Tech giants Apple Inc (NASDAQ:AAPL) and Samsung Electronics have gone head-to-head across the world, so why not on the Nasdaq exchange.
Activist hedge fund Elliott has written a letter to the Korean behemoth’s board calling for a simplification of its corporate structure, and among its suggestions is a listing for Samsung’s electronics business on Nasdaq.
The magazine Forbes reports that shareholder activism is “exceedingly rare” in Asian markets, so the Samsung board is unlikely to want to expose itself to more of this sort of aggressive, assertive behaviour by listing in the US.
Then again, according to Elliott, such a move could bridge the disparity between the company’s net worth and its share price valuation.
The magazine also notes that there is growing discontent in Asia with the complex corporate structures that are common in the region, in much the same way people are getting mightily cheesed off with the complex tax structures of wealthy, Western cash machines.
Talking of unpopular companies, genetically modified foods advocate Monsanto Company (NYSE:MON) brought out not-as-bad-as-expected fiscal fourth quarter earnings on Wednesday.
The company, set to be subsumed into German conglomerate Bayer next year, made a loss per share of 44 cents, which after a bit of accounting jiggery-pokery turned into adjusted earnings per share of seven cents, versus expectations of five cents.
Did someone mention cash machines?
That’s what they call automated teller machines (ATMs) in the UK, home of the world’s first ever ATM (in Enfield, Middlesex).
Usage of ATMs is on the decline, and that’s driving up the cost of maintaining the ATM networks; to cover the increased cost, the fees on so-called “out-of-network” cash machines have been on the rise, with the average fee now being US$4.57, according to Bankrate.
Some cities are worse than others. San Francisco, just down the road from some of the world’s most famous (and infamous) technology companies, has the cheapest average rate at US$3.90, but if you are on holiday in Miami (US$4.94) or popping to Atlanta (US$5.07) for a Coke, you’d be advised to pay by debit or credit card.
By the time you get to Phoenix, the cost rises to US$5.07 per withdrawal.
Ouch.
Lastly, the nation’s largest shopping mall, Mall of America, has announced it will be closed on Thanksgiving Day.
The shopping center, in Bloomington, Minnesota, has previously opened on Thanksgiving Day but has had an epiphany, realising the day is more about spending time with loved ones … and members of one family, for that matter … rather than elbowing shoppers out of the way in order to get that electric gizmo you never knew you wanted – an electric turkey carving knife, perhaps – until it was heavily discounted.
It will be interesting now to see whether other shopping centers follow suit.