| First Look: Industry News & Analysis
Private equity, in spite of recent tumult in capital markets, ultimately beat out any strategic buyers for Husky Injection Molding Systems Ltd. (Bolton, ON), with founder and controlling shareholder Robert Schad agreeing to vote his 44% stake in the molding machine, hot runner, and mold manufacturer to Onex Corp. (Toronto, ON) in a deal valued at CAN $960 million ($958 million). Onex is an entrepreneurial company, like Husky has always been, Husky President and CEO John Galt told MPW in a phone interview following the announcement, and I think theres a natural fit. Onex valued Huskys outstanding shares at CAN $8.18, a 38.6% premium over Huskys March 7 close on the Toronto Stock Exchange, which is the date it announced it was pursuing a sale. But the price is only slightly above its Sept.
United Kingdom: Contingent Assets
There has been steadily increasing talk in the pensions industry recently of surpluses. What is more, this talk has not been romantic reminiscing of a bygone age but has been considering the current or readily anticipated funding situation of many occupational schemes.... .
Microsoft hit with class action suit over Xbox live fees
A man who claims Microsoft improperly allowed his underage son to use his debit card to subscribe to the company's Xbox Live gaming service and automatically renewed the subscription without authorization is suing the software maker for consumer fraud. In a class action suit, Georgia resident Francisco Garcia claims that in October 1995 his son, Silvario, used his debit card to buy a US$49.99, one-year subscription to Xbox Live. The service lets Xbox owners play games like Halo 3 against each other over the Internet. A year later, Garcia claims, Microsoft automatically billed him for an additional year of Xbox Live without his knowledge or consent. He contends that the charge sent his checking account into overdraft, and that his bank slapped him with a US$35.00 penalty. Garcia says Microsoft refunded the subscription fee but didn't cover the bank penalty.
Howard rejects inflation claims
PRIME Minister John Howard has denied yesterday's $9.3 billion splurge on election promises will push up inflation and interest rates. Moments before the Coalition's election launch yesterday, the Reserve Bank of Australia sounded an official warning on inflation, which it predicted would not drop below 3 per cent before 2009. The bank said public spending and household consumption were key drivers of inflation that could lead to further interest rate hikes. But Mr Howard today insisted his election splurge was responsible and would not add to inflation. He acknowledged higher inflation put upward pressure on interest rates but said factors such as drought and high oil prices, not government spending on tax cuts, were to blame for inflationary pressures in the economy.
Abundance of holiday thanks, good wishes to pass on to helpers
Dear Readers: There's a framed black-and-white photo on The Fixer's desk of a young Pete Townshend pounding on his guitar as only the famous Who frontman could do. As a rule, The Fixer doesn't accept gifts -- it's enough just to know that we helped. But that photo -- a thank-you gift from reader Rob Hirsh, who knew of The Fixer's special love for that band -- was an exception. That Pete T. photo reminds The Fixer that while we joke that it's easy to fight when it's other people's money, we're grateful to have been able to make a difference in some readers' lives. For Rob, we got the proper marker for his father's grave. For another reader, it was a clean credit report … or the end to a used car nightmare … or heat for a home in winter. While this job can be exhausting, it's also exhilarating.
Tune Money Aims For 500,000 Cardholders For Its Tune Card
KUALA LUMPUR, Nov 19 (Bernama) -- No- frills financial services company Tune Money Sdn Bhd expects to register about 500,000 cardholders for its newly-launched prepaid card, the Tune Card. Its chief executive officer, Tengku Zafrul Aziz, said today the company is confident of achieving the target based on the unique features of the card compared with other prepaid cards in the market. He said the card is available to anyone and there is no minimum salary requirement to acquire the card. The cardholders will be charged a fee of RM9.99 a year and are required to maintain a minimum balance of RM10 on the card at all times, he said at the launch of the Tune Card here by Deputy Finance Minister II Datuk Dr Awang Adek Hussin. "What we are launching today is the basic prepaid card. But over the next three months we will be adding features to the card such as card-to-card transfers, transportation and bill payments, mobile reloads as well as a loyalty programme," Tengku Zafrul said.
Kim Hye-soo is Eleventh Mom
A woman with bad health and a broken bank account lived just to pity herself, until she met a young boy who had it worse than she did. The woman is the 11th mother for the boy, whose stepmothers had come and gone after the death of his real mother. Eleventh Mom, to be released on November 29, is a film about the bonding between a stepmother and stepson, each of whom insists they are more pathetic. The mother is played by actress Kim Hye-soo. During the filming of The War of Flower, Kim accidentally came across a script that was originally meant for another actress. Kim Jin-seong, director of the movie Eleventh Mom, was brainstorming for a low-budget film under 500 million won at that time, but didn�t have a specific production plan. Kim then politely suggested herself as the female lead even while thinking, �Production won�t be easy.
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