NEW YORK (Reuters) - Alcoa Inc said on Tuesday it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.
BANGALORE (Reuters) - The chairman of India’s embattled Satyam Computer Services resigned on Wednesday and said the company’s profits had been inflated over the last several years, sending the stock down 60 percent.
SEOUL (Reuters) - Creditors of Daewoo Electronics have ended talks to sell the South Korean appliance and TV maker to U.S. private equity firm Ripplewood Holdings and would look at ways to restructure Daewoo, a bank official said on Wednesday.
(Reuters) - General Motors Corp has adequate government loans pledged to cover the worst-case scenario it outlined in December to Congress and will not need more unless the economy worsens, a Bloomberg report said.
HONG KONG, (Reuters) - Bank of America is selling a $2.83 billion stake in China Construction Bank at a 12 percent discount to the stock’s last closing price, according to a term sheet obtained by Reuters.
NEW YORK, (Reuters) - Two Connecticut daily newspapers that publisher Journal Register Co planned to shut down will survive after the company found a buyer who pledged to keep them alive.
NEW YORK (Reuters) - IAC/InterActiveCorp Chief Executive Barry Diller said on Tuesday his company is biding its time and waiting for prices to drop before making any commitments in the merger and acquisition market.
NEW YORK (Reuters) - FriendFinder Networks Inc, the parent of iconic men’s magazine Penthouse, plans to move toward a bigger focus on its social networking sites, even as it keeps the raunchy magazine rolling off the presses, Chief Executive Officer Marc Bell said on Tuesday.
MUMBAI (Reuters) - Dow Chemical Co will take legal action against Petrochemical Industries Co of Kuwait and is seeking more than $2.5 billion in damages from the Kuwaitis for backing out of a joint venture agreement, the largest U.S. chemical maker said on Tuesday.
SAN FRANCISCO (Reuters) - Blockbuster Inc , the largest U.S. movie rental chain, is open to collaboration with telecom companies such as Verizon Communications Inc and AT&T Inc as it expands into the video-on-demand business, chief executive officer Jim Keyes said on Tuesday.
CHICAGO (Reuters) - Altria Group Inc said on Tuesday it completed its $10.4 billion acquisition of UST Inc , greatly expanding Altria’s presence in the faster-growing smokeless tobacco segment.
PARIS, J(Reuters) - French property group Gecina said no Tuesday it had agreed to sell 500,000 treasury shares to U.S. private investment fund SAGE.
SEOUL, (Reuters) - Creditors of Daewoo Electronics have ended talks to sell the South Korean appliance and TV maker to U.S. private equity firm Ripplewood Holdings, an official at a creditor bank said on Wednesday.
NEW YORK, (Reuters) - Private equity firm Apollo Management LP is among the largest creditors of Lyondell Chemical Co., Bloomberg reported, citing a person with direct knowledge of the matter.
Bullish is not a word spoken much these days and rarely spoken amid the dwindling Deal Stock universe, however buying was rampant Tuesday among a handful of what’s left of Deal Stocks….
In his column Tuesday, The Wall Street Journal’s Dennis Berman launched a guessing game into who might lead Morgan Stanley after chief executive John Mack (pictured) retires, probably in 2010. The leading candidates, according to Berman: co-presidents Walid Chammah and James Gorman, with chief financial officer Colm Kelleher and investment banking chief Paul Taubman as dark horses. Whoever takes the job will oversee a different bank from the one Mack inherited in 2005; Morgan Stanley, like rival Goldman Sachs Group Inc., became a bank holding company in September. What that means going forward is still unclear, which drives some of…
Financial stocks finished strong on Tuesday. The Dow increased 62.21 points to 9,015.10, the S&P 500 gained 7.25 points to 934.70, and the Nasdaq climbed 24.35 points to 1,652.38….
Activist hedge fund manager William Ackman of Pershing Square Capital Management LP appears to have had a mixed 2008, which is more than can be said for most of his peers. In 2008 he had some losses, which he can thank to investments in retailers, but he also had some winning bets, including an unlikely one….
Jan 6 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0400 GMT on Tuesday.
** Deutsche Bank (DBKGn.DE) said its Chinese securities joint venture had won regulatory approval from Beijing, becoming the latest Western institution to gain access to China’s restrictive domestic capital markets. To read more, please double click on [nHKG268968]
** Lionsgate (LGF.N) agreed to buy TV Guide and TV Guide Network, seen by 83 million homes, for $255 million, from Macrovision Solutions Corp (MVSN.O), the companies announced. [nN05398767]
** Endo Pharmaceuticals Inc (ENDP.O) said it will buy Indevus Pharmaceuticals Inc(IDEV.O) for about $370 million, or $4.50 per share, in a deal that will enable Endo to expand its product line beyond pain treatments. [nN05394301]
** Affiliated Managers Group (AMG) (AMG.N), a U.S. holding company for asset managers, has agreed with smaller rival Harding Loevner LLC to postpone a deal to acquire it, citing tough markets. [nN05393720] (Compiled by Tina Kwan in Singapore)
FRANKFURT, Jan 5 (Reuters) - Dresdner Bank parent Allianz and Commerzbank are in talks with the German government over state aid for Dresdner Bank, a German newspaper reported, citing financial sources.