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  • Merck& Co.' s second-quarter profit plunged by two-thirds, hammered by the sale of its consumer business, unfavorable currency exchange rates, lower sales of some key drugs and hefty one-time charges. The world's fifth-biggest drugmaker by revenue beat modest Wall Street expectations and raised its full-year profit forecast by a dime per share, but shares...

  • NEW YORK, July 27- Puerto Rico's Governor Alejandro Garcia Padilla left for Washington, D.C. on Monday for meetings on the island's fiscal situation and to promote access to U.S. bankruptcy laws, according to a statement from his office. Garcia Padilla shocked creditors in June by saying the island needed to restructure debts- totaling $72 billion- to solve its...

  • NEW YORK, July 27- Allergan plc CEO Brent Saunders is ready to put the $36 billion his company will net from the sale of its generics business to Teva Pharmaceutical Industries Ltd to work, possibly with another large, "transformational" merger. As head of Actavis, he then sealed a $66 billion purchase of Botox-maker Allergan, beating out rival suitor Valeant...

  • NEW YORK, July 27- Allergan CEO Brent Saunders said on Monday the company will use the $36 billion it nets from the sale of its generics business to Teva for more deals, including large, "transformational" merger opportunities. Saunders, who led the $66 billion combination of Actavis and Allergan that closed only a few months ago, told investors that it would use the...

  • UPON REACHING AGREEMENT, DEVELOPER SAYS WILL WORK WITH CHINESE TO RESOLVE CHAPTER 11 BANKRUPTCY CASE PENDING IN U.S.

  • *Ukraine seeking savings of $15.3 billion. KIEV, July 27- Heavily indebted Ukraine has made new proposals to its creditors for restructuring $23 billion of foreign debt and is now awaiting their response, Finance Minister Natalia Yaresko said on Monday. Ukraine, whose economic plight is exacerbated by a draining conflict with Russian-backed separatists in...

  • KIEV, July 27- Ukraine has made new proposals to its creditors for restructuring $23 billion of foreign debt and is now awaiting response, Finance Minister Natalia Yaresko said on Monday. Negotiations to restructure Ukraine's foreign debt have dragged on for over four months because of disagreement over the need for a writedown on the principal of the bonds as...

  • BANGKOK, July 26- Thai Airways International Pcl plans to cut 1,401 jobs through voluntary retirement this year and suspend its loss-making flights to Los Angeles and Rome as it pushes ahead with a restructuring plan, its president said on Sunday. Thai Airways aims to cut operating costs by up to 9 billion baht this year, Charumporn said. From Oct. 25, the carrier...

  • *Athens pushes for quick cash injection but talks could drag on. FRANKFURT/ ATHENS, July 26- Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe. Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude...

  • NEW YORK, July 24- The trustee liquidating the bankrupt brokerage unit of Jon Corzine's MF Global Holdings Ltd on Friday announced an agreement that would enable unsecured creditors to recoup nearly everything they are owed, and largely conclude the unit's nearly four-year liquidation. James Giddens, the trustee, said he would sell various claims held by the...

  • July 24- Oilfield giants Schlumberger Ltd and Halliburton Co and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have fallen more than 40 percent since June last year. Houston- based Schlumberger also said in April that it plans to cut another 11,000 jobs, bringing the total job...

  • July 24- Encana Corp, Canada's No.1 natural gas producer, said it had laid off about 200 employees this month, joining a growing list of oil producers cutting jobs to cope with a steep fall in crude prices. Encana's shares fell 10 percent to a 13- year low of C $10.10 after the company reported a bigger-than-expected quarterly loss due to weak production.

  • RIO DE JANEIRO, July 24- Brazilian oil workers began a 24- hour strike on Friday in an effort to stop efforts to shrink state-run oil company Petroleo Brasileiro SA, or Petrobras, according to the main union representing the workers. The union is fighting plans by Petrobras to sell $15.1 billion of assets by the end of 2016.. FUP also opposes a bill before Brazil's...

  • RIO DE JANEIRO, July 24- Brazilian oil workers began a 24- hour strike on Friday in an effort to stop moves to shrink state-run oil company Petroleo Brasileiro SA, or Petrobras, according to the main union representing the workers. FUP also opposes a bill before Brazil's Senate seeking to strip Petrobras of its right to run all new development work in a giant...

  • NEW YORK July 23- A new offer by bondholders of Puerto Rico's public utility PREPA to refinance billions of dollars in debt was criticized by the utility on Thursday and deemed risky by others. Presented to PREPA on July 7 and made public on Thursday, the bondholders' plan would split about $8 billion of debt into two tranches, with one taking the form of capital...

  • July 23- The developer of the $3.5 billion Baha Mar mega-resort is willing to commit up to $200 million to jumpstart the stalled Bahamas project, lawyers told a U.S. bankruptcy judge on Thursday. The developer of the project is Sarkis Izmirlian, whose Baha Mar Ltd filed for bankruptcy protection in Delaware last month. During the bankruptcy court hearing on...

  • July 23- Hercules Offshore Inc, stung by slumping demand for drilling services in older Gulf of Mexico oilfields, said on Thursday it plans to file for creditor protection in about three weeks and emerge several months later with a restructured balance sheet. The company's balance sheet lists $266 million in current assets and $1.35 billion in current...

  • ST. LOUIS— The Ameren Corp. nuclear power plant in central Missouri was shut down for the second time in eight months Thursday after a "non-emergency" leak was found in the reaction control system. Jeff Trammel, a spokesman for St. Louis- based Ameren, called it a "minor steam leak." Ameren officials are investigating the cause.

  • SAN JUAN, Puerto Rico— A company of New York hedge fund billionaire John Paulson reached a $20 million deal to buy and renovate a recently closed hotel in Puerto Rico's tourist district, officials said Thursday. Paulson& Co. will develop the San Juan Beach Hotel into an ultra-luxury boutique hotel in the popular Condado neighborhood, according to Puerto Rico's...

  • Puerto Rico power company rejects bondholders' debt plan Thursday, 23 Jul 2015 | 10:54 AM ET

    SAN JUAN, Puerto Rico— Puerto Rico's power company on Thursday rejected a new proposal from bondholders that calls for an $8.1 billion debt exchange amid growing concerns the public agency could be the first one in the U.S. territory to go bankrupt. The Electric Power Authority said the proposal would not lead to a successful restructuring and does not share the...