TOKYO— Citigroup has agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp., the companies said Thursday. "This decision furthers Citi's global strategy of focusing our resources where we feel we have a competitive advantage," Citibank CEO Peter B. Eliot said in a statement. Citigroup said it also is considering selling its credit...» Read More
LONDON, Sept 23- Ukraine's dollar bonds suffered a sharp selloff on Tuesday, plunging to multi-month lows as investors priced in the growing probability of debt restructuring and lower recovery rates for bondholders.
The US government has been promising a crackdown on tax inversion deals for months. Yet the measures announced Monday may not be disincentive enough.
Sept 23- Consumer products company Spectrum Brands Holdings Inc said it would buy Procter& Gamble Co's European pet food business, which includes the Iams and Eukanuba dog and cat food brands. The financial terms of the transaction were not disclosed. P&G sold 90 percent of its pet food business to Mars Inc in April, but that excluded Europe.
DETROIT, Sept 22- A federal bankruptcy judge on Monday heard testimony from low-income families in Detroit who say they suffered hardships when the city cut off their water with no warning and are suing to prevent such shutoffs from happening again.
NEW YORK, Sept 22- Clorox Co's shares hit a new year-high on Monday and volume on the home cleaning products maker's options soared after the company said it is discontinuing its Venezuela operations and will look to divest its assets as the business is no longer viable.
Sept 22- The foreign-owned operator of a northern Indiana toll road filed for bankruptcy on Sunday as traffic fell short of the projections that underpinned the 2006 groundbreaking deal to privatize the highway.
MOSCOW, Sept 19- Russian bank VTB will have to take legal action to recover debts from Mechel after other attempts to help the struggling steelmaker failed, RIA news agency quoted VTB's chief executive as saying on Friday. Mechel wants its main creditor banks, which besides VTB include Sberbank and Gazprombank, to restructure its debt.
DETROIT, Sept 18- The Detroit Institute of Arts is prepared to sue to prevent the sale of its collection if Detroit's plan for exiting bankruptcy is not approved, the museum's chief operating officer told U.S. Bankruptcy Court on Thursday.
SEATTLE, Sept 18- Microsoft Corp will close its Silicon Valley research-and-development operation as part of 2,100 layoffs announced on Thursday, as it moves toward its new CEO's goal of cutting 18,000 staff, or about 14 percent of its workforce.
*Visa exploring options for 5.5 pct stake in Monitise. *Visa fourth-biggest stakeholder in Monitise. Sept 18- Monitise Plc lost more than a third of its market value after Visa Inc, its biggest customer, revealed plans to divest its stake in the company and pursue development of its own mobile payment systems.
SAN JUAN, Puerto Rico, Sept 17- Puerto Rico Electric Power Authority's new chief restructuring officer Lisa Donahue said on Wednesday that she is confident of developing a restructuring plan that will have the support of all stakeholders at the embattled government power utility.
Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit's bankruptcy trial on Wednesday, giving the last major objector to the city's restructuring plan time to rework its case.
Sept 16- United States Steel Corp said its Canadian arm would apply for relief from creditors under Canada's Companies' Creditors Arrangement Act and said it would drop plans to expand two of its facilities. Steel Canada, formerly known as Stelco, accounts for about $1 billion of U.S.
DETROIT, Sept 16- An expert witness hand-picked by the federal judge overseeing Detroit's historic bankruptcy case will testify on the feasibility of the city's debt adjustment plan without restrictions, the judge ruled on Tuesday.
SAO PAULO, Sept 16- Nextel operator NII Holdings Inc is hanging on to its Brazilian unit even though the welterweight mobile carrier has filed for bankruptcy protection in the United States and sold off other Latin American operations.
Sept 16- Siga Technologies Inc, a supplier of antiviral smallpox drug to the U.S. strategic stockpile, filed for voluntary bankruptcy protection as it seeks time to appeal a court order favoring PharmAthene Inc in a licensing dispute.
Sept 16- Siga Technologies Inc filed for voluntary bankruptcy protection on Tuesday and said the filing was to preserve its ability to supply its antiviral smallpox drug to the U.S. Siga listed total assets of $209.5 million and liabilities of $197.9 million in its Chapter 11 petition with the Southern District of New York.
BERLIN/ PARIS, Sept 16- Airbus Group has unveiled plans to sell half a dozen businesses with combined annual revenues of around 2 billion euros, simplifying its Defence and Space division to focus on warplanes, missiles, launchers and satellites.
BERLIN/ PARIS, Sept 16- Airbus Group has unveiled plans to sell half a dozen businesses with combined annual revenues of around 2 billion euros, simplifying its Defense and Space division to focus on warplanes, missiles, launchers and satellites.
BERLIN/ PARIS, Sept 16- Airbus Group unveiled plans on Tuesday to sell half a dozen business units with combined revenues of around two billion euros as it focuses its Defence and Space division on warplanes, missiles, launchers and satellites.