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  • *Australia's youngest billionaire Nathan Tinkler goes bust. SYDNEY, March 3- Rags-to-riches coal mining baron Nathan Tinkler, who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed, has been declared legally bankrupt after failing to pay off a private jet. He toyed with the idea of going to...

  • SYDNEY, March 3- Rags-to-riches coal mining baron Nathan Tinkler, who rode the mining boom to become Australia's youngest billionaire before losing it all when coal prices collapsed, has been declared legally bankrupt after failing to pay off a private jet. The bankruptcy order comes 10 years after the 40- year-old former mining electrician scraped together...

  • WASHINGTON, March 2- A wing of the U.S. Department of Energy focused on breakthrough technologies may soon give billionaire entrepreneur Elon Musk's most recent foray into energy storage a run for its money, the unit's director said. Advanced Research Projects Agency-Energy, or ARPA-E, which funds projects meant to transform energy markets, has made huge...

  • BOSTON, March 1- Billionaire investor William Ackman's Pershing Square Holdings has lost 19.9 percent in the first two months of 2016 as two of the hedge fund's most prominent bets moved in the wrong direction in recent days, a person familiar with the returns said on Tuesday. Late last week Herbalife Ltd., in which Ackman has a $1 billion bet that its shares will...

  • Trump moves higher in Forbes' richest person ranking

    Luisa Kroll, Forbes senior wealth editor, discusses Donald Trump's ranking in the Forbes is out with its "2016 List of the World's Richest People."

  • Samir Barai, the founder of Barai Capital Management, was sentenced by U.S. District Judge Deborah Batts in Manhattan to two years of supervised release and ordered to forfeit $216,603. Barai pleaded guilty in 2011 to securities fraud and other charges over a scheme that also involved Noah Freeman and Donald Longueuil, two former portfolio managers at...

  • NEW YORK, March 1- Republican frontrunner Donald Trump has upended the presidential primaries this year by relying heavily on free air time and Twitter at the expense of local-ad buying, throwing into question estimates that the November presidential election could translate into $6 billion spent on TV advertising. "For the broadcast industry, which has...

  • BOSTON, Feb 29- Billionaire investors Barry Rosenstein and Daniel Loeb's hedge funds lost more money in February as both managers were hit by volatile markets shaped by fears about slower growth and uncertainty over how the Federal Reserve will react. David Einhorn's Greenlight Capital was one of the first funds to report good news to investors, telling...

  • NEW YORK/ BUENOS AIRES, Feb 29- Argentina has agreed a $4.65 billion cash payment to its main holdout creditors and will present the deal to Congress this week for a vote which would end 14 years of bitter legal battles and pave the way for its return to global credit markets. Finance Minister Alfonso Prat-Gay said he hoped to issue two or three new sovereign bonds on...

  • LOS ANGELES, Feb 29- Media mogul Sumner Redstone's lawyers suffered a defeat in court on Monday as a California judge tentatively ruled that a lawsuit challenging his mental competency could proceed to trial. The decision, by Los Angeles Superior Court Judge David Cowan, dashes an attempt by Redstone's lawyers to put a quick end to the case, which has raised...

  • PARIS, Feb 29- French media group Vivendi raised its offer for mobile phone games company Gameloft on Monday and also declared that it had further raised its stake in Gameloft's sister video games company Ubisoft. Vivendi, led by billionaire tycoon Vincent Bollore, said on Monday it was raising its offer for Gameloft by 20 percent to 7.20 euros per share from 6...

  • NEW YORK, Feb 29- For leading U.S. shale oil producers, $40 is the new $70. Rival Whiting Petroleum Corp, the biggest producer in North Dakota's Bakken formation, will stop fracking new wells by the end of March, but would "consider completing some of these wells" if oil reached $40 to $45 a barrel, Chairman and CEO Jim Volker told analysts. The threat of a shale rebound is "...

  • LOS ANGELES, Feb 29- A lawsuit that challenges the mental competence of media mogul Sumner Redstone, the former executive chairman of Viacom Inc, can proceed, a California judge said in a tentative ruling on Monday. The decision by Los Angeles Superior Court Judge David Cowan is a victory for Redstone's former girlfriend, Manuela Herzer, who claims the 92-...

  • LOS ANGELES, Feb 29- A lawsuit that challenges the mental competence of media mogul Sumner Redstone, the former executive chairman of Viacom Inc, can proceed, a California judge said in a tentative ruling on Monday. The decision by Los Angeles Superior Court Judge David Cowan is a victory for Redstone's former girlfriend, Manuela Herzer, who claims the 92-...

  • NEW YORK, Feb 29- News Corp went to trial on Monday in a class action lawsuit that accuses the company of monopolizing the market for in-store promotions at some 52,500 retail stores across the United States. Jury selection got underway in federal court in Manhattan in an antitrust lawsuit filed by consumer packaged goods companies including Dial Corp, Kraft...

  • Workers with Raven Drilling line up pipe while drilling for oil in the Bakken shale formation outside Watford City, North Dakota.

    Less than a year ago major shale firms were saying they needed oil above $60 a barrel to produce more; now some say they will settle for far less.

  • NEW YORK, Feb 29- For leading U.S. shale oil producers, $40 is the new $70. Rival Whiting Petroleum Corp, the biggest producer in North Dakota's Bakken formation, will stop fracking new wells by the end of March, but would "consider completing some of these wells" if oil reached $40 to $45 a barrel, Chairman and CEO Jim Volker told analysts. The threat of a shale rebound is "...

  • TOKYO, Feb 29- Sharp Corp's list of liabilities that prompted Taiwan's Foxconn to suspend signing a takeover deal was an unverified study of worst-case scenario risks, rather than liabilities requiring disclosure, a source briefed on the matter said. The list, sent to Foxconn on Wednesday, included previously undisclosed potential liabilities worth around...

  • CAIRO, Feb 28- Egypt's largest listed company, Commercial International Bank, said on Sunday it had signed a deal to sell its investment banking arm CI Capital to an Orascom Telecom unit for 924 million Egyptian pounds. Orascom Telecom, which has holdings in media, technology and cable businesses as well as energy, transport and logistics, is expanding into...

  • Feb 27- Warren Buffett on Saturday used his annual letter to Berkshire Hathaway Inc shareholders to launch vigorous defenses of an aggressive private equity partner and a maligned mobile home unit, as his conglomerate recorded robust profits. The Omaha, Nebraska- based company reported a record full-year profit of $24.08 billion, up 21 percent, while...