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  • HONG KONG, March 9- A debt restructuring plan put forward by Chinese developer Kaisa Group Ltd has steered away from a doomsday scenario for creditors painted in an earlier report, offering an implied haircut that is severe but not too far off current market prices. Mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its...

  • HONG KONG, March 9- Chinese property developer Kaisa Group Ltd has proposed cutting the interest and extending the maturities of its offshore bonds in a critical debt restructuring plan it needs to get creditors to agree to or risk defaulting on payments. Kaisa, mired in crisis after the local government in its home base of Shenzhen blocked sales at some of its...

  • ISTANBUL, March 5- Citigroup has sold its nearly 10 percent stake in Turkey's Akbank for $1.2 billion, the U.S. lender said on Thursday, its latest disposal of overseas assets to cut costs and boost profits. New York- based Citi has been paring back in international markets in recent years, pulling out of retail banking in Turkey as well as long-established...

  • SEOUL/ LOS ANGELES, March 4- Asiana Airlines Inc settled with 72 passengers of its flight that crashed at the San Francisco airport in 2013, a spokesman of the South Korean carrier said on Wednesday. Frank Pitre, a lawyer for the plaintiffs in the lawsuit, told the Associated Press this was the first settlement in connection with the crash, the Associated Press...

  • March 3- Citigroup Inc said it has agreed to sell its consumer finance unit OneMain Financial Holdings Inc to subprime lender Springleaf Holdings Inc for $4.25 billion in cash. The consumer finance company is part of Citi Holdings, which Citigroup created during the financial crisis to park assets that it wanted to eventually divest or wind down.

  • March 3- Citigroup Inc said it has agreed to sell its consumer finance unit OneMain Financial Holdings Inc to subprime lender Springleaf Holdings Inc for $4.25 billion in cash. The sale of OneMain is a major step in the No. 3 U.S. bank's plan to sell unwanted assets and focus on wealthier clients. OneMain is part of Citi Holdings, which Citigroup created during the...

  • NEW YORK, March 2- IBM Corp was sued on Monday by a shareholder that said it committed securities fraud by failing to write down a money-losing semiconductor unit before agreeing to pay another company $1.5 billion to take that unit off its hands. The lawsuit filed in Manhattan federal court arose from IBM's announcement last Oct. 20 that it would sell the unit to...

  • SINGAPORE, March 2- Malaysia Airlines is re-negotiating contracts, reviewing its fleet and routes, and identifying almost a third of staff to lay off as part of a state-led restructuring programme, owner Khazanah Nasional Bhd said on Monday. The sovereign wealth fund's update on Malaysian Airline System Bhd is the first since it took the carrier private in...

  • A prime opportunity to turbo-charge our economy Friday, 27 Feb 2015 | 4:23 PM ET
    Vern Buchanan Meets with Japanese Foreign Minister Fumio Kishida

    Here's a prime opportunity to turbo-charge our economy, says Rep. Vern Buchanan, a House Ways and Means member, who just returned from Asia.

  • *GM to stop car manufacturing in Indonesia. GM Indonesia to shutter assembly plant, axe 500 jobs. Feb 27- A day after announcing it is to stop making GM-branded cars in Indonesia, General Motors said on Friday it would cease production of its Chevrolet Sonic in Thailand by the middle of this year.

  • Microsoft to close 2 China plants, cutting 9K jobs Thursday, 26 Feb 2015 | 1:51 PM ET
    A cleaner walks past a Microsoft office building in Beijing.

    Microsoft plans to close two of its factories in China by the end of March, according to the Dow Jones News Service.

  • *GM to stop car manufacturing in Indonesia. BEIJING, Feb 26- General Motors will stop making GM-branded cars in Indonesia, a battleground for global automakers, closing an assembly plant, axing some 500 jobs and shifting its focus to sport utility vehicles. The retreat also comes as GM drives into Indonesia with its Chinese partner, SAIC Motor Corp..

  • *GM to stop car manufacturing in Indonesia. BEIJING, Feb 26- General Motors is to stop making cars in Indonesia, a battleground for global automakers in emerging Southeast Asia, closing an assembly plant, axing some 500 jobs and shifting its branding focus to sport utility vehicles. GM tried to take on Japanese rivals by locally producing its Chevrolet Spin, a...

  • SINGAPORE, Feb 24- The CEO of Singapore Exchange Ltd is to step down in June after five and a half years during which the bourse suffered a damaging penny stock crash that hit trading volumes. Singapore is Asia's leading venue for foreign exchange and has seen strong growth in derivatives trading, but the average daily value of shares traded on its exchange has...

  • *Restated profits $381 mln lower in November. DUBAI, Feb 24- An accounting scandal at Saudi Arabia's Mobily is set to constrain dividend payouts from the former stock market darling for the next few years and make investors more picky about companies in the kingdom. Analysts who met acting Mobily Chief Executive Serkan Okandan a month ago came away with the...

  • LONDON/ MILAN, Feb 23- Hitachi Ltd has agreed to buy Italian conglomerate Finmeccanica's rail and signal assets, sources close to the matter said, a deal expected to top $2 billion and give the Japanese firm a stronger foothold in Europe to compete with bigger rivals. For Hitachi, which relocated its rail division to London last year, the main focus of the deal is rail...

  • LOS ANGELES, Feb 23- Walt Disney Co named consumer products chief Bob Chapek the new chairman of its parks and resorts division, the company said in a statement on Monday. Chapek replaces Thomas Staggs, who was appointed Disney's chief operating officer earlier this month. In the new role, Chapek will oversee a unit that employs 130,000 people around the world and...

  • *Ito has pushed reforms to Honda's supply chain. Such self-inflicted setbacks had been compounded by multi-million-vehicle recalls to replace air bag inflators made by top supplier Takata Corp that have so far been linked to six deaths, all in Honda cars. "I think this move is an attempt by Honda to tread a different course, with someone who upholds harmony," said...

  • The ensuing years were no easier, as a disappointing launch of the Civic model caused many to question whether Honda had lost its edge. For the past three years, Ito has shaken up Honda's decades-old, tightly-knit supply chain as the automaker sought to trim costs and find more cutting-edge technologies. That has predictably rankled local suppliers, and some...

  • FRANKFURT/ NEW YORK, Feb 20- A U.S. judge has dismissed a lawsuit tied to the 1983 Beirut bombing that seeks $1.6 billion in assets belonging to Iran's central bank and held by a unit of German exchange operator Deutsche Boerse, the German company said Friday. In another case in 2013, Clearstream Banking SA, the clearing unit for Deutsche Boerse AG, agreed to transfer...