Tuesday, July 17, 2012
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Marissa Mayer of Google Takes the Helm at Yahoo Marissa Mayer starts on Tuesday as the new chief executive of Yahoo, after spending 13 years shaping some of Google's most popular products. She faces a daunting challenge.
Ms. Mayer, Yahoo's fifth leader in less than a year, is tasked with turning around a company that pioneered the technology industry in the 1990s but recently has been trying to remain relevant. Yahoo missed innovations in search and social media, falling behind its rivals Google and Facebook. Even though Yahoo's audience remains sizable, the company has struggled to define a distinct strategy.
The appointment makes Ms. Mayer one of the most powerful women in Silicon Valley and corporate America. One of Google's earliest employees, she was behind the way users interacted with Gmail, Google News and Google Images, but she did not have a clear path to the upper echelons of the company.
In an interview with DealBook, Ms. Mayer said Yahoo was "one of the best brands on the Internet." She recalled that when she started at Google, the company would conduct user surveys and "people didn't understand the difference between Yahoo and the Internet."
Ms. Mayer, Yahoo's fifth leader in less than a year, is tasked with turning around a company that pioneered the technology industry in the 1990s but recently has been trying to remain relevant. Yahoo missed innovations in search and social media, falling behind its rivals Google and Facebook. Even though Yahoo's audience remains sizable, the company has struggled to define a distinct strategy.
The appointment makes Ms. Mayer one of the most powerful women in Silicon Valley and corporate America. One of Google's earliest employees, she was behind the way users interacted with Gmail, Google News and Google Images, but she did not have a clear path to the upper echelons of the company.
In an interview with DealBook, Ms. Mayer said Yahoo was "one of the best brands on the Internet." She recalled that when she started at Google, the company would conduct user surveys and "people didn't understand the difference between Yahoo and the Internet."
 | Mayer Looks to Bring Advertisers Back to Yahoo The New York Times reports: "While Facebook and Google enjoy a 16.8 percent and a 16.5 percent share of the online display ad market in the United States this year, Yahoo's share has fallen to 9.1 percent - a big drop from 2008, when the company's share of the market stood at 18.4 percent - according to eMarketer." |
| | Yahoo's New C.E.O. Is Pregnant Marissa Mayer announced on Twitter on Monday that she and her husband are expecting a baby boy in October. Ms. Mayer told Fortune she plans to take only a few weeks of maternity leave, and "work throughout it." |
Goldman's Earnings Fall 12% in Second Quarter Goldman Sachs said Tuesday that its profit fell 12 percent in the second quarter, as the investment bank continues to grapple with a moribund economy.
The Wall Street firm earned $927 million in earnings applicable to common shareholders. That amounts to $1.78 a share, which still beat the average analyst estimate of $1.13 a share.
The firm was bolstered by an improvement in its core fixed-income trading business, whose revenues rose 37 percent over the same time last year, to $2.2 billion. But many of Goldman's other operations, including advising companies on takeovers and equity and debt offerings, continued to decline.
The Wall Street firm earned $927 million in earnings applicable to common shareholders. That amounts to $1.78 a share, which still beat the average analyst estimate of $1.13 a share.
The firm was bolstered by an improvement in its core fixed-income trading business, whose revenues rose 37 percent over the same time last year, to $2.2 billion. But many of Goldman's other operations, including advising companies on takeovers and equity and debt offerings, continued to decline.
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DEAL NOTES
Hedge Fund Managers Give to Cuomo Gov. Andrew M. Cuomo of New York has attracted contributions from big donors over the last six months, including two hedge fund managers, James S. Chanos ($35,000) and James H. Simons ($50,000), The New York Times reports.Romney Rakes in Donations From Wall Street According to disclosure filings, employees of Goldman Sachs have given $902,000 to Romney Victory, a joint fundraising vehicle for Mitt Romney and the Republican Party, while employees of Bain Capital have given $820,000 to the candidate, The Washington Post reports.Capital Can't Be the Only Line of Defense Opponents of the Wall Street Reform Act have discovered newfound enthusiasm for strong capital requirements in recent weeks, while attacking other crucial elements of reform, writes Neal S. Wolin, deputy secretary of the Treasury Department.MERGERS & ACQUISITIONS »
PTT Poised to Clinch Deal for Cove Energy PTT Exploration and Production of Thailand is in position to complete a takeover of Cove Energy, now that Shell has abandoned its bid after a five-month contest, Reuters reports.TiVo to Buy Consumer Research Company TiVo is expected to announce on Tuesday that it has acquired TRA, a research company that matches up television viewing with buying habits, for about $20 million, The New York Times reports.DreamWorks Said to Bid for Owner of 'Casper the Friendly Ghost' DreamWorks Animation is leading the bidding for Classic Media, the closely held owner of characters like Casper the Friendly Ghost and the Lone Ranger, according to a person briefed on the matter.Richard Branson Said to Consider Bid for Virgin Records Richard Branson, who founded Virgin Records four decades ago, might bid for the label if it is sold by the Universal Music Group, and would do so in partnership with the music executive Patrick Zelnik, The Wall Street Journal reports, citing an unidentified person familiar with the discussions.Samsung to Buy CSR's Handset Unit Samsung Electronics agreed to pay $310 million in cash for the mobile handset unit of CSR, a British chip designer, and is paying an additional $34.4 million for a minority stake in the company, Bloomberg News reports.Regis Agrees to Sell Hair Club for $163.5 Million The Regis Corporation agreed to sell its Hair Club for Men and Women division to the Japanese wig maker Aderans for $163.5 million in cash.TCC of Thailand Said to Bid for Beverage Stakes The TCC Group, a Thai brewery owner, made an offer for stakes in Fraser & Neave and Pacific Breweries owned by the Oversea-Chinese Banking Corporation, which together are worth about $2.1 billion, Bloomberg News reports, citing two unidentified people with knowledge of the matter.INVESTMENT BANKING »
R.B.S. Fighting Bid for Data in Rate Case The Royal Bank of Scotland, which is largely owned by the British government, is refusing to turn over crucial information to Canadian regulators.Regulators and HSBC Faulted in Report on Money Laundering HSBC has been used by Mexican drug cartels, Saudi Arabian banks with terrorist ties, and Iranians trying to circumvent United States sanctions, a report from a Senate committee says.Goldman Sachs Sets Up a Private Bank The Wall Street Journal reports: "Goldman Sachs Group is building an in-house bank to lend money to wealthy people and companies, in a significant shift that underlines the harsh business climate facing Wall Street since the financial crisis."Moody's Downgrades 13 Italian Banks UniCredit and Intesa Sanpaolo were among the lenders to have their ratings cut by Moody's, which cited Italy's weakening economy, Bloomberg News reports.Citigroup's Pandit Affirms Optimism on Emerging Markets The Wall Street Journal reports: "Citigroup chief executive Vikram Pandit put himself in the economic hot seat Monday, sounding an upbeat forecast for developing economies at a time when his company's performance in those markets has softened and many investors are growing concerned about a world-wide economic slowdown."Deutsche Bank's Former Chief to Advise Kuwait Bank Reuters reports: "Josef Ackermann, the former chairman and chief executive of Deutsche Bank, has joined the international advisory board of National Bank of Kuwait, the Gulf state's largest lender said on Monday."UBS Preserves a Compensation Plan in Australia Reuters reports: "UBS has extended for up to two years a unique deal to protect its top Australian bankers' bonus pool to keep head-hunters at bay and remain the dominant force in the local investment banking sector, two sources with direct knowledge of the matter said."New York Fed Approaches Next Sale of A.I.G. Assets The Wall Street Journal reports: "The Federal Reserve Bank of New York is set to sell the last of the assets taken on during the bailout of American International Group by next month, based on the current pace."- wall street journal
PRIVATE EQUITY »
Despite Deal With TPG, Speculation That Par Could Garner Higher Bids Some analysts believe that the TPG agreement undervalues Par Pharmaceutical, indicating that other suitors could surface.TPG to Buy Par Pharmaceutical for $1.9 Billion TPG Capital has agreed to buy the generic drug maker Par Pharmaceutical in a $1.9 billion leveraged buyout, as merger activity in the health care industry continues to heat up.Dick Clark Productions Draws Private Equity Suitors Among the firms planning to bid for Dick Clark Productions are the G2 Investment Group and Guggenheim Partners, The New York Post reports, citing an unidentified person close to the process. The company, which produces the Golden Globes awards show, was said to be expecting to receive between six and eight bids.Supervalu to Open Its Books Private equity firms like Cerberus, K.K.R. and TPG Capital are expected to be approached as the grocery store company Supervalu sends out financial information to prospective buyers, The Wall Street Journal reports, citing unidentified people familiar with the matter.Hony Capital in Currency Experiment The Wall Street Journal reports: "Hony Capital Ltd., one of China's largest homegrown private-equity firms, has agreed to become the first investment manager to test the convertibility of the yuan in an experimental financial hub being built near Hong Kong."HEDGE FUNDS »
Middle East Attracts International Business Among those doing business in the Middle East after last year's Arab Spring movement is Marshall L. Stocker, a chartered financial analyst with the Boston hedge fund manager Emergent Property Advisors. "Now is a great time to buy assets," he told The New York Times. "Conceptually, and in practice here, assets are falling in value."Hedge Funds Take a Cautious Approach Reuters reports: "Once seen as able to make money in all conditions, many hedge funds have opted to keep their bets small and their exposure to movements low as quieter summer trading looms, mindful of last August's stock market meltdown."Former Lone Pine Manager Hangs His Own Shingle Eashwar Krishnan, who formerly ran the Asian operations of Lone Pine Capital, has raised $500 million for a new hedge fund focused on Asia, Bloomberg News reports, citing two unidentified people with knowledge of the matter.Traxis to Stay in Business Traxis Partners, the hedge fund started by Barton Biggs, who died over the weekend, "remains fully functional, looking after the portfolios of its investors," said Amer Bisat, a managing partner, according to Bloomberg News.I.P.O./OFFERINGS »
Zynga Plans a Game for Charity BetaBeat writes: "It appears that Zynga, the evil mastermind behind FarmVille and Mafia Wars, is not completely hell-bent on destroying the world. The online game producer turned super villain announced today that it would help design a Facebook game to fight the oppression of women around the world."LinkedIn Announces a Redesign AllThingsD writes: "Among the feature updates are continuous scrolling updates and a revamped, dual-pane layout not unlike Google+'s recent redesign. Users should expect to receive the new page view in the coming weeks."Globus Medical Aims to Raise $200 Million in I.P.O. Globus Medical, which makes spinal implants, set a range of between $16 and $18 a share for its I.P.O., aiming to raise more than its initial target, Reuters reports.VENTURE CAPITAL »
Marc Andreessen on Staying Private The venture capitalist told Fortune: "The main thing that we think is happening is that many of the best very special new companies are being built as private companies for a much longer period of time."Walgreen Partners With App Developer The drugstore company is working with Aisle411, a St. Louis-based app developer, to help customers locate items in Walgreens stores, Bloomberg News reports.Google Turns Attention to Fighting Crime The Associated Press reports: "Drug cartels, money launderers and human traffickers run their sophisticated operations online - and Google Ideas, Google Inc.'s think tank, is working with the Council on Foreign Relations and other organizations to look for ways to use technology to disrupt international crime."LEGAL/REGULATORY »
Bank of England Chief Denies New York Fed Gave Warning on Rate-Rigging Mervyn A. King, governor of the Bank of England, told a parliamentary committee that there was "no suggestion of fraudulent behavior" in an e-mail in 2008 from Timothy F. Geithner, then the chief of Federal Reserve Bank of New York.British Lawmakers Take Aim at Regulators The relationship between regulators and banks came under scrutiny on Monday when senior officials from the Financial Services Authority of Britain testified before a parliamentary committee about the rate-rigging scandal.
Former Senior Barclays Executive Faces Scrutiny in Parliament Jerry del Missier, a former senior Barclays executive, indicated that he had instructed bank employees to report lower Libor rates at the behest of regulators.Labor Dept. Tightens Security for Market-Sensitive Data Fearing leaks to high-speed traders, the government is overhauling its "lockup room," where news media wait to hear the latest inflation numbers, jobless rates and other critical economic data, John H. Cushman Jr. reported for The New York Times.Trial Begins for Former Citigroup Employee The Wall Street Journal reports: "Regulators accused a former Citigroup employee of misleading investors about the bank's financial bet on a $1 billion mortgage-bond deal as a rare civil trial related to the financial crisis kicked off on Monday."Occupy Hong Kong's Fate Now in a Court's Hands The Occupy movement, whose members have been encamped outside HSBC's headquarters in Hong Kong for nine months, on Monday fended off a first legal bid by HSBC seeking to evict the protesters.U.S. Bancorp Accused of Property Violations in Los Angeles Bloomberg News reports: "U.S. Bancorp's U.S. Bank unit has become one of Los Angeles's biggest slumlords by letting hundreds of foreclosed homes fall into disrepair, city officials said in a court filing."
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