Privately held ride-hailing company Uber Technologies lost more than $800 million in the third quarter, Bloomberg reported on Monday. The company’s $800 million in losses did not include its operations in China, Bloomberg said, citing a person it said was familiar with the matter.
Day: December 20, 2016
Rpt: Apple in Talks With India to Manufacture Locally
Apple is in talks with India’s government to explore making products locally, the Wall Street Journal reported on Tuesday, as the U.S. firm aims to make deeper inroads in the world’s second-largest mobile phone market by users. Prime Minister Narendra Modi is trying to boost technology manufacturing in the country through his ‘Make in India’ initiative.
Ousted Tata Chairman Mistry to Take Fight to Indian Court
Cyrus Mistry, the ousted chairman of Tata Sons Ltd., said he will take his fight against his unceremonious removal as head of India’s biggest conglomerate to the nation’s courts. Mistry, who also resigned as a director in six group companies on Monday on the eve of shareholder meetings to remove him, said he’s fighting for better transparency at the $100 billion group.
Lloyds to Buy BofA’s U.K. Credit Card Unit for $2.4 Billion
Lloyds Banking Group Plc agreed to buy Bank of America Corp.’s MBNA credit-card business in the U.K. for 1.9 billion pounds in cash, marking its first major deal since being rescued by British taxpayers eight years ago. The acquisition of MBNA, which has about 7 billion pounds of assets, will add 650 million pounds a year to Lloyd’s revenue, equivalent to a 4 percent increase, according to a statement Tuesday.
Vanke Sees $10 Billion Erased as Takeover Battle Loses Sway
Shares of China Vanke Co. are tumbling as a crackdown on leveraged buyouts complicates a takeover battle for the nation’s largest listed property developer.
Rocket Internet-Backed HelloFresh Reduces Valuation on New Round
Berlin-based recipe-kit company HelloFresh raised 85 million euros in new funding, valuing the company at 2 billion euros — about 20 percent less than 15 months ago. Existing investor Baillie Gifford plus an unidentified new investor contributed the funding, HelloFresh backer Rocket Internet SE said Monday in a statement.
Credit Suisse Nearing U.S. Mortgage Settlement, Reuters Says
Credit Suisse Group AG may reach an agreement as soon as this week to settle a U.S. investigation into its handling of mortgage-linked securities before the 2008 financial crisis, Reuters reported. Switzerland’s second-largest bank is confident it can reach a resolution for less than the $5 billion to $7 billion that the Department of Justice has demanded, the publication quoted an unidentified person familiar with the talks as saying, without specifying when that request was made.
Italy’s Bank Shares Rise as Government Ponders $20.7 Billion in New Support
Italy’s major banks traded higher Tuesday following a move by the country’s interim government to seek permission to borrow as much as a 20 billion to support its flagging lenders. The FTSE Italia Banks Index , a measure of share performance for the country’s largest lenders, added 1.6% by 08:45 GMT, helping lift the benchmark FTSE MIB index 1.08% higher to 19,132 points.
Co-op convenience store sell-off to McColl’s approved
Co-op’s sale of 298 of its food stores to convenience chain McColl’s has been approved by the competition regulator. McColl’s said it would begin to integrate the Co-op stores into its network by the end of January, with all conversions completed by August.
Oil Steady in Trade Ahead of Holiday Season
Oil prices were steady on Tuesday in timid trading ahead of the year-end holidays, with investors beginning to unwind positions without expecting to take up new ones until the start of 2017. International Brent crude oil futures were trading at $54.88 per barrel at 0821 GMT, down 4 cents from their last close.
Carlyle Sells Claren Road in Final Step Away From Hedge Funds
Carlyle Group LP is selling its majority stake in Claren Road Asset Management back to the fund’s top executives as the private equity firm moves to end its six-year foray into hedge funds. Claren Road, founded in 2005 by former Citigroup Inc. credit traders Brian Riano, John Eckerson, Sean Fahey and Albert Marino, will buy the 55 percent stake that Carlyle acquired in December 2010, according to a note sent last week to investors.
U Of Illinois Re-Launches Farm Policy News Website
LAUNCHES FARM POLICY NEWS WEBSITE Dec. 20, 2016 Source: University of Illinois news release Fans of Keith Good’s Farmpolicy.com website who were sad to see it discontinued in 2015 will be happy to hear about his new University of Illinois blogsite. The site, farmpolicynews.illinois.edu , features topics of interest to Corn Belt farmers such as: land values, farm income variables, agricultural production estimates, Farm Bill developments, trade issues, biofuels news, regulatory proposals, and other topics that are impacting the agricultural economy.
Italy Paves Way for a $21 Billion Aid Plan for Ailing Banks
The Italian government moved closer to a potential rescue of lenders including Banca Monte dei Paschi di Siena SpA by seeking permission from parliament to increase the nation’s public debt by as much as 20 billion euros . The plan is aimed at providing a backstop to the banking system “through public guarantees in order to restore their short- and medium-term lending ability,” Finance Minister Pier Carlo Padoan said following a cabinet meeting Monday night.
Pentagon Refutes Trump on F-35’s – Out of Control’ Costs
Lockheed Martin Corp.’s F-35 fighter jet isn’t spiraling out of control as President-elect Donald Trump has said, according to Pentagon officials preparing to making their case to the new administration. Critics of the Pentagon’s most expensive weapons system ignore the progress made since the program was reset in 2011, when it was six years behind schedule and $13 billion over budget, Lieutenant General Christopher Bogdan, who heads the office responsible for developing and acquiring the fighter jet, told reporters Monday.
Ex-U.S. Attorney Yang Said to Be Trump’s Top SEC Contender
President-elect Donald Trump is considering nominating ex-U.S. attorney Debra Wong Yang to run the Securities and Exchange Commission, positioning her to be the second consecutive former federal prosecutor to lead Wall Street’s top regulator, said a person with direct knowledge of the matter. While Trump and his transition team have spoken with a handful of candidates, Yang is the top contender to be SEC chairman, said the person, who asked not to be named because the incoming president hasn’t announced his pick.
Hedge Fund Winners and Losers Emerge as Year Ends on Better Note
This was the year to ridicule hedge funds. Pension funds, politicians, Warren Buffett, even hedge fund managers themselves — they all had something to say about the disappointing performance, high fees and market saturation.
SoftBank Inks First Deal After Trump Talk Spurs 3,000 Jobs
SoftBank Group Corp. Chief Executive Officer Masayoshi Son told President-elect Donald Trump this month he would create 50,000 jobs in the U.S. Money for the first 3,000 positions was announced on Monday. Satellite startup OneWeb Ltd. said it raised $1.2 billion from SoftBank and existing investors, with the Japanese technology company providing $1 billion.