Industry

UPDATE 1-Scottish Resources Delays IPO

Fri, 30 Jul 2010 14:00:04 EDT

Britain's largest surface coal mining company Scottish Resources has delayed its plan to float, joining other potential IPOs that have been postponed or foundered in a market that remains challenging...

Cuomo Widens Insurer Probe with 6 more Subpoenas

Fri, 30 Jul 2010 13:07:54 EDT

New York Attorney General Andrew Cuomo has subpoenaed six additional insurers as the state widens a probe into possible fraud in the life insurance industry...

Disney to Sell Miramax for Over $660 Million

Fri, 30 Jul 2010 08:26:41 EDT

Walt Disney Co has agreed to sell Miramax, the studio behind such films as "Trainspotting" and "No Country for Old Men," for more than $660 million to Filmyard Holdings LLC...

UPDATE 3-Australia's GrainCorp Buys AWB to Create Wheat Giant

Fri, 30 Jul 2010 02:30:29 EDT

Australia's GrainCorp has agreed to buy smaller rival AWB in an A$855 million ($769.6 million) surprise deal to bulk up against big global rivals like Bunge Ltd, Cargill and Glencore...

Litigation Watch: NY's Disclosure Cop Throws the Book at Merrill...and Others?

Fri, 30 Jul 2010 02:30:00 EDT

Disclosure law has just found its new sheriff, and he's waving a big gun at Bank of America/Merrill, notably going it alone rather than being boxed into others' class actions…

Credit Ratings: Hot Bond Markets, Amidst the Chill of Dodd-Frank

Fri, 30 Jul 2010 02:30:00 EDT

Corporate bond offerings are hot these days, despite Dodd-Frank’s confusing impact on bond activity. Issuers from Agilent to Target, lured by low long term rates, have recently...

M&A Terms: Reverse Takeovers Drive Forward

Fri, 30 Jul 2010 02:00:00 EDT

Reverse takeovers are on the uptick, as is the legal complexity that rides alongside them, sometimes stopping them in their tracks. Fueling this is an increase in UK cash shells, and both LSE and AIM companies benefit…

IPO Watch: Surf’s Up at Lisboa Leisure

Fri, 30 Jul 2010 02:00:00 EDT

In a too-good-not-to-be-true story, Lisboa Leisure, Inc. will conduct an initial public offering in hopes of realizing $32,000 in proceeds…

Li Ka-shing to Buy EDF's UK Grids for $9.1 bln

Fri, 30 Jul 2010 02:00:00 EDT

Billionaire Li Ka-shing has offered to buy UK power grids from France's EDF for 5.8 billion pounds ($9.1 billion), giving his companies a foothold in more lucrative overseas markets...

Executive Compensation Watch: Neiman Marcus’s Luxury Pay Packages

Fri, 30 Jul 2010 01:30:00 EDT

As luxury retail sputters, high end retailer Neiman Marcus seems to be attempting to inject new life into its existing employees by way of new compensation incentives…

Corporate Finance Watch: Compton Petroleum Nears the Medal Podium

Fri, 30 Jul 2010 00:15:00 EDT

For Calgary-based Compton Petroleum, the climb back to stability following the global economic crunch of the past few years has been...

Carmakers’ Profits Soar

Thu, 29 Jul 2010 23:58:00 EDT

A patchy recovery in the United States is a big industry concern, in particular for Japanese carmakers, which rely heavily on that market for profits…

Google Says China Search Block may be Tech Glitch

Thu, 29 Jul 2010 21:01:21 EDT

Google Inc<GOOG.O> said its earlier report that Internet search services in China were being fully blocked could have been the result of a technical glitch that overstated the problem...

SEC Charges Wyly Brothers with $550 Million Fraud

Thu, 29 Jul 2010 19:52:47 EDT

The Securities and Exchange Commission charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies...

Toyota Mulls Domestic Cash Incentive Plan

Thu, 29 Jul 2010 19:42:47 EDT

Toyota Motor Corp <7203.T> is considering offering cash incentives of 50,000 yen ($580) per car to its dealers throughout Japan from Oct. 1, the Tokyo Shimbun newspaper reported on Friday...

Banking Agencies Set Registration Requirements for Mortgage Loan Originators

Thu, 29 Jul 2010 17:00:00 EDT

Bank regulators have issued a final rule that would require mortgage loan originators to register with a national registry of mortgage loan originators as part of...

U.S. Sues Oracle, Alleges Software Contract Fraud

Thu, 29 Jul 2010 16:30:00 EDT

The Justice Department said it sued Oracle Corp, alleging it defrauded the federal government on a software contract in effect from 1998 to 2006 that...

Citigroup to Pay $75 Million to Settle SEC Charges

Thu, 29 Jul 2010 15:26:24 EDT

Citigroup Inc will pay $75 million to settle charges that it failed to disclose to investors $40 billion in subprime exposure in 2007, the Securities and Exchange Commission said...

Volkswagen to Hoard Cash Ahead of Porsche Deals

Thu, 29 Jul 2010 12:26:40 EDT

Volkswagen will keep adding to its more than $20 billion cash pile as it girds for an acquisition spree that could help it overtake Toyota as the world's number one carmaker before the decade is out...

U.S. Judges Weigh How to Knit Together BP Lawsuits

Thu, 29 Jul 2010 11:56:13 EDT

More than 2,000 miles from the Gulf of Mexico shoreline, lawyers were set to argue before a judicial panel on how hundreds of spill-related lawsuits against BP Plc should be merged...

China Approves Geely's Plan to Buy Volvo

Thu, 29 Jul 2010 11:03:58 EDT

China's Ministry of Commerce has approved a plan by the parent of Geely Automobile to acquire Ford's Volvo unit, the official Xinhua news agency said...

Clearwire, Best Buy in Wireless Partnership

Thu, 29 Jul 2010 10:43:32 EDT

Clearwire Corp has agreed to rent space on its network to Best Buy Co Inc so that the electronics retailer can sell wireless services directly to consumers, the companies said...

Hertz Says Reviewing Avis' Offer for Dollar Thrifty

Thu, 29 Jul 2010 08:55:18 EDT

Hertz Global Holdings Inc is reviewing Avis Budget Group Inc's bid for Dollar Thrifty Automotive Group, a company spokesperson told Reuters...

Panasonic Buying Sanyo and Other Unit for $9.4 Billion

Thu, 29 Jul 2010 08:44:58 EDT

Japan's Panasonic Corp said it would buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to $9.4 billion in cash and shares to accelerate its push into greener businesses...

PartyGaming, Bwin Eye U.S. After $3.3 Billion Tie-Up

Thu, 29 Jul 2010 08:08:27 EDT

Britain's PartyGaming and Austria's bwin unveiled a deal to create a $3.3-billion online gaming business, positioning them to profit from any deregulation of a lucrative U.S. market...

Russia to Open $29 Billion Asset Sales to Foreigners

Thu, 29 Jul 2010 07:45:00 EDT

Russia will open its most ambitious privatization programme since the 1990s to foreign investors, its economy minister said, while the government gave its initial approval to the...

FSA Eyes Tougher Rules on Bonuses

Thu, 29 Jul 2010 07:24:57 EDT

The Financial Services Authority regulator is planning tougher curbs on bankers' bonuses following plans by the European Union to clamp down on remuneration in the sector following the credit crisis...

BSkyB Taps High Definition Demand and Signs HBO Deal

Thu, 29 Jul 2010 04:15:13 EDT

Pay-TV firm BSkyB added 90,000 customers in the fourth quarter on surging demand for high definition services, and sees new American dramas fuelling growth ahead of a possible takeover...

New Bank Metro Opens for Business

Thu, 29 Jul 2010 03:24:45 EDT

Metro Bank, Britain's first new High Street retail bank in more than 100 years, opened for business with high hopes of breaking into a sector shaken up by the global credit crisis...

Hot Topic: SEC Thaws Market Frozen by Dodd-Frank

Thu, 29 Jul 2010 03:00:00 EDT

The legal side effects of financial reform legislation are already creeping into the market. While many of the changes envisioned under Dodd-Frank will take place years into the future, one of its immediate effects is…

Food Price Speculators Feasting on Financial Innovation

Thu, 29 Jul 2010 02:00:00 EDT

The controversial practice of food price speculation is hotting up in the UK, undeterred by allegations of distorting markets and unscrupulous speculation. With a public campaign against Goldman Sachs for “gambling on hunger”…

Private Equity Watch: Turning Excess Gas Into Gold

Thu, 29 Jul 2010 02:00:00 EDT

Quicksilver Resources is attempting to turn its excess gas into gold. The Texas-based natural gas and oil exploration and production company recently entered into a...

Indonesia sees Surge in 2010 Foreign Investment

Thu, 29 Jul 2010 01:32:54 EDT

Indonesia expects foreign direct investment to rise more than expected this year, as new and existing investors are drawn by strong consumer demand and increased stability in Southeast Asia's biggest economy...

Punj Lloyd unit amongst Firms Picked for Aramco Yanbu Refinery

Thu, 29 Jul 2010 01:00:00 EDT

Saudi Aramco has signed contracts with international firms to build a multi-billion dollar refinery at Yanbu on Saudi Arabia's Red Sea coast...

Regulatory Watch: New Reporting Rules for Mineral Sector

Thu, 29 Jul 2010 01:00:00 EDT

Mining, petroleum and mineral companies looking to list on the Hong Kong Stock Exchange now must comply with additional reporting standards…

Restructuring Watch: Wabtec Climbs Aboard the G&B Train

Thu, 29 Jul 2010 00:15:00 EDT

Buying assets from a business in financial distress may require special protections and provisions, as illustrated by...

Aegis in Talks to Buy Australias's Mitchell

Wed, 28 Jul 2010 21:20:50 EDT

British media buying group Aegis is in late stage talks to buy Mitchell Communication Group, its Australian rival, for 200 million pounds ($312.4 million), the Daily Telegraph said...

Alex Rodriguez Objects to Rangers' Bankruptcy Plan

Wed, 28 Jul 2010 18:45:00 EDT

Alex Rodriguez, the New York Yankees third baseman, has objected to the Texas Rangers' proposed bankruptcy plan on concern he may not be paid the $24.9 million of...

IMF Split in China Yuan Exchange Rate Debate

Wed, 28 Jul 2010 17:06:53 EDT

The IMF has softened its criticism of China's currency regime in recognition of Beijing's efforts to free up its exchange rate but the move showed a split among the Fund's member countries...

Two Goldman Lawsuits on Abacus Placed on Hold

Wed, 28 Jul 2010 13:59:53 EDT

A New York judge put two shareholder lawsuits against executives and directors of Goldman Sachs Group Inc on hold until progress is made on 16 other lawsuits related to a...

HealthGrades to Go Private in $294 Million Deal

Wed, 28 Jul 2010 12:30:00 EDT

HealthGrades Inc, which provides ratings and profiles on hospitals, nursing homes and physicians, agreed to be acquired by Vestar Capital Partners, a private equity firm...

BP Tees Up Asset Sales to Pay for Spill

Wed, 28 Jul 2010 10:59:38 EDT

A day after BP said it would sell $30 billion in assets to pay for its Gulf of Mexico oil spill, the focus shifted to what is for sale, while lawyers prepared to tackle a mountain of claims for damages...

ArcelorMittal Plans Stainless Spin-off, Eyes Ties

Wed, 28 Jul 2010 10:56:19 EDT

After years of seeking a cost-cutting merger in stainless steel, ArcelorMittal is giving up the fight and says it wants to spin off its activities instead...

ICBC to Raise Up to $6.6 Billion in Rights Issue

Wed, 28 Jul 2010 10:40:00 EDT

Industrial & Commercial Bank of China, the world's most valuable bank, plans to raise up to 45 billion yuan ($6.64 billion) through a rights offer, the latest in a...

Casey's Plans Buyback, Rejects Couche-Tard Bid

Wed, 28 Jul 2010 10:30:00 EDT

Casey's General Stores said it would buy back $500 million worth of common stock as part of a recapitalization plan that could derail Canada's Alimentation Couche-Tard Inc's...

Conoco Selling Lukoil Stake, Profit Tops Street

Wed, 28 Jul 2010 10:02:43 EDT

ConocoPhillips, the third-largest U.S. oil company, said it will sell its entire stake in Russian oil major Lukoil in a bid to boost shareholder returns and reported better-than-expected quarterly profit...

Telefonica in Revived Deal to Buy Vivo

Wed, 28 Jul 2010 10:00:00 EDT

Spain's Telefonica has won its battle for a bigger share of the burgeoning Brazilian market, raising its offer for Portugal Telecom's stake in mobile operator Vivo to...

Portugal Telecom to Pay $4.8 Billion for Oi Stake

Wed, 28 Jul 2010 09:53:38 EDT

Brazilian phone giant Oi said that Portugal Telecom would pay 8.44 billion reais ($4.77 billion) for stakes in the company and two operating units, as part of a broader plan to expand in Latin America and Africa...

Buffett's Dairy Queen Chilly on Frozen Yogurt Lawsuit

Wed, 28 Jul 2010 09:17:18 EDT

It's a case that has left Warren Buffett's Dairy Queen business cold...

Officials Ready Criminal Probe of Oil Spill

Wed, 28 Jul 2010 07:35:53 EDT

Several U.S. government agencies are preparing a criminal probe of at least three companies involved in the massive oil spill in the Gulf of Mexico, though it could take more than a...

Virgin Media Launches Buyback as Beats Forecast

Wed, 28 Jul 2010 06:49:55 EDT

Cable operator Virgin Media has launched a share buyback to reflect its growing confidence, after adding a better-than-expected 9,100 new customers in its traditionally tough second quarter...

RealPage Files for $189 Million IPO

Wed, 28 Jul 2010 06:45:00 EDT

RealPage Inc filed with U.S. regulators to raise up to $189 million in an initial public offering of its shares...

India Signs $1.1 Billion Jet Deal With BAE, Rolls-Royce

Wed, 28 Jul 2010 06:30:00 EDT

BAE Systems and Rolls-Royce will supply India with 57 Hawk military training jets in a deal worth around 700 million sterling ($1.09 billion)...

Chalco Shares Suspended Amid Rio Tinto Tie-Up Talk

Wed, 28 Jul 2010 04:39:32 EDT

Shares of Aluminum Corp of China Ltd (Chalco) were suspended, as its state-run parent said it would hold a signing ceremony on Thursday likely to be attended by Rio Tinto executives...

Telefonica Clinches Deal to Buy Brazil's Vivo

Wed, 28 Jul 2010 04:26:41 EDT

Spain's Telefonica appears to have won its long battle for a bigger share of the Brazilian market after raising its offer for Portugal Telecom's stake in mobile operator Vivo to 7.5 billion euros...

UK's Cameron Woos India to Boost Trade, Create Jobs

Wed, 28 Jul 2010 04:20:08 EDT

British Prime Minister David Cameron tried to persuade India to do more business with Britain as he seeks new sources of economic growth to offset deep cuts in public spending at home...

Aviva Aims to Boost Stake in India JV

Wed, 28 Jul 2010 03:45:46 EDT

Aviva Plc, Britain's second largest insurer, wants to boost its stake in its Indian joint venture to 49 percent as soon as regulations allow, its chief executive told Reuters in an interview...

Ghosts of CDOs Past: Subprime Litigation Spooking Hedge Funds

Wed, 28 Jul 2010 03:00:00 EDT

Subprime chickens are still coming home to roost for hedge funds like Highland Capital Management and one-time fund operator Carlyle Group, which have been the targets of recent lawsuits…

Regulatory Watch: EU’s No Sweat Stress Tests

Wed, 28 Jul 2010 02:45:00 EDT

Not only are EU regulators crowing about their recently-concluded tests, but so too are those who have suffered through the stress. From ING to Barclays, European banks are disclosing that…

Disclosure Watch: Baidu’s Q2 Glee

Wed, 28 Jul 2010 02:30:00 EDT

Google may be turning green with envy over Baidu’s recently released unaudited financial results for its fiscal second quarter. The Chinese language search provider inherited a…

Soros May Buy 4 Percent in BSE for $35-40 Million

Wed, 28 Jul 2010 02:07:44 EDT

Billionaire financier George Soros is in advanced talks to buy a 4 percent stake in Bombay Stock Exchange (BSE) for $35-$40 million...

M&A Watch: GM Locks Up AmeriCredit Merger

Wed, 28 Jul 2010 02:00:00 EDT

General Motors does not want to leave things to chance when it comes to its announced $3.5 billion merger with AmeriCredit. The auto giant has locked up...

Egypt Developer SODIC bids for Cairo Suburb Land

Wed, 28 Jul 2010 01:41:24 EDT

Egyptian real estate firm SODIC, seeking new land near its flagship Allegria project, said it had bid for 410 feddans (426 acres) in the Cairo suburb of Sheikh Zayed City...

Offering Watch: For Israel’s Radvision, Cash is King

Wed, 28 Jul 2010 01:00:00 EDT

Contrary to other industries’ credit woes, Israel’s cash-laden Radvision has announced an offer to repurchase nearly a million of its shares representing 5% of the company’s voting power…

Hess Corp to Buy American Oil & Gas in Stock Deal

Wed, 28 Jul 2010 01:00:00 EDT

Hess Corp said it will acquire American Oil & Gas Inc in a stock deal worth about $445 million and boost its acreage in the North Dakota Bakken shale oil play...

Global Agribusiness: Profit Takeaway Lost in Delivery

Wed, 28 Jul 2010 01:00:00 EDT

Somehow, the philosophy of ‘everyone’s gotta eat’ has not been translating into gushing profits for the world’s agribusiness conglomerates. Cutthroat competitors Archer Daniels Midland, Cargill and Bunge, among others, are reporting something in common to shareholders…

Some Lenders Question Dubai's Shortfall Guarantees

Wed, 28 Jul 2010 00:31:23 EDT

Dubai's pledge to cover gaps in Dubai World's debt repayment plan has become a sticking point for lenders, some of whom want state guarantees to fall under British -- not local -- law...

Substantial Issuer Bids: The Boom in Canadian Buybacks

Wed, 28 Jul 2010 00:15:00 EDT

Canadian issuers, including MDS, Genworth MI and ACE Canadian Holdings, are together spending billions buying back their own shares, a sign some view as evidence that…

NYSE Busts Trades After Botched Bancorp Share Swap

Tue, 27 Jul 2010 22:00:00 EDT

A botched share swap last month in which 10 times more US Bancorp shares were issued than planned, angering and confusing investors, led the NYSE to cancel three days of trades in the stock...

MGM Resorts to Sell Atlantic City Land for $73 Million

Tue, 27 Jul 2010 19:00:00 EDT

Casino operator MGM Resorts International plans to sell the land under its joint-venture Borgata resort in Atlantic City, New Jersey, for about $73 million...

Disney Buying Playdom for at Least $563 Million

Tue, 27 Jul 2010 19:00:00 EDT

Walt Disney Co will acquire start-up Playdom Inc for $563.2 million, as the media giant aims to take a leading role in the fast-growing market for games played on...

Brasoil Exploration Eyes C$150 Million IPO

Tue, 27 Jul 2010 18:30:00 EDT

Brasoil Exploration, which is exploring for oil and gas resources in Brazil, aims to raise about C$150 million ($144 million) in an initial public offering to...

Disclosure Statements: 'Plain English' Versus the Corporations Act

Tue, 27 Jul 2010 18:00:00 EDT

The Australian corporate regulator's latest foray into the area of disclosure has highlighted a growing tension within the financial services sector between the Corporations Act and the push for shorter...

Guest Analysis: A Brief Examination of AAOIFI’s New Standards

Tue, 27 Jul 2010 18:00:00 EDT

In an effort to continue to guide the nascent Islamic Finance industry, the Accounting and Auditing Organization for Islamic Financial Institutions recently promulgated 11 new standards…

UCI International Files for $200 Million IPO

Tue, 27 Jul 2010 17:30:00 EDT

UCI International Inc filed with U.S. regulators to raise up to $200 million in an initial public offering of common stock...

Forward Calendar - U.S. Corporate Bond New Issues

Tue, 27 Jul 2010 17:10:00 EDT

The following are lists of upcoming high-grade and high-yield corporate bond offerings in the United States...

HGI Changes Hands in $850 Million Private Equity Deal

Tue, 27 Jul 2010 15:15:00 EDT

Private equity firms Clayton, Dubilier & Rice and Goldman Sachs' unit GS Capital Partners are to buy medical products provider HGI Holdings from another buyout firm...

Enforcement Watch: Sunrise Senior Living Agrees to SEC Settlement

Tue, 27 Jul 2010 15:00:00 EDT

The SEC announced that it has reached a settlement agreement with Sunrise Senior Living and two former officers over charges of financial reporting fraud...

Norilsk Says Ready to Publish AGM Ballots for Board

Tue, 27 Jul 2010 13:15:48 EDT

Russian metals giant Norilsk Nickel said it was ready to publish all the ballots cast in the board elections to counter allegations from UC RUSAL that it had manipulated the results...

GE Settles SEC Charges on Iraq Kickback Scheme

Tue, 27 Jul 2010 12:59:39 EDT

General Electric Co will pay $23.4 million to settle charges that executives bribed Iraqi government officials to win contracts, the U.S. Securities and Exchange Commission said...

EU Opens Anti-Trust Probe of IBM Mainframe Business

Tue, 27 Jul 2010 12:58:50 EDT

European Union competition regulators launched two anti-trust investigations against International Business Machines Corp, suspecting it of abusing its dominant position in the mainframe computer market...

BP Says DOJ, SEC Probe Trading Around Oil Spill

Tue, 27 Jul 2010 12:58:45 EDT

BP Plc said the U.S. markets regulator Securities and Exchange Commission and the Justice Department had launched a probe into market trading connected to the oil giant's Gulf of Mexico oil spill...

Examiner Sees Signs of Dishonesty in Tribune Sale

Tue, 27 Jul 2010 12:34:41 EDT

The court-appointed examiner investigating Tribune Co's bankruptcy said he had found some evidence of dishonesty in the 2007 leveraged buyout of the media company by real estate developer Sam Zell...

UK-Business Summary

Tue, 27 Jul 2010 12:29:09 EDT

U.S. housing data boosts global stocks...

Goldman Offers Service to Aid Derivatives Clearing

Tue, 27 Jul 2010 12:16:10 EDT

Goldman Sachs said it is launching a service to facilitate central clearing for clients in all listed and privately traded derivatives asset classes...

Goldman Sachs, CS Buy Stakes in Bank of Moscow

Tue, 27 Jul 2010 12:00:00 EDT

Major international banks Goldman Sachs and Credit Suisse have bought small stakes in state-run Bank of Moscow, an encouraging sign for Russia as it...

Securities Fraud Suits Drop But Alleged Losses Up

Tue, 27 Jul 2010 11:45:00 EDT

Investors are alleging more losses than ever before when they sue companies for securities fraud, though the pace of such lawsuits seeking class-action lawsuits has...

Barclay Brothers Sell InterContinental Stake

Tue, 27 Jul 2010 10:00:00 EDT

The billionaire Barclay brothers sold their 10.4 percent stake in InterContinental Hotel Group Plc for 335 million pounds ($520 million), sending shares in the...

JFE Invests $1 Billion for India's JSW Steel Stake

Tue, 27 Jul 2010 09:30:00 EDT

JFE Holdings Inc, the world's No.5 steelmaker, will spend about $1 billion for a 14.9 percent stake in India's JSW Steel Ltd, in an attempt to...

UAL, Continental Thin Top Ranks Ahead of Merger

Tue, 27 Jul 2010 09:17:26 EDT

UAL Corp and Continental Airlines Inc said that John Tague, president of UAL's United Airlines, and UAL Chief Financial Officer Kathryn Mikells will leave the company following the close of...

Tomkins Agrees to 2.9 Billion Pound Bid

Tue, 27 Jul 2010 09:00:00 EDT

Tomkins Plc, the British maker of car parts, industrial hoses and bath tubs, backed a 2.9 billion pounds ($4.50 billion) takeover offer from Canadian investors that...

Merck Ties With Sinopharm to Boost China Presence

Tue, 27 Jul 2010 08:45:00 EDT

Merck & Co said it struck a deal with Sinopharm Group Co Ltd to market the U.S. drugmaker's cervical cancer vaccine and other vaccines in China...

Telecom Software Groups Merge in App Store Battle

Tue, 27 Jul 2010 08:31:24 EDT

Two telecom operator-backed software groups are merging to counter increasing competition from new rivals Google and Apple for mobile phone applications...

Europe Banks Say Stress Tests Positive

Tue, 27 Jul 2010 07:00:00 EDT

Over one-third of investors expect Europe's banks to raise significant capital in the next six months following a health check that forced little fundraising but...

French Banks Lead Uplift From Basel Scale-Back

Tue, 27 Jul 2010 05:49:30 EDT

French banks looked to benefit the most from a scale-back of looming capital requirements known as Basel III as investors pushed their shares to 2-1/2 month highs, leading a sector-wide advance...

Angel in Talks for $64 Million PE Investment

Tue, 27 Jul 2010 05:44:07 EDT

Angel Broking, a stock broking and wealth management firm, is in talks with private equity firms to raise as much as 3 billion rupees ($64 million), said three sources with direct knowledge of the matter...

BP Replaces CEO and Posts $17 Billion Quarterly Loss

Tue, 27 Jul 2010 03:45:59 EDT

BP Plc named American Bob Dudley as its next CEO, saying Tony Hayward would stand down after his gaffe-prone handling of the worst oil spill in U.S. history that triggered a $17 billion...

PRC Regulatory Watch: Spills in the East Draw Scrutiny

Tue, 27 Jul 2010 02:00:00 EDT

In a strange wave of oil and smoke déjà vu to the Gulf of Mexico, China grapples with two man-made environmental disasters in less than two weeks: an oil spill in Dalian and a chemical leak near Zijinshan…

India's Cbank Tightens Monetary Policy More Than Expected

Tue, 27 Jul 2010 02:00:00 EDT

India's central bank raised interest rates more forcefully than expected in the face of inflation that has held stubbornly above 10 percent for the past five months...

Ageas Sells Turkish Insurance to BNP Paribas

Tue, 27 Jul 2010 01:30:05 EDT

Ageas, formerly known as Fortis, has agreed to sell its Turkish insurance business to BNP Paribas, a further step in the Belgium-based group's streamlining of its operations...

Kazakhstan to Boost Caspian Oil Tanker Fleet

Tue, 27 Jul 2010 01:05:12 EDT

Kazakhstan aims to handle half of the Caspian Sea's commodity cargoes by 2013 after expanding its fleet of oil tankers with the help of private investors...

After the Canadian IPO: Share Sale Restrictions

Tue, 27 Jul 2010 00:30:00 EDT

After a sluggish 2009, the forecast for Canadian IPOs was supposed to have improved. Indeed, 2010 started out well. But when…

Shimao Property Says Plans to Sell Dollar Bonds

Mon, 26 Jul 2010 23:15:00 EDT

Chinese developer Shimao Property Holdings said it hired banks to help arrange a series of meetings with investors ahead of a planned dollar bond issue…

China Runs Stress Tests on Property Trusts

Mon, 26 Jul 2010 23:00:00 EDT

China's banking regulator has run stress tests in the country's trust firms to see if they can withstand a downturn in the property sector, the Economic Observer reported on Saturday, citing unidentified industry sources…

JGBs Little Changed, Data Eyed Afer Stress Tests

Mon, 26 Jul 2010 22:15:00 EDT

Japanese government bonds were little changed in a market struggling to find short-term cues after the results of European bank stress tests and ahead of economic data at...

SEC Says Goldman to Remain Eligible Issuer

Mon, 26 Jul 2010 13:37:13 EDT

The U.S. Securities and Exchange Commission said Goldman Sachs Group Inc will be allowed to continue to issue securities after settling civil fraud charges earlier this month...

Qatar to Fine Qtel Over Virgin Launch

Mon, 26 Jul 2010 12:40:59 EDT

Qatar Telecom faces an unspecified fine and possible further legal action over violations during its launch of Virgin Mobile services into the Gulf state...

DLF to Buy Out Dubai World in JV

Mon, 26 Jul 2010 12:39:56 EDT

DLF is buying out the stake held by Dubai World's property arm in an equal joint venture in India for about 2 billion rupees ($43 million)...

Dubai World Document Reveals Price of Failure

Mon, 26 Jul 2010 12:33:51 EDT

Dubai World warned that lenders, aside from the government's own support fund, would face a "significantly" worse deal if its debt plan fails and it is forced to seek liquidation...

Pace Buys U.S. Broadband Co 2Wire for $475 Million

Mon, 26 Jul 2010 11:27:11 EDT

Pace, the world's largest set-top box maker, has agreed to buy U.S. broadband technology firm 2Wire for $475 million to broaden its customer base beyond cable and satellite into the Internet TV market...

Lion to Buy Picard in Biggest French LBO Since 2008

Mon, 26 Jul 2010 11:11:27 EDT

BC Partners has agreed to sell French frozen-food firm Picard Surgeles to rival Lion Capital, highlighting the keen appetite of private equity firms to strike deals in the recession-resilient food industry...

Icahn to Sue Lions Gate Over Note Exchange

Mon, 26 Jul 2010 11:07:35 EDT

Billionaire Carl Icahn accused Canadian-headquartered Hollywood studio Lions Gate Entertainment Corp of using "scorched-earth" tactics to thwart his takeover bid for the company, and pledged legal action...

Delta to Sell Non-Core Assets to Wapiti for $130 Million

Mon, 26 Jul 2010 10:45:00 EDT

Shares of the company rose 25 percent to 99 cents before paring gains to trade 14 percent up at 91 cents on Nasdaq...

AbitibiBowater Repays $166 Million of DIP Loan

Mon, 26 Jul 2010 10:30:00 EDT

Bankrupt Canadian newsprint producer AbitibiBowater Inc said it repaid $166 million of its debtor-in-possession loan following an improvement in market conditions and...

Khazanah Wins Battle for Parkway; Fortis Bows Out

Mon, 26 Jul 2010 10:21:23 EDT

Malaysian state investor Khazanah trumped India's Fortis Healthcare in a takeover battle for Singapore's Parkway with an offer that values Asia's biggest listed hospital operator at $3.3 billion...

British Potato Vodka Targets Lucrative U.S. Market

Mon, 26 Jul 2010 05:15:36 EDT

William Chase, owner of the only premium potato-based vodka distillery in Britain, plans to take on much larger, mass-produced luxury brands in the U.S. market, Chase told Reuters...

China Everbright Bank Gets Nod for Shanghai IPO

Mon, 26 Jul 2010 05:15:08 EDT

China Everbright Bank's plan to raise up to $2.9 billion in a Shanghai IPO has been approved by the securities regulator, two sources said, in what will be the latest Chinese bank to try and...

UK Says EU Must Not Intervene Directly in Domestic Banks

Mon, 26 Jul 2010 04:52:03 EDT

The European Union's new financial supervisory bodies should not be able to directly regulate a domestic bank, a government minister said...

Financing Watch: Chemical Maker Whips Up a Batch of Credit

Mon, 26 Jul 2010 02:30:00 EDT

In the latest bit of alchemy furthering the financial health of chemical makers, specialty chemical company Lubrizol Corporation recently whipped up a $500 million batch of credit with the help of…

IPO Watch: Ocado's Frustrated Flotation

Mon, 26 Jul 2010 02:00:00 EDT

In one of the most controversial UK IPOs this year, Ocado has plowed ahead with its initial public offering, despite criticism over its market valuation and its last minute revisions to…

UK Stocks -- Factors to Watch on Monday July 26

Mon, 26 Jul 2010 02:00:00 EDT

Britain's FTSE 100 .FTSE index is seen opening up 30-44 points, or as much as 0.8 percent higher on Monday, according to financial bookmakers, bouncing back after a...

Carlyle Sells Taiwan TV Unit for $1.9 Billion

Mon, 26 Jul 2010 01:45:00 EDT

Carlyle Group has agreed to sell Kbro, Taiwan's largest cable TV operator, to the controlling shareholder of Taiwan Mobile in a deal worth about...

PRC Outbound Investment Tide in Tough Regulatory Seas

Mon, 26 Jul 2010 01:30:00 EDT

Much of the US$55 billion in outbound investment, invested in the first half of 2010 by Chinese entities, can be credited to agile corporate counsel. Navigating through the maze of China’s outbound investment laws, these lawyers…

M&A Watch: Thompson Looks to Enter New Terrane

Mon, 26 Jul 2010 01:30:00 EDT

A recently announced $650 million acquisition of a TSX Venture-listed company serves as a good reminder that early stage or emerging companies are not necessarily small potatoes...

BlackBerry Poses Social, Security Risks, UAE Warns

Mon, 26 Jul 2010 01:05:38 EDT

The BlackBerry, made by Canada's Research In Motion, is open to misuse that poses security risks to the United Arab Emirates, which said on Sunday it would seek to safeguard its consumers and laws...

Bahrain to Privatise Gulf Air as Soon as Possible

Mon, 26 Jul 2010 01:00:26 EDT

Bahrain plans to privatise national carrier Gulf Air as soon as possible encouraged by positive results in its restructuring...

Vodafone Egypt nears Market Leader by Subscribers

Mon, 26 Jul 2010 00:55:37 EDT

The Egyptian unit of Vodafone may have overtaken Mobinil last quarter as the country's largest provider of mobile phone subscriptions...

Tsai Family to Buy Carlyle's Cable Unit

Sun, 25 Jul 2010 22:00:44 EDT

Taiwan's Tsai family, which controls Taiwan Mobile, will buy Carlyle Group's Taiwan cable TV unit Kbro in a T$65 billion ($2 billion) deal, local media reported...

The Crucible of Islamic Finance: Dissolving IIG’s $200 Million Sukuk

Sun, 25 Jul 2010 18:00:00 EDT

The maturity of the Islamic finance industry will soon face another critical test, as defaults on $200 million sukuk don’t escape the notice of financial markets…

More Gas for Egypt After BP, RWE Deal

Sun, 25 Jul 2010 12:05:00 EDT

A groundbreaking $9 billion agreement signed by Egypt this week should help it meet growing domestic and foreign gas commitments by boosting supplies and encouraging new exploration...

Qatar OKs Virgin Launch, Wants Changes

Sun, 25 Jul 2010 12:03:17 EDT

Vodafone Qatar and Qatar Telecom on Saturday both welcomed a ruling by regulators in a dispute over Virgin Mobile's entry to the local market, but there were signs the battle may have further to run...

Fraport in Talks With Chinese Partner

Sun, 25 Jul 2010 09:19:57 EDT

German airport operator Fraport is in talks with a Chinese partner as it seeks expansion opportunities overseas, the German firm's chief financial officer told Frankfurter Allgemeine Sonntagszeitung...

Indian PM Maintains Optimistic Inflation Forecast

Sat, 24 Jul 2010 02:30:00 EDT

Indian Prime Minister Manmohan Singh reiterated his prediction headline inflation would ease to 6 percent by December, a forecast more optimistic than that...

Magna Shareholders OK $1 Billion Stronach Deal

Fri, 23 Jul 2010 17:00:00 EDT

Magna International said that about three-quarters of its subordinate shareholders approved a deal that would pay founder Frank Stronach upwards of...

Seven Banks Fail Europe's Stress Test

Fri, 23 Jul 2010 13:14:33 EDT

Seven European banks would not be strong enough to withstand another recession and would face a capital shortfall of 3.5 billion euros ($4.5 billion), tests run in an attempt to revive investor confidence...

Kinross Sells Interests in Diavik, Harry Winston

Fri, 23 Jul 2010 12:30:00 EDT

Gold miner Kinross is set to rake in a windfall from the sale of its stake in diamond miner and retailer Harry Winston and its interest in the Diavik diamond mine in Canada's far north...

Rolls-Royce Inks $1.7 Billion in Airshow Orders

Fri, 23 Jul 2010 11:32:44 EDT

British aircraft engine maker Rolls-Royce said it secured $1.7 billion in orders at the Farnborough Airshow, including deals for its Trent 700 engine, the leading engine for the Airbus A330...

Chery Unaware of GM Technology Theft Saga

Fri, 23 Jul 2010 06:40:00 EDT

China's Chery Automobile Co said on Friday it was unaware of a U.S. case of alleged theft of GM technology that had been linked to the Chinese firm...

Capitalisation Estimates for European Banks

Fri, 23 Jul 2010 04:39:20 EDT

With the results of stress tests on 91 European banks looming, financial institutions have been coming up with their own scenarios of what to expect...

Financial Reform: Let the Regulators' Race Begin!

Fri, 23 Jul 2010 03:30:00 EDT

President Obama's sprint to sign the financial reform bill may be over, but the massive regulator marathon has only just begun. From the CFTC to the FSOC…

Regulatory Watch: The Incredible Shrinking TALF

Fri, 23 Jul 2010 03:30:00 EDT

The Term Asset-Backed Securities Loan Facility (TALF) never approached the lofty $200 million in loans that the Federal Reserve envisioned and now it’s getting even smaller…

Corporate Finance Watch: BP Sells Global Assets to Apache in $7 Billion Deal

Fri, 23 Jul 2010 03:00:00 EDT

BP is building up its war chest to confront the massive cash outlays it faces through a blockbuster deal to sell oil & gas properties in Egypt, Canada and the Permian Basin of Texas, to Apache Corp. for $ 7 billion...

UK Pensions: Drowning Sorrows in Whiskey and More

Fri, 23 Jul 2010 01:00:00 EDT

Diageo is turning to whiskey to drown its pension woes as it becomes the latest UK company to use asset-backed schemes to fund its pension deficit…

Restructuring: Get Out of Chapter 11 Free Card

Fri, 23 Jul 2010 00:30:00 EDT

Over-leverage in LBOs is proving to be a real sticking point yet again, this time amidst exits from Chapter 11. As the three-way dance between Extended Stay, the U.S. trustee and creditors have found...

M&A Watch: When Competition Comes Calling, Israel Techs Get Merging

Fri, 23 Jul 2010 00:15:00 EDT

Faced with overwhelming telecom competition, M&A provides a welcome respite. In their corner of VOIP, YMax Corp. and Israel’s VocalTec Communications Ltd. are...

Saving Volvo:Geely Buys Brand and Management Test

Thu, 22 Jul 2010 22:18:54 EDT

One of the toughest struggles in the negotiations was just how interwoven Volvo had become with the wider Ford Motor Group including safety and in-car-entertainment equipment...

CITIC Group Eyes $12 Billion HK IPO Next Year

Thu, 22 Jul 2010 21:30:00 EDT

CITIC Group is considering a $12 billion listing in Hong Kong, a move that can help the state-owned conglomerate raise its profile and reduce debt...

JFE to Invest $1 Billion in India's JSW Steel

Thu, 22 Jul 2010 21:12:38 EDT

JFE Holdings Inc, Japan's second-biggest steelmaker, plans to invest about $1 billion in India's JSW Steel Ltd, Bloomberg reported, citing a person with knowledge of the deal...

Sumitomo Mitsui Eyes Stakes in N.Amercian Banks

Thu, 22 Jul 2010 19:56:48 EDT

Sumitomo Mitsui Banking Corp is considering investing in and possibly acquiring major banks in North America, the Nikkei business daily reported...

Bursa Malaysia to Enhance Transparency Through Proposed Changes to Listing Requirements

Thu, 22 Jul 2010 17:00:00 EDT

Efforts to enhance disclosure and governance have continued unabated in Malaysia as regulators aimed to promote transparency, quality and efficiency in the capital market...

Dell to Pay $100 Million in SEC Accounting Probe

Thu, 22 Jul 2010 16:45:00 EDT

Dell Inc said it has agreed to a $100 million settlement with the U.S. Securities and Exchange Commission following an...

Acquisition Watch: Israel’s Comverse is Selling, Soros is Buying

Thu, 22 Jul 2010 16:00:00 EDT

Fresh on the heels of its recent $225 million backdating settlement, Israel’s Comverse Technologies continues to pique the interest of global investors…

State Bank of India Sells $1 Billion 5-Year Notes

Thu, 22 Jul 2010 15:39:47 EDT

The State Bank of India sold $1 billion of five-year notes, said IFR, a Thomson Reuters service...

Court Throws Out Mattel Win Over Bratz Doll

Thu, 22 Jul 2010 15:28:21 EDT

A federal appeals court said Mattel Inc was wrongly granted ownership of the popular Bratz dolls, a decision that could lead to a new trial over control of the estimated $1 billion franchise...

Couche-Tard Sweetens Takeover Bid for Casey's

Thu, 22 Jul 2010 12:48:47 EDT

Alimentation Couche-Tard Inc said it raised its hostile takeover bid for rival Casey's General Stores to $1.88 billion, in a renewed attempt to clinch a deal with the U.S. convenience store chain...

Tobacco Prices Up, Revenue Up

Thu, 22 Jul 2010 12:45:00 EDT

Some of the world's largest tobacco companies showed this week that even in a sluggish global economy they have the power to raise prices in most countries and beat earnings expectations...

CFTC Expands Large-Trader Financial Futures Report

Thu, 22 Jul 2010 12:30:00 EDT

The U.S. Commodity Futures Trading Commission said it will provide more information on positions held by large traders in financial futures markets, part of its push to boost transparency...

Madoff Trustee Files Wider $3.6 Billion Fairfield Suit

Thu, 22 Jul 2010 12:24:52 EDT

The trustee overseeing liquidation of Bernard Madoff's investment firm demanded more than $3.6 billion in damages in an expanded lawsuit against a hedge fund firm and individuals whom he said...

Euramax Holdings Files for IPO

Thu, 22 Jul 2010 12:15:00 EDT

Euramax Holdings Inc filed with U.S. regulators to raise up to $175 million in an initial public offering of common stock...

NY Sues B of A, Merrill to Pursue Higher Award

Thu, 22 Jul 2010 10:44:05 EDT

New York has filed two lawsuits over Bank of America Corp's takeover of Merrill Lynch & Co and Merrill's subprime mortgage exposure, believing it can recover more by suing on its own than...

International Paper to Sell 163,000 Acres of Real Estate Properties

Thu, 22 Jul 2010 09:00:00 EDT

International Paper announced today that it reached agreement to sell 163,000 acres of properties located in the southeastern United States for...

GM to Acquire AmeriCredit for $3.5 Billion

Thu, 22 Jul 2010 08:29:18 EDT

General Motors Co said it would acquire auto finance company AmeriCredit Corp for $3.5 billion in cash in a deal aimed at easing financing terms for subprime car shoppers...

Swift Holdings Files for IPO to Raise $700 Million

Thu, 22 Jul 2010 07:00:00 EDT

In a filing with the U.S. Securities and Exchange Commission, the transportation services company said that Morgan Stanley, BofA Merrill Lynch and Wells Fargo Securities are...

NXP Semiconductors Files for $663 Million IPO

Thu, 22 Jul 2010 07:00:00 EDT

Dutch company NXP Semiconductors N.V. filed with U.S. regulators for a $663 million initial public offering of its shares...

Bank Pay Guarantees Under Spotlight as Hiring Returns

Thu, 22 Jul 2010 04:26:19 EDT

Investment banks are once again luring top rival talent with generous guaranteed pay packages that may convince a top banker to jump ship, while also inviting scrutiny from regulators across the globe...

Pearson Makes $499 Million Leap Into Brazil Schools

Thu, 22 Jul 2010 04:22:35 EDT

British publisher Pearson Plc is investing 888 million Brazilian reais ($499 million) to partner with Sistema Educacional Brasileiro, more than doubling the size of its education business in Brazil...

Syngenta Cuts Profit Forecast After H1 Drop

Thu, 22 Jul 2010 03:00:00 EDT

Syngenta, the world's biggest agrochemicals company, expects its net profit to be down this year as a late start to the farming season following a harsh winter and higher taxes weigh...

BP Sets New Standards: State of Play, From Litigation to Legislation

Thu, 22 Jul 2010 03:00:00 EDT

The oil and gas exploration and drilling industry faces a legal landscape being rapidly transformed by a yet-to-be determined number of lawsuits and several legislative proposals on the congressional fast track…

Dubai World Ready to Use Tribunal for Debt Deal

Thu, 22 Jul 2010 02:18:34 EDT

Struggling state firm Dubai World is ready to use a special tribunal to force rebel lenders into line on plans to delay repayment of $14.4 billion in debts...

Corporate Finance Watch: Toxic Liability Sale

Thu, 22 Jul 2010 02:00:00 EDT

After hearing about toxic assets on bank balance sheets for years, it is strangely refreshing to hear about insurance companies reshuffling their toxic liabilities…

Minority Report: Buying Shares to Build Business

Thu, 22 Jul 2010 01:30:00 EDT

Global companies, take note of the Agricultural Bank of China’s neat ruse to improve the prospects of its recent Hong Kong IPO…

Restructuring Watch: Nortel Dives While Genband Thrives

Thu, 22 Jul 2010 01:30:00 EDT

Nortel and Genband, two companies headed in different directions, briefly crossed paths at a recent bankruptcy auction. Texas-based Genband has acquired Nortel’s carrier VOIP business – a big step en route to a rumoured 2011 IPO...

Piracy and Disclosures: The Dangers and Costs of Globalization

Thu, 22 Jul 2010 00:30:00 EDT

For all the drama of high seas brigandage, many of the risks and costs go unpublicized. Wherever there’s insurance, litigation follows…

Paulson & Co to Launch Retail Fund

Wed, 21 Jul 2010 23:15:31 EDT

Paulson & Co, the hedge fund linked to civil fraud charges against Goldman Sachs, will launch a new fund open to retail investors...

Lawmakers Demand Tough Action on China Piracy

Wed, 21 Jul 2010 23:10:00 EDT

U.S. lawmakers called for tough new measures to punish China for its failure to stop widespread piracy and counterfeiting of U.S. goods ranging from music CDs to manufactured products…

Motorola Sues Huawei, Lemko for Trade Secret Theft

Wed, 21 Jul 2010 22:00:39 EDT

U.S. mobile phone maker Motorola Inc sued former employees and rival Huawei Technologies Co and Lemko Corp, alleging they conspired to steal trade secrets...

Baidu Says Traffic Acquisition Costs to Stay Low

Wed, 21 Jul 2010 20:26:11 EDT

Baidu Inc, China's dominant online search engine, said it expected its traffic acquisition costs to remain at current levels, following a sharp drop over the last year...

TPG Invests $300 Million in Copano Energy

Wed, 21 Jul 2010 17:15:00 EDT

Private equity firm TPG Capital is investing $300 million in natural gas company Copano Energy, which it will use to fund shale gas production developments...

SEC Seeks Fund Fee, OKs Broker Disclosure

Wed, 21 Jul 2010 16:30:00 EDT

U.S. securities regulators said they will propose a cap on mutual fund marketing fees, a move that could reduce costs for investors and put a dent in brokerage and...

Private Capital to Transform Sovereign Wealth Funds

Wed, 21 Jul 2010 15:30:00 EDT

A curious trend is developing among powerful sovereign and state-backed investment funds: despite being super rich in mainly oil-generated wealth...

BAE Sees Strong Mid East, Asia Demand

Wed, 21 Jul 2010 14:28:28 EDT

British defense group BAE Systems is seeing unprecedented levels of interest from Middle East and Asian customers and is close to sealing a 500 million pound ($765.2 million) deal to sell Hawk jets to India...

Algeria May Tighten Rules on Foreigners' Asset Sales

Wed, 21 Jul 2010 12:35:57 EDT

Algeria is considering tightening its rules on how the price is set when the state buys a foreign-owned firm, a step which could cost Egypt's Orascom Telecom billions of dollars...

Obama Signs Sweeping Wall Street Overhaul Into Law

Wed, 21 Jul 2010 12:25:56 EDT

President Barack Obama signed into law the most comprehensive financial regulatory overhaul since the Great Depression and vowed there will be no more taxpayer-funded bailouts for Wall Street...

Paladin Energy Plans A$27 Million Buyout of NGM Resources

Wed, 21 Jul 2010 12:15:00 EDT

Australia-based Paladin Energy Ltd said it plans to make an offer to buy out the remaining shares of NGM Resources it does not already own for about...

BSkyB Sells Easynet to LDC for 100 Million Pounds

Wed, 21 Jul 2010 11:53:52 EDT

British satellite broadcaster BSkyB has agreed to sell its business-to-business telecoms unit Easynet for 100 million pounds ($153 million) to LDC, a British private-equity firm backing Easynet's management...

Online Game Technology-Maker Amaya in C$5 Million IPO

Wed, 21 Jul 2010 11:46:26 EDT

Amaya Gaming Group, a Montreal-based developer of technologies for online gambling, said it raised C$5 million ($4.81 million) in an initial public offering it made to finance growth...

Altria’s Financials Staying Afloat

Wed, 21 Jul 2010 09:00:00 EDT

Altria Group Inc, the largest U.S. tobacco company, raised its full-year profit forecast, saying its performance in the first half of 2010 had exceeded its own expectations...

Dubai World Restructuring Could Trigger Gulf Gains

Wed, 21 Jul 2010 09:00:00 EDT

Pivotal talks this week on restructuring the debts of Dubai World could be a trigger for investors to return to the Gulf region, under a cloud since the...

Reckitt Agrees to Buy Condom Firm SSL for $3.8 Billion

Wed, 21 Jul 2010 07:15:22 EDT

Consumer goods group Reckitt Benckiser agreed to buy Durex condoms and Scholl sandals maker SSL for 2.54 billion pounds ($3.8 billion) to increase its presence in health and personal care...

EU Appeals Against Ruling in WTO Airbus Case

Wed, 21 Jul 2010 04:35:37 EDT

The European Union appealed on Wednesday against a World Trade Organization ruling condemning its subsidies for Airbus, prolonging a dispute with the United States for at least several more months...

RBS Confirms $7.6 Billion Orders With Airbus and Boeing

Wed, 21 Jul 2010 03:33:51 EDT

British lender Royal Bank of Scotland confirmed it had placed an order worth over $7.6 billion at list prices for 52 Airbus A320 family aircraft and 43 Boeing 737 family aircraft...

Litigation Watch: Goldman’s Settlement, Unsettling Wall Street?

Wed, 21 Jul 2010 03:00:00 EDT

Goldman might have settled with the SEC, but disclosure norms for synthetic CDOs are far from settled. The SEC’s $550 million settlement and consent with Goldman Sachs is trailblazing in more ways than one…

Australia a Problem Child for Investors Due to Tax

Wed, 21 Jul 2010 02:15:19 EDT

The conditions look ripe -- debt markets are up, companies' valuations soft -- but foreign private equity firms eyeing deals in Australia may now have to put their plans on...

Restructuring Watch: Bank of Ireland Counts Cost of EU Aid Rules

Wed, 21 Jul 2010 01:45:00 EDT

The European Commission has approved a sweeping restructuring of Bank of Ireland, which will see the beleaguered bank dispose of a number of key assets in order to comply with EU rules on state aid…

PRC Hot Topic: Businesses Lament Early Real Estate Winter

Wed, 21 Jul 2010 01:30:00 EDT

In the PRC’s highly regulated economy, listed companies and business not directly in the real estate sector can be intimately affected by regulatory changes such as those pertaining to zoning and land-use…

China Watch: Xinhua Refinances for Hollywood Action

Wed, 21 Jul 2010 00:30:00 EDT

U.S. and Chinese media companies have at least thing in common – no it’s not their love of kung fu movies. Companies on both sides of the Pacific are restructuring…

Canadian Board Representation: Double-Edged Sword or Sturdy Shield?

Wed, 21 Jul 2010 00:30:00 EDT

Directors of public issuers are on the firing line. Investors and regulators are looking carefully into how directors are elected and whose interests they represent…

Etisalat to Spend $163 Million on Sri Lanka Expansion

Wed, 21 Jul 2010 00:27:54 EDT

Emirates Telecommunication Corp., the Arab world's second-largest telecom operator by market value, said on Tuesday it will invest $163 million in an expansion of its Sri Lankan network...

Hong Kong to Follow International Trend on Regulation of Credit Rating Agencies

Wed, 21 Jul 2010 00:05:00 EDT

Hong Kong's Securities and Futures Commission has announced plans to regulate credit rating agencies based in the city, in an effort to keep up with...

PCCW to Join Pinebridge in Vivacom Rescue

Tue, 20 Jul 2010 22:08:49 EDT

PCCW and its chairman's privately owned fund plan to rescue debt-laden Vivacom, Bulgaria's biggest fixed-line operator, by jointly investing 180 million euros ($232 million) in return for a 51 percent stake...

Ambow Education Files for $117.4 Million U.S. IPO

Tue, 20 Jul 2010 18:00:00 EDT

The educational and career enhancement services provider said it hopes to sell 10.7 million American Depositary Shares for between $10 and $12 each...

S.Korea Consortium Wins $1 Billion Saudi Cable Order

Tue, 20 Jul 2010 17:00:17 EDT

A South Korean consortium including KR Plant Service & Engineering Co, has secured a $1 billion order from Saudi Arabia to lay optical cables underground, a state trade agency said...

BP to Sell $7 Billion in Assets to Apache

Tue, 20 Jul 2010 16:30:00 EDT

BP Plc said it had reached a deal to sell $7 billion in assets to Apache Corp as it tries to raise money to deal with the Gulf of Mexico oil spill...

U.S. Judge Backs Extended Stay's Reorganization Plan

Tue, 20 Jul 2010 14:00:00 EDT

Extended Stay America Inc moved closer to emerging from bankruptcy as a judge confirmed the hotel chain's plan of reorganization in which an...

SEC Chairman Says More Post-Crisis Cases in Pipeline

Tue, 20 Jul 2010 13:45:00 EDT

The Securities and Exchange Commission is in the midst of more probes stemming from the financial crisis, its chairman said, a week after Goldman Sachs settled fraud charges for...

Ocado Cuts IPO Price Range to Win Over Investors

Tue, 20 Jul 2010 12:05:32 EDT

British online grocer Ocado has cut the price of its initial public offering to win over investors who balked at the company's valuation, which is still higher than where sceptics think it should be...

Carl Icahn Renews Hostile Bid for Lions Gate Studio

Tue, 20 Jul 2010 11:52:41 EDT

Billionaire investor Carl Icahn renewed a hostile takeover bid for Lions Gate Entertainment Corp but at a lower price, ending a 10-day truce in a drawn-out battle for the Hollywood studio...

Global Banks Must Beef Up Capital

Tue, 20 Jul 2010 11:22:57 EDT

Banks worldwide need to strengthen their balance sheets to stabilize the financial system, senior U.S. regulators said...

Griffon to Buy Garden Tool Maker for $542 Million

Tue, 20 Jul 2010 10:09:18 EDT

Diversified manufacturer Griffon Corp said it would buy lawn and garden tools maker Ames True Temper from private equity firm Castle Harlan for $542 million in cash...

Nokia Siemens Wins $7 Billion U.S. Deal

Tue, 20 Jul 2010 09:45:50 EDT

Nokia Siemens Networks has won an eight-year contract worth more than $7 billion in the United States, a deal analysts said could be the largest order ever placed in the mobile telecoms gear industry...

Goldman Sachs Posts Lower Earnings on SEC Pact Cost

Tue, 20 Jul 2010 09:14:45 EDT

Goldman Sachs Group Inc posted lower second-quarter earnings, hurt by its settlement of U.S. Securities and Exchange Commission civil fraud charges and the UK tax on bank executive bonuses...

Dubai Aims to Set Up AIM-Type Stock Market

Tue, 20 Jul 2010 08:30:00 EDT

Dubai aims to set up an alternative stock market for small-to-medium sized firms in a bid to create more exit options for the region's private equity sector...

What is the Impact of Changes to India's Takeover Rules?

Tue, 20 Jul 2010 08:00:00 EDT

A panel of capital markets regulator Securities and Exchange Board of India set the stage for overhauling the corporate takeover code, potentially making deals more...

Goldman Executive Denies Fraud

Tue, 20 Jul 2010 07:29:17 EDT

Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product and asked a court to dismiss the case...

Buyout Deals Increase Amid Investor, Tax Pressures

Tue, 20 Jul 2010 07:15:00 EDT

Private equity deals have spiked in recent months with a spate of assets changing hands as funds face pressure to spend capital raised in the boom and...

Synchronica to Buy Mobile Messaging Firm at Discount

Tue, 20 Jul 2010 04:18:00 EDT

British mobile email software developer Synchronica said it agreed to buy Canadian peer iseemedia for about 5.3 million pounds ($8.1 million) in an all-stock deal to expand in India and South-East Asia...

UK-Business Summary

Tue, 20 Jul 2010 03:28:41 EDT

Ireland to auction bonds after Moody's downgrade...

Disclosure Watch: PRC Education Takes Flight

Tue, 20 Jul 2010 01:00:00 EDT

The initial public offering of China-based Ambow Education Holdings spotlights a notable sector blooming in the PRC: the increasingly lucrative industry of privatized education…

M&A Watch: Cott Hopes Cliffstar Deal Will Bear Fruit

Tue, 20 Jul 2010 00:30:00 EDT

Looking to juice itself through an unusual deal, Cott, Canada's national drinks-maker just acquired Cliffstar Corporation of New York for $500 million...

Tata Steel in Talks to Refinance $5.4 Billion in Loans

Mon, 19 Jul 2010 20:42:48 EDT

India's Tata Steel has started talks with lenders including Citigroup to refinance as much as 3.5 billion pounds ($5.4 billion) in loans for its British unit, Bloomberg reported...

Carlyle Group Buys Brazil Health Firm for $1.2 Billion

Mon, 19 Jul 2010 17:30:00 EDT

Private equity fund Carlyle Group said it had agreed to buy Brazilian health services provider Grupo Qualicorp, seeking to tap into demand from the country's growing middle class...

SEC May Add 800 New Positions as Part of Reform

Mon, 19 Jul 2010 13:24:57 EDT

The top U.S. securities regulator will need to add about 800 new positions to carry out its part of the massive financial reform legislation, the head of the agency said in testimony to be delivered...

A $12 Billion Leasing Spree Lifts Air Show

Mon, 19 Jul 2010 12:54:52 EDT

Aircraft leasing firms made a major comeback, as industry veteran Steve Udvar-Hazy dropped $4 billion on A320s and former arch-rivals at General Electric doubled his efforts...

Etisalat Close to Buying 26 Percent in Reliance Comm

Mon, 19 Jul 2010 12:45:40 EDT

Emirates Telecommunications (Etisalat) is close to buying 26 percent in telecoms firm Reliance Communications...

Bombardier Pins Qatar Issue on Engines

Mon, 19 Jul 2010 11:26:26 EDT

Bombardier is ready to sell its new C-series passenger jet to Qatar Airways but is waiting on Qatar to sort out problems with engine maker Pratt & Whitney...

Onex, CPPIB Eye $4.5 Billion Bid for Britain's Tomkins

Mon, 19 Jul 2010 10:45:51 EDT

Onex Corp and the Canada Pension Plan Investment Board are considering a $4.5 billion takeover bid for UK car parts maker Tomkins Plc as the weak British pound encourages two more...

Ireland's "Bad Bank" Buys More Loans, Anglo Irish Delayed

Mon, 19 Jul 2010 10:00:00 EDT

Ireland's National Asset Management Agency has completed the transfer of a second batch of loans from all participants except nationalised Anglo Irish Bank...

Nokia Siemens Buys Motorola Network Ops for $1.2 Billion

Mon, 19 Jul 2010 09:45:17 EDT

Nokia Siemens Networks is buying Motorola Inc's telecom network equipment business, boosting its position in North America and taking number two spot in the cut-throat mobile gear market...

Baidu Promotes Fake Drug Sites-Chinese TV Station

Mon, 19 Jul 2010 09:35:59 EDT

China's main state-run television station accused the country's top Internet search engine Baidu Inc of directing users to websites that sell counterfeit drugs, the People's Daily reported...

Jennifer Convertibles Files for Pre-Packaged Bankruptcy

Mon, 19 Jul 2010 09:15:00 EDT

Home furnishings retailer Jennifer Convertibles Inc filed for bankruptcy protection under a pre-arranged deal that will convert debt owed to its supplier and...

Toll Brothers to Invest in Distressed Real Estate

Mon, 19 Jul 2010 08:56:41 EDT

Luxury homebuilder Toll Brothers Inc will launch an investment fund to buy up distressed real estate assets, including loan portfolios and land for development, the company said...

ATC Technology to Go Private for $513 Million

Mon, 19 Jul 2010 08:17:02 EDT

ATC Technology Corp, an engineering and logistics services provider, said it agreed to be acquired by privately held GENCO Distribution System Inc for about $512.6 million in cash...

Unilever Sells Findus Italy for $1.1 Billion

Mon, 19 Jul 2010 08:15:39 EDT

Unilever has sold its slow growth Italian frozen foods unit Findus to Birds Eye Iglo for 805 million euros ($1.1 billion), reuniting it with the business it sold four years ago to private equity group Permira...

Bank of Ireland(Gov) - Participation in NAMA

Mon, 19 Jul 2010 08:00:00 EDT

Update on Bank of Ireland Group's Participation in the National Asset Management Agency...

Stock Futures Point to Bounce for Wall Street

Mon, 19 Jul 2010 07:19:23 EDT

Wall Street was set for a bounce, following a sharp fall in the previous session, when disappointing revenue from bellwethers reporting results, and downbeat consumer sentiment data, hurt equities...

Emirates Buys 30 777 Jets From Boeing

Mon, 19 Jul 2010 06:03:07 EDT

Boeing Co and Dubai's Emirates announced a deal for 30 of Boeing's 777-300 extended range planes, a deal worth potentially more than $9 billion...

Abu Dhabi, United Technologies in Military Aircraft Repair JV

Mon, 19 Jul 2010 05:02:09 EDT

Abu Dhabi and U.S.-based United Technologies plan an $800 million military aircraft maintenance and repair joint venture based in the United Arab Emirates to service the UAE and other countries...

Moody's Downgrades Ireland

Mon, 19 Jul 2010 04:02:04 EDT

Moody's downgraded Ireland's sovereign bond rating by one notch to Aa2, citing weaker growth prospects and the high costs of rebuilding the country's crisis-hit banking system...

GDF Suez in Fresh Tie-Up Talks With Intl Power

Mon, 19 Jul 2010 03:34:46 EDT

France's GDF Suez and Britain's International Power have revived talks on a possible tie-up between the two power companies, they said...

Ex-Pru CEO Tucker Named AIA Boss Ahead of IPO

Mon, 19 Jul 2010 03:11:41 EDT

Bailed-out insurer American International Group Inc (AIG) named former Prudential plc Chief Executive Mark Tucker as head of its Asia life insurance business, AIA, and said it would seek to list AIA on...

Regulatory Watch: Is the U.S. Proxy System Due for A Makeover?

Mon, 19 Jul 2010 03:00:00 EDT

Emboldened by Dodd-Frank and its enhanced authority, the SEC is now considering tackling the proxy system. In its just announced concept release, the...

Restructuring: From the Poorhouse to the Penthouse

Mon, 19 Jul 2010 03:00:00 EDT

Companies once crying poverty and filing for bankruptcy are quickly turning around and giving their stakeholders a payday, moving out of the poorhouse into the penthouse…

M&A Watch: Deepwater Drilling Buoyant in Land of Rising Sun

Mon, 19 Jul 2010 02:30:00 EDT

Perhaps surprisingly, even in this wizened post-BP age, ultra deepwater drilling is going on unabated, leveraging some of the same structures as BP/Transocean…

India: Western Capital Meets Eastern Promise

Mon, 19 Jul 2010 02:00:00 EDT

India is gaining new corporate renown as, via acquisitions and exchanges, its companies migrate worldwide…

WPP Digital Takes Stake in Firm in China

Mon, 19 Jul 2010 02:00:00 EDT

WPP Digital takes stake in digital advertising measurement firm in China...

China’s Bright Dairy Invests in NZ’s Synlait

Mon, 19 Jul 2010 01:20:00 EDT

Bright Dairy, majority owned by Bright Food Group, will take a 51 percent stake in the milk processing arm of the privately-owned Synlait, which is a small player in the dairy export market dominated by giant co-operative Fonterra…

CSA Disclosure Report Card: Issuers Receive Below Average Grades

Mon, 19 Jul 2010 01:00:00 EDT

The 2010 report card for Canadian public issuers is in, and while some have shown improvement, the class average is still pretty low...

Banking Watch: Wilbur Ross Buys a Bank, Part Deux

Mon, 19 Jul 2010 00:30:00 EDT

Distressed investor Wilbur Ross continues to build up his banking assets, while keeping Bank Holding Company Act (BHCA) restrictions in mind, to boot…

Khazanah May up Parkway Offer to Stare Down Fortis

Sun, 18 Jul 2010 23:08:42 EDT

Malaysian state investor Khazanah may have to pay more than S$4.00 a share for Singapore's Parkway, or at least 3.1 percent above its share price to ward off rival bidder Fortis Healthcare...

Bloomberg May Run for President After Anti-Tobacco in NYC

Sun, 18 Jul 2010 11:00:00 EDT

New York City Mayor Michael Bloomberg, one of the richest men in America, says his views are too polarizing for him to become president of the United States...

Dubai’s Regulatory Reform: DIFC Rules Embrace Flexibility

Sun, 18 Jul 2010 00:30:00 EDT

In a move which signals Dubai’s recognition of fund management as a core business, the emirate has amended its regulatory regime to ease burdens on…

Emirates to Place $5 Billion Boeing Order

Sat, 17 Jul 2010 15:14:05 EDT

Emirates airline is set to place a $5 billion order for 20 Boeing 777 wide-body jets...

Long Road to Implement U.S. Financial Reform Bill

Fri, 16 Jul 2010 17:45:00 EDT

The landmark financial reform legislation awaiting President Barack Obama's signature will take years to implement, with hundreds of new rules to be written and...

SEC Creates Units for Financial Firms, ABS

Fri, 16 Jul 2010 14:40:00 EDT

The Securities and Exchange Commission said it created three expert units to focus on big financial companies, complex securities and securities offerings...

US DOJ Seeks More Details on Mirant-RRI Energy Deal

Fri, 16 Jul 2010 09:50:00 EDT

Independent power producers Mirant Corp and RRI Energy have received a request from the U.S. Department of Justice (DOJ) for additional information regarding their proposed merger...

Goldman Settles With SEC for $550 Million

Fri, 16 Jul 2010 08:00:00 EDT

Goldman Sachs Group Inc agreed to pay $550 million (356 million pounds) to settle civil fraud charges over how it marketed a subprime mortgage product...

TPG/Carlyle Lodges Final Healthscope Bid

Fri, 16 Jul 2010 06:45:00 EDT

Private equity firms TPG and Carlyle submitted a final joint bid for Australian hospital group Healthscope, a spokeswoman the consortium...

Electronic Arts Exiting France's Ubisoft

Fri, 16 Jul 2010 06:00:00 EDT

U.S. video games producer Electronic Arts Inc is selling out of Ubisoft Entertainment SA six years after buying a big chunk of the world's third-largest independent...

AgBank Closes $19.3 Billion IPO With Tepid HK Debut

Fri, 16 Jul 2010 06:00:00 EDT

Agricultural Bank of China's $19.3 billion IPO limped across the finish line after a three-month sprint, its modest Hong Kong debut reflecting concerns over...

Inflows Lift Polar Capital Assets to $2.6 Billion

Fri, 16 Jul 2010 05:30:00 EDT

Hedge fund firm Polar Capital said client assets under management rose 2.5 percent in the three months to June, with client inflows more than offsetting fund losses from...

Citigroup and AIG Classified Certain Repos as Sales

Fri, 16 Jul 2010 05:29:34 EDT

Citigroup Inc and AIG classified more than $11 billion in loans as sales in the second half of 2009, masking the companies' risk levels, filings with the U.S. Securities regulator showed....

Whisky, Property, Brands to Help Save Pensions

Fri, 16 Jul 2010 04:45:00 EDT

Britain's top companies are likely to use big name brands, patents and other exotic assets to help plug shortfalls in pension schemes and fund longer lifespans in the...

UK-Business Summary

Fri, 16 Jul 2010 04:31:15 EDT

Wall Street reform clears Congress...

AgBank's Easter Surprise Showed China IPO Lure

Fri, 16 Jul 2010 04:00:00 EDT

Hong Kong investment bankers were just wrapping up work ahead of the long Easter weekend in early April when they were hit with a proposition that would upend their holiday plans...

Deal Watch: Madison Square Garden Scores With Turner Construction

Fri, 16 Jul 2010 03:00:00 EDT

Turner Construction Company has scored a deal with Madison Square Garden, LP to manage the transformation of the Madison Square Garden Arena and the...

M&A Terms: Breakup Fees, as Deals Pickup

Fri, 16 Jul 2010 03:00:00 EDT

M&A is back in the spotlight after a lackluster 2008 and early 2009. This year, deals such as Aon's $4.9 billion merger with Hewitt Associates and...

Offering Watch: Defining “Public” in Malaysian IPOs

Fri, 16 Jul 2010 02:15:00 EDT

A newly hatched Malaysian IPO demonstrates the lure of iconic American brands, yet in a decidedly un-American style offering...

M&A Watch: Avon’s New Bling

Fri, 16 Jul 2010 02:00:00 EDT

The Avon lady just picked out some new bling to add to her empire, which may be coming soon to a home near you...

Winners and Losers in the U.S. Financial Bill

Fri, 16 Jul 2010 01:30:00 EDT

The U.S. Senate approved legislation to overhaul the financial system and usher in new rules for Wall Street, sending it to President Barack Obama to sign into law...

Regulatory Watch: SEC Grants FDIC Exemption for Mortgage Trust

Fri, 16 Jul 2010 01:00:00 EDT

In a recent no action request, the SEC confirmed the registration exempt status of senior certificates issued by a mortgage trust established by the FDIC…

Emerging Markets: The British are Coming

Fri, 16 Jul 2010 00:15:00 EDT

Buy shares in a leading British company and you might be buying more than you bargained for, as emerging market deals come into play…

Penthouse Owner Offers $210 Million for Playboy

Thu, 15 Jul 2010 18:15:00 EDT

The owner of Penthouse magazine offered to buy rival Playboy Enterprises Inc for $210 million, making a bid that was 13 percent above the buyout proposal from...

Enforcement Watch: SEC, Goldman Agree to Record CDO Settlement

Thu, 15 Jul 2010 18:00:00 EDT

The SEC and Goldman Sachs have reached a record $500 million settlement of charges related to insufficient and misleading disclosure. In the case of SEC v. Goldman Sachs and Fabrice Tourre, the Commission charged Goldman with...

Wall Street Reform Clears Congress

Thu, 15 Jul 2010 15:40:09 EDT

The U.S. Congress approved the broadest overhaul of financial rules since the Great Depression and sent it to President Barack Obama to sign into law...

Wall St Lobby Shifts to Regulatory Process

Thu, 15 Jul 2010 15:32:28 EDT

The U.S. Senate's approval of financial reform is the starting gun for a new intensive Wall Street lobbying campaign aimed at regulators who must now translate the legislation into hard and fast rules...

U.S. House Bills Punish BP, Boost Drilling Safety

Thu, 15 Jul 2010 15:15:11 EDT

Legislation that could bar BP from getting new offshore oil leases in the United States passed another hurdle in Congress on Thursday while a separate bill to boost safety requirements for...

Apache Seeking Financing to Buy BP Assets

Thu, 15 Jul 2010 13:25:00 EDT

Oil and gas producer Apache Corp is seeking $6 billion to $7 billion financing to purchase up to $10 billion in assets from BP Plc in a deal that could be announced next week...

Thompson Creek to Acquire Terrane Metals

Thu, 15 Jul 2010 13:18:59 EDT

Molybdenum miner Thompson Creek Metals said it intends to acquire exploration company Terrane Metals in a deal worth about C$650 million ($625 million) as it moves to diversify its commodity exposure...

TPG and Goldman in Deal for Candover's Ontex

Thu, 15 Jul 2010 13:14:53 EDT

U.S. buyout firm TPG and the private equity arm of Goldman Sachs agreed to buy diaper-maker Ontex from rival Candover in the year's largest European buyout...

Egypt's Naguib Sawiris Eyes Poland, Serbia

Thu, 15 Jul 2010 12:48:08 EDT

Weather Investments, the holding company of Egyptian businessman Naguib Sawiris, is considering a move into Poland and Serbia after the success of its mobile operations in Italy...

Gold Rises as its Allure Back After China Data

Thu, 15 Jul 2010 12:03:06 EDT

Gold edged up after China's growth data for the second quarter was slightly weaker than expected, helping revive the precious metal's allure as a hedge at a time of economic uncertainty...

GE Selling BAC-Credomatic Bank Group for $1.9 Billion

Thu, 15 Jul 2010 11:13:45 EDT

Colombia's Grupo Aval said it would buy the Central America-based banking group BAC-Credomatic, controlled by U.S. giant conglomerate General Electric Co. for $1.9 billion...

Amazon Accused of Infringing Patents With Kindle

Thu, 15 Jul 2010 11:03:04 EDT

Discovery Communications Inc accused Amazon.com Inc of infringing patents covering electronic book delivery and security with its Kindle e-book reader and said the Internet retailer should be forced to pay royalties...

KKR Makes Long-Awaited Debut on NYSE

Thu, 15 Jul 2010 10:01:07 EDT

Storied buyout firm Kohlberg Kravis Roberts & Co made its long-awaited debut on the New York Stock Exchange, and its shares moved slightly higher in the first few minutes of trading...

Carlyle to Buy Supplements Maker NBTY for $3.8 Billion

Thu, 15 Jul 2010 09:42:50 EDT

U.S. nutritional supplements maker NBTY Inc said it agreed to be bought by Carlyle Group for $3.8 billion in one of the biggest private equity deals so far this year...

Oil Spill Muddies Bank M&A in U.S. Gulf

Thu, 15 Jul 2010 08:30:00 EDT

As the oil from the BP Plc gusher laps onto U.S. Gulf Coast shores, it is also muddying the prospects of Southern bank mergers...

Glaxo Takes $2.4 Billion Charge, Avandia Mostly Settled

Thu, 15 Jul 2010 08:11:02 EDT

GlaxoSmithKline expects to record a legal charge of 1.57 billion pounds ($2.4 billion) for the second quarter after settling the "substantial majority" of claims relating to its controversial diabetes pill Avandia...

Crunch Time for Australia Health M&A Deals

Thu, 15 Jul 2010 06:20:00 EDT

Two health care takeovers in Australia were reaching a turning point on Thursday with chatter on financing clouding a $1.6 billion bid for Healthscope...

Canada Pension Bids $3.4 Billion for Australia's Intoll

Thu, 15 Jul 2010 05:55:50 EDT

Canada's second-biggest pension manager has revived efforts to buy an Australian toll-road operator with a C$3.5 billion ($3.4 billion) bid for Sydney-based Intoll Group...

Blackstone Pulls Out of Healthscope Bid:

Thu, 15 Jul 2010 05:30:00 EDT

Private equity firm Blackstone Group has pulled out of a consortium bidding for Australia's second-largest hospital owner Healthscope...

Japan's NTT to Buy Dimension Data for $3.2 Billion

Thu, 15 Jul 2010 05:17:16 EDT

Nippon Telegraph and Telephone Corp is buying South African IT firm Dimension Data for up to 2.12 billion pounds ($3.2 billion) to expand into overseas markets, including in fast-growing Africa...

Google, Tata Comm Partner for Some Services in India

Thu, 15 Jul 2010 04:34:28 EDT

Google Inc's Indian unit and Tata Communications TATA will partner to provide web-based business connectivity tools to companies in India, Tata Communications said in a statement...

Oaktree Capital Wins $1.7 Billion Asset Sale by FDIC-FT

Thu, 15 Jul 2010 03:04:31 EDT

Oaktree Capital Management has won a $1.7 billion portfolio of distressed residential loans auctioned by the Federal Deposit Insurance Corp, the Financial Times reported, citing people familiar with the matter...

Fairfield Postpones IPO, Cites Market Conditions

Thu, 15 Jul 2010 02:20:08 EDT

British oil and gas company Fairfield Energy shelved plans for a $500 million stock market listing, the company said, citing hostile markets...

Governance Watch: Boardroom Dogfight at Israel’s Magal

Thu, 15 Jul 2010 02:00:00 EDT

A group of former Israeli Air Force fighter pilots has taken a dogfight to the boardroom as Israel’s Magal Security Systems braces for a potentially bruising proxy battle…

Disclosure Controls: Sunlight as Disinfectant

Thu, 15 Jul 2010 02:00:00 EDT

Though investors and regulators may be calling for greater sunlight in order to “disinfect” potential trouble-spots, some public issuers remain leery that too much exposure will result in a sunburn...

“Accredited Investor” Reform: Wet Blanket on REIT Fund-Raising?

Thu, 15 Jul 2010 01:30:00 EDT

REITs may reel from re-regulation of financial services, even while reform rings out across the land. Not all REITs are affected equally, however, exposing players like...

Disclosure Watch: China Sunergy Price Haggles its PRC Purchases

Thu, 15 Jul 2010 01:00:00 EDT

While some China-based solar companies are infused with enthusiasm towards the PRC green sector, one company is treading carefully. NASDAQ-listed China Sunergy recently…

IIG Funding Limited - Statement re Periodic Distribution Amount

Thu, 15 Jul 2010 00:30:00 EDT

We refer to the Certificates constituted by a declaration of trust ("Declaration of Trust") dated 7 June 2007 between IIG Funding Limited...

M&A Watch: Travis Perkins Breaks Ground on Builder Growth

Thu, 15 Jul 2010 00:30:00 EDT

In a deal which promises to turn the tap on UK building sector consolidation through M&A, Travis Perkins, one of the UK’s largest builders’ merchants…

Piracy Attacks fall by a Fifth in First Half of 2010

Thu, 15 Jul 2010 00:00:00 EDT

Pirate attacks globally declined by nearly a fifth in the first half of 2010 from the same period last year due to a strong naval presence in the Gulf of Aden…

AMC Entertainment Files for $450 Million IPO

Wed, 14 Jul 2010 19:00:00 EDT

Theater operator AMC Entertainment Inc filed with U.S. regulators to raise up to $450 million in an initial public offering of common stock...

CFTC Eyes its Role in High-Frequency Trade Era

Wed, 14 Jul 2010 13:00:00 EDT

The U.S. futures regulator must look carefully at new "risk controls" to protect markets in an era when trades are done 150 times faster than the blink of an eye, the head of a new technology panel for...

Iran Sells 18 Percent Stake in Carmaker

Wed, 14 Jul 2010 12:55:20 EDT

Iran's government has sold an 18 percent stake in Iran Khodro, the Middle East's biggest carmaker, for the equivalent of about $430 million...

Bailed-Out Small Banks Face Takeover Risk

Wed, 14 Jul 2010 11:45:00 EDT

Smaller banks that got U.S. government bailout money are likely to run into trouble repaying it and may become vulnerable to takeovers as a result, a congressional watchdog agency...

EU Executive Clears BA, American, Iberia Deal

Wed, 14 Jul 2010 10:22:15 EDT

Oneworld members British Airways, American Airlines and Iberia won EU antitrust clearance on Wednesday to deepen their pact after agreeing to cede some lucrative trans-Atlantic routes...

Colony Wins FDIC Loan Sale for $440 Million

Wed, 14 Jul 2010 10:00:00 EDT

Thomas Barrack's Colony Capital won a bid to buy a 40 percent stake in a $1.85 billion portfolio of distressed commercial real estate loans from the...

Significant Market Volatility Prompts Decline in Global Pension Funding Levels in Second Quarter of 2010

Wed, 14 Jul 2010 09:00:00 EDT

After three consecutive quarters of improvement, a new analysis from Hewitt Associates, a global human resources consulting and outsourcing company, found that...

U.S. Venture Capital Market Expected to Shrink While Emerging Markets Grow

Wed, 14 Jul 2010 08:00:00 EDT

Venture capitalists in the United States widely expect their industry to contract while those in emerging markets, including China, India and Brazil, expect to see...

EU Approves Comcast Buy of NBC Universal

Wed, 14 Jul 2010 03:31:32 EDT

U.S. cable provider Comcast won EU regulatory clearance on Wednesday for a landmark deal to buy a controlling stake in General Electric's NBC Universal...

Emboldened SEC, From Zero to Hero

Wed, 14 Jul 2010 03:00:00 EDT

Before our very eyes, the SEC is transforming from a regulatory zero to a regulatory hero. After being widely criticized for dropping the ball on…

Tata Steel Denies $2 Billion Fund Raising Report

Wed, 14 Jul 2010 02:46:24 EDT

Tata Steel denied a media report the company was planning to raise about $2 billion through fresh equity over the next quarter to help fund expansion. "Nothing at this point"...

Healthcare and Generics: Deals and Drugs on Fast Track

Wed, 14 Jul 2010 02:30:00 EDT

Major pharmaceutical deals, like those involving Teva and Pfizer, are unfolding under the twin pressures of healthcare reform in the U.S. and downward price pressure on...

Africa M&A Doubles to $25 Billion in H1, Fees Squeezed

Wed, 14 Jul 2010 02:00:10 EDT

The value of mergers and acquisitions in sub-Saharan Africa doubled in the first half of 2010 from last year, and investment banking fees fell as competition for contracts intensified, according to Thomson Reuters research...

Governance Watch: Magna’s Dual Class Proposal Spells Double Trouble

Wed, 14 Jul 2010 02:00:00 EDT

When Magna International’s directors announced in May that shareholders would be given the opportunity to eliminate Magna’s dual class share capital structure...

Arrow Approves Takeover by Shell-PetroChina

Wed, 14 Jul 2010 01:36:53 EDT

Arrow Energy shareholders approved a $3.05 billion takeover by Royal Dutch Shell and PetroChina's, clearing the way for a final legal go-ahead due later this week...

PRC Hot Topic: Travel Industry Changes Kick Start M&A Holiday

Wed, 14 Jul 2010 01:30:00 EDT

Summer is turning up the heat in the northern hemisphere. As travelers are packing their bags, legal counsel of PRC hospitality and travel companies have been…

Israel's BioLineRx Readies NASDAQ Share Offer

Wed, 14 Jul 2010 01:08:08 EDT

Israeli drug development company BioLineRx is planning a share offering on U.S. exchange NASDAQ...

Abu Dhabi Crown Prince Eyes BP Stake

Wed, 14 Jul 2010 01:01:55 EDT

Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahayan is considering an investment in oil major BP...

Corporate Finance Watch: Harry & David’s Amend & Extend Gift

Wed, 14 Jul 2010 00:30:00 EDT

Gift basket retailer Harry & David recently amended its existing credit agreement, extending the maturity date and reducing the size of the facility…

Guest Analysis: Chinese Developments in Anti-Monopoly Filings Part II

Tue, 13 Jul 2010 17:30:00 EDT

Under China’s Anti-Monopoly Law and the Filing Thresholds Regulations, the State Council has delegated to MOFCOM the right to investigate…

Canada Seeks Support for Securities Watchdog Plan

Tue, 13 Jul 2010 17:00:00 EDT

Canada's proposed national securities regulator would have a strong presence in all corners of the country, according to a blueprint released that also set new deadlines for reform...

Ocado Faces Calls to Cut IPO Price Tag

Tue, 13 Jul 2010 13:58:38 EDT

British online grocer Ocado faced calls to cut the price of its planned initial public offering on Tuesday as analysts and investors said its hopes of a 1 billion pound...

Citi Confirms Sale of Private Equity Unit

Tue, 13 Jul 2010 13:00:09 EDT

Citigroup Inc said it agreed to sell its private equity unit to StepStone Group LLC and Lexington Partners...

Bankruptcy Claims Trading Falls in June

Tue, 13 Jul 2010 12:46:50 EDT

The trading of claims in bankruptcy cases fell to $2.1 billion in June, down for the second straight month, as several large companies prepared to exit Chapter 11...

Bankers Call for Reworking of Basel III Rules

Tue, 13 Jul 2010 12:23:36 EDT

Planned global rules that will force banks to top up their capital and curb risk to avert a repeat of the financial crisis could choke growth and raise costs for consumers...

AIG Board to Meet to Consider AIA's Future

Tue, 13 Jul 2010 12:22:26 EDT

The board of American International Group Inc is expected to meet this week to consider the future of the insurer's Asian life business, AIA...

BT Pension Trustees in Court Over State Guarantee

Tue, 13 Jul 2010 11:52:26 EDT

Pension trustees for Britain's BT Group Plc asked a court on Tuesday to rule how much of its liabilities could be guaranteed by the state, in a move which could affect how the company tackles its deficit...

Ontario Teachers’ to Vote Against Magna Plan

Tue, 13 Jul 2010 11:45:00 EDT

The Ontario Teachers' Pension Plan said that additional information offered by Magna International on its proposal to eliminate its multiple-voting shares...

Borders to Sell Paperchase for $31 Million

Tue, 13 Jul 2010 08:42:57 EDT

Borders Group Inc said that it had agreed to sell a British-based retailer of stationery, cards and gifts to Primary Capital Ltd for about $31 million (20.5 million pounds)...

GE, Eaton Among Main Suppliers for China Jet

Tue, 13 Jul 2010 06:00:00 EDT

The venture will be majority owned by Shanghai Aircraft Manufacturing Co, Ltd, a subsidiary of the state-owned Commercial Aircraft Corporation of China (COMAC), with Eaton owning 49 percent…

Florida Banks Seek Reprieve From New Capital Rules

Tue, 13 Jul 2010 05:03:14 EDT

Banks in Florida are requesting that U.S. federal regulators exempt them from mandatory higher capital requirements because they...

African Minerals in $1.5 Billion Deal With Shandong

Tue, 13 Jul 2010 04:00:00 EDT

African Minerals Ltd has sealed a second investment deal with a Chinese group for its flagship iron ore project in Sierra Leone, selling a 25 percent stake to Shandong Iron & Steel for $1.5 billion...

FSA to Ban Self-Cert Mortgages

Tue, 13 Jul 2010 03:08:02 EDT

Britain's financial regulator unveiled new rules obliging banks to make sure all mortgage customers can afford their repayments, in a move that will outlaw self-certification loans...

Deals of the Day -- Mergers and Acquisitions

Tue, 13 Jul 2010 02:05:17 EDT

The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0600 GMT on Tuesday...

General Growth Files for Plan of Reorganization

Tue, 13 Jul 2010 02:00:00 EDT

The second largest U.S. mall owner said it has successfully restructured about $15 billion in project-level debt which will allow it to satisfy its debt and other claims in...

UK-Business Summary

Tue, 13 Jul 2010 01:38:14 EDT

Retail sales rebound in June...

European IPOs: Gambling on Business Risk

Tue, 13 Jul 2010 01:00:00 EDT

Whilst stock market wobbles continue to disrupt the IPO plans of many, a few surprisingly risky companies have managed to get their equity issues off the ground recently…

Essar Energy to Acquire Navabharat Power Pvt. Ltd

Tue, 13 Jul 2010 00:00:00 EDT

Essar Energy plc, the India-focused integrated energy company, today announced that its subsidiary, Essar Power Limited (EPL), has entered into binding agreements for...

BP Puts Well Cap in Place; U.S. Issues New Drilling Ban

Mon, 12 Jul 2010 22:06:37 EDT

BP said it had installed a cap meant to halt the flow of oil from its ruptured Gulf of Mexico well and the Obama administration issued a new moratorium on deepwater oil drilling...

TD Bank Eyes Bigger Commodities Presence

Mon, 12 Jul 2010 18:28:20 EDT

Toronto-Dominion Bank, is pushing for a bigger commodities banking presence, announcing a new precious metals trading team this week just days after beefing up its oil and gas advisory business with...

Key Players in Final Hurdle for Wall St Bill

Mon, 12 Jul 2010 17:45:00 EDT

As Congress returns from a weeklong break, Senate Democrats are just short of the votes necessary to win passage of a landmark overhaul of financial regulations...

FDIC Grows Backup Role at Large, Risky Banks

Mon, 12 Jul 2010 13:33:00 EDT

U.S. bank regulators would have more power to examine the largest and riskiest institutions, under a new interagency memorandum approved...

Playboy Bidding War Looms; Shares Rise

Mon, 12 Jul 2010 13:00:00 EDT

A bidding war for the bunny may be about to break out...

Aon to Buy Hewitt for $4.9 Billion, Creating HR Giant

Mon, 12 Jul 2010 10:54:53 EDT

Aon Corp, the world's largest insurance brokerage, said it will buy Hewitt Associates Inc for $4.9 billion in cash and stock to create the world's largest human resources company...

Lawsuit Against Apple, AT&T Remains Class Action

Mon, 12 Jul 2010 10:26:45 EDT

A monopoly abuse lawsuit against Apple Inc and AT&T Inc's mobile-phone unit can continue as a class action against the two companies, a U.S. judge ruled...

General Growth Gets $500 Million Texas Fund Investment

Mon, 12 Jul 2010 09:29:05 EDT

General Growth Properties Inc, the second-largest U.S. mall owner, said it expects to receive a $500 million equity investment from a large Texas pension fund and emerge from bankruptcy protection by October...

J&J to Buy Micrus Endovascular for $480 Million

Mon, 12 Jul 2010 08:56:36 EDT

Johnson & Johnson will buy Micrus Endovascular Corp for about $480 million to expand its portfolio of medical devices that treat stroke...

Key Political Risks to Watch in Uganda

Mon, 12 Jul 2010 07:00:00 EDT

Suspected Somali Islamists carried out two bomb attacks late on Sunday in the Ugandan capital that killed at least 64 people as they watched the World Cup final...

China Confirms Renews Google’s China License

Mon, 12 Jul 2010 06:30:00 EDT

Guxiang, a company that operates Google's websites in China, was included in a list of more than 200 companies that had their licenses renewed...

Blackstone to Manage BofA's Asia Property Fund

Mon, 12 Jul 2010 05:27:53 EDT

Blackstone Group will manage a $2-billion-plus Asian real estate fund of Bank of America-Merrill Lynch, in a deal that will close in the third quarter, sources familiar with the situation told Reuters...

Disclosure Watch: China Unicom Discloses Telefonica Deal…Finally

Mon, 12 Jul 2010 02:00:00 EDT

In a sudden blast from the past, details of the US$1 billion deal between China Unicom and Spain’s Telefonica last year have finally been disclosed. The subscription agreement...

South African Markets - Factors to Watch on July 12

Mon, 12 Jul 2010 01:45:00 EDT

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets...

Canadian Hot Topic: Parliament Takes Aim at Copyright (Again)

Mon, 12 Jul 2010 01:00:00 EDT

Intellectual property protections have been a hot button issue in Canada as of late, and businesses are taking note of recent copyright initiatives...

New Algeria Rules Squeeze Foreign Contractors

Sun, 11 Jul 2010 14:33:55 EDT

Algeria announced a series of measures on Sunday that will give preferential treatment to domestic firms over foreign rivals, strengthening the energy exporter's trend towards economic nationalism...

Dubai World to Meet Creditors July 22

Sun, 11 Jul 2010 08:29:56 EDT

Troubled state conglomerate Dubai World has invited creditors to a July 22 meeting to offer details on its multi-billion dollar debt restructuring, the first session to include all lenders since December 2009...

Six Groups Bid for Mecca-Medina Rail Stations

Sun, 11 Jul 2010 05:41:53 EDT

German transport group Deutsche Bahn, Italy's Astaldi and British firm WS Atkins are among companies bidding to build four stations along a 450-km (280 mile) railway in Saudi Arabia...

SIAS, Benettons to Merge Chile Road Assets

Sun, 11 Jul 2010 05:00:00 EDT

Italy's Benetton family and road operator SIAS plan to merge their Chile highway holdings into a billion-euro company, Il Sole 24 Ore said...

When A-Lists Delist: Abu Dhabi’s Aabar Investment Goes Private

Sun, 11 Jul 2010 01:00:00 EDT

Taking public companies private ascribes new meaning to the Latin maxim, e pluribus unum. Abu Dhabi’s publicly listed Aabar Investments PJSC has announced…

BofA Bolsters Compliance After $10.7 Billion Error

Sat, 10 Jul 2010 13:57:59 EDT

Bank of America Corp is beefing up its internal accounting controls after it incorrectly classified as much as $10.7 billion in short-term lending and repurchase deals for mortgage securities as sales...

Regulatory Watch: SEC to Reevaluate Filing Requirements

Fri, 9 Jul 2010 17:12:00 EDT

The Securities and Exchange Commission is looking at reevaluating its requirements regarding corporate risk disclosure and also considering more sweeping recommendations on...

Goldman Sued by Liberty Mutual Over Fannie Stock

Fri, 9 Jul 2010 13:15:48 EDT

Goldman Sachs Group Inc was sued by Liberty Mutual Insurance Co for fraudulently misleading it into buying preferred stock of mortgage financier Fannie Mae that would become "virtually worthless"...

Vallar IPO Raises £707 Million

Fri, 9 Jul 2010 06:49:00 EDT

Vallar Plc, which is seeking to build up a mid-tier mining house from scratch, raised 707 million pounds in an initial public offering before formal trading begins on July 14, it said...

BC and Silver Lake to Buy MultiPlan for $3.1 Billion

Fri, 9 Jul 2010 06:35:41 EDT

BC Partners and Silver Lake are set to buy U.S. healthcare services firm MultiPlan, the private equity firms said on Friday, in the year's largest secondary buyout worth about $3.1 billion...

M&A Watch: China's Lenovo Gets Linkage

Fri, 9 Jul 2010 02:00:00 EDT

Lenovo-affiliate and tech giant AsiaInfo Holdings, Inc. just completed its merger with Linkage Technologies Holdings…

AsiaPac Hot Topic: Smoke in the Eyes of PRC Green Dreams

Fri, 9 Jul 2010 01:30:00 EDT

China’s green energy sector may be conjuring up more images of green dollar bills than healthy fields of grass these days. The country’s presence as a major alternative energy mover...

Corporate Governance Watch: HP and Human Rights Voting

Fri, 9 Jul 2010 01:00:00 EDT

Human rights policies are an increasing shareholder demand. Honeywell, Motorola, DuPont and even Halliburton have put the matter to a shareholder vote...

Wilbur Ross Buying 25 Pct Stake in Sun Bancorp

Thu, 8 Jul 2010 11:00:00 EDT

Billionaire investor Wilbur Ross is taking a 25 percent stake in Sun Bancorp, the New Jersey bank said on Thursday, sending its shares up as much as 47 percent...

Private Equity, Wealth Funds Chase Banks' Hotels

Thu, 8 Jul 2010 10:15:22 EDT

Banks are set to step up sales of struggling hotels, a boon for buyers such as private equity and sovereign wealth funds pursuing prestigious addresses and higher returns versus other commercial properties...

Dubai's Lossmaking DHCOG Extends $555 Million Loan

Thu, 8 Jul 2010 09:37:39 EDT

Dubai Holding's main unit will not be repaying a loan due on Thursday, saying lenders have agreed to extend the $555 million credit, underscoring worries that Dubai's debt woes are far from over...

Europe Wins Some Trust for Banks in Stress Tests

Thu, 8 Jul 2010 09:04:43 EDT

European supervisors shored up some confidence in the stress tests they are imposing on banks, as markets focused on finding out more detail about the process before delivering a final verdict...

European Court Says Portugal PT Golden Share Illegal

Thu, 8 Jul 2010 05:28:47 EDT

The European Court of Justice ruled that Portugal's golden share in Portugal Telecom was illegal, opening the way up to a possible conclusion of PT's sale of its Brazilian Vivo unit to Spain's Telefonica...

Redomiciliation Watch: Companies Scramble From Caribbean to Ireland

Thu, 8 Jul 2010 03:30:00 EDT

The race to flee “disreputable” Caribbean tax havens for “legit” European low tax jurisdictions is now on with two insurance companies fleeing from…

Corporate Finance Watch: Tech Industry Tapping the Credit Keg

Thu, 8 Jul 2010 03:00:00 EDT

The lending gap for startups and small companies is disappearing, at least for a lucky few. Since the financial crisis, smaller and riskier companies such as…

Build America Bonds: Stimulus Works for States...and (Some) Investors

Thu, 8 Jul 2010 03:00:00 EDT

Build America Bonds are turning out to be hot commodities, but in fact these investments may not be as much of a commodity as their traditional tax-exempt municipal brethren...

Mideast Defies Global Aerospace, Defense Slowdown

Thu, 8 Jul 2010 02:29:17 EDT

The global aerospace and defense industry is in slowdown mode but Middle Eastern countries are bucking the trend thanks to heavy investments in the sector and a growing wealthy population...

Istithmar Sells 6.9 Percent in SpiceJet

Thu, 8 Jul 2010 02:14:25 EDT

Dubai's Istithmar sold its 6.9 percent stake in low-cost carrier SpiceJet for $25.3 million...

Yemen Faces Qaeda, Pirate Threats in Vital Strait

Thu, 8 Jul 2010 01:45:48 EDT

On a rocky volcanic outcrop set in the deep and treacherous waters of a vital strait linking Europe to Asia, Yemen's coastguard is building a base to help secure one of the world's busiest waterways...

China Measures to Cool Property Market Likely to Work

Thu, 8 Jul 2010 01:30:00 EDT

China's measures to gradually cool its property market will probably work, although more transparency is needed in bank lending to local governments...

Obama Administration Set For Drill Ban Legal Fight

Thu, 8 Jul 2010 01:05:07 EDT

The Obama administration heads to court on Thursday with a single goal -- to reinstate a six-month moratorium on deepwater oil drilling imposed in response to the BP Plc oil spill but blocked by a federal judge...

BP Boss in MidEast Talks, More Progress on Relief Well

Thu, 8 Jul 2010 01:00:00 EDT

BP boss Tony Hayward met officials from an Abu Dhabi state investment fund, the latest stop on a global quest for money to ward off takeovers and help pay the huge costs of the worst oil spill in U.S. history...

Litigation Watch: SEC “Swaps” Insider Trading Loss for Regulatory Win

Thu, 8 Jul 2010 01:00:00 EDT

In a recent insider trading decision, a U.S. federal court in Manhattan ruled against the SEC in its first ever insider trading case involving credit default swaps or CDS…

Guest Analysis: Chinese Developments in Anti-Monopoly Filings Part I

Wed, 7 Jul 2010 19:00:00 EDT

In early November, 2009, the merger-control regulator of the People’s Republic of China, the Anti-Monopoly Bureau under the Ministry of Commerce, announced…

SEC Reopens "Flash Order" Debate

Wed, 7 Jul 2010 16:29:12 EDT

The top U.S. securities regulator wants more feedback on its nearly year-old proposal to ban "flash orders," and has asked additional questions about the wisdom of the ban in the options market...

WaMu Trust Securities Holders Sue JPMorgan, WaMu

Wed, 7 Jul 2010 15:30:26 EDT

Holders of $1 billion of securities issued by a Washington Mutual Inc entity have sued to void an eve-of-bankruptcy exchange of their investment, according to a complaint filled with claims of fraud and secret agreements...

Time Warner Offers to Buy Back $4 Billion of Debt

Wed, 7 Jul 2010 13:46:28 EDT

Time Warner Inc said it had offered to buy back about $4 billion of its debt...

Carlyle Hit With Suit Over Collapsed Mortgage Fund

Wed, 7 Jul 2010 13:45:00 EDT

Carlyle Group is being sued by the liquidators of a failed mortgage-securities fund that was set up by the private equity group, a spokesman for the liquidators said...

Deals of the Day -- Mergers and Acquisitions

Wed, 7 Jul 2010 12:24:24 EDT

The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by...

Media Executives See Small Deals as Key to Future

Wed, 7 Jul 2010 10:35:24 EDT

Small-sized acquisitions and strategic buys rather than blockbuster multibillion dollar deals will be on the minds of the media moguls and financiers who gather at this week's Sun Valley conference...

Sweden's Hexagon Buys Intergraph for $2.1 Billion

Wed, 7 Jul 2010 08:19:41 EDT

Swedish measurement systems firm Hexagon AB said on Wednesday it would pay $2.1 billion for U.S. software firm Intergraph to capitalise on expanding demand from energy, security and infrastructure firms...

Total to Buy Oil Sands Firm UTS for $1.4 Billion

Wed, 7 Jul 2010 07:30:00 EDT

Total SA has agreed to buy UTS Energy Corp for C$1.5 billion ($1.42 billion) in cash, twice the amount the French oil major offered for the...

Kraft to Sell Cadbury's Romanian Confectionery Business

Wed, 7 Jul 2010 07:24:24 EDT

Kraft Foods Inc agreed to sell Cadbury Plc's chocolate confectionery business in Romania to Oryxa Capital for an undisclosed amount to meet the European regulatory requirement of its Cadbury acquisition...

ICBC Could Raise $6.6 Billion in China Bank Funding Drive

Wed, 7 Jul 2010 02:46:30 EDT

ICBC, the world's most valuable lender, may raise up to $6.6 billion in new funding, sources said, joining Agricultural Bank of China, which priced its IPO to be the world's largest, in a rush to raise billions of dollars...

Bigger Role Seen for Emerging Financial Centers

Wed, 7 Jul 2010 02:45:00 EDT

London and New York are not about to lose their spots as the world's leading financial centers but they are being challenged by emerging market upstarts in a...

BA's Walsh to Guarantee Flights if New Strike

Wed, 7 Jul 2010 02:11:33 EDT

British Airways will be able to guarantee all of its flights should there be any new strike action, the company's Chief Executive Willie Walsh said in an interview...

Brazil Watch: Gerdau’s $1.6 Billion North American Acquisition

Wed, 7 Jul 2010 00:30:00 EDT

Brazilian steel producer Gerdau S.A., looking to establish full control of its Canadian JV Gerdau Ameristeel, recently announced that it has…

Vantage Drilling Company Announces Agreement to Purchase Mandarin Drilling Corporation

Wed, 7 Jul 2010 00:00:00 EDT

Vantage Drilling Company announced that it has signed a definitive agreement to acquire the remaining 55% ownership interest in Mandarin Drilling Corporation...

KKR Founders Own About a Quarter of Company

Tue, 6 Jul 2010 14:00:00 EDT

Kohlberg Kravis Roberts & Co co-founders Henry Kravis and George Roberts were each paid about $22 million last year in fee and other income, and together own about...

Cliffs to Buy INR's West Virginia Coal Mine Operations

Tue, 6 Jul 2010 12:45:00 EDT

Iron ore producer Cliffs Natural Resources Inc said it will buy INR Energy's coal mine operations for $757 million, the latest step in its strategy to become a...

MEG Energy Plans C$1 Billion IPO

Tue, 6 Jul 2010 11:30:00 EDT

Oil sands producer MEG Energy Corp aims to raise about C$1 billion ($950 million) in an initial public offering late this month, selling about 23 million common shares as it...

Skadden Tops Global Table of Legal Dealmakers in H1

Tue, 6 Jul 2010 11:30:00 EDT

U.S. law firm Skadden, Arps, Slate, Meagher & Flom nailed the most lucrative tally of mergers and acquisitions worldwide in the first half of 2010, advising on $137 billion of deals...

Abertis Buyout Financing at 6-7 Billion Euros

Tue, 6 Jul 2010 10:37:59 EDT

Spanish motorway group Abertis' core owners and private equity firm CVC Capital Partners are set to secure 6-7 billion euros to fund their buyout of the firm next week, in spite of the ongoing global credit squeeze...

Ryanair Could Still Bid for Aer Lingus Despite Ruling

Tue, 6 Jul 2010 09:37:49 EDT

Ireland's Ryanair could still bid for Aer Lingus despite losing a legal challenge to a 2007 veto by EU regulators against the budget carrier's second attempt to buy its rival...

MBK's $2 Billion Taiwan Auction May Have Broader PE Impact

Tue, 6 Jul 2010 05:15:00 EDT

The implications of the auction for Taiwan cable TV company CNS may be felt far wider than just by the seller and the buyers involved...

Planeta Gets EU Approval for Deal With Bertelsmann

Tue, 6 Jul 2010 03:21:55 EDT

Spanish publisher Grupo Planeta gained EU regulatory approval on Tuesday for its acquisition of a major stake in Spanish book company Circulo from German media group Bertelsmann...

Gulf Needs Concrete Action for Emerging Market Leap

Tue, 6 Jul 2010 03:08:54 EDT

Gulf stock markets will miss out on getting on the global investment map unless regulators take concrete action to address concerns raised by MSCI, who denied the region emerging market status for the second year running...

Canadian Hot Topic: CSA Proposes New Fund Rules

Tue, 6 Jul 2010 01:00:00 EDT

The asset-backed commercial paper crisis of 2007-08 continues to have repercussions for Canada’s public issuers. And now, the CSA has proposed changes to…

IPO Watch: Green Dot Amends $150 Million IPO, Limiting Offering

Tue, 6 Jul 2010 00:30:00 EDT

Green Dot Corp, an issuer of general purpose reloadable prepaid debit cards, or GPR cards, has amended its $150 million initial public offering of…

S&P Upgrades Qatar and Qatar Petroleum to 'AA'

Mon, 5 Jul 2010 11:34:51 EDT

Rating agency Standard & Poor's on Monday upgraded Qatar's sovereign credit rating and state-controlled Qatar Petroleum to 'AA' from 'AA-', citing the gas-rich Gulf Arab state's strong growth prospects...

Iran Says Germany, UK, UAE Deny Fuel to its Planes

Mon, 5 Jul 2010 11:09:13 EDT

Iranian officials accused Germany, Britain and the United Arab Emirates on Monday of refusing to refuel Iranian passenger planes in response to tougher U.S. sanctions over its nuclear programme...

Travis Perkins to Buy BSS Group for Â£558 Million

Mon, 5 Jul 2010 09:00:00 EDT

British builders merchant Travis Perkins is to buy BSS Group for an agreed 557.6 million pounds ($845 million) to become the country's biggest plumbing and...

Fairfield Opens Books on $500 Million IPO

Mon, 5 Jul 2010 06:23:32 EDT

British oil and gas company Fairfield Energy set a price range for its initial public offering (IPO), targeting proceeds of up to $500 million (330.4 million pound), two sources close to the deal said...

Lloyds Offloads Private Equity Unit

Mon, 5 Jul 2010 06:02:21 EDT

Bailed-out lender Lloyds Banking Group has agreed to sell its private equity business to buyout firm Coller Capital, accelerating its plan to offload peripheral units and refocus on its core lending activities...

Backdating Backlash: Comverse Comes Full Circle With Settlement

Mon, 5 Jul 2010 02:00:00 EDT

Just when companies welcomed a sign that the SEC might be backing down on its backdating pursuit, the hammer of the plaintiffs’ bar has struck a blow for corporate transparency…

UK Hot Topic: Television Competition Channels Regulator Action

Mon, 5 Jul 2010 01:00:00 EDT

Television is undergoing a virtual revolution in the UK, but it is a revolution that is leading to very real competition law issues. Regulators are picking up enforcement on…

Credit Watch: Closing the GAAP to IFRS

Mon, 5 Jul 2010 01:00:00 EDT

The clock is ticking for the switch-over of Canadian public issuers to IFRS. With just six months to go, a relatively innocuous filing by Capital Power Income…

Wilmar to Buy Australian Sugar Unit for $1.47 Billion

Sun, 4 Jul 2010 19:30:00 EDT

Wilmar International has entered an agreement with Australia's CSR Ltd to buy the latter's sugar and renewable energy business for A$1.75 billion ($1.47 billion)...

Saudi Airlines' Catering Unit Eyes IPO by March 2011

Sun, 4 Jul 2010 09:49:28 EDT

Saudi Arabian Catering Co, a unit of Saudi Airlines (Saudia), is eyeing a bourse listing by March 2011, while its ground handling unit will merge in July with two other firms...

BP Could Get Backing From Mideast Firms

Sun, 4 Jul 2010 02:17:05 EDT

Troubled oil giant BP could get a reprieve from Middle East financial institutions looking to make a strategic investment in the company...

Egypt's Mobinil Signs Off on Purchase of OT Internet

Sat, 3 Jul 2010 03:49:48 EDT

Mobinil shareholders approved the $130-million purchase of two internet assets from major shareholder Orascom Telecom...

Ridgebury Tankers Files for $250 Million IPO

Fri, 2 Jul 2010 18:30:00 EDT

Ridgebury Tankers Ltd filed with the U.S. Securities and Exchange Commission on Friday to raise up to $250 million in an initial public offering of common stock...

Jordan Nuclear Deal Held up by U.S. Curbs--Sources

Fri, 2 Jul 2010 08:23:07 EDT

Washington's refusal to let Jordan exploit its own uranium deposits to make nuclear fuel has held up nuclear cooperation talks and the two sides are a long way from any deal...

Bank of China Plans Rights Issue for $8.8 Billion

Fri, 2 Jul 2010 08:20:40 EDT

Bank of China Ltd, China's No.4 lender, plans to raise up to 60 billion yuan ($8.8 billion) through a rights offer, the company said in a statement...

Brit Rebuffs Second Apollo Approach

Fri, 2 Jul 2010 07:49:04 EDT

Lloyd's of London insurer Brit Insurance said it had rejected an improved takeover proposal from U.S. buyout firm Apollo Management, but signalled it was ready to do a deal at the right price...

Blockbuster Wins Debt Reprieve, Forced to Delist

Fri, 2 Jul 2010 07:30:00 EDT

Blockbuster Inc stayed a step ahead of bankruptcy after winning a crucial one-month reprieve on debt payments, but was forced to begin the process of delisting from...

Abu Dhabi's Aabar Launches $2 Billion Loan

Fri, 2 Jul 2010 06:30:25 EDT

Abu Dhabi investment vehicle Aabar Investments has launched syndication of a $2 billion loan that will mature on May 21, 2013...

Dubai's Du to Gain Access to Etisalat Network

Fri, 2 Jul 2010 05:30:50 EDT

United Arab Emirates telecoms services provider du will gain access to the network of rival and market leader Etisalat, creating a new wave of competition in the country, a local newspaper said...

Watch Out: Yuan May Fall as Volatility Picks Up

Fri, 2 Jul 2010 04:44:48 EDT

Now that China is staying true to its word and letting the yuan trade a bit more freely, analysts and investors outside the mainland may not be prepared for one potential outcome: a yuan drop...

Lagardere to IPO Canal+ Stake After Vivendi Impasse

Fri, 2 Jul 2010 04:03:39 EDT

French media groups Lagardere and Vivendi failed to agree on the price for a 20 percent stake in leading French pay television group Canal+ France, and the stake will now be sold in an initial public offering...

M&A Terms: “Environmental Outs” Coming in, Thanks to BP

Fri, 2 Jul 2010 03:00:00 EDT

“Environmental outs” are a rising concern, thanks to BP. No unified response has yet emerged, however, to judge from the PE acquisition of Omni Energy and the just-completed Exxon/XTO Energy deal…

Debt Watch: Virgin Courts Bondholders With Note Refinancing

Fri, 2 Jul 2010 02:30:00 EDT

Virgin Media has set the scene for possible share buy-backs, dividends or capital investments by putting itself in rude financial health with a…

Australia Strikes Compromise Tax Deal With Miners

Fri, 2 Jul 2010 02:11:01 EDT

Australia ended a damaging dispute with global miners on Friday by dumping its "super profits" tax for a lower resources rent tax backed by big miners, clearing a major hurdle to call an early election...

Global Business Watch: Hedge Fund Not “Manly” Enough for a U.S. Listing

Fri, 2 Jul 2010 01:00:00 EDT

The cross-border tie-up of mega-hedge funds Man Group and GLG Partners has moved one step closer to completion. GLG Partners filed its preliminary merger proxy for…

Yuan Revaluation: All’s Quiet on the Disclosure Front

Fri, 2 Jul 2010 00:30:00 EDT

The deceptive quiet two weeks after the revaluation of the renminbi may continue on for some time. The renminbi, China's currency, which is also known as the yuan, was recently unpegged…

Private Equity Watch: Blue Square’s Propco-Opco Spinoff

Fri, 2 Jul 2010 00:15:00 EDT

The private equity gambit of asset-shifting continues to find opportunistic participants…

Venture-Backed IPOs Show Rebound as M&A Slips

Thu, 1 Jul 2010 13:30:00 EDT

Venture-backed initial public offerings are the highest since before the financial crisis, even as venture-backed M&A activity is slipping, according to a survey by...

Private Equity Takes Stake in BJ's

Thu, 1 Jul 2010 12:00:00 EDT

A private equity firm that has invested in several retailers has taken a 9.5 percent stake in BJ's Wholesale Club Inc and said it may propose taking the warehouse club operator private...

First Republic Completes Split From Bank of America

Thu, 1 Jul 2010 10:30:00 EDT

First Republic Bank, a lender to wealthy families that was prized by Merrill Lynch but deemed expendable by Bank of America Corp, celebrated its 25th birthday by...

Treasury Takes in $10.5 Billion From Citi Shares

Thu, 1 Jul 2010 09:30:00 EDT

The Treasury Department said it has earned gross profit of about $2 billion so far on the sale of about one-third of its common stock holdings in Citigroup Inc...

House Passes Landmark Financial Reform Bill

Thu, 1 Jul 2010 08:30:00 EDT

The House of Representatives approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama...

Archer Daniels Invests $100 Million in China Bank

Thu, 1 Jul 2010 08:30:00 EDT

U.S. agricultural processor Archer Daniels Midland Co said it will invest $100 million in a Chinese bank and open an office in Beijing as part of its goal to boost sales in China...

Emerson Set to Win Chloride After ABB Withdraws

Thu, 1 Jul 2010 08:11:07 EDT

British company Chloride is to start talks with Emerson Electric after rival suitor ABB pulled out in the face of an improved 997 million pounds ($1.5 billion) offer from the U.S. group...

BT Announces "Cheapest" Sky Sports Pricing

Thu, 1 Jul 2010 08:00:00 EDT

British telecoms provider BT announced pricing it said was cheaper than that of its rivals for Sky Sports TV channels, potentially sparking a price war after BSkyB was ordered to...

Tate & Lyle Sells Europe Sugar Refining Ops to U.S.

Thu, 1 Jul 2010 06:51:40 EDT

Britain's Tate & Lyle is selling its European sugar operations to American Sugar Refining for 211 million pounds ($315 million), breaking a 150-year link to sugar in favour of low-calorie sweeteners offering faster growth...

AgBank HK Offer 10 Times Oversubscribed by Institutions

Thu, 1 Jul 2010 04:13:50 EDT

Agricultural Bank of China's Hong Kong share offering has been more than 10 times oversubscribed by institutional investors, signalling their healthy interest in the dual-market listing that could end up...

Two Australia PE Deals Signal Buyout Comeback

Thu, 1 Jul 2010 04:00:00 EDT

Private equity firms completed two of the only significant buyout deals in Australia since the global financial crisis, led by the $570 million sale of university programme provider Study Group...

Barclays Sets Up Swiss Corp Bond Syndicate Team

Thu, 1 Jul 2010 03:44:34 EDT

Barclays Capital said it had set up a new syndicate bond, sales and trading team in Zurich to bolster its presence in the Swiss bond market...

URS Wins Scott Wilson Bid War as CH2M Withdraws Offer

Thu, 1 Jul 2010 02:21:47 EDT

U.S. engineering firm URS Corp won the bidding battle for British consultancy Scott Wilson Group after privately held CH2M Hill withdrew its offer, saying the acquisition no longer added value to the company...

Hot Topic: Just the Beginning of Financial Reform

Thu, 1 Jul 2010 02:00:00 EDT

A last minute $19 billion financial services tax and the passing of Senator Robert Byrd may be clouding the future of financial reform in the eyes of the media...

Sumitomo Buys Stake in Usiminas Unit for $1.93 Billion

Thu, 1 Jul 2010 02:00:00 EDT

Usiminas, Brazil's largest maker of flat steel, said it is selling 30 percent of its mining unit to Japan's Sumitomo Corp for $1.93 billion, in a bid to raise cash to develop its...

Debt Watch: Two Sides to the Credit Exposure Coin

Thu, 1 Jul 2010 01:30:00 EDT

Sovereign credit risk is an issue beyond the Eurozone – to wit, South African credit, post-World Cup, is causing a stir…

Fortis Makes S$3.2 Billion Offer for Parkway

Thu, 1 Jul 2010 01:09:22 EDT

Fortis healthcarealong with its founders have made an open offer for all of Parkway Holdings for S$3.21 billion (US$2.3 billion), an adviser to the Indian hospital chain said...

IPO Watch: SMART Makes a Shrewd Move

Thu, 1 Jul 2010 00:30:00 EDT

SMART Technologies of Calgary is on the verge of one of the most highly anticipated Canadian tech IPOs in years…

Indonesia Works Overtime: State as Regulator-Competitor

Thu, 1 Jul 2010 00:30:00 EDT

When the government both competes and regulates, the outcome of the competition should rarely be in doubt…

Yahoo Board Approves $3 Billion Stock Buyback

Wed, 30 Jun 2010 20:30:00 EDT

Yahoo Inc approved a plan to repurchase up to $3 billion of its common stock over the next three years, the company said...

Hitachi Sells LCD Panel Venture Stake to Panasonic

Wed, 30 Jun 2010 20:30:00 EDT

Japan's Hitachi Ltd said it would transfer most of its stake in an LCD panel joint venture to Panasonic Corp for $717 million, shrinking its investment in the venture to 5 percent...

Amazon to Acquire Online Store Woot

Wed, 30 Jun 2010 19:30:00 EDT

Amazon.com Inc said it signed an agreement to acquire online store Woot.com, which sells discounted products and operates an online community, for an undisclosed sum...

ConocoPhillips Sells Truck Stop Stake for $626 Million

Wed, 30 Jun 2010 19:30:00 EDT

ConocoPhillips said it completed the sale of its 50 percent stake in a truck stop joint venture to Pilot Travel Centers for $626 million, marking the latest step in its $10 billion asset sale plan...

Algeria Submits Price Controls Law to Parliament

Wed, 30 Jun 2010 13:31:21 EDT

Algeria's government has submitted to parliament a draft law that will allow it to set price controls on all consumer goods and services as part of a campaign to curb inflation...

U.S. SEC Curbs Money Manager Political Contribution

Wed, 30 Jun 2010 12:15:00 EDT

U.S. securities regulators voted to restrict a practice that has allowed money managers to make political contributions in hopes of winning business from pension funds...

Nakheel Starts 40 Percent Cash Payments to Creditors

Wed, 30 Jun 2010 10:33:50 EDT

Troubled Dubai developer Nakheel said it has started making cash payments to trade creditors, in the second phase of a repayment schedule, and is restarting several projects put on hold during the downturn...

BP Oil Spill a Gusher for Lawyers

Wed, 30 Jun 2010 10:00:00 EDT

From a legal perspective, BP's Deepwater Horizon blowout and the 1989 grounding of the Exxon Valdez are in many respects night and day...

Celgene to Buy Abraxis BioScience for $2.9 Billion

Wed, 30 Jun 2010 08:21:02 EDT

Celgene Corp agreed to acquire Abraxis BioScience Inc for $2.9 billion in cash and stock to expand its oncology pipeline, the companies said...

Boeing to Acquire Argon ST for $775 Million

Wed, 30 Jun 2010 07:55:58 EDT

Boeing Co said it agreed to acquire defense manufacturer Argon ST Inc for about $775 million to expand its surveillance and intelligence offerings...

Takeover Panel Rebukes URS Over Scott Wilson Bid

Wed, 30 Jun 2010 04:05:53 EDT

The Takeover Panel gave URS a slap over the wrist, saying the U.S. engineering firm's statement that it might raise its bid for consultancy Scott Wilson Group breached the takeover code...

Indosat Extends Debt Buyback Offer Period

Wed, 30 Jun 2010 03:47:58 EDT

Indonesian telecommunications company PT Indosat said that it has extended the deadline for holders of its debt due in 2010 and 2012 to accept its offer to buy back the bonds...

Israel Oil Refineries Gets $600 Million Syndicated Loan

Wed, 30 Jun 2010 03:30:29 EDT

Oil Refineries Ltd, Israel's largest oil refinery, and a syndicate of local banks led by Bank Hapoalim signed an agreement for a loan of $600 million...

Propco/Opco: Playing With the House’s Money?

Wed, 30 Jun 2010 03:00:00 EDT

Propco-opco structures are a lot like the movie Casino: Both bring together gaming with refrigerated storage, and both are fraught with conflict...

Indo-Canadian Deals: Timid Relations, the Beaver and the Bengal

Wed, 30 Jun 2010 02:30:00 EDT

An agreement signed at the G20 summit last weekend between the Prime Ministers of Canada and India is expected to have a direct impact on deals between the two countries involving the sale of commodities, equipment and expertise...

SEC Enforcement Watch: Facebook, Fraud and FINRA

Wed, 30 Jun 2010 02:00:00 EDT

Fraud has gone social media, and the SEC is onto it. Pump & dump schemes have moved from the classified pages and spam e-mail to Facebook and Twitter…

Moratorium Sinks as Deepwater Industry Sails On

Wed, 30 Jun 2010 02:00:00 EDT

With BP as backdrop, deepwater drilling is gushing forward, incongruously driven by both Noble Corp and Judge Barton Feldman of Louisiana…

Restructuring Watch: Extended Stay Readies to Check Out of Bankruptcy

Wed, 30 Jun 2010 01:30:00 EDT

The largest private equity deal of the year is one step closer to completion. Last week’s approval of Extended Stay’s disclosure statement by the bankruptcy court has paved the way for…

Disclosure Watch: Korea’s Largest Bank Files Annual Report

Wed, 30 Jun 2010 01:00:00 EDT

Financial services disclosure has been of particular interest since the implosion of the global financial system...

M&A Watch: Environmental Liabilities Not Just in the News Anymore

Wed, 30 Jun 2010 00:30:00 EDT

An oil spill webcam and Google Earth’s tracking of the spill’s progress in the Gulf have brought environmental concerns and liabilities to the forefront of at least one asset purchase agreement...