Leadership Business Events

  • BERLIN, Sept 26- Commerzbank is planning to cut around 9,000 jobs over the coming years as Germany's second biggest lender pushes ahead with a restructuring plan, Handelsblatt reported on Monday, citing unnamed sources in the finance industry. Squeezed by negative European Central Bank interest rates, German banks have been seeking ways to boost revenue by...

  • Sept 26- Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion settlement last week to hold-out creditors of its main operating unit,...

  • Sept 26- Caesars Entertainment Corp is "optimistic" of finally reaching a $5 billion agreement with creditors to push its main operating unit out of a long and costly bankruptcy, the Las Vegas- based casino group said in a statement on Monday. The company's main operating unit, Caesars Entertainment Operating Co Inc, filed for Chapter 11 protection in January 2015...

  • BEIJING, Sept 26- China has launched a 350 billion yuan state enterprise restructuring fund to advance its' supply-side' reforms as the world's second-largest economy undergoes its most significant transformation in two decades. China has made reform of its lumbering and uncompetitive state-owned enterprises a priority as weak global demand drags on...

  • SHANGHAI, Sept 26- Dongbei Special Steel Group Co Ltd said on Monday it had defaulted on a one-year bond, the latest in a string of missed payments this year by the unlisted Chinese steelmaker. Owned by the Liaoning provincial government in China's northeast rust belt, Dongbei announced on the website of China's interbank bond market operator that it had failed...

  • BEIJING, Sept 26- China has launched a 350 billion yuan restructuring fund as the government pushes' supply-side' reforms that have included mergers of inefficient state enterprises and laying off workers in struggling sectors such as coal and steel. The China State-owned Enterprises Restructuring Fund will be managed by the State-owned Assets...

  • CHICAGO, Sept 23- Shares of Caesars Entertainment Corp slid on Friday as creditors thrashed out the terms of a sweetened $5 billion deal that could finally extract the casino company from a costly bankruptcy. The company's main operating unit, Caesars Entertainment Operating Corp Inc, or CEOC, filed for bankruptcy in January 2015. The latest offer from Caesars...

  • SAO PAULO, Sept 23- Raia Drogasil SA, Brazil's biggest drugstore chain, will sit out expected consolidation of the national market, the company's chief executive said in an interview, because its own rapidly expanding network is proving increasingly efficient. CVS Health Corp entered Brazil with an acquisition in 2013 and two sources told Reuters this month...

  • CHICAGO, Sept 23- Shares of Caesars Entertainment Corp slid on Friday, a day after hitting a 16- month high, as investors awaited a midnight deadline for creditors to accept a sweetened $5 billion deal that could finally extract the casino company from a costly bankruptcy. The company's main operating unit, Caesars Entertainment Operating Corp Inc, or CEOC, filed...

  • RIO DE JANEIRO, Sept 23- Brazil's state-owned oil producer Petrobras agreed to sell 90 percent of a natural gas pipeline unit to a group led by Canada's Brookfield Asset Management Inc for $5.2 billion, the companies said on Friday. The investor group includes two sovereign wealth funds, China's CIC Capital Corp and Singapore's GIC Private Ltd..

  • RIO DE JANEIRO— The board of Brazilian state-run oil giant Petrobras has approved the sale of a key natural gas pipeline unit to a group of investors led by Toronto- based Brookfield Asset Management. Petrobras says the group will pay $5.2 billion over five years to acquire a 90 percent stake in the Nova Transportadora do Sudeste unit. A Friday statement says the...

  • LONDON, Sept 23- Goldman Sachs is cutting almost 30 percent of its 300 investment banking jobs in Asia outside Japan in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters. Most of the jobs cuts are likely to take place in Hong Kong, Singapore and China, where Goldman's main Asian offices are located, they added.

  • Sept 23- Brazil's state-run oil company Petroleo Brasileiro SA agreed to sell 90 percent of its natural gas pipeline unit for $5.2 billion to a group of investors led by Canada's Brookfield Asset Management Inc, the companies said on Friday. The consortium includes sovereign wealth funds CIC Capital Corp of China and GIC Private Ltd. of Singapore.

  • TOGLIATTI, Russia, Sept 23- Russian carmaker Avtovaz has a civic responsibility to preserve jobs, the company's new chief executive told Reuters, rowing back on a politically sensitive policy of redundancies in the face of plummeting sales and record losses. In his first extended interview with foreign media since majority owners Renault and Nissan put him in...

  • TOKYO, Sept 23- Japan plans to rush through a bill to provide more financial muscle for its companies to compete for global energy assets, just as other resource-hungry Asian economies such as China and India are also looking to snap up depressed oil assets. Prime Minister Shinzo Abe's cabinet intends to revise a law governing the Japan Oil, Gas and Metals...

  • Moller-Maersk is in talks to buy a portfolio of North Sea assets from Royal Dutch Shell as the Danish group considers adding scale to its oil and gas business ahead of a planned spin off, banking sources said. Maersk has said over the past year that it planned to invest several billions of dollars to expand its oil operations, although it is now likely to face bigger...

  • *Ericsson says job cuts to be made worldwide, Sweden not excluded. STOCKHOLM, Sept 22- Mobile telecoms equipment maker Ericsson plans to close the last of its Swedish manufacturing sites as part of planned savings, cutting about 3,000 jobs, Swedish daily Svenska Dagbladet reported. The decision ends 140 years of production in Sweden for the company that began as a...

  • CHICAGO, Sept 21- Caesars Entertainment Corp said on Wednesday it proposed along with its private equity backers a settlement offer with an added $1.6 billion for creditors of its casino operating unit, raising hopes of an end to the subsidiary's costly bankruptcy. Apollo Global Management and TPG Capital Management, the private equity firms that control the...

  • LONDON, Sept 21- European shares hit a one-week high on Wednesday before the outcome of a Fed meeting, with banks rallying after a policy overhaul at the Bank of Japan lifted risky assets globally. Spain's Banco Popular jumped 9.1 percent after saying it would cut around 300 bank branches as part of a restructuring plan. Europe took its cue from Asian markets, which...

  • TORONTO, Sept 21- The province of Ontario said on Wednesday that it has signed an agreement with equity fund Bedrock Industries LP to restructure U.S. Steel Canada, which has been in creditor protection since September 2014, and the court supervising the company's credit protection proceeding, Ontario's government said in a statement. Steel Canada's plants in...