The Star Online: Business

Bursa Securities warns of action to curb speculation in Takaso shares
Nod for EADS shake-up Core shareholders reach agreement on new structure
Citigroup cuts 11,000 jobs

Bursa Securities warns of action to curb speculation in Takaso shares

Posted: 06 Dec 2012 05:50 PM PST

Published: Friday December 7, 2012 MYT 9:51:00 AM

KUALA LUMPUR: Shares of Takaso Resources fell early Friday on profit taking while Bursa Malaysia Securities warned of "appropriate regulatory action" to ensure the fair and orderly trading of securities.

The regulator had on Friday cautioned investors over the recent sharp rise in the price and volume of the securities and the company's response to the unusual market activity (UMA).

Bursa Securities also noted that Takaso had on Thursday, in its reply to the UMA, stated it was not aware of any corporate development or explanation that could give rise to the unusual trading activities in its securities.

At 9.33am, the share price tumbled 7.5 sen to 39.5 sen with 8.98 million shares done. Takaso-WB fell one sen to 15 sen with 12.20 million warrants done.

The FBM KLCI slipped 0.81 of a point to 1,615.42. Turnover was 125.14 million shares valued at RM56.08mil. There were 110 gainers, 92 losers and 163 counters unchanged.

On Thursday, Takaso surged in active trade, up 21.5 sen to 47 sen, the highest since Aug 29, 2011. It was the most active with 88.25 million shares done. Takaso-WB rose 2.5 sen to 16 sen with 64.11 million warrants done.

Nod for EADS shake-up Core shareholders reach agreement on new structure

Posted: 06 Dec 2012 05:45 PM PST

Friday December 7, 2012

PARIS: Nations in European Aeronautic Defence and Space Co (EADS) have agreed on the biggest shake-up of the European aerospace group since it was founded over a decade ago, opting after years of uneasy co-habitation to put its board and most of its shares beyond public control.

The accord to wind down a complex Franco-German power-sharing pact came weeks after talks broke down to merge the group with UK arms firm BAE Systems, but took advantage of much of the groundwork for the failed US$45bil deal.

It will lead to a simplified management structure, including a new chairman heading a mainly independent board, and a gradual exit by core industrial shareholders that represented French and German interests in EADS since its birth in 2000.

The previous shareholder pact had been blamed for making the company too political and tying the hands of its management.

"This new agreement protects the interests of France, Germany and Spain while giving the company the freedom for manoeuvre it needs to pursue its development," French President Francois Hollande said in a statement.

France and Germany have agreed to control 12% each of the voting rights, handing Berlin a direct stake in the Airbus parent company for the first time. Spain will also have a slightly reduced stake of around 4%.

Until now, parity in EADS – born from a merger of French, German and Spanish interests – had been ensured through a shareholder pact between the French state, French media firm Lagardere and German car firm Daimler AG. — Reuters

Citigroup cuts 11,000 jobs

Posted: 06 Dec 2012 05:39 PM PST

NEW YORK: Citigroup Inc said it is cutting 11,000 jobs worldwide, delivering the first of what investors expect to be a new series of steps to shrink the bank down to a more manageable and profitable size.

The cuts, which amount to about 4% of the bank's workforce, carry the fingerprints of Citigroup's chairman Michael O'Neill. A banking industry veteran, O'Neill, 66, has a history of ruthlessly shedding businesses that are not earning enough money.

Investors were expecting O'Neill to launch a similar plan at Citigroup after he pushed out Vikram Pandit and made Michael Corbat chief executive in October.

Speaking at a conference, Citigroup chief financial officer John Gerspach said the cuts announced on Wednesday were "a fairly comprehensive initial foray" for the new leaders, leaving the door open to more reorganisation.

Citigroup has been cutting costs since at least 2007, but investors have complained that expenses are not dropping fast enough. Its quarterly operating expenses are similar to their levels in 2006, but quarterly income is now less than half 2006 levels.

The bank announced 96,500 job cuts from 2007 to 2011, behind only the US government and General Motors for layoff announcements, according to outplacement firm Challenger, Gray & Christmas Inc, which tracks US layoffs.

The cuts announced on Wednesday are expected to bring at least US$1.1bil in annual savings starting in 2014, thanks to both job cuts and broader reorganisation efforts.

The changes the bank is envisioning will also result in revenue falling by about US$300mil annually, and will spur some US$1.1bil of charges through the middle of next year. - Reuters

Kredit: www.thestar.com.my

Khamis, 6 Disember 2012