Lehman to seek creditor vote on US$65bil payout
NEW YORK: Lehman Brothers Holdings Inc will ask a bankruptcy judge to let creditors vote on its US$65bil payout plan, a key step toward ending the biggest bankruptcy in the United States history……
Spore flat sold for S$19m
SINGAPORE: A buyer has signed up to pay a record-breaking S$19mil for a four-bedroom apartment at The Marq on Paterson Hill……
US pending home sales 1.3% down in July
WASHINGTON: Pending sales of existing US homes fell in July from June in the latest sign of weakness in the housing industry, data from a real estate trade group showed on Monday……
Spanish new mortgages plunged in June
MADRID: The number of mortgages issued for Spanish homes plunged in June, official data showed Monday, confirming weakness in the property sector that is hurting the countrys banks and economic growth……
BoA to sell China bank stake for US$8.3bil
CHARLOTTE: Bank of America Corp is selling about half its stake in China Construction Bank for US$8.3bil, in its latest effort to shed assets and boost capital……
Chinas strength holds card in bolstering global economy
SINGAPORE: Figuring out what the Chinese central bank is doing can be as perplexing as parsing a statement by Alan Greenspan, the notoriously opaque former US Federal Reserve chairman……
Fitch says China yuan debt downgrade likely
BEIJING: China faces a better than even chance of a another downgrade to its local currency debt rating due to rising defaults and high inflation following a credit binge, Fitch Ratings said yesterday……
CCB stock rises after Singapore’s Temasek buys shares offloaded by Bank of America
HONG KONG/SINGAPORE: Hong Kong-listed shares of China Construction Bank (CCB) Corp rose more than 4% yesterday after Bank of America Corp said it will sell about half of its 10% stake in the Chinese lender, providing relief to investors by removing u…..
S&P: Europe may avoid double dip recession this year
PARIS: The second quarter slowdown increases the risk of a double dip recession in Europe but the region should escape with sluggish growth this year, Standard and Poors said yesterday in its latest forecasts……
Regulator may delay Telstra separation plan
SYDNEY: Australias competition regulator voiced objections yesterday to the terms of the proposed split of dominant phone company Telstra Corp, threatening to delay an historic reform designed to wire up the entire nation to high-speed broadband……
Macarthur bows to sweetened bid
MELBOURNE: Peabody Energy and Arcelor-Mittal have won over Macarthur Coal with a sweetened A$4.9bil (US$5.2bil) takeover offer, after a rival bidder failed to emerge for the Australian coal miner……
Long wait for Sino-Forest trade
TORONTO: Sino-Forest, once the biggest forestry company on the Toronto Stock Exchange, is running out of room to manoeuvre following fraud allegations, a stock trade halt, the departure of its CEO and further downgrades on its debt……
Fitch settles lawsuit, but Calpers will streamline case against Moodys and S&P
SAN FRANCISCO: Fitch Ratings settled a lawsuit in which the largest US public pension fund alleged that Fitch and other credit ratings agencies assigned unreasonably high ratings to special investment vehicles, according to a court document filed on …..
Japan factory output up for fourth straight month(update)
TOKYO (AP) Japan’s government says industrial production rose for the fourth straight month in July as factories continued recovering from the March 11 earthquake and tsunami……
Russian oil teams up with Exxon Mobil
MOSCOW (AP) Russia’s state-owned Rosneft teamed up with U.S. company Exxon Mobil on Tuesday in a multibillion deal to develop offshore oil fields in the Russian Arctic one of the last regions with immense and untapped hydrocarbon deposits in re…..
UN agrees to unfreeze Libyan funds held in UK
UNITED NATIONS (AP) Libya’s rebels got a boost Tuesday with the unfreezing of about $1.6 billion in Libyan currency held in Britain as Secretary-General Ban Ki-moon appealed for urgent international support and billions more for the incoming govern…..
Consumers gloomy but their spending says otherwise
WASHINGTON (AP) A survey of consumer confidence shows that Americans were spooked early this month by the standoff over the debt ceiling, a downgrade of U.S. long-term debt and a swoon in stock prices……
US stocks rise on hopes for more stimulus from Fed(update)![]()
NEW YORK (AP) The mere discussion of more economic stimulus from the Federal Reserve was enough to send stocks higher Tuesday. The Dow Jones industrial average rose 20 points, its third day of gains……
$5bil deal for Australian coal company long awaited
ST. LOUIS (AP) The deal for Peabody Energy, the world’s biggest private-sector coal company, and a partner to buy Australia’s Macarthur Coal for more than $5 billion concludes more than a year of pursuit and continues widespread consolidation in th…..
Oil price rises
NEW YORK (AP) Oil rose to near $89 per barrel Tuesday on expectations that supplies will be tighter in the wake of Hurricane Irene……
Norway’s oil finds shield it from economic gloom
OSLO, Norway (AP) While much of Europe is struggling to pay its way out of the debt crisis, Norway has been awash with cash and is set to get more. Two major oil finds are revitalizing the country’s aging energy sector and promise to buoy i…..
CNN gets more personal, buys iPad magazine Zite
SAN FRANCISCO (AP) CNN has acquired Zite, an iPad service that learns about readers’ tastes and customizes a digital magazine with stories from hundreds of different websites……
Philippine 2Q economic growth slows to 3.4%
MANILA, Philippines (AP) The Philippine economy slowed in the second quarter as weakness in construction and industry offset growth in consumer spending amid a lackluster global recovery……
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