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Top News & Analysis New York City

  • June 28- Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples Inc for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping. Buyout firms largely have refrained from attempting leveraged buyouts of U.S. retailers in the past two years, amid...

  • ABC television network, owned by Walt Disney Co, has settled its closely watched defamation lawsuit with Beef Products Inc over news reports on a processed beef product that critics dubbed "pink slime," both companies said on Wednesday. Terms of the settlement, which also covered the Beef Products Inc claims against ABC reporter Jim Avila, were not disclosed.

  • NEW YORK, June 28- Citigroup Inc has been granted permission to return nearly $19 billion of capital to shareholders after passing a tough regulatory test, a long-awaited victory for investors and Chief Executive Officer Michael Corbat. Citigroup, the fourth-largest U.S. bank by assets, on Wednesday said it plans to repurchase up to $15.6 billion of common...

  • June 28- Warren Buffett's Berkshire Hathaway Inc may be on the verge of becoming Bank of America Corp's largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses. Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third...

  • LITTLE ROCK, Ark.— Hundreds of inventors have flocked to Walmart's headquarters in Bentonville to find out if the country needs a few more secret sauces, prettier mouse pads or "instant hair gel" packets for the on-the-go clubber. The 500 businesses selected to take part in Walmart's fourth annual "Open Call" Wednesday have already been offered spots on the...

  • June 28- Sycamore Partners said on Wednesday it would acquire U.S. office supplies chain Staples Inc for $6.9 billion, a rare bet by a private equity firm this year in the U.S. retail sector, which has been roiled by the popularity of internet shopping. Buyout firms have largely refrained from attempting leveraged buyouts of U.S. retailers in the last two years, amid...

  • NEW YORK— Private equity firm Sycamore Partners is buying office supplies chain Staples for $6.9 billion. The companies said Wednesday that shareholders of Framingham, Massachusetts- based Staples will get $10.25 per share. The deal with New York- based Sycamore Partners will allow Staples to adjust to the challenges as a private company.

  • NEW YORK— "Pharma Bro" Martin Shkreli is either a con man who scammed hedge fund investors of millions or a nerdy genius who made them even richer. Yes, "defense attorney Benjamin Brafman told the jurors in federal court in Brooklyn. But Martin Shkreli, despite all his flaws and dysfunctional personality, is brilliant beyond words. "

  • General Mills Inc., up 90 cents to $56.42. Spectranetics Corp., up $7.95 to $38.35. Cal-Amp Corp., up $1.19 to $20.44.

  • NEW YORK, June 28- Citigroup Inc has been granted permission to return nearly $19 billion of capital to shareholders after passing a tough regulatory test, a long-awaited victory for investors and Chief Executive Officer Michael Corbat. Citigroup, the fourth-largest U.S. bank by assets, on Wednesday said it plans to repurchase up to $15.6 billion of common...

  • June 28- Warren Buffett's Berkshire Hathaway Inc may be on the verge of becoming Bank of America Corp's largest shareholder, after the bank raised its dividend in the wake of a positive assessment of its ability to handle market stresses. Bank of America on Wednesday boosted its annual dividend 60 percent to 48 cents per share from 30 cents, beginning in the third...

  • June 28- Wall Street stock rallied sharply on Wednesday, with the benchmark S&P 500 index scoring its biggest one-day percentage gain in about two months, as financial and technology stocks led a broad market rebound. The S&P 500 had suffered its biggest one-day drop in about six weeks on Tuesday after a healthcare bill was delayed in the U.S. Senate.

  • *Bank stocks lead Wall Street higher; Fed greenlights buybacks. NEW YORK, June 28- The euro hit a one-year high against the U.S. dollar on Wednesday and the British pound rallied on bets that Europe's and Britain's central banks are preparing to scale back monetary stimulus, while bank stocks led a rebound on Wall Street. The monetary policy comments out of Europe...

  • WASHINGTON/ NEW YORK, June 28- The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond being a cushion against catastrophe. Fed Governor Jerome Powell, who is acting as regulatory lead for the U.S. central bank, said the process "has motivated all of the largest banks to achieve...

  • Homeland Security Secretary John Kelly on Wednesday unveiled enhanced security measures for foreign flights arriving in the United States in what officials said was a move that aims to end a limited in-cabin ban on laptops and other large electronic devices and prevent its expansion to additional airports. The new security measures, which European and U.S....

  • June 28- Citigroup Inc said it plans to repurchase up to $15.6 billion of common stock over the next 12 months and double its quarterly dividend to 32 cents per share, bringing total payouts to $18.9 billion. Citigroup, the fourth-biggest U.S. bank by assets, announced its intentions after the U.S. Federal Reserve said on Wednesday that it would permit the company...

  • WASHINGTON— It was a platform most politicians can only hope for: A captivated, 6,000- person crowd and more than an hour of live, prime-time television coverage to hype the Republican vision for a new health care system. Bob Corker, R- Tenn. "But I'd let Mitch handle it," he continued, referring to the lead role Senate Majority Leader Mitch McConnell has played thus far.

  • WASHINGTON/ NEW YORK, June 28- The Federal Reserve has approved plans from the 34 largest U.S. banks to use extra capital for stock buybacks, dividends and other purposes beyond a cushion against possible catastrophe. Fed Governor Jerome Powell, who is acting as regulatory lead for the U.S. central bank, said the process "has motivated all of the largest banks to...

  • Those allowed to raise dividends or repurchase shares include the four biggest U.S. banks— JPMorgan Chase, Bank of America, Citigroup and Wells Fargo. Capital One's plan only got conditional approval and it has six months to revise it. They included a doubling of Citigroup's dividend, a 60 percent dividend increase by Bank of America and a 12 percent hike for...

  • June 28- Wall Street rallied sharply on Wednesday, with the S&P 500 scoring its biggest one-day percentage gain in about two months, as financial and tech stocks led a broad market rebound. The benchmark S&P had suffered its biggest one-day drop in about six weeks on Tuesday after a healthcare bill was delayed in the U.S. Senate. Investors may be reevaluating the...