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) p0356 BC-Sweden-Dubai-Nasdaq 1stLd-Writethru 09-20 0996
Eds: New with comment. Moving on financial services. By KARL RITTER Associated Press Writer STOCKHOLM, Sweden (AP) -- The Nasdaq Stock Market is selling a nearly 20 percent stake to Borse Dubai and is taking control of the Nordic exchange operator OMX as part of a sweeping settlement of their battle for control of OMX. In a global stock market shakeup, Borse Dubai and a group from Qatar also moved to become the largest stakeholders in the London Stock Exchange. The deals announced Thursday would help the U.S.-based Nasdaq avoid a bidding war with cash-rich Borse Dubai for OMX. But the transactions involving Dubai and Nasdaq could face scrutiny in the United States, where a Dubai-owned company's plan to manage some U.S. ports previously raised an uproar. The Nasdaq Stock Market Inc. would take control of Stockholm-based OMX while selling to Borse Dubai a one-fifth stake in itself as well as a 28 percent in the London Stock Exchange. More>> - (
) Sub-Prime Lending Mess Not Technology’s Fault Experts say technology and good decision-making go together in avoiding ...
It has been front-page news for months -- the mortgage meltdown is threatening the U.S. economy. As lenders of all sizes face scrutiny over risky lending practices, questions remain about how technology could have been used to soften or prevent the sub-prime lending mess.Some experts say the crisis was inevitable. Ted Landis, a Phoenix-based senior executive in Accenture's financial services group, says the signs of a looming meltdown in the market have been evident since the introduction of sub-prime lending a decade ago. "It has been a developing story since the late '90s," he contends.
According to Landis, lenders reached a point over the past two or three years at which they needed to create demand to justify the investments they made earlier this decade to scale up loan operations. More>>
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) School budgets get new rules
JAY - The new state school consolidation law will override residents' June vote to hold a referendum to set the next school budget for 2008-09.
The law requires school systems to follow the new regional school unit budget format to vote on next year's budget, even though, if voters in Jay, Livermore and Livermore Falls approve a joint school system on June 10, 2008, that school system would not begin until July 1, 2009.
Jay school Superintendent Robert Wall recently gave selectmen an update of what's going to need to happen in the coming months to comply with the state law.
Traditionally, Jay residents vote on municipal and school budgets by referendum.
Under the new law, Jay and other school systems will have to hold a traditional-style town meeting to vote on proposed expenditures for 11 cost-sharing categories. More>> - (
) Christian Salvesen backs £254m bid
Christian Salvesen, one of the oldest names in Scottish business, is to disappear after it was announced yesterday the 135-year-old company will be bought by France's second-biggest haulage company, Groupe Norbert Dentressangle.Salvesen, which has been a takeover target since it split from Aggreko almost 10 years ago, finally succumbed to an offer of 92p a share, valuing the firm at £254.4m.
The price is 79% above Salvesen's closing price on September 24, the day before the Edinburgh-based logistics company disclosed it was being stalked by two potential bidders.
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