martin1Contributed by Martin Mitchell of the Corporate Training Group

In case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:

Economic Backdrop

  • The US non-farm payrolls report showed that the economy lost 247,000 jobs in July, below the median estimate of 320,000 from a Reuters’ survey of economists.
  • A separate survey of US households showed that the unemployment rate slipped from 9.5% in June to 9.4% in July.
  • Both the Bank of England’s monetary policy committee and the European Central Bank decided to keep their interest rates on hold at 0.5% and 1% respectively.
  • The Bank of England also announced that it will add a further £50bn to the £125bn it has already pumped into the financial system under its policy of quantitative easing.
  • Questions are being asked about the reliability of China’s GDP figures with first half numbers from the provincial authorities some 10% higher than those reported by the National Bureau of Statistics. At worst, there are worries that individuals in the provinces manufacture the figures to improve their career prospects.
  • Surveys showed that global manufacturing is on the rebound, with activity contracting at a significantly slower pace in the US and continental Europe, and UK industry back on a growth path.

Mergers and Acquisitions

  • Energy company Centrica won approval from the UK’s Office of Fair Trading to buy a 20% stake in British Energy from EDF for £2.3bn. However the deal involves half the deal being paid in cash and the other half via the sale of Centrica’s 51% stake in SPE, the Belgian utility company, to EDF. The SPE sale is still awaiting European Commission clearance.
  • Deutsche Bank is in advanced talks to take a stake in Sal Oppenheim, one of Europe’s biggest independent private banks. Sal Oppenheim has about €130bn under management.
  • Bank of New York Mellon is in advanced talks to buy the bulk of Insight Investment Management, one of the UK’s biggest fund managers. BNY Mellon won an auction for Insight, which is being sold by Lloyds banking Group. It is thought that the cost could be up to £250m to purchase the third-party business of Insight that has approximately £74bn under management.
  • British media company ITV is to sell Friends Reunited, the social networking site, to DC Thomson for £25m. It is less than 4 years since ITV bought Friends United for £170m.
  • Stagecoach and the Spanish-led consortium (the Cosmen family and CVC) bidding for UK travel company National Express have been told to ‘put up or shut up’ by the UK Takeover Panel. The bidders must make a firm offer by September 11th or walk away.
  • PepsiCo has agreed to take control of its two largest bottlers, Pepsi Bottling Group (PBG) and PepsiAmericas (PAS) in a $7.8bn deal. PepsiCo was advised by Centerview Partners, BofA Merrill Lynch and Citigroup. PBG was advised by Morgan Stanley and PAS by Goldman Sachs. Read more

by Marian Schembari (New York City)

 

In the past ten years, the number of women who choose to remain childless has practically doubled. According to an article published last month in the Telegraph, the tides are turning as it used to be poverty and low marriage rates that contributed to childlessness. Today, women with higher education, social class and professional qualifications are more likely to actively choose not to have children. 

 

And the numbers are going up. Research done by the Office for National Statistics (UK) shows that healthy women who are sexually active, living with long-term partners are the ones to decide not to become mothers. Apparently, 25% of women who are university educated remain childless by age 40. They also found that women in more skilled professions were four times less likely to have kids than women in more unskilled jobs.

 

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Early Morning View of Big BenI am so sorry. Big Kiss.  My love to you and the girls.  Hold them close.” Catherine Bailey’s tragic last words to her husband just before the successful City lawyer and mother of three daughters drowned herself in the Thames earlier this year. 

 

The resulting heartbreak for her young family, and consternation and sadness among colleagues at her law firm has been widely covered in the UK press.  

 

Ms. Bailey was a partner dealing with banking and regulatory disputes, including Financial Services Authority investigations. The current economic crisis put her skills as a financial litigator to the forefront with a significantly increased workload.  Returning to work six months after the birth of her third daughter into an environment where partners regularly worked 60+ hours a week, Ms. Bailey would probably also have had to take home work in the evenings and over weekends to keep up. Read more

by Tina Vasquez (Los Angeles)

 

The National Association for Female Executives has once again released their list of the top corporations for executive women-or as the site puts it, their “annual scrutiny of America’s corporations.” The 2009 list, which takes into account succession plans, metrics for managers, and commitment to bringing women into P&L posts, was expanded to include 50 companies instead of its usual ten. According to the organization, the pool of applicants increased so drastically over the past year that the expansion was necessary.

 

NAFE’s top ten list features some familiar faces, as well as a number of newcomers who made their presence and dedication to hiring and retaining female talent known this year. Here are the top ten companies for women, according to NAFE:

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pamflaherty

by Pamela Weinsaft (New York City)

 

At the age of 21, Pam Flaherty, President of Citi Foundation, was well on her way to achieving her childhood dream of becoming an ambassador. While waiting to get called up into a Foreign Service Officer class, she was accepted into the M.A. program in International Relations at the Johns Hopkins School of Advanced International Studies. It was there that she learned more about the realities of life in the Foreign Service and decided, for a variety of reasons, that “it was not the way [she] wanted to go.”

 

Fluent in Arabic and French and still enamored with all things international, she obtained a position as an assistant to a very senior international monetary advisor at Citi in New York. She explained, “Citi [was a good fit because it] is a global company and was very receptive to people with odd kinds of backgrounds.  I started out by doing economic research, which I knew a fair amount about [because economics was a heavy part of the requirements at John Hopkins].  But, from the moment I got here, I realized I was more intrigued by the business environment and solving business problems than by the research I was doing.”

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Contributed by Caroline Ceniza-Levine of SixFigureStart

jobsearchI recently reached out to a former superior and found that she had been let go. In this day and age where people up and down the corporate ladder are being laid off, what do I do when the people I worked with are no longer there to act as professional references?

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istock_000009110520xsmall1by Liz O’Donnell (Boston)

 

Women may be less likely to encounter blatant sexism on the job than in prior years, but a recent study suggests “modern sexism” is still keeping women from achieving the highest level of success in corporate America. Modern sexism is often defined as a more subtle form of discrimination that is deeply ingrained in a corporate culture and can be as, if not more, damaging than overt acts of gender bias. Authored by chief scientist Ann Howard and senior vice president Richard Wellins of Development Dimensions International, a consulting firm, the study is titled “Holding Women Back: Troubling Discoveries and Best Practices for Helping Female Leaders Succeed.”

 

Howard and Wellins’ work points out that despite the fact women represent more than half of all employees in the U.S. and the fact that women are graduating from high schools and colleges at a higher rate than men, they are not being promoted to high-level positions at the same rate as men. In fact, as women advance in their careers from early management to senior management, the number of women leaders drop off significantly.

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janice_chaffin1By Tina Vasquez (Los Angeles) 

Janice Chaffin, Consumer Business Unit President at security giant Symantec, knows a little something about hard work.  She got her first job at the very young age of fourteen, working her way up over time from cleaning person to receptionist in a doctor’s office.

Once in college at the University of California, San Diego, Chaffin took any job that came her way, including dishwashing, bookkeeping, acting as a Spanish-speaking tour guide at Disney World, and working as a medical school admissions office staffer, just to name a few. “Whatever I wound up becoming, I always knew I would work hard to achieve what I wanted, no matter what,” Chaffin said.

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martin1Contributed by Martin Mitchell of the Corporate Training Group

In case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:

 Economic Backdrop

  • ECB data on lending behaviour in June showed banks doing what the ECB wanted – lending funds in the form of longer term assets. The seasonally adjusted increase in credit to the non-financial private sector was €132bn.
  • Chinese regulators ordered banks to ensure that their unprecedented volumes of new loans were channeled into the real economy, and not into equity or real estate markets. The first half the year saw Chinese banks lend Rmb7,370bn ($1,080bn), more than twice the same period last year, and regulators are concerned that asset bubbles might be forming in equities and real estate.
  • Both the US and UK house prices saw gains. US house prices showed their first monthly gain in three years in May, climbing 0.5%. UK house prices rose by 0.1% in June in the first monthly rise for almost 18 months.

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istock_000003895319xsmall1by Tina Vasquez (Los Angeles)

 

Much like the Monarch butterflies she loves so dearly, Monika Maeckle, vice president of new media at a large media company, has a personal journey spans many different regions. Her parents are German immigrants, who, like so many others, came to this country in search of a better life. The butterfly enthusiast grew up in suburban Dallas, where she loved the outdoors.  “As a kid I spent a lot of time by a creek we called ‘the crashed up car.’ We’d have big, wild adventures. I’ve always been like this; I’ve always preferred the outdoors to anything else. I think it’s just a personality thing … well, that and the fact that mosquitoes don’t like me,” Maeckle said.  

 

A career in communications hasn’t really proven to be the ideal profession for a self-described “Monarch maniac” who loves the outdoors, as a majority of Maeckle’s time as vice president of new media is spent in an office working at a computer. It actually may be a blessing in disguise that Maeckle discovered her passion for Monarchs so late in life; making this discovery any sooner may have derailed the illustrious media and marketing career that took her far from “the crashed up car” in her Dallas neighborhood. After her first job as a reporter, she moved to New York for a copy editing position, which eventually led to a long stint in Costa Rica where she worked as a freelance writer while her husband was employed by Newsweek Magazine. Upon returning to the States, the couple wanted to get back in touch with nature and be more “outdoorsy,” which was impossible in New York City. 

 

Acquiring their Lucky Boy Ranch in Texas Hill Country has been one of the greatest things that could have ever happened to Maeckle, especially after she discovered it was located on the Monarch flight path.

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