Corporate Assets
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On Monday, home improvement retailer Lowe's Cos. said that it plans to expand its California operations by acquiring Orchard Supply for about $205 million in cash. Since Orchard Supply filed for bankruptcy protection, Lowe's offer will become the "stalking horse" bid for an auction of Orchard's assets.
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It is difficult to turn a profit on bottles of bordeaux and burgundy when the outlook for sought-after vintages looks bleak at best. The Financial Times reports.
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*Safeway to pay down debt, buy back shares with proceeds. TORONTO, June 12- Empire Co Ltd, the operator of Canadian grocery chain Sobeys, said it is acquiring Safeway Inc's assets in Canada for $5.7 billion, in a move that will nearly double its reach in the country's western provinces.
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June 11- PIMCO Total Return Fund, the world's largest bond fund, decreased its holdings of U.S. The fund, which has roughly $285.2 billion in assets and is run by Bill Gross, had previously increased those Treasury holdings in April to 39 percent from 33 percent the previous month.
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*Gold/ palladium ratio falls to lowest since March 2011. LONDON, June 11- Palladium prices have reached their highest versus gold in more than two years this week as a rally in risk assets boosts the appeal of industrial commodities, with further rises likely as the economic recovery gains impetus.
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Miles Electric Vehicles, founded in 2004 by "green" entrepreneur Miles Rubin, listed estimated assets in the range of $10 million to $50 million, and estimated liabilities of between $50 million and $100 million.
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A unit of Dubai Holding, the investment arm of Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, Dubai Group has a portfolio of mainly financial services assets bought during the boom years of the mid-2000s, but which have plunged in value since the 2008 global financial crisis.
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Apple and other multinationals that keep money overseas are not doing anything wrong on taxes, opposing political pundits agreed on CNBC. But they clashed on reforms to discourage that practice.
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LONDON, May 29- Any European Central Bank move to cut interest rates below zero could deal a further blow to money market funds already struggling in a low rate environment, raising risks to the wider financial system. Aggregated assets held by euro zone money funds fell to just 929 billion euros at the end of March from 1 trillion euros in 2011, according to the ECB.
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As News Corp prepares to separate its publishing business from its entertainment assets, Murdoch said that while some brands face individual challenges, as a whole the publishing portfolio is "undervalued and underdeveloped."
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NEW YORK, May 28- Apache Corp is exploring a sale of a stake in its shallow water Gulf of Mexico assets, attracting private equity interest as it looks to reach a $4 billion asset sale target, several people familiar with the matter said.
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*MBIA to have unsecured claims of $3.6 bln. May 23- Ally Financial Inc agreed to pay $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets. Creditors who objected to the original deal included ResCap's unsecured creditors, bond insurers such as MBIA Corp and Assured Guaranty Corp, and others.
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May 23- Ally Financial Inc agreed to contribute $2.1 billion to Residential Capital LLC to settle claims that it stripped the bankrupt mortgage subsidiary of choice assets, paving the way for ResCap to pay back its creditors.
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MOSCOW, May 22- Igor Kim snapped cast-off assets from foreign banks pulling out of Russia and now the banker says he wants to expand into Europe. Kim, 47, emerged with his partners as an asset consolidator after the global crash of 2008 forced Western banks to downsize, buying the Russian commercial banking units of Barclays, WestLB, Morgan Stanley and Santander.
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*Gold finds some relief as U.S. data hurts stocks, dollar. LONDON, May 16- Gold hit a four-week low on Thursday, declining for a sixth straight day for the first time in more than four years, as investors spooked by recent price falls favoured other assets.
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According to filings late Wednesday in Manhattan bankruptcy court, MSR Hotels& Resorts Inc. sought Chapter 11 protection from creditors to sell its remaining assets and wind down.
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*Dubai Group not expecting to sell assets in 2013. DUBAI, May 9- Dubai Group, an investment vehicle owned by the emirate's ruler, will become an independent company after its planned $10 billion debt restructuring, a top official said.
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*Dubai Group not expecting to sell assets in 2013. DUBAI, May 9- Dubai Group, an investment vehicle owned by the emirate's ruler, will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, a top official said.
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May 1- As mineworkers and retirees battle to salvage their pensions and benefits from the bankruptcy of Patriot Coal Corp, lawyers for their union are trying an unusual gambit- and one that may be a test case for workers' rights when companies spin off assets.
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*Beyond timing of QE3, debate over which assets to target. NEW YORK/ SAN FRANCISCO, May 1- Top Federal Reserve officials are happy with the boost their asset purchases are giving the housing market, suggesting mortgage bonds could trump Treasuries when the U.S. central bank tinkers with its bond-buying program.
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*Beyond timing of QE3, debate over which assets to target. NEW YORK/ SAN FRANCISCO, May 1- Top Federal Reserve officials are happy with the boost their asset purchases are giving the housing market, suggesting mortgage bonds could trump Treasuries when the U.S. central bank tinkers with its bond-buying program.
Most Popular Video
No reason has been given yet for the departure of founder and executive chairman George Zimmer, reports CNBC's Courtney Reagan. Zimmer has long been the face of the company.
Wednesday, 19 Jun 2013 | 10:52 AM ETCNBC's Rick Santelli, explains why he hears 'crickets" when he asks questions about Fed Chairman Bernanke's policies. "Enough is enough," he rants.
Wednesday, 19 Jun 2013 | 11:36 AM ETAre reporters lobbing "softball" questions at the Fed chairman? CNBC's Rick Santelli and the Wall Street Journal's Jon Hilsenrath, debate whether the economy continues to need quantitative easing. I'm trying to inform the public about what the Fed is up to, says Hilsenrath.