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Corporate Restructuring

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  • GM, Ford Losses Deepen; Industry Outlook in Doubt Friday, 7 Nov 2008 | 1:49 PM ET
    Car dealership in Miami

    GM and Ford reported far deeper-than-expected quarterly losses as an extended slump in car sales raised questions about the future of the US auto industry

  • Australia's Centro Posts $1.8 billion Year Loss Thursday, 28 Aug 2008 | 8:38 PM ET
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    Centro Properties Group, an Australian victim of the subprime crisis that is struggling to restructure, reported a $1.8 billion full-year loss on Friday, including more than A$1 billion in property revaluations.

  • Australia's NAB Names New CEO After Loan Losses Wednesday, 30 Jul 2008 | 7:46 PM ET
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    Australia's top lender, National Australia Bank, announced on Thursday the impending exit of its chief executive, a week after he shocked investors with another $784 million in loan losses.

  • No G'Day Latte, Starbucks Cuts 2/3 of Aussie Stores Tuesday, 29 Jul 2008 | 5:23 AM ET
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    Starbucks will close more than two-thirds of its 84 stores in Australia by the end of the week under a restructuring plan announced Tuesday that will put almost 700 people out of work.

  • Microsoft's Johnson Leaves to Head Juniper Wednesday, 23 Jul 2008 | 11:25 PM ET
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    Microsoft said Kevin Johnson, the executive in charge of its Windows and Web operations and an instrumental player in the company's failed $47.5 billion bid to buy Yahoo, is leaving the company.

  • Newell to Shed Assets, Cuts 2008 Profit Forecast Tuesday, 15 Jul 2008 | 11:12 AM ET
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    Consumer products maker Newell Rubbermaid said on Tuesday that it would exit some product lines and raise prices to offset rapidly rising resin costs and protect profit margins.

  • Wachovia Names Robert Steel as Chief Wednesday, 9 Jul 2008 | 7:43 PM ET
    A Wachovia branch bank is shown in a Charlotte, N.C. file photo from July 20, 2006. After a rough year, the banking industry appears headed for another in 2007. (AP Photo/Chuck Burton, File)

    Wachovia Corp, the fourth-largest U.S. bank, named Treasury Undersecretary Robert Steel chief executive on Wednesday, and said mortgage and legal problems will result in a $2.6 billion to $2.8 billion second- quarter loss, much larger than many analysts expected.

  • Siemens to Cut 16,750 Jobs Amid Economic Downturn Tuesday, 8 Jul 2008 | 11:46 AM ET
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    German industrial conglomerate Siemens  plans to cut around 4 percent of its workforce as part of an overhaul and as a result of the global economic downturn, Siemens said on Tuesday.

  • AIG Shareholders Demand Board Changes Wednesday, 11 Jun 2008 | 10:09 PM ET
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    Shareholders of American International Group are demanding changes to the management and board of the world's largest insurer, which has been struggling with the fallout of the subprime mortgage mess.

  • Rating Agencies to Get Tougher Industry Code Wednesday, 28 May 2008 | 8:19 AM ET

    Credit rating agencies will be banned from helping to design products they also grade as part of a tougher industry code of conduct to tackle issues raised by the U.S. subprime mortgage crisis such as conflicts of interest.

  • AIG's Chairman: Board Stands Behind CEO Sullivan Wednesday, 14 May 2008 | 2:00 PM ET

    American International Group Chairman Robert Willumstad said Wednesday the global insurance giant's directors stand behind Chief Executive Martin Sullivan, fending off concerns raised by investors frustrated by two quarters of record losses.

  • AIG Sees No Need to Delay Annual General Meeting Monday, 12 May 2008 | 10:41 PM ET
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    Maurice "Hank" Greenberg, former chief executive of American International Group, has said the insurer is in "crisis" and urged a delay in its annual general meeting scheduled for Wednesday, according to a letter he sent to the board.

  • Woori Gains on Privatization Hopes, CEO Leaves Wednesday, 7 May 2008 | 1:39 AM ET

    Shares in South Korea's Woori Finance Holdings jumped as much as 5 percent to a near 7-month high on Wednesday as news that its CEO was to step down boosted hopes that Privatization plans could be speeded up.

  • UBS: If the Worst is Over, Where's the Visibility? Tuesday, 6 May 2008 | 6:43 AM ET

    When Warren Buffet treated his 31,000 plus audience to his annual Berkshire Hathaway gathering in Nebraska recently he was asked about the banks. When would he be happy to buy back into U.S. investment banks?

  • UBS Seen Slashing Jobs with Big Quarterly Loss Friday, 2 May 2008 | 10:48 AM ET
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    UBS shares rose over 5 percent on Friday on hopes the ailing Swiss bank will unveil job cuts next week to reverse breakneck expansion into investment banking which made it Europe's worst subprime victim.

  • Asahi Glass to Close Three North American Plants Thursday, 17 Apr 2008 | 1:01 AM ET

    Japan's Asahi Glass said on Thursday that it will close three North American factories and halt production at two others, battered by a U.S. housing market slump in the wake of the subprime mortgage crisis.

  • Poll: Should UBS Be Broken Up? Friday, 4 Apr 2008 | 8:06 AM ET

    Shares of Swiss bank UBS rose 3.7 percent Friday as activist investor Luqman Arnold called for a restructuring of the company that would include a sale of its asset-management business.

  • Citi Splits Consumer Banking and Credit Cards Units Monday, 31 Mar 2008 | 2:09 PM ET

    Citigroup plans to split its consumer banking unit from its credit-card business as part of a broader reorganization to cut costs and simplify the large financial institution's structure, the company said Monday.

  • Ebay to Cut 125 Jobs in Europe, North America Thursday, 20 Mar 2008 | 4:27 PM ET

    EBay said Thursday it is cutting 125 jobs in Europe and North America, including 70 positions at the online auctioneer's headquarters in San Jose, Calif.

  • Rentokil Hires ICI Team in Fight for Recovery Thursday, 20 Mar 2008 | 6:00 AM ET

    Pest control to parcel delivery firm Rentokil Initial is parachuting in the management team that turned around chemicals group ICI in a bid to recover from two profit warnings that have hammered its shares.