Exxon to run more tests on ruptured Arkansas oil pipeline
NEW YORK (Reuters) – Exxon Mobil Corp was granted time by regulators to carry out a second round of testing on the ruptured Pegasus oil pipeline, after the firm said an initial investigation into the reason the nearly 70-year-old line failed was not co…
India’s Apollo Tyres to buy Cooper Tire for $2.5 billion
(Reuters) – India’s Apollo Tyres Ltd agreed to buy U.S.-based Cooper Tire & Rubber Co for about $2.5 billion in a deal that would make it the world’s seventh-largest tire maker and reduce its dependence on a slowing Indian auto market.
Providence Equity suffers another senior Asia departure
HONG KONG (Reuters) – Providence Equity Partners has lost another top executive in Asia, its fourth senior departure in the region since 2008, as it struggles with a limited supply of suitable investment targets and a shrinking volume of Asian private …
U.S. safety firm bolsters battery standards after Boeing crisis
DETROIT (Reuters) – Underwriters Laboratories, a 119-year-old U.S. company that develops product safety tests, is strengthening its lithium-ion battery standards after a string of high-profile battery failures that shed light on the technology’s weak s…
RBS boss Hester to step down this year
LONDON (Reuters) – Royal Bank of Scotland boss Stephen Hester will step down later this year, after the bank’s board decided it wanted new leadership to oversee the sale of Britain’s majority stake in the bank, which could take years.
Daimler rolls out new S-Class Mercedes and new production chief
SINDELFINGEN, Germany (Reuters) – Daimler’s latest Mercedes-Benz S-Class limousine rolled off the assembly line for the first time on Wednesday, coinciding with the first appearance of another important newcomer – the company’s head of production for M…
EU to levy 4.7 percent duty on jet fuel imports from Mideast
LONDON (Reuters) – The European Union will impose a 4.7 percent duty on jet fuel imports from the Middle East starting next year, officials said on Wednesday, in a move that could significantly increase costs for the EU’s embattled airlines.
Morgan Stanley again targets wealth management margins above 20 percent
NEW YORK (Reuters) – Morgan Stanley is once again targeting pretax profit margins of 20 percent or more in its wealth management business, according to a presentation by CEO James Gorman on Wednesday.
U.S. prime money funds raise euro zone exposure: JPMorgan
NEW YORK (Reuters) – U.S. prime money market funds boosted their holdings of euro zone bank debt in May as part of a broader move into higher-yielding investments, according to a report by JPMorgan Securities released on Wednesday.
Royalty wants appeal over Elan bid heard next week
DUBLIN (Reuters) – U.S.-based Royalty Pharma sought to have an appeal heard next week over conditions attached to its hostile bid for Irish drug firm Elan that threaten to scupper the $8 billion deal.
