Dell confirms offers from Blackstone, Icahn
By Jessica Toonkel and Paritosh Bansal (Reuters) – A special committee of Dell Inc’s board is evaluating separate takeover proposals from Blackstone Group and billionaire investor Carl Icahn to decide whether either or both are likely to trump an existing $24.4 billion take-private deal, a source familiar with the discussions said on Sunday. Icahn and [...]
European shares rise after Cyprus bailout deal
By David Brett LONDON (Reuters) – European shares rebounded and safe-haven German government bonds fell early on Monday after Cyprus clinched a last-ditch deal with lenders to bail out the debt-ridden island and avert a collapse of its banking system. In the early hours of Monday morning Cypriot policy-makers agreed a deal with the European [...]
Last-minute Cyprus deal to close bank, force losses
By Jan Strupczewski and Annika Breidthardt BRUSSELS (Reuters) – Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout. The agreement came hours before a deadline to avert a collapse of [...]
After UPS takeover fails, TNT Express to restructure, cut 4,000 jobs
By The Associated Press AMSTERDAM - TNT Express NV, the Dutch-based package delivery company, says it will restructure operations, taking €150 million ($195 million) in charges and cutting 4,000 jobs, or 6 per cent of its work force, by the end of 2015. The news comes after a proposed €5.2 billion takeover by United Parcel [...]
China’s Sinopec forms $3B joint venture to buy overseas assets
By The Associated Press HONG KONG - China’s Sinopec says it’s acquiring oil and gas assets in Russia, Kazakhstan and Colombia from its parent company to raise profitability and global competitiveness. The state-owned company said it’s setting up a $3 billion joint venture with its parent, China Petrochemical Corp., to acquire the assets. Each company [...]
BlackBerry earnings to shed light on sales
By David Friend, The Canadian Press TORONTO - North American markets will have eyes turned to the eurozone this week as an effort to organize a Cyprus bailout of its banking system left plenty of uncertainty. It’s a shortened trading week, which could lead to more erratic shifts in the direction of stock markets ahead [...]
Cyprus secures preliminary agreement with creditors toward securing bailout
By Juergen Baetz And Don Melvin, The Associated Press BRUSSELS - Tense negotiations between Cyprus and its international creditors yielded a preliminary agreement early Monday that paves the way for the cash-strapped island nation to receive a 10 billion euro ($13 billion) bailout, a diplomat said. The agreement between Cyprus, the International Monetary Fund and [...]
Trains carrying millions of gallons of crude oil across Maine; volume growing
By Clarke Canfield, The Associated Press PORTLAND, Maine – Millions of gallons of crude oil from the nation’s heartland are crossing Maine in railroad tank cars bound for a Canadian oil refinery, raising concern among environmentalists and state officials about the threat of an accident and spill. The oil is primarily coming from the Bakken [...]
As euro zone suffers, emerging markets thrive
By Alan Wheatley, Global Economics Correspondent LISBON (Reuters) – No matter how Cyprus’s financial drama ends, its troubles show yet again that rich countries enfeebled by the great financial crisis remain a weak link in the world economy. By comparison, emerging markets are not only looking stronger but are also contributing more consistently to global [...]