Goldman Sachs accusé d’une fraude financière by Zuzana Zelenakova
La Commission des valeurs mobilières et du taux des États-unis qui surveille les lois sur les valeurs mobilières fédérales et règle l'industrie a classé un procès contre Goldman Sachs vendredi. Selon le SEC la société d'opérations bancaires globale d'investissement a été impliquée dans une fraude financière. Censément, l'accusation concerne les hypothèques risquées connues sous le nom 'Collateralized debt obligations' que Goldman Sachs a crées et a vendées sans révéler qu'un autre hedge fund Paulson & Cie. a sélectionné le paquet et cherché le raccour! cir en pariant contre lui. Goldman Sachs a ensuite vendu le paquet aux investisseurs tels que les banques étrangères, les compagnies d'assurance et ainsi de suite, qui ne feraient que le bénéfice au cas où les obligations gagnaient la valeur. « Dans la somme, Goldman Sachs a arrangé une transaction à la demande de Paulson dans laquelle Paulson a fortement influencé le choix du portfolio pour convenir à ses intérêts économiques, mais ne l'a pas révélé aux investisseurs… Le rôle de Paulson dans le procédé de choix du portfolio ou ses intérêts économiques défavorables, » a indiqué la plainte. La société a nié les allégations faites par le SEC en les appellant « complètement sans fondement dans la loi et le fait. » L'une des compagnies les plus profitables dans l'histoire de Wall Street a indiqué qu'elle d! 3;fendrait sa réputation violemment. Après l'annonce! du proc ès, les actions de l'entreprise s sont laissé tomber par 13 pour cent vendredi ce qui a coûté à Goldman plus de $10 millions de sa valeur de marché. Il y a des spéculations que le procès peut déclencher beaucoup d'autres. « Cela n'est la pointe du glacier, » a dit James Hackney, un professeur à l'École des droits de l'Université de Nord-Est. « Il y a beaucoup de gens dans différentes affaires qui ont joué les rôles semblables, et une fois qu'elles commencent à produire de la vapeur, les demandeurs d'avocats assigneront qu'il s'agît d'un bon endroit où placer leur argent et il devrait y avoir beaucoup d'actions. » Le public aux États-unis s'oppose fortement à l'idée des renflouements supplémentaires auprès des banques pendant que les compagnies de Wall Street gagne de l'argent toutes seules de nouveau. C'est un signe de plus que beaucoup d'arg! ent des contribuables a été injecté dans Wall Street.
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Goldman Sachs accused of civil fraud by Barbora Misakova
When something bad happens, people tend to look for a culprit and men responsible for that. Usually it is some corporation and in most cases it is one particular person. In connection with housing-bubble collapse in 2007 it is Goldman Sachs and its employee Fabrice Tourre who is allegedly responsible for that. The U.S. Senate panel assailed Goldman Sachs Group Inc on Tuesday. Their conduct during the financial meltdown is seen by Senate as an attempt to profit from 2007 collapse. Fabrice Tourre was charged with deliberately misleading his clients by hiding material information from them. He denied charges and senior managers also said they were not prescient about the housi! ng market. According to subcommittee, Goldman helped to package toxic mortgages into bonds which were repackaged into complex securities known as collateralized debt obligations. In this way Goldman Sachs magnified the risk from the mortgages. By betting on decline of mortgage market through 2007 Goldman Sachs shorted the market and so profit from it. The subcommittee also blamed Goldman for fail to disclose key information to a rating analyst and investors what only demonstrated that Goldman “saw its clients not as valuable customers but as objects for profits.” said Senator Carl Levin, chairman of the permanent Subcommittee on Investigations. Goldman Sachs defends by bank’s residential mortgage bond positions that were losing money daily in December 2006. As Chief Financial Officer David Viniar said, Goldman Sachs had only a small profit from residential mortgages in 2007, and what is more they lost money on them in 2008.
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Goldman Sachs accused of financial fraud by Zuzana Zelenakova
US Securities and Exchange Commission that oversees federal securities laws and regulates the industry has filed a lawsuit against Goldman Sachs Friday. According to the SEC the global investment banking firm has been involved in a financial fraud. Reportedly, the charges concern risky mortgages known as collateralized debt obligations which Goldman Sachs was creating and selling without disclosing that a hedge fund Paulson & Co. picked the package and sought to short it by betting against it. Goldman Sachs then sold the package to investors such as foreign banks, insurance companies and so on, which would only make profit in case the bonds gained value. “In sum, Gol! dman Sachs arranged a transaction at Paulson’s request in which Paulson heavily influenced the selection of the portfolio to suit its economic interests, but failed to disclose to investors ... Paulson’s role in the portfolio selection process or its adverse economic interests,“ said the complaint. The firm denied the allegations made by the SEC calling them “completely unfounded in law and fact.” One of the most profitable companies in the history of Wall Street said it would defend its reputation fiercely. Following the announcement of the lawsuit, the firm´s stock dropped 13 percent on Friday which cost Goldman more than $10 million of its market value. There are speculations that the lawsuit may trigger many others. "This is just the tip of the iceberg," said James Hackney, a professor at Northeastern University School of Law. "There are a lot of folks out there in different deals who played similar roles, and once it starts building s! team, plaintiffs' lawyers will figure out this is where the mo! ney is a nd there should be a lot of action." Public in the US strongly opposes the idea of the further bank bailouts as the Wall Street companies are making money on their own once again. To many it is sign that enough of taxpayers´ money was injected into Wall Street.
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Toyota accepted the fine of $16.4 million for failed reports on technical problems. by Milota Sidorova
Toyota cause has been processed when U.S. Government decided to fine automaker with $16.4 million penalty for failing to report about technical errors on its models. The case started last year when Toyota announced it was shutting down up to thousands of thousands vehicles from the market. The same scenario happened this year, when magazine Consumer Report claimed Toytota's Lexus GX 460 had had problems with gas pedal. The reacting time in breaking moments was significantly longer and could resulted in vehicle instability to stay on the road. Toyota accepted the charge, although it reported there was no error proven in testing drives. But if there was no mistake, then why ! did it order to shut down up to 2.3 million cars and agreed to pay millions of dollars fine?According Transportation Secretary Ray LaHood Toyota didn't report safety problems as required under the law and put consumers at risk. Automakers have to report the mistakes within five business days. Toyota didn't submit any report, so far, the accusations were published by independent magazine.Although it seems there is one to blame, Toyota wasn't the only one automaker selling life threat to the market. By the end of last year, American GM shut down some models from distribution due “technical errors”. But now it is also the fight for image. Toyota is the world class automaker and viable rival to American GM or Ford or some more. Declining public and media rating can hurt the company's profits and although Toyota didn't say it was loosing the sale numbers, this situation is highly probable.
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European flight cancellations hurt Kenyan flower market by Magdalena Rosova
The eruption of volcano in Iceland has impact far beyond the borders of Europe. African flower exporters are not able to send their flowers to Europe because of massive flight cancellations all over Europe. The exporters are facing serious losses of millions euros. Kenya, Uganda and Ethiopia, flower exporting countries, will loose millions of euros if the ash cloud do not move and the air traffic in Europe does not restart. Kenya Flower Council stated that the sector is losing two million dollars a day. Flowers can not wait as passengers in the airports, they are spoiling and the companies had to pay a lot to keep them in cold rooms in the airports. McCarthy Imende,! sales and marketing manager of one of Kenya's flower exporters said that the company would have a serious problem with the cashflow. It will be difficult even to pay workers because they will not get any money from the shipment of the flowers. After tourism and tea, flowers are the third highest exports in Kenya. Imende said that their shipments to Scandinavia and the United Kingdom had been interrupted. The shipment to United States is interrupted as well because the company send flowers on British Airways, which has canceled its flights. In spite of the transportation interruption, farmers have to continue production. They are harvesting the flowers and trying to store them in the cold storage as much as possible. But if the situation does not change quickly, the farmers will have to stop harvesting, which will lead to even bigger losses.
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China has become the largest world manufacturer, this is the fact. And because of cheap labor and ability to fulfill tough deadlines it has became more than a strong rival. Because of Chinese made products, domestic (American, European) factories were shutting down. Strange relationship has been created – the world has become dependent on Chinese products as China has become dependent on export. This smells of monopoly, but one can't help not expecting the consequences of this world defining situation. China that has a specific policy, typical by strong auto-regulative mechanisms and autocratic mode that was and still is able to keep its independency as it comes to it! s economy decisions. Literally, it was not taking any measure against its own profit.Being the strongest player in the game means the right to ignore the warnings and objections of weaker ones. And that is what is China doing. From the beginning of the crisis, it kept its yuan on extremely low value. The gap in the currency caused more than a big trouble to foreign exporters, Chinese goods were cheaper, but Chinese businessmen kept making money. This profit became the sore on the eye of European and American traders and it's been several months they were calling for “fair-play”conditions. With the rising pressure, it seemed they reached the goal, but now as China post $7.2 billion deficit in its exports in March, Chinese government has another reason to lower yuan on the original level. This step is more than probable at least for some another period. So currently it is 2:1 victory for China.
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GM profit loss, but hoped to reverse it before the end of 2010. by Milota Sidorova
The vision for once automaker giant General Motors was to get governmental support and ended up, transforming into smaller but viable company. The idea was to redesign not only models, but the whole structure. Honestly, no one was expecting miracles, however the governmental golden stream meant more than 20 billion support. The company after general redesign is struggling, but still alive. The report for the last year said the company is dealing with more than $4.3 billion. Vice chairman of the company, Chris Liddell said it was a sign for improvement and continued we believed GM could make it profitable by the end of 2010. The net loss was caused by $2.6 billion retiree me! dical plan relating to the United Auto Workers. Another $1.3 billion was caused by foreign currency re-measurement loss. But the last year the company post profitable U.S. sales was in 1999 (9 percent growth). Since then it's been declining up to 30 percent loss compared to 1999.GM changed the CEO post last year, Frederick Henderson who was in charge since bankruptcy led the company to Edward Whitacre, Jr. The company has already overcame huge cuts in its portfolio since it's dropping Hummer, Pontiac and Saturn brands. The trend is to focus on four core and typically US brands including Chevrolet, Cadillac, Buick and GMC. GM also decided to hold full ownership of its European brands of Opel and Vauxhall, but sold Saab Automobile to Spyker Cars. Except of this, GM is holding its Australian model Holden and South Korean Daewoo.Liddell said the company was aiming to go public again and he cited this an “important step” towards profitable tomorrow.
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Daimler, Renault and Nissan tie-up for money savings by Zivka Deleva
To fight better against the world economic crisis, big car makers decided to unite their forces and become stronger. Here we are talking about French Renault, Germans Daimler and Japanese Nissan. The idea is to exchange capital, to share their knowledge in making small cars, on fuel-efficient technologies, and work together on commercial vans, especially in Europe. It is not like I am some big car expert, but this alliance seems a little bit weird to me, especially, what is such a giant car company like Daimler doing with smaller like Renault and Nissan? But, when it comes to business, it seems like everything is calculated. The basic idea is to save costs, but on the other! hand, it seems like, still the French and Japanese partners are about to gain more from their more powerful partner. This is not a first time cooperation between Renault and Nissan. They started mixing their shares since one decade ago. So, by now, Renault has 44.3 percent stake in Nissan, while the Japanese partner has only 15 percent from the French car producer. But, it seems like Nissan is not satisfied only with this partnership. The company is very much aware that if it wants to survive the market, it has to enter new cooperation, so the chase for new tie-ups continues. This European-Asian collaboration is about to find some opportunities in the U.S and might also work on the development of electric cars. The most important reason why these three companies decided to get together, off course, is the money savings. It is expected that they are going to save around four billion euro over the first five years of the partnership. We must agree, that is a lot of money!!
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Toyota official´s e-mail sheds a light on doubts within the leadership by Zuzana Zelenakova
The word you have heard most frequently in connection with automaker Toyota recently is recall, no doubt about it. The first two major recalls were managed in cooperation with the US National Highway Traffic Safety Administration due to unintended acceleration of vehicles. There was a problem with gas pedal entrapment by floor mat. However, in January 2010, another recall was announced as some crashes occurred that were not caused by floor mat, rather there seemed to be a problem with the gas pedal itself. The third recall in February 2010 was due to hybrid anti-lock brake (ABS) system. Just recently, an e-mail from one of Toyota´s officials written five days before J! anuary recall reached the public. The main message of the internal company e-mail was rather clear: “We need to come clean.” "We are not protecting our customers by keeping this quiet," wrote Irv Miller, group vice president for environment and external affairs. "The time to hide on this one is over." Five days later, on January 21, the Japanese automaker announced the recall of 2.3 million vehicles due to sticking gas pedal. The e-mail gives an image of intense atmosphere full of doubts within the leadership of the company whose reputation has been gradually deteriorating. "We better just hope that they can get NHTSA to work with us in coming (up) with a workable solution that does not put us out of business," continues Miller in an e-mail. Recalls came at most inconvenient time as Toyota, similarly as other automakers worldwide, has been dealing with the consequences of the global recession. According the company´s statement, it could suffer losses up to ! two billion dollars from lost sales worldwide. The value of To! yota 0;s shares slumped as well. According to many, widespread media coverage of the problem only contributed to the increase in complaints and supposed accidents.
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Pokuta 16 miliónov dolárov nestačí! by Barbora Misakova
Túžba po zisku je nekonečná, rovnako ako aj strach, že staré dobré časy prosperity sa čoskoro skončia. Korporácia Toyota Motor, najväčšia automobilka na svete čo sa týka predajnosti áut, sa kvôli svojej nerozvážnosti rúti priamo do pekiel. Americká vláda od nej požaduje 16.4 milióna dolárov ako odstupné za to, že nedokázali dostatočne rýchlo upozorniť americkú vládu ani svojich zákazníkov na bezpečnostné problémy svojich automobilov. Ako sa ukázalo, Toyota varovala distribú! ;torov v 31 európskych krajinách o tom, že dochádza k uviaznutiam plynových pedálov. Učinila tak mesiace pred tým, ako varovala amerických regulátorov. Kým európski distributéri boli informovaní o tom, že viaceré modely áut majú problémy so „zasekávajúcimi sa plynovými pedálmi, náhlym zrýchlením otáčok a/alebo náhlym zrýchlením automobilu“, Americkí spotrebitelia si na túto informáciu museli nejaký čas počkať. V Európe bola táto informácia potvrdená už v septembri, kým USA dostalo od Toyoty oznámenie až o štyri mesiace neskôr. Aj to automobilka tvrdila, že problémom nie je zlyhanie plynových pedálov, ale len ich zachytenie pod auto rohožkami. Teraz už však niet pochýb, že došlo! k hrubému porušeniu bezpečnostných predpi! sov. Ame rický minister dopravy Ray LaHood povedal, že by pre neho nebolo žiadnym prekvapením, ak by došlo k odhaleniu ďalších dodatočných bezpečnostných pokleskov. Stiahnutie 6 miliónov vozidiel v USA nie je na smiech, zato však vyhlásenie Toyoty, že „bude pokračovať vo svojej filozofii uspokojovania zákazníkov vysokokvalitnými autami, ktoré sú bezpečné a spoľahlivé“ naopak je. Spoločnosť nielen že ohrozila milióny ľudí po celom svete, no niekoľko z nich aj zomrelo! Preto pokuta 16 miliónov dolárov (ktorá je doposiaľ najvyššou pokutou udelenou výrobcovi automobilov) nie je dostatočná. Osobne si myslím, že akokoľvek vysoká suma nie je dostatočná...
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The fine of $16 million is not enough! by Barbora Misakova
Desire for profit is never ending just like a fear that good old days of prosperity could be gone soon. Toyota Motor Corporation, the world’s largest automobile maker by sales is for its imprudence going straight to hell. The US government is asking for $16.4 million as the Japanese automaker failed to alert U.S. government and also its American customers to its safety problems quickly enough. As it showed, Toyota warned distributors in 31 European countries about sticking accelerator pedals months before it warned U. S. regulators. While European distributors were informed about “sticking accelerator pedals, sudden rpm increase and/or sudden vehicle acceleratio! n” already in September, National Highway Traffic Safety Administration and American drivers were informed only about “the risk of accelerator pedal entrapment by all-weather floor mats” and what is more, four months later! That is with no doubts a violation of safety regulations that could kill even more people that did so far. Transportation Secretary Ray LaHood said, he wouldn’t be surprised if a review of documents from Toyota Motor Corp. uncovered additional safety lapses by the Japanese automaker. Recall of more than 6 million vehicles in the USA is nothing to laugh at, but Toyota’s statement that it “has and will continue to practice its philosophy of satisfying consumers with high quality vehicles that are safe and reliable” is just ridiculous. They had endangered millions of people around the world, some of them died but Toyota’s fine of $16.375 million (the largest ever levied on an automaker) is not high enough and ! probably never will be.
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Renault to cooperate with Daimler by Zuzana Zelenakova
French automaker Renault, which due to its alliance with Nissan is currently the world´s number four in car manufacturing, is about to seal the deal with Mercedes-Benz manufacturer Daimler AG. Renault is expected to get about 2 billion euros in additional profits over the next five years due to the upcoming partnership. "It's about €400 million in additional profit every year," said Renault CEO Carlos Ghosn. Renault and Nissan Motors Co. which forms an alliance back in 1999, will join forces with the German automaker in order to develop a new generation of small cars, share each other´s know-how and work together on small commercial vans. According to the ! deal Renault and Nissan get about 3.1 percent of the Daimler stock and the German manufacturer will acquire the same amount in the two other companies. "The reason for the cross-shareholdings is to drive and encourage deeper collaboration, not just one-off projects," said Carlos Ghosn, who serves as CEO of both Renault and Nissan. It is small size exchange compared to the Renault-Nissan alliance, as Renault has 44.4 percent of stock in the Japan automaker, while Nissan has 15 percent stake in Renault. Global car industry is still struggling in the aftermath of the financial crisis and is joining forces mostly in order to reduce costs. According to the experts, by alliance with Renault, Daimler could save about 600 million euros in the development sector. Under the partnership announced Wednesday, the companies will work on developing new Smart and Twingo versions as well as new gas and diesel engines for these cars. The cooperation projects will be conducted by both Carlos ! Ghosn and Daimler CEO Dieter Zetsche. "I can confirm that we ! approve of this partnership and that our representative will defend the state's industrial strategy," said French Industry Minister Estrosi. French state has 15 percent stake in Renault.
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Who would believe that Japanese giant car maker Toyota would even think of manipulating it’s consumers? Not only manipulating, but bringing their safety endangered? That doesn’t look like one of the biggest automakers in the world. Few days ago, the world was awakened with the news that some of the most popular Toyota models have safety problems with the gas pedals that increase the acceleration of the car. We would understand that if the results came these days and the company does its best to warn its consumers. But, unfortunately, though Toyota’s officials knew this problem since last September, they did nothing to prevent the world. But, everyone gets! what he deserves. Toyota is going to be charged with $16.4 million penalty. Toyota kept the problem quite until late January, and we are talking about more or less 2.3 million vehicles. Toyota’s statement was that the company “has and will continue to practice its philosophy of satisfying consumers with high quality vehicles that are safe and reliable, and responding to consumer feedback with honesty and integrity." Those are nice words coming out of one perpetrator’s mouth. We’ll wait and see if Toyota is going to be the company to pay the most expansive fine in the history of the car producers. Six years ago General Motors paid $1 million for not taking care of the recall of 600.000 vehicles over windshield wiper failure. Under US federal law, automakers must inform the National Highway Traffic Safety Administration within five days of determining that a safety defect exists and promptly conduct a recall. The worst scenario that the US Governm! ent is suspecting is that this Toyota’s defect has provo! ked 52 d eath crashes. That is still to be proved. However, this is not a small problem we are talking about. When people’s security is endangered, someone must take the responsibility and pay for it.
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Sweet deals lure car buyers, lift sales in March by Magdalena Rosova
Toyota's huge discounts lured thousands of buyers in March. Others automakers are trying to match Toyota's offers and so are also coming up with good deals. Discounts are expected to last at least another month. Toyota is trying to repair the damages from safety recalls. In order to repair its reputation Toyota offered great incentives last month, such as low-interest financing and free maintenance for returning customers. The deals lured so many car shoppers that Toyota's sales in United States jumped 41 percent. Toyota sold only 1,683 cars less then General Motors Co., which is the closest Toyota has ever come to overtake GM in monthly sales. Attempts of GM and othe! r automakers boosted the industry's sales by 24 percent compared to the same month a year earlier. Industry incentives were about $2,700 per vehicle last month. A year ago automakers had the worst sales in nearly 30 years. Toyota offered incentives of $2,256 per vehicle, which is the highest level ever. It seems that April will become a month of big incentive battles. Good prices may continue for many moths. High demand for used cars has also encouraged resale values. Toyota's incentives will stop on Monday, but some will be extended for longer. But Toyota still faces questions about safety record of its cars. The federal government will investigate to find out whether electronics caused the problem in Toyota's cars or not. Incentives will stop in few moths as automakers have limited their production and so do not have large number of cars in inventories. Drop of incentives will slow down the sales as customers are trained to wait for good deals.
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