Monthly Archives: July 2014

Kirk Franklin & The Family “Silver & Gold”

This is Kirk Franklin & The Family singing “Silver & Gold” at O’landa Draper’s first Music Lovers Conference in 1994.
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‘Silver & Gold’ is the second single from The Chemist’s forthcoming album ‘Ballet in the Badlands’ Grab a copy of ‘Silver & Gold’ from iTunes – https://itune…

T-Mobile soars on French takeover rumor

t mobile sharesT-Mobile shares jumped 6% on a report about a buyout bid emerging out of France

NEW YORK (CNNMoney)

Shares of T-Mobile USA soared more than 6% Thursday on a $ 15 billion takeover bid from a French telecom company.

The news that France’s Iliad will be making an offer for T-Mobile quickly ripped through the markets, causing T-Mobile’s (TMUS) stock to briefly be halted. It also drove Sprint (S) down 5%, as the wireless company had been rumored to be crafting its own buyout of T-Mobile.

Iliad may have sensed an opening to leap into the world’s biggest wireless market.

Related: FTC says T-Mobile charged customers for bogus fees

Confirming an earlier news report, Iliad said it has offered $ 15 billion in cash for 56.6% of T-Mobile, which translates to $ 33 per share.

The French company said it values the remaining part of T-Mobile at $ 40.5 per share. Overall, the bid places a $ 36.20-a-share price tag on T-Mobile, good for a 42% premium on the company’s stock price, prior to when umors of the deal began circulating Thursday.

T-Mobile confirmed receiving the proposal, but declined to comment further.

T-Mobile CEO on music, Amazon and Sprint

It’s not clear if T-Mobile has responded to the bid or what the structure of such a deal would look like. T-Mobile’s market cap of about $ 25 billion dwarfs Iliad’s — around $ 16 billion.

“The US mobile market is large and attractive. T-Mobile US has successfully established a disruptive position, which in many ways, is similar to the one Iliad has built in France,” Iliad said in a statement.

Iliad added that the bid has the full support of founder and majority investor Xavier Niel. The French company also does not anticipate antitrust issues given that it has no footprint in the U.S.

Related: T-Mobile just made it a lot easier to stream music

Previous reports indicate Sprint, roughly the same size as T-Mobile, is pursuing a combination with T-Mobile as a way to catch up with industry leaders Verizon (VZ, Tech30) and AT&T (T, Tech30).

However, a Sprint/T-Mobile tie-up would likely be met with scrutiny from regulators, which in 2011 blocked AT&T’s attempted buyout of T-Mobile.

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Lainee Cameron and Larna Watmough UPDATED: SOCIAL media has exploded with repulse at two teenage girls who punched, kicked and spat on an elderly indigenous …

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Amgen joins job-cut parade

amgen

NEW YORK (CNNMoney)

The economy is on the mend, but the pink slips keep flying.

Amgen (AMGN) became the latest company to announce major layoffs, despite signs that the U.S. jobs picture is improving.

In its earnings presentation Tuesday, the biotechnology firm revealed it plans to eliminate 2,400 to 2,900 jobs, or about 12-15% of its workforce.

Last month, Microsoft (MSFT, Tech30) said it would cut 18,000 jobs within the next year. That’s the largest round of layoffs in the company’s history.

Amgen’s job cuts come despite a solid bounce in both revenue and profit.

The stock jumped 4% in after-hours trading.

Related: Beware of social media, biotech stocks

The big job cuts come at a time when the employment picture in corporate America seems to finally be improving. Many companies were reluctant to hire after laying off heavily in the wake of the recession, but there had been signs lately that the trend was easing.

Employers added 1.4 million jobs in the first half of the year for the strongest six months of job growth since 2006.

The July jobs report is due Friday, and economists surveyed by CNNMoney expect that 230,000 jobs were added last month.

Breaking down the strong June jobs report

And with an unemployment rate at 6.1%, the job market is now near what the Federal Reserve considers full employment.

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