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  • Wall Street Banks to Resubmit Resolution Plans - 7 August 2014
  • When U.S. banks deemed too-big-to-fail were in danger of failing in 2008, the government stepped in and bailed these banks out, largely at the expense of taxpayers. The reasons for this unprecedented action, which raised a storm of protest from many quarters, were many, and the matter of accountability remains a much debated issue. In 2010 the Dodd-Frank act was passed in an attempt to strengthen regulation of large financial institutions and thereby avoid the necessity of government bailouts in the future. As part of the new regulations, banks were required to submit Resolution Plans, more commonly referred to as ‘living wills’, detailing strategies for going through the bankruptcy procedure in a controlled and orderly manner should this ever become necessary.

  • American Airlines/US Airways Merger Edges Forward - 16 may 2013
  • The American Airlines/US Airways merger moved a step closer to completion, when US Judge Sean Lane signed off on the proposed agreement to merge the two airlines, thereby creating the largest airline in the world, one that will have more than 100,000 workers in its employ. The signing off of the agreement came more than six weeks after Judge Lane heard the motion in a hearing during which he rejected the proposal to hand AMR Corporation CEO Thomas Horton a severance package of $20 million.

  • September Phenomenon on Wall Street - 31 August 2009
  • Friday saw Wall Street start the day off on a reasonably high note in response to news from Dell and Intel with regard to the state of the PC market. However, all three major indexes went on to see-saw through the day, until at the end of the day the Dow Jones industrial average closed with a loss of 0.4 percent, the S&P 500 dropped 0.2 percent, while the tech-heavy Nasdaq composite managed a gain of 0.1 percent, thereby achieving a new 2009 high.

  • Factor Financing - 23 July 2009
  • The practice of factor financing improves cash flow and is the life-blood of many small businesses. With factor financing, a company sells its accounts receivable to a financing company, known as the factor, for immediate cash. The factor pays out a percentage of the value of the invoice, which can be anything from 70 to 90 percent depending on what is negotiated. The company using the service gets the benefit of immediate cash, instead of waiting for the 30 to 60 days or more that their debtors would take to settle the invoice.

  • GM’s Government Aided Come-Back Approved - 6 July 2009
  • Following three days of hearings in New York's bankruptcy courts last week, Federal Judge Robert Gerber approved a plan for General Motors to make a government aided come-back from bankruptcy. Judge Gerber noted that the multi-faceted plan was "the only available means to preserve the continuation of GM’s business". Having filed for court protection on 1 June, General Motors will essentially create a new company, one that is free of crippling debt and costly contracts. Unsecured bondholders who were given the opportunity to present their views at the hearings made it known that they were disappointed by the refusal to consider alternative means of restructuring and that the bankruptcy process had been speeded up to comply with the Treasury’s deadline of 10 July for government aid.

  • Fiat Sets Chrysler Back on Track; GM Strives to Go Green - 11 June 2009
  • The U.S. auto industry has been under the spotlight for some months now, with bailouts, bankruptcy filings and major restructuring all receiving attention. Stock market investors have watched these developments with keen interest trying to gauge what effect government intervention will have on the industry, as well as all the related service and product suppliers that rely to a large extent on automakers for their continued existence.

  • Manufacturing Data Boosts Markets Despite Impending GM Bankruptcy - 1 June 2009
  • All major stock market indexes gained more than 1 percent on Friday, ending the week, and the month, on a high and clinching a third month in a row rally on Wall Street. Ahead of markets opening on Monday the Dow Jones industrial average futures rose 1.4 percent, or 121 points, to 8,609, while the Standard & Poor’s 500 index futures rose 1.7 percent, or 15.30 points to 933.40, and Nasdaq 100 index futures climbed 1.4 percent, or 20 points, to 1,455.50. This surge of optimism appears to be as a result of encouraging survey data on manufacturing industries in Europe and Asia, fuelling hopes that the global economy may be turning around and heading toward recovery. Investors anticipate a similarly encouraging survey on the United States manufacturing industry to be released late Monday morning. Although analysts are forecasting the Institute for Supply Management's purchasing managers' index to rise to 42.0 from the 40.1 reported in April, which is still considered to be a contraction, the European and Asian reports have given investors hope that Monday’s report will be better than forecast.

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