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GLG News by this Author

Analyses are solely the work of the authors and have not been edited or endorsed by GLG.

Beer Brewing Success

October 22, 2007

Why Consolidation Storm is Brewing in Beer Industry | online.wsj.com

Over the past couple of years, global consolidation has been increasing among the beer brewers.  Think MIller and South African Brewing Co.  Think the purchase of Rolling Rock by Anheuser-Busch.  This trend has continued pace and even the top 4 brewers are signing joint ventures with one another in an attempt to grow their business.  Think Heineken and Carlsberg.  The reasons behind the consolidation can be divided between economic costs, market share, and access to key markets.  The future of beer brewing is going to get rocky.

PE Firms Unfair Tax Treatment

September 4, 2007

Fear of Taxation by Association | online.wsj.com

PE Firms are under scrutiny for a barrage of reasons.  Now, Congress is reviewing how the entities are taxed.  Many feel that PE firms have an unfair advantage by being taxed at the 15% long-term tax rates used for investments, which is unfair since the fees generated are short-term in nature and are determined by the PE firm rather than the company receiving the investment. For WSJ article, please read: http://online.wsj.com/public/article/SB118411051694462654.html

Effects of Wal-Mart Banking

September 4, 2007

At Wal-Mart, a Back Door Into Banking | www.nytimes.com

Credit cards, loans, and money transfers may get even more competitive as Wal-Mart begins to muscle in on the block.  The recent use by Wal-Mart of third parties to grow into banking reveals that there is a way to get into banking without actually starting a bank.

Implication of substituting IFRS for GAAP

August 30, 2007

What if IFRS replaced GAAP | www.cfo.com

http://www.cfo.com/article.cfm/9634508?f=home_featured The IASB and FASB are working to reconcile differences on how to apply accounting standards.  However, IFRS is becoming the more popular choice by companies outside the US.  What would happen if the US allowed US companies to perform financial reporting under IFRS?

Private Equity Firms Create More Market Risk

July 13, 2007

Private-Equity Firms May Lose | online.wsj.com

Recapitalization of a company is always tricky.  And when a PE firm is doing it to maximize their return be careful.  The number of PE firms that have been created over the past couple years has significantly increased.  The impact on the financial markets is that more money is chasing after fewer opportunities.  For PE firms this is goig to impact their performance.  Just as important is the increased risk to investors when the PE firm unloads its portfolio company.

ERM strategy for 2007: boom or bust?

February 12, 2007

Breaking Down Barriers to (International) Growth | www.businessfinancemag.com

As economic growth slows on a global basis during 2007, its effect will be felt by companies around the globe. However, the economic consequences won’t be shared equally.

This analysis looks at how an enterprise risk management strategy can help companies minimize the impact from the myriad of risks inhibiting global growth.

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This author consults with leading institutions through GLG