Argentina’s comments put U.S. lawyers in awkward spot
NEW YORK (Reuters) – At a hearing Wednesday afternoon in Manhattan, Argentina’s lawyer, Carmine Boccuzzi of Cleary Gottlieb Steen & Hamilton, informed U.S. District Judge Thomas Griesa that Argentine officials “will be in New York next week” in order to begin negotiations with the hedge funds whose bond litigation has forced the country to the brink of a sovereign debt crisis.
American Apparel expects fight from ousted founder
LOS ANGELES (Reuters) – The board of hipster clothing brand American Apparel Inc has ousted founder Dov Charney as chairman and said it was preparing for the controversial executive to fight his removal.
Argentina says it has no team for talks in debt battle
BUENOS AIRES/NEW YORK (Reuters) – Argentina hasn’t prepared a team to go to New York to negotiate with holdout bondholders, Cabinet chief Jorge Capitanich said on Thursday, casting doubt over whether it will seek a deal to stave off a debt default.
S&P 500 ends at a record as Fed optimism lingers
NEW YORK (Reuters) – The S&P 500 ended at another record high on Thursday, extending gains for a fifth day on investors’ optimism that the Federal Reserve will keep interest rates low for a long period of time.
Finmeccanica revamps structure, opens due diligence for AnsaldoBreda
MILAN (Reuters) – Italian defence conglomerate Finmeccanica said on Thursday it has opened the data room of its loss-making train unit AnsaldoBreda to potential bidders, without naming them, and also announced a revamp of its corporate structure.
As western automakers embrace aluminium, Asia still welded to steel
SEOUL (Reuters) – About four years ago, Hyundai Motor considered shifting from steel to aluminium body parts for its Genesis sedan to make it lighter, more fuel-efficient and more competitive with German luxury marques, two people familiar with the mat…
Exclusive: UBS faces criminal probe for Puerto Rico bond fund sales – lawyers
NEW YORK (Reuters) – U.S. authorities are probing UBS AG for criminal fraud after a former broker in Puerto Rico allegedly directed clients to improperly borrow money to buy mutual funds that later plunged, according to lawyers representing some of the…
GE reshapes Alstom power bid
PARIS (Reuters) – General Electric revised its bid for the power arm of Alstom on Thursday to respond to political concerns in France, offering joint venture opportunities and providing guarantees to the French state.
Euro zone has correct fiscal stance to cut debt, help growth: IMF
LUXEMBOURG (Reuters) – The euro zone’s fiscal stance strikes the right balance between reducing debt and bolstering demand, the International Monetary Fund said in a statement on Thursday.
Rolls-Royce returns 1 billion pounds to shareholders
LONDON (Reuters) – Rolls-Royce said it will return 1 billion pounds ($1.7 billion)to shareholders instead of buying another company, a moved aimed at restoring investors’ confidence in the British aero-engine maker.
