Leadership Business Events

  • July 19- Zafgen Inc said it was suspending the development of its lead obesity drug, beloranib, more than six months after the U.S. Food and Drug Administration asked the company to halt all tests on the drug following the death of two patients. The U.S. Food and Drug Administration asked Zafgen to halt all tests on the drug in December after a second patient died from...

  • July 19- Zafgen Inc said it was suspending the development of its obesity drug, beloranib, and reducing its workforce by about 34 percent, sending its shares tumbling 41.9 percent in extended trading on Tuesday. In December, the U.S. Food and Drug Administration asked Zafgen to halt all tests on the drug after a second patient died from an artery blockage in the lung.

  • Dallas- based Comerica set aside $49 million in the second quarter to cover bad loans, compared with $148 million in the first quarter. The company's energy loans declined 11 percent in the quarter ended June 30, even as total average loans rose 2 percent to $49.5 billion, driven by an increase in mortgage and real estate loans. The company will incur pre-tax...

  • The U.S. regional bank, which also plans to reorganize its branches and real estate assets and outsource some functions, said the restructuring actions are expected to cut costs by about $160 million by the end of 2018.. Dallas- based Comerica said profit fell to $103 million, or 58 cents per share, in the second quarter ended June 30, from $134 million, or 73 cents per...

  • July 19- Comerica Inc said it would cut 9 percent of its workforce to reduce expenses and reported a 23 percent fall in quarterly profit. The bank's restructuring actions, which also included streamlining operations, reorganization of its branches and real estate assets and outsourcing some functions, are expected to cut costs by about $160 million by the end...

  • In February, Baidu received an offer for its 80.5 percent stake in iQiyi from Robin Li and Yu Gong, the chief executives of Baidu and iQiyi, respectively. The offer valued the whole of iQiyi, China's second-biggest online video provider, at $2.8 billion on a cash- and debt-free basis. "We worry that embracing what is an inherent conflict of interest will lead to damage...

  • In February, Baidu received an offer for its 80.5 percent stake in iQiyi from Robin Li and Yu Gong, the chief executives of Baidu and iQiyi, respectively. The offer valued the whole of iQiyi, China's second-biggest online video provider, at $2.8 billion on a cash- and debt-free basis. "We worry that embracing what is an inherent conflict of interest will lead to damage...

  • DETROIT, July 13- General Motors Co told a U.S. bankruptcy court on Wednesday that it reached a deal with an insolvent Massachusetts parts supplier whose struggles had threatened to shut down some or all of GM's North American plants. After the hearing, GM spokesman Nick Richards said the automaker already had identified replacement suppliers for the parts and "...

  • DETROIT, July 13- General Motors Co told a U.S. bankruptcy court on Wednesday that it reached a deal with an insolvent Massachusetts parts supplier whose struggles had threatened to shut down some or all of GM's North American plants. After the hearing, GM spokesman Nick Richards said the automaker already had identified replacement suppliers for the parts and "...

  • July 13- General Motors Co narrowly avoided having to shut down some or all of its North American plants because of the failure of a small Massachusetts parts supplier when a U.S. Bankruptcy Court judge ruled on Wednesday that GM could retrieve the tooling and finished parts from the supplier, Clark-Cutler-McDermott, a court hearing showed.

  • NEW YORK, July 13- In a blow to General Motors Co, a federal appeals court on Wednesday reversed part of a bankruptcy court ruling that protected the automaker from some lawsuits over an ignition switch defect that prompted the recall of 2.6 million vehicles in 2014.. The 2nd U.S. Circuit Court of Appeals in Manhattan said barring plaintiffs from suing the...

  • NEW YORK, July 13- In a blow to General Motors Co, a federal appeals court on Wednesday reversed part of a bankruptcy court ruling that protected the automaker from some lawsuits over an ignition switch defect that prompted the recall of 2.6 vehicles in 2014.. The 2nd U.S. Circuit Court of Appeals in Manhattan said barring plaintiffs from suing the automaker over...

  • NEW YORK, July 13- A U.S. appeals court on Wednesday reversed part of a bankruptcy court ruling that protects General Motors Co from some legal claims involving a defective ignition switch that prompted the recall of 2.6 million vehicles in 2014.. The 2nd U.S. Circuit Court of Appeals in Manhattan said that GM must face some claims from certain groups of car owners...

  • July 13- Interdealer broker ICAP has gained a "significant windfall benefit" from the drop in the pound after Britain's vote to leave the European Union, the company said on Wednesday. The company, soon to be named NEX Group after the sale of its telephone broking business to rival Tullett Prebon, said daily volumes roughly doubled to top $200 billion on its...

  • July 12- A group that includes shareholders of Essar Global said it signed a letter of intent with a local unit of the United Steelworkers Union to negotiate a deal to buy Essar Steel Algoma Inc for about $900 million. Essar Global said in a statement last month that it did not support a deal to sell Essar Steel Algoma's assets to a consortium formed by private...

  • *Disclosure is response to criticism of Shenzhen Metro deal. The disclosure by Vanke came after its second-biggest shareholder, China Resources, criticized the board's approval of a white knight deal with Shenzhen Metro as being invalid because one director had abstained from voting. The independent director, Zhang Liping, is employed by Blackstone and...

  • SAO PAULO, July 12- On Christmas Day 2014, in an empty São Paulo office building, four senior executives at engineering firm Grupo OAS SA set in motion a corporate bankruptcy that is helping reshape Brazil Inc.. Over the previous decade, Brazil's ruling Workers Party had built national champions using cheap state credit and contracts with state firms.

  • *Disclosure is response to criticism of Shenzhen Metro deal. HONG KONG, July 12- China Vanke Co Ltd said it and partners are in talks to acquire some commercial property firms from Blackstone Group LP and other third parties for 12.9 billion yuan. Fearing a hostile takeover bid by its biggest shareholder, financial conglomerate Baoneng, Vanke's management last...

  • July 11- Thomson Reuters Corp on Monday said it agreed to sell its intellectual property and science business to private equity firms Onex Corp and Baring Private Equity Asia for $3.55 billion in cash. Analysts have estimated that the business would be valued at more than $3 billion, or more than 10 times EBITDA. Guggenheim Securities and J.P. Morgan Securities...

  • SAO PAULO, July 8- A minority investor in Oi SA, Brazil's largest fixed-line phone carrier, has called for the replacement of most of its board after the company filed for the country's biggest-ever bankruptcy protection. Battle lines on the board remain from an ill-fated 2013 merger with Portugal Telecom, pitched as a lifeline for Brazil's struggling national...