Archive: February, 2010
There was a flurry of another sort Thursday as public companies rushed to file their annual reports.
I started noticing a steady accumulation of Form 10-K filings with the Securities and Exchange Commission over the last few days. It used to be that public companies had to file them within 90 days of the end of their fiscal year.
However, the agency changed the rules to prod large companies to file sooner, generally 60 days after they closed their books for the year. Given that most companies are on a calendar year basis, that 60-day deadline is fast approaching.
I’m not big on polls, whether they purport to predict the outcome of a political race or who’d buy a particular product.
Given that what people say and what they do are two different things, I tend to put more stock in reports about actual consumer spending than consumer sentiment. Still, mood does matter, because it affects all sorts of decision-making.
So I was intrigued by some of the responses in the latest poll about Philadelphians’ thoughts on the direction of the city and their experience during the recession and recovery.
Worried about the United States drowning in debt?
So is U.S. Rep. Chaka Fattah.
For about six years, he has been banging the drum not only to eliminate the federal debt but change the byzantine U.S. tax system.
There is a middle class when it comes to the pharmaceutical sector.
Like the demographic version, the pharmaceutical middle class, with between $1 billion and $10 billion in annual sales, has some of the headaches of the wealthy (Pfizer, Merck) as well as the poor (any biotech firm without an approved product).
Those headaches include generic competition, meager research results, and regulatory setbacks.
On Tuesday, four executives from the Philadelphia-area business community will step in from the fog that is the U.S. economy to try to explain what they see happening in 2010.
It's part of the Greater Philadelphia Chamber of Commerce's 12th annual economic outlook program being held at the Park Hyatt Philadelphia at the Bellevue starting at 7:30 a.m.
Here's who's on the panel:
While the groundhog days of winter have had me thinking of Bermuda or the Caymans, several companies that are incorporated on those tax havens have had other ideas.
Last week, United America Indemnity Ltd. said its board has decided to “re-domicile” from the Cayman Islands to Ireland. Shareholders of the property and casualty insurer, which has executive offices in Bala Cynwyd, will be asked to vote on the move at a meeting. That date has not been announced.
Ireland wasn’t United America’s first choice. The company had said last March that intended to reincorporate in Switzerland. But it reconsidered that idea and is following a path blazed by companies such as the consultancy Accenture Ltd. and XL Capital Ltd., which has its environmental insurance operations in Exton.
We always push for more transparency and disclosure from companies, but let’s not lose sight of how much information is already being disclosed.
You just need to know where to look for it.
Through its Web site, the Securities and Exchange Commission has made it very easy to access the documents you need to learn about any public company. Now the documents may be easy to access, but it’s not so easy to figure out which one contains the information you want.
Listen to enough speeches by Federal Reserve regional presidents and you can be forgiven for wondering whether they speak the same language as we do.
But Wednesday, Federal Reserve Bank of Philadelphia president Charles I. Plosser gave a speech before the World Affairs Council of Philadelphia that minced few words.
To Plosser, recent efforts in Congress seeking power to “audit” the Federal Reserve are less about accountability than political pressure. It would be a move toward politicizing an institution that needs independence to make unpopular decisions, such as raising interest rates, he said.