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  • Saudi prince's news channel to go live in February Monday, 15 Dec 2014 | 6:34 AM ET

    MANAMA, Bahrain— Saudi billionaire Prince Alwaleed bin Talal's pan-Arab news channel will finally take to the airwaves early next year. The channel had previously been expected to begin operations in 2012 in Bahrain, a tiny island kingdom connected by a causeway to Saudi Arabia that is home to the U.S. Navy's 5th Fleet. Bahrain continues to face low-level unrest...

  • ABU DHABI, Dec 15- A loan of up to $800 million to help Abu Dhabi- based entrepreneur B.R. Shetty acquire a majority stake in foreign exchange operator Travelex has been completed, two sources aware of the matter said on Monday. Three other banks-- Doha Bank, National Bank of Fujairah and Commercial Bank International-- joined the loan, the first source said.

  • LONDON, Dec 12- The acrimonious divorce of Britain's most generous philanthropists, hedge fund billionaire Christopher Hohn and his estranged wife Jamie Cooper-Hohn, could lead to a split of one of the largest private charities in the world. "I am aware... that there have been discussions about the possibility of diverting funds from the UK Foundation into the U.S....

  • TOKYO, Dec 12- Japan's SoftBank Corp will soon downsize its Silicon Valley offices, people with knowledge of the matter said, signalling the company won't revive efforts to buy T-Mobile U.S. Inc.. The Japanese telecommunications company is now transferring "the bulk" of manpower out of its West Coast operations, including dispersing development engineers to...

  • UPDATE 1-Tesla says China unit head Wu resigns Friday, 12 Dec 2014 | 4:03 AM ET

    SHANGHAI, Dec 12- U.S. electric car maker Tesla Motors Inc said on Friday its China president, Veronica Wu, has resigned, without giving a reason for her departure. China's green vehicle market has attracted global players including Volkswagen AG, Nissan Motor Co Ltd and BMW. In August, the California- based company and mobile phone network operator China Unicom...

  • LISBON, Dec 12- Portugal Telecom SGPS has called a general shareholder meeting on Jan. 12 to vote on telecoms group Altice's planned acquisition of Portuguese operations from Brazil's Oi for 7.4 billion euros. PT SGPS now has no assets other than the stake in Oi and 900 million euros in defaulted debt by a bankrupt holding company of the Espirito Santo family.

  • *Fosun Intl moves to new insurance-based business model. A Club Med takeover would represent the most significant co-investment between Fosun and Fidelidade, the Portuguese insurance firm Fosun forked out $1.29 billion to buy in May, and advance Guo's goal of turning his Shanghai- based manufacturing and real estate-focused conglomerate into a...

  • NEW YORK, Dec 11- After skyrocketing to more than a thousand dollars in price late last year and attracting global attention, bitcoin, the leading digital currency, has stalled. It most recently traded at $356.26, down from a peak of $1,163 in December 2013. "There has to be some motivation that would help this whole bitcoin system explode, like really good...

  • Firtash has long-standing business connections to Russia and his companies were able to buy gas cheaply from Gazprom, the giant gas company run by allies of Russian President Vladimir Putin. "Everybody in Ukraine knows that he is the wallet to pay off Yanukovich," said Viktor Chumak, a senior Ukrainian lawmaker and the former head of the parliament's...

  • NEW YORK, Dec 9- Billionaire news and information mogul Michael Bloomberg replaced the founding editor at his eponymous news service with Economist Editor-in-chief John Micklethwait, moving aggressively to broaden the one-time financial newswire beyond its core Wall Street audience. The announcement on Tuesday marks the latest shakeup since Michael...

  • *Italy's credit downgrade weighs on sentiment. PARIS, Dec 8- European shares fell early on Monday, trimming some of the previous session's sharp gains after soft macro data from China and Japan. "Italy's downgrade is a good reminder that Europe is far from being out of the woods.

  • HONG KONG, Dec 8- Dalian Wanda Commercial Properties Co Ltd, the world's second largest developer of shopping malls and office buildings, cut the size of its Hong Kong IPO by around a third to $3.9 billion to lure investors worried about its huge debt, analysts said. "Investors will be concerned about the debt," said Alvin Cheung, associate director at Prudential...

  • MELBOURNE, Dec 8- Societe Generale has suspended its involvement in financing a $10 billion coal mine, rail and port project being developed by India's GVK conglomerate and Australian billionaire Gina Rinehart, citing the project's years-long delay. "We have been working with Societe Generale on a specific element of the financing arrangements for our...

  • LISBON, Dec 5- Telecoms group Altice's plan to buy the Portuguese operations of Brazil's Oi for 7.4 billion euros depends on winning the backing of shareholders in Portugal Telecom SGPS, the holding company which owns 25.6 percent of Oi, a spokesman for Portugal Telecom said. Lisbon- listed Portugal Telecom SGPS is the target of a 1.2 billion-euro takeover offer...

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine the value of Twombly's "Leaving Paphos...

  • Rockstar yacht loses to drawbridge  Thursday, 4 Dec 2014 | 2:57 PM ET

    Rockstar energy drink billionaire founder Russ Weiner's yacht got stuck while being towed under a drawbridge, taking out part of the roof, but no one was hurt. CNBC's Robert Frank says the bridge had been declared "functionally obsolete" 4 years ago.

  • NEW YORK, Dec 4- The billionaire Ronald Perelman's lawsuit accusing New York City art gallery owner Larry Gagosian of defrauding him into overpaying for a Cy Twombly painting has been thrown out by a unanimous state appeals court. Despite being a "sophisticated" plaintiff, Perelman "conducted no due diligence" to determine what Twombly's "Leaving Paphos Ringed...

  • Battle for Club Med tests regulator's patience Thursday, 4 Dec 2014 | 9:52 AM ET

    *Club Med tussle is France's longest takeover battle. PARIS, Dec 4- France's financial regulator is speeding up the auction for Club Mediterranee in an effort to end the uncertainty for shareholders, but is likely to hold back from asking for sealed bids for now due to legal risks of a possible tie, lawyers said. The first dates back to May 2013, and the latest was on Dec....

  • LONDON, Dec 4- Bidders including Borealis, Macquarie and Cheung Kong Infrastructure Holdings are lining up multi-billion dollar bids for Fortum's Swedish power grid ahead of a mid-December deadline, sources familiar with the matter told Reuters. Finland's state-controlled utility Fortum is selling its Swedish power grid, which is seen fetching around 6...

  • SINGAPORE, Dec 4- Japanese telecoms firm SoftBank Corp has pumped in $250 million to become the top investor in Southeast Asian mobile taxi-booking application GrabTaxi Holdings Pte Ltd, its biggest investment in a Southeast Asian Internet firm. GrabTaxi, which allows customers to order cabs closest to their location by mobile phone, operates in Singapore,...