Pacific Investment Management Co. (Pimco) is planning to take advantage of relatively cheap mortgage securities in the wake of the recent credit crisis by launching a $2 billion distressed-debt fund to buy the beaten-down assets, the Wall Street Journal reported Thursday.
Recently I blogged about the hiring of a new CEO at ImClone Systems and the unique clause in his contract requiring him to buy half-a-million dollars worth of stock in the company. My suspicion was that ImClone Chairman and billionaire shareholder Carl Icahn had a hand in that.
Yesterday, I blogged that messages to each of David Maris' lawyers seeking comment on Biovail "dropping" or "settling" its case against the former Bank of America Securities analyst had gone without a response. Well, this morning I got this email from one of his attorneys tossing the ball back in Biovail's court:
How's this for exclusive? Lamborghini unveils its newest model today in Frankfurt, Germany with a pricetag of $1.38 million. And here's the best part: Lamborghini has already sold out ALL 20 of its new million dollar ride.
Low-cost carrier JetBlue Airways said Wednesday that it had named Chief Operating Officer Russ Chew to the post of president. Chew, 54, succeeds Chief Executive David Barger as president of the discount airline.
Leap Wireless International, which is reviewing a buyout offer from MetroPCS Communications, said Wednesday that board member James Dondero has resigned from the Leap board, effective Sept. 10.
U.S. investor Warren Buffett's Berkshire Hathaway sold more of its stake in top Chinese oil producer PetroChina in late August, selling about US$136 million worth of shares, as it took profits on what has been a lucrative holding.
From Rapper L.L. Cool JJ to Saks CEO Steve Sadove to Jack Mitchell of the family-run Mitchell/Richards retailer-to-the-CEO-crowd stores and Gildo Zegna himself....the front rows at the Z Zegna show encapsulated the mix of sensibilities behind the younger Zegna house. In its second New York runway appearance (I covered the first one at Fashion week last year), the Z Zegna show was once again a hot ticket.
A follow-up to my post yesterday about the New York Post story regarding Biovail "dropping" its lawsuits alleging collusion to beat down its stock. This email showed up in the blog inbox this morning..."Your report on Biovail is not accurate..."
The top executive at General Motors said on Tuesday that the automaker was watching the downturn in the U.S. housing market closely and blamed the softness there for weakness in vehicle sales.
General Motors in its contract negotiations with the United Auto Workers union has proposed one option that excludes establishing a union-run healthcare trust but calls for deeper cuts in several areas, the Wall Street Journal reported in its online edition.
Sears Holdings said Monday that J. Miles Reidy, an executive at Capital One Financial, will join the department store operator as chief financial officer starting in October.
Weyerhaeuser, one of the world's largest paper and lumber companies, said Monday that it would probably have to close plants and restrict operations because of weak market conditions.
U.S. health regulators charged Boston Scientific with inadequate record-keeping and reporting following the deaths of five patients implanted with an experimental device to treat a dangerous ballooning of the body's main artery.
Rescue crews searching for famed millionaire adventurer Steve Fossett stumbled upon another false lead Sunday when they discovered what they thought was a downed airplane -- but did not find the missing aviator.
Like George Steinbrenner stocking his New York Yankees with All-stars, Cerberus Capital is loading Chrysler with big-time execs. The latest addition is Phil Murtaugh, who will run Chrysler's operation and expansion in China and India. In the last ten years, Murtaugh has carved out a reputation as the American who knows China and how to grow auto sales in that country.
Leap Wireless International said Friday that its chief financial officer had resigned as the company continues to review an unsolicited takeover bid from MetroPCS Communications for about $5.4 billion in stock.
China will produce half the world's aluminium by the end of the next decade and will be largely self sufficient in the metal through 2010, a top executive at producer Alcan said on Friday.
The independence of the credit-rating agencies came under fire in the aftermath of recent mortgage-market turmoil as regulators plan to investigate how the companies are paid, the Wall Street Journal reported Friday.
Toyota's top North American executive is defecting to Chrysler, a move that stunned the auto industry and gives a highly regarded leader and consummate salesman the chance to turn things around at the struggling U.S. automaker.