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Wires

  • May 25- A federal judge on Thursday rejected efforts by LendingClub Corp and former Chief Executive Officer Renaud Laplanche to dismiss shareholder litigation accusing them of concealing material weaknesses in the online lender's ability to monitor its operations. District Judge William Alsup in San Francisco lets shareholders pursue most of their...

  • NEW YORK, May 25- A San Francisco investment fund manager pleaded guilty on Thursday to conspiring to defraud investors by fabricating an impressive investing track record, New York federal prosecutors announced. Nicholas Mitsakos, who ran a fund called Matrix Capital Markets, pleaded guilty to one count of conspiracy to commit securities fraud and wire...

  • The buyout interest in Web.com comes as its sector has become increasingly crowded, with companies such as Wix.com Ltd, Weebly Inc and Squarespace seeking to gain market share from established players such as GoDaddy Inc.. Based in Jacksonville, Florida, Web.com generated $710.5 million in revenue in 2016, compared to $543.5 million the year before.

  • EXCLUSIVE-WEB.COM GROUP INC IN TALKS WITH PRIVATE EQUITY FIRMS ABOUT POTENTIAL SALE-SOURCES.

  • LITTLE ROCK, Ark.— Patti Upton, founder of home fragrance company Aromatique, has died in Arkansas at age 79.. Family Funeral Services in Heber Springs says Upton died Tuesday at her home in the lakeside city about 50 miles north of Little Rock. She was inducted last year into the Arkansas Business Hall of Fame and the Arkansas Women's Hall of Fame.

  • *Affirms full-year profit forecast of $3.10- $3.40/ shr. The Grapevine, Texas- based company benefited from robust demand for the newly launched Nintendo Switch console in the first quarter ended April 29, helping offset a decline in sales of videogames. A lack of insight into shipments of Nintendo's latest gaming device for the rest of the year held GameStop back...

  • The Fort Myers, Florida- based company said the bankruptcy would not impact its 179 treatment centers with locations across 17 U.S. states and Latin America. The company's lenders agreed to provide $75 million for working capital during its bankruptcy and a group of creditors agreed to invest $75 million into the reorganized business. The new investment is...

  • BRASILIA, May 25- Brazilian President Michel Temer on Thursday sent to Congress legislation to increase the sources of financing for the country's agribusiness sector, the presidential office said in a statement.

  • MEXICO CITY, May 25- Giant Motors, an automaker partially owned by Mexican billionaire Carlos Slim, is working on a prototype electric taxi to replace the gas-guzzling cabs polluting Mexico City's air, a company executive said. Over the last few years Giant Motors and Moldex have developed and sold 500 light-weight, electric cargo trucks capable of handling up...

  • TAORMINA, Italy, May 25- U.S. President Donald Trump expects a tough debate over trade and climate change with other Group of Seven leaders at their forthcoming summit, White House economic adviser Gary Cohn said on Thursday. Trump and the leaders of Japan, Canada, Germany, France, Britain and Italy are due to hold two days of talks in Sicily, with the U.S. president...

  • WASHINGTON, May 25- U.S. lawmakers introduced legislation on Thursday seeking to stop at least a portion of President Donald Trump's sale of weapons to Saudi Arabia. Republican Rand Paul and Democrats Chris Murphy and Al Franken introduced a resolution of disapproval in the Senate to force a vote on whether to block part of the sale. Saudi Arabia was the first...

  • COCHASQUI, Ecuador, May 25- Ecuador's new leftist president, Lenin Moreno, said on Thursday he had reached out to the World Bank- an organization scorned by his predecessor- in a bid for financing that could help him fund ambitious social programs. "We've started to reach out to the World Bank, it's an excellent source of financing," said Moreno, who was sworn in on...

  • NEW YORK, May 25- The S&P 500 and Nasdaq hit record closing highs on Thursday, with the market propped up by gains in the consumer discretionary sector after strong reports from Best Buy and other retailers. The discretionary index gained 0.9 percent, while the S&P 500 retail index was up 1.6 percent, its best day since Dec. 7. Tommy Hilfiger owner PVH was the...

  • May 25- In a stinging rebuke to President Donald Trump, a U.S. appeals court refused on Thursday to reinstate his travel ban on people from six Muslim-majority nations, calling it discriminatory and setting the stage for a showdown in the Supreme Court. "These clearly are very dangerous times and we need every available tool at our disposal to prevent terrorists...

  • TORONTO, May 25- Distributed ledger technology, a new approach for processing transactions that is being widely tested across the financial industry, is not yet mature enough to run a national interbank payment settlement system, the Bank of Canada said on Thursday. The bank reached that conclusion after a closely watched year-long trial code-named " Jasper,"...

  • HOUSTON, May 25- Saudi Aramco plans to spend $18 billion over the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday. Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19- year partnership between Aramco and Royal Dutch Shell Plc..

  • The bank's wealth management unit, known as Wells Fargo Advisors, will increase recruiting offers by as much as 50 percent, according to two people briefed on the changes who asked not to be named because they were not authorized to discuss them publicly. "Attracting the industry's top talent will always be a priority for Wells Fargo Advisors," said spokeswoman...

  • BRASILIA, May 25- Brazil's state-run oil company Petroleo Brasileiro SA said on Thursday it decided to reduce the average price of gasoline at its refineries by 5.4 percent and diesel prices by 3.5 percent.

  • BRASILIA, May 25- Brazil's economic and fiscal policies will remain steady despite political turmoil engulfing the government of President Michel Temer, the head of the national treasury, Ana Paula Vescovi, said on Thursday.

  • SANTA ANA, Calif.— In a story May 23 about a jury awarding $256.5 million in a lawsuit against Nissan, The Associated Press, relying on court documents, reported erroneously on some aspects of the case. Also, the dealership owner defaulted on $1.65 million in Nissan loans, not about $6.7 million. SANTA ANA, Calif.— A jury has awarded nearly $256.5 million to a California...