DETROIT— The state of Michigan on Tuesday urged Detroit pensioners whose benefits will be reduced by the city's bankruptcy restructuring plan to apply for funding if it's necessary to keep them from dropping below the poverty line. Detroit, which officially emerged last week from the largest municipal bankruptcy in U.S. history, is shedding about $7 billion...» Read More
The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said that global head of fixed income, currencies & commodities, has left the firm.
Spanish funds within a group looking to buy Spanish carrier Iberia will control both the board and hold the majority of its capital if successful, an industry source told Reuters on Thursday.
Yahoo, is working with auction leader eBay and its PayPal payments unit to block fake e-mails to users purporting to be from eBay and PayPal, hoping to spur on an industry that has been slow to fight the scourge of so-called phishing attacks.
Bain Capital Partners said it will submit for a national security review its proposed $2.2 billion buyout of networking equipment maker 3Com Corp.
H&R Block the largest U.S. tax preparer, said on Wednesday bank lines at its Option One Mortgage Corp lending unit were terminated or reduced, as the subprime mortgage company reduces it lending volume.
Merrill Lynch said on Wednesday that David Sobotka replaced Osman Semerci as global head of fixed income, currencies & commodities.
Bear Stearns said on Wednesday it was cutting 310 jobs in its mortgage origination businesses as part of a reorganization of its mortgage operations.
US Airways Group said on Wednesday it will cut flights from its unprofitable Pittsburgh hub, a move that will cut about 450 airlines jobs in the city.
General Electric said that, for the first time, it would earn more this year from its operations outside the United States than from in the U.S., mainly because of strong revenue growth in emerging markets.
The board of directors of Alcatel-Lucent has given chief executive Patricia Russo one month to produce an emergency restructuring plan, the Financial Times reported on Friday.
Investor Guy Wyser-Pratte has bought a 1% stake in TUI and along with other critics wants to oust Michael Frenzel, the chief executive of the German shipping and tourism group, a paper reported.
Four medical device implant makers will pay about $311 million and agree to federal monitoring and other reforms to settle a government probe into improper consulting contracts with surgeons, federal prosecutors said Thursday.
FL Group, an Icelandic private equity firm that owns 8.25 percent of AMR, said in a letter to the board that changes at the company were long overdue, given the 50 percent drop in the share price since January.
Google is planning to expand its staff by a third, with most of the new hirings in Europe, the Financial Times reported on its Website.
Freddie Mac, the No. 2 U.S. mortgage financing company, does not expect the economy to fall into recession from the housing market downturn and even sees opportunities in the shake-up, its treasurer said on Wednesday.
FedEx shareholders may vote Monday to separate the role of chairman and chief executive officer at the company's annual meeting.
Dell said on Monday it would sell its latest range of personal computers through China's largest electronics retailer, Gome Group.
HSBC, Europe's biggest bank, said it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable.
The United Auto Workers and General Motors resumed negotiations for a new labor contract on Wednesday, five days past the expiry of the previous pact.
Subprime mortgage lender Accredited Home Lenders agreed on Tuesday to be bought at a lower price by Lone Star and to drop a lawsuit against the private equity firm.