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Canada's CP Rail offers to buy Norfolk Southern for US$28.35 billion

Canada's CP Rail offers to buy Norfolk Southern for US$28.35 billion

REUTERS: Canadian Pacific Railway Ltd has made an unsolicited cash and stock bid for U.S. railroad operator Norfolk Southern Corp valued at US$28.35 billion, as it looks to gain a foothold in the eastern United States. Norfolk Southern called Canadian Pacific’s offer “low-premium, non-binding and highly conditional,” but said it would carefully evaluate the offer. […]

November 18, 2015 | By | Reply More
IFR: AirAsia taps banks for US dollar funding programme

IFR: AirAsia taps banks for US dollar funding programme

November 18, 2015 A medium-term bond programme will give AirAsia more flexibility when raising funds in the G3 markets – the United States, European Union and Japan – IFR reported, citing people with knowledge of the matter. KUALA LUMPUR: AirAsia Bhd has hired lenders Barclays PLC, CIMB Group Holdings Bhd and RHB Capital Bhd to […]

November 18, 2015 | By | Reply More
US pursuing criminal cases against RBS, JPMorgan executives: WSJ

US pursuing criminal cases against RBS, JPMorgan executives: WSJ

REUTERS: Federal prosecutors are pursuing criminal cases against executives from the Royal Bank of Scotland Group and JPMorgan Chase & Co for allegedly selling flawed mortgage securities, the Wall Street Journal reported on Tuesday, citing unnamed sources. People familiar with the probes said officials were trying to determine whether the bankers ignored warnings from associates […]

November 18, 2015 | By | Reply More
Taxi owners, lenders sue New York City over Uber

Taxi owners, lenders sue New York City over Uber

NEW YORK: Taxi owners and lenders on Tuesday sued New York City and its Taxi and Limousine Commission, saying the proliferation of the popular ride-sharing business Uber was destroying their businesses and threatening their livelihoods. The lawsuit filed in Manhattan federal court accused the defendants of violating yellow cab drivers’ exclusive right to pick up […]

November 18, 2015 | By | Reply More
Japan regulators mulling US$60 million fine for Toshiba: Nikkei

Japan regulators mulling US$60 million fine for Toshiba: Nikkei

TOKYO: Japan’s securities watchdog is likely to recommend a fine of about 7.5 billion yen (US$60 million) for scandal-hit Toshiba Corp for cooking its books over the past seven years, the Nikkei business daily reported on Wednesday. The Securities and Exchange Surveillance Commission will make the recommendation to the Financial Services Agency as early as […]

November 18, 2015 | By | Reply More
Wal-Mart earnings beat expectations; shares up

Wal-Mart earnings beat expectations; shares up

NEW YORK: Wal-Mart Stores Inc reported slightly stronger-than-expected quarterly earnings on Tuesday as it booked its fifth straight gain in US same-store sales, sending its shares up more than four per cent. However, the company also said it expected sales at stores open at least a year to grow more slowly during the current quarter, […]

November 17, 2015 | By | Reply More
Syngenta among options for Monsanto takeover bids: executives

Syngenta among options for Monsanto takeover bids: executives

ST. LOUIS: Monsanto Co. executives are discussing whether the world’s largest seed company should acquire agrochemical rivals, including top pesticide maker Syngenta AG , Monsanto President Brett Begemann said on Tuesday. “Everybody’s talking now. There’s multiple ways things can occur,” Begemann said. Monsanto abandoned a US$45 billion bid for Syngenta in August. Begemann said executives […]

November 17, 2015 | By | Reply More
White House threatens veto of rule-based monetary policy bill

White House threatens veto of rule-based monetary policy bill

WASHINGTON: The White House on Tuesday issued a veto threat for a Republican-backed bill to make the Federal Reserve set interest rate policy using a mathematical rule, a proposal Fed Chair Janet Yellen said would “severely damage” the U.S. economy. The Obama administration opposes the proposal because it would hinder the Fed’s ability to help […]

November 17, 2015 | By | Reply More
Yellen warns proposed law on Fed would damage US economy

Yellen warns proposed law on Fed would damage US economy

WASHINGTON: Janet Yellen warned on Tuesday (Nov 17) that a proposed law in Congress to more closely oversee the Federal Reserve would politicise monetary policy and do deep harm to the US economy. The “Fed Oversight Reform and Modernisation Act” would tie the hands of Fed policy-makers to a formulaic rule that, if in place during the […]

November 17, 2015 | By | Reply More
Dollar hits seven-month high against euro

Dollar hits seven-month high against euro

NEW YORK: Signs of possible inflation gains in the United States helped boost the dollar to its highest level against the euro since April on Tuesday (Nov 17). The dollar rose to US$1.0644 per euro, and was slightly higher against the yen but fell against British pound. Analysts said that although the 0.2 per cent rise in the […]

November 17, 2015 | By | Reply More