Leadership Business Events

  • NEW YORK, Jan 20- A U.S. bankruptcy court judge granted Avaya Inc approval on Friday to tap $425 million of the $725 million loan proposed to carry the telecommunications company through its restructuring, funds the company said were essential to continue operations. "The company has taken a decisive step to rightsize its balance sheet," Pat Nash, one of the...

  • PITTSBURGH— The Latest on a two-day sentencing hearing for "Dance Moms" star Abby Lee Miller:. The bankruptcy fraud sentencing hearing for "Dance Moms" reality TV star Abby Lee Miller has begun before a federal judge in Pittsburgh. "Dance Moms" reality TV star Abby Lee Miller is scheduled to appear in Pittsburgh federal court Friday for the start of her sentencing...

  • LONDON, Jan 20- HSBC has begun cutting around 100 senior jobs in its investment banking division worldwide this week, according to sources with direct knowledge of the matter. The latest round of cuts comes as HSBC bankers in its London headquarters face uncertainty as the lender prepares for expected disruption caused by Britain's exit from the European...

  • TOKYO, Jan 20- Japan's Toshiba Corp has begun preparations to sell a minority stake in its core chip business, people with knowledge of the matter said, as it urgently seeks funding to avoid being crippled by an upcoming multi-billion dollar writedown. The industrial conglomerate has distributed non-disclosure agreement forms to various funds including...

  • TOKYO, Jan 20- Japan's Toshiba Corp has begun preparations to sell a minority stake in its core chip business, people with knowledge of the matter said, as it urgently seeks funding to help avoid being crippled by an upcoming multi-billion dollar writedown. The industrial conglomerate has distributed non-disclosure agreement forms to various funds...

  • ST. LOUIS, Jan 19- A U.S. bankruptcy judge denied on Thursday a request by Peabody Energy Corp shareholders to order the appointment of an official equity committee in the coal miner's Chapter 11 restructuring, crushing hopes of a recovery for investors. Bankruptcy Judge Barry Schermer asked why more money should be spent on legal fees when unsecured creditors...

  • Jan 19- Insurance broker Aon Plc is in advanced talks to sell its employee benefits outsourcing unit to buyout firm Clayton Dubilier& Rice LLC for nearly $4.5 billion, people familiar with the matter said on Thursday. The divestiture would undo much of Aon's 2010 acquisition of human resources services provider Hewitt Associates Inc for $4.9 billion,...

  • BEIJING, Jan 19- Tsinghua Unigroup Ltd, China's top state chip manufacturer, revealed plans on Thursday to build a $30 billion memory chip factory as the government seeks to boost local production capacity. The firm is targeting a monthly capacity of 100,000 wafers in phase one of the development which will cost $10 billion and is located in Nanjing.

  • ST. LOUIS, Jan 19- Peabody Energy Corp, the world's largest private-sector coal producer, is squaring off in court with shareholders who claim their stock should not be wiped out in the company's $8 billion Chapter 11 bankruptcy, given a rise in prices for the fuel. Shareholders led by hedge fund Mangrove Partners hope to prove at a hearing in St. Louis on Thursday...

  • *Bidders want court-led turnaround for Japan ops- source. TOKYO, Jan 19- U.S. buyout firm Bain Capital has joined Key Safety Systems in the U.S. auto parts supplier's bid to rescue Takata Corp, a source said, as the Japanese firm struggles for survival after a massive recall linked to its faulty air bags. Shares in Takata closed 17.3 percent lower, falling by their daily...

  • NEW YORK, Jan 18- Puerto Rico's federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory's government more time to negotiate restructuring deals with holders of its roughly $70 billion in bonds. In addition to its nearly $70 billion in debt from a myriad of public issuers, Puerto Rico is...

  • Jan 18- Puerto Rico's federal oversight board said on Wednesday it was willing to extend key deadlines that would give the debt-laden U.S. territory's government more time to negotiate restructuring deals with holders of some $70 billion in bonds. In a letter to Governor Ricardo Rossello, the oversight board said it "is favorably inclined" to grant the...

  • By Jacob Gronholt-Pedersen and Teis Jensen. COPENHAGEN, Jan 18- Enzymes maker Novozymes will cut 198 jobs and invest more in emerging markets, it said on Wednesday, adding it could time take to recapture past growth rates amid uncertainty over U.S. renewable energy policy and the takeover of a key partner. "This is a new reality for Novozymes," Chief Executive Peder...

  • SYDNEY, Jan 18- Hong Kong's flag carrier Cathay Pacific Airways will cut jobs and consider shifting some flights to its short-haul arm after completing the biggest review of its business in two decades, it said on Wednesday. Will Horton, a Hong Kong- based analyst for aviation consultancy CAPA, described what had been said so far as underwhelming given the scale...

  • NEW YORK— Target cut its fourth-quarter profit and sales outlook after sluggish holiday traffic in its stores and weak sales in key areas like electronics and food offset a surging online business. Macy's, Sears and others have announced store closings and layoffs. The Minneapolis- based discounter said the costs associated with bolstering its online...

  • SYDNEY, Jan 18- Hong Kong's flag carrier Cathay Pacific Airways will cut jobs and consider shifting some flights to its short-haul arm after completing the biggest review of its business in two decades, it said on Wednesday. The company laid out the results of the review in a document seen by Reuters that was e-mailed to its 33,700 employees on Wednesday after 350...

  • BRASILIA, Jan 18- Brazil's Oi SA is considering changing a restructuring plan challenged by a group of creditors to offer banks and bondholders part of asset sale proceeds, newspaper O Estado de S.Paulo said on Wednesday. The proposed changes are being discussed by Oi's chief executive Marco Schroeder, investors and creditors, and could be presented by the end...

  • TOKYO, Jan 18- Toshiba Corp is in talks to sell a minority stake in its flash memory business to U.S. chips business partner Western Digital Corp in a bid to boost its capital base, a source briefed on the discussions said on Wednesday. Toshiba said in a statement earlier that it had been considering various options for its memory business, including a spin-off, but...

  • The Saskatoon, Canada- based company said it expects to report a net loss for 2016 citing asset impairments resulting from fair market assessments at the end of the year. Cameco said it plans to reduce workforce at the McArthur River, Key Lake and Cigar Lake operations by 10 percent. "The current earnings expectations do... reflect the consequences of a continued...

  • CHARLOTTE, N.C.— North Carolina- based home improvement retailer Lowe's says it's told approximately 2,400 full-time workers that they will be laid off. Lowe's CEO Robert Niblock told employees in an email that the changes "will better align store staffing with customer demand, shift resources from back-of-the-store activities to customer-facing ones, and...