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Leadership Business Events

  • Feb 22- Creditors of Puerto Rico's sales tax authority have asked a federal court to prevent the U.S. territory from diverting the revenue that guarantees its debt to repay other investors, the latest volley in an escalating battle. Crippled by high poverty and nearly insolvent public health and pension systems, Puerto Rico is trying to restructure $70 billion...

  • TJX Cos. said Wednesday it will add 1,800 stores for a global total of 5,600 over the long term. It now has more than 3,800 stores with annual sales of $33.1 billion, compared to just under 2,800 stores with $21.9 billion in sales six years ago. Traditional department stores like Macy's are testing the off-price concept as they look to bolster sales, but they're also...

  • SAO PAULO, Feb 22- Brazil's Braskem SA is trimming investments this year as it winds down spending on a new plant in Mexico and cuts back strategic new projects after a bribery settlement hammered earnings last year, according to a Wednesday securities filing. Latin America's largest petrochemical company plans to invest 1.814 billion reais in 2017, down from...

  • SAO PAULO, Feb 22- Ternium SA has agreed to buy Thyssenkrupp AG's CSA steel plant for 1.26 billion euros, ending five years of attempts by the German industrial firm to offload the loss-making Brazilian mill. Including debt, the deal announced by the two companies late on Tuesday gives CSA, the largest foreign investment project ever in Brazil, an enterprise value...

  • MOORESVILLE, N.C.— Home improvement retailer Lowe's has announced its second round of layoffs in just over a month, saying more than 500 full-time corporate employees companywide will lose their jobs. Local news outlets report Lowe's announced Tuesday that 430 workers at its headquarters in Mooresville would be laid off. Meanwhile, the company said Lowe's...

  • The company reported a net loss of $719.9 million, or $6.92 per share, in the fourth quarter ended Dec. 31, compared with a profit of $164.1 million, or $1.60 per share, a year earlier. First Solar said on Tuesday it recorded $728.9 million in charges in the latest quarter related to plans to abandon the Series 5 modules and other restructuring. The company said it...

  • Feb 21- Buyout firm Sycamore Partners has won the auction for the e-commerce business and intellectual property of bankrupt U.S. women's apparel retailer The Limited with a bid of $26.8 million, people familiar with the matter said on Tuesday. Sycamore Partners outbid clothing firm Sunrise Brands LLC in the auction, the people said, asking not to be identified...

  • Feb 21- Insurance giant American International Group Inc has reached a deal to sell one of its lesser-known assets: a northern Vermont ski slope. Vail Resorts Inc, a Brookfield, Colorado- based company that runs mountain resorts, has signed a $50 million agreement to buy the ski operations of Stowe Mountain Resort from AIG's real-estate business, the resort...

  • OMAHA, Neb.— The top two CSX executives will retire this spring, and the railroad plans to lay off roughly 1,000 management employees next month. CSX Corp. announced both moves Tuesday as the railroad faces pressure from a hedge fund seeking to install the executive who led Canadian Pacific's turnaround, Hunter Harrison. CSX Chairman and CEO Michael Ward and...

  • Feb 21- Canada's ECN Capital Corp said on Tuesday it would sell its U.S. commercial and vendor finance business to PNC Financial Services Group for about $1.25 billion in cash. ECN Capital, which was spun out of Element Financial Corp last year, said the deal includes assets worth about $1.08 billion. Macquarie Capital was ECN Capital's lead financial adviser,...

  • Feb 21- Verizon Communications Inc, the No. 1 U.S. wireless carrier, said on Tuesday it agreed to buy the core internet business of Yahoo Inc for $4.48 billion, about $350 million less than the original price. The deal will combine Yahoo's search, email and messenger assets as well as advertising technology tools with Verizon's AOL unit. Yahoo will continue to be...

  • Feb 21- Verizon Communications Inc, the No. 1 U.S. wireless carrier, said on Tuesday it agreed to buy the core internet business of Yahoo Inc for $4.48 billion, reflecting a $350 million cut to the original price. The deal, which is expected to close in the second quarter, will combine Yahoo's search, email and messenger assets as well as advertising technology tools...

  • HONG KONG/ LONDON, Feb 21- Annual profit at HSBC Holdings slumped 62 percent and fell far short of analysts' estimates as Europe's largest bank took hefty writedowns from restructuring and pointed to brakes on revenue growth. HSBC shares slid more than 6 percent after the company reported revenues fell by a fifth from 2015, underscoring the challenge the bank...

  • SYDNEY, Feb 21- Australia will weigh long-term geopolitical considerations when it vets proposals by foreigners to buy critical infrastructure assets such as power grids and ports, the government said on Tuesday. Last month, the Australia announced the creation of a new critical infrastructure centre to oversee sensitive assets. Australia last year...

  • SYDNEY, Feb 21- Australia will weigh long-term geopolitical considerations when it vets proposals by foreigners to buy critical infrastructure assets such as power grids and ports, the government said on Tuesday. Last month, the Australia announced the creation of a new critical infrastructure center to oversee sensitive assets. Australia last year...

  • SYDNEY, Feb 21- Australia will weigh long-term geopolitical considerations when it vets proposals by foreigners to buy critical infrastructure assets such as power grids and ports, the government said on Tuesday. Last month, the Australia announced the creation of a new critical infrastructure center to oversee sensitive assets. Australia last year...

  • SYDNEY, Feb 21- Australia will weigh long-term geopolitical considerations when it vets proposals by foreigners to buy critical infrastructure assets such as power grids and ports, the government said on Tuesday. Last month, the Australia announced the creation of a new critical infrastructure centre to oversee sensitive assets. Australia last year...

  • *Toshiba want to complete sale by end of March 2018- source. TOKYO, Feb 21- Toshiba Corp wants to raise at least 1 trillion yen from the sale of a majority stake in its flash memory chip business as a buffer against any fresh financial problems, a source with direct knowledge of the matter said. After flagging a $6.3 billion writedown on its U.S. nuclear unit earlier this...

  • LONDON, Feb 20- The head of Britain's biggest trade union is likely to meet the CEO of PSA Group on Friday amid growing concerns over the future of Vauxhall plants if the French carmaker buys the business from General Motors, a union source told Reuters. Peugeot-maker PSA is in talks to buy GM's loss-making European business, which operates under the Vauxhall and...

  • JAKARTA, Feb 20- Freeport McMoRan Inc's chief executive said on Monday the company's Indonesian unit has made its first lay-offs since a dispute over its mining contract started with the Indonesian government and may let go of more workers this week. Richard Adkerson told a news conference in Jakarta that about 10 percent of the expatriate workforce had been...