Business Events


  • *Dubai World unit sells 50 pct of Fontainebleau- source. DUBAI, Dec 17- Istithmar World, a unit of Dubai World, has sold its 50 percent stake in Miami Beach's landmark Fontainebleau hotel back to south Florida developer Turnberry, a source close to the seller said on Tuesday.

  • Loehmann's department store in the Chelsea neighborhood of New York.

    Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators.

  • According to filings in the U.S. Bankruptcy Court in Manhattan, Loehmann's Holdings Inc. tried last month to sell its businesses as a going concern. SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners LLC, which have handled retailer liquidations, agreed to make an initial bid that includes $19 million in cash and other sums, a court filing shows.

  • DETROIT, Dec 16- Appeals of Detroit's historic bankruptcy will be allowed to bypass a federal district court and head straight to the U.S. 6th Circuit Court of Appeals, the bankruptcy judge overseeing the case ruled from the bench on Monday.

  • According to a corporate resolution, Loehmann's board has authorized the hiring of SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners LLC, which have experience handling retailer liquidations, in connection with a sale of substantially all of the company's assets.

  • Dec 16- American International Group Inc said it would sell its aircraft-leasing business to AerCap Holdings NV in a deal valued at about $5.4 billion, marking the insurer's exit from its last non-core business. The deal includes $3 billion in cash and 97.56 million newly issued AerCap common shares, AIG said on Monday.

  • Dec 16- USEC Inc, a supplier of enriched uranium for commercial nuclear power plants, said it expected to file for bankruptcy protection in the first quarter of 2014.. The company said it expected to file the pre-arranged and voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware.

  • Dec 12- U.S. insurer American International Group is in talks to sell its aircraft leasing business to AerCap Holdings NV, a person briefed on the discussions said.

  • BEIJING, Dec 13- China, the world top energy user, has given the go-ahead to build six new coal mines together with a massive thermal power plant in its northwest, despite warnings about local water shortages as well as the growing risk of pollution.

  • Boeing to move research jobs out of Washington state Thursday, 12 Dec 2013 | 8:07 PM ET

    NEW YORK, Dec 12- Boeing Co said on Thursday it planned to eliminate up to 1,200 jobs in Washington state and move them to other U.S. locations as it reorganizes research and development functions. The move will reduce Boeing's reliance on unionized engineers in the Seattle area, and follows other steps Boeing has made to move jobs outside the state this year.

  • Dec 12- Insurer American International Group is in talks to sell its jet-leasing finance business to AerCap Holdings NV, according to reports. Netherlands- based AerCap, the world's largest independent aircraft lessor, may team up with other bidders for International Lease Finance Corp, the reports said.

  • NEW DELHI/ HELSINKI, Dec 12- Nokia has won an appeal to release a local factory seized by authorities in a tax dispute, allowing the transfer of the plant as part of the sale of its mobile phone business to Microsoft. Nokia had appealed its seizure and was trying to resolve the dispute ahead of the closure of the 5.4 billion euro Microsoft deal.

  • Asia-Pacific beats Europe in M&A space Thursday, 12 Dec 2013 | 7:53 AM ET

    The Asia-Pacific region has overtaken Europe when it comes to mergers and acquisition, taking second place this year to North America.

  • *To cost Indonesia $1.6 bln in lost revenue, or 0.6 pct of GDP growth next year. JAKARTA, Dec 12- Freeport McMoRan Copper& Gold warned that Indonesia's plan to ban mineral exports from next month would cut the firm's revenues in the country by 65 percent, costing Southeast Asia's biggest economy $1.6 billion in lost revenue next year.

  • NEW YORK, Dec 11- A U.S. Bankrutpcy Court on Wednesday approved Residential Capital's plan to exit Chapter 11 putting the mortgage lender on track to end its 19- month bankruptcy before year's end.

  • Judge approves ResCap's plan to end its bankruptcy Wednesday, 11 Dec 2013 | 11:04 AM ET

    NEW YORK, Dec 11- A court on Wednesday approved Residential Capital's plan to end its 19- month bankruptcy and begin paying back creditors, putting the mortgage lender on a path to exit Chapter 11 by year's end.

  • HONG KONG, Dec 11- China's Suntech Power Holdings Co Ltd said its restructuring manager would investigate the planned sale of its main unit to Shunfeng Photovoltaic International Ltd for legal infractions- a move sources say could delay the $495 million deal.

  • WILMINGTON, Dec 10- Fisker Automotive Holdings Inc might not be making its plug-in Karma sports cars anymore, but it still knows speed.

  • *2,000 jobs to go in Germany; 1,260 in France. PARIS/ BERLIN, Dec 10- Airbus parent EADS came under fire on Tuesday from shareholders France and Germany over plans to cut 5,800 jobs, but its chief executive said that ignoring weak defence and space markets would have put even more jobs at risk.

  • SEOUL, Dec 10- South Korea is looking to scale back plans to rely on nuclear power, but growing energy demand and the shutdown of aging reactors mean it will still likely need to build new nuclear-fired plants in the next two decades.

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