“UPDATE 5-Julius Baer to buy ING Swiss private bank - Reuters” plus 4 more |
- UPDATE 5-Julius Baer to buy ING Swiss private bank - Reuters
- Stock futures point to a higher opening - Morris County Daily Record
- W.H. pushes for new finance regulations - Thehill.com
- Stereotaxis Receives Commitment to Increase and Extend Its Credit ... - Biloxi Sun Herald
- A new home for service - Statesman Journal
| UPDATE 5-Julius Baer to buy ING Swiss private bank - Reuters Posted: 07 Oct 2009 12:58 AM PDT * To pay around 520 million Swiss francs for ING assets * Purchase price seen in line with expectations * Doubles Julius Baer Geneva presence; 10 pct client boost * Asia sale "a few weeks away" - sources * Baer shares rise 2 pct, ING shares up 2.8 pct (Adds analyst comment, updates share prices) By Saeed Azhar and Ben Berkowitz SINGAPORE/GENEVA, Oct 7 (Reuters) - Julius Baer (BAER1.VX) will buy ING's (ING.AS) Swiss private banking assets for 520 million Swiss francs ($507 million), the European wealth management industry's biggest deal since the crisis began. Baer is paying about 2.3 percent of assets under management (AUM) for the business excluding surplus capital, and about 3 percent including the surplus, roughly in line with expected valuations. Before the financial crisis, similar deals attracted prices above 5 percent of AUM. "The Baer/ING deal was already expected. Strategically it makes sense," a Zurich-based trader said. "They are paying 3 percent of assets, which is fairly attractive." Baer shares were up 2 percent at 40 francs at 0743 GMT, while shares in Dutch financial services group ING were up 2.8 percent at 11.995 euros. Last week the stock hit a year high above 12 euros a share as anticipation of a deal with Baer grew. Julius Baer is paying cash and expects the deal to generate 35 million francs in cost savings and to add to earnings from 2011. The ING unit has about 15 billion francs in assets under management, including surplus capital of 170 million francs. Baer recently built its war chest by listing its U.S. asset management arm Artio (ART.N). Last week it separated off asset management arm GAM Holdings (GAMH.VX) in a bid to free itself up for dealmaking. [ID:nN23405844] Baer Chief Executive Boris Collardi had told the Reuters Global Wealth Management Summit on Monday he was "hopeful" on the outcome of the ING sale. [ID:nL5152640] He also said he had turned down five to 10 deals over the last year, indicating a cautious attitude to available assets. Ranked after UBS (UBSN.VX) and Credit Suisse (CSGN.VX) as the third biggest wealth manager in Switzerland, Baer is also seeking to build Asia as a second major market. With the deal, expected to close early in 2010, Julius Baer said it would have 160 billion Swiss francs under management. Continued...  This posting includes an audio/video/photo media file: Download Now |
| Stock futures point to a higher opening - Morris County Daily Record Posted: 07 Oct 2009 04:33 AM PDT NEW YORK (AP) Stock futures are pointing to another higher opening Wednesday as investors continue to build momentum heading into earnings season. Overseas markets also continued to rise as investors become more confident in a global economic recovery. Investors are taking aim at a third consecutive day of gains after two weeks of declines. With few economic reports due out the rest of the week, quarterly earnings reports will take center stage when aluminum company Alcoa Inc. reports results after the market closes. Earnings will provide strong insight into just how far any economic rebound has been so far. During the second quarter, companies largely beat modest earnings expectations by cutting costs and streamlining operations. That helped fuel the market's rally throughout the summer. Now, though, investors will be looking for actual growth in revenue and sales as the driver of earnings. That would indicate companies are starting to get their footing again and consumers are back buying goods and services. Ahead of the opening bell, Dow Jones industrial average futures rose 30, or 0.3 percent, to 9,684. Standard & Poor's 500 index futures rose 3.40, or 0.3 percent, to 1,052.00, while Nasdaq 100 index futures rose 6.75, or 0.4 percent, to 1,707.50. Stocks have surged in the past two days, with the Dow gaining 244 points, its best back-to-back gains since July. All 30 stocks that make up the Dow rose for the fifth time this year. The resurgence comes after back-to-back weekly declines, also the first of its kind since July. Tuesday's gains came as investors again rallied around signs of a global economic recovery. Australia's central bank raised interest rates, an indication the country believes the worst part of the downturn is over. Energy and material stocks also got a boost as commodities prices rose. Gold continued its surge into Wednesday, hitting a new record of $1,049.70 an ounce. Meanwhile, bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.25 percent from 3.26 percent late Tuesday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.08 percent from 0.06 percent. The dollar was mixed against other major currencies after sagging Tuesday following the interest-rate increase in Australia. Overseas, Japan's Nikkei stock average rose 1.1 percent. In afternoon trading, Britain's FTSE 100 rose less than 0.1 percent, Germany's DAX index gained 0.2 percent, and France's CAC-40 rose 0.2 percent.  This posting includes an audio/video/photo media file: Download Now |
| W.H. pushes for new finance regulations - Thehill.com Posted: 07 Oct 2009 04:19 AM PDT The Obama administration is mounting a full-court press on Capitol Hill this week to rally support behind new financial regulations. Democratic leaders on Tuesday said they are finishing up the legislation and expect to vote on it in November. Treasury Secretary Timothy Geithner and two of his top lieutenants have more than 10 meetings between Tuesday and Thursday. Geithner is slated to talk on Tuesday with House Majority Leader Steny Hoyer (D-Md.) and Rep. Paul Kanjorski (D-Pa.), the No. 2 Democrat on the House Financial Services Committee. Treasury Deputy Secretary Neal Wolin will speak at the Senate Democratic Policy Committee lunch on Thursday, and he and Assistant Secretary Michael Barr have a series of one-on-one meetings throughout the week. The Obama administration has ratcheted up its campaign for new regulations in the last month as concerns mounted that the overhaul effort was flagging under the weight of financial-industry lobbying and Republican opposition. The Treasury Department reached out to centrist New Democrats last Thursday to gather support behind the reform proposals, and Wolin has traveled to a handful of congressional districts to meet with Democrats and consumer financial advocates. The effort comes a week before House Financial Services Committee Chairman Barney Frank (D-Mass.) begins to mark up key elements of the financial overhaul. Frank is slated to hold a three-day markup next week on legislation that would create a new Consumer Financial Protection Agency (CFPA) and on a bill that would add new regulations to the multitrillion-dollar market for financial derivatives. Frank is planning a markup the following week on legislation that would create a new federal office to monitor insurance and set up a new fiduciary duty for broker-dealers and investment advisers. The legislation would also set up new registration requirements for hedge funds and private equity firms. Steve Adamske, Frank's spokesman, said the committee will also hold a markup in October on legislation that would regulate "systemic risk" across the financial sector and establish new powers for the government to wind down failing bank and non-bank financial firms. "Systemic risk" and "resolution authority," as the latter is known officially, are two of the most contentious pieces of the overhaul and have led to months of wrangling not only with financial lobbyists but also among the current regulators, who are wary of losing responsibilities. Hoyer said on Tuesday morning that he is planning votes on the House floor in November, adding that other committees may need time to consider the legislation. The House Agriculture Committee has been working closely on regulations in the derivatives market. "We're marking up these pieces individually," Adamske said. "The leadership may want to fold them all together. That's certainly our recommendation." While the House has planned a heavy slate of markups this month, the Senate is continuing to work mostly behind the scenes. Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Sen. Richard Shelby (R-Ala.), the committee's ranking member, have been working to reach a compromise bill. Dodd has also come out in favor of a series of policies that look significantly different from the proposals put forward by both Frank and the Obama administration. Dodd said last week that he was planning for a series of votes in his committee as early as November. Dodd cautioned that final votes on the Senate floor could happen early next year Jared Allen contributed to this article.  This posting includes an audio/video/photo media file: Download Now |
| Stereotaxis Receives Commitment to Increase and Extend Its Credit ... - Biloxi Sun Herald Posted: 07 Oct 2009 03:36 AM PDT '+'>'); } --> ST. LOUIS, Oct. 7 /PRNewswire-FirstCall/ -- Stereotaxis, Inc. (Nasdaq: STXS) today announced that it has received a commitment letter from Silicon Valley Bank, a member company of SVB Financial Group (Nasdaq: SIVB), to increase and extend its credit facility. Under the terms set forth in the commitment letter, the Company could borrow up to $30 million, compared with $25 million under its current facility. Consistent with the current agreement, the revolving line of credit would include a sublimit of $10 million for advances guaranteed by two current shareholders. The facility would be extended for another year and would mature on March 31, 2011. The commitment is subject to completion of definitive loan documents and other typical closing conditions. In addition, Stereotaxis also reported that it is in discussions with the shareholder guarantors regarding the final terms of a proposed extension of their $10 million guaranty facility to March 31, 2011. About Stereotaxis Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Stereotaxis System is designed to enable physicians to complete more complex interventional procedures by providing image guided delivery of catheters and guidewires through the blood vessels and chambers of the heart to treatment sites. This is achieved using computer-controlled, externally applied magnetic fields that govern the motion of the working tip of the catheter or guidewire, resulting in improved navigation, shorter procedure time and reduced x-ray exposure. The core components of the Stereotaxis system have received regulatory clearance in the U.S., Europe, and Canada and elsewhere. About Silicon Valley Bank Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com. Showing:   This posting includes an audio/video/photo media file: Download Now |
| A new home for service - Statesman Journal Posted: 07 Oct 2009 03:14 AM PDT In a bustle of activity through downtown Stayton, a few dozen volunteers pitched in Friday to help the Stayton Community Food Bank move to a bigger location at 155 Second Ave. "I didn't count, I just asked people to come and they did," volunteer food bank manager Edna Rickman said. The food bank opened for business Monday. It had been at its previous facility at 347 E. Ida St. for the past 27 years. The new building is 1,000 square feet, compared to the previous facility's 495 square feet, Rickman said. "This is really going to give us some elbow room," Rickman said. Planning for the move happened in about a month. The owner of the building was looking for a tenant, and word got around to members of the board. The new space also includes hot water and a private room to interview clients. In the old building, space could get cramped and crowded fast. "We served 23 boxes (last Monday) and when you try to have boxes packed and ready to hand to clients, it got so we were running into each other," Rickman said. Since the first of the year, the food bank has served 225 to 235 clients per month, Rickman said. The economic downturn has contributed to an increase in clients served. "There's a greater need. More people are coming in every day who have never come to us before," Rickman said. Randy Brammer, owner of Precision Towing in Turner, donated his services to move boxes and equipment between locations. He spent an hour helping to load freezers and refrigerators onto his flatbed truck. "Having all these bodies here to load makes things quick and easy," Brammer said. Roma Stewart of Stayton helped move boxes and organize shelves at the new facility. Stewart and one of her friends volunteers at the food bank every Thursday. "I think I'm gonna like it," she said of the new space. Stewart's family moved to Stayton in 1972. Retired now, she's been volunteering at the food bank for five years. "I think when you're retired, one should give back to the community," Stewart said. Scott Mullen and about 10 Stayton Fire District firefighters were among several community organizations and churches that mingled with individuals Friday. "Chief Jack Carriger is pretty involved with the food bank, so somebody contacted him and he put the word out at a business meeting last night," Mullen said. "So here we are." The food bank is open for business 9 a.m. to 12 p.m. Monday to Friday.  This posting includes an audio/video/photo media file: Download Now |
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