Month: March 2016

Banking News – Brazil charges Safra with corruption
&nbspBanker and owner of London’s ‘Gherkin’ denies bribery allegations
FT.com – Banks – http://www.ft.com/cms/s/0/f4887116-f78f-11e5-9afe-dd2472ea263d.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – City Insider: John Studzinski’s birthday show
&nbspVenice is site of a three-night party in fancy dress for the fantastic and the excellent of New York and London
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/c1d1e6d8-f755-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – City Insider: John Studzinski’s birthday show
&nbspVenice is site of a three-night party in fancy dress for the fantastic and the excellent of New York and London
FT.com – Banks – http://www.ft.com/cms/s/0/c1d1e6d8-f755-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Helios in deal for Crown Agents key units
&nbspFirst time an African-managed fund buys UK fiscal society
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/a343a206-f750-11e5-96db-fc683b5e52db.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Helios in deal for Crown Agents key units
&nbspFirst time an African-managed fund buys UK fiscal society
FT.com – Banks – http://www.ft.com/cms/s/0/a343a206-f750-11e5-96db-fc683b5e52db.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – BNC’s Deal for Southcoast Delayed by Total Fed Review
&nbspBNC Bancorp in High Point, N.C., has delayed the closing of its acquisition of Southcoast Fiscal in Mount Lovely, S.C., as the Federal Reserve has not concluded its review of the deal.
Union Banking – http://www.americanbanker.com/news/union-banking/bncs-deal-for-southcoast-delayed-by-total-fed-review-1080219-1.html

Banking News – AmeriServ in Pa. to Post 1Q Loss on Energy Client’s Insolvency
&nbspAmeriServ Fiscal in Johnstown, Pa., will record a first-quarter loss because an unnamed energy-sector client plans to exterminate under insolvency safeguard.
Union Banking – http://www.americanbanker.com/news/union-banking/ameriserv-in-pa-to-post-1q-loss-on-energy-clients-insolvency-1080218-1.html

Banking News – Chinese join the mega-dealmakers’ club
&nbspOutbound M&A takes off as affair leaders grow in status
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/4055b8ec-f74a-11e5-96db-fc683b5e52db.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – You Take the Twigs. We’ll Keep the Deposits
&nbspBank of America appears to be retaining more deposits from recent branch sales, using technological advancements to keep customers despite the lack of a corporal place.
Union Banking – http://www.americanbanker.com/news/dealmaking-approach/you-take-the-twigs-well-keep-the-deposits-1080197-1.html

Banking News – B of A Relying on Tech to Keep More Clients After Branch Sales
&nbspThe banking giant appears to be retaining more deposits from recent branch sales, using technological advancements to keep customers despite the lack of a corporal place.
Union Banking – http://www.americanbanker.com/news/dealmaking-approach/b-of-a-relying-on-tech-to-keep-more-clients-after-branch-sales-1080197-1.html

Banking News – The downside of the Chinese M&A boom
&nbspOne uncommon reason for flood of deals — capital flight — should give pause for thought
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/98be9d58-f724-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – SEC: Navistar Global and Former CEO Misled Investors About Well ahead Equipment Engine
&nbsp

The Securities and Chat Fee today charged Navistar Global Corp. with ambiguous investors about its enhancement of an well ahead equipment truck engine that could be certified to meet U.S. emanation values.

Navistar, without admitting or denying the charges, has reached a agreement with the SEC and agreed to pay a $7.5 million penalty.  Unconnectedly, in a protest filed in federal court in the Northern Constituency of Illinois, the SEC charged former Navistar CEO Daniel C. Ustian with ambiguous investors and with aiding and abetting violations by Lisle, Illinois-based Navistar.

The SEC alleges that Navistar and Ustian failed to fully release the company’s difficulties obtaining Environmental Safeguard Agency (EPA) authoritative recollection of a truck engine able to meet stricter EPA Clean Air Act values that took effect in 2010.  Navistar and Ustian also are alleged to have over and over again misled investors about Navistar’s enhancement of the engine, which used exhaust-gas-recirculation (EGR) equipment.  Navistar later abandoned the effort and adopted the selective catalytic saving (SCR) equipment used by its competitors.

“When public companies and top executives discuss vital dictatorial developments with investors, they must tell the whole truth,” said Andrew J. Ceresney, Boss of the SEC’s Rift of Enforcement. “Here, we allege that Navistar and its former CEO misled investors about their contact with the EPA and the likely praise of its new emissions equipment.”

David Glockner, Boss of the SEC’s Chicago Regional Office added, “We allege that in 2011 and 2012, the EPA over and over again raised serious concerns with Navistar about its applications to certify an engine using EGR equipment and that top Navistar officials knew the company had not succeeded in rising a commercially viable engine that would meet EPA values.  Navistar and its then-CEO misled investors about these difficulties in copious SEC filings, press releases, and public talks calls, and today we seek to hold them blamed for that terrible behavior.”

According to the SEC’s order instituting a settled administrative proceeding against Navistar:

• In early 2011, in an effort to reassure investors about its emissions control approach, Navistar applied for authoritative recollection of an engine it knew was not ready for manufacture and sale even if the EPA certified it.  The EPA did not approve the concentration and by summer 2011, Navistar chose not to pursue it any longer.
• In late 2011, Navistar started preparing another concentration for EPA authoritative recollection.  Four days after a meeting in which the EPA staff told Navistar that the projected engine did not appear to meet the authoritative recollection equipment, Navistar filed its 2011 annual report on Form 10-K, which stated that it plotted to apply to have the EPA certify the engine and that it said the engine met EPA’s authoritative recollection equipment.
• After Navistar submitted a new concentration in early 2012, EPA staff raised  “several serious concerns” that it said would need to be resolved before it could approve the concentration.  On the other hand, in a press release and filings in March 2012, Navistar characterized the concentration as a “achievement,” and in a talks call with analysts and investors, Ustian indicated that authoritative recollection was proceeding in a typical timeframe and that Navistar could start manufacture on the engine in June 2012.
• In May 2012, Navistar withdrew its January 2012 concentration and submitted a third one incorporating changes to lower emissions at the expense of fuel economy and other engine routine facial appearance.  In a June 4, 2012 meeting, EPA staff told Navistar that it had serious concerns about this concentration as well and the next day well-informed Navistar in writing that the engine as now calculated was “dodgy” to be certified.  Despite this, Navistar’s June 2012 weekly filing and talks call not compulsory that Navistar was unaware of any concerns by the EPA a propos the May 2012 concentration – one of several misstatements in the filing and call a propos the concentration.
• In July 2012, Navistar announced that it was withdrawing its concentration and would start work on an engine using SCR equipment.

The SEC’s investigation was conducted by Anne Graber Blazek, Amy Flaherty Hartman, Tim Stockwell, Will Saylor and Ann Tushaus, and was supervised by Robert J. Burson.  Eric Phillips and Jonathan Polish will lead the SEC’s legal action against Ustian.

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2016-62.html

Banking News – Private equity faces larger tax on profits
&nbspTreasury will tax the cut of profits wholly as income if deals last fewer than three years
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/02e6421c-f73e-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Breuer to pay D Bank €3.2m over Kirch
&nbspAs part of agreement, lender will drop claims against the ex-executive
FT.com – Banks – http://www.ft.com/cms/s/0/91015db8-f737-11e5-96db-fc683b5e52db.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – JBA head predicts spike in overseas buys
&nbspJBA chairman says halfhearted appeal rate policy will also prompt domestic banking consolidation
FT.com – Banks – http://www.ft.com/cms/s/0/fb11c0f2-f6d9-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Panmure Gordon swings to full-year loss
&nbspChief says his key focus is to return the agent back into the black
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/6c6df2ce-f726-11e5-96db-fc683b5e52db.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – UK brokers: small problem
&nbspA bitty diligence in a affair where size matters
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/3/818aac48-f73e-11e5-803c-d27c7117d132.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct