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Industrial Conglomerates

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  • DUBAI, June 2- Saudi Arabian family conglomerate Ahmad Hamad Algosaibi and Brothers is offering creditors a minimum return of 28 cents on every dollar owed under an enhanced proposal to end one of the Middle East's largest ever debt restructurings. The group with interests in hospitality, food and real estate among others, collapsed in 2009 along with Saad...

  • NEW YORK, May 31- General Electric Co has launched the sales process for a roughly $40 billion portion of its U.S. commercial lending assets as a part of its broad retreat from its finance businesses, sources familiar with the situation said on Sunday. Toronto-Dominion Bank, CIT Group Inc, Ally Financial Inc and Wells Fargo& Co are among the potential bidders for the...

  • PANAMA CITY, May 29- Panama on Friday awarded a nearly $2 billion contract to build a new subway line in the capital to a consortium that includes Brazilian conglomerate Odebrecht and Spanish construction firm FCC Construcciones. Panama's office of public contracts awarded the contract after having decided earlier this month that the Odebrecht-FCC...

  • *First-quarter GDP revised down to show contraction. *GDP shrinks at a 0.7 percent annual rate. WASHINGTON, May 29- The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.

  • *First-quarter GDP revised down to show contraction. *GDP shrinks at a 0.7 percent annual rate. WASHINGTON, May 29- The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls and a resurgent dollar, but activity has rebounded modestly.

  • *Fosun total debt at $16.7 bln, not far off its market value. HONG KONG, May 29- A $1.2 billion share sale by Fosun International Ltd this month was likely only the start of a love affair with equity deals, bankers say, as the Chinese conglomerate seeks to cut reliance on debt to fund its huge acquisition ambitions. Led by tycoon Guo Guangchang who models himself on...

  • LONDON, May 28- General Electric Co has picked Deutsche Bank to sell Italian lender GE Capital Interbanca as part of a strategic review to refocus the U.S. conglomerate around its industrial base, two sources familiar with the matter said. Deutsche Bank could conduct a piecemeal sale and offload Interbanca's units such as lending, factoring, leasing and fleet as...

  • May 20- U.S. healthcare conglomerate Johnson& Johnson said on Wednesday it expects to submit more than 10 new medicines with annual revenue potential of at least $1 billion each to regulators by 2019, and is testing dozens of new uses for existing medicines. J&J said it would file for approval of daratumumab for the blood cancer multiple myeloma in the United...

  • NEW YORK, May 20- U.S. healthcare conglomerate Johnson& Johnson said on Wednesday it expects to submit more than 10 new medicines with annual revenue potential of at least $1 billion each to regulators by 2019, and is testing dozens of new uses for existing medicines. J&J said it would file for approval of the experimental drug daratumumab for the blood cancer...

  • SEOUL/ SINGAPORE, May 20- Samsung's heir-apparent Jay Y. Lee faces a delicate balancing act: carefully pacing preparations for change- of style more than strategy- at South Korea's biggest conglomerate, while preserving his ailing father's legacy from more than a quarter of a century in charge. Samsung Group a sprawling corporation of dozens of affiliates...

  • WASHINGTON, May 19- General Electric Co would lose a $350- million deal to build locomotives for Angola, and perhaps billions of dollars more in future export opportunities, if Congress closes the U.S. Export-Import Bank, a senior GE executive told Reuters. GE, along with other major U.S. exporters including Boeing Co and business groups like the U.S. Chamber of...

  • RPT-Milking it: Israel leads the way in dairy tech Tuesday, 19 May 2015 | 8:39 AM ET

    *Israel applies hi-tech methods to increase dairy yields. *China, India, other Asian countries, look to Israeli expertise. TEL AVIV, May 19- Decades ago Israeli dairy farmers confronted a quandary- how could they provide milk to a fast-growing population in a country that is two-thirds desert, with little grazing land?

  • ISTANBUL, May 18- Turkish automaker Tofas halted production at its main factory on Monday, as a protest against working conditions intensified and threatened to embarrass President Tayyip Erdogan and the ruling AK Party weeks before a parliamentary election. Tofas, owned by Italy's Fiat and local conglomerate Koc Holding, said it had halted production until...

  • ISTANBUL, May 18- Turkish automaker Tofas halted production at its main factory on Monday, as a protest against working conditions intensified and threatened to embarrass President Tayyip Erdogan and the ruling AK Party weeks before a parliamentary election. On Friday it spread to the neighbouring Tofas plant. Tofas, owned by Italy's Fiat and local...

  • SEOUL, May 15- Samsung Group heir apparent Jay Y. Lee will take over from his father Lee Kun- hee as head of two key foundations, the conglomerate said on Friday, suggesting that a transfer of leadership is underway at South Korea's largest conglomerate. Jay Y. Lee, 46, will succeed his 73- year-old father, who has been hospitalized since suffering a heart attack more...

  • SEOUL, May 15- Samsung Group heir apparent Jay Y. Lee will take over from his father Lee Kun- hee as head of two key foundations, the conglomerate said on Friday, suggesting that a transfer of leadership is underway at South Korea's largest conglomerate. A Samsung Group spokeswoman said Jay Y. Lee would succeed his father as chairman of Samsung Life Public Welfare...

  • Toshiba says to mark down reported profit for 3 years Wednesday, 13 May 2015 | 9:28 PM ET

    Toshiba is likely to mark down three fiscal years of profit by at least $419.43 million in total after an internal probe into accounting irregularities.

  • WILMINGTON, Del., May 13- DuPont said on Wednesday its shareholders voted to support all 12 board members backed by the U.S. chemical conglomerate, rejecting a challenge from activist investor Nelson Peltz's Trian Fund Management. DuPont shares fell nearly 6 percent to $70.50 in early trading. "We look forward to continuing to execute our strategic plan to make...

  • *AOL shares jump 19 pct; Verizon down 0.5 pct. May 12- Verizon Communications Inc said on Tuesday it will buy AOL Inc for $4.4 billion, turning the biggest U.S. wireless carrier into a leading provider of content and video for the web and mobile phones. AOL and its properties, including the Huffington Post, TechCrunch and Engadget websites, would become a Verizon...

  • TOKYO, May 12- U.S. private equity firm Cerberus Capital Management LP is effectively pulling back from Japan after failing to win control of railway firm Seibu Holdings and due to a lack of investment targets, sources with direct knowledge of the matter said. Having turned the businesses around and sold them for a profit in initial public offerings, most have...