October 20, 2011 at 3:40am
UPDATE 2-Activist investor says RIM blocked meeting
* Firm is leading drive for shake-up at BlackBerry maker* RIM not available immediately for commentTORONTO, Oct 18 (Reuters) - Jaguar Financial , a
Research In Motion investor agitating for a shake-up,
said two independent RIM directors canceled meetings called
this week to discuss complaints about the BlackBerry maker.Jaguar, a Canadian merchant bank that targets
underperforming companies, wants RIM to hire a chief executive
to replace Mike Lazaridis and Jim Balsillie. It also wants RIM
to consider putting itself up for sale, either as a whole or in
parts.Jaguar Chief Executive Vic Alboini said on Tuesday meetings
with directors David Kerr and John Richardson were canceled by
RIM’s counsel.”This incident clearly demonstrates the control that
management has over the independent directors,” said Alboini.The current co-CEOs have presided over a steady decline in
the BlackBerry’s share of the smartphone market and have failed
to keep pace with innovations by Apple and others,
Alboini and other critics say. Balsillie and Lazaridis, who
share the role of chairman, exert too much power over the
board, they say.Jaguar says shareholders representing 8 percent of RIM’s
stock back its demands, and investment bankers say that figure
could grow if RIM fails to address their concerns.Shares of RIM were down more than 2 percent at $22.93 in
Nasdaq trade on Tuesday, as the BlackBerry maker launched a
three-day developers conference in San Francisco.At the event, RIM said it would soon launch a new operating
system to power both its smartphones and the PlayBook tablet
computer.
October 17, 2011 at 2:03pm
Think brussels sprouts and cauliflower are agricultural commodities? Think again.
While the financial bailouts tossed to automakers, banks and other groups during the recent economic crisis left a funny taste in the mouth of some Americans, one former U.S. regulator hopes efforts to prevent another panic doesnât go rotten.
The U.S. Commodity Futures Trading Commission is immersed in drafting dozens of rules to assist it in increasing oversight of the once opaque over-the-counter derivatives market, widely blamed for exacerbating the recent financial crisis.
Among the rules it must craft is what the definition of an agricultural commodity is? Of course, corn, cotton, soybeans and livestock, among other items, fall into this realm.
But what about those âother foodsâ such as brussels sprouts, artichokes, cauliflower, or anything with curry? A former CFTC chairman says they are âabhorrent to American sensibilitiesâ and should be banned.
âLike every U.S. citizen, there are certain agricultural commodities that are abhorrent to me,â said Philip McBride Johnson, who is now with the law firm Skadden, Arps, Slate, Meagher & Flom.
 In a comment letter to his former agency, he said there is a ânatural linkâ between defining an agricultural commodity and a provision in a law that requires the regulator to protect the public by forbidding the listing of certain products that âare abhorrent to American sensibilities.â
Clearly banned under this act are financial products based on wars, terrorism, and assassinations. If Johnson has his way, regulators will be able to protect consumers from a dozen foods that donât mesh with his palate.
âI truly hope that the Commission does not waste this rare opportunity to rid the world of these dreadful excuses for agricultural commodities, and I appreciate this opportunity to contribute to the Public Good,â he said.
To view Mr. Johnsonâs letter please go to: http://link.reuters.com/wez29p
Photo credit: Lupi (Farm workers harvest artichokes in California April 2008)
October 13, 2011 at 3:32am
UPDATE 1-UK’s Gatwick airport sees long-term traffic slowdown
* Sees 33.6 mln Gatwick passengers in FY
(Adds details)LONDON, OCT 13 - London’s Gatwick airport said its predicted
rate of long-term growth in passenger traffic would be lower
than previously expected because of tough economic conditions
and an uncertain outlook.Gatwick on Thursday started a three-month public
consultation on its draft master plan for the airport, looking
ahead to 2020. The report also looks at ways of making the best
use of the airport’s single runway whilst providing scenarios
for growth to 2030.”The rate of growth in traffic is lower than previously
disclosed, reflecting current economic conditions and outlook,”
Gatwick said in a statement.”Over the next 10 years Gatwick Airport Limited expects
annual traffic to grow to 40 million passengers. Gatwick Airport
Limited believe that the Airport could, by 2030, handle around
45 million passengers on one runway with two terminals.”The plan supersedes the 2006 interim master plan published
under previous owners BAA .Stewart Wingate, chief executive of Gatwick airport, said
the airport was exploring ways of using its existing runway more
efficiently, growing traffic during off-peak periods when
existing runway capacity is not being fully utilised and
bringing in newer, larger aircraft at Gatwick to encourage
growth in passenger numbers.Gatwick, operated by Global Infrastructure Partners, also
said underlying passenger traffic grew 3.3 percent in the six
months to September 30, helped by growth on European routes by
low-cost airlines operating from Gatiwck.Gatwick reiterated its expectation that 33.6 million
passengers would travel through the airport in the year to end
March.Earlier this week rival UK airport operator BAA said growth
in passenger traffic at London’s largest airport, Heathrow,
slowed last month.BAA said passenger numbers at London’s Heathrow rose 1.4
percent to 6.3 million in September compared to the same month a
year ago — less than the growth seen at the hub in previous
months.
October 12, 2011 at 5:07am
UPDATE 1-Market Chatter — Corporate finance press digest
* Etisalat Misr, the Egyptian arm of Abu Dhabi-based
telecoms group Etisalat , has delayed a listing on
Egypt’s stock exchange until market conditions improve, daily
newspaper al-Mal quoted the head of Etisalat Misr as saying.* Belgian drug ingredients-to-dental device company Arseus
has received a takeover approach, although it is at a
very early stage, Belgium’s two main business dailies reported,
without citing sources.* AEA Investors, a U.S.-based private equity group, has
tabled an offer for Asco Group, the fast-growing oil and gas
logistics business, the Financial Times reported.Deals of the day:
