RUGAO, China/ SINGAPORE, Dec 6- Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area's reliance on China Rongsheng Heavy Industries Group, the country's biggest private shipbuilder. Rongsheng lost an annual record 572.6 million yuan last year, and lost 1.3 billion yuan in the first half of this year.» Read More
NEW YORK, Nov 18- J.C. Penney Co has a fan in hedge fund manager Marc Lasry, who says the struggling retailer is likely to survive after an ambitious reinvention failed, its stock price tumbled and its biggest investor exited.
DUBAI, Nov 18- Turn on a Saudi television and you'll usually get a diet of religious programming and uncontroversial imported fare. The programmes of Jeddah- based UTURN, from drama to reality shows, are typical.
ROME, Nov 16- Silvio Berlusconi, facing expulsion from parliament over a tax conviction and a revolt which split his centre-right party, said on Saturday he may no longer back Italian Prime Minister Enrico Letta but would not be able to bring down the government.
*Exxon Mobil leads Dow after Buffett buy. *J.C. Penney, FedEx gain on hedge fund stakes. They rose 2.2 percent to $95.27 a day after Warren Buffett's Berkshire Hathaway Inc disclosed a new $3.45 billion stake in the second-largest U.S. company by market value, behind only Apple Inc.
China has a word for its flashy new rich: Tuhao (tu means “crass” and “hao” means rich). And it’s quickly gaining global traction.
*EU agrees Spain does not need to extend bank rescue. MADRID, Nov 14- Potential buyers of Spain's rescued banks, which include foreign investors, are pressuring the government to sweeten sales with more state aid, just as Madrid pulls its financial sector off European support, banking sources said.
The previous day, hedge fund managers, oil princes and oligarchs were bidding by telephone at Christie's when the auction house sold Francis Bacon's "Three Studies of Lucian Freud" for a record $142.4 million, in what was seen as a test of the global art market's health.
VIENNA, Nov 14- America Movil does not plan a hostile takeover bid for Telekom Austria following its failed attempt to buy Dutch company KPN, its chief executive said. But CEO Daniel Hajj said America Movil had not acquired its stake a year ago in order to mount a takeover and saw itself as a stable partner of fellow large shareholder Austria.
Nov 14- Shares of Houghton Mifflin Harcourt Co, a textbook publisher that emerged from bankruptcy last year, rose as much as 33 percent in their market debut, valuing the company at about $2.23 billion. The offering was priced at $12 per share on Wednesday, below its expected price range of $14- $16.
*Severstal to focus on steel sales within Russia. LONDON, Nov 14- Russia's second-biggest steel producer, Severstal, said global steel prices may have reached their lowest point, though a recovery will be slow and average prices in 2014 are likely to be close to levels seen this year.
*Sawiris to invest in Egypt in 2014. *Gulf money will not save Egypt. CAIRO, Nov 14- Egyptian tycoon Naguib Sawiris, whose family controls the Orascom corporate empire, said he would invest $1 billion in Egypt in 2014 and warned that urgent measures were needed to save the economy from collapse.
VIENNA, Nov 14- America Movil does not plan a hostile takeover bid for Telekom Austria following its failed attempt to buy Dutch company KPN, its chief executive said.
Marion Maneker, publisher of Art Market Monitor, discusses the art market following a Sotheby's auction and says there's been a appreciation in the modern art market driven by an expansion in collectors and buyers.
A jury found Fabrice Tourre guilty in August of six of the seven civil charges he faced over transactions the SEC said caused $1 billion of investor losses. The request for salary information, which could reveal the scope of the penalties the SEC will seek from Tourre, was disclosed in a Wednesday night filing in the U.S. District Court in Manhattan.
Microsoft is eliminating its long-standing practice of evaluating employees on a bell curve in an effort to foster more team-work and collaboration. CNBC's Bob Pisani and Kayla Tausche weigh in on the company's new direction.
CNBC's Robert Frank breaks down the iBillionaire Index, which tracks 30 large cap equities in the S&P. The index is said to allow you to invest like billionaires do, but with limits.
The iBillionaire Index launches today, which is composed of the top 30 large cap equities listed on the S&P 500. iBillionaire co-founder Raul Moreno, provides insight.
CNBC's Robert Frank reports on the elusive billionaires club.
Larger rival DirecTV also added more customers than expected in the third quarter, while cable providers Time Warner Cable Inc, Comcast Corp and Charter Communications Inc all reported video subscriber losses. Dish also got a bit of a boost from Time Warner Cable's protracted fight with CBS Corp..
Billionaires are a bit like migratory birds. They soar high above the earth, they flash bright colors, and increasingly they move in large flocks.