Leadership Business Events

  • 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...

  • LONDON, July 8- Uncertainty caused by Britain's vote to leave the EU is making LUSH, an English-based retailer of handmade cosmetics, look to continental Europe to protect its production, sales and multinational workforce. Now the firm is giving European staff the opportunity to move to a new factory in the German city of Duesseldorf. While the decision to build...

  • 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...

  • NEW YORK, July 7- Gawker Media LLC won approval from a U.S. bankruptcy court judge on Thursday to begin a process to sell itself, allowing the online publishing pioneer to begin an auction that is expected to attract several bidders. Gawkerdbt filed for bankruptcy last month with an offer from media publisher Ziff Davis LLC to buy the company for $90 million,...

  • July 7- The U.S. government agreed to a mine clean-up deal that allows coal producer Alpha Natural Resources to exit bankruptcy, despite concerns that Alpha will be unable to fund $400 million in commitments, a government lawyer told a court on Thursday. Alpha had about $676 million in self-bonded mine clean-up costs, mostly in Wyoming and West Virginia, when weak...

  • TORONTO, July 7- Postmedia Network Canada Corp, the country's biggest newspaper publisher, will give creditors nearly all of its equity in a restructuring deal that would almost halve its heavy debt load, the company said on Thursday. The deal will reduce its debt by C $307 million and cut around C $50 million from its annual cash interest payments, the company said.

  • WILMINGTON, Del./ WASHINGTON, July 6- Alpha Natural Resources said on Wednesday it expects to reach a deal with the U.S. government over responsibility for the cost of cleaning up mining sites, removing one of the most significant hurdles to the coal company's exiting bankruptcy. On Wednesday, Alpha said it anticipated reaching a deal by Thursday with the U.S....