Citigroup to pay $7 billion to settle U.S. mortgage probe
(Reuters) – Citigroup Inc has agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis, in a deal that includes the largest civil fraud penalty ever levied by the U.S. …
Argentine debt holdout urges talks, says deal still possible
NEW YORK (Reuters) – Aurelius Capital Management, one of the lead holdout creditors seeking to settle with Argentina over sovereign debt payments from its 2002 default, said on Monday the government faces a new crisis on July 30 unless it engages in se…
VW to spend $900 million at Tennessee plant to build new SUV
(Reuters) – Volkswagen will spend $900 million to build a mid-sized SUV at its U.S. plant in Tennessee, nearly doubling the factory’s workforce, in an effort to revitalise sales in the world’s second-largest auto market.
Ford, Toyota halt some South African output due to strike
CAPE TOWN (Reuters) – U.S. motor company Ford has suspended production at one of its South African plants and Japanese car-maker Toyota plans to follow suit as a manufacturing workers’ strike hits suppliers of car components.
Airbus revamps A330 jet in long-haul battle with Boeing
FARNBOROUGH England (Reuters) – Airbus announced a revamp of its twin-aisle A330 passenger jet on Monday, offering a cheaper alternative to the Boeing 787 Dreamliner as the two planemakers vie for up to $250 billion in orders from cost-conscious airlin…
Mylan to buy Abbott generics, cut taxes, in $5.3 billion deal
(Reuters) – Generic drugmaker Mylan Inc said on Monday it would buy Abbott Laboratories’ branded specialty and generics business in developed markets outside the United States in a $5.3 billion deal that will bolster its product line and also cut its t…
U.S. says ‘not giving up’ on bringing F-35s to UK air show
FARNBOROUGH England (Reuters) – The U.S. and UK militaries are “not giving up” on bringing the Lockheed Martin F-35 Joint Strike Fighter to Britain for a high-profile air show this week after an engine fire prompted a fleetwide grounding and derailed t…
BAE Systems battles Lockheed for $10 billion F-16 upgrade work
FARNBOROUGH England (Reuters) – Europe’s largest defense contractor BAE Systems expects to win more than half of the $10 billion market to modernize F-16 fighter jets, saying its cost-effective offering could give it an edge in the battle with Lockheed…
Shire ready to bow to AbbVie’s increased $53 billion offer
LONDON (Reuters) – London-listed drugmaker Shire Plc succumbed to an increased 31 billion pounds ($53 billion) takeover offer from Abbvie Inc on Monday, signaling the conclusion to a long-running courtship largely motivated by tax.
Exclusive: VistaJet in talks with banks on possible $900 million sale – sources
LONDON (Reuters) – Swiss private aviation firm VistaJet is in talks with bankers over a potential sale of the business which could fetch up to $900 million, two financial sources closely monitoring the deal said on Monday.
