SAC’s Steinberg gets 3-1/2 years prison for insider trading
NEW YORK (Reuters) – Michael Steinberg, a portfolio manager at Steven A. Cohen’s SAC Capital Advisors hedge fund, was sentenced on Friday to 3-1/2 years in prison for insider trading.
EU may challenge $8.7 billion U.S. tax breaks in Boeing-Airbus trade dispute: sources
PARIS (Reuters) – The European Union is considering raising the pressure on the United States in the world’s largest trade dispute by challenging tax breaks that encouraged planemaker Boeing to keep production of its latest jet in Washington state, peo…
Abbott to buy Latin American drugmaker CFR in $2.9 billion deal
(Reuters) – Abbott Laboratories said on Friday it would acquire Chile’s CFR Pharmaceuticals SA in a $2.9 billion deal that will more than double its branded generic drugs business in the fast-growing Latin American market.
Demand for rental units buoys housing starts
WASHINGTON (Reuters) – U.S. housing starts jumped in April and building permits hit their highest level in nearly six years, offering hope the troubled housing market could be stabilizing.
Plans to de-risk ‘too-big-to-fail’ banks face hurdles in Europe, Asia
LONDON (Reuters) – Global plans to prevent taxpayers from having to pay for big bank failures are at risk because banking supervisors in Europe and Asia do not fully support some of the proposals aimed at drawing a line under the 2007-2008 financial cr…
Darden books $2.1 billion price for Red Lobster seafood chain
(Reuters) – Darden Restaurants Inc said it would sell Red Lobster to private equity firm Golden Gate Capital for $2.1 billion in cash, defying activist investors who opposed plans to shed the struggling seafood chain.
Ford deal helps Bradesco win first major U.S. underwriting role
SAO PAULO (Reuters) – Brazilian investment bank Bradesco BBI SA extended its push into the U.S. debt market on Friday by clinching a double role as joint-lead manager and bookrunner of a $1.04 billion sale of asset-backed securities by Ford Motor Co’s …
Legal claims over RBS cash call near 4 billion pounds
LONDON (Reuters) – Hundreds more investors have joined an unprecedented group legal action against Royal Bank of Scotland, alleging they were misled during an emergency cash call in 2008, and are claiming damages of around 4 billion pounds ($6.7 billio…
Sweden fights back as Pfizer move on Astra threatens jobs
STOCKHOLM (Reuters) – The Swedish government launched a fightback on Friday against U.S. drugmaker Pfizer’s proposed takeover of AstraZeneca , which has half its roots and more than 5,000 staff in Sweden, highlighting the risks to jobs and science.
U.S. consumer sentiment slips in May, focus on wages
NEW YORK (Reuters) – A monthly gauge of U.S. consumer sentiment fell in May as a gloomy view on income growth clouded an otherwise positive economic outlook, a survey released on Friday showed.
