| | |
| CA-BUSINESS Summary Friday, May 24, 2013 07:57 PM PDT Valeant deal sparks share jump, helps TSX ends week higher TORONTO (Reuters) - Canada's main stock index reversed earlier losses on Friday after several stocks jumped on takeover moves, helping the TSX shrug off uncertainty over U.S. central bank monetary policy that hurt U.S. indices. Shares in Valeant Pharmaceutical International Inc jumped more than 13 percent to C$86.91 after a source said the company is close to a $9 billion deal to acquire eye care company Bausch & Lomb. ... Full Story | Top |
| Chinese premier criticizes EU move on trade measures Friday, May 24, 2013 07:57 PM PDT  SHANGHAI (Reuters) - Chinese Premier Li Keqiang criticized the European Union over its plans to investigate alleged anti-competitive behavior by Chinese mobile telecom equipment makers and to impose punitive import duties on solar panels from China, state media reported. The official Xinhua news agency reported late on Friday that Li had told business leaders in Switzerland such measures would "harm others without benefiting oneself". Li is the most senior Chinese official to comment on the troublesome issue so far. ... Full Story | Top |
| US-INDUSTRY Summary Friday, May 24, 2013 06:22 PM PDT News Corp to take charge of up to $1.4 billion this quarter (Reuters) - News Corp said on Friday it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations. The company said the goodwill impairment charge was primarily for its Australia newspapers though it gave no more details. It also said it expected reduced cash flows in the future. ... Full Story | Top |
| News Corp to take charge of up to $1.4 billion this quarter Friday, May 24, 2013 06:22 PM PDT  By Jennifer Saba (Reuters) - News Corp said on Friday it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations. The company said the goodwill impairment charge was primarily for its Australia newspapers though it gave no more details. It also said it expected reduced cash flows in the future. The charge will be taken in the quarter ending June 30 and could effectively wipe out News Corp's profit. ... Full Story | Top |
| Lobbying in American-US Airways deal focuses on small cities Friday, May 24, 2013 06:20 PM PDT  By Karen Jacobs (Reuters) - US Airways Group and American Airlines , seeking approval for a merger that would create the world's largest airline, are warning lawmakers that a requirement to divest certain airport slots would lead to less service for small and medium-sized cities, sources close to the effort told Reuters. The airlines may be required to shed slots Washington's Reagan National Airport to prevent market domination. There is concern that those slots could go to rivals, such as JetBlue Airways , which would likely use them for flights to major cities. ... Full Story | Top |
| Justice Department opposes AMR's $20 million severance for CEO Horton Friday, May 24, 2013 05:00 PM PDT  By Nick Brown (Reuters) - A plan by American Airlines' parent to exit bankruptcy and merge with US Airways Group is coming under fire from the U.S. Department of Justice over nearly $20 million in severance pay earmarked for outgoing boss Tom Horton. In court papers filed on Friday in U.S. Bankruptcy Court in Manhattan, U.S. Trustee Tracy Hope Davis, the department's official charged with regulating bankruptcy cases in the New York region, said the severance deal for AMR Corp's chief executive violates bankruptcy law. ... Full Story | Top |
| New York claims more proof of bank mortgage abuses Friday, May 24, 2013 04:56 PM PDT  By Karen Freifeld NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp , Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems. ... Full Story | Top |
| Ex-Virginia bank executives guilty in financial crisis case Friday, May 24, 2013 04:46 PM PDT (Reuters) - The former chief executive of a failed U.S. bank in Norfolk, Virginia, and three others were convicted Friday of conspiracy to commit bank fraud and other charges in connection with a scheme to conceal loan losses that contributed to the bank's collapse in 2011. Edward Woodard, the former chief executive of Bank of the Commonwealth, was found guilty along with two other executives by a federal jury in Norfolk following a multi-week trial, the U.S. Justice Department said. Federal prosecutors are pursuing several cases stemming from the U.S. ... Full Story | Top |
| Exclusive: In surprise, General Growth eyes New York office tower Friday, May 24, 2013 04:27 PM PDT  By Ilaina Jonas NEW YORK (Reuters) - General Growth Properties Inc has paired with Brookfield Office Properties Inc to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner's entry into a new segment of the retail real estate market, according to two sources familiar with the deal. Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said. Other bidders include Vornado Realty Trust , one of the sources said. ... Full Story | Top |
| Senator urges 'extreme caution' on SoftBank -Sprint deal Friday, May 24, 2013 02:53 PM PDT  By Doug Palmer and Liana B. Baker WASHINGTON (Reuters) - An influential senator expressed strong concerns on Friday about Japanese company SoftBank Corp's plan to buy 70 percent of Sprint Nextel , warning it could expose the United States to Chinese cyber attacks. "I have real concerns that this deal, if approved, could make American industry and government agencies far more susceptible to cyber attacks from China and the People's Liberation Army," Senator Charles Schumer of New York said in a statement. ... Full Story | Top |
| Visa, Mastercard ask U.S. court to declare card fees are lawful Friday, May 24, 2013 02:40 PM PDT  By Jessica Dye NEW YORK (Reuters) - Visa Inc and MasterCard Inc, opening another front in an eight-year battle over credit card fees paid by retailers, on Friday asked a federal judge to declare that the fees do not violate antitrust law. The lawsuit seeks to give the card companies legal ammunition against some retailers who are trying to opt out a proposed settlement under which they would receive a share of $7.2 billion in cash and fee discounts from the card companies. ... Full Story | Top |
| Egyptian tycoon to buy MTS fiber network in new Canada push Friday, May 24, 2013 02:10 PM PDT By Alastair Sharp and Euan Rocha TORONTO (Reuters) - Manitoba Telecom Services Inc will sell its Allstream fiber optic network to a company controlled by telecom tycoon Naguib Sawiris for C$520 million (US$503 million), a deal that signals the Egyptian magnate is still keen on Canada. Under an agreement announced on Friday, Accelero Capital Holdings, which was founded by Sawiris and is stacked with executives from telecom companies he owns or in which he is invested, gets Allstream landline network and its 50,000 business customers. ... Full Story | Top |
| Valeant deal sparks share jump, helps TSX ends week higher Friday, May 24, 2013 02:00 PM PDT  By Alastair Sharp TORONTO (Reuters) - Canada's main stock index reversed earlier losses on Friday after several stocks jumped on takeover moves, helping the TSX shrug off uncertainty over U.S. central bank monetary policy that hurt U.S. indices. Shares in Valeant Pharmaceutical International Inc jumped more than 13 percent to C$86.91 after a source said the company is close to a $9 billion deal to acquire eye care company Bausch & Lomb. ... Full Story | Top |
| Wall Street posts first weekly loss since mid-April on Fed angst Friday, May 24, 2013 01:37 PM PDT  By Angela Moon NEW YORK (Reuters) - The S&P 500 declined for a third day on Friday, with the three major stock indexes posting their first negative week since mid-April on lingering concern that the central bank may scale back its stimulus measures to support the economy. Still, the indexes closed well off their lows in light volume ahead of the three-day Memorial Day holiday weekend. The Dow ended slightly higher, outperforming the broader market, buoyed by a 4 percent gain in Procter & Gamble . ... Full Story | Top |
| U.S. audit regulator reaches deal with China on document access Friday, May 24, 2013 01:29 PM PDT By Dena Aubin and Sarah N. Lynch NEW YORK (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of bungled audits after a two-year stand-off between China and the United States. The nonbinding deal is only a partial victory for the United States, which has been blocked from investigating accounting scandals at dozens of Chinese companies listed on U.S. stock exchanges. It applies only to enforcement cases against auditors, not against China-based companies suspected of accounting fraud. ... Full Story | Top |
|
No comments:
Post a Comment