While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
Home Depot shares, which are valued at $228.8 billion, are up more than 21% this year.Retailread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
U.K. Prime Minister Boris Johnson told the EU that a Brexit deal can still be approved by U.K. lawmakers if Brussels agrees to scrapping the contentious Irish "backstop."read more
Baidu posted better-than-expected earnings for the June quarter, swinging back to profit and managing to stabilize its core ad business.Technologyread more
Several big Pimco funds controlled by Ivascyn have reportedly been trimming their bond market positions in the U.K. and Europe.World Marketsread more
While Hong Kong leader Carrie Lam painted a bleak picture of the city's economy, she expressed hope that dialogue with protesters could provide "a way out."China Politicsread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
U.S. President Donald Trump and his former White House communications director Anthony Scaramucci have had a public falling out recently.Politicsread more
Sears Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion (4.04 billion pounds), allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday.
Lampert's bid, boosted from an earlier $5 billion offer, prevailed after weeks of back-and-forth deliberations that culminated in a days-long bankruptcy auction held behind closed doors. The billionaire proposal, made through his hedge fund ESL Investments, will save up to 45,000 jobs and keep 425 stores open across the United States.
Lampert boosted his bid by adding more cash and assuming more liabilities, the sources said. The auction, held at the Manhattan offices of Weil, Gotshal & Manges, the law firm representing Sears, concluded in the early morning hours of Wednesday.
There remains a chance the deal could fall apart, as it still must be documented and approved by a U.S. bankruptcy judge. A hearing is expected to be scheduled for later this week.
A group of creditors is objecting to the deal, one of the sources said.
The sources asked not to be identified because the matter is confidential. Spokespeople for Sears and ESL did not immediately return requests for comment.