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  • UPDATE 1-Detroit set to exit bankruptcy on Wednesday Tuesday, 9 Dec 2014 | 4:56 PM ET

    Dec 9- Detroit's odyssey through the biggest-ever U.S. municipal bankruptcy will end on Wednesday when the city's debt adjustment plan will take effect, Michigan Governor Rick Snyder's office said on Tuesday. In a letter, Snyder accepted Detroit Emergency Manager Kevyn Orr's declaration that the city's financial emergency is over and that it was time for his...

  • NEW YORK, Dec 9- Phibro, the storied energy trading firm run by famed oil investor Andrew Hall, is winding down in its current form, laying off some U.S. employees and pursuing a sale of some overseas operations, sources said on Tuesday. The divestment by Occidental Corp, which bought Westport, Connecticut- based Phibro from Citigroup Inc five years ago, will allow Hall...

  • BEIJING, Dec 9- Northern China's Hebei province, the country's dominant steel producing region, is set to move 16 million tonnes of output capacity to the coast in a step aimed at "upgrading" the sector. The Shougang Group- China's biggest steel mill formerly based in Beijing- has already shifted all its production facilities to Hebei's Caofeidian port.

  • Sika execs against Saint-Gobain bid; Shares tank Monday, 8 Dec 2014 | 11:07 AM ET
  • Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. Delia* s said on Monday Salus Capital Partners LLC will give it a $20 million debtor-in-possession credit facility to continue operations, conduct store closings and closeout sales. The case is In re: Delia* s Inc, U.S....

  • Delia*s files for Chapter 11 bankruptcy protection Monday, 8 Dec 2014 | 7:54 AM ET

    Dec 8- Teen apparel retailer Delia* s Inc filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets. The company listed total assets of $74 million and liabilities of $32.2 million in its filing on Sunday with a U.S. bankruptcy court. The company also said Chief Executive Tracy Gardner and Chief Operating Officer Brian...

  • As part of a report to be issued on Monday, the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11 recommended eliminating a rule that at least one impaired creditor class must vote to accept a company's bankruptcy exit plan for the plan to be eligible for court approval. The rule allows savvy investors to block restructuring efforts...

  • Dec 5- Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," becoming the second teen retailer to go out of business in as many days. Delia* s announcement wiped out more than 85 percent of the company's market value on Friday. Sales at Delia* s, which has 95 mall-based stores, has fallen for six quarters in a...

  • Canary Wharf's Songbird Estates rebuffs raised bid Friday, 5 Dec 2014 | 10:22 AM ET

    The owner of London's Canary Wharf on Friday rebuffed a raised $4.1 billion bid from Qatar and a North American investor.

  • Apparel retailer Delia*s to file for bankruptcy Friday, 5 Dec 2014 | 9:35 AM ET

    Dec 5- Teen apparel and accessories retailer Delia* s Inc said it was liquidating assets and would file for Chapter 11 bankruptcy protection "in the very near term," wiping out more than 85 percent of its market value. New York- based Delia* s, which launched a review of strategic alternatives in September, said it was unable to sell itself or secure financing to allow it...

  • BEIJING, Dec 5- The Chinese government has ordered its most polluted province, Hebei, to draw up fresh plans to "upgrade" its economy in a bid to ease its dependence on heavy industries like steel and cement, the Economic Observer newspaper reported on Friday. Hebei, which surrounds the capital Beijing, is China's biggest steel producer and home to seven of the...

  • Sears posts $548M loss, doubles store closure plan Thursday, 4 Dec 2014 | 12:36 PM ET
    Banners hang from Sears' flagship store in the Loop on Jan. 22, 2014, in Chicago.

    Sears reported a quarterly net loss of $548 million, and the retailer said it had nearly doubled its planned store closures to cut costs.

  • Shares of Sears were down 1.2 percent at $33.85 in early trading on the Nasdaq. Sears, which has been selling off assets and closing stores in an attempt to return to profitability, said last month it was expecting a net loss attributable to shareholders of between $590 million and $630 million for the fiscal third quarter ending Nov. 1. Sears recorded a net loss of...

  • Dec 4- Canadian discount chain Dollarama Inc reported a better-than-expected quarterly profit, helped by strong Halloween sales and higher spending at established stores. Dollarama, which has 928 stores as of Nov. 2, said it opened 11 new stores in the quarter and was on track to open 70 to 80 new stores in fiscal 2015 ending January. Dollarama earned 55 Canadian...

  • SHANGHAI/ HONG KONG, Dec 4- Chinese brokerage Haitong Securities Ltd is in talks to buy Portuguese bank Banco Espirito Santo's investment banking unit as Chinese finance firms snap up more overseas assets to try to offset slowing growth at home. A purchase of the bailed-out Portuguese lender's unit would be Haitong's first acquisition outside China and Hong...

  • Dec 3- The trustee overseeing the bankruptcy of a Massachusetts pharmacy linked to a 2012 meningitis outbreak that killed 64 people, filed a plan that would set aside at least $135 million to compensate victims and their families. When NECC entered bankruptcy, many people doubted that the victims would ever receive compensation through the bankruptcy...

  • Obama's new leverage with CEOs  Wednesday, 3 Dec 2014 | 1:33 PM ET

    Did President attempt to change his tone on business at the Business Roundtable meeting Wednesday? CNBC's Jeff Cox, Steve Liesman and Ron Insana of Marketfy.com, share their opinions.

  • LONDON, Dec 3- GlaxoSmithKline confirmed on Wednesday it would shed several hundred U.S. commercial jobs and a similar number of research positions as it restructures operations in its biggest market, where drug sales are flagging. Many of the jobs lost will be from GSK's Research Triangle Park site in North Carolina as drug research is consolidated in...

  • What Obama wants from business leaders  Wednesday, 3 Dec 2014 | 1:04 PM ET

    CNBC's John Harwood provides insight to President Obama's remarks on the global economy to CEOs at the Business Roundtable meeting.

  • Obama teases out common ground at BRT  Wednesday, 3 Dec 2014 | 12:57 PM ET

    CNBC's John Harwood shares some of the highlights of the Business Roundtable meeting with leading U.S. CEOs, including President Obama's remarks on tax reform, regulation and immigration reform.