Business News

Carlyle, China PE firms bid $3.5 billion for Focus Media

By Stephen Aldred and Sruthi Ramakrishnan HONG KONG | Tue Aug 14, 2012 12:36am EDT HONG KONG (Reuters) - U.S. buyout fund Carlyle Group (CG.O) and some of China's top private equity funds are targeting the biggest ever delisting of a New York-listed Chinese company, attempting to privatize a firm directly targeted by shortseller Muddy Waters. The offer is the latest...

14 Aug 10:52 AM 0 Read More...

Shares, euro gain ahead of U.S., euro zone data

By Chikako Mogi TOKYO | Mon Aug 13, 2012 11:07pm EDT TOKYO (Reuters) - Asian shares rose on Tuesday as investors hunted for bargains while waiting for more economic figures from Europe and the United States later in the day, after recent data showed the euro zone's debt woes were eroding business activity globally. Deteriorating global growth prospects, on the other...

14 Aug 5:36 AM 0 Read More...

Wall Street slips after six-day run; Japan data weighs

By Angela Moon NEW YORK | Mon Aug 13, 2012 4:36pm EDT NEW YORK (Reuters) - Stocks ended slightly lower on Monday as fatigue set in after a six-day rally and disappointing Japanese growth data provided a fresh reminder of the headwinds facing the global economy. The benchmark S&P 500 index had risen 3 percent over the prior six sessions, its longest rally since D...

14 Aug 12:28 AM 0 Read More...

Peregrine CEO indicted for lying to regulators

By Ann Saphir and Tom Polansek SAN FRANCISCO/CHICAGO | Mon Aug 13, 2012 8:03pm EDT SAN FRANCISCO/CHICAGO (Reuters) - Peregrine Financial Group founder and chief executive Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after he botched a suicide attempt and confessed to bilking customers of his brokerage for years. Wasendor...

14 Aug 12:28 AM 0 Read More...

Ex-Barclays trader Merchant, under Libor scrutiny, exits UBS

By Jennifer Ablan and Matthew Goldstein Mon Aug 13, 2012 7:34pm EDT (Reuters) - Jay V. Merchant, who has come under federal scrutiny in the Libor manipulation scandal related to his tenure at Barclays Plc, left his position as head of swap trading at UBS on Monday, a UBS spokeswoman confirmed. Merchant, who worked for Barclays in New York from 2006 to 2009, is being looked a...

14 Aug 12:28 AM 0 Read More...

U.S. Treasury increases auto bailout cost estimate

WASHINGTON | Mon Aug 13, 2012 4:36pm EDT WASHINGTON (Reuters) - The U.S. Treasury Department has said the auto industry bailout will cost taxpayers $3.4 billion more than previously thought. Treasury now estimates the 2009 bailout will eventually cost the government $25.1 billion, according to a report sent to Congress on Friday.That is up from the last quarterly estimate o...

14 Aug 12:28 AM 0 Read More...

Wall Street dips after six-day rally; Japan data weighs

By Angela Moon NEW YORK | Mon Aug 13, 2012 2:34pm EDT NEW YORK (Reuters) - Stocks fell on Monday after six days of gains for the S&P 500 and as Japanese data showed their economy grew much less than expected in the second quarter, a reminder of the headwinds faced by the global economy. The benchmark index had risen 3 percent over the prior six sessions, its lon...

13 Aug 7:17 PM 0 Read More...

Tesoro eyes West Coast empire with BP refinery deal

By Selam Gebrekidan and Michael Erman Mon Aug 13, 2012 12:56pm EDT (Reuters) - Tesoro Corp (TSO.N) moved on Monday to create the biggest U.S. refining empire in the Pacific Basin with a $2.5 billion deal to buy BP's (BP.L) Carson plant in the isolated California market. Shares in Tesoro shot up more than 9 percent, trading at $38.75.If regulators approve the purchase, the in...

13 Aug 7:17 PM 0 Read More...

Wall Street opens lower after string of gains

NEW YORK | Mon Aug 13, 2012 9:34am EDT NEW YORK (Reuters) - Stocks opened slightly lower on Monday after six straight sessions of gains by the S&P 500 as Japan showed signs of economic weakness. The Dow Jones industrial average .DJI was down 24.23 points, or 0.18 percent, at 13,183.72. The Standard & Poor's 500 Index .SPX was down 2.02 points, or 0.14 percent, at 1,...

13 Aug 2:12 PM 0 Read More...

Tesoro to buy BP refinery, related assets for $2.5 billion

Mon Aug 13, 2012 9:23am EDT (Reuters) - Tesoro Corp (TSO.N) said it would buy BP Plc's (BP.L) refinery in Carson, California, and related assets for about $2.5 billion. Independent refiner Tesoro on Monday said it would pay $1.18 billion for BP's refining and marketing business in Southern California, plus the value of the refinery's inventory at the time of closing. At current pric...

13 Aug 2:12 PM 0 Read More...