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U.S. manufacturing contracts, but rest of economy humming along
U.S. manufacturing contracted in November for the first time in three years as the sector buckled under the weight of a strong dollar and deep spending cuts by energy firms, but robust automobile sales suggested the economy remained on solid ground. Other data released on Tuesday showed a sturdy increase in construction spending in October, which should help offset the drag from manufacturing on fourth-quarter... [Read more]
Jailed Libor trader Tom Hayes appeals 14-year sentence, conviction
Tom Hayes, the first trader convicted by a jury of manipulating Libor benchmark interest rates, on Tuesday begins a two-day, appeal against his conviction and a 14-year jail sentence, one of the toughest to date for white collar crime. The London case is being heard by Lord Chief Justice John Thomas — the head… See the rest here: Jailed Libor trader Tom Hayes appeals 14-year sentence,... [Read more]
Exclusive: Lazard works with Sanofi on $12.7 billion animal health unit deal – sources
By Pamela Barbaglia, Olivia Oran and Arno Schuetze LONDON/NEW YORK/FRANKFURT (Reuters) – Investment bank Lazard is working with Sanofi's management to prepare a sale or listing of its Merial animal health unit, aiming to land the leading advisory job for the deal, which could value the business at up 12 billion euros ($12.7 billion), sources familiar with the matter said. Lazard is expected... [Read more]
U.S. store sales down slightly for Thanksgiving and Black Friday
By Nandita Bose CHICAGO (Reuters) – Sales at U.S. brick-and-mortar stores on Thanksgiving Day and Black Friday were down slightly from last year, but the performance was still seen as strong in a holiday shopping season where discounts spread well beyond the weekend and many shoppers moved to the web. Online sales were up by double digits, according to data released on Saturday. Data from Read... [Read more]
Two-decade Pfizer mission pays off for Guggenheim’s deal king
LONDON/NEW YORK (Reuters) – Alan Schwartz knows how to play a long game. The executive chairman of boutique investment bank Guggenheim Partners spent almost 20 years cultivating Pfizer boss Ian Read as a client. Schwartz, 65, had been working with Read since 2013 to find a European-registered company with which U.S. firm Pfizer could combine and shift its headquarters to a country with a lower... [Read more]
NY attorney general probing foreign exchange options market
By David Ingram and John McCrank (Reuters) – New York Attorney General Eric Schneiderman's office is investigating the posting of false bids and offers in the foreign exchange options market for emerging market currencies, a See more here: NY attorney general probing foreign exchange options market Read More →
Icahn takes stake in Xerox, calls shares ‘undervalued’
The billionaire revealed a 7.13 percent stake in Xerox in a securities filing on Monday, making him the second-largest shareholder of the 109-year-old company. Icahn, who recently took stakes in American International Group and Freeport-McMoran Inc , said he would look at getting representation on Xerox's board, as well as pursuing strategic alternatives. “We are aware that Carl Icahn has Here... [Read more]
Apple wins patent trial against Pendrell subsidiary
By Lisa Bose McDermott MARSHALL, Texas (Reuters) – A U.S. jury on Friday found Apple Inc did not infringe five antipiracy patents owned by a Pendrell Corp subsidiary at trial in a Texas federal court. The jury also found that Apple did not prove that the patents were invalid. An Apple attorney declined to comment. Continued here: Apple wins patent trial against Pendrell subsidiary Read More →
Asian shares slip, copper tumbles as worry takes toll
By Hideyuki Sano and Lisa Twaronite TOKYO (Reuters) – An index of Asian shares fell on Wednesday as copper prices tumbled and another bomb scare in Europe and gunfire in the French capital hurt risk appetite, while bets that the Federal Reserve remains on track for a rate hike underpinned the dollar. “The rally in US equity markets that followed on from European markets strong lead this... [Read more]
Any doubts over about December Fed hike may be swept away
By Jonathan Cable LONDON (Reuters) – Inflation numbers from the United States on Tuesday could be the provider of the final domino in the Federal Reserve's track to raise interest rates next month. Earlier in November a robust report on U.S. employment hardened expectations for the Fed's first rate increase in nearly a decade and if prices are shown to be rising steadily those views... [Read more]