(luglio 2008)
Monday, 19 January 2009
Fiat acquista un pezzo di Chrysler?
«Fiat SpA is in talks with Chrysler LLC over the possibility of taking a stake in the U.S. automaker as part of a strategic partnership that could allow Fiat to manufacture and sell its small cars in the U.S., according to a person familiar with the matter.
As part of the potential deal, Fiat aims to share its engine and transmission technology with Chrysler, according to the person familiar with the matter. This cooperation would allow the U.S. automaker to also introduce new models of small cars with low emissions to its fleet, this person added.
For months Fiat has been exploring ways to gain a foothold in the North American car market, hunting for a partner that could manufacture its Fiat 500 model and re-launch its high-end Alfa Romeo brand in the U.S.
As part of the deal, Fiat is exploring whether it could sell its cars through Chrysler's US dealership network, the person said.
A Chrysler spokesperson did not immediately return calls seeking comment».
WSJ.com
«Fiat is talking with Chrysler LLC about giving it access to its technology in exchange for a stake in the U.S. car maker, a source close to the Italian group said on Monday.
"Between the two groups there is talk about Chrysler possibly using Fiat technology in exchange for a stake," the source told Reuters, confirming a report by industry publication Automotive News Europe. The source spoke on condition of anonymity.
Citing people familiar with the matter, Automotive News said in a report posted on its website (www.autonews.com) earlier in the day that Fiat could give Chrysler access to platforms, engines and transmissions.
The source told Reuters a deal with Fiat would help Chrysler make vehicles that produce fewer harmful emissions.
"To get financing U.S. (car makers) have to show that they are really committed to developing over the short term a new family of vehicles that pollute less," the source said. "By itself, Chrysler would not be able to meet this condition."
Along with General Motors, Chrysler has gotten billions of euros in government loans to avert collapse in exchange for meeting certain cost-cutting targets and demonstrating that they are viable by the end of March.
Neither Fiat, Chrysler nor its owner, Cerberus Capital Management, were immediately available for comment.
Fiat's stock ended 4.9 percent lower at 4.48 euros, recovering some lost ground after earlier news that it could only meet its 2010 targets if the market returned to normal -- something seen by analysts as being far from likely.
BET ON CHRYSLER'S FUTURE
In an interview with the same publication in December, Fiat Chief Executive Sergio Marchionne said Fiat needed a partner because it was too small to survive the crisis alone. He said automakers needed to have scale -- producing at least 5.5-6.0 million cars a year -- to have a chance of making money.
One London analyst said scale was probably the reason behind Fiat's interest in Chrysler, despite the U.S. car maker's desperate situation.
"This is a bet that Chrysler in some form will exist (in the future)," he said on condition of anonymity.
Apart from Ferrari and Maserati, Fiat does not sell cars under its three other brands in the United States.
Before crisis struck the car industry and decimated sales, Fiat had been talking with the three U.S. automakers about using some of their idle production lines to help it make a return to the U.S. market.
A second London analyst said the stake that Fiat could take in Chrysler would likely be a token 5 percent. Fiat would probably use Chrysler's dealership network to sell small cars, something which is lacking from Chrysler's product portfolio, the analyst said.
Although Chrysler denies positioning itself for a sale, it has been in talks with other manufacturers.
Chrysler Vice Chairman Tom LaSorda said last week it was not selling brands but hoped to sell equipment used to make one of its models, the PT Cruiser.
He declined to comment on a Reuters report about Chrysler having discussed selling assets to Renault-Nissan and Magna International.
Seen as the weakest of the Detroit manufacturers, Chrysler is in such a difficult situation that analysts question whether it can survive without a merger partner.
It suffered a 30 percent drop in sales in 2008.
In the second half of 2008, it burned through $9 billion to end the year with $2 billion in cash.
In a bid to cut costs and save cash, it has shut down all 30 of its U.S. plants for a month from the middle of December.
Fiat and other car makers have also been halting production to lower their inventories of unsold vehicles.
Moving the metal has meant offering attractive deals to lure drivers back to showrooms.
In Chrysler's case, its finance arm has begun offering zero percent financing after getting a $1.5 billion loan from the U.S. Treasury».
As part of the potential deal, Fiat aims to share its engine and transmission technology with Chrysler, according to the person familiar with the matter. This cooperation would allow the U.S. automaker to also introduce new models of small cars with low emissions to its fleet, this person added.
For months Fiat has been exploring ways to gain a foothold in the North American car market, hunting for a partner that could manufacture its Fiat 500 model and re-launch its high-end Alfa Romeo brand in the U.S.
As part of the deal, Fiat is exploring whether it could sell its cars through Chrysler's US dealership network, the person said.
A Chrysler spokesperson did not immediately return calls seeking comment».
WSJ.com
«Fiat is talking with Chrysler LLC about giving it access to its technology in exchange for a stake in the U.S. car maker, a source close to the Italian group said on Monday.
"Between the two groups there is talk about Chrysler possibly using Fiat technology in exchange for a stake," the source told Reuters, confirming a report by industry publication Automotive News Europe. The source spoke on condition of anonymity.
Citing people familiar with the matter, Automotive News said in a report posted on its website (www.autonews.com) earlier in the day that Fiat could give Chrysler access to platforms, engines and transmissions.
The source told Reuters a deal with Fiat would help Chrysler make vehicles that produce fewer harmful emissions.
"To get financing U.S. (car makers) have to show that they are really committed to developing over the short term a new family of vehicles that pollute less," the source said. "By itself, Chrysler would not be able to meet this condition."
Along with General Motors, Chrysler has gotten billions of euros in government loans to avert collapse in exchange for meeting certain cost-cutting targets and demonstrating that they are viable by the end of March.
Neither Fiat, Chrysler nor its owner, Cerberus Capital Management, were immediately available for comment.
Fiat's stock ended 4.9 percent lower at 4.48 euros, recovering some lost ground after earlier news that it could only meet its 2010 targets if the market returned to normal -- something seen by analysts as being far from likely.
BET ON CHRYSLER'S FUTURE
In an interview with the same publication in December, Fiat Chief Executive Sergio Marchionne said Fiat needed a partner because it was too small to survive the crisis alone. He said automakers needed to have scale -- producing at least 5.5-6.0 million cars a year -- to have a chance of making money.
One London analyst said scale was probably the reason behind Fiat's interest in Chrysler, despite the U.S. car maker's desperate situation.
"This is a bet that Chrysler in some form will exist (in the future)," he said on condition of anonymity.
Apart from Ferrari and Maserati, Fiat does not sell cars under its three other brands in the United States.
Before crisis struck the car industry and decimated sales, Fiat had been talking with the three U.S. automakers about using some of their idle production lines to help it make a return to the U.S. market.
A second London analyst said the stake that Fiat could take in Chrysler would likely be a token 5 percent. Fiat would probably use Chrysler's dealership network to sell small cars, something which is lacking from Chrysler's product portfolio, the analyst said.
Although Chrysler denies positioning itself for a sale, it has been in talks with other manufacturers.
Chrysler Vice Chairman Tom LaSorda said last week it was not selling brands but hoped to sell equipment used to make one of its models, the PT Cruiser.
He declined to comment on a Reuters report about Chrysler having discussed selling assets to Renault-Nissan and Magna International.
Seen as the weakest of the Detroit manufacturers, Chrysler is in such a difficult situation that analysts question whether it can survive without a merger partner.
It suffered a 30 percent drop in sales in 2008.
In the second half of 2008, it burned through $9 billion to end the year with $2 billion in cash.
In a bid to cut costs and save cash, it has shut down all 30 of its U.S. plants for a month from the middle of December.
Fiat and other car makers have also been halting production to lower their inventories of unsold vehicles.
Moving the metal has meant offering attractive deals to lure drivers back to showrooms.
In Chrysler's case, its finance arm has begun offering zero percent financing after getting a $1.5 billion loan from the U.S. Treasury».
La RIIA sconfitta?
The Recording Industry Association of America (R.I.A.A.) has quietly ended its campaign to sue illicit digital music sharing into oblivion, the Wall Street Journal reports.
The first R.I.A.A. lawsuits were filed in September 2003, against individuals allegedly caught sharing music illegally online. By the time R.I.A.A. halted its legal campaign this past fall, they’d managed to issue 35,000 suits, win none of them, spend more money on legal fees than they recovered in settlements, and plunge the industry into a public relations quagmire — all the while failing to stop either music piracy or the continuing decline of CD sales.
Meanwhile, innovations in legal distribution of digital music, especially music-based video games like Guitar Hero and Rock Band, have fueled a major rise in legitimate purchases of digital music, outside the music industry’s traditional business model.
To get a sense of the marketing power of these games, consider this: after Aerosmith’s song “Same Old Song and Dance” (released in 1974) was released for Guitar Hero, online sales of the old song surged, up 446 percent on iTunes and other legal sites for the two months after the Guitar Hero release.
Independent record labels are coming into their own, eating away at the market share of the four major music conglomerates. Musicians, from Radiohead to Jonathan Coulton and many others, are striking out on their own, distributing music themselves online, without having to give up any of their earnings to a label.
With these innovations changing the way we listen to music, and with more on the way, what is the likelihood that major record labels become as superfluous as full-fee real-estate agents, whose commissions rarely add value for homesellers?
Are Record Labels the New Realtors?
Direttiva Prospetto: consultazione
La Commissione Europea ha avviato una consultazione pubblica sulle proposte di modifica alla Direttiva Prospetto (Direttiva 2003/71/EC), con l’obiettivo di migliorarne e semplificarne l’applicazione a livello dei singoli Stati membri (è anche disponibile un cd. background document).
La Direttiva, attuata nel nostro ordinamento con il d.lgs. n. 51 del 2007 che ha modificato il Tuf, ha instaurato, tra l’altro, un sistema di regole di disclosure in materia di offerta pubblica o di ammissione alla negoziazione di strumenti finanziari.
A distanza di cinque anni dall’ entrata in vigore, la Commissione Europea ha ritenuto necessario, procedere ad un riesame del provvedimento elaborando proposte di revisione, parte delle quali suggerite dal Gruppo ESME.
La consultazione terminerà il 10 Marzo 2009.
Le proposte di modifica di interesse per gli emittenti riguardano:
La consultazione terminerà il 10 Marzo 2009.
Le proposte di modifica di interesse per gli emittenti riguardano:
1. Definizione di investitore qualificato: l’attuale nozione di “investitore qualificato” non comprende le figure, introdotte dalla Direttiva 2004/39/CE (MiFID), di “cliente professionale” e “controparte qualificata”. Ciò genera inevitabili difficoltà di coordinamento nonché maggiori costi di compliance per gli emittenti, specialmente per quanto riguarda l’individuazione dei soggetti destinatari dell’offerta di strumenti finanziari. La proposta mira ad estendere la portata della definizione di “investitore qualificato” per allinearla a quella dettata dalla MiFID.
2. Casi di esonero dall’obbligo di pubblicazione del prospetto: la proposta di modifica riguarda i casi di successive rivendite di valori mobiliari (cd “retail cascade”), che si realizzano quando il collocamento di strumenti finanziari avviene tramite intermediari finanziari e non attraverso l’emittente. La Commissione ritiene che la pubblicazione di un nuovo prospetto corrispondente rappresenti un requisito eccessivamente gravoso per gli emittenti e ne suggerisce pertanto l’eliminazione.
3. Strumenti finanziari offerti a dipendenti: l’offerta di strumenti finanziari ad amministratori o dipendenti rientra tra le ipotesi di esenzione dall’obbligo di pubblicazione del prospetto. Tale previsione non trova applicazione nei confronti delle società non quotate e nei confronti delle società quotate in un mercato regolamentato extra UE. La Commissione ritiene opportuno estendere l’esenzione anche a queste società poiché la redazione del prospetto impone costi che non sono giustificati in termini di protezione degli investitori.
4. Informazioni: la previsione attuale che impone agli emittenti la pubblicazione di un documento annuale riepilogativo di tutte le informazioni rese disponibili nei precedenti dodici mesi, risulta superata e ridondante in virtù della disciplina introdotta dalla Direttiva Transparency (Direttiva 2004/109/CE) che prevede la pubblicazione delle cd. informazioni regolamentate che include buona parte di quelle pubblicate nel documento ex art. 10 della Direttiva Prospetto. La Commissione propone pertanto la rimozione dell’articolo in commento.
5. Revoca dell’accettazione del prospetto: oggi, qualora, dopo la pubblicazione del prospetto, sopravvengano nuovi fatti significativi in grado di influire sulla valutazione degli strumenti finanziari, gli investitori possono revocare l’accettazione del prospetto entro un certo termine dalla pubblicazione del supplemento. Dall’esame delle soluzioni adottate nei singoli Stati emerge una carenza di armonizzazione nella definizione di questo termine. Si ritiene pertanto necessario fissare in due giorni lavorativi dopo la pubblicazione del supplemento del prospetto l’intervallo temporale comune.
6. Modifica delle soglie per la determinazione dello Stato membro d’origine: gli emittenti di strumenti finanziari diversi dai titoli di capitale possono scegliere lo Stato membro d’origine solo laddove il valore nominale unitario degli strumenti suddetti sia almeno 1000 euro; la rimozione di tale soglia permetterebbe agli emittenti di scegliere, case-by-case, l’autorità competente più appropriata.
La crisi dei mutui: un aiuto dal mondo dell'eros
Jayshree Gupta reclined on an English-style sofa in her Beverly Hills penthouse as crews buzzed around taping protective paper over the hardwood floors and wheeling in crates of camera gear.
She was hosting a television-commercial shoot. It meant allowing dozens of strangers and 400-pound klieg lights into her home for a full day, and it was worth every minute, Gupta said.
“I am doing it because I need money to maintain my lifestyle,” she said, perched near a portrait of herself painted by her friend Barbara Carrera, the Bond girl in 1983’s “Never Say Never Again.” “A lot of my money is either gone or tied up. Right now I am hurting.”
Gupta, a clothing and jewelry designer, is among an increasing number of recession-pinched Los Angeles homeowners turning to Hollywood for help, offering their houses as sets for feature films, commercials and even adult movies.
“We are getting a lot of calls,” said Joseph Darrell, whose Los Angeles-based Joe Darrell Location Service represents Gupta. “They say, ‘Can you help me to bring a production to my home, because I have trouble making my payments.’”
The daily fee paid for the sort of work done at Gupta’s 3,000-square-foot condo in the city’s signature 90210 ZIP code is usually $2,000 to $3,000, Darrell said. That would cover about half of her monthly household bills, including maid service.
Bloomberg.com
She was hosting a television-commercial shoot. It meant allowing dozens of strangers and 400-pound klieg lights into her home for a full day, and it was worth every minute, Gupta said.
“I am doing it because I need money to maintain my lifestyle,” she said, perched near a portrait of herself painted by her friend Barbara Carrera, the Bond girl in 1983’s “Never Say Never Again.” “A lot of my money is either gone or tied up. Right now I am hurting.”
Gupta, a clothing and jewelry designer, is among an increasing number of recession-pinched Los Angeles homeowners turning to Hollywood for help, offering their houses as sets for feature films, commercials and even adult movies.
“We are getting a lot of calls,” said Joseph Darrell, whose Los Angeles-based Joe Darrell Location Service represents Gupta. “They say, ‘Can you help me to bring a production to my home, because I have trouble making my payments.’”
The daily fee paid for the sort of work done at Gupta’s 3,000-square-foot condo in the city’s signature 90210 ZIP code is usually $2,000 to $3,000, Darrell said. That would cover about half of her monthly household bills, including maid service.
Bloomberg.com
Gordon si è risentito
Gordon Brown today said he was "angry" with the Royal Bank of Scotland over a strategy that has left it with potential losses of £28 billion, as the Prime Minister defended the Government’s second attempt to rescue Britain’s struggling lenders.
Mr Brown said this morning that Britons had a right to be furious at "irresponsible" behaviour which saw RBS spend billions last year acquiring ABN Amro, the Dutch bank which had exposure to US sub-prime mortgages, as well as investing directly in the American home loan market.
“Yes, I’m angry about what happened at the Royal Bank of Scotland," he said.
(...)
Mr Brown added: "Now we know that so much was lost in sub-prime loans in the US and now we know that some of that was related to the purchase of ABN Amro, I think people have a right to be angry that these write-offs are happening and that these write-offs were caused by decisions that were made about international investments that were clearly wrong investments.”
RBS confirmed this morning that it will report a full-year loss in February which could hit £28 billion - with £20 billion of the total related to the acquisition of ABN.
It is the biggest-ever loss in British corporate history and is nearly double to current £15 billion record set by Vodafone, the UK telecoms giant, in 2006.
RBS also confirmed that the Government is set to increase its stake in the bank from 58 per cent to 70 per cent. Last October, the Treasury sank £37 billion into the banking sector – the Government’s first attempt to stabilise the market – with RBS taking £20 billion of funding.
Mr Brown said this morning that Britons had a right to be furious at "irresponsible" behaviour which saw RBS spend billions last year acquiring ABN Amro, the Dutch bank which had exposure to US sub-prime mortgages, as well as investing directly in the American home loan market.
“Yes, I’m angry about what happened at the Royal Bank of Scotland," he said.
(...)
Mr Brown added: "Now we know that so much was lost in sub-prime loans in the US and now we know that some of that was related to the purchase of ABN Amro, I think people have a right to be angry that these write-offs are happening and that these write-offs were caused by decisions that were made about international investments that were clearly wrong investments.”
RBS confirmed this morning that it will report a full-year loss in February which could hit £28 billion - with £20 billion of the total related to the acquisition of ABN.
It is the biggest-ever loss in British corporate history and is nearly double to current £15 billion record set by Vodafone, the UK telecoms giant, in 2006.
RBS also confirmed that the Government is set to increase its stake in the bank from 58 per cent to 70 per cent. Last October, the Treasury sank £37 billion into the banking sector – the Government’s first attempt to stabilise the market – with RBS taking £20 billion of funding.
RBS - 28
Royal Bank of Scotland (RBS) confirmed today that losses for the full-year could reach as much as £28 billion ...
The bank said this morning that it will make an annual loss of between £7 billion and £8 billion, when it announces its results on February 26.
However, it also expects to announce a charge of between £15 billion and £20 billion related to last year's acquisition of ABN Amro, the Dutch bank, which it acquired with Spain's Santander and Fortis, the Belgium bank.
The potential £28 billion loss is nearly twice the size of Vodafone's £15 billion deficit in 2006, currently the biggest-ever corporate loss in UK history.
Times Online
The bank said this morning that it will make an annual loss of between £7 billion and £8 billion, when it announces its results on February 26.
However, it also expects to announce a charge of between £15 billion and £20 billion related to last year's acquisition of ABN Amro, the Dutch bank, which it acquired with Spain's Santander and Fortis, the Belgium bank.
The potential £28 billion loss is nearly twice the size of Vodafone's £15 billion deficit in 2006, currently the biggest-ever corporate loss in UK history.
Times Online
Collapse of confidence in banks
As I said this morning, this is not a bank rescue plan. But if it had been, it would have failed miserably.
Barclays' share price has fallen again today. At the current price of 90p, this bank's entire market value is £7.5bn. And remember, this is a bank that said on Friday night that its profits for 2008 were considerably more than £5.3bn.
In other words, investors currently value this giant international bank at a little over one year's profits. Which is little short of extraordinary.
And let's not even mention that Royal Bank of Scotland's shares are down by more than 50%, on the supposedly reassuring news that taxpayers will be sharing in its future pain.
Confidence has drained from the banking system. And to state the obvious, today's myriad announcements from the Treasury have not succeeded in rebuilding that confidence, which is so vital to a functioning economy.
Peston's Pick
Barclays' share price has fallen again today. At the current price of 90p, this bank's entire market value is £7.5bn. And remember, this is a bank that said on Friday night that its profits for 2008 were considerably more than £5.3bn.
In other words, investors currently value this giant international bank at a little over one year's profits. Which is little short of extraordinary.
And let's not even mention that Royal Bank of Scotland's shares are down by more than 50%, on the supposedly reassuring news that taxpayers will be sharing in its future pain.
Confidence has drained from the banking system. And to state the obvious, today's myriad announcements from the Treasury have not succeeded in rebuilding that confidence, which is so vital to a functioning economy.
Peston's Pick
OECD says EU Should Consider Single Financial Supervisor
The OECD urges a more centralized and integrated approach to financial regulation in European Union, including considering a single supervisor.
In its just released Economic Survey of the Euro Area, the OECD accepts that the current regulatory regime in the EU does have a number of advantages. It aligns regulatory and legal responsibility for firms with political and fiscal responsibility, should things go wrong, and with the operation of national insolvency law and the operation of national deposit guarantee schemes. “However, the EU’s current regime and the patchwork of different instruments, institutions and responsibilities does carry some disadvantages, especially as large complex financial institutions have extensive cross-border activities and the potential to have a significant impact on the wider economy, the OECD says.
In its just released Economic Survey of the Euro Area, the OECD accepts that the current regulatory regime in the EU does have a number of advantages. It aligns regulatory and legal responsibility for firms with political and fiscal responsibility, should things go wrong, and with the operation of national insolvency law and the operation of national deposit guarantee schemes. “However, the EU’s current regime and the patchwork of different instruments, institutions and responsibilities does carry some disadvantages, especially as large complex financial institutions have extensive cross-border activities and the potential to have a significant impact on the wider economy, the OECD says.
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