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S&P downgrades 24 Italian banks, financial firms
“In our opinion, renewed market tensions in the euro zone’s periphery, particularly in Italy, and dimming growth prospects have led to further deterioration in the operating environment for Italian banks,” it said in a statement. -
Higher costs dent Mattel’s margins, shares down
Additionally, Mattel, the maker of Barbie dolls and Hot Wheels toys, said a rise in the U.S. dollar against foreign currencies like the euro in September pulled down gross margins by about 180 basis points.Gross margins in the quarter fell to 47.8 percent from 51.1 percent in the year-ago period, weighing on the company’s profit, even as sales rose across its line of toys.While its margins fell, the strong sales performance bodes well for Mattel as it heads into the crucial holiday season in the face of stiff competition from Hasbro Inc (HAS.O) and MGA.Mattel’s closely awaited toys this holiday season include “Angry Birds Knock On Wood,” a tabletop version of the highly popular game app for mobile phones, and the “Monster High Dead Tired” doll line that features offspring of famous monster characters themed on a pajama party.Third-quarter net income was $300.8 million, or 86 cents a share, compared with $283.3 million, or 77 cents a share, a year ago.Net sales rose 9 percent to $2.0 billion. Barbie sales were up 17 percent in the quarter. Sales of Other Girls Brands, which include the Monster High and Disney Princess doll lines, were up 32 percent.Analysts, on average, had expected earnings of 86 cents a share, before special items, on revenue of $1.97 billion, according to Thomson Reuters I/B/E/S.The company also increased its stock repurchase program by $500 million.Mattel’s shares, which have risen 9 percent this year in contrast to a 27 percent fall in rival Hasbro, were down 4 percent at $26.68 on Friday morning on Nasdaq. -
UPDATE 1-Lehman Europe creditors in line for 2012 payout
Close to 12.6 billion pounds ($19.8 billion) has been raised from assets owned by the former Lehman Brothers European operations, or Lehman Brothers International Europe (LBIE), accountants PricewaterhouseCoopers (PwC) said on Thursday .”We remain hopeful of making a first, interim distribution to creditors at some stage during 2012,” said Tony Lomas, a partner at PwC, administrators of the European unit since Lehman collapsed in 2008 in the biggest bankruptcy in U.S. history.In the last six months alone, PwC has raised some 1.8 billion pounds in cash from the unit’s assets.PwC said the potential range of cash recovered, after costs, was between 7.5 and 12.5 billion pounds.Claims from unsecured creditors alone, however, could stand at between 16.2 billion and 52.5 billion pounds.With many claims still to be processed it is difficult to estimate the total claims that will be paid out, as not all claims will necessarily be accepted.Many claimants have not yet provided the proof of debt they must submit to be considered eligible creditors.Costs of the administration include what PwC itself is paid. Since Lehman’s collapse, it has clocked up a 403 million pound bill.PwC has also been working to settle claims not just by LBIE’s own creditors but for clients that had assets parked with the bank. It has released 13 billion pounds of these to date.Citigroup also struck a deal this year with the failed European arm of Lehman to release over $2.5 billion worth of assets held in its custody business to add to what can eventually be returned to creditors and clients.LBIE still has reams of court cases pending, including ones that will reach Britain’s Supreme Court, which will continue to be a drag on how quickly it can pay out creditors and on how much money they get. -
Man jumps to death near “Occupy San Diego,” police say
Hassen said it appeared the man’s suicide was unrelated to the “Occupy San Diego” protest.Nevertheless, a post at a website for “Occupy San Diego” said there would be a moment of silence on Monday evening to honor the dead man. “While the events leading to this tragedy remain under investigation, we are deeply saddened by the loss,” the statement said.The event, aimed at protesting against economic inequality, has drawn hundreds of demonstrators to downtown San Diego in support of the “Occupy Wall Street” protest and similar events across the United States.
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