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  • March 25- General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. "As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil& Gas spokeswoman.

  • March 25- General Electric Co increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices, Bloomberg reported. The move follows GE's notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas.

  • DETROIT, March 25- The United Auto Workers union on Wednesday said getting raises for workers at the Detroit automakers will be a top priority in contract talks this summer, but more jobs and production are shifting to U.S. plants without unions and Mexico. Earlier this week, General Motors Co said it would build a factory in Mexico to assemble a new generation of...

  • UPDATE 1-RadioShack auction headed for courtroom showdown Wednesday, 25 Mar 2015 | 5:34 PM ET

    March 25- An auction for RadioShack Corp failed to resolve whether the electronics retailer will remain in business as bidders attacked each in court filings, setting up a showdown before a judge on Thursday. By early Wednesday, however, one of RadioShack's lenders, Salus Capital Partners, asked the U.S. Bankruptcy Court judge overseeing the case to intervene.

  • March 25- Wells Fargo& Co, the fourth-largest U.S. bank by assets, said it will cut 1,000 jobs and close its home-lending servicing office in Milwaukee, Wisconsin. Wells Fargo, which will close the office in late July, will inform employees of other job opportunities within the company, the bank said. Shares of Wells Fargo, which had about 265,000 employees as of Dec. 31,...

  • RadioShack lender asks judge to intervene in auction Wednesday, 25 Mar 2015 | 1:35 PM ET

    March 25- A RadioShack Corp lender asked a U.S. Bankruptcy Court judge to intervene in the auction of the electronics retailer and said it had submitted a bid to liquidate the chain that was "materially superior" to one favored by RadioShack. The lender said, however, that RadioShack favored a proposal from hedge fund Standard General, even though its bid included...

  • What the Kraft-Heinz deal means for food mergers Wednesday, 25 Mar 2015 | 12:01 PM ET
    Kraft Macaroni & Cheese and Heinz Tomato Ketchup

    The merger of Kraft and Heinz could pave the way for future food mergers, but dealmaking will likely dip in the near term, analysts tell CNBC.

  • ZURICH, March 25- Swiss bank Vontobel said it had the firepower for more deals, after agreeing to buy a majority stake in Britain's TwentyFour Asset Management and announcing takeover talks for a German-based asset manager. Zurich- based Vontobel has been restrained in acquisitions since buying Commerzbank's Swiss arm in 2009, despite stressing it has the...

  • Standard General raises bid for bankrupt RadioShack Tuesday, 24 Mar 2015 | 6:20 PM ET
    A customer leaves a RadioShack store in San Francisco and a Sprint store is shown in Fort Lauderdale, Fla.

    Hedge fund Standard General is said to have raised its bid to buy about 1,740 stores of bankrupt electronics retailer RadioShack at auction.

  • NEW YORK, March 24- A turnaround team tasked with reviving Atlantic City says New Jersey's struggling gambling hub must consider cost cuts, layoffs and longer bond maturities, but bankruptcy is not in the cards- yet. "Bankruptcy is not something that we are contemplating," said emergency manager Kevin Lavin on a conference call on Tuesday. Atlantic City's tax base...

  • LONDON, March 24- Ukraine's debt burden cannot be restructured by just extending the maturity of its bonds, and creditors are unlikely to benefit if they "hold out" to maximize payments, Finance Minister Natalia Yaresko said on Tuesday. After a year of war and political upheaval that has seen its currency plummet and sent its economy into a tailspin, Ukraine agreed...

  • MOSCOW, March 23- German car producer Volkswagen said on Monday it would reduce shifts and lay off at least 150 workers at its Russian car plant in Kaluga, south of the capital Moscow. The carmaker said the Kaluga plant would work four days a week from April to July this year, while in May the number of shifts would decrease to two from three. It added that the production...

  • SHANGHAI, March 23- Laden with debt and struggling to make money as the world's No.2 economy loses momentum, China's steel mills do not appear obvious candidates for overseas expansion. In a draft of a revised restructuring plan for the industry issued late last week, Beijing included a line saying it would support mills' efforts to buy assets abroad, with...

  • NEW YORK, March 22- Government bond issuers are adopting new standards intended to thwart a strategy that's plagued Argentina for 13 years, in which buyers snap up distressed debt for pennies on the dollar and then hold out for full payment after other investors have agreed to restructure. Driving the move to change is the situation in Argentina, lawyers and...

  • LONDON, March 20- Greek government bond yields fell on Friday, after Prime Minister Alexis Tsipras assured European Union creditors that he would soon present a full set of economic reforms to unlock cash and stave off bankruptcy. The joint statement by the EU institutions spoke of a "spirit of mutual trust," but German Chancellor Angela Merkel stressed no money...

  • March 19- Canada's Bank of Nova Scotia sued Cliffs Natural Resources Inc, saying the U.S. iron ore miner had breached terms of a loan agreement when it filed for creditor protection for its Canadian operations. Cliffs in January stopped production at its Bloom Lake mine in Quebec, where costs exceeded expectations, and started restructuring the Canadian...

  • DUBLIN, March 19- Irish cement firm CRH is assuming the merger of rivals Lafarge and Holcim will still happen, its chief said after CRH shareholders approved an asset purchase that depends on the deal. CRH has agreed to buy a number of mostly European assets from Lafarge and Holcim for 6.5 billion euros so the French and Swiss firms can get antitrust clearance for...

  • DUBLIN, March 19- Irish cement firm CRH is working on the basis that the troubled merger of industry giants Lafarge and Holcim will happen, its chief executive said as his shareholders approved asset purchases that depends on it. CRH has agreed to buy a chunk of European assets from the pairing to help Lafarge and Holcim get antitrust clearance for the creation of...

  • *Restructuring costs to total over 200 bln yen- source. TOKYO, March 19- Japan's loss-making Sharp Corp intends to cut 12 percent of its workforce in a global restructuring expected to cost more than $1.7 billion, a person familiar with the plan said on Thursday. The job cuts will total around 6,000, half of which would come in Japan through early retirement while...

  • March 18- Sharp Corp is cutting more than 10 percent of its Japanese workforce starting in April, according to a Nikkei report. The embattled electronics manufacturer will slash about 3,000 jobs through voluntary retirements and expects to book about 30 billion yen in retirement-related expenses for 2015, the business daily said. The company could also cut...