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Industrial Conglomerates

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  • JAKARTA, Oct 31- Indonesia's mining-to-telecoms conglomerate Bakrie Group will negotiate with creditors to restructure part of its $8 billion in debt rather than sell major assets, people familiar with its strategy say. Some creditors sued one Bakrie company in New York while a Jakarta supplier has asked an Indonesian court to supervise a debt...

  • MOSCOW, Oct 30- Russia won court approval on Thursday to seize shares held by a billionaire businessman's company in oil producer Bashneft over its "improper privatisation", marking a success for the latest state move to reclaim prized corporate assets. Moscow's Arbitration Court ruled in favour of prosecutors who said Bashneft was unlawfully sold to local...

  • MOSCOW, Oct 30- The Moscow Arbitration court ruled on Thursday that shares in Bashneft owned by Russian conglomerate Sistema should be returned to the state after an "improper privatization." A Reuters correspondent at the court said the judge had ruled in favor of the General Prosecutor's office, which argued that oil producer Bashneft was unlawfully...

  • The U.S. company, which is expected to get more than $1 billion from the planned sale, and Hyundai are working with separate investment banks on the deal, the person said. GE's spokesman in South Korea, Bill Joh, declined to comment on the matter, while representatives at Hyundai could not be immediately reached for comment. In response to a local South Korean media...

  • *Sistema lost 72 percent of its capitalisation since July. Russian prosecutors filed the suit last month to regain state ownership of Bashneft, saying there had been alleged violations in the privatisation and subsequent sale of the oil producer to Russian oil-to-telecoms conglomerate Sistema in 2009.. Sistema's shares, which lost 70 percent after it...

  • MOSCOW, Oct 23- A Russian court decided on Thursday to postpone hearings on the sale of shares in oil producer Bashneft to Russian conglomerate Sistema to Oct. 30.

  • Sharp drops in many of the stocks owned by Buffett's Berkshire Hathaway in recent weeks hit the sprawling conglomerate's equity portfolio hard. The loss on seven of those holdings alone totals more than $5 billion provided Berkshire's stakes have remained the same since June 30, the last date for which they were disclosed. Berkshire Hathaway did not respond...

  • Two manufacturers with significant exposure to oil markets, General Electric Co and Honeywell International Inc, said in interviews they did not see any short-term impact, but that sustained lower prices could alter the picture. They include Emerson Electric Co, which sells equipment such as valves, as well as automation software and services to help manage...

  • *UAE, Qatar change direction as Western markets dip. DUBAI, Oct 20- Most Middle Eastern stock markets fell on Monday as a rebound by global equities turned out to be short-lived, but Saudi Arabia's bourse rose after a string of strong quarterly earnings. Stock indexes in the United Arab Emirates and Qatar rose in early trade but quickly gave up all their gains after...

  • Oct 17- General Electric Co reported a slightly higher-than-expected quarterly profit on Friday, with cost cuts that helped boost margins across its industrial businesses offsetting revenue that missed analysts' targets. GE reported a 4 percent rise in organic revenue, which excludes acquisitions, at its industrial manufacturing businesses, where Chief...

  • Oct 17- General Electric Co reported a slightly higher-than-expected quarterly profit on Friday, as cost cuts that helped boost margins across its industrial businesses offset revenue that fell below analysts' targets. The U.S. conglomerate posted a 4 percent rise in organic revenue, which excludes acquisitions, for its industrial manufacturing...

  • UPDATE 1-GE profit tops estimates as margins improve Friday, 17 Oct 2014 | 7:19 AM ET

    Oct 17- General Electric Co reported a higher-than-expected quarterly profit on Friday, as margin improvement across its industrial businesses offset revenue that came in below analysts' targets. Third-quarter net income rose to $3.54 billion, or 35 cents per share, from $3.19 billion, or 31 cents per share, a year earlier. Excluding special items, earnings of 38...

  • RPT-Buffett cuts Tesco stake to below 3 pct Thursday, 16 Oct 2014 | 6:20 AM ET

    LONDON, Oct 16- Warren Buffett, the billionaire chairman and chief executive of conglomerate Berkshire Hathaway, has cut his vehicle's stake in troubled British grocer Tesco to below 3 percent, according to a stock market notification. The filing, published on Thursday, said that on Oct. 13 Berkshire reduced its Tesco holding to "less than 3 percent."

  • Levy was drafted in 2002 into the management team that revived the then telecoms-to-media conglomerate Vivendi. The 59- year-old, who began his career at France Telecom, spent a decade paring back Vivendi film, TV and Internet assets. "At Vivendi and at Thales, he didn't turn up with an entourage," said Capron, who was finance director at Vivendi during part of Levy's...

  • *Dubai closes below 200- day average, first time since 2012. *Ezz Steel lifts Egypt after govt restricts steel imports. DUBAI, Oct 15- Most stock markets in the Middle East continued to decline on Wednesday as global equities remained under pressure and disappointing quarterly earnings and forecasts weighed on bourses in Oman and Kuwait.

  • HONG KONG, Oct 15- China Resources Holding Co Ltd's new chairman has met with at least 10 provincial governments since taking the helm six months ago- a charm offensive that is helping the state-owned conglomerate move past a major corruption scandal. The campaign by the politically connected Fu, formerly chief of China Merchants Group, which is also a sprawling...

  • MUMBAI, Oct 13- Reliance Industries Ltd, a conglomerate that operates the world's biggest refinery, reported a rise in profits that beat forecasts, helped by stronger refining margins, and said it would invest up to $9 billion in the next two quarters. The company, controlled by India's richest man, Mukesh Ambani, has been expanding beyond its core refining and...

  • PANAMA CITY, Oct 10- The Panama Ports Company, a unit of Hong Kong- based conglomerate Hutchison Whampoa Ltd, will invest about $110 million through 2015 to expand Panama's Balboa Port, the company's top executive told reporters on Friday. The expansion will add loading and unloading space to the Pacific coast facility as well as wire the port's fuel-burning...

  • GE unit in talks to buy Milestone Aviation - WSJ Friday, 10 Oct 2014 | 6:32 PM ET

    Oct 10- General Electric Co's finance arm is in talks to buy Milestone Aviation Group Ltd, as the U.S. conglomerate looks to expand its aircraft-leasing operation into helicopters, The Wall Street Journal reported, citing people familiar with the matter. Milestone, co-founded by NetJets Inc founder Richard Santulli, has announced plans for an initial public...

  • Oct 8- Vivian Schiller said she was stepping down as Twitter Inc's news head after nearly a year at the microblogging website, the latest executive exit from the company this year. Stanton, who also is on the board of French conglomerate Vivendi SA, became Twitter's new media chief in July, placing the former Google Inc executive at the heart of crucial...