Report: 3 JPMorgan executives to resign
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NEW YORK – The Wall Street Journal says three high-ranking officers at JPMorgan Chase are expected to step down this week after one of the bank’s trading groups lost $2 billion.
The Journal says that among the executives is Ina Drew, who has run the risk-management unit responsible for the losses. One of the other two is an executive in charge of the London desk that placed the trades.
A JPMorgan spokeswoman didn’t immediately return a request for comment from The Associated Press on Sunday. The Journal report cites people familiar with the situation.
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Read More»BRIEF: Presentation on Indo-UAE relationship
By Khaleej Times, Dubai, United Arab Emirates
May 9–Bank of Baroda chief executive (GCC operations) K V Rama Moorthy gave an impressive presentation on ‘Indo-UAE relationship — a saga of expansive and sustainable growth’ at the ‘Annual Investment Meeting’ held in Dubai recently.
His presentation broadly covered various aspects of Indo-UAE bilateral relationship. A snapshot of UAE as well as Indian economy was vividly presented by him outlining the genesis and evolution of the relationship between both the countries and further elucidated how the mutual cooperation has contributed to the growth in trade and commerce of the both the nations and resultant emergence of India as the largest trading partner of UAE.
He further gave a brief overview of Bank of Baroda from the global perspectives and the role it plays in promoting infrastructure development, manufacturing, SME, and retail apart from supporting trade sector.
He elaborated how the bank is aligned to UAE economy and is instrumental in providing all required financial services to those who do matter in contributing to the economic prosperity of UAE. The bank is strongly committed to support entrepreneurs and Investors in a seamless manner for flow of investment to and from UAE.
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(c)2012 the Khaleej Times (Dubai, United Arab Emirates)
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Read More»Search for new chief of MBAC uncertain
By Butch Larcombe, Independent Record, Helena, Mont.
May 6–The first step in the hunt for a new executive director at the Montana Business Assistance Connection will involve some soul searching on the part of the economic development agency’s executive committee.
The current executive director, Terry Myhre, will leave the organization later this month. Myhre, 62, recently announced his intent to retire after four years in the job.
Linda Kindrick, MBAC’s board chairwoman, said a search for a successor will be launched at some point. She said last week that she intends to recommend the hiring of an interim director “to provide some stability to the organization and buy us some time.”
Also in the works for the group’s nine-member executive committee is a strategic planning process aimed at helping “figure out what we are shooting for, going forward,” Kindrick said.
MBAC provides counseling and planning services to small business owners and would-be entrepreneurs. But its primary mission is to retain and create jobs in Lewis and Clark, Broadwater and Meagher counties. It has a variety of loan programs that provide funds to businesses in varying stages of development. The nonprofit group relies on proceeds from the revolving loans, along with government and private contributions, to fund its operations. MBAC has a paid staff and operates under the supervision of a volunteer board made of community leaders and government officials.
Taking a new look at the group’s strategic plan is not necessarily a sign of a possible change in direction, according to Kindrick.
“It’s just something that we haven’t done in quite a while,” she said. “We need to sit back and review and make sure we know where we are headed.”
Kindrick is one member of the group’s executive committee, which also includes Lewis and Clark County Commissioner Andy Hunthausen; Eric Bryson, the county’s administrative officer; Helena City Manager Ron Alles; City Commissioner Matt Elsaesser; Daniel Bingham, dean at UM-Helena; Gail Vennes, a Broadwater County commissioner; Howard Skjervem of NorthWestern Energy; and Tony Murnion of Anderson ZurMuehlen & Co. in Helena.
Read More»BRIEF: Blackhawk Bancorp retains investment bank
By The Wisconsin State Journal
May 3–Blackhawk Bancorp, parent of Beloit-based Blackhawk Bank, said Wednesday it has hired a Chicago investment bank, River Branch Capital, as a “strategic financial adviser for capital-raising advice and execution.”
“We are delighted to partner with River Branch as we position Blackhawk to take advantage of tremendous organic growth opportunities and the expected consolidation of our industry,” said R. Richard Bastian, III, president and chief executive officer of Blackhawk.
Blackhawk Bank has locations in six communities in southern Wisconsin and northern Illinois, including two branches in Beloit. The bank had net income of $2.9 million in 2011 and total assets of $558 million.
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(c)2012 The Wisconsin State Journal (Madison, Wis.)
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Read More»BRIEF: Pfizer profits down 19 percent
By Lee Howard, The Day, New London, Conn.
May 1–Pfizer Inc.’s first full quarter without a patent-protected Lipitor cholesterol drug in its war chest proved dicey when the company released today first-quarter financials that showed profits falling 19 percent from the same period a year ago and a profit forecast for the year adjusted downward.
Pfizer reported profits of $1.79 billion, or 24 cents per share, for the quarter, down from $2.22 billion, or 28 cents a share, the year before. The company’s adjusted earnings of 58 cents a share was slightly above Wall Street expectations, but its long-term profit outlook was adjusted downward by 6 cents.
“I am pleased with our first-quarter 2012 financial performance, which was driven by growth in certain brands including Celebrex, Enbrel and Lyrica,” Pfizer chairman and chief executive Ian Read said in a statement.
Revenues in the quarter hit $15.4 billion, a 7 percent decrease. Six percent of the decrease was attributable to operational declines, while 1 percent was because of unfavorable foreign exchange rates.
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(c)2012 The Day (New London, Conn.)
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Read More»Taylor teams with minority suppliers
By Dee DePass, Star Tribune, Minneapolis
April 29–Glen Taylor’s Mankato-based company is the latest high-profile Minnesota firm to join forces with minority suppliers to support capable entrepreneurs of color.
Taylor, who owns the Timberwolves and Lynx, and the printing and marketing firm Taylor Corp., where he is CEO, will be the keynote speaker Thursday when the Midwest Minority Supplier Development Council (MMSDC) holds its annual meeting.
The council aims to help both small and large companies forge profitable alliances while also enhancing the expertise of minority entrepreneurs. And because businesses of color are more likely to hire minority workers, such partnerships are seen as one way to reduce high unemployment rates among black, Hispanic and American Indian job seekers.
MMSDC members already include about 100 heavyweights of the business world such as General Mills, Xcel Energy, 3M, Target, Mayo Clinic, Hormel Foods, Cargill, Best Buy and Medtronic, as well as about 300 minority-owned businesses that collectively employ 37,283 workers and generate $1.2 billion in annual revenue.
Taylor Corp. joined the MMSDC in January.
“We are really excited about the opportunity to have a billionaire speak to us and tell us his rags-to-riches story, so our minority entrepreneurs can learn from that, and connect with our other corporate members and do business,” said MMSDC President Duane Ramseur. About 500 corporate officials, business owners, bankers and community leaders are expected at the event at the Golden Valley Country Club.
Jay Parker, Taylor Corporation’s vice president of procurement, said the arrangement could expand Taylor’s supplier pool and help it find qualified and certified minority owners who have innovative products. That is sometimes difficult to do “and we are joining [MMSDC] in an effort to figure that out. We are learning as we go,” Parker said.
MMSDC members said the partnership should create new cross-selling opportunities to customers of both Taylor Corp. and smaller MMSDC members. It’s a model that’s proven successful in the past.
A win-win
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