Business Events


  • U.S. says Europe bank failure fund inadequate Thursday, 16 Jan 2014 | 10:01 AM ET

    WASHINGTON, Jan 16- The United States is concerned that Europe is not moving decisively to heal its banks and that China will only slowly move toward a more market-based economy, U.S. Lew said a deal struck in Europe last month to create a fund over the coming decade for dealing with future bank failures was important, but inadequate.

  • Jan 16- Johnson& Johnson said on Thursday it will sell its ortho clinical diagnostics unit to private equity firm Carlyle Group for $4.15 billion, a year after announcing it was considering spinning off or selling the slow-growing business.

  • *Dubai Group signs $10 bln debt restructuring- sources. DUBAI, Jan 16- Dubai Group has signed a $10 billion debt restructuring deal, two sources with knowledge of the matter told Reuters on Thursday, bringing an end to the last major hangover from the emirate's 2009 financial crisis.

  • UPDATE 1-Sears Canada to cut more than 1,600 jobs Wednesday, 15 Jan 2014 | 5:37 PM ET

    TORONTO, Jan 15- Sears Canada Inc plans to cut more than 1,600 jobs this year as it reorganizes and outsources some of its business, the struggling department store operator said on Wednesday.

  • NEW YORK, Jan 15- The U.S. Federal Reserve has given JPMorgan Chase& Co an "ultimate time limit" for selling its Henry Bath warehousing unit, a regulatory executive at the U.S. central bank told a Senate banking committee hearing on Wednesday. In July 2013, JPMorgan announced plans to sell the whole of its physical commodities business, which includes Henry Bath.

  • LONDON, Jan 14- Royal Dutch Shell could look to sell $15 billion worth of assets over the next two years including some North Sea fields, said a media report on Tuesday, expanding on its existing guidance that divestments would accelerate this year.

  • *Freeport will minimise operational costs with layoffs- union.

  • Bankruptcy Judge Allan Gropper in Manhattan said a higher payout of $14.17 billion might be in order because Anadarko's Kerr-McGee Corp unit intended to harm Tronox creditors by saddling the spinoff with unsustainable environmental liabilities.

  • Federal judge overseeing Madoff liquidation dies Monday, 13 Jan 2014 | 12:29 PM ET

    Jan 13- The federal bankruptcy judge presiding over the liquidation of assets related to Bernard Madoff's Ponzi scheme has died, a clerk to the U.S. Bankruptcy Court in New York said on Monday. Bankruptcy Judge Burton Lifland, 84, died on Sunday, according to the clerk, Vito Genna.

  • DETROIT, Jan 13- The agreement struck with two banks by Detroit to end toxic interest rate swap agreements was not in the best interest of the city, the groups objecting to the deal said during closing arguments in a bankruptcy court hearing on Monday.

  • FRANKFURT, Jan 13- The German state of Bavaria may offer insolvent bookseller Weltbild financial backing to try to avert thousands of job losses, a newspaper cited Bavarian state premier Horst Seehofer as saying.

  • DAMPALA, Indonesia, Jan 12- Hundreds of small Indonesian mines, like nickel miner Mobi Jaya Persada, are preparing for the worst after the government imposed a controversial mineral export ban on Sunday that could force them to close down.

  • FRANKFURT, Jan 10- Roman Catholic Church- owned bookseller Weltbild, which competes with online retailer Amazon.com in Germany, filed for insolvency on Friday after its sales shrank and it unexpectedly found itself unable to obtain fresh financing.

  • Indonesia is set to ban mineral ore exports from Sunday, in a move that threatens to spark mass layoffs, mine closures and lower foreign revenue in Southeast Asia's largest economy. Indonesia is the world's biggest exporter of nickel ore, refined tin, thermal coal and home to the fifth largest copper mine and top gold mine.

  • Jan 9- Workers at trucking company YRC Worldwide Inc represented by the Teamsters union rejected a contract extension that the company proposed, putting a plan to restructure its debt in jeopardy.

  • NEW YORK, Jan 9- Satellite television company Dish Network Corp has withdrawn its $2.2 billion bid to buy bankrupt wireless broadband company LightSquared Inc, throwing the future of LightSquared's valuable spectrum rights into further doubt.

  • *Ahmed al-Qassim named Dubai Group CEO- sources. DUBAI, Jan 9- Dubai Group, a conglomerate in the midst of a $10 billion debt restructuring, has appointed as its chief executive Ahmed al-Qassim, who previously worked at its biggest creditor, three sources aware of the matter told Reuters.

  • HAVANA, Jan 8- Thousands of Cuban state taxi drivers will soon be leasing their vehicles and working on their own as part of a reorganization of the country's taxi service aimed at improving efficiency, according to rules published on Wednesday. Cuba nationalized all retail business in 1968, down to the shoe-shine shops, and fixed all prices.

  • *JPMorgan's brokerage feels financial impact of regulation. LONDON, Jan 8,- JPMorgan Chase& Co, the world's biggest dealer in over-the-counter metals derivatives, has added its metals futures brokerage to the sale of its physical commodities business, sources familiar with the matter said.

  • *JPMorgan's brokerage feels financial impact of regulation. Jan 8,- JPMorgan Chase& Co, the world's biggest dealer in over-the-counter metals derivatives, has added its metals futures brokerage to the sale of its physical commodities business, sources familiar with the matter said.

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