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  • Honeywell to close Cranston plant by end of year Monday, 2 Mar 2015 | 6:38 AM ET

    CRANSTON, R.I.— Honeywell International Inc. has announced it will close its Cranston plant by the end of next year. The company, which makes safety equipment at the Cranston plant, said it will phase out operations starting later this year, ending in 2016. Manufacturing and distribution employees will be laid off, but non-production employees will be moved to...

  • LONDON, March 2- GlaxoSmithKline and Novartis said on Monday they had completed a series of asset swaps worth more than $20 billion that will reshape both drugmakers. GSK is forming a consumer health joint venture with Novartis, while at the same time buying the Swiss company's vaccines business and divesting its cancer drugs portfolio to Novartis.

  • 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...

  • SAN JUAN, Puerto Rico— Puerto Rico's heavily indebted public power company is asking creditors for more time to present its restructuring plan. The Electric Energy Authority owes more than $9 billion and is still negotiating with creditors. The announcement comes as Puerto Rico seeks to have its public corporations given protection under the federal...

  • NEW YORK, Feb 27- Puerto Rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan as it tries to secure an extension of an agreement from creditors not to foreclose on its $9 billion in debt. The current agreement, which expires on March 31, had called for a deadline of this Monday for Prepa to unveil a proposal to...

  • NEW YORK, Feb 27- Puerto rico's debt-laden power authority, Prepa, said on Friday that it will hold off on presenting a restructuring plan to creditors as it continues to negotiate an extension of forbearance agreements with bondholders and lenders. The current agreement, which expires on March 31, had called for a deadline of this Monday for Prepa to unveil a...

  • Shares of the bank plunged 46.3 percent and were then halted on Friday, after the FDIC recalled a press release announcing that the bank was closed. The FDIC said the press release, announcing that it had been appointed as receiver to the bank, had been sent in error. Doral was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, which...

  • WASHINGTON, Feb 27- The U.S. Federal Deposit Insurance Corporation said on Friday Puerto Rico-based bank Doral Financial Corp was closed, and its business taken over by Banco Popular de Puerto Rico.

  • The FDIC, which is overseeing the shutdown and shift of operations, said Banco Popular will take over eight of Doral's 26 former branches and work with three other banks to operate the other 18 locations on the island. Banco Popular North America will operate Doral's three branches in New York City and Centennial Bank will take over its five branches in Florida.

  • NEW YORK, Feb 27- Shares of San-Juan, Puerto Rico- based lender Doral Financial Corp plunged 46.3 percent and were then halted on Friday, following a U.S. Federal Deposit Insurance Corp recall of a press release announcing that the bank was closed. The FDIC said the press release, announcing that it had been appointed as receiver to the bank, had been sent in error.

  • FRANKFURT, Feb 27- German utility RWE said on Friday that completion of the sale of its oil and gas unit DEA to Russian tycoon Mikhail Fridman was imminent, following a media report that it would be concluded on Monday. The deal was first announced just under a year ago but ran into difficulties in being cleared in Britain in view of the economic sanctions imposed on...

  • LONDON, Feb 27- British publisher Pearson forecast a return to earnings growth after two years of restructuring, helped by improved fortunes in North America where falls in college enrolments have started to ease. Pearson, the 171- year-old company which also owns the Financial Times newspaper, reported adjusted earnings per share of 66.7 pence in 2014. That...

  • *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.

  • SAO JOSE DOS CAMPOS, Brazil, Feb 26- Workers at a General Motors Co car factory in Brazil ended a six-day strike on Thursday after the company dropped plans to lay off 800 employees, the union said, ending the latest labor standoff in the troubled Brazilian auto industry. The re-elected leadership, which also organized a strike against planemaker Embraer SA last...

  • Puerto Rico seeks protection of federal bankruptcy code Thursday, 26 Feb 2015 | 2:28 PM ET

    The push comes after a federal judge ruled that a local debt-restructuring law pushed through last year by Puerto Rico's governor was unconstitutional. Melba Acosta, president of Puerto Rico's Government Development Bank, was among those who testified before a U.S. House Judiciary Committee hearing in Washington. Puerto Rico's delegate to Congress, Pedro...

  • Power plant seeks to block Revel sale, liquidate property Thursday, 26 Feb 2015 | 12:57 PM ET

    ACR Energy Partners wants a bankruptcy court judge to cancel the latest proposed sale to a Florida developer, and appoint a trustee to liquidate the property instead. The company says the latest sale contract to Florida developer Glenn Straub would leave nothing for most creditors, and would cost the power supplier $32 million. Straub's Polo North Country...

  • OSLO, Feb 26- Offshore drilling rig operators are facing a cash crunch as oil firms hold back work and the shakeout will put vessels and possibly some operators out of business, Claus Hemmingsen, chief executive of Maersk Drilling, said. Day rates for the most advanced, deepwater rigs that peaked at over $650,000 per day less than two years ago are now below $400,000.

  • NEW YORK, Feb 26- Bondholders are split on a proposed bill to give Puerto Rico's ailing public agencies a way to restructure debt under U.S. bankruptcy law, with some saying it would give confidence to the market and others arguing it is a "Wild West" solution. The bill to give Puerto Rico's agencies the ability to file under Chapter 9 of the U.S. bankruptcy code- used by...

  • *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..

  • Strike ends at General Motors plant in Brazil Thursday, 26 Feb 2015 | 10:42 AM ET

    SAO JOSE DOS CAMPOS, Brazil, Feb 26- Workers at General Motors Co's Brazilian car factory ended a six-day strike on Thursday after the company agreed to drop plans to lay off 800 employees, the union said. Stoppage days will not be deducted from wages and the company vowed not to retaliate against workers who walked off the job in the longest strike GM has faced in...