May 2, 2012 |
The Ascena Retail Group is venturing into the plus-size female market by acquiring Charming Shoppes Inc., parent company of Lane Bryant, for about $890 million. The purchase will allow Ascena, owner of Dressbarn and teen clothier Justice, to jump into the growing market for bigger-sized women's apparel. Charming also owns the Catherines Plus Size and Fashion Bug brands. The Suffern, N.Y.-based Ascena will buy Charming for $7.35 a share, a 25% premium on Tuesday's closing price.
May 1, 2012 |
It looks like the countdown to the Facebook IPO could be nearing completion. Facebook could start its IPO roadshow next week and appears to still be on track for a mid-May initial public stock offering, according to reports. In what is expected to be one of the biggest stock market debuts in history, Facebook appears to be putting the finishing touches on the required documents to be able to begin to court institutional investors such as...
May 1, 2012 |
One more piece of bad news for Wal-Mart Stores Inc.: A group of New York City pension funds, alarmed over allegations of widespread bribery by company officials in Mexico, said they would vote against reelecting five Wal-Mart directors. The pension officials plan to wield their 4.7 million Wal-Mart shares (and votes) next month at the retail giant's annual shareholders meeting to oust directors who had failed to provide adequate legal oversight over the company's vast operations, according to the New York Times.
CALIFORNIA | LOCAL
April 23, 2012 |
The 10 campuses of the UC system should be given more power to govern themselves and be allowed to set their own tuition, decide how many out-of-state students to enroll, approve construction projects and control some investments under a proposal released Monday by UC Berkeley leaders. The plan, which is already provoking debate, would maintain the central Board of Regents for such overarching policy matters as admissions standards, state funding and top appointments. But it contends that UC has gotten so complex and governance has become so balky that campus governing boards should be established and given autonomy over many issues, similar to states in a federal system.
April 10, 2012 |
SACRAMENTO - The nation's second biggest public pension fund, which provides retirement benefits for almost half a million California teachers, faces a projected $64.5-billion shortfall over the next three decades. Ed Derman, deputy chief executive of the California State Teachers' Retirement System, told reporters Tuesday that the $152-billion pension fund has only 69% of what it needs to meet future obligations. Pension experts say an asset value equal to about 80% of future obligations is the minimum conservative funding level for a program such as CalSTRS.
March 26, 2012 |
NEW YORK Struggling to pay employee pensions, local governments are increasingly borrowing money to cover their obligations - exploiting a loophole in federal law that allows them to issue taxable bonds without seeking voter approval. Oakland took a bet on its pension fund that ended up costing the city an estimated $245 million - nearly a quarter of its annual budget. That hasn't stopped the city from looking to try its luck one more time. The bets are being made using an exotic but increasingly popular financial instrument known as a pension obligation bond.
March 24, 2012 |
Medco Health Solutions has agreed to pay $2.75 million and change its internal procedures to settle claims that it paid millions in bribes to win a contract to provide prescription drugs to members of the California Public Employees' Retirement System. The settlement was the latest development in a case that began in 2004 and involved allegations of dealings between the then-head of CalPERS, Federico Buenrostro Jr., and a paid Medco consultant and former CalPERS board member, Alfred J.R. Villalobos, who helped secure the $26-million contract in 2006.
March 7, 2012 |
The chief actuary of California's biggest public pension fund is recommending that it cut its assumed-rate-of-return target by half a percentage point. The change, if adopted by the board of the California Public Employees' Retirement System next Wednesday, could boost retirement costs by millions of dollars for the state government and more than 3,000 local agencies that participate in CalPERS. Actuary Alan Milligan in a memo suggests lowering the assumed annual rate of return from 7.75%, where it's been for the last decade, to 7.25%.
CALIFORNIA | LOCAL
March 3, 2012 |
Approaching retirement, Ventura County Chief Executive Marty Robinson was earning $228,000 a year. To boost her pension, which would be based on her final salary, Robinson cashed out nearly $34,000 in unused vacation pay, an $11,000 bonus for having earned a graduate degree and more than $24,000 in extra pension benefits the county owed her. By the time she walked out the door last year, her pension was calculated at $272,000 a year ...
February 8, 2012 |
Less than a week after filing its initial public offering, Facebook Inc. is facing complaints from a powerful California pension fund about the makeup of its all-male board of directors. The California State Teachers' Retirement System sent a letter to Facebook Chief Executive Mark Zuckerberg, raising concerns that the board named in the company's IPO filing does not have a wide spectrum of corporate experience, and is lacking gender and racial diversity. "We want them to be cognizant of the fact the board is rather homogenous," CalSTRS spokesman Ricardo Duran said Tuesday.