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Feb 10, 2015

DealBook P.M. Edition - February 10, 2015: Top Story: Activist Investors Take Aim at G.M.

Mary Barra, chief executive of General Motors.
Activist Investors Take Aim at G.M. A former member of the Obama administration's auto task force, Harry J. Wilson, has teamed up with big hedge funds to seek a seat on the auto maker's board.
The Swiss bank UBS said that it had received inquiries from the S.E.C. and federal prosecutors in Brooklyn.
UBS Profit Up 5% on Lower Legal Costs and a Tax Gain The Swiss bank booked significantly lower costs for potential litigation and regulatory matters after its third-quarter results were reduced by almost $2 billion in legal costs.

Wall Street at Close Report on February 10, 2015: U.S. stocks close at highest level this year on Greece hopes.

U.S. stocks close at highest level this year on Greece hopes


NEW YORK (MarketWatch) -- U.S. stocks rallied towards the end of the session Tuesday, sending the benchmark S&P 500 to its highest close this year. Investor optimism was fueled by hopes that embattled Greece and its creditors are nearing a compromise to avert a default, even though both sides continued to reiterate their stances. The mood on Wall Street was also boosted by better-than-expected earnings from companies such as Coca-Cola and CVS. The S&P 500 SPX, +1.07%closed 21.84 points, or 1.1%, higher at 2,068.58 and turned positive for the year. The Dow Jones Industrial Average jumped 139.55 points, or 0.8%, to 17,868.76. The Nasdaq Composite added 61.63 points, or 1.3%, to 4,787.64

The BBC Reports - February 10, 2015: Banking giant HSBC helped wealthy clients across the world evade hundreds of millions of pounds worth of tax, the BBC has learned.

What has to say about it, the corrupt banking system in Perú?  Mr. chief of SBS with a Doctorate or PHD in economics , I am not sure.  Would you be so kind to explain the reason you did not suspend  the HSBC bank , long time ago to keep on operating in Perú?   The HSBC bank had a long tail of corruption behavior worldwide known by professionals in economics finance, politics, etc? I guess you did not know , did you?

Fernando Guzmán Cavero

Panorama has seen accounts from 106,000 clients in 203 countries, leaked by whistleblower Herve Falciani in 2007.
The documents include details of almost 7,000 clients based in the UK.
HSBC admitted that it was "accountable for past control failures." But it said it has now "fundamentally changed".
"We acknowledge that the compliance culture and standards of due diligence in HSBC's Swiss private bank, as well as the industry in general, were significantly lower than they are today," it added.
The bank now faces criminal investigations in the US, France, Belgium and Argentina, but not in the UK, where HSBC is based.
HSBC said it is "co-operating with relevant authorities".
Treasury minister David Gauke defended the government's actions on tax avoidance in the House of Commons after Labour MP for Birmingham Ladywood Shabana Mahmood tabled an urgent question.
He insisted that the Treasury approach has been "very successful", saying it has sought prosecution for "serial tax evaders" and raised extra tax revenue.

European Markets at Close Report on February 10, 2015: European stocks close higher hopes rise for Greece deal. | Marketwatch

European stocks close higher hopes rise for Greece deal




NEW YORK (MarketWatch) — European stocks closed higher Tuesday, with analysts giving credit to hopes that Greece’s government will reach a deal with its creditors.
The pan-European Stoxx Europe 600 SXXP, +0.64%  finished up 0.6% at 372.94, bouncing back from a slide on Monday, when investors fretted over the Greek drama.

Bloomberg View | Share The View - February 10, 2015: Wrong Way to Fight Homelessness

Bloomberg View
Share The View


The Editors: "When it comes to America's homeless, there is not enough government help to go around. This grim truth has led to a bipartisan congressional proposal for a new strategy -- but the approach wouldn't do anything to help the homeless, and it would do more harm than good."Read more...

Reuters Deals Today - February 10, 2015.

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Canon to buy video surveillance leader Axis for $2.8 billion
TOKYO/STOCKHOLM (Reuters) - Canon Inc made a 23.6 billion-Swedish-crown ($2.83 billion) offer for network video surveillance leader Axis AB on Tuesday -- the biggest purchase ever for the Japanese firm trying to expand beyond a shrinking camera market.
Dalian Wanda to buy Swiss sports firm for $1.2 billion amid entertainment push
BEIJING (Reuters) - China's Dalian Wanda Group Co signed a 1.05 billion euros ($1.2 billion) deal to buy Swiss sports marketing firm Infront Sports & Media AG, and said it plans to acquire more overseas companies this year to deepen its push into sports and entertainment.
Strong demand as Spanish airports group Aena sale goes ahead
MADRID (Reuters) - Shares in Spanish airports operator Aena were priced at the top end of expectations on Tuesday, propelled by strong demand from investors betting on the country's economic recovery.
Blackstone-owned PGI Specialty Materials files for IPO
(Reuters) - Blackstone Group LP's PGI Specialty Materials Inc, which makes materials that are used in products ranging from diapers to disinfectant wipes, filed with U.S. regulators for an initial public offering of common stock.
Bain explores $2 billion sale of Air Medical: sources
(Reuters) - Private equity firm Bain Capital LLC is exploring a sale of Air Medical Group Holdings Inc in a deal that could value the U.S. helicopter ambulance company at around $2 billion, including debt, according to people familiar with the matter.
Atlantic City Revel casino buyer to miss sale deadline: lawyer
CAMDEN, N.J. (Reuters) - A lawyer representing the buyer of the bankrupt Revel Casino in Atlantic City said his client would miss amidnight Monday deadline to complete the purchase, amid concerns over precisely what his client is buying. 
XPO Logistics buys home delivery company to tap e-commerce boom
(Reuters) - XPO Logistics Inc has bought home delivery company UX Specialized Logistics for $59 million in cash to tap into the booming e-commerce market in North America.
Levy Acquisition Corp in the lead to acquire Del Taco: sources
(Reuters) - Levy Acquisition Corp , the blank-check acquisition vehicle of Chicago restaurateur Larry Levy, is in advanced talks to acquire Del Taco Inc, a U.S. fast food chain specializing in Mexican cuisine, according to people familiar with the matter.
Uni-Select to sell U.S. auto parts business to Icahn Enterprises
(Reuters) - Canada's Uni-Select Inc said it would sell its U.S. auto parts distribution business to activist investor Carl Icahn's investment company Icahn Enterprises LP for about $340 million.
Tycoon Dhanin unfazed after Tesco rebuffs approach for Thai unit-sources
HONG KONG/SINGAPORE (Reuters) - Tesco Plc rebuffed an approach from billionaire Dhanin Chearavanont in December to buy the British retailer's Thai unit, but undeterred, the tycoon is building financial firepower for another attempt, people familiar with the matter said.