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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% 37, Rue d’Anvers #203 1130 Luxemburg City, Luxembourg TEL (352) 208-818-74 FAX (352) 246-112-59 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. [email protected] 2-9/F, MG Meguro Ekimae Building #106 2-15-19 Kamiosaki, Shinagawa-ku, Tokyo, Japan TEL (813) 6863-5385 FAX (813) 6745-8918