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Leadership Business Events

  • The Fort Myers, Florida- based company said the bankruptcy would not impact its 179 treatment centers with locations across 17 U.S. states and Latin America. The company's lenders agreed to provide $75 million for working capital during its bankruptcy and a group of creditors agreed to invest $75 million into the reorganized business. The new investment is...

  • TORONTO, May 25- Freeport McMoRan Inc said on Thursday that mining and milling rates at its Grasberg copper mine in Papua, Indonesia have been affected as some 9,000 workers stage an extended strike, and a "large number" of approximately 4,000 absentee workers were deemed to have resigned. Escalating tensions with workers is a further disruption for Freeport,...

  • WILMINGTON, Del, May 25- Bankrupt Westinghouse Electric Co LLC, the U.S. nuclear technology firm owned by Toshiba Corp, has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent. Westinghouse spokeswoman Sarah Cassella said in a statement that in Chapter 11...

  • Bankruptcy Judge Kathy Surratt-States of St. Louis to reject a request by an official committee of creditors to hire an expert to review pre-bankruptcy transactions. Creditors have said in court filings that San Francisco private equity funds Golden Gate Capital and Blum Capital, which together hold 98.5 percent of the company and control its board,...

  • WASHINGTON, May 25- The number of Americans filing for unemployment benefits rose slightly last week and the four-week moving average of claims hit a 44- year low, suggesting a further tightening of the labor market that could encourage the Federal Reserve to raise interest rates next month. "Businesses are wisely hoarding labor and not laying off workers...

  • NEW YORK— Sears' extended decline in sales continued during the first quarter and the storied retailer vowed additional spending cuts to offset its slowing business. The company has been closing stores and selling brands long affiliated with Sears, including Craftsman. Sears, which employs 140,000 people, announced in January that it would close 108...

  • May 24- General Motors Co will slash headcount in its international headquarters in Singapore as part of its efforts to reduce exposure to unprofitable and unpromising markets. GM International- which oversees markets such as India, Southeast Asia, and South Korea, among others- will reduce its staff to about 50 from 180 by the year end, according to a person with...

  • COPENHAGEN, Denmark— Denmark's Dong Energy has reached an agreement to divest its oil and gas business to privately held chemicals group INEOS, saying it has reached its goal announced in November of transforming itself "into a leading, pure play renewables company." Copenhagen- based Dong Energy says the deal means "an unconditional payment" of $1.05 billion on a...

  • *New CEO to take the helm from July 1. OSLO, May 24- Oslo- listed rig firm Seadrill named a new chief executive from within its own ranks on Wednesday and said its talks to restructure $14 billion of debt and liabilities had reached an advanced stage. Anton Dibowitz, current chief commercial officer, will take the top job from July 1, succeeding Per Wullf who will remain a...

  • KUALA LUMPUR, Malaysia— The Chinese owner of Sweden's Volvo Cars agreed Wednesday to buy 49.9 percent of Malaysian automaker Proton, gaining a platform to expand into Southeast Asia. The deal gives Geely a distribution network in Southeast Asia, where non-Japanese brands have struggled. The remaining 49 percent is being purchased by Etika Automobile, which is...

  • The company announced its plans for a store in Trenton on Tuesday. Trenton officials have said they're excited about the store, believing it will help bring more foot traffic to the downtown area. Trenton is now one of only four state capitals around the country without a Starbucks.

  • KCG HOLDINGS INC ETF SALES SPECIALIST CHRIS HEMPSTEAD LET GO AS PART OF LAYOFFS AT COMPANY- SOURCE.

  • Westinghouse, a unit of Japan's Toshiba Corp, filed for bankruptcy in March following billions of dollars in cost overruns at two nuclear power plants it designed and is constructing in Georgia and South Carolina. An attorney for Westinghouse said in U.S. bankruptcy court in New York that cash from the loan would allow the company to complete its business plan...

  • *LeEco to cut 325 U.S. jobs, about 70 pct of total. *Cuts part of strategy to refocus on domestic market. TAIPEI/ HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will cut over 300 jobs at its U.S. business, amounting to almost three-quarters of its local workforce, as the cash-strapped conglomerate streamlines global operations in response to a shortage...

  • HONG KONG, May 24- Chinese TV and smartphone vendor LeEco said it will lay off 325 employees in the United States as the sprawling, cash-strapped conglomerate scales back operations in the country and focuses mainly on Chinese-American consumers. She declined to comment further on the size of the remaining headcount, but said most employees would be based in...

  • JERUSALEM, May 23- Israeli billionaire Teddy Sagi has agreed to buy a controlling stake in Brack Capital Properties, a property owner and developer in Germany, for about 1 billion shekels, the company said on Tuesday. BCP, which is listed on the Tel Aviv Stock Exchange, said in a statement that Sagi agreed to buy a controlling 44 percent stake, or about 2.9 million...

  • NEW YORK, May 22- Puerto Rico's federal oversight board has sought bankruptcy protection for the island's highway authority and largest public pension, making them the latest commonwealth entities to turn to a court to work out debt. Puerto Rico's central government, as well as its COFINA sales tax authority, are already in Title III bankruptcy, and a lawyer for...

  • SAN JUAN, Puerto Rico— Puerto Rico is seeking help from federal court to restructure the debt of the U.S. territory's public pension system, which is projected to run out of money this year. "The government's liquidity and solvency problems are massive, and Title III has now become necessary to protect the people of Puerto Rico," the board said in reference to the...

  • *Staff cuts to made at Hong Kong headquarters. SYDNEY/ SHANGHAI, May 22- Cathay Pacific Airways Ltd said on Monday it was cutting 600 jobs, its biggest headcount reduction in almost two decades, as it seeks to return to profitability in an industry battered by falling ticket prices. In addition to cheaper tickets- the result of low fuel prices that led airlines to...

  • HONG KONG— Hong Kong airline Cathay Pacific Airways said Monday it's laying off nearly 600 staff at its headquarters as it faces rising competition from rival carriers and tough business conditions. Hong Kong's biggest airline is making cuts after it reported a $74 million loss last year. The airline, which employs 16,500 workers in Hong Kong, said most of the...