| Corporate Farming’s Best Friend
This was the year the antiquated and expensive farm subsidy program was to be reformed.A growing chorus has turned against the $16 billion annual subsidy, which gives most of the money to corporate farms rather than the small farmers for whom the program was designed during the Depression. .
Delphi, GM settle on reorganization plan
Delphi Corp. is seeking to exit bankruptcy after reaching an amended agreement with General Motors Corp. and investors of the auto parts company. Delphi released details of the plan, which includes $5.2 billion in net funded debt, below the $7.1 billion figure announced on Sept. 6. The company will forward the settlement to the U.S. Bankruptcy Court in New York City, which must approve plan. "Today's filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment," John Sheehan, Delphi's chief restructuring officer, said in a statement. The company did say, however, that a creditors' committee and equity committee are opposed to the amended plan.
Naturade Receives Funding and Emerges From Chapter 11 Bankruptcy
Naturade, Inc. (Other OTC:NRDCQ.PK - News) announced today that its controlling shareholder, Redux Holdings, Inc. (Other OTC:RDXH.PK - News), has completed an infusion of new capital into the Company in the amount of $1,200,000, finalizing the plan of reorganization under Chapter 11 as approved by the United States Bankruptcy Court allowing Naturade to emerge from bankruptcy. .
A Single Market for 21st Century Europe - guide
The European Commission on 20 November 2007 set out a package of initiatives to modernise the European single market and to bring more benefits to Europeans, building on past successes. The single market has already helped create competitive companies, reduced prices, more choice for consumers and a Europe attractive for investors. The Commission says its measures - which are based on "extensive consultation" - will ensure that the single market does even more to take advantage of globalisation, empower consumers, open up for small businesses, stimulate innovation and help maintain high social and environmental standards. Among the most important policy actions set out in today's single market package are initiatives to: help consumers to exercise their contractual rights and get redress across borders; provide better information for consumers and small businesses; respond to weaknesses in sectors where the single market should deliver more; propose a Small Business Act; and introduce a "researcher passport"; clarify how EU rules apply to services and social services of general interest; and promote the quality of social services across the EU.
Business newsmaker
NCR CORP., the world's largest maker of automated teller machines, named Tony Massetti as its chief financial officer, a position he currently holds at semiconductor maker QLogic Corp. Massetti, 45, will join NCR in January after concluding responsibilities at QLogic, Dayton, Ohio-based NCR said yesterday in a statement. Bob Fishman, NCR's corporate controller, has been serving as interim CFO since former finance chief Peter Bocian took the title at Starbucks Corp. in May. NCR spun off the Teradata data storage unit earlier this year to focus on ATMs and self-checkout registers used by retailers. Last month the company raised its full-year earnings forecast, excluding restructuring costs and taxes, to $1.20 (U.S.) to $1.25 per share. Massetti worked for QLogic five years and at International Business Machines for 17 years.
CIOs told: 'Offer business analytics or lose budget'
CIOs that want to protect their IT budget from being slashed need to develop business analytic capabilities, according to new research from IT analyst group Gartner. Pressure on IT budgets should be relieved by 2010, said Gartner analyst Marcus Blosch, but only among those IT shops that effectively align themselves with business goals. .
Interfor looking for new acquisitions after deal with Pope and Talbot
VANCOUVER - International Forest Products Ltd. (TSX:IFP.A) remains on the hunt for further acquisitions, the company's chief forester said on Tuesday, a day after announcing a deal to buy three sawmills from troubled forestry company Pope and Talbot. .
(AFX UK Focus) 2007-11-19 12:00 GMT: Northern Rock's bank financial strength cut to 'd+'; outlook negative - Moody's
MUMBAI (Thomson Financial) - Moody's Investors Services downgraded Northern Rock PLC's bank financial strength rating (BFSR) to 'D+' with a negative outlook from 'C-' with a developing outlook. It said the 'D+' maps into a Baseline Credit Assessment of 'Ba1'. Moody's said that the downgrade of the bank's BFSR reflects the more significant impairment of the bank's franchise as the effort to find a corporate solution has proven more protracted than initially expected. The rating agency said it sees the likelihood of a swift sale of the bank to a large and highly rated financial institution to be possible but less likely than initially anticipated. The downgrade also reflects its view on the bank's future profitability as a result of its increased cost of funding, expected lower levels of new business and possible restructuring costs.
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