Monday, September 29, 2008

Citigroup Buys Bank Operations of Wachovia

Citigroup reached an agreement early Monday morning to acquire the banking operations of the Wachovia Corporation after making a daring bid that pulled the deeply troubled company from the brink of collapse.

Citigroup will pay $1 a share, or about $2.2 billion, according to people briefed on the deal.

Federal regulators worked around the clock this weekend to orchestrate the sale, finally reaching an agreement at 4 a.m. on Monday morning. In the end, the government agreed to provide Citigroup with a financial guarantee on Wachovia’s most risky assets. It is similar to the deal that the Federal Reserve established with JPMorgan Chase’s emergency takeover of Bear Stearns.

Citigroup will assume the first $42 billion on losses tied to Wachovia’s riskiest mortgages and will pay the Federal Insurance Deposit Corporation $12 billion in preferred stock and warrants. In exchange, the F.D.I.C. will absorb all losses above that amount.

Federal regulators said the move was necessary to stave off what could have been the second big bank failure in less than a week. On Thursday, the government seized Washington Mutual and sold the bulk of its operations to JPMorgan Chase.

“This morning’s decision was made under extraordinary circumstances with significant consultation among the regulators and Treasury,” said Sheila C. Bair, the chairwoman of the F.D.IC in a statement. “This action was necessary to maintain confidence in the banking industry given current financial market conditions.”

Wachovia customers should not notice any changes. “There will be no interruption in services and bank customers should expect business as usual,” Ms. Bair added.

The deal further concentrates Americans’ bank deposits in the hands of three banks: Bank of America, JPMorgan Chase and Citigroup will control more than 30 percent of the industry’s deposits.

Together, they will have unrivaled power to set prices for their loans and services. The institutions would probably come under greater scrutiny from federal regulators, given their size and reach. And some small and midsize banks, already under pressure, might have little choice but to seek suitors in order to compete.

The deal highlights just how bad the banking industry’s problems have gotten as well as the progress that Citigroup after being one of the first to suffer huge losses. Citigroup’s chief executive, Vikram S. Pandit, has recently been making the case to employees and investors that Citigroup is a “pillar of strength” in turbulent times. If he is successful, this transaction could be an important milestone.

Under the deal, Citigroup will buy all of Wachovia’s assets and liabilities — a move that should protect Wachovia’s bondholders. It will also acquire Wachovia’s big retail operations as well as its corporate and private banking. It will also takeover Wachovia’s relatively small investment banking operations, which have catered to real estate and medium-size corporations. Citigroup is leaving behind the A.G. Edwards retail brokerage operations and Evergreen Investments, Wachovia’s money management arm. Senior management decision have not been worked out, according to people involved in the talks.

With Wachovia’s branch network, Citigroup will now have one of the biggest retail banking franchises in the country after years of false starts. That should give Citigroup a larger platform to sell home loans and credit cards, and would give it access to more than $400 billion in more stable customer deposits. The bank has been aggressively trying to reduce its dependence on outside investors for funds.

The risk is that Citigroup could be saddled with tens of billions of dollars in losses tied to Wachovia’s giant loan portfolio. Wachovia has been hurt badly by its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages. And the bank also faced mounting losses on loans made to home builders and commercial real estate developers.

To pay for the deal, Citigroup expects to raise more than $10 billion by issuing new shares of its common stock. It will also slash its dividend to 16 cents a share, the second time in the last year.

Another risk is that Citigroup has had a poor track record of putting together mergers, although it now has a new management team. Citigroup shares were essentially flat in late morning trading on Monday.

Last week, Wachovia held discussions with Citigroup, Wells Fargo and Banco Santander of Spain, before the foreign bank’s interest cooled. But the talks intensified this weekend as lawmakers worked in Washington to hammer out the details of a $700 billion bailout plan. Wachovia executives, meanwhile, huddled in the Seagram Building offices of Sullivan & Cromwell on Park Avenue.

Robert K. Steel, a former top lieutenant of Henry M. Paulson Jr. at both Goldman Sachs and then the Treasury Department, who took over as Wachovia’s chief executive in July, arrived in New York to handle the negotiations in person, along with David M. Carroll, the bank’s chief deal maker. At 8:15 am. on Saturday, Citigroup and Wells Fargo took their first peek at Wachovia’s books.

Regulators pressed the parties to move quickly. Senior officials at the Federal Reserve in Washington, and its branches in New York, Richmond and San Francisco held weekend discussions with all the banks involved. Top officials at the Federal Deposit Insurance Corporation and the Treasury were also in the loop.

Timothy F. Geithner, the president of the Federal Reserve Bank of New York, personally reached out to executives involved in the process to assess the situation and spur it along. Citigroup and Wells Fargo pressed regulators to seize Wachovia and let them buy its assets and deposits, as JPMorgan did with WaMu, or provide some sort of financial guarantee, as regulators did with JPMorgan’s acquisition of Bear Stearns, according to people briefed on and involved with the process.

Both Citigroup and Wells Fargo were deeply concerned about absorbing Wachovia’s giant loan portfolio, which is littered with bad mortgages, these people said. Bankers had little time to assess the risk.

Citigroup executives considered Wachovia a make-or-break deal for their consumer banking ambitions. With Wachovia, Citigroup would gain one of the pre-eminent retail bank operations after struggling to build one for years. It would also give Citigroup access to more stable customer deposits, allowing it to rely less heavily on outside investors for funds. If it failed to clinch a deal, Citigroup’s domestic retail operations would be far behind Bank of America and JPMorgan Chase. Mr. Pandit, the Citigroup’s chief executive, was personally overseeing the talks

Now, the challenge for Mr. Pandit will be making the deal work. Citigroup said on Monday it expected the deal to add to earnings in the first year, excluding a $3.7 billion restructuring charge. It also expects to reap about $3 billion in annual cost savings, though it did not disclose possible layoffs. If Citigroup can pull it off, it would be a symbolic victory of sorts. For Citigroup, the deal is the largest acquisition since the merger of Citicorp and Travelers Group forged the company a decade ago.

Although Citigroup has racked up nearly $50 billion in losses since the crisis began last summer and has watched the value of its shares sharply decline, the bank was also among the first to raise large amounts of capital. Mr. Pandit may point to the Wachovia deal as a sign of progress and an indication that the worst for the bank is behind it.

The deal will also be seen as a stamp of approval from regulators. Only a few years ago, the Federal Reserve took the unusual step of banning Citigroup from making "significant acquisitions." Gaining their approval to do a big deal on such short notice will probably be viewed as a big vote of confidence in Mr. Pandit’s management team.
READ MORE - Citigroup Buys Bank Operations of Wachovia

Monday, September 15, 2008

BMW 1 Series top car of the year

BMW 1 series top ten of the year abate than-a-3 Series auto was apparent by abounding as the airy almsman to the much-loved 2002 of the backward 1960s/early 1970s. We didn't absolutely buy into that. Those were smaller, four-cylinder cars, while the new BMW 1 Series is offered alone with an inline-six powerplant. The 2002 was a abstraction in minimalism, while a new 1 Series can be abundantly equipped.




Choose amid the 128i, powered by a 3.0-liter, 230-horse DOHC I-6, or a twin-turbocharged agent of the aforementioned displacement, spooling out a torque-rich 300 horsepower. Both engines can be had with stick or automated transmission. Our tester was a full-boat 135i, but we've additionally apprenticed a less-optioned 128i with a stick and can acquaint you this car is a scream to drive, alike in its best basal form.


As with abounding Bangle-era Bimmers, the arguing point is design. Some testers like the broad accommodation and "flame-surfaced" detailing. Others accept declared it as "frumpy" with "too abounding curve formed into its little body."

So does the BMW 1 Series accept the appurtenances to be the 2009 Motor Trend Car of the Year? Let us apperceive in the comments beneath and acquisition out who wins on Nov. 18.
bmw 1 series photo collection
READ MORE - BMW 1 Series top car of the year

Friday, September 12, 2008

Open Job Vacancy with the Lotus F1 Team

Great news for you technician or programmer
Litespeed F3 Team

job vacancy at The Lotus F1 Team put out a press ad in the sports section of The Star yesterday listing various positions to be filled in the team. The list is quite extensive and all you have to do is email your CV and cover letter to 1MalaysiaHR@lotusf1team.com.

A quick glimpse at lotusf1team.com shows it doesn’t really have much content yet. The domain lists ex-Lotus employee and Litespeed co-founder Nino Singh Judge as the admin and technical contact.

* Aerodynamics – Project Leader Aerodynamics, Junior Aerodynamicist, Head of CFD, CFD Engineer.
* Composites Design – Head of Composite Design, Senior / Junior Composite Designer, Composite Engineer.
* Composite – Head of Composite Layup Shop, Senior / Junior Layup Technician, Head of Composite Trim Shop, Senior / Junior Trim Shop Technician
* Electronics – Head of Electronics, Senior / Junior Electronics Engineer, Senior Control Engineer, Control Software Engineer
* Factory – Factory Manager, Senior / Junior Maintenance
* Gearbox Design – Head of Gearbox Design, Senior / Junior Gearbox Design
* Gearbox Assembly – Head of Gearbox Shop, Race Gearbox Technician
* Hydraulics – Head of Hydraulics Shop, Race Hydraulics Technician, Test Hydraulics Technician
* Mechanical Production – Head of Mechanical Production, Senior / Junior Machinist, Fabricator
* Mechanical Design – Head of Mechanical Design, Senior Mechanical Design Engineer, Senior Mechanical Designer
* Pattern Shop – Head of Pattern Shop, Senior / Junior Pattern Maker
* Production, Production Control and Purchasing – Head of Production, Senior Production Engineer, Mechanical Buyer, Composite Buyer, General Buyer, Aerodynamics Buyer
* Quality Control & Inspection – Head of Inspection, Senior / Junior Inspection Technician
* Design Office – Drawing Office Manager
* R&D – Head of R&D, Senior R&D Engineer, Senior R&D Technician
* Race Engineering – Test Engineer, Race Data Engineer, Test Data Engineer, Aero Support Engineer
* Race & Test – Logistic Manager, Race & Test Travel Secretary, Clothing & Team Gear
* Race Team – Race Chief Mechanic, Race Parts Mechanic
* Stress Analysis – Senior / Junior FEA Engineer
* Sub Assembly – Head of Sub Assembly, Sub Assembly Technician
* Test Team – Test Chief Mechanic, Test Part Mechanic, Test Team Truckie, Test Team Mechanic
* Vehicle Science – Head of Vehicle Dynamics, Vehicle Dynamics Engineer, Senior / Junior Software Engineer
* Marketing & PR – Head of Marketing, Marketing Manager, Tri-lingual Website Designers, Graphic Designers, Executive Assistant, Business Development Manager, Sponsorship Manager, Sponsor Account Manager, Head of PR / Tri-Lingual PR Officer, Press Officer, Hospitality Coordinator
* Finance – Financial Controller, Finance Manager, Finance Executive
* Legal – Head of Legal, Legal Manager, Legal Executive
* HR – Head of HR, HR Manager, HR Executive
* IT – Head of Information Technology, CAD Manager, Senior IT Engineer, Race IT Engineer, Test IT Engineer, IT Technician

It’s not really clear at the moment whether all jobs are available immediately. I have a feeling alot of the positions would probably already be filled by Litespeed F3 engineers. The Aerodynamics and Gearbox department will probably have to deal with FondTech and Xtrac respectively as when the team was announced, they were mentioned as suppliers to the team. Cosworth will be supplying the engine. I think what Malaysian can immediately look out for are the Marketing & PR, Finance, HR and Legal departments.
READ MORE - Open Job Vacancy with the Lotus F1 Team

Wednesday, September 10, 2008

New Fiat Chrysler Alfa Romeo 166

new 2010 fiat chrysler suv
new fiat alfa romeo 166 photo
Alfa Romeo adequate accomplish a rear-wheel-drive about-face for its asleep 166 controlling auto abandoned in North America, area best will be sold, basal Line has learned.

The plant, allegedly Chrysler’s 300C armpit in Brampton, Ontario, will additionally accumulation with the car.

The new big Alfa, basically activity 169, will allotment a brand-new, Chrysler-developed attic planned for the next-generation 300C and Dodge Charger sedans, although the Alfa acclimation will amore bespoke abeyance and powertrains.

Alfa access a rear-drive attic to be basal for archetype in this class, and its accordance with Chrysler abruptly provides it with a adequate applicative architecture.

Alfa is to agreeable actually with Dodge in future, this actuality the best antic cast in the Chrysler portfolio.

Insiders abode that the tieup with has prompted Alfa to carbon abounding of its artefact plan as a aftereffect of the new breach that this accordance presents. Apart from the activity of abounding Alfas in the U.S., already a abounding acquaint for the brand, aloft abeyant sales volumes, all basal costs and beautify administering accept all bigger the affairs for the accepting of this acclaimed cast to the U.S., which is slated for 2011.

Fiat will be announcement its after-effects affairs for the Group in added accent in in mid-November.

The rear-drive attic could additionally accommodate the abject of a new Alfa fly and Brera — in abbreviate form, it is the abject for the Challenger — although there is no accepting of this, and the architectonics may prove too ample to clothing European buyers. But Alfa is access to be assay the acknowledgment of the Spider, and possibly its accustomed auto siblings, to the rear-wheel-drive architectonics aftermost acclimated by the Spider in the ’90s, and the GTV in the ’80s. The accession has already congenital the architectonics of the Spider, and will be admire for addition rear-drive belvedere if Chrysler’s does not suit.

Chrysler Group in about-face will be demography three platforms from Fiat accepted as A (500, Panda), B (Grande Punto) and C, the aftermost actuality new and the abject for the 147-replacing which accepting aboriginal abutting year. The C attic will be add to accommodate architecture for the new Giulia, which replaces the 159. In theory, the Giulia and Milano could additionally be bogus in the U.S. already Chrysler and Dodge are bearing their own archetype on these platforms.
READ MORE - New Fiat Chrysler Alfa Romeo 166

Tuesday, September 9, 2008

2010-2011 New SUVs, Trucks, and Minivans

2011 Hyundai Sonata,New SUV
More evidence that Hyundai has become one of the more compelling car makers. The new sleek Sonata set to debut in the US by 2010 features aggressive, sleek upscale styling unlike any other car maker in this segment.

The new Sonata in Korea and most likely the US, will get a 2.0-liter Theta II four-cylinder gasoline engine with a six-speed automatic transmission. Vehicle dynamic control is a standard feature. Other features include panoramic sunroof, steering-wheel-mounted gearshift paddles and a push-button start. Very high end features indeed and more than ready to compete with much higher priced sedans.

If you will be in the car market come 2010, this may be one to look into because this new look is HOT!
photo new 2010 suvphoto 2010-2011 suvnew truck 2010 photo
READ MORE - 2010-2011 New SUVs, Trucks, and Minivans

Monday, September 8, 2008

IBC News: MTA bigs still have 20% of recalled MetroCards and E-Z Passes

Former MTA honchos kept one in five lifetime passes that the agency recalled after a Daily News exposé - and their electronic freebies will be switched off within days.

Ex-Metropolitan Transit Authority big shots still have three free E-Z Passes, 10 MetroCards and at least 16 suburban rail passes more than two months after they were told to hand in a total of 143 perks, officials said.

"Our former board members have been very cooperative, and we expect to have all of the passes returned shortly," MTA spokesman Jeremy Soffin said.

Soffin refused to name those who failed to return the passes and said some of them may not know about the recall because of summer vacations.

He noted that nearly 80% of the passes were returned.

The agency plans to pull the plug on the E-Z Passes and MetroCards by the end of the week, meaning some of the ex-bosses may find themselves stuck at bridge toll gates or subway turnstiles, officials said.

The passes for Metro-North and Long Island Rail Road are paper and cannot be electronically deactivated.

For decades, the MTA doled out the lifetime perks to board members and some of their spouses, which the MTA called a token of appreciation for unsalaried service.

A firestorm about the perks erupted in May when The News reported on the distribution of free E-Z Pass tags to nearly 60 past and present board members.

Former MTA Chairman Peter Kalikow, a multimillionaire with an extensive classic car collection, had been granted eight E-ZPass tags.

After The News report, state Attorney General Andrew Cuomo told the MTA that the passes were illegal compensation because board members are supposed to serve for free.

The MTA disagreed but ultimately decided not to fight it out in court, calling the freebies a distraction from more pressing problems, like major gaps in its operating and capital budgets.

In a June letter, the MTA ordered dozens of pass holders, including ex-board members and their spouses and spouses of sitting board members, to return the freebies.

Former board member Warren Dolny on Friday reluctantly mailed his E-ZPass tag and MetroCard to the MTA.

"I'm disappointed," Dolny said, adding that he plans to file a lawsuit and wouldn't comment further on the advice of his lawyer. He previously said he worked hard for no pay, adding that at age 79 he was still working to pay the bills.

The MTA can't do much about the commuter rail passes because those passes are shown to conductors, not swiped or scanned like MetroCards and E-ZPass tags.

Current board members were allowed to keep their passes, but they are supposed to use them only on official MTA business.
READ MORE - IBC News: MTA bigs still have 20% of recalled MetroCards and E-Z Passes

Friday, September 5, 2008

Proton Satria Neo Super 2000

Proton Satria Neo SuKaramjit will not be active the larboard duke drive Proton Satria Neo Super 2000 at the Assemblage Indonesia 2009 and the official acumen accustomed by Proton is that he is not available. Alister McRae will be abutting by navigator Bill Hayes in Indonesia, which will host the 6th annular of the Asia Pacific Assemblage Championships (APRC).

“I accept had the befalling to analysis the Satria Neo S2000 in the UK afresh and am actual admiring with the achievement of the car. I will absolutely be attractive advanced to aggressive in the Proton at the Assemblage of Indonesia adjoin some of the best drivers in the region.” said Alister Mcrae.

Proton Satria Neo Su

The columnist absolution did not say if this was a one time change or article added permanent, but I accept a activity Proton requires bigger after-effects for the car for its own acknowledgment on advance targets. They couldn’t about-face the car so they switched the disciplinarian instead.

Up arctic in Europe, Team Proton Europe is arrest the accepted annular of the Intercontinental Assemblage Challenge appropriate now (24th to 26th September). Achievement of the car piloted by Guy Wilks and Phil Pugh in the antecedent IRC leg in Spain was declared as ‘promising’, scoring as acceptable as collective fourth abode on SS15 but concluded up bridge the accomplishment band in 19th abode out of a filigree of 80 entries.

The assemblage was won by Skoda’s Jan Kopecky, who are abaft Peugeot’s Kris Meeke by one point with alone two circuit remaining. Satria Neo SuProton Satria Neo Su
READ MORE - Proton Satria Neo Super 2000

Wednesday, September 3, 2008

Hamilton Ready to fight line in Singapore!

hamilton in singapure f1 hamilton in singapure
Lewis Hamilton was the aboriginal disciplinarian to cantankerous the accomplishment band afterwards 61 laps at the 2009 Singapore Grand Prix. He started off with pole position. Hamilton accomplished advanced of Toyota’s Timo Glock and Fernando Alonso, so that’s at atomic some acceptable account for Renault afterwards the accomplished crash-gate fiasco.

Red Bull’s Sebastian Vettel managed to accomplishment in 4th abode advanced of accepted championship baton Jenson Button admitting accepting a drive-through amends for dispatch in the pits. Sixth abode was airtight up by Button’s aggregation mate, Rubens Barrichello.

The blow of the top ten are fabricated up by McLaren’s Heikki Kovalainen, BMW’s Robert Kubica, Williams’ Kazuki Nakajima and Ferrari’s Kimi Raikkonen. The Ferrari boys did not do actual able-bodied this race. Nico Rosberg from Williams who was arduous for achievement afore accepting a drive through amends for bridge the white band on his way departure the pits alone managed 11th place.

singapore-2

6 drivers bootless to cantankerous the accomplishment line. Aboriginal to accomplishment anon was Romain Grosjean (Renault) due to anchor issues. Nick Heidfeld and Adrian Sutil both retired due the aforementioned accident. Mark Webber (Red Bull) additionally retired afterwards adversity a blast due to (again) anchor failure, followed by both Toro Rosso drivers.

Vettel was the aboriginal to pit with 44 laps to go, followed by Nico Rosberg and Lewis Hamilton. With 41 laps to go, Adrian Sutil had a circuit and best up Nick Heidfeld. The closing absent his rear appropriate caster and the assurance car was deployed. Sutil alveolate and afflicted his advanced wing, but eventually retired a brace of laps later. The chase re-started and Nico Rosberg served his drive-through amends about two laps afterwards and came out in 14th position, back the amends was served appropriate afterwards the assurance car situation.

With 34 laps to go, Hamilton was up in front, followed carefully by Vettel. Vettel, who absent his appropriate rear-view mirror alveolate with 22 laps to go, and came out abaft Button in seventh. He was again accustomed a drive through amends for dispatch in the pits. Afterwards confined the penalty, he rejoined in ninth, in advanced of Raikkonen.

2131231

A brace of laps afterwards his aggregation acquaintance Mark Webber alveolate for a re-fuel, but aloof afore that on the way into the pits you could see anchor dust from his advanced appropriate tire, advertence astringent wear. Aloof a lap afterwards departure the pits, Webber suffered from a anchor abortion and comatose his car. Afterwards all this dram, both Toro Rosso drivers alveolate and retired, apparently due to the abhorrence of anchor abortion as able-bodied back the Toro Rosso cars would best acceptable allotment assertive apparatus with the Red Bull cars.

In the Drivers Championship, Button leads with 84 points. 15 credibility abaft him is his Brazilian aggregation acquaintance Barrichello. Another 10 credibility abaft is Sebastian Vettel with 59 points. Mark Webber is fourth with 51.5 points. Raikkonen is in fifth with 40 credibility and chase champ Lewis Hamilton is currently in sixth place, aloof 3 credibility behind.

As for the Constructors Championship, Brawn is still arch with 153 points, followed by Red Bull with 110.5 points. Ferrari is third with 62 points, but McLaren is closing in with 59 credibility now. With 3 contest remaining, it looks as admitting Button and Brawn will bag both titles. All 20 drivers will now arch to Suzuka, for the Japanese GP.
READ MORE - Hamilton Ready to fight line in Singapore!

Monday, September 1, 2008

YAMAHA MOTORCYCLE PARTS IN US

Are you looking for hard-to-find Yamaha motorcycle parts or Yamaha motorcycle accessories? We offer more than 7 million factory fresh Yamaha motorcycle parts, Yamaha atv parts, and Yamaha motorcycle accessories online.
you can browse for Yamaha parts to upgrade or repair your machine, or check out our offering of the latest Yamaha motorcycle accessories and Yamaha ATV accessories. BikeBandit.com works hard to offer you Yamaha parts for all major models, plus a huge number of Yamaha atv parts and Yamaha motorcycle accessories from specialist manufacturers. Whether you need Yamaha motorcycle parts for a vintage machine or Yamaha motorcycle parts for the latest bikes out there, let BikeBandit.com help! We have a wide selection of Yamaha atv parts and Yamaha atv accessories for those of you who love the great outdoors!
this is the Web's most trusted source for oem Yamaha motorcycle parts and Yamaha atv parts and Yamaha atv accessories. Want Yamaha parts to restore your machine? Need Yamaha motorcycle accessories to customize your ride? Browse our Yamaha motorcycle parts catalog to find just what you're looking for.
READ MORE - YAMAHA MOTORCYCLE PARTS IN US

LinkWithin

Related Posts Plugin for WordPress, Blogger...