Financial
Goldman Sachs says 4Q profit falls 21 percent PDF  | Print |  E-mail
Written by The Associated Press   
Thursday, 16 January 2014 10:18

Goldman Sachs says its fourth-quarter profit dropped 21 percent as revenue from mortgages and trading in bonds and other securities weakened.

Goldman earned $2.25 billion in the October-December quarter after paying dividends on preferred shares, down from $2.83 billion in the same period a year earlier.

That worked out to $4.60 per share, down from $5.60 per share a year earlier. The results were well above the earnings of $4.18 per share that analysts were expecting.

Revenue slipped 5 percent to $8.78 billion, but exceeded analysts' forecast of $7.72 billion. Recent weakness in trading of bonds, currencies and commodities have depressed earnings at Goldman.

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Chuck E. Cheese owner agrees to $950.4M buyout PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 16 January 2014 07:40

NEW YORK (AP) — The parent company of the Chuck. E. Cheese restaurant chain has agreed to be acquired by an Apollo Global Management affiliate for approximately $950 million.

Apollo will pay $54 per share for CEC Entertainment Inc. That's a 12 percent premium to the company's Wednesday closing price of $48.43. The companies put the deal's value at about $1.3 billion, including debt.

CEC may seek out superior proposals from limited third parties until Jan. 29. The company, which announced Thursday that it adopted a shareholder rights plan, had been reviewing its strategic options.

CEC and its franchisees run 577 Chuck. E. Cheese locations in 47 states and 10 foreign countries or territories.

Its board unanimously approved the transaction.


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European car market endures longest slump ever PDF  | Print |  E-mail
Written by COLLEEN BARRY, AP Business Writer   
Thursday, 16 January 2014 07:41

MILAN (AP) — The European car market has endured its longest slump ever with a sixth straight year of contraction in 2013, but an unexpected surge in December sales may signal recovery, according to industry data released Thursday.

EU car sales shrank 1.7 percent last year to 11.8 million, the lowest level since 1995 and a 26 percent contraction from 2007, before the crisis bottomed out the European market, according to the European carmaker's association.

The slide, however, was not as large as automakers had feared at the beginning of last year, when predictions ranged from further market losses of 3 percent to 5 percent.

That was largely thanks to an improvement at the end of the year. A 13.3 percent gain in December extended a market upswing to four months.

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Credit union ex-CEO in Ohio charged in $15M fraud PDF  | Print |  E-mail
Written by Associated Press   
Thursday, 16 January 2014 07:28

CLEVELAND (AP) — The former chief executive officer of a credit union in northeast Ohio has been charged with conspiracy in an alleged $15 million fraud case.

The charge against 51-year-old Alex Spirikaitis in federal court was detailed Wednesday in a filing that usually signals a pending plea deal.

There was no immediate comment from his defense attorney in response to a message.

Spirikaitis is accused of personally embezzling more than $4 million from the Cleveland-based Taupa Lithuanian Credit Union between 2001 and 2013 and misrepresenting credit union assets to regulators.

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