| CIBC sells some global businesses
CIBC has agreed to sell its U.S. domestic investment banking, equities, leveraged finance and related debt capital markets businesses to Oppenheimer Holdings Inc., the company announced yesterday. The transaction also includes CIBC's Israeli investment banking and equities business, and parts of other U.S. capital markets-related businesses in Britain and Asia. CIBC chief executive Gerald McCaughey said the transaction allows the bank to “redeploy capital over time to further support the continued growth of our strong and profitable U.S. and international operations, as well as our core Canadian businesses." New York-based Oppenheimer says the businesses employ more than 700 people and their annualized revenue based on CIBC's most recently published results for the nine months ended July 31, 2007, is in excess of $400 million.
TFN economic and business calendar to Wednesday Dec 5
LONDON (Thomson Financial) - Key items expected in the two weeks to Wednesday Dec 5 (approx GMT times) THURSDAY NOV 22 ASIA -Japan weekly capital flow -Japan Oct supermarket sales -Hong Kong Oct CPI BENELUX -Dutch Sept consumer spending -Belgian Nov business confidence indicator (1400 GMT). Forecast -1.0 vs -0.1 -Corio Q3 results -Ackermans Q3 results (0700 GMT) -GIMV H1 results (0600 GMT), press conference, analyst meeting EASTERN EUROPE -Polish Central Bank minutes of Sept meeting (1300 GMT) -Hungary Q3 international tourist data -Comarch news conference (1230 GMT) -Italian Prime Minister Romano Prodi begins official visit to Russia -Private Banking 2007 conference opens at Radisson SAS Slavyanskaya, Moscow EUROPEAN UNION/EURO AREA -Euro zone Sept current account (adjusted) (0900 GMT). Forecast +2.8 bln eur vs +3.8 bln -Euro zone Sept industrial orders (1000 GMT).
Steelers tell jokes, share tales at 75th year gala
As a global entrepreneur who specializes in investment banking with Laurel Mountain Partners, Andy Russell was on a business trip to Russia several months ago when he spotted something familiar. At an outdoor mall in Moscow, next to a nesting doll that traced Russian leaders from Vladimir Putin to Vladimir Lenin, he noticed a similar object adorned in the black and gold of the Pittsburgh Steelers. This doll started with Jack Lambert, then inside was Joe Greene, Franco Harris, Terry Bradshaw and Lynn Swann in descending order, each figure smaller than the one preceding it. Imagine that, stalwarts of the Steel Curtain merchandised on the free market in what used to be the epicenter of the Iron Curtain. "There weren't any other football teams or American figures displayed, just this one.
Former Maryland Insurance Commissioner Named President of Life Settlement Providers LLC
Former Maryland Insurance Commissioner R. Steven Orr was named president of Life Settlement Providers, LLC, a Maryland-licensed life settlement provider and a leader in the secondary market for life insurance policies. Mr. Orr will be responsible for overseeing Life Settlement Providers' marketing, regulatory, and legislative activities beginning Dec. 1. (Photo: http://www.newscom.com/cgi-bin/prnh/20071025/NETH051 ) .
Atiq's seized bank accounts worth Rs 25 lakh
A SUM of around Rs 25 lakh has been found in several bank accounts of the absconding SP MP Atiq Ahmad. These accounts were seized by the local administration following action under gangster Act Atiq. These accounts were being operated at a branch of Bank of Baroda (BOB), Khuldabad, Allahabad Bank (Lukerganj branch), Lucknow and Delhi banks. The accounts were seized by SDM Sadar Ashutosh Dwivedi following DM Ashish Goel's order under the Gangsters' Act against the Samajwadi Party MP. The MP, who went into hiding after the BSP came to power in UP, has managed to evade his arrest till now by dodging the men in uniform. Talking to HT, the SDM said the MP had been given time of three months to file objections in this case of seizure. The money would go into government coffers in case he failed to do so.
(AFX UK Focus) 2007-11-21 09:35 GMT: London shares open lower ahead of BoE minutes, banking stocks fall UPDATE
LONDON (Thomson Financial) - Leading shares opened lower ahead of the release of the Bank of England minutes, which will be watched for any clues of a December rate cut, while banking stocks are still bearing the brunt of the falls after Wall Street finished firmer overnight. At 8.57 am, the FTSE 100 index was down 58.2 points at 6,168.3, off a low of 6,127.3, having closed last night 105.7 points firmer at 6,226.5, while the FTSE 250 index was 220.4 points lower at 10,279.5. Volume was average with 244 mln shares changing hands in 78,260 deals. Ex-dividend stocks also contributed 10.29 points to the falls with Cable & Wireless, Carnival, HSBC, Sainsbury and Vodafone all going ex-dividend today. "General concerns about credit are still having an impact on the market as well as the Federal Reserve minutes released yesterday with some investors interpreting these positively while others negatively," said Darren Winder, strategist at Cazenove.
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