| AUTOS: Acura to debut new TSX in New York
Attorney General Mike Cox and Treasurer Bob Kleine announced the legal action Friday. The suit has been filed in Detroit federal court. Tyco makes products such as electric components and health care items. FRANCHISING: Ace to hold seminar on owning a store Ace Hardware Corp., the largest retailer-owned hardware cooperative in the industry, with more than 4,600 stores, will conduct a seminar for anyone interested in learning about owning an Ace Hardware store. The free session will be 6:30 to 9 p.m. Tuesday at the Holiday Inn Crown Pointe Plaza Hotel, 1500 N. Opdyke Road in Auburn Hills. In the past three years, Oak Park, Ill.-based Ace has opened 440 stores. The seminar will feature information on how Ace assists a prospective owner with identifying viable markets, sales forecasting, hiring, store designing and fixture layouts.
Codemasters Unveils New MMO: Jumpgate
The next MMO that'll try to take a chunk out of the World of Warcraft phenomenon is coming to you courtesy of Codemasters. Today, Codemasters unveiled a space-based MMO called Jumpgate, which is scheduled to ship in late 2008. Jumpgate is being developed by the U.S.-based MMO developer NetDevil. Codemasters Online also confirmed that they will be the exclusive publisher and operator of this next-generation MMO across Europe as they work with NetDevil to bring the game to North America. Whereas World of Warcraft focuses on fantasy-based action, Jumpgate will focus on space combat that allows players to choose from one of three playable nations. Embarking on their space adventure, players will be able to trade valuable commodities, take part in dangerous outer-space raids, meet and play with friends and, basically, live out their dreams of becoming an elite hero or infamous space pirate.
Xstrata on receiving end of $80bn takeover deal
Vale, the giant Brazilian miner, is days away from unveiling an agreed takeover bid for Swiss-based rival Xstrata worth over $80bn. A deal could be announced as soon as this week, but some banking sources have cautioned that turmoil in the credit markets means the Brazilians might need more time to secure the necessary financing. Vale, formerly known as CVRD, is expected to provide about half the capital in cash. It will issue the remainder in preference shares. These will be offered to Glencore, which owns 35 per cent of Xstrata, leaving the Swiss commodities trading group with a sizeable stake in Vale. The Brazilian company has a market value of $122bn. The takeover would be the biggest that Xstrata's chief executive, Mick Davis, has pulled off. But it would be the first time that he has been at the receiving end of a deal.
Morgan Stanley and Trading Technologies Enter Into Global Software and ...
CHICAGO, Nov. 27 /PRNewswire/ -- Morgan Stanley's Client Listed Derivatives business and Trading Technologies International, Inc. (TT) announced today that they have entered into a global software licensing agreement and TTNET distribution agreement in which Morgan Stanley will make available TT's high speed X_TRADER(R) order-entry software to its customers and internal trading desks globally. This agreement will allow Morgan Stanley to expand its open platform electronic trading business by enabling clients to have access to TT's X_TRADER order-entry software platform and technology solutions including TT's FIX connectivity and high-speed exchange gateways. These technology solutions will be fully integrated with Morgan Stanley's leading proprietary technologies and other third-party solutions to provide front-to-back full service for client listed derivatives activities.
Gold hits new high in $A price
The gold price in Australian dollars has hit an all-time high, closing the week at over $A940 per ounce, after the price in US dollars rose on Friday night and the "Aussie" eased. Mining consultants Surbiton Associates Pty Ltd said on Sunday the spot price for gold closed at $US823.75 and the Australian dollar at 87.39 US cents - equivalent to an Australian spot gold price of $A942.61 per ounce and well above the daily high of $A933.20 on May 12, 2006. "This record price may have gone higher, but the Australian dollar strengthened late on Friday, which tended to dampen the upward movement in Aussie dollar terms," Surbiton director Dr Sandra Close said. "At current exchange rates, a half-cent change in the Australian dollar moves the Australian gold price by about $A5 an ounce." Dr Close said that unlike the Australian-dollar gold price, the US-dollar gold price was yet to break its all-time high.
Is this the Breaking of the Bear?
The company's top employees sold stocks worth over $20 million in December 2007 alone. In fact, before resigning recently, Bear Stearns Chief Executive James Cayne sold $15.4 million of stock in December 2007. Cayne exercised and sold 172,621 shares of stock vested under a capital accumulation plan according to a filing with the SEC. However, Cayne still owns 5.6 million shares, or about 5% of the company. In addition, in a Form 4 filed with the SEC, Bear Stearn's President, Alan Schwartz reported he exercised options December 21, 2007 at no cost as part of a compensation plan and sold 67,900 shares the same day for $89.01 apiece. Further, An Executive Vice President exercised options for 102,408 shares of common stock according to a SEC filing. The bank's Treasurer exercised options for and sold 25,927 shares of common stock in the same month.
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