martin.jpgContributed 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 Contributed by Martin Mitchell of the Corporate Training Group important market events from last week to help you start this week well informed:

Mergers and Acquisitions

  • Rio Tinto’s proposal to raise $19.5bn from Chinese company Chinalco is concerning Rio’s shareholders. The deal involves Chinalco buying stakes in Rio assets for $12.3bn and buying convertible bonds for $7.2bn and is currently being proposed to shareholders as an ordinary resolution, requiring a simple majority. The UK institutional shareholders believe it should be a special resolution requiring 75% to be passed. The concerns revolve around the principle of ‘pre-emptive rights’ that allow existing shareholders to retain their stakes in capital raising efforts, something that the Chinalco deal fails to accommodate. In Australia, one of Rio Tinto’s largest institutional investors, the Australian Foundation Investment Company (AFIC) that owns almost 1% of Rio’s Australian listed shares, also expressed concerns about the deal. AFIC argue that the investment will hand the Chinese state-owned company significant influence for no premium.The ongoing need to placate shareholders has led Rio Tinto to turn to a new chairman. Jan du Plessis will replace current chairman Paul Skinner at the AGM scheduled for April 20th.
  • After being caught out by the announcement that Porsche controlled 75% of the shares in Volkswagen last October, hedge funds are gathering under the auspices of the Alternative Investment Management Association to explore whether legal action is possible. An extraordinary spike in the price of Volkswagen shares – they increased 400 per cent in a few days and saw VW temporarily become the world’s biggest company by market value – led to billions of dollars of losses for a number of hedge funds.
  • It was revealed that in the weekend after Lehman Brothers collapsed last September, Goldman Sachs was involved in talks to buy regional lender Wachovia. The deal foundered on the amount of federal support available, and Wachovia ended up being taken over by Wells Fargo.
  • China’s largest securities company, Citic Securities is teaming up with Evercore Partners, the US investment bank, in a joint venture to make direct investments and advise clients on both sides of the Pacific.
  • Coca Cola’s $2.4bn takeover of China’s leading juice company, China Huiyan Juice was rejected by the Chinese ministry of commerce. The Huiyan Juice brand has 42% of the pure fruit juice market in China, and the rule against the proposed acquisition was on competition grounds. The ministry quoted limited choice and harm to smaller domestic companies as reasons for the rejection.
  • Hedge fund Paulson & Co is buying an 11.3% stake in South African gold miner AngloGold Ashanti for $1.28bn. The purchase from Anglo American, underlines Paulson’s view that gold will benefit as paper currencies suffer from the combination of the financial crisis and countries printing money.
  • IBM is in advanced talks to acquire rival Sun Microsystems for about $6.5bn in cash.
  • Microsoft CEO Steve Ballmer said he still thought there was a ‘good opportunity’ for a deal with Yahoo that would combine the two companies’ internet search operations. Last year Yahoo rebuffed a potential $47.5bn deal from Microsoft. However, since then Jerry Yang, Yahoo’s chief executive at the time has stood down.

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Keynote Speaker: Donald F. Donahue, Chairman and CEO, The Depository Trust & Clearing Corporation on “Re-Regulation and Change: Managing Ahead of the Curve.”

  • Michael Boland, CEO, Dome Advisors LLC.
  • Jonathan Butterfield, Director of Communications, CLS Group Evan Cooper, Senior Managing Editor and Online Editorial Director, Investment NewsTom Donlan, Editorial Page Editor, Barron’s
  • James P. Donovan, Senior Executive Vice President for Technology and Strategy, FINRA
  • Craig S. Dudsak, Managing Director, Global Transaction Services – Global Custody, Citi Rudy Gadenz, Vice President, Strategic Services & Initiatives, State Street Bank and Trust Company
  • Dennis E. Goodenough III, Senior Business Manager, Securities Initiatives, SWIFT Pan-Americas, Inc.
  • Richard Hunt, Hunt GroupDC
  • Harold C. McIntyre, Managing Partner, The Summit Group
  • Christopher C. Remondi, Managing Director, Investor Services, Brown Brothers Harriman
  • Ted Rothschild, Executive Director, Global Market Infrastructures, J.P.Morgan

All full conference registration fees include continental breakfast and lunch on Monday and Tuesday as well as the conference dinner on Monday night.

One-day Monday registration fees DO NOT include the dinner on Monday night. The dinner can be purchased at a fee of $100.00 CLICK HERE to REGISTER NOW!

Featured sessions:

Recruitment & Selection Trends in the Investment Profession by Ms. Andrea Ross, Managing Director, Robert Walters

Managing your Career in Difficult Times by Mr. Tim Hird, Director Robert Half International

Recession & Financial Crisis Impact and implications to Financial Institution’s Job Roles and Responsibilities by Professor Dogan, Tirtiroglu, University of Adelaide

Staying ahead with CFA Investment Body of Knowledge by Dr. Ashvin Vibhakar, CFA, Managing Director, CFA Institute, Asia Pacific Operations

Click here to register

iStock_000004892147XSmall_1_.jpgby Pamela Weinsaft (New York City)

In my opinion, the best documentary films are compelling because they allow a glimpse of otherwise inaccessible lives and lifestyles. Think of some well-known documentaries and the stories they tell: the journey of the son of a famous yet enigmatic architect trying to piece together the story of his father’s double life (My Architect); the struggle of quadriplegic young men and their quest for the wheelchair rugby Paralympics gold (Murderball); the differing expectations and, ultimately, life paths of upper and working class Brits over the course of 40+ years (The Up Series); the determination and quirkiness of a group of humans so intent on winning a new 4X4 truck that they ignore basic physical needs and stand for days in the heat hanging onto the vehicle as if for dear life (Hands on a Hard Body).

The truth is that I’ve been collecting subjects and planning out documentary films in my head for years. Maybe other people do this; however, I think it’s particularly odd because I am an energy/international business transactions attorney by training, who, until about a year ago, had no knowledge of how to actually make films.

A documentary filmmaking class at NYU changed that, and earlier this month, some classmates and I embarked on my first attempt to put what I’d learned into practice. The International Documentary Challenge, an international contest in which 130 teams from around the world research, write, film, produce and edit a short documentary in 5 days was my trial by fire.

I know it sounds a bit crazy: my very first documentary and I’m accepting the extra pressure that accompanies the very tight timeline? That said, I found the tight timeline permitted me a certain liberty from my own high expectations. It allowed me to accept that I could not possibly make a “perfect” film. It also forced the team to make quick decisions about everything including subject matter, where to film, and what to include in the film, rather than agonizing over them. And it actually gave me the impetus to do it now rather than allowing me to succumb to inertia, telling myself that I’ll do it some weekend when I can find the time, when I’m less tired, when work quiets down. Here was a built-in deadline – no ifs, ands or buts.

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iStock_000000854348XSmall_1_.jpgby Liz O’Donnell (Boston)

Bryant Park says pink is the new black and Wall Street says coffee is the new lunch. The New York Times recently ran an article about Hollywood and literary types who no longer fight to pick up the check at business lunches due to the struggling economy. So The Glass Hammer asked business women if their lunch habits were changing too.

We learned that a coffee meeting is indeed the preferred way of doing business. Lunches, although sometimes unavoidable, are viewed less favorably. While some business women use lunches to stand out from the crowd, we predict the coffee meeting will replace the business lunch as the power get together of 2009.

“Yes, the economy has affected my business meal practices. I’m scheduling more coffee/drink meetings. The lunches and breakfasts are few and far between,” says Gaea L. Honeycutt, President, G.L. Honeycutt Consulting, LLC: Research and Communications Services. “I generally split the tab unless it’s a client I’m strongly courting. Most client meetings are scheduled over coffee or in their offices.”

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Halfway through a presentation, a potential or existing client begins peppering you with pointed questions. What do you do? This turn of events can be intimidating. But in reality, it’s a powerful opportunity to reassure your customer or prospect. Discover how to develop the right mindset to field questions and concerns and learn to welcome objections. By the end of this presentation, you’ll understand how important objections are to the selling process and how they actually increase your chance of securing new business. At this powerful event you’ll learn:

  • The different types of objections and how to recognize and respond to them
  • A way of looking at objections so they’re no longer intimidating
  • Why objections are critical to the selling process and how they actually help you secure new business
  • Michael’s LACE method of addressing objections and meeting your client’s needs
  • How to “sit on the same side of the desk” as your customer to create a collaborative relationship

di_logo2.jpg by Liz O’Donnell (Boston)

DiversityInc., the magazine dedicated to educating businesses on the benefits of a diverse workplace, this month announced The Diversity Inc Top 50 Companies for Diversity® list. The list, now in its ninth year, recognizes the winners of a competition which measures an organization’s commitment to diversity based on four criteria: CEO Commitment, Human Capital, Supplier Diversity and Corporate and Organizational Communications.

Companies and organizations with more than 1,000 employees are eligible for the award as long as they offer health benefits to same-sex partners of employees. In order to qualify, they must complete a detailed, analytic survey of more than 200 questions. The survey attempts, not just to track metrics, but to draw an accurate picture of a company’s culture. This year’s list is representative of 19 different industries from consumer packaged goods companies to industrial businesses.

Topping the list are the following companies:

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The Women in Law Empowerment Forum (WILEF) presents its next seminar, “The X and Y of Associate Development and Retention: Generational Considerations and Perspectives,” on Thursday, March 19 from 8:00 a.m. to 10:00 a.m. at Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York. The Firm is a sponsor of WILEF, and corporate partner Lois F. Herzeca (NY) serves on its Advisory Board.

To register to attend, visit this site.

Green IT allows us to do more for less. Its benefits transcend improving cost savings and showcasing corporate social responsibility as it provides the incentive to take today’s data center technology to new heights, combining innovation with engineering. While reducing waste, optimizing power consumption and promoting reusability, it revolutionizes the discipline of demand management by using virtualization, grids and utility computing. This seminar will introduce today’s infrastructure modernization techniques, highlighting how to manage your data center footprint, managing risk, handling incremental business demands quickly and cost-effectively.

orla.png by Pamela Weinsaft (New York City)

An Oxford-educated Northern Irish woman goes to London then New York and becomes a principal at one of the world’s largest professional services firms in less than 11 years. On sabbatical, she goes to South America—did we mention she also speaks Spanish?—to work with underprivileged women and orphaned children. She runs, plays tennis, plays the piano and has a passion for the theatre, Spanish culture and cosmology. She also serves on two committees within her firm, both of which support the work of women within the organization. Overall, it’s an impressive profile.

Ms. Beggs started at PwC as an actuary immediately following her graduation from Oxford University in 1997. “I got an unconditional offer to join Oxford and you don’t really refuse that. I wouldn’t have studied math at any other university. But because the offer came from Oxford, you accept graciously (and then begin to question your entitlement to a place in one of the world’s most prestigious universities).”

As a math major, she wasn’t prepared to go into academia. “Frankly, I wasn’t done with studying. So the actuarial profession appealed to me because it enabled me to work 4 days a week and then have the 5th day off to study for the professional qualifications. So it seemed like quite a nice compromise to take a job with PwC and qualify as an actuary in the process.”

But she quickly realized that actuarial work wasn’t as interesting to her as mergers and acquisitions. “M & A work is varied and provides an opportunity for the actuarial profession to have a big impact owing to the large defined benefit pension plans whose financials implications are oftentimes not understood…[a]nd working for a firm like PwC gives one access to an A-list client base.”

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