September 2, 2008

BEL Salutes Glenn Graham

glenngraham.jpg

(pic courtesy of Trader Daily)

Glenn Graham was named one of Trader Daily's "Top 30 Under 30", meaning the top young traders under the age of 30. Glenn last attended classes in finance and accounting from the College of Business in 2006, and he was a student assistant in BEL. He once said that BEL was one of the best jobs in his life because we had so many databases and publications he could peruse for his career search and projects he had to do for classes.

Indeed, he used Investment Dealer's Digest and Futures magazine to do an independent job search for a summer internship, and landed a spot at Allston Investment in Chicago. He performed so well that he was offered a permanent position at the end of his internship.

Now, Glenn works for Dubai-based Casa Trading as director of its energy trading. One of his peers said this about Glenn:

"His trading prowess is unprecedented for someone his age," says one crude-oil broker. "He's a brilliant trader and a tremendous risk taker, but at the same time he knows how to calculate risk well."

Glenn is only 23 years old.

BEL salutes Glenn Graham and continues to wish him well in his endeavors.

Link to article (registration req'd, but free to anyone)

(h/t to Ashley Graham, his sibling, who also works in BEL as a student assistant)

Posted by Becky at 11:11 AM

December 7, 2007

Murdoch Said to Have Plan for Shake-Up at Dow Jones

From the NYT:

Richard F. Zannino, Dow Jones’s chief executive, will leave the company after staying for a time to help with the transition, Dow Jones announced yesterday.

People briefed on the matter said that both Mr. Zannino and L. Gordon Crovitz, the publisher of The Wall Street Journal, would be succeeded by trusted lieutenants of Rupert Murdoch soon after the takeover was complete.

Executives at both companies say there will be a broader sweep of the upper echelon at Dow Jones in the next few weeks, both to eliminate duplication and to make way for Mr. Murdoch’s people.


Read the rest here.

Posted by Becky at 4:21 PM

Deputy Mayor Leaving to Run Bloomberg L.P

From the NYT:

Daniel L. Doctoroff was to have been the Robert Moses of the Bloomberg era, a bold visionary who would guide a sweeping revitalization of New York and put to rest the notion that the age of building big had ended.

But now, as Mr. Doctoroff ends his tenure as the longest-serving deputy mayor for economic development, much of his agenda remains unrealized, despite his many achievements.

Mr. Doctoroff, 49, announced yesterday that he would resign at the end of the year and become president of Bloomberg L.P. in February.


Read the read here.

Posted by Becky at 3:06 PM

June 20, 2007

Huffington Post Now Has Business Section

Today, BELlog discovered that the Huffington Post, which is a digital newspaper, has created a "Business" news section. It has a blog as well for opinions. The best feature is the links to the news sections of many mainstream media, such as the Wall Street Journal, NYT Business, Financial Times, CNN, the Economist, and USA Today.

Check it out.

Posted by Becky at 3:53 PM

February 27, 2007

Wall Street Takes A Hit As Chinese Market Stumbles

From the NYT:

Stocks plunged in New York today after a sell-off in China rattled markets worldwide and surprisingly weak economic data fanned fears that the economy may be more vulnerable to a downturn than widely thought.

A wide sell-off had pushed the benchmark Standard and Poor’s 500 stock index and the Dow Jones industrial average down around 1 percent for most of the trading day. But minutes before 3 p.m., stock prices plummeted, sending the Dow briefly down more than 500 points, or 4 percent. The S&P also fell about 4 percent at the same time.

LINK

Posted by Becky at 2:50 PM

January 11, 2007

Happy New Year...and lots of news...

Welcome back, UIUC students and new ones too! We also say hello to any new visiting faculty.

Since we've last posted, BEL launched a new database, Market Research.com.

Market Research.com has over 11,000 reports by 550 publishers. It's the aggregator of many market research reports by Packaged Facts, Kalorama, Icon Group, Euromonitor, etc. It's great...check it out. Bear in mind is for UIUC users only, and for scholarly or pedagogical purposes. Net ID and PW required.

CIBER and the Food & Brand Lab graciously provided funds for Market Research.com

We've discovered some news:

*CBOT donated money for Market Trading Room to be in the new instructional facility
*The Office of Undergraduate Affairs in the College of Business has won a $5,000 grant from the Chancellor’s Task Force on Civic Commitment in the 21st Century to help fund the startup of its Social Entrepreneurship Summer Institute (SESI). SESI is a summer program that will educate students, through service learning, about civic engagement and societal needs. At the same time, the institute will provide community organizations with training on basic business concepts, in an effort to help these organizations to function more effectively while grappling with limited resources. The institute will also help community organizations to explore whether a “social entrepreneurship” enterprise, creating a for-profit venture to sustain their non-profit’s organization and mission, is right for them.

U2IPERG announced this afternoon another seminar coming up on January 22. It is with Professor Nate Jensen of Washington U and the title of his talk is Title: "Firm-Level Responses to Politics: Political Institutions and the Operations of U.S. Multinationals". Should be interesting.

There's more after the jump..


In technology news, Apple came out with the iphone, which may have many implications, such as being a real e-book reader, playing itunes, and video taking...all in one phone. Meantime, Cisco is suing Apple over trademark infringement.

And lastly, closer to home..

Over Winter break, belloger Becky Smith got to meet author Robert Scoble of Podtech, who wrote Naked Conversations: How Blogs are Changing the Way Businesses are Communicating with Customers. Scoble, along with his wife, Maryam, host the Scoble Show, a videoblog that is on Thursdays.

341550987_27d86f6d61_m.jpeg Scoble and the wannabe geek, Becky

As always, happy searching!

And stay tuned for more to come.

Posted by Becky at 3:58 PM

November 16, 2006

Passing of a Economics Giant: Milton Friedman

From today's Chicago Tribune:

miltonfreidmanlg.jpeg

Milton Friedman, the Nobel laureate economist who shaped the philosophies of Ronald Reagan, Margaret Thatcher and successive Federal Reserve chairmen, has died, his daughter Janet said. He was 94.

Friedman's theory that inflation results from too much money chasing too few goods inspired a generation of central bankers, beginning with Paul Volcker, who was Fed chairman from 1979 until 1987. Alan Greenspan and Ben S. Bernanke also credit Friedman's work as a blueprint for policy making.

``Friedman's monetary framework has been so influential that, in its broad outlines at least, it has nearly become identical with modern monetary theory and practice,'' Bernanke said at a conference in October 2003 when he was a Fed governor. He became chairman in February 2006.

LINK to article

UIUC Finance Professor Virginia France and U of Chicago graduate, fondly remembers two quotes by Friedman (both from Quoteland.com)

Hell hath no fury like a bureaucrat

and

The government's solution to a problem is usually as bad as the problem.

Professor Friedman will be sorely missed, whether you are a Monetarist or not.

Posted by Becky at 2:28 PM

November 10, 2006

Hedge Fund Group Issues Public Stock

From Today's NYT:

The Fortress Investment Group plans to raise as much as $750 million in what is set to be the first initial public offering by a United States hedge fund.

Investors will own 10 percent of Fortress after the offering, the company said yesterday in a regulatory filing. The sale values Fortress at up to $7.5 billion

Fortress, which oversees $26 billion, was founded as a private equity firm in 1998 by Wesley Edens, Robert Kauffman and Randal Nardone. It later expanded into hedge funds, real estate and debt. Its assets have more than doubled since March 2005.

LINK (registration req'd) to article

Form 3 Filing by Fortress

Posted by Becky at 2:12 PM

October 24, 2006

Wrigley Co Names Outsider to CEO Post

Stock jumped 14% after the announcement, according to the article.

From today's NYT:

For William D. Perez, it must be hard not to feel as if his new job is déjà vu all over again. The Wm. Wrigley Jr. Company, purveyor of all things minty fresh, named Mr. Perez its chief executive yesterday, the first time it has tapped someone outside its founding family in its 115 years.

It is the second time in less than two years that Mr. Perez has accepted a position at the helm of a company whose previous chief executive is staying on but promising to stay out of his way. Nike’s founder, Philip H. Knight, also gave Mr. Perez such assurances, but then pushed him out this year after only 13 months.

Mr. Perez said he was confident things would be different this time even though Bill Wrigley Jr. will stay with the company in the new position of executive chairman.

LINK

Posted by Becky at 2:03 PM

October 19, 2006

Second Life (Web 2.0)

Today's NYT features an article about Second Life and how companies are marketing and selling their products via Second Life (paragraphs snipped are not at the beginning of the article):

A Virtual World but With Real Money

This parallel universe, an online service called Second Life that allows computer users to create a new and improved digital version of themselves, began in 1999 as a kind of online video game.

But now, the budding fake world is not only attracting a lot more people, it is taking on a real world twist: big business interests are intruding on digital utopia. The Second Life online service is fast becoming a three-dimensional test bed for corporate marketers, including Sony BMG Music Entertainment, Sun Microsystems, Nissan, Adidas/Reebok, Toyota and Starwood Hotels.

LINK (registration req'd)

The article mentions that Linden Labs, the operator of Second Life, has leased nearly comparable to 95 square miles, on the site. Also, there is some Congressmen who wonder if it should be taxed or not.

Posted by Becky at 10:21 AM

October 9, 2006

Google to Purchase You Tube for $1.65 B

From the NYT:

Google Inc. agreed to buy YouTube Inc. for $1.65 billion Monday. The price makes YouTube, a still-unprofitable startup, by far the most expensive purchase made by Google during its eight-year history.

LINK

Wonder how the Harvard Business School folks will write this up on intangible financial valuation cases. Should be interesting.

And what will it mean for bloggers who place free videos on Google and You Tube. Will there be pricing later since bloggers do not own the content when they put their videos on You Tube? Google has begun to charge for views of certain talk shows beyond the same day. Example: Charlie Rose Show.

Posted by Becky at 3:46 PM

September 22, 2006

Business News: H-P Chairwoman Patricia Dunn Resigns

From the NYT this afternoon:

PALO ALTO, Calif., Sept. 22 — Hewlett-Packard today announced the immediate resignation of its chairwoman, Patricia C. Dunn, the first casualty inside the company over the disclosure of its internal spying operation.

Ms. Dunn will be replaced by Mark V. Hurd, the computer giant’s chief executive officer. Mr. Hurd disclosed the change at a press conference Friday in which he and Hewlett-Packard for the first time publicly discussed a scandal that has engulfed the company for more than two weeks.


LINK (registration req'd)

Posted by Becky at 4:23 PM

August 27, 2006

Measuredmarkets Study Reveals Abnormal Trading Before Buyout Announcements

From the NYT:

The boom in corporate mergers is creating concern that illicit trading ahead of deal announcements is becoming a systemic problem.
It is against the law to trade on inside information about an imminent merger, of course.

But an analysis of the nation’s biggest mergers over the last 12 months indicates that the securities of 41 percent of the companies receiving buyout bids exhibited abnormal and suspicious trading in the days and weeks before those deals became public. For those who bought shares during these periods of unusual trading, quick gains of as much as 40 percent were possible.

The study, conducted for The New York Times by Measuredmarkets Inc., an analytical research firm in Toronto, scrutinized mergers with a value of $1 billion or more that were announced in the 12-month period that ended in early July. The firm analyzed the price, the total number of shares traded and the number of individual trades in each stock during the weeks leading up to the announcement and looked for large deviations from trading patterns going back as far as four years.


Read the rest here.

Posted by Becky at 12:10 PM

August 4, 2006

NYT Has Deals Blog

Today while glancing at the headlines at NYT Online, I discovered there is a blog about deals. It's called Dealbook, and has some nice snippets about M & A's, LBOs, hedge funds (the most hit topic on bellog), and turnarounds.

Check it out--Dealbook.

Posted by Becky at 1:42 PM

August 3, 2006

Foster's Beer Discontinues TV Ads in the U.S.

The Wall Street Journal reports that Foster's Beer has decided to quit advertising on TV and will use their ad dollars for Internet. They are hoping to reach more younger males by this marketing strategy change.

BEL staffers noticed that Google stock went up. But it also may have gone up due to a new pact with XM Radio.

LINK to article (must have UIUC net id and password)

Posted by Becky at 12:05 PM

June 29, 2006

Gnomedex Conference

Gnomedex 6.0, a blogger's high tech convention, starts tomorrow. Instead of having lots of panels of various experts, they are holding many sessions related to social networking, social marketing, and of course, the tools.

John R. Edwards, the Director of the Center for Poverty, Work, and Opportunity at UNC-Chapel Hill, and senior advisor for the Fortress Investment Group, is the keynote speaker on Friday. As part of his work in discussing poverty and other related issues, many of them related to legislation as he was a vice-presidential candidate in 2004, he has used podcasting, blogs, GCasts (audio blog) and vblogs in soliciting questions and opinions.

The conference arranger, Chris Pirillo of Lockergnome, was mentioned last week about a tool he created called gada.be. The tool changed its name yesterday to tagjag.


Posted by Becky at 11:06 AM

June 20, 2006

Gulf urged to harmonise financial standards

By Shakir Husain, Staff Reporter, Gulf News:

Dubai: Cross-border investment in the Gulf will soar if members of the Gulf Cooperation Council (GCC) harmonise accounting, auditing and financial reporting standards, a top econ-omist said yesterday.

Chief economist of Dubai International Financial Centre, Nasser Saidi, said International Financial Reporting Standards (IFRS) must be made mandatory for publicly listed firms.

"The GCC is moving towards market integration and countries must harmonise accounting standards. It will boost investor confidence and encourage cross-border investment," he told Gulf News.

Read the rest here.


Posted by Becky at 1:13 PM

Ipods Are Favored Over Suds

Yesterday Stephen's Lighthouse (a blog by a forward thinking librarian and executive) posted an article from the USA Today about the use of Ipods by college students:

Only once in the past decade of the biannual survey, in 1997, was beer bumped from the top spot — by the Internet, says Student Monitor's Eric Weil. The Ridgewood, N.J., research firm surveyed a representative group of 600 students.

Among the findings:

• iPods were the No. 1 "in" thing on campuses; 73% of students mentioned it. iPods were even more popular with Hispanic students (77%) and women (76%).

• Drinking beer tied with the college networking site Facebook.com (71%).

• Nos. 4 to 10 were drinking other alcohol (67%), text messaging (66%), downloading music (66%), going to clubs (65%), instant messaging (63%), working out (62%) and coffee (60%).

Read the rest here.

Posted by Becky at 10:56 AM

May 18, 2006

One billion people have Internet access

From Yahoo:

WASHINGTON (AFP) - More than one billion people in the world have access to the Internet, with a quarter of them with broadband, or high-speed connections, according to a survey.

The report by the firm eMarketer said the milestone of one billion was reached in late 2005, and that nearly 250 million households had broadband connections.

The firm estimates that of these people, 845 million use the Internet regularly.

LINK to article

For our readers, BEL does not subscribe to EMarketer, although perhaps we will obtain a trial to it in the near future.

Posted by Becky at 1:00 PM

May 8, 2006

Less Than One in Five Business Leaders Admit to Understanding Consumer Needs

From the CRM Today Newsletter:

An IBM survey of over 700 consumers and business leaders in North America and Europe has revealed consumers think companies are increasingly acting without understanding them -- and some companies admit this. Of more than 100 business leaders questioned, 79 percent admitted to taking significant marketing and promotional actions without clearly understanding consumer expectations.

For example, less than half of retail banking consumers surveyed had experiences that exceeded their expectations. Banking consumers surveyed stated higher-order emotive characteristics such as "dignity" and "empathy" as top preferences. Characteristics such as "friendly" and "informed" are less important.

However, only 17 percent of business leaders as a whole said that they consider emotional factors at all when making consumer-related decisions. These survey results suggest that in-depth consumer understanding and proactive management of key interactions represent a significant opportunity for differentiation in today's fiercely competitive and price-driven marketplaces.

The IBM Global Business Services Consumer Experience Survey found 74 percent of business leaders surveyed act on an operational basis, e.g. "what can be made faster or more efficient," rather than focusing on an in-depth understanding of what the consumer may value most. Also, companies continue to put inspirational and emotional brand messages into the market, but often fail to deliver on emotional promises when they interact with consumers.

Read the rest here.

This happens in the nonprofit too.

Posted by Becky at 12:27 PM

May 5, 2006

Louis Rukeyser, Television Host, Dies at 73

From the NYT:
Louis Rukeyser, the exquisitely tailored and pun-loving television host who helped millions of Americans believe that they could get rich in the stock market, or at least begin to understand it, died yesterday at his home in Greenwich, Conn. He was 73.

He died of multiple myeloma, said his brother Bud Rukeyser.

When "Wall Street Week" was broadcast for the first time on Nov. 20, 1970, probably nobody, not even the always self-assured Mr. Rukeyser, dreamed that the show would run for 32 years while attracting the biggest audience on public television and making its host a celebrity in the improbable field of light-hearted, free-market-oriented financial commentary. The Dow Jones Industrial Average was then languishing, and the population of American mutual funds numbered a scant 323.

LINK


On a personal note, this belloger enjoyed Wall Street Week on the PBS. He had the worst puns, but Louis trusted his regulars on roundtable discussions and his guests to be truthful with his viewers. He will be missed.

Posted by Becky at 7:22 PM

April 14, 2006

A new profession for Hello Kitty?

From Business 2.0;

Can a robot replace your receptionist?

Diane Anderson, Business 2.0 Magazine
April 11, 2006: 3:50 PM EDT

So far, computers have displaced assembly-line workers, telephone operators, and musicians. Now a Japanese staffing firm wants to add front-desk personnel to the list. In February, Nagoya-based People Staff launched a service called Robot Dispatch: For $424 a month - or one-sixth the cost of one of the firm's human temps - Japanese companies can rent an electronic receptionist shaped like Hello Kitty.

Manufactured by Business Design Laboratory, also based in Nagoya, the 20-inch-tall Hello Kitty Robo can recognize as many as 10 faces, ask visitors to speak their names, and tell them when the person they have come to see is ready. With 20,000 stored conversation patterns, songs, and riddles, the robot is arguably more entertaining than many real attendants. Cheaper too. "Many Japanese corporations don't have a person at reception," says Chihiro Yamada, a People Staff spokeswoman. "If a company wants to hire a receptionist, we can save them money."

Read the rest here.


Note:
If link is not accessible for free past this month, Business 2.0 is available through Business Source Complete. (UIUC id & pw req'd)

Posted by Becky at 12:50 PM

China and the art of (standards) war

From today's Asia Times:

In the afternoon of January 10, Huang Ju, China's vice premier, made a videophone call from the Science and Technology Innovation Achievements Exhibition that was then being held in Beijing. For the residents of Bijie county, to whom this call was made, it was a simple call from the vice premier that conveyed New Year greetings. But for the global telecom industry, it was an end to several years of anxious waiting.

"I am impressed with the quality of the call," Huang said, and with those words he put the Chinese government's official stamp of approval on the locally developed third-generation (3G) technology that was used for the demonstration. China's operators and global equipment makers had been waiting for years for Beijing to roll out 3G licenses and make a final decision on the technology that it would use for 3G services, expected to start in mid-2006.

Read the rest here.

Interesting stats:

According to the statistics of the Ministry of Information Industry (MII), China produced, sold and exported respectively 82.8 million, 80.4 million and 39.7 million sets of color TV sets in 2005, up 13.02%, 10.69% and 43.36% from the previous year. The output of mobile phones has increased just as dramatically. China manufactured 303 million mobile phones in total in 2005, some 40% of the world's production. The MII predicted that the number is likely to exceed 340 million this year. Statistics for most other electronics products show similar increases. China is second to the US as a consumer of electronics.

Posted by Becky at 11:45 AM

April 13, 2006

Google Chief Rejects Pressuring China

From today's NYT:

BEIJING, April 12 — Google's chief executive, Eric E. Schmidt, whose company has been sharply criticized for complying with Chinese censorship, said on Wednesday that the company had not lobbied to change the censorship laws and, for now, had no plans to do so.

"I think it's arrogant for us to walk into a country where we are just beginning operations and tell that country how to run itself," Mr. Schmidt told reporters from foreign news organizations.

Read the rest here.

Interesting stat from this article:

China already has more than 111 million Internet users, the second-highest number in the world, after the United States, and this is growing quickly. Mr. Schmidt said he expected China to become one of Google's most important markets, even though it still accounted for a small slice of overall revenue. He said the same was true when Google entered other foreign markets, including those in Europe, where revenue has jumped as users became familiar with the company's services.

Looks as though Google is expanding but also may be doing some outsourcing too.

Posted by Becky at 11:27 AM

April 6, 2006

Fast Company 50

Fast Company (FC) is a trade magazine that first described itself to be a cross between Harvard Business Review (HBR) and Rolling Stone. It was founded over a decade ago by two former editors who wanted to create content about entrepreneurs and make it more "hip" in its tenor.

Today, FC has moved more towards a cross between Business 2.0 and Wired, and more closely aligned with Red Herring, but with some HBS Working Knowledge flavor.

For the past 5 years, FC has been doing an annual issue entitled the Fast 50. To use their description, it is:

"...50 portraits from the future: people in business, technology, government, the arts, and beyond who are writing the history of the next 10 years. No, they aren't all heroes. Some are simply seizing an opportunity. But they're all smart, and they all tell you a lot about where we're heading. "

It is not a ranked list, but their thoughts on the top 50 movers and shakers.

Fast 50
http://www.fastcompany.com/fast50_06/index.html

I'm not certain I agree with their list but certainly it is interesting to read. Enjoy.

Posted by Becky at 3:00 PM

April 3, 2006

Exxon Number 1 on Fortune 500 List

The AP reports that Exxon Mobil Corp moved to the top of the 2006 Fortune 500 list, "and consigned Wal-Mart Stores Inc. to the No. 2 spot on the magazine's annual ranking of the nation's largest publicly traded companies.

Fortune compiled its list based on companies' 2005 revenues. Exxon Mobil raked in $340 billion in revenue, a 25.5 percent increase over 2004, and had $36.1 billion in profits, the most by any U.S. company in history."

LINK to Article

LINK to Fortune

Posted by Becky at 11:17 AM

February 24, 2006

Market Research Publisher VNU May Be Acquired

From today's WSJ:

A group of seven private-equity firms is poised to submit a firm bid to acquire VNU NV for about 7.2 billion euros ($8.6 billion), beginning a tug-of-war over the Dutch publisher and market-research giant as the company's board weighs whether to recommend the buyout even though VNU's biggest shareholders say the bid is too low.

It isn't clear how VNU's board will react to the bid, as several of the company's biggest shareholders as well as Dutch institutional investors have said the company would be worth more if it were broken up and sold off in three pieces. VNU owns a range of media-related properties including the Nielsen Media Research television-ratings service, ACNielsen market research, the Hollywood Reporter and Billboard magazine.

Read the rest here (UIUC id and pw req'd)

Posted by Becky at 9:48 AM

February 22, 2006

Dow Jones Picks New Publisher

From today's NYT:

By JOHN O'NEIL
Published: February 22, 2006
Continuing a management reorganization, Dow Jones & Company announced today that it would integrate its print and online publications, and it named a new publisher for its flagship publication, The Wall Street Journal.

The new publisher will be L. Gordon Crovitz, who has been senior vice president for electronic publishing and who got his start at the company as an editorial writer for The Journal in 1981.

Read the rest here (free, but must be registered with NYT)

Posted by Becky at 12:03 PM

Plenty Ventured, Plenty to Gain

From TCM Net, published a couple of days ago:

CHAMPAIGN -- An audit of IllinoisVentures shows that as of midyear 2005, most of its investments were concentrated in 10 companies.

IllinoisVentures, a private company formed by the University of Illinois to help start-up companies, had $2.35 million in investments as of June 30, according to an audit performed for the Illinois auditor general.

Of those investments, about $1.23 million were in the form of common or preferred stock in the fledgling companies. The remainder were in the form of debt instruments that can be converted to stock if and when IllinoisVentures chooses.

Read the rest here.

Posted by Becky at 11:39 AM

January 4, 2006

Leading Business Journals on Web Remove Subscription Barrier

Business 2.0 family of online magaines, which includes Fortune and CNN Money, are now available for free without subscriptions. Should include archives as well as current content. (Reported on Be Spacific site 1/03/06)

Hattip to UIUC University Librarian and Issues in Scholarly Communication blogger Paula Kaufman for this tidbit.

Posted by Becky at 5:44 PM

November 17, 2005

Business News: Good Jobs Are Scarce, So What Do You Do?

From a special section on Small Business in today's NYT:

By JAMES FLANIGAN
Published: November 16, 2005
IF there is one place where the idea of the ownership society is taking hold, it is America's colleges and universities. More than 1,600 colleges offer courses in entrepreneurship, up from 1,050 in the early 1990's and a mere 300 schools in the 80's.

snip

"Innovation is what all corporations want today," Mr. Policano (of USC) said. "Chief executives coming to our campus want graduates who will tell them what the business should be in five years."

LINK to rest of article

Posted by Becky at 2:42 PM

November 12, 2005

Management Visionary Peter Drucker Dies

From the Washington Post:

Peter F. Drucker, 95, who was often called the world's most influential business guru and whose thinking transformed corporate management in the latter half of the 20th century, died Nov. 11 at his home in Claremont, Calif. No cause of death was reported, but he was under hospice care. His work influenced Winston Churchill, Bill Gates, Jack Welch and the Japanese business establishment. His more than three dozen books, written over 66 years and translated into 30 languages, also delivered his philosophy to newly promoted managers just out of the office cubicle.

LINK to rest of article (registration required or search title on Lexis-Nexis)

Posted by Becky at 11:18 AM

October 5, 2005

Bush May Look Beyond Circle For Fed Chief

From today's WSJ:

WASHINGTON -- President Bush said his choice for a new Federal Reserve chairman must be independent of politics and indicated he wants to look beyond the White House for advice, suggesting he and his advisers may be expanding the circle of possible choices.

Mr. Bush's pick to succeed departing Fed Chairman Alan Greenspan will be, along with his recent nominations to the Supreme Court, among the major decisions of his second term.

snip

The perceived independence of the Fed chairman is particularly important because it may affect the U.S. and foreign investors' willingness to continue buying billions of dollars of Treasury bonds at relatively low interest rates needed to finance the government's burgeoning budget deficit.

LINK to rest of article (UIUC Net ID & Password Required)

Click here for a related article, "Greenspan's Boots"

Posted by Becky at 9:39 AM

August 19, 2005

Business News: Merck Liable in Vioxx Death

From the New York Times:

Jury Finds Merck Liable in Vioxx Death and Awards $253 Million

By ALEX BERENSON
Published: August 19, 2005

ANGLETON, Tex., Aug. 19 - In the first verdict of a Vioxx-related personal-injury lawsuit, a Texas jury found the drug's maker, Merck, liable and awarded $253.5 million to the widow of Robert Ernst, who died in 2001 after taking the painkiller and arthritis medicine.

After deliberating for a day and a half, the jury of seven men and five women awarded Mr. Ernst's widow Carol $24.5 million for mental anguish and economic losses. The jury also awarded an additional $229 million in punitive damages after finding that Merck had acted recklessly in selling Vioxx with knowledge of the risks associated with taking the drug. Two jurors dissented from the verdict, which did not have to be unanimous.

LINK to rest of article

Merck Intraday Chart
chart.gif

Merck's Response to the Verdict

Posted by Becky at 6:56 PM

August 14, 2005

Business News: Next Disney Chief Plans Company's Transformation

From the New York Times:

By LAURA M. HOLSON
Published: August 15, 2005

LOS ANGELES, Aug. 14 - Robert A. Iger does not officially get the keys to the Disney castle for another six weeks, but he is already well along with his restoration plan.

Mr. Iger, the 54-year-old president of the Walt Disney Company, becomes chief executive on Oct. 1 as the handpicked successor to Michael D. Eisner, who ran the corporation with skillful determination for 21 years but has more recently reigned over a troubled kingdom.

When a Delaware judge last week upheld Disney's $140 million severance package granted to Michael S. Ovitz in 1996, after only 14 months as president, it closed one of the last pieces of unfinished, unflattering business from the Eisner era.

Mr. Iger, though, has not been waiting for judges or anyone else to fix problems that festered on Mr. Eisner's watch.

LINK to rest of article

Posted by Becky at 6:13 PM

July 28, 2005

Business News: Bank of America Forms Global Corporate and Investment Banking Group

Source: yahoo! news:

Bank of America Names Gene Taylor Vice Chairman

CHARLOTTE (AP) -- Bank of America Corp. on Thursday said it will combine two business units to improve its services for business clients, and appointed Gene Taylor vice chairman.
The financial firm said it will form a Global Corporate and Investment Banking business by combining its global business and financial services segment, as well as its global capital markets and investment banking operations. Taylor, who heads the global business and financial services segment, also was named executive of the combined operation.

Bank of America said the combined operation will be organized by client coverage segments, markets and products to simplify its structure and align products and distribution in one organization.

"We are bringing together in one group all the products and distribution teams that serve all businesses from smaller businesses to the largest multinational corporations," said Kenneth D. Lewis, chairman and chief executive, in a statement. "This will clear a path for client relationship managers serving all segments of the market to provide comprehensive, strategic financial solutions to our clients."

LINK to article

Bio about Gene Taylor (taken from Hoover's Online, which obtained the info from a corporate Annual Report)

R. Eugene (Gene) Taylor, Age 56
President, Global Business and Financial Services

Work Highlights - Bank of America
2003: President, Commercial Banking
2002 - 2003, President, Consumer and Commercial Banking
2001: Became President, Consumer and Commercial Banking,

Biography
Taylor joined the company in Charlotte, N.C., in 1969 as a credit analyst. He served in branch offices, marketing and management positions across North Carolina. In 1986 he moved to Florida and in 1990 was named president of the Florida bank. In 1993 he was named president of NationsBank Mid Atlantic. After Barnett Bank was acquired in 1997, he returned to Florida as president of the merged bank. In 1998, Bank of America and NationsBank merged and Taylor was named president of the West Region. Responsibility for the Central Region was added in February 2000. In June 2000, Taylor was named president of Consumer and Commercial Banking. He assumed his current role in April 2004.

A Florida native, Taylor graduated from Florida State University with a degree in finance.


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