| Capital One, Austin's NetSpend change acquisition plans
Regional bank instead will take a minority partnership stake in prepaid debit card company. By Dan ZehrAMERICAN-STATESMAN STAFF Tuesday, November 20, 2007 NetSpend Corp. and Capital One Financial Corp. called off their $700 million acquisition plan Monday, saying they would seek to expand their existing partnership instead. The companies said in a press release that they had mutually agreed to suspend the deal, in which Capital One would've bought NetSpend, an Austin company that provides prepaid debit cards for more than 1.5 million customers. They announced the deal in August. .
Research and Markets: New Oil and Gas Assets Report Examines Eni SpA's Key Business Structure and Operations
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N.J.'s debt burden tops $38B
A new report shows New Jersey's record debt is now above the $38 billion mark, a figure Governor Corzine has vowed to slash in half with a yet-to-be disclosed "financial restructuring" plan that includes toll hikes. The new total debt number comes just as Corzine is ramping up his effort to convince residents that toll increases are the best way to fix the state's financial problems. He is expected to roll out details of the plan in early January. .
H&R Block boss resigns as chairman, CEO
Mark Ernst has resigned as chairman, president and chief executive of H&R Block Inc., the tax preparation and accounting services company that is reeling from its foray into the collapsing subprime mortgage business. The company said Tuesday that Ernst's replacement as chairman is Richard Breeden, the former head of the Securities and Exchange Commission, who led a dissident shareholder group that won three seats on the H&R Block board. A retired Aetna Inc. chief financial officer, Alan Bennett, was named interim CEO while H&R Block looks for a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from its core tax preparation and accounting services business.
Marston's is first major pub group to refinance its debt
Marston's added to its acquisitions firepower by becoming the first major pub group to refinance its debt since volatility struck the credit markets in the summer. The group raised an additional £330m of debt by the issue of new bonds against the transfer of 437 of its freehold and tenanted pubs from its non-securitised to its securitised estate. .
Wilkins faces tax increase to avoid deficit
During a budget meeting Monday, Wilkins Manager Rebecca Bradley announced that the township could face raising $1 million with a tax increase in 2008. Ms. Bradley noted the township's recent settlement with ProCare Inc. for $950,000 for overpaid taxes, increased living costs and stagnant real estate values have led to a looming budget deficit of about $900,000 for 2009. "With the loss of the revenue stream generated by ProCare, the continuing increase in expenses and the flattening of real estate and Act 511 revenues, we have finally reached the point where there is little alternative but to raise taxes," wrote Ms. Bradley in an e-mail to the Post-Gazette. Ms. Bradley said Wilkins has not raised taxes since 1993 and a real estate tax increase would provide $300,000 to its revenue stream for 2008.
Fonterra facing opposition to scheme
SIGNIFICANT dairy industry players, including Fonterra�s fourth largest private milk supplier, Otago dairy farmer Grant Paterson, look set to oppose the dairy giant�s capital restructuring, a sign the co-operative�s board could face major hurdles getting shareholder support.
However, the state-owned farming company Landcorp, another of Fonterra�s five largest suppliers, agrees in principle with the restructuring.
Chief executive Chris Kelly said Fonterra needed more capital and provided the final details were acceptable would vote in favour.
The Otago Daily Times has spoken to several leading dairy figures throughout the country, who declined to be publicly interviewed, but said they had major reservations with Fonterra�s proposals. Mr Paterson, who owns 18 dairy farms milking more than 10,000 cows in Otago and Southland, said Fonterra�s proposal meant farmershareholders would give away too much of the company.
China's entrepreneurship, wealth, investment revolution: outsourcing, tourism, finance job
Why is China's economy and trade booming? What is really inside Chinese society, banking, management, outsourcing, education, politics, individual life? How to do investing, travel, trade inside China? Talk to provocative thinker George Zhibin Gu. essential business and investment book : China and the new world order, by George Zhibin Gu Reviewed by China Venture News, http://www.chinaventurenews.com The subject of Chinese entrepreneurship continues to resonate with global investors and especially the venture capital markets. George Zhibin Gu, author, business consultant and investment banker in his latest book, China and the New World Order, brilliantly reflects on how entrepreneurship, globalization and the borderless communities are reshaping a new China. The author received his education at Nanjing University in China and Vanderbilt University and the University of Michigan in the United States, he holds two MS degrees and a PhD from the University of Michigan.
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