Tag Archives: Joaquin Almunia

Automobiles

Report: PSA Peugeot-Citroën gets EU approval for life-line loan from France

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By Damon Lowney

PSA Peugeot Citroën is approved by EU to receive governent bailout.

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PSA Peugeot–Citroën has been struggling to offer low finance rates to customers since its banking arm, Banque PSA Finance, had its credit score downgraded, which in turn has made it hard for the French carmaker to compete with brands that offer lower finance rates, such as Volkswagen. The French government recognized the catch-22 and, after negotiations with PSA and European Union approval, has guaranteed the banking arm seven billion euro in bonds to secure its debt and lower borrowing costs, Automotive News reports. The infusion of bonds will be spread from January 1, 2013 through December 31, 2016.

As part of the requirements for EU approval, PSA agreed to refrain from acquisitions in excess of 100 million euro per year and curb its debt levels, Automotive News reports. The EU Comission was required to approve the bond infusion before it could take place in an effort to reduce to a minimum “the damaging effects for competitors who have not received support from public funding,” said Joaquin Almunia, EU Competition Commissioner.

In addition to the bonds for Banque PSA, a diesel-hybrid program will also receive 86 million euro from the French government, which was also approved by the EU Commission.

PSA was hit hard by the European auto-market recession and posted a loss of five billion euro last year, and it still has an appetite of 100 million euro per month. We hope this is the start of a turnaround for the struggling automaker.

PSA Peugeot-Citroën gets EU approval for life-line loan from France originally appeared on Autoblog on Wed, 31 Jul 2013 10:01:00 EST. Please see our terms for use of feeds.

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Source: FULL ARTICLE at Autoblog

Business, Finance, Occupation & Industry

Market Minute: EU Slaps Microsoft with $733 Million Fine in Browser Case

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By DailyFinance Staff

EU slaps Microsoft with $733 million fine in browser case

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Produced by Drew Trachtenberg

The Dow didn’t just top the five-and-a-half year-old record, it blasted past it, rallying 126 points yesterday. The S&P 500 rose 14 points and the Nasdaq gained 42.

Next up, record-wise, is the S&P, now within about 1.5 percent of its all-time high. The Nasdaq still has a long way to go: it’s 36 percent below its 13 year-old record.

European regulators have fined Microsoft (MSFT) $733 million for failing to give users of its Windows system a choice of Internet browsers. The company had settled an antitrust dispute four years ago by saying it would offer alternatives to its Internet Explorer – but failed to do so for more than a year.

The Associated Press reports that the penalty “is a first for Bussels – no company has ever failed to keep its end of a bargain with EU authorities before.” In all, Microsoft has now paid €2.2 billion ($2.87 billion) to the European Union Commission since the investigation into Windows-realted anticompetitive practices began in 1999. According to top regulator Joaquin Almunia, the size of the most recent fine reflected the extent of Microsoft’s violations of the terms of its earlier agreement, although it was reduced because of the company’s cooperation with the investigation.

Smith & Wesson (SWHC) says earnings shot higher, tripling from a year ago. The gunmaker also raised its forecast for this year, but investors may have been expecting even more following reports of a surge in gun sales as talk of new gun controls heat up. Smith & Wesson shares have climbed 21 percent already this year.

Walt Disney’s (DIS) executives will face some opposition at today’s annual meeting. Several institutional shareholders want to divide up the CEO and chairman positions – both of which are currently held by Bob Iger. There’s also a challenge to how much Iger gets paid. Last year he made $40 million dollars.

Shares of diet company Nutrisystem (NTRI) could lose some weight today. The company posted a quarterly loss and issued a disappointing forecast for this year. Three biotech companies received an ‘overweight’ rating from Piper Jaffray – Vivus (VVUS), Peregrine Pharmaceuticals (PPHM) and Vanda Pharmaceuticals (VNDA).

And the Frito-Lay division of Pepsico (PEP) has lost a court battle of tortilla. It had sued Ralcorp, claiming its chips were too similar to Frito’s bowl-shaped chips. Ralcorp, which makes a lot of store brand foods, is a unit of Conagra.

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Source: FULL ARTICLE at DailyFinance

Computers

EU fines Microsoft $732 million over browser ballot debacle

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European Union antitrust officials today hit Microsoft with a $732 million fine for failing to live up to a 2009 settlement that requires it to offer Windows users a choice of alternate browsers.

The announcement made by Joaquin Almunia, the European Commission‘s top antitrust regulator, had been expected after the New York Times reported Tuesday that a “large fine” was imminent in the eight-month-old case.

It was the first time that Europe‘s regulators had punished a company for shirking an antitrust agreement, something Almunia noted last year and again today.

“This is the first time we have seen a breach of a legally binding commitment,” said Almunia during a Wednesday press conference from Brussels. “This is, of course, serious, whether it was intentional or not.”

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Source: FULL ARTICLE at PCWorld