Wednesday, October 17, 2012

My News Daily Digest

The following are today's top stories on My News categories:

Business Briefing
1. Citigroup Board Said to Oust Pandit After Multiple Setbacks
2. IBM Declines as Revenue Trails on Weaker Euro, Hardware Sales
3. Stocks Rise on Spain Bailout Optimism, Earnings While Euro Gains
4. O'Neill Says 'Categorically No' That Pandit Departed Over Pay
5. Intel Fourth Quarter Sales Forecast Beats Analysts's Estimates

World News Briefing
6. Obama Under Pressure in Romney Debate Amid Early Voting
7. A123 Bankruptcy Gives Romney New Example of Green 'Loser'

Malaysia
8. Zeti Says Malaysia Can Withstand Capital Flows: Southeast Asia
9. MALAYSIA DAYBOOK: DRB-Hicom, Proton, AMMB, RCE Capital, Sime
10. Malaysian Palm-Oil Reserves May Drop After Tax Cuts, Fry Says

Stock Market News
11. Fortress Turns Bullish on Yuan, Chinese Stocks on Stimulus Bets
12. S&P 500 Rises Most in One Month on Industrial Output, Earnings
13. Europe Stocks Rise as Germany Open to Precautionary Spain Credit

Banking
14. Pandit Leaves Citigroup Citing Transformation at Bank: Timeline
15. Wells Fargo Creates Markets Unit as Stumpf Takes on Rivals (1)
16. Morgan Stanley Names Machen Co-Head of North America Bank Group

Commodities
17. Oil Rises in New York on Increasing Spanish Bailout Optimism
18. Sugar Glut Extending to Longest in More Than Decade: Commodities
19. Gold, Silver Rebound on Investment Demand After Dollar Declines

Hyland Software Inc
20. Hyland Software Said to Change Structure of Loans for Dividend


Business Briefing

1) Citigroup Board Said to Oust Pandit After Multiple Setbacks
Citigroup Inc. directors ousted Chief Executive Officer
Vikram Pandit after concluding his mismanagement of operations caused
setbacks with regulators and cost credibility with investors, a person with
knowledge of the discussions said. Episodes that led the board to replace
Pandit with Michael Corbat included the rejection by regulators in March of
a ...
Full Story: {FIFW NSN MC081C1A1I4H <GO>}

2) IBM Declines as Revenue Trails on Weaker Euro, Hardware Sales
International Business Machines Corp., the biggest
computer-services company, fell as much as 3.8 percent in extended trading
after reporting third-quarter revenue that fell short of estimates as
currency fluctuations and slow hardware sales crimped results. The shares
dropped 3.4 percent to $203.75 at 4:44 p.m., after trading as low as $203.
The stock, which rose 1 percent to $211 at the New York close, has gained 15
percent this year. Revenue ...
Full Story: {FIFW NSN MC07HX6S972A <GO>}

3) Stocks Rise on Spain Bailout Optimism, Earnings While Euro Gains
Global stocks jumped the most in a month amid
better-than-forecast U.S. earnings and industrial production, while the euro
and Spanish bonds gained as two German lawmakers said the country is open to
Spain seeking a precautionary credit line. The MSCI All-Country World Index
added 1.3 percent at 4 p.m. in New York as benchmark gauges in Spain and
Italy surged at least 2.5 percent. The Standard & Poor's 500 Index rallied 1
...
Full Story: {FIFW NSN MC05OY6S9729 <GO>}

4) O'Neill Says 'Categorically No' That Pandit Departed Over Pay
Michael O'Neill, the chairman of Citigroup Inc., said the
departure of Chief Executive Officer Vikram Pandit wasn't tied to
compensation. "Let me start with pay, the answer to that is categorically
no," O'Neill said today on a conference call held by the New York-based bank
when asked about the reason for Pandit's departure. --With assistance from
Susanna Pak in New York. Editors: Dan Kraut, David Scheer To contact the
reporter on this ...
Full Story: {FIFW NSN MC07PE1A74E9 <GO>}

5) Intel Fourth Quarter Sales Forecast Beats Analysts's Estimates
Intel Corp., the world's largest semiconductor maker,
forecast fourth quarter sales that beat some analysts' estimates, signaling
that a slump in demand for personal computers may abate. Revenue in the
current period will be $13.1 billion to $14.1 billion, Santa Clara,
California-based Intel said in a statement. Analysts on average had
projected sales of $13.7 billion, according to data compiled by Bloomberg.
Gross margin, a measure of profitability, ...
Full Story: {FIFW NSN MC05WC6S972N <GO>}

World News Briefing

6) Obama Under Pressure in Romney Debate Amid Early Voting
With voters already casting ballots and polls showing a
tightening race, President Barack Obama has little room for error in
tonight's second debate against Republican challenger Mitt Romney. The two
candidates take the stage at 9 p.m. at Hofstra University in Hempstead, New
York, as voters in 11 states, including the ...
Full Story: {FIFW NSN MC06RM0D9L35 <GO>}

7) A123 Bankruptcy Gives Romney New Example of Green 'Loser'
Republican presidential candidate Mitt Romney called the
bankruptcy filing by battery maker A123 Systems Inc., which received a
$249.1 million U.S. grant, an example of President Barack Obama's failed
green-energy policy. Romney, in the first debate with Obama two weeks ago,
called four companies "losers" in discussing ...
Full Story: {FIFW NSN MC01Z06KLVTE <GO>}

Malaysia

8) Zeti Says Malaysia Can Withstand Capital Flows: Southeast Asia
Malaysia can manage capital inflows due to monetary easing
in advanced economies, central bank Governor Zeti Akhtar Aziz said, as Asian
nations take steps to prevent asset bubbles after the U.S. boosted stimulus.
The country has policy tools and the flexibility to absorb any excess
liquidity, said Zeti, who oversaw Malaysia's response to capital outflows
during the Asian financial crisis more than a decade ago. The Malaysian
economy is withstanding the ...
Full Story: {FIFW NSN MBZ1WK0YHQ0X <GO>}

9) MALAYSIA DAYBOOK: DRB-Hicom, Proton, AMMB, RCE Capital, Sime
DRB-Hicom Bhd. (DRB MK) has completed its audit of Proton
Holdings Bhd. after taking over Malaysia's national carmaker and will
present a turnaround plan to banks by year-end, Group Managing Director Mohd
Khamil Jamil said in response to queries by Bloomberg News. EQUITY MOVERS: *
AMMB (AMM MK): Gets central bank approval to start talks with Friends Life
to repurchase 30% stakes in two joint ventures; Issues 710m ringgit of notes
under program; ...
Full Story: {FIFW NSN MC07KJ6KLVR7 <GO>}

10) Malaysian Palm-Oil Reserves May Drop After Tax Cuts, Fry Says
Record palm-oil stockpiles in Malaysia, the largest-producer
after Indonesia, may peak in December after the government announced tax
reforms and as biofuel demand emerges, according to LMC International Ltd.
The lower stockpiles should pull up the premium of crude palm oil, or CPO,
over Brent crude oil, Chairman James Fry said at a conference in Kuala
Lumpur today. "The evidence is that high stocks are linked to a low CPO
premium over petroleum ...
Full Story: {FIFW NSN MBZAO407SXKX <GO>}

Stock Market News

11) Fortress Turns Bullish on Yuan, Chinese Stocks on Stimulus Bets
Fortress Investment Group LLC turned bullish on China's yuan
and equities, after betting on declines earlier in the year, as it predicts
the government will arrest a seven-quarter slowdown in the world's
second-largest economy. China showed signs of "stabilization and modest
improvement" last month and pro-growth measures are likely once the nation's
new leadership is appointed in November, Adam Levinson, chief executive
officer of the hedge ...
Full Story: {FIFW NSN MBZK8R6S9736 <GO>}

12) S&P 500 Rises Most in One Month on Industrial Output, Earnings
U.S. stocks rallied, giving the Standard & Poor's 500 Index
its biggest gain in a month, as industrial production rose more than
forecast and corporate earnings topped estimates. Citigroup Inc. added 1.6
percent after Chief Executive Officer Vikram Pandit stepped down. Johnson &
Johnson climbed 1.4 percent after raising its 2012 forecast. Murphy Oil
Corp. rallied 8 percent after saying it plans to spin off its U.S. refined
fuels business. ...
Full Story: {FIFW NSN MC08LR6S972E <GO>}

13) Europe Stocks Rise as Germany Open to Precautionary Spain Credit
European stocks rose as two German lawmakers said the
country is open to Spain seeking a precautionary credit line from Europe's
rescue fund, and German investor confidence advanced more than expected in
October. BNP Paribas SA and Deutsche Bank AG paced gains among banking
shares. Rio Tinto Group rose 2.9 percent after the mining company posted
third-quarter iron-ore output that beat analyst projections. GKN Plc fell
3.4 percent after forecasting ...
Full Story: {FIFW NSN MBZU4F1A1I4H <GO>}

Banking

14) Pandit Leaves Citigroup Citing Transformation at Bank: Timeline
Vikram Pandit stepped down today as chief executive officer
of Citigroup Inc., saying his team had completed a turnaround at the bank.
Below is a timeline of Pandit's ascent to CEO, stewardship of the bank
through the credit crisis and its struggles with the economy and regulators:
April 13, 2007: Citigroup agrees to buy Old Lane Partners LP, the hedge fund
...
Full Story: {FIFW NSN MC00UZ1A74E9 <GO>}

15) Wells Fargo Creates Markets Unit as Stumpf Takes on Rivals (1)
Wells Fargo & Co., the biggest U.S. home lender, is
restructuring sales and trading operations to form a new markets division at
its investment bank as the firm challenges more established Wall Street
rivals. The division will be one of five main units under the Wells Fargo
Securities brand and include equity and fixed-income sales and trading,
commodities, prime services and ...
Full Story: {FIFW NSN MBZU8B6S973C <GO>}

16) Morgan Stanley Names Machen Co-Head of North America Bank Group
Morgan Stanley named Travis Machen as co-head of its North
American bank group, which advises depository institutions on mergers and
acquisitions and helps them issue stocks and bonds. Machen will head the
group alongside Grant Gregory, who was put in charge of the unit last year,
according to a memo obtained by Bloomberg News. Mary Claire Delaney, a
Morgan Stanley spokeswoman, confirmed the contents of the memo. Morgan
Stanley ranks third among ...
Full Story: {FIFW NSN MBZPL46S9739 <GO>}

Commodities

17) Oil Rises in New York on Increasing Spanish Bailout Optimism
Oil advanced in New York after two German lawmakers said the
country is open to Spain seeking a precautionary credit line from Europe's
rescue fund. Futures rose 0.3 percent as officials in Chancellor Angela
Merkel's Christian Democratic coalition indicated an easing of German
resistance to a Spanish bailout and Merkel praised Greece's reform. Crude
fell earlier on projections that U.S. supplies climbed last week. Brent
oil's premium to West Texas ...
Full Story: {FIFW NSN MC04U66JTSG1 <GO>}

18) Sugar Glut Extending to Longest in More Than Decade: Commodities
The global sugar glut is extending into a third year, the
longest stretch in more than a decade, as Brazil and Australia expand output
and imports contract to the smallest since 2008. Production will exceed
demand by 5.9 million metric tons in the year that began Oct. 1, more than
the U.S. consumes in six months, the International Sugar Organization
estimates. ...
Full Story: {FIFW NSN MC065S6TTDS4 <GO>}

19) Gold, Silver Rebound on Investment Demand After Dollar Declines
Gold futures rebounded from a four- week low as the dollar's
decline boosted demand for the metal as an alternative investment. Silver
also climbed. The greenback fell as much 0.5 percent against a basket of
major currencies on speculation that Spain may get a line of credit from
Europe's rescue fund, easing debt concerns in the region. Yesterday, gold
and silver tumbled the most in three months, partly on speculation that
China may refrain from ...
Full Story: {FIFW NSN MC00X107SXKX <GO>}

Hyland Software Inc

20) Hyland Software Said to Change Structure of Loans for Dividend
Hyland Software Inc. changed the structure on $380 million
of loans it's seeking to fund a dividend and refinance debt, according to a
person with knowledge of the transaction. The enterprise-software developer
controlled by Thoma Bravo LLC dropped plans to raise a $235 million
second-lien term loan and increased the size of a first-lien term loan to
$360 million from $320 million, said the person, who asked not to be
identified because the ...
Full Story: {FIFW NSN MBZO9U6TTDYD <GO>}

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