In the age of 10-digit salaries, Chief Executive of Citigroup Vikram Pandit continues with a compensation packet of $1 per annum. Vikram Pandit, the India-born chief executive of Citigroup, will continue to take a salary of $1 a year, although the financial services firm has raised base salaries for two of its senior officials.
In early 2009, Mr. Pandit had said he would take a $1 base salary and no bonus till the banking major returns to profitability. Citigroup had received $45 billion as federal bailout money in the beginning of the year. Although Citigroup has reported profits in the past two quarters, its continuing credit losses stands at $8 billion. In a filing to the U.S. market regulator Securities and Exchange Commission, Citigroup said the 2009 annual base salary of Mr. Pandit has not been increased and it remains at $1 per year for the fiscal year 2009.
Showing posts with label global economy. Show all posts
Showing posts with label global economy. Show all posts
Wednesday, November 18, 2009
Friday, October 2, 2009
Colorado economy predicted to rebound quickly
Colorado, one of the last states to succumb to the U.S. recession, appears poised to be among the first states to escape its grasp, according to the University of Colorado at Boulder's leading economist.
"We may be one of the first states out," Richard Wobbekind told a gathering of clients of Denver-based financial-planning firm Sharkey, Howes & Javer on Thursday in Denver.
If technology and business spending fuel the recovery, as some analysts expect given anemic consumer spending, then Colorado is in a strong position to benefit, Wobbekind said.
The higher energy and commodity prices that accompany a recovery should benefit Colorado, especially the more rural areas in the state.
A broader U.S. recovery will also result in more goods being transported, which will benefit Colorado.
Retail sales in the state, which are expected to fall 10 percent this year, are expected to rise 4.4 percent next year, Wobbekind predicted.
Forecasts call for the state's job growth to return to a positive 0.4 percent next year, fourth-best among all states.
Colorado, which experienced negative job growth this year, ranked 29th among states on that measure after being among a handful of states to see job gains in 2008.
Any recovery will be sluggish at best, Wobbekind cautioned. But unlike some economists, he doesn't expect a second downturn or double-dip recession later in 2010 or 2011.
"We think we have enough momentum to stay positive," he said.
The Leeds Business Confidence Index, which measures expectations of business leaders in the state, also is showing more positive signs.
Business leaders said they expect to see sales increase next year, although increasing profits remain a more questionable prospect.
"We may be one of the first states out," Richard Wobbekind told a gathering of clients of Denver-based financial-planning firm Sharkey, Howes & Javer on Thursday in Denver.
If technology and business spending fuel the recovery, as some analysts expect given anemic consumer spending, then Colorado is in a strong position to benefit, Wobbekind said.
The higher energy and commodity prices that accompany a recovery should benefit Colorado, especially the more rural areas in the state.
A broader U.S. recovery will also result in more goods being transported, which will benefit Colorado.
Retail sales in the state, which are expected to fall 10 percent this year, are expected to rise 4.4 percent next year, Wobbekind predicted.
Forecasts call for the state's job growth to return to a positive 0.4 percent next year, fourth-best among all states.
Colorado, which experienced negative job growth this year, ranked 29th among states on that measure after being among a handful of states to see job gains in 2008.
Any recovery will be sluggish at best, Wobbekind cautioned. But unlike some economists, he doesn't expect a second downturn or double-dip recession later in 2010 or 2011.
"We think we have enough momentum to stay positive," he said.
The Leeds Business Confidence Index, which measures expectations of business leaders in the state, also is showing more positive signs.
Business leaders said they expect to see sales increase next year, although increasing profits remain a more questionable prospect.
Tuesday, September 29, 2009
Global technology M&A tally hits $31.4 bn
The global merger and acquisition activity in the technology sector touched a whopping USD 31.4 billion this month, the highest monthly volume for technology targeted M&A since May 2008. For the month of September the technology targeted M&A stood at USD 31.4 billion, led by Xerox Corp's USD 8.4 billion acquisition of Affiliated Computer Services Inc (ACS). On September 28, Xerox Corporation announced the acquisition of outsourcing entity Affiliated Computer Services in a cash and stock deal. Both companies have entered into a definitive agreement in this regard and Xerox would be shelling out USD 63.11 per share for ACS.
"The Xerox-ACS deal is the largest technology deal announced globally this year and the second largest cross industry Technology targeted deal in the past five years," global deal tracking firm Dealogic said. According to Dealogic, USD 31.4 billion is the highest monthly volume for technology targeted M&A since May 2008, when transaction worth USD 35.3 billion were announced. Besides, the month of September saw as many as eight deals, including the world's second largest PC maker Dell's USD 3.9 billion acquisition of Perot Systems.
"The Xerox-ACS deal is the largest technology deal announced globally this year and the second largest cross industry Technology targeted deal in the past five years," global deal tracking firm Dealogic said. According to Dealogic, USD 31.4 billion is the highest monthly volume for technology targeted M&A since May 2008, when transaction worth USD 35.3 billion were announced. Besides, the month of September saw as many as eight deals, including the world's second largest PC maker Dell's USD 3.9 billion acquisition of Perot Systems.
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