News blog
NEW YORK — A federal judge on Monday threw a lifesaver to investors who may have been duped in one of Wall Street’s biggest alleged frauds, saying they need the protection of a special government reserve fund set up to help investors at failed brokerage firms.
U.S. District Judge Louis L. Stanton ordered that […]
Filed under: online by Wolf
Comments Off
South Korea’s $130 billion financial bailout gave its embattled currency a lift on Monday but did not dispel wider concerns about a global economic downturn as China reported single-digit growth for the first time in four years and Dutch bank ING sought government funds.
China’s gross domestic product rose much more slowly than expected in […]
Filed under: online by Wolf
Comments Off
Some current and former executives at Apple Inc. — including CEO Steve Jobs — tentatively agreed to pay $14 million to settle suits over option grant irregularities, according to a report Wednesday.
The Wall Street Journal said included in the proposed settlement is about $7.3 million in attorneys' fees.
Jobs, CFO Peter Oppenheimer, COO Timothy Cook, former […]
Filed under: online by Wolf
Comments Off
Day and night on this tiny island at the southern tip of the Korean peninsula, workers at Samsung Heavy Industries’ overcrowded shipyard assemble giant steel blocks into huge cargo carriers and oil drillships.
Churning out one ship a week and still sitting on 40 months’ worth of orders, Samsung’s (010140.KS: Quote, Profile, Research, Stock Buzz) […]
Filed under: online by Wolf
Comments Off
American International Group Inc. said Wednesday that it lost more than $5 billion in the second quarter, as struggling credit markets stripped several billions of dollars in value from its credit default swaps portfolio and other investments.
The world’s largest insurer lost $5.36 billion in the April-to-June period, or $2.06 per share. In the same […]
Filed under: online by Wolf
Comments Off
Yahoo Inc. is starting to meet with its major shareholders in hopes of fending off activist investor Carl Icahn.
Icahn is trying to overthrow Yahoo’s board in retaliation for rejecting Microsoft’s $47.5 billion takeover bid. Now the company is making its case for keeping its current board and management team.
Yahoo filed a 32-page presentation Monday […]
Filed under: online by Wolf
Comments Off
Pier 1 Imports Inc. said Monday it has proposed an acquisition of home furnishing products retailer Cost Plus Inc. for $4 per share, or just over $88 million in total.
Under the proposed terms of the stock-for-stock transaction, Pier 1 (PIR) would issue 0.6 shares of its common stock for each share of Cost Plus […]
Filed under: online by Wolf
Comments Off
U.S. Treasury Secretary Henry Paulson said financial market conditions have improved to the point that they will be influenced more by economic forces such as housing than by the credit crisis.
“I expect that financial markets will be driven less by the recent turmoil and more by broader economic conditions, and specifically, by the […]
Filed under: online by Wolf
Comments Off
The U.S. Commerce Department sided with a Wisconsin papermaker in its complaint alleging illegal subsidies and dumping by China and Germany on imports of lightweight receipt paper.
In a preliminary determination, the Commerce Department found evidence to support assertions that imports from China and Germany are being dumped in the U.S. market in violation of […]
Filed under: online by Wolf
Comments Off
Goodyear Tire & Rubber Co. said it swung to a profit on higher revenue in the first quarter, reversing last year’s loss by focusing on higher-priced tires and international markets.
The biggest U.S.-based tire manufacturer said Friday that it earned $147 million, or 60 cents per share, on sales of $4.94 billion in the three […]
Filed under: online by Wolf
Comments Off