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THURSDAY, SEPTEMBER 17, 2015
TODAY'S TOP HEADLINES
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BY AMIE TSANG
ALTICE TO BUY CABLEVISION Altice, the European telecommunications giant, agreed on Thursday to buy Cablevision for $17.7 billion, Mark Scott reports in DealBook.
Altice will pay $34.90 a share in cash, 22 percent higher than Cablevision's closing stock price on Wednesday. That represents an equity value of $9.6 billion. To help finance the takeover, Altice will sell additional shares in itself and draw on financing from three major banks, Michael J. de la Merced and Andrew Ross Sorkin report in DealBook.
The cable and telecommunications industry is already in a state of upheaval as companies search for more scale and negotiating power with content providers. A takeover of Cablevision, one of the last trophies of the American cable industry, would draw significant concern from regulators, particularly as control of the telecom market shrinks to a few players.
Altice has already announced its intentions to build a footprint in the United States. It struck a $9.1 billion deal for Suddenlink Communications this spring and considered bidding for Time Warner Cable. Altice would join the top echelon of cable companies in the United States by adding Cablevision and its 3.1 million customers.
Altice does not intend to create many cost savings by combining Cablevision and Suddenlink, the people briefed on the matter said. But that may change once it digests its acquisitions.
THE FED CLIFFHANGER A crucial moment is coming up for Janet L Yellen, when the Fed's policy-making committee announces whether the time has come to raise rates, Binyamin Appelbaum writes in The New York Times. After markets churned this summer, Fed officials wondered aloud whether it might sense to hold off raising rates for a few more weeks,turning the September meeting into a cliffhanger.
Ms. Yellen's silence has compounded the mystery. In early July, she said "communicating with the public is an important part of my job." The next week, she testified twice before Congress. But for two months, she has said nothing. She will speak for the first time since July on Thursday afternoon.
The Fed has already kept its benchmark rate near zero much longer than expected. Officials in 2012 agreed to keep rates near zero until the unemployment rate fell below 6.5 percent. It fell to 5.1 percent in August.
The Fed has maintained a united front in recent months. Ms. Yellen haswon unanimous votes to continue the stimulus campaign at each of the committee's five meetings so far this year. But here are growing signs of divide over the precise timing.
If Ms. Yellen does persuade the committee to announce another delay on Thursday, the vote is unlikely to be unanimous. At least one member, Jeffrey M. Lacker, the president of the Federal Reserve Bank of Richmond, has indicated that he would vote in dissent if the committee does not raise rates.
BANK OF AMERICA'S TITLE BOUT Bank of America's top executives and one of its board members have been pounding the pavement from London to Houston, trying to convince shareholders that Brian T. Moynihan should keep his job as both chairman and chief executive,Michael Corkery writes in DealBook.
They have cut a deal to mollify an outspoken critic and enlisted the help of the former Massachusetts congressman Barney Frank, an architect of Wall Street's regulatory overhaul. Mr. Frank, who recently joined the board of Signature Bank, a small commercial bank in New York, said the most important oversight of financial companies comes not from its directors but from regulators. "People expect too much of boards," he said.
The cast of characters involved in the battle includes a Roman Catholic priest, Warren E. Buffett and two giant California pension funds that have mounted an aggressive countercampaign.
Bank officials say that Mr. Moynihan earned his dual positions by steering the company through costly acquisitions and that there is no evidence that companies perform better with separate chief executives and chairmen.
The California Public Employees' Retirement System and the California State Teachers' Retirement System argue that an independent chairmanwould provide better oversight of a bank with a troubled history.
As many as 40 percent of shareholders are expected to vote against Mr. Moynihan from the outset. The vote, scheduled for Tuesday in Charlotte, N.C., has highlighted the level of discontent over the board's decision to overturn a 2009 shareholder vote requiring the bank to have a separate chairman and chief executive. The fight has been an unwelcome distraction for a bank that had just put most of its legal and regulatory troubles behind it.
ON THE AGENDA The Federal Reserve finishes its two-day monetary policy meeting and will hold a news conference at 2 p.m. Data on new home construction in August is released at 8:30 a.m.
ANHEUSER-BUSCH INBEV DREAMS BIG The world's largest brewer has approached its rival SABMiller about a potential takeover that would bring some of the world's most popular beers under one roof, Chad Bray and Michael J. de la Merced report in DealBook. A merger would bring together two companies with $69 billion in annual revenue and command over 30 percent of global beer sales.
Talks are not yet underway and no offer is on the table; Anheuser-Busch InBev has until Oct. 14 to make one, under takeover rules in Britain, where SABMiller is based.
Anheuser-Busch InBev would probably have to pay more than $103 billion for SABMiller, which owns Miller Lite, Peroni and Grolsch. Its shares surged 20 percent in London trading on Wednesday, giving it a market value of $90 billion.
Anheuser-Busch InBev, which has Budweiser, Corona and Stella Artois under its roof, would also have to win over the cigarette maker Altria and the Santo Domingos, one of the wealthiest families in Colombia. They own 41 percent of SAB Miller.
Any deal would bring close scrutiny from antitrust regulators too,Michael J. de la Merced writes in DealBook. Although the deal would bring obvious benefits, giving Anheuser-Busch InBev more exposure to fast-growing emerging markets, like Colombia and Ecuador, it is likely to prompt investigations from government officials who have already shown skepticism about a number of huge mergers.
Analysts and investors speculate that should the takeover happen, it wouldprompt a number of follow-on deals, as the two companies shed assets to win regulatory approval.
Analysts say that the United States Justice Department is almost certain to demand that MillerCoors be dissolved. SABMiller formed the joint venture with Molson Coors in 2008 to combine their United States operations.
Trevor Stirling, an analyst at Sanford C. Bernstein & Company, said SAB would also need to divest itself of its 49 percent stake in CR Snow, a Chinese joint venture that owns Snow, the country's best-selling beer brand.
If the deal is successful, SABMiller would probably be subject to the cost-cutting that 3G, the private equity firm that put together Anheuser-Busch InBev, has imposed at other companies. Zero-based budgeting, a system that requires managers to justify all expenses each year, is likely to be put into effect. Staff members will be purged. Any unnecessary expenses will be eliminated.
3G's motto is "dream big" and they have established themselves as one of the most audacious deal makers of the last decade by following through on that, David Gelles writes in DealBook. In 2010, they acquired Burger King. In 2013, they joined with Warren E. Buffett on a $23 billion takeover of H.J. Heinz. Last year 3G bought Tim Horton's and merged it with Burger King; this year they worked with Mr. Buffett again to buy Kraft in a deal worth more than $80 billion.
Carlos Brito, the chief executive of Anheuser-Busch InBev, has been skilled at cost-cutting, which might give investors the confidence to finance the deal, Robert Cole writes in Breakingviews. Mr. Brito has managed to turn nearly 40 percent of its revenue into earnings before interest, taxes, depreciation and amortization in the current year - nearly twice the peer median.
News Corporation to Buy Unruly for Up to $176 Million The purchase of the video ad technology company underlines the publishing company's continued push to remake itself for the digital age.
Green Light for Expedia to Buy Orbitz The Justice Department will not block Expedia's $1.3 billion purchase of Orbitz, another travel-booking site.
G.E. Sells $3.7 Billion British Home Loan Portfolio General Electric sold a $3.7 billion portfolio of loans from its British home lending business to private equity-backed Kensington Mortgage as it continues to shrink its financing arm, GE Capital.
China Electronics Said to Be in Talks to Acquire Atmel China Electronics, the nation's largest state-owned information technology company, is in preliminary talks to acquire the United States chipmaker Atmel, Bloomberg News reports, citing people with knowledge of the process.
Amgen to Buy Dezima Pharma for $300 million Amgen said it would buy the biotechnology company Dezima Pharma, adding another cholesterol drug to its expanding portfolio of treatments for cardiovascular diseases.
Henry Gosebruch, Rising Star at JPMorgan, Is Departing for AbbVie Mr. Gosebruch, 42, who was promoted in March to co-head of North American mergers, has been one of the bank's top deal makers for the pharmaceutical industry.
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Elliott Said to Seek Partner in Taking CDK Global Private The activist hedge fund Elliott Management is seeking to team up with a private equity firm to take CDK Global private, Reuters reports, citing people familiar with the matter.
Lyft Announces Deal With Didi Kuaidi, the Chinese Ride-Hailing Company The partnership will allow Lyft, which is based in San Francisco, to operate in China for the first time.
Stemcentrx Gets $5 Billion Valuation A start-up largely unknown outside biotechnology circles has emerged with a $5 billion valuation and a pipeline of drugs that could give hope to some patients with lethal cancers.
Tech Firms Venture Into Lending Intuit, PayPal and Square are stepping up efforts to mine their data to get into the lending business.
Envoy Raises $3 Million to Help Seniors Live at Home LongerThe start-up is tapping into a potentially large market - an estimated 34.2 million American adults have been an unpaid caregiver to someone age 50 or older in the last year.
S.E.C. May Have Weakened Justice Dept. Stance in Insider Trading Case The Justice Department asked the Supreme Court to review an insider trading case, but an S.E.C. administrative judge might have undercut its argument, Peter J. Henning writes in the White Collar Watch column.
Puerto Rico's Debt Rescue Plan Called Into QuestionThe planners appeared to have overstated Puerto Rico's financial needs, so it is seeking twice what it actually needs in concessions from creditors, a credit analyst said.
Dewey & LeBoeuf Accounting Fraud Case Goes to Jury The trial of three former executives of the once-prominent law firm is headed to a verdict - but jurors had plenty of questions for the judge.
China Tries to Extract Pledge of Compliance From U.S. Tech Firms Some have received letters asking for a promise to make their products "secure and controllable," a catchphrase that might mean backdoor access to private information.
Stockbroker Pleads Guilty in Insider Trading Case A stockbroker has admitted to his role in a five-year insider trading scheme that yielded more than $5.6 million in net profits.
Top Deputy to Exit Attorney General's Office Mr. Levy, who was one of Eric T. Schneiderman's first hires, is returning to the litigation firm Boies, Schiller & Flexner.
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| Thursday, September 17, 2015 |
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| Standing Strong Through the Storm |
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Standing Strong Through the Storm - September 17
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ADVANCING THE GOSPEL
“Now I want you to know, brothers and sisters, that what has happened to me has actually served to advance the gospel.” Philippians 1:12
The Apostle Paul writes these words from prison but he assures his readers that prison in no way hindered the spread of the gospel, but actually advanced it. Then he states in the following verses that he is chains only because of Christ and because of his imprisonment, others have become bolder and fearless in sharing their faith. And the gospel advances!
A Vietnamese brother, we’ll call Daniel, was led by the Lord to the minister in the north where he soon found himself in the midst of a revival. The inevitable soon happened and Daniel was sent to prison, his “training school,” for three years. He shares his experience in prison:
After my arrest I was put in solitary confinement and chained to the ground for six months. This was a very hard time for me. The cell was only 2 x 3 meters, there were no lights in the cell and I only had one bowl of rice and salt a day. A piece of bamboo was stuck between my crossed legs and chained to the ground. My hands were chained to the ground behind my back and whenever I had to go to the toilet I was offered only a plastic bag.
I felt totally deserted. I asked the Lord to take my life. It was too much for me. I prayed a lot but thankfully the Lord did not do what I asked.
One night in my prison cell, chained to the ground, I saw a vision of the Lord. He did not speak a word. He just placed his hand on me and I felt how new strength filled my body. I cried and repented before the Lord. Then I knew the Lord was saying to me that He would not allow me to leave this world defeated, that when He takes me “home” it would be victoriously. The next day the police came and took me to another cell but I could not walk. After one year I could walk again.
Today I can see why God allowed this difficult time. After three years in prison there is a church in every area where I spent time and more than 200 inmates came to know the Lord. Three other prisoners who came to know the Lord also started churches in prison.
When I was released, I found that my village church had grown to 500. I know that God has a good plan. He sent me to prison to preach the Gospel and so that I may become a strong warrior for Him.
RESPONSE: Today I will pray differently for brothers and sisters in prison for their faith.
PRAYER: Help me Lord to always trust Your plan – even when it seems difficult and overwhelming.
STANDING STRONG THROUGH THE STORM (SSTS) -A daily devotional message by Paul Estabrooks
© 2010 Open Doors International. Used by permission
“When the storm has swept by, the wicked are gone, but the righteous stand firm forever.” Proverbs 10:25
Right now millions of Christians face persecution because of their faith in Christ. Register to receive theOpen Doors USA Weekly Prayer Alert email. Join alongside thousands of others praying for our brothers and sisters worldwide to stand strong in the midst of their struggles. Also learn more about countries where the persecution of Christians is most severe by visiting the Open Doors website today.
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I wonder if you've noticed, but there's an e-commerce race going on - one that all the major social platforms are dying to win. Twitter has just taken a big step closer to winning. Anyone can now use a buy button to sell things. Also Read: Facebook Commerce Is Now A Reality Prepare for the invasion of the "Buy" button. …
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Snapchat has been looking for ways to monetise its app for months. Advertising seemed the obvious choice for a long time, but it never really took off. Today, Snapchat is taking a new direction, with in-app purchases. Also Read: Have You Seen The New Snapchat’s Trophy Case? In-app purchases are a new way for Snapchat to make money, and the …
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Social media and the campaigns that drive brand success, are nothing without the people who make things happen! Each week we profile one innovative industry executive and get them to answer 10 questions. Then, we share their insights with you. Also Read: Facebook Is Bringing Back 'Questions' This week I had the pleasure of chatting with Partner/Executive Creative Director of EVB …
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There are many Facebook users who clamoured their wish to 'Dislike' things on Facebook, as they deemed that the 'Like' button was not appropriate for certains topics: sad statuses, outrageous news, shocking videos and so on. Also Read: New Facebook "Live" Is Like Periscope, But Only For Celebs After many years with the wind blowing against him, Facebook's overlord Mark Zuckerberg decided to …
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| WEDNESDAY, SEPTEMBER 16, 2015 |
TOP STORY
Anheuser-Busch InBev Approaches SABMiller on Possible Takeover The deal, which would probably face intense regulatory scrutiny, would combine the world's two largest brewers of beer, bringing some of the most popular brands under one roof.
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The Brazilians Behind the Consolidation in Beer The men behind 3G Capital, the private equity firm with origins in Brazil, have established themselves as the most audacious deal makers of the last decade.
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Breakingviews: SABMiller Takeover Would Shake Up Beer Industry If successful, Anheuser-Busch InBev would complete global consolidation and lead a new round of regional disposals, spins and amalgamations.
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DEALBOOK HIGHLIGHTS
White Collar Watch: S.E.C. Judge May Have Weakened Justice Dept. Stance in Insider Trading Case The Justice Department asked the Supreme Court to review an insider trading case, but an S.E.C. administrative judge might have undercut its argument.
News Corporation to Buy Unruly for Up to $176 Million The purchase of the video ad technology company underscores the publishing company's continued push to remake itself for the digital age.
Silent on Priorities, Yellen Makes Fed Choice a Cliffhanger Economists and others are pushing the Fed to keep rates near zero, citing a slow economic recovery, while some Fed officials are saying the labor market is strong enough.
LOOKING AHEAD
Decision on Interest Rates Through much of the summer it seemed likely that the Federal Reserve would start to raise interest rates at the September meeting of its policy-making committee, on Wednesday and Thursday. But the march toward liftoff has lost some momentum in recent weeks. Inflation remains weak and Fed officials have expressed unease about the volatility of global financial markets. After the decision is announced on Thursday afternoon, Janet L. Yellen, the Fed chairwoman, is to hold a news conference. - Binyamin Appelbaum
Seeking Stability in Greece After a long summer of financial and political upheaval, Greeks will vote next Sunday in the second general election this year. The outcome will determine whether Greece returns to stability, after agreeing to terms of the country's third multibillion-euro international bailout last month, or enters a new period of uncertainty. The snap elections were called last month after the resignation of Prime Minister Alexis Tsipras, who came to power in January on a pledge to stop austerity, but capitulated to creditors' demands after months of grueling negotiations that destabilized the economy and led to the imposition of capital controls on Greek banks. Mr. Tsipras quit in a bid to consolidate his grip on power following a rebellion by radical leftist lawmakers who oppose austerity and have since formed their own party. Although Greek opinion polls gave Mr. Tsipras and his Syriza party a clear lead over rivals earlier this summer, many new surveys put Syriza virtually neck and neck with its main political opponent, the conservative New Democracy, which led the coalition government that preceded Mr. Tsipras's administration. - Niki Kitsantonis
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QUOTATION OF THE DAY
"It's hard to imagine his finger on the button. That blows my mind."
- Lloyd Blankfein chief executive of Goldman Sachs, on a Donald Trump presidency.
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| BREAKING NEWS ALERT |
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| September 16, 2015 |
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The city agency that investigates the most serious allegations against Chicago police officers has recommended that Detective Dante Servin be fired for the fatal off-duty shooting of a 22-year-old woman.
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A Washington Post reporter wrote about a day she spent at a Planned Parenthood clinic in Akron, Ohio, claiming that "the only federal health center [in Akron] has a three-to-six-week wait for appointments." The health center says that's not accurate.
As Alexis de Tocqueville predicted, it will not be revolutions that threaten our constitutional order, but the centralization of an administrative state that would silently take more and more freedom away from citizens while subverting the Constitution in the process.
There are significant procedural barriers that would likely prevent any attempt to accomplish defunding Planned Parenthood and making changes to Social Security using the budget reconciliation process.
How surprising is it, really, that a home-made clock got Ahmed arrested? This is a country where high school kids are prohibited from displaying the American flag on Cinco de Mayo and where a 13-year-old is arrested for burping.
In a letter delivered to Freedom Caucus Chairman Jim Jordan, R-Ohio, Rep. Tom McClintock criticized the strategy used by the conservative group in fights over Planned Parenthood, immigration and trade.
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