Wall St. Brief: Facebook LOVES Women, Murdoch MULLS Split, Coke STORMS India
Facebook (NASDAQ:FB) got rid of its boys club and named its powerful COO Sheryl Sandberg as a board director. The news comes after reports that the company desired to expand its board members including the addition of a woman.
Rupert Murdoch is considering a split of his News Corp. (NASDAQ:NWS) into two companies; one will focus on publishing and the second one on entertainment, reported the Wall Street Journal. Internal discussions are supposedly in the advanced stage. The move comes as shareholders have been asking to separate the film and TV operations from publishing for awhile, which has been affected by scandal and a slowdown by the industry.
As top banks slash assets for tougher capital requirements, smaller banks are picking up the slack, reported Bloomberg. JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) saw lending fall 4.9 percent on the year to $3.04 trillion in the first quarter as loans at the 17 smallest firms in the KBW Bank Index (NYSE:BKX) jumped 9.8 percent to $1.27 trillion.
Coca-Cola (NYSE:KO) has more than doubled is India investment plans as it tries to capitalize on the fast-growing non-alcoholic drink market. The company now plans to spend $5 billion there by 2020 as opposed to its previous plan of $2 billion by 2017. The investment is the “core” for Coca-Cola to achieve its doubling revenues target in this decade.
Vivendi (VIVHY.PK) will appeal the EUR 765 million ($956 million) in damages awarded to Liberty Media (LMCA) for its breach of contract and fraud suit. The case came from a stock swap that followed Vivendi’s 2001 USA Network purchase from Liberty Media.