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Leadership Business Events

  • Bank of America has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank's plan to cut costs.

  • *Seeks injunction in California court, expects ruling by mid-July. TOKYO, June 15- Western Digital Corp has sought a court injunction to prevent Toshiba Corp from selling its chip business without the U.S. firm's consent- a move that threatens to throw the fiercely contested auction into disarray. According to a person familiar with the matter, the California-...

  • On Wednesday the bank cut jobs across that division, many of which came from its Charlotte, N.C., headquarters, a spokesman said. The cuts come as Bank of America is aiming to cut costs to boost financial targets Chief Executive Brian Moynihan has set. Separately, at a conference on Wednesday, Chief Operating Officer Tom Montag said the global banking and markets...

  • *Seeks injuction with California court. TOKYO, June 15- Western Digital Corp said it has sought a court injunction that would prevent Toshiba Corp from selling its NAND chip business until its arbitration case against the Japanese conglomerate has been decided. In May, the California- based firm sought international arbitration arguing that Toshiba needs its...

  • NEW YORK, June 14- The five-judge team tapped to mediate a slew of thorny legal fights in Puerto Rico's massive bankruptcy will include the judge who presided over Stockton, California's 2012 bankruptcy and Puerto Rican-born federal Judge Victor Marrero. The group will be led by Judge Barbara Houser, the chief judge for the federal bankruptcy court in Dallas,...

  • RIO DE JANEIRO/ SAO PAULO, June 14- Consulting firms ISS and Glass Lewis have given a nod of approval to a restructuring plan for Brazilian miner Vale SA, boosting the chances of shareholder approval, a source said on Wednesday. The corporate restructuring process, announced on Feb. 20, seeks to strengthen the company's compliance and will be voted on at an...

  • BRUSSELS, June 14- European Union regulators should consider the social impact of winding down banks when they apply new liquidation rules that could affect depositors, retail investors and senior bondholders, a German-Italian joint paper said. The rules have been criticised by Italy, which reached a preliminary deal with the EU this month for an exception so...

  • SYDNEY, June 14- Australian television broadcaster Ten Network Ltd called in administrators on Wednesday after creditors including Lachlan Murdoch pulled a debt guarantee and outlined plans to restructure the youth-focused free-to-air broadcaster. Administrators were appointed after the private companies of News Corp co-chairman Murdoch and...

  • NEW YORK, June 13- J. Crew Group Inc disclosed terms on Tuesday of a debt restructuring deal that would roughly cut in half the value of its nearly $567 million in bonds, as well as extend their maturity by two years, after receiving the backing of some key creditors. The move comes after Reuters reported last month that two investment firms, Blackstone Group LP's GSO...

  • NEW YORK, June 13- Time Inc said on Tuesday it is eliminating 300 positions, or 4 percent of its workforce, through layoffs and buyouts, according to an internal memo reviewed by Reuters. The cuts were being made as the New York- based media company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune magazines, is looking to cut costs...

  • The cuts were being made as the New York- based media company, which publishes Time, Sports Illustrated and Fortune magazines, is looking to cut costs and reinvest in growth areas, according to the memo from Time Inc Chief Executive Officer Rich Battista to employees.

  • *Qatar National Bank pulls down Qatari index. *Emaar Properties supports Dubai market on spin-off plan. DUBAI, June 13- Gulf stock markets were mixed on Tuesday as Qatar fell back, still affected by other Gulf states' sanctions against Doha, while Abu Dhabi's Dana Gas soared on its proposal to restructure a $700 million sukuk.

  • LONDON, June 13- A group of International Bank of Azerbaijan creditors has filed an objection in a U.S. court against the state-run bank's $3.3 billion debt restructuring plan. Asset managers Fidelity Management& Research Company and Franklin Templeton Investment Management Ltd and hedge funds Promeritum Fund SPC and VR Global Partners LP are members of the...

  • June 13- U.S. retailer Sears Holdings Corp said on Tuesday it would cut 400 full-time jobs at its headquarters in Illinois as part of its plan to save more than $1 billion in costs annually. Sears said the bulk of the layoffs were related to its corporate workforce at its Hoffman Estates, Illinois headquarters. Sears said on Tuesday cost-cutting efforts had helped...

  • *Flannery to take over as CEO on Aug. 1, chairman on Dec. 31. GE said John Flannery, the head of its healthcare unit, would replace Immelt as CEO, effective Aug. 1, and as chairman after Immelt retires on Dec. 31. Immelt also oversaw the divestment of GE Capital- its massive lending unit- shifting the conglomerate's focus from finance to manufacturing, and bet on developing...

  • BEIJING, June 12- China's top state planner said it would tighten regulations for building new factories for traditional petrol-burning vehicles, as the country cracks down on "zombie" firms and pushes automakers to convert to non-polluting electric vehicles. China's central government sees electric vehicles as a way for its industry to leapfrog ahead of...

  • TORONTO, June 9- Canada's main stock index rose in morning trade on Friday, boosted by sharp gains for big banks as employment and industrial data pointed to renewed health in the domestic economy. But department store operator Hudson's Bay Co slumped 11.3 percent to C $8.53 after the owner of Saks Fifth Avenue detailed a major restructuring plan that will cut...

  • Shares of the Seattle- based clothing and accessories retailer ended 10.3 percent higher after having surged as much as 18 percent in their biggest intraday percentage gain since February 2009. Once it goes private, Nordstrom may be able to restructure its business, which is more difficult as a public company, said Erich Joachimsthaler, chief executive of...

  • Shares of the Seattle- based clothing and accessories retailer ended 10.3 percent higher after having surged as much as 18 percent in their biggest intraday percentage gain since February 2009. Once it goes private, Nordstrom may be able to restructure its business, which is more difficult as a public company, said Erich Joachimsthaler, chief executive of...

  • *Swiss banks used London as springboard to EU. The cutbacks come as the bank's Zurich neighbor UBS, the world's largest private bank, also considers moving hundreds of staff out of London as Britain prepares to embark on divorce talks with the European Union. For Credit Suisse, the job cuts, which will take its London staff to roughly 5,000, is part of a paring down of...