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Financial
News
06 October, 2014
Locker Global
MANAGEMENT
Goldman Special Relationship With LIA Fund Ends in Court
Markets
DJIA
17,009.69
208.64
S&P 500
1,967.90
21.73
NASDAQ
4,475.62
45.43
FTSE 100
6,527.91
81.52
DAX
4,281.74
39.07
CAC 40
9,195.68
-186.35
IBEX
10,567.60
149.5
NIKKEI 225
15,866.22
157.57
HANG SENG
23,164.10
99.54
1.24%
1.12%
1.03%
1.26%
0.92%
-1.99%
1.43%
1.00%
0.43%
0.8689
0.0014
NZD-USD
0.7756
-0.0008
USD-JPY
109.6
-0.16
USD-SGD
1.2799
-0.0023
USD-CAD
1.1249
0.0005
EUR-USD
1.2518
0.0002
GBP-USD
1.5981
0.0008
USD-CHF
0.9672
-0.0003
USD-ZAR
11.3306
-0.0138
Goldman Sachs bankers gave LIA staff training at its London office and spent time in Tripoli showing
them how to monitor markets. The bank characterized it as a “special trusting type of relationship,” the
LIA said in documents in a London lawsuit.
The relationship soured after the fund lost about $1 billion following the 2008 financial crisis. Lawyers for
the fund, appearing for the first time at a London court hearing today, say Goldman Sachs abused its
role to secure money-losing investment deals.
Samsung Poised for ‘Ugly’ Quarter as IPhones Get Bigger
Samsung Electronics Co. (005930) the world’s largest smartphone maker, is heading for its roughest
quarter in years amid rising competition from Apple Inc. (AAPL) and China’s Xiaomi Corp. Analysts have
been cutting their profit estimates almost daily, with at least 26 of 42 tracked by Bloomberg reducing
their estimates in the past four weeks. Operating profit for the third quarter is projected to plunge 47
percent, while sales are projected to fall 15 percent, according to the average analyst estimates. Both are
the steepest declines since at least 2009 with Samsung to announce results tomorrow.
Samsung is fighting to retain its dominance after Apple introduced bigger-screen iPhones and Xiaomi
began selling its low-cost devices in more overseas markets. Samsung moved up the release date for its
Galaxy Note 4 smartphone to the end of September, meaning device sales will aid third-quarter results.
“We all know Samsung’s third-quarter earnings will be pretty ugly,” Claire Kim, a Seoul-based analyst
at Daishin Securities Co., said by phone. “The earlier release of its new phones could be reflected in its
third-quarter earnings, it could give them a slight boost.”
Asian Stocks Advance on U.S., Hong Kong as Platinum Drops
Asian stocks rose, rebounding from a six-day slide in the regional index, as Hong Kong shares rose amid
speculation protests in the city may wind down. The dollar was near a four-year high after American
payrolls data and gold slid to a 2014 low as platinum and palladium tumbled.
Currencies
AUD-USD
When the Libyan Investment Authority started out in 2007, it had about $60 billion, office space in Tripoli
and a lot to learn. Goldman Sachs Group Inc. (GS), keen to do business with the sovereign wealth fund,
offered to help.
0.16%
-0.10%
-0.15%
-0.18%
0.04%
0.02%
0.05%
-0.03%
-0.12%
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The MSCI Asia Pacific Index added 0.6 percent by 10:56 a.m. in Tokyo, as Japan’s Topix index jumped 1.3
percent after the yen’s biggest drop for 2014 on Oct. 3. The Hang Seng Index climbed 0.6 percent and
Standard & Poor’s 500 Index futures rose 0.3 percent. The greenback climbed against the Korean won
and was at 109.62 versus the yen. Gold fell as much as 0.7 percent as platinum and palladium sank at
least 1.2 percent.
U.S. employers added 248,000 workers to payrolls last month, exceeding the 215,000 increase predicted
by economists as the jobless rate fell to a six-year low. Hong Kong student-protest leaders vowed to
continue their sit-in even as numbers dwindled. Speculation the American economy is strong enough to
warrant higher interest rates saw the dollar rally the most since 2008 last quarter, as the forthcoming end
of U.S. stimulus sent global stocks lower.
Becton, Dickinson Agrees to Acquire CareFusion for $12.2B
Becton, Dickinson (BDX) & Co. agreed to buy CareFusion Corp. (CFN) for $12.2 billion in a cash-andstock deal that will enhance the company’s role in providing drug management and patient safety
services to hospitals.
CareFusion stockholders will get $49 in cash and 0.777 of a Becton, Dickinson share for each share they
own, Franklin Lakes, New Jersey-based Becton, Dickinson said in a statement today. Based on Becton,
Dickinson’s stock price of Oct. 3, the agreement’s value of $58 a share is a 26 percent premium for
CareFusion investors. The deal is expected to close in the first half of 2015.
The agreement will enable Becton, Dickinson to offer a range of medication services, from drug
preparation and delivery to patients on the hospital floor, to monitoring how they subsequently fare.
Adding San Diego-based CareFusion will help it gain market share in the growing $20 billion worldwide
market for medication management, Becton, Dickinson Chief Executive Officer Vincent Forlenza said in
the statement.
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