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Posts Tagged ‘Goldman Sachs’

Raghuram G. Rajan Wins Business Book of the Year Award

Raghuram G. Rajan won the Financial Times/Goldman Sachs Business Book of the Year Award for his book, Fault Lines. A £30,000 prize (approximately $47,300) accompanied the award.

The ceremony and dinner took place at New York’s famous Pierre hotel. During his acceptance speech he praised his publisher, Princeton University Press. Rajan said his wife had advised him on making the book easy-to-read. He thanked his two children, joking that had it not been for them, the book would have been written much faster.

The president of the Carnegie Corporation of New York, Vartan Gregorian delivered the evening’s keynote address. He mentioned the Harry Potter series, the Sisterhood of the Traveling Pants, Mark Twain, and T.S. Eliot.

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Pressure Climbs for HMV

The Times reports that HMV, parent company of Waterstone’s, could be forced to reduce its dividend instead of raising funds through a rights issue to offset its fixed costs as the high street retailer sails close to its bank covenants. In last week’s strategy update, HMV said it was committed to maintaining its dividend despite the fact that earnings and free cash flow are below previous guidance. The company pledged to return dividend cover by two times within three years.

Goldman Sachs said in a note that it would not rule out the company raising equity to reduce its current gearing “so as not to breach the covenants with its banks”. But the investment bank said that HMV’s current dividend payouts are not sustainable, adding: “Dividends are likely to be cut.”