Huawei CEO Ren Zhengfei said in an interview with CNBC the company's business is still strong in China.Technologyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
BlackRock's global fixed income chief says the European Central Bank just turned up the pressure on the Federal Reserve to more toward easier policy.Market Insiderread more
Global watchdogs and top U.S. Congress members are calling for oversight of a digital asset being launched by Facebook and roughly two dozen other stakeholders.Marketsread more
Facebook's new cryptocurrency project, titled Libra and backed by the likes of Visa and Booking Holdings, is being widely embraced by market watchers.Trading Nationread more
Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.Real Estateread more
Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
Sen. Josh Hawley, a well-known tech critic, introduced legislation on Wednesday that would remove the immunity big technology companies receive for user-posted content under...Technologyread more
Zuckerberg fell out of Glassdoor's top 20 CEO ranking for the first time, although his employee approval rate remains high.Technologyread more
Ford announced that the 2020 Mustang Shelby GT500 has 760 horsepower and 625 lb.-ft of torque, which it says makes this the most powerful street-legal Ford. The car is not yet...Autosread more
Troubled outsourcing company Interserve, one of the British government's biggest contractors, is set to go into administration later on Friday after its shareholders rejected a rescue plan.
Interserve's shareholders voted 59 percent against a debt-for-equity rescue package at a general meeting in central London on Friday, in a victory for its biggest shareholder, US hedge fund Coltrane, which owns a 28 percent stake and had opposed the plan.
The company is now expected to file to go into a 'pre-pack' administration on Friday evening, under a plan overseen by EY which would see Interserve's creditors buy its assets.
Interserve, which provides services to the public sector ranging from school dinners to hospital cleaning, said this arrangement should ensure that its business can continue to operate "as normal" for the time being.
Shares in the company have been suspended. Interserve chairman Glyn Barker told investors ahead of the vote on Friday the firm was struggling with a "financial burden that is completely unsustainable and is crippling".
Barker had warned against rejecting the rescue plan and forcing the firm into administration, arguing it would be "more disruptive to the company, significantly more costly and would deprive shareholders of any value whatsoever".
An Interserve spokesman told Reuters the company's lenders had already set up a company with a shadow board ready to buy Interserve's assets.
Interserve employs 68,000 people worldwide, with around 45,000 of them in Britain. It ran into difficulty after a string of ill-advised acquisitions and loss-making contracts weighed on its finances and piled on debt, raising fears it could collapse into insolvency like rival outsourcer Carillion.
The GMB union, which represents Interserve workers, said the company's turmoil showed outsourcing public sector contracts to private companies had been a "disastrous experiment".
"Ministers have learnt absolutely nothing from the Carillion fiasco and are hell-bent on outsourcing public sector contracts.
"Shambolic mismanagement is putting jobs on the line and services in jeopardy. Our public services can't go on like this."
The rejected rescue plan would have handed Interserve's lenders, which include banks and hedge funds, 95 percent ownership of the company in exchange for cancelling 485 million pounds ($641.95 million) of its debts, with existing investors' holdings diluted to 5 percent.
A representative for Coltrane at the general meeting declined to comment on the situation, other than saing "I voted for Donald Trump" when asked how the firm had voted.
The pre-pack administration will wipe out all shareholder value.