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Pep Boys says Icahn offer is superior, moves to terminate Bridgestone deal
Icahn's latest bid of $18.50 per share on Monday values Pep Boys at about $1 billion, while Bridgestone's previous offer of $17 per share valued the company at about $947 million. Pep Boys said that its board has delivered a notice to Bridgestone to terminate Read the original post: Pep Boys says Icahn offer is superior, moves to terminate Bridgestone deal Read More →
Japan November output falls as soft global demand clouds outlook
By Leika Kihara TOKYO (Reuters) – Japan's factory output fell for the first time in three months in November, data showed on Monday, a sign that weak emerging market demand continues to cloud prospects for a sustained recovery in the world's third largest economy. Industrial output fell 1.0 percent in November from the previous month, more than Excerpt from: Japan November output... [Read more]
Valeant says CEO J. Michael Pearson hospitalized with severe pneumonia
Valeant Pharmaceuticals International Inc Chief Executive J. Michael Pearson was hospitalized with a “severe case of pneumonia” on Friday and is receiving treatment, a company spokeswoman said. Pearson, 56, joined Valeant as CEO in September 2010 after a 23-year career at McKinsey & Company and became chairman of the board in 2010. Under Pearson's leadership, the company has... [Read more]
China says AIIB up and running early in the new year
The China-backed Asian Infrastructure Investment Bank (AIIB) has been formally established and is expected to be operational early next year, the official Xinhua news agency said on Friday. The bank's establishment came after 17 funding members of the AIIB, which account for just over 50 percent of its share capital, ratified an agreement on the bank, state television quoted Finance Minister... [Read more]
Exclusive: Shire closer to deal to buy Baxalta – sources
By Carl O'Donnell and Pamela Barbaglia NEW YORK/LONDON (Reuters) – Drug maker Shire Plc has made a new acquisition offer for peer Baxalta International Inc that is roughly in line with the latter's valuation expectations, making a deal… View post: Exclusive: Shire closer to deal to buy Baxalta – sources Read More →
Pentagon eyes proposal for M&A changes in ‘weeks’
By Andrea Shalal WASHINGTON (Reuters) – The Pentagon and other U.S. government agencies should complete a legislative proposal in coming weeks to let regulators block proposed mergers for national security reasons, instead of just antitrust concerns, a top official said on Tuesday. Defense Undersecretary Frank Kendall, who oversees arms weapons acquisitions and industrial base issues for the... [Read more]
Oil prices hit eleven-year low as global supply balloons
By Catherine Ngai NEW YORK (Reuters) – Brent crude oil prices hit their lowest in more than 11 years on Monday, while U.S. crude flirted with seven-year lows on more signs that swelling global supply looked set to outpace tepid demand again next year. Global oil production is running close to record highs and, with more barrels poised to enter the market from nations such as Iran See the original... [Read more]
Fed’s Lacker says four rate hikes in 2016 would be ‘gradual’
Federal Reserve forecasts pointing to four interest rate hikes in 2016 show what the U.S. central bank means when it says it anticipates raising rates at a “gradual pace,” Richmond Fed President Jeffrey Lacker said on Friday. See the original post: Fed’s Lacker says four rate hikes in 2016 would be ‘gradual’ Read More →
Major U.S. banks raise prime rates after Fed rate hike
(Reuters) – Major U.S. banks raised their prime rates, a benchmark for a wide range of consumer and commercial loans, for the first time since 2006 on Wednesday, following a rate hike from the Federal Reserve. Banks including Wells Fargo & Co , JPMorgan Chase & Co and Bank of America Corp raised their prime rates See more here: Major U.S. banks raise prime rates after Fed rate hike Read More →
Steadily firming U.S. inflation supports Fed rate hike
By Lucia Mutikani WASHINGTON (Reuters) – Underlying U.S. inflation pressures rose in November, which could give the Federal Reserve more confidence to raise interest rates on Wednesday, even as renewed weakness in gasoline prices kept overall consumer prices in check. The Labor Department said on Tuesday its so-called core Consumer Price Index, which excludes food and energy, gained 0.2 percent... [Read more]