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Leadership Business Events

  • NEW YORK, Dec 1- General Electric Co said on Friday it was laying off workers at its power division in Schenectady, New York, as it tries to reduce costs after a steep profit drop at the division. A report by local ABC TV affiliate News10, citing sources inside GE's Schenectady plant, said about 75 people had been notified that they are being let go.

  • MOSCOW, Dec 1- German carmaker Volkswagen is in talks to buy a stake in GAZ, a Russian manufacturer of light commercial vehicles, sources familiar with the talks said. GAZ is part of the Basic Element group that holds the assets of Russian businessman Oleg Deripaska and already has a partnership with Volkswagen. The stake deal, if it goes ahead, would show that major...

  • MOSCOW, Dec 1- German carmaker Volkswagen is in talks to buy a stake in GAZ, a Russian manufacturer of light commercial vehicles, five sources familiar with the talks told Reuters. It was not immediately clear how big a stake is being discussed or the value of the deal. GAZ is a part of the Basic Element group that holds the assets of Russian businessman Oleg Deripaska.

  • **Nigeria's Seven-Up bottling company has received an offer from its majority shareholder Affelka to buy out minorities for 19.33 billion naira, in a takeover deal aimed at restructuring the struggling company. **Axalta Coating Systems has ended talks with Japan's Nippon Paint Holdings Co Ltd about a potential sale, the U.S. coating company said, following the...

  • Nov 30- The bankruptcy of hot yoga pioneer Bikram Choudhury Yoga Inc should be dismissed or converted to a Chapter 7 liquidation due to a failure to file required documents, according to papers filed by the U.S. Department of Justice's bankruptcy watchdog. The Simi Valley, California- based company filed for Chapter 11 protection on Nov. 9, dogged by $16.7 million...

  • CALGARY, Alberta, Nov 30- Enbridge Inc shares jumped as much as 8.1 percent on Thursday after North America's largest energy infrastructure company announced plans to sell C $3 billion of noncore assets to focus on its "crown jewels." Among the company's future projects is its $6.5 billion Line 3 replacement program, its biggest yet, which seeks to upgrade an aging...

  • CALGARY, Alberta, Nov 30- Enbridge Inc shares jumped as much as 6.2 percent on Thursday after North America's largest energy infrastructure company announced plans to sell C $3 billion of noncore assets to focus on its central business. The Calgary- based company said late on Wednesday it has identified another C $7 billion in noncore assets to divest including...

  • Nov 29- U.S. radio broadcaster Cumulus Media Inc filed for Chapter 11 bankruptcy protection and said it has entered into a restructuring agreement with certain of its lenders to reduce more than $1 billion in debt. "The debt overhang left by previous years of underperformance remains a significant financial challenge that we must overcome for our operational...

  • BRASILIA, Nov 29- The judge handling the bankruptcy restructuring of Brazilian telecoms Grupo Oi SA decided on Wednesday to postpone a meeting of creditors until Dec. 19 because stakeholders could not agree on key issues.

  • Nov 29- Walt Disney Co's ESPN unit is laying off about 150 employees, ESPN President John Skipper said in a memo to employees on Wednesday.

  • MADRID, Nov 29- Spain's BBVA said on Wednesday it had agreed to sell 80 percent of its real estate business to U.S. fund Cerberus for 4 billion euros, showing how investor enthusiasm for Spanish property is reviving. A burst property bubble in 2008 sent Spain into a downturn that lasted nearly five years, causing mass unemployment and prompting a more-than 40-...

  • MADRID, Nov 29- Spain's BBVA said on Wednesday it had agreed to sell 80 percent of its real estate business to U.S. fund Cerberus for 4 billion euros, one of the largest such deals as investor enthusiasm for Spanish property returns. The real estate assets included in the package have a gross book value of some 13 billion euros, Spain's second largest bank said in a...

  • *Buyout opportunities growing in Japan as firms restructure. TOKYO, Nov 29- Nomura Holdings Inc is returning to private equity- a move that comes as it seeks more stable income through consulting services and as Japanese firms increasingly look to divest non-core businesses as part of restructuring plans. Japan's biggest brokerage and investment bank on...

  • *Buyout opportunities growing in Japan as firms restructure. TOKYO, Nov 29- Nomura Holdings Inc is returning to private equity- a move that comes as it seeks more stable income through consulting services and as Japanese firms increasingly look to divest non-core businesses as part of restructuring plans. Japan's biggest brokerage and investment bank said in...

  • Nov 28- The judge overseeing the bankruptcy of Avaya Inc said on Tuesday he would confirm the telecommunication company's Chapter 11 plan, bringing its nearly year-long effort to reorganize its finances effectively to a close. Judge Stuart Bernstein of the U.S. Bankruptcy Court in New York said at a hearing he was satisfied with the plan, which marked a third try...

  • CHICAGO, Nov 28- More than 174 million U.S. shoppers made purchases over Thanksgiving weekend and Cyber Monday, the National Retail Federation said on Tuesday, beating the industry group's expectations and signaling a strong start to the holiday quarter. Shoppers on average spent $335.47 over the five-day period, with older millennials spending the most at...

  • WASHINGTON, Nov 28- Improvements in U.S. bank regulation and supervision since the 2007-09 financial crisis have eliminated the problem of "too-big-to-fail" banks, Federal Reserve chair nominee Jerome Powell told the Senate Banking Committee on Tuesday, in comments that may surprise some bank analysts and regulatory experts. Following Lehman's demise,...

  • LONDON, Nov 28- UK cigarette wholesaler Palmer& Harvey has been placed in administration, with accountants PwC appointed to oversee the process, the accounting firm said on Tuesday. The group has been by hit by challenging trading conditions in recent months and efforts to restructure the business have been unsuccessful, PwC said in a statement.

  • HELSINKI, Nov 28- Finland's biggest retailer S Group, which put its Russian growth plans on hold after the Ukraine crisis in 2014, is now back in expansion mode, a company executive said on Tuesday. The cooperative group, which accounts for more than 40 percent of Finland's grocery sales, operates 16 Prisma hypermarkets and stores in St Petersburg.

  • LONDON, Nov 27- Pearson, the struggling education group, has agreed the sale of its Wall Street English business to a consortium of funds led by Baring Private Equity Asia and CITIC Capital, for around $300 million. Pearson, which has disposed of some assets to focus on its core education businesses, said the sale would improve its net debt position by around $100...