| Breeden to replace Ernst as chairman
H&R Block Inc. said Tuesday that Mark Ernst had resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the company's board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement to take the CEO role. H&R Block shares closed Tuesday at $19.32, up 25 cents, on the New York Stock Exchange. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business.
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. .
No 2008 county tax hike proposed
The Somerset County commissioners will unveil today a $35.2 million budget for 2008 that does not call for a tax hike.The budget is increased by less than 1 percent from 2007, said county fiscal analyst Randy Welker. That amount equals $308,401.
"For quite a few years, we have had a very tight budget," he said.The commissioners said they are pleased with the proposed budget."We feel very fortunate to have a rate of less than 1 percent increase considering many of the union contracts call for a 3 percent increase in salaries and benefits," said Commissioner James Marker."We have continuously pared our budget and prioritized our resources," he said.The work and cooperation of the county department heads and elected officials "to hold the line on spending" has helped maintain a tight budget, Marker said.The budget increase is also because of county workers' health benefits costs."Right now, we are looking at a tentative increase of 4.3 percent in health benefits," Welker said.The largest portion of the budget, 43 percent, pays to maintain the county workforce.
Fitch Upgrades Certain R.H. Donnelley/Dex Media Entity Securities; Affirms IDRs at 'B+'
Fitch Ratings has affirmed the 'B+' Issuer Default Ratings (IDRs) on R.H. Donnelley Corp (Nachrichten) (NYSE:RHD), R.H. Donnelley, Inc. (RHDI), Dex Media, Inc. (DXI), Dex Media East (DXE) and Dex Media West (DXW). Fitch has also taken the following rating actions: R.H. Donnelley Corp. (RHD Holding Company) --IDR affirmed at 'B+'; --Senior unsecured upgraded to 'B/RR5' from 'B-/RR6'. R.H. Donnelley Inc. (Operating Company; subsidiary of RHD) --IDR affirmed at 'B+'; --Bank facility affirmed at 'BB+/RR1'; --Senior unsecured upgraded to 'BB+/RR1' from 'B+/RR4'; Dex Media, Inc. (Dex Holding Company; subsidiary of RHD) --IDR affirmed at 'B+'; --Senior unsecured upgraded to 'B/RR5' from 'CCC+/RR6'.
Pfizer continues advancement into vaccines business. Now gathering technologies but will soon need antigens. Pfizer ...
LONDON, UK----19 November 2007----ExpertREACT. VacZine Analytics, a new strategic research agency focused on vaccine market analysis discusses the continued advancement of pharmaceutical giant Pfizer into the vaccines business.
On the 16th November pharmaceutical giant Pfizer announced that it made steps to acquire Massachusetts�s based Coley Pharmaceutical Group (CPG). CPG, founded in 1997, is focused on immune enhancing molecules, which stimulate Toll-like receptors (TLRs). The company has previously been in partnership with Pfizer relating to TLR9 agonists in cancer and through its adjuvant Vaximmune, has product development research and license agreements with the majority of the major vaccine players.
CPG was valued at $164 million where Pfizer would pay cash for all of the outstanding common stock for $8 per share.
winning strategy: Chinese multinationals, finance, outsourcing, trade, technology, travel
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. timely and provocative book: China�s Global Reach Borderless Business, National Competition, Politics, and Globalization (book excerpts) by George Zhibin Gu Afterword China, United States and Global Development by Andre Gunder Frank Chapter 6. All International Business Players are important Today China is the biggest new frontier for international companies. In many ways, the Chinese market has more an international flavor than many other markets around the globe. Many unique characteristics have evolved along the way. For now, China has already become one biggest theater for international businessmen to display their cultures and traditions as well as ambitions.
European govt bonds higher on stock market weakness, liquidity concerns
LONDON (Thomson Financial) - European government bonds remained higher as stock markets around the world fell lower on continued fears over financial write-downs and liquidity concerns. Equity markets continue to dominate investors' risk appetite, with any drop immediately boosting government debt prices. "Spill-over effects from the subprime crisis, the credit crunch and worries about economic downturn are beginning to play on consumer confidence," said David Brown at Bear Stearns. Whereas central banks continue to stress the risks of higher inflation, short-term interbank lending has dried up once again, posing renewed liquidity problems to the financial sector. Brown said this is filtering through to the rest of the economy, putting pressure on not only business confidence, but consumers as well ahead of the Christmas season.
Seoul marks recovery from 1997 crisis
South Korea has fully recovered from the devastating 1997 economic crisis, the government said yesterday on the eve of its anniversary, but commentators said crucial reforms were still not in place. On Nov. 21, 1997, Seoul asked the IMF for a bailout of US$57 billion -- the largest in the fund's history -- to avoid a state bankruptcy. In return it effectively gave up sovereignty over the economy, accepting tough austerity measures -- including high interest rates -- prescribed by the IMF. The turmoil swallowed up 16 of the 30 largest business conglomerates, including the second-largest Daewoo Group, and forced some 900 financial institutions out of business. Millions lost their jobs due to corporate restructuring and insolvencies, even though the government injected some US$180 billion to bail out failing businesses and financial institutions.
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