

Tue, 20 Jul 2010 11:52:41 EDT

Billionaire investor Carl Icahn renewed a hostile takeover bid for Lions Gate Entertainment Corp but at a lower price, ending a 10-day truce in a drawn-out battle for the Hollywood studio...

Disclosure Watch: PRC Education Takes Flight

Tue, 20 Jul 2010 01:00:00 EDT

The initial public offering of China-based Ambow Education Holdings spotlights a notable sector blooming in the PRC: the increasingly lucrative industry of privatized education…

Baidu Promotes Fake Drug Sites-Chinese TV Station

Mon, 19 Jul 2010 09:35:59 EDT

China's main state-run television station accused the country's top Internet search engine Baidu Inc of directing users to websites that sell counterfeit drugs, the People's Daily reported...

Ex-Pru CEO Tucker Named AIA Boss Ahead of IPO

Mon, 19 Jul 2010 03:11:41 EDT

Bailed-out insurer American International Group Inc (AIG) named former Prudential plc Chief Executive Mark Tucker as head of its Asia life insurance business, AIA, and said it would seek to list AIA on...

Regulatory Watch: Is the U.S. Proxy System Due for A Makeover?

Mon, 19 Jul 2010 03:00:00 EDT

Emboldened by Dodd-Frank and its enhanced authority, the SEC is now considering tackling the proxy system. In its just announced concept release, the...

Bloomberg May Run for President After Anti-Tobacco in NYC

Sun, 18 Jul 2010 11:00:00 EDT

New York City Mayor Michael Bloomberg, one of the richest men in America, says his views are too polarizing for him to become president of the United States...

Dubai’s Regulatory Reform: DIFC Rules Embrace Flexibility

Sun, 18 Jul 2010 00:30:00 EDT

In a move which signals Dubai’s recognition of fund management as a core business, the emirate has amended its regulatory regime to ease burdens on…

Citigroup and AIG Classified Certain Repos as Sales

Fri, 16 Jul 2010 05:29:34 EDT

Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed....

Offering Watch: Defining “Public” in Malaysian IPOs

Fri, 16 Jul 2010 02:15:00 EDT

A newly hatched Malaysian IPO demonstrates the lure of iconic American brands, yet in a decidedly un-American style offering...

Wall St Lobby Shifts to Regulatory Process

Thu, 15 Jul 2010 15:32:28 EDT

The U.S. Senate's approval of financial reform is the starting gun for a new intensive Wall Street lobbying campaign aimed at regulators who must now translate the legislation into hard and fast rules...

Governance Watch: Boardroom Dogfight at Israel’s Magal

Thu, 15 Jul 2010 02:00:00 EDT

A group of former Israeli Air Force fighter pilots has taken a dogfight to the boardroom as Israel’s Magal Security Systems braces for a potentially bruising proxy battle…

Disclosure Controls: Sunlight as Disinfectant

Thu, 15 Jul 2010 02:00:00 EDT

Though investors and regulators may be calling for greater sunlight in order to “disinfect” potential trouble-spots, some public issuers remain leery that too much exposure will result in a sunburn...

Emboldened SEC, From Zero to Hero

Wed, 14 Jul 2010 03:00:00 EDT

Before our very eyes, the SEC is transforming from a regulatory zero to a regulatory hero. After being widely criticized for dropping the ball on…

Governance Watch: Magna’s Dual Class Proposal Spells Double Trouble

Wed, 14 Jul 2010 02:00:00 EDT

When Magna International’s directors announced in May that shareholders would be given the opportunity to eliminate Magna’s dual class share capital structure...

PRC Hot Topic: Travel Industry Changes Kick Start M&A Holiday

Wed, 14 Jul 2010 01:30:00 EDT

Summer is turning up the heat in the northern hemisphere. As travelers are packing their bags, legal counsel of PRC hospitality and travel companies have been…

AIG Board to Meet to Consider AIA's Future

Tue, 13 Jul 2010 12:22:26 EDT

The board of American International Group Inc is expected to meet this week to consider the future of the insurer's Asian life business, AIA...

Ontario Teachers’ to Vote Against Magna Plan

Tue, 13 Jul 2010 11:45:00 EDT

The Ontario Teachers' Pension Plan said that additional information offered by Magna International on its proposal to eliminate its multiple-voting shares...

European IPOs: Gambling on Business Risk

Tue, 13 Jul 2010 01:00:00 EDT

Whilst stock market wobbles continue to disrupt the IPO plans of many, a few surprisingly risky companies have managed to get their equity issues off the ground recently…

Disclosure Watch: China Unicom Discloses Telefonica Deal…Finally

Mon, 12 Jul 2010 02:00:00 EDT

In a sudden blast from the past, details of the US$1 billion deal between China Unicom and Spain’s Telefonica last year have finally been disclosed. The subscription agreement...

Dubai World to Meet Creditors July 22

Sun, 11 Jul 2010 08:29:56 EDT

Troubled state conglomerate Dubai World has invited creditors to a July 22 meeting to offer details on its multi-billion dollar debt restructuring, the first session to include all lenders since December 2009...

When A-Lists Delist: Abu Dhabi’s Aabar Investment Goes Private

Sun, 11 Jul 2010 01:00:00 EDT

Taking public companies private ascribes new meaning to the Latin maxim, e pluribus unum. Abu Dhabi’s publicly listed Aabar Investments PJSC has announced…

Regulatory Watch: SEC to Reevaluate Filing Requirements

Fri, 9 Jul 2010 17:12:00 EDT

The Securities and Exchange Commission is looking at reevaluating its requirements regarding corporate risk disclosure and also considering more sweeping recommendations on...

M&A Watch: China's Lenovo Gets Linkage

Fri, 9 Jul 2010 02:00:00 EDT

Lenovo-affiliate and tech giant AsiaInfo Holdings, Inc. just completed its merger with Linkage Technologies Holdings…

AsiaPac Hot Topic: Smoke in the Eyes of PRC Green Dreams

Fri, 9 Jul 2010 01:30:00 EDT

China’s green energy sector may be conjuring up more images of green dollar bills than healthy fields of grass these days. The country’s presence as a major alternative energy mover...

Corporate Governance Watch: HP and Human Rights Voting

Fri, 9 Jul 2010 01:00:00 EDT

Human rights policies are an increasing shareholder demand. Honeywell, Motorola, DuPont and even Halliburton have put the matter to a shareholder vote...

Yemen Faces Qaeda, Pirate Threats in Vital Strait

Thu, 8 Jul 2010 01:45:48 EDT

On a rocky volcanic outcrop set in the deep and treacherous waters of a vital strait linking Europe to Asia, Yemen's coastguard is building a base to help secure one of the world's busiest waterways...

BP Boss in MidEast Talks, More Progress on Relief Well

Thu, 8 Jul 2010 01:00:00 EDT

BP boss Tony Hayward met officials from an Abu Dhabi state investment fund, the latest stop on a global quest for money to ward off takeovers and help pay the huge costs of the worst oil spill in U.S. history...

BA's Walsh to Guarantee Flights if New Strike

Wed, 7 Jul 2010 02:11:33 EDT

British Airways will be able to guarantee all of its flights should there be any new strike action, the company's Chief Executive Willie Walsh said in an interview...

KKR Founders Own About a Quarter of Company

Tue, 6 Jul 2010 14:00:00 EDT

Kohlberg Kravis Roberts & Co co-founders Henry Kravis and George Roberts were each paid about $22 million last year in fee and other income, and together own about...

Gulf Needs Concrete Action for Emerging Market Leap

Tue, 6 Jul 2010 03:08:54 EDT

Gulf stock markets will miss out on getting on the global investment map unless regulators take concrete action to address concerns raised by MSCI, who denied the region emerging market status for the second year running...

Executive Compensation: Clawbacks’ Talons are Getting Sharper

Tue, 6 Jul 2010 02:00:00 EDT

Clawbacks’ talons are sharpened by Dodd-Frank’s reforms, though in truth they were already ripping into executive wallets…

Backdating Backlash: Comverse Comes Full Circle With Settlement

Mon, 5 Jul 2010 02:00:00 EDT

Just when companies welcomed a sign that the SEC might be backing down on its backdating pursuit, the hammer of the plaintiffs’ bar has struck a blow for corporate transparency…

Saudi Airlines' Catering Unit Eyes IPO by March 2011

Sun, 4 Jul 2010 09:49:28 EDT

Saudi Arabian Catering Co, a unit of Saudi Airlines (Saudia), is eyeing a bourse listing by March 2011, while its ground handling unit will merge in July with two other firms...

Egypt's Mobinil Signs Off on Purchase of OT Internet

Sat, 3 Jul 2010 03:49:48 EDT

Mobinil shareholders approved the $130-million purchase of two internet assets from major shareholder Orascom Telecom...

Private Equity Watch: Blue Square’s Propco-Opco Spinoff

Fri, 2 Jul 2010 00:15:00 EDT

The private equity gambit of asset-shifting continues to find opportunistic participants…

Nakheel Starts 40 Percent Cash Payments to Creditors

Wed, 30 Jun 2010 10:33:50 EDT

Troubled Dubai developer Nakheel said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, and is restarting several projects put on hold during the downturn...

Israel Oil Refineries Gets $600 Million Syndicated Loan

Wed, 30 Jun 2010 03:30:29 EDT

Oil Refineries Ltd, Israel's largest oil refinery, and a syndicate of local banks led by Bank Hapoalim signed an agreement for a loan of $600 million...