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Stock Market & Financial Investment News

News Breaks
April 17, 2014
08:21 EDTBGCGeneral Cable remeasures Venezuelan unit's exchange rate
General Cable announced that based on recent changes to the Venezuelan currency exchange system, the company is changing the exchange rate used to remeasure its Venezuelan subsidiary’s financial statements. The company has decided to use the exchange rate determined by periodic auctions for U.S. dollars conducted under Venezuela’s Complementary System of Foreign Currency Administration. As of Q1, the SICAD I exchange rate used by the company was 10.8 bolivars to the U.S. dollar as compared with the official exchange rate of 6.3 bolivars to the U.S. dollar used previously. As a result of remeasuring the balance sheet of its Venezuelan subsidiary on March 28, at the SICAD I exchange rate of 10.8 bolivars to one U.S. dollar, the company expects to record a charge in the range of $80M-$85M in Q1 results. Due to the changes in the currency exchange system, restrictive pricing controls, ongoing labor negotiations and lingering social unrest, management estimates pre-tax income for 2014 from Venezuela to be in the range of $0-$20M, which is down from its previous communicated expectation of $30M. As a result of the above, the company has initiated an impairment analysis of goodwill and indefinite-lived intangible assets attributable to the company’s Phelps Dodge International business unit, which includes the operating results of Venezuela. While the amount of the non-cash impairment charge has yet to be determined, the goodwill and indefinite-lived intangible assets attributable to the PDIC business unit were approximately $155M and $124M, respectively, as of March 28. The company anticipates the amount of the impairment charge may be a material portion or all of the goodwill and/or indefinite-lived intangible assets attributable to the PDIC business unit.
News For BGC From The Last 14 Days
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September 29, 2014
10:30 EDTBGCHigh option volume stocks
High option volume stocks: RGEN ALIM TIBX MYCC RDWR ATHL DWA ASNA PSDV BGC
07:45 EDTBGCGeneral Cable withdraws proposed offering of senior unsecured notes
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September 23, 2014
17:51 EDTBGCGeneral Cable reviews FCPA in four countries
General Cable disclosed the following in a regulatory filing from Sept. 22: "We have been reviewing, with the assistance of external counsel, certain commission payments involving sales to customers of our subsidiary in Angola. The review has focused upon payment practices with respect to employees of public utility companies, use of agents in connection with such payment practices, and the manner in which the payments were reflected on our books and records. We have determined at this time that certain employees in our Portugal and Angola subsidiaries directly and indirectly made payments at various times from 2002 through 2013 to officials of Angola government-owned public utilities that raise concerns under the FCPA and possibly under the laws of other jurisdictions. We also have been reviewing, with the assistance of external counsel, our use and payment of agents in connection with our Thailand and India operations, which may have implications under the FCPA. We have voluntarily disclosed these matters to the SEC and the DOJ and have provided them with additional information at their request. The SEC and DOJ inquiries into these matters are ongoing. We continue to cooperate with the DOJ and the SEC with respect to these matters. At this time, we are unable to predict the nature of any action that may be taken by the DOJ or SEC or any remedies these agencies may pursue as a result of such actions. We are implementing a screening process relating to sales agents that we use outside of the United States, including, among other things, a review of the agreements under which they were retained and a risk-based assessment of such agents to determine the scope of due diligence measures to be performed by a third-party investigative firm."
September 22, 2014
07:49 EDTBGCGeneral Cable sees FY14 adjusted operating income $200M-$230M
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07:46 EDTBGCGeneral Cable sees Q3 adjusted operating income $60M-$75M
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