December 25, 2011
Portugal in US$3.5b utility stake sale to China
Portugal is selling the state’s 21.35 per cent stake in national utility Energias de Portugal to China Three Gorges Corporation for euro 2.7 billion (US$3.5 billion), officials said Thursday. Three Gorges Corporation beat rival bids from German…
December 25, 2011
Tortuga Rum Companies unite
The shareholders of Tortuga CRC Jamaica Ltd, Tortuga Rum Company Ltd of the Cayman Islands, Tortuga Imports Inc, of Miami, Florida, and Tortuga Barbados/Baker’s Choice have consolidated their regional interests into a new international food group…
December 23, 2011
Payroll tax cut: Obama urges Republican compromise
US President Barack Obama and House leaders remain deadlocked over a deal to extend a payroll tax cut due to expire at the end of the year. In a statement, Mr Obama blamed lack of progress on a Republican "faction". He also told House Speaker John…
December 23, 2011
Allen Stanford ruled fit for trial over ‘Ponzi scheme’
A US federal judge has ruled Texan financier Allen Stanford is mentally fit to stand trial for allegedly operating a $7bn (£4.5bn) Ponzi scheme. Mr Stanford, 61, is accused of one of the biggest white-collar fraud cases since Bernard Madoff. The…
December 23, 2011
Wal-Mart recalls baby formula after infant dies
Wal-Mart has removed a powdered infant formula from more than 3,000 shops across the US after a newborn baby who consumed it died from a rare infection. Tests are under way to see if there is a link between the formula and the death of the infant…
December 22, 2011
MF Global’s missing $700 million could be in UK
The bankruptcy court trustee in the MF Global case has identified $700 million in U.S. customer funds that were sent to the United Kingdom before the collapse of the commodities and futures trader. But while the trustee said he would be trying to…
December 22, 2011
BofA settles unfair lending claims for $335 million
The Justice Department announced a $335 million settlement with Bank of America Wednesday over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against at least…
December 22, 2011
Malaysia to liberalise foreign ownership of banks
Malaysia has announced plans to allow more foreign investment in the banking sector in a bid to boost economic growth. It said the government will be more flexible in letting foreigners hold stakes in banks and will also issue banking licences to…
December 21, 2011
Obama, Boehner square off in payroll tax fight
The congressional impasse over extending the payroll tax cut became a showdown…
December 21, 2011
ECB offers banks three-year loans for the first time
The European Central Bank is offering three-year loans to banks for the first time in an attempt to shore up investor confidence in the eurozone. The central bank hopes to sell up to 450bn euros ($590bn; £375bn) of loans. When the plan was…