By Matthew Goldstein (Reuters) - Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters. A pension consultant, in a May 21 letter to clients, said Blackstone has notified Cohen that it intends to "fully redeem" a significant portion of the roughly $550 million the investment firm has invested with the $15 billion hedge fund. ...
By Jennifer Saba (Reuters) - News Corp said on Friday it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations. The company said the goodwill impairment charge was primarily for its Australia newspapers though it gave no more details. It also said it expected reduced cash flows in the future. The charge will be taken in the quarter ending June 30 and could effectively wipe out News Corp's profit. ...
By Karen Jacobs (Reuters) - US Airways Group and American Airlines , seeking approval for a merger that would create the world's largest airline, are warning lawmakers that a requirement to divest certain airport slots would lead to less service for small and medium-sized cities, sources close to the effort told Reuters. The airlines may be required to shed slots Washington's Reagan National Airport to prevent market domination. There is concern that those slots could go to rivals, such as JetBlue Airways , which would likely use them for flights to major cities. ...
By Ilaina Jonas NEW YORK (Reuters) - General Growth Properties Inc has paired with Brookfield Office Properties Inc to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner's entry into a new segment of the retail real estate market, according to two sources familiar with the deal. Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said. Other bidders include Vornado Realty Trust , one of the sources said. ...
By Jessica Dye NEW YORK (Reuters) - Visa Inc and MasterCard Inc, opening another front in an eight-year battle over credit card fees paid by retailers, on Friday asked a federal judge to declare that the fees do not violate antitrust law. The lawsuit seeks to give the card companies legal ammunition against some retailers who are trying to opt out a proposed settlement under which they would receive a share of $7.2 billion in cash and fee discounts from the card companies. ...
By Ronald Grover and Greg Roumeliotis LOS ANGELES/NEW YORK (Reuters) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc, DirecTV, former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said. It is unclear how much the Internet company bid. ...
SHANGHAI (Reuters) - Chinese Premier Li Keqiang criticized the European Union over its plans to investigate alleged anti-competitive behavior by Chinese mobile telecom equipment makers and to impose punitive import duties on solar panels from China, state media reported. The official Xinhua news agency reported late on Friday that Li had told business leaders in Switzerland such measures would "harm others without benefiting oneself". Li is the most senior Chinese official to comment on the troublesome issue so far. ...
(Reuters) - The former chief executive of a failed U.S. bank in Norfolk, Virginia, and three others were convicted Friday of conspiracy to commit bank fraud and other charges in connection with a scheme to conceal loan losses that contributed to the bank's collapse in 2011. Edward Woodard, the former chief executive of Bank of the Commonwealth, was found guilty along with two other executives by a federal jury in Norfolk following a multi-week trial, the U.S. Justice Department said. Federal prosecutors are pursuing several cases stemming from the U.S. ...
By Dena Aubin and Sarah N. Lynch NEW YORK (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of bungled audits after a two-year stand-off between China and the United States. The nonbinding deal is only a partial victory for the United States, which has been blocked from investigating accounting scandals at dozens of Chinese companies listed on U.S. stock exchanges. It applies only to enforcement cases against auditors, not against China-based companies suspected of accounting fraud. ...
LOS ANGELES (AP) — Protesters rallied in dozens of cities Saturday as part of a global protest against seed giant Monsanto and the genetically modified food it produces, organizers said.
Saws and sledgehammers joined beer and barbecues — under covered porches — as a fixture of the first Memorial Day weekend at the Jersey shore since Superstorm Sandy roared through.
RALEIGH, N.C. (AP) — Tesla Motors is fighting a bill in North Carolina that would effectively ban the company from selling its electric cars in the state, pitting it against auto dealers who say the car maker has an unfair advantage selling directly to consumers online.
SAN FRANCISCO (AP) — Netflix is hoping this weekend's release of the resurrected TV series "Arrested Development" will draw more subscribers to its Internet video service.
EL CORRAL, Chile (AP) — The Diaguita Indians live in the foothills of the Andes, just downstream from the world's highest gold mine, where for as long as anyone can remember they've drunk straight from the glacier-fed river that irrigates their orchards and vineyards with its clear water.
WASHINGTON (AP) — Health officials are investigating cases involving patients who suffered complications after being injected with potentially contaminated medications made by a Tennessee specialty pharmacy.
NEW YORK (AP) — Delta's formula for winning over New York travelers is simple: floor-to-ceiling windows, abundant power outlets and a burger joint with a cult-like following.
Frank Lloyd Wright may have died in 1959, but his architecture is alive and well. A recent story in the Wall Street Journal revealed the cost to upkeep some of his historic homes may be more than buyers bargain for, but others clamor to invest in history.
The judge presiding over the lawsuit against Martha Stewart and J.C. Penney ruled on Friday allowing the sale of Martha Stewart merchandise in J.C. Penney stores.
An elderly couple in Brooklyn, N.Y., found a huge pile of cash–what they reckon was $100,000–in cash in a bank’s safe deposit box. Joe Valinoti, 82, and his companion, Kathleen Ricigliano, 81, said they opened a safe deposit box account with Sovereign Bank in February....
Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....
Three men were indicted this week for shipping millions of packs of untaxed contraband Marlboro cigarettes that were part of a sting conducted by the FBI. Jia Yongming, Yazhou Wu, and Ricky Le were indicted by the U.S. Attorney’s Office on Monday in a U.S....
A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...
A rare psalm book from 1640 could fetch between $15 million to $30 million at a Sotheby’s auction on Nov. 26 in New York. “It’s going to be far and away the most expensive book ever sold,” David Redden, vice chairman of Sotheby’s auction house,...
McDonald’s has apologized for a Big Mac ad that enflamed the fast food giant in a whopper-sized controversy. The ad, a poster placed on Boston mass transit, featured a photo of a seemingly despondent woman with her head buried in her hands next to the...
Retail sales fell by 0.4 percent in March, according to the Commerce Department, the biggest drop in nine months. The major stock market indexes slid on the news. Taxes went up at the beginning of the year for everyone who gets a paycheck and that...
A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.
Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
Morning Business Memo… Dozens of current and former NFL and NBA players may have been the victims of an investment scam. FINRA – the Financial Industry Regulatory Authority – filed a cease-and-desist order against Success Trade Securities, alleging the online investment firm ripped off 58...
Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
Those Californians who missed out on the state’s first Powerball drawing on Wednesday, which did not yield a winner, will have another chance at the estimated $60 million jackpot during the second drawing on Saturday. Homebound residents or anybody else who doesn’t feel like visiting...
A former home of rock legend Stevie Nicks and silent-movie star Vilma Banky is on sale for $1.625 million. The 4-bedroom home in the Hollywood Hills has a guest apartment, sunset views and spans 3,538-square feet. Nicks purchased the property in the late '70s and recorded numerous demos there, according to Curbed. Banky reportedly lived there after it was built in the late '20s. The home was last purchased in December 2000 for $1.15 million.
With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News’ Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...
With round one of the Masters Golf Tournament underway, tickets for the famous game in Augusta, Ga., are still being sold online today. Though ABC News’ Darren Rovell reports prices on web sites like StubHub have dropped to $3,000 to $4,000 today, some badges were...
Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
Microsoft Corp. shares took a beating today after Goldman Sachs issued a sell recommendation amid news that PC shipments dropped 14 percent in the first quarter, in part because Windows 8 hasn’t caught on. Microsoft fell 5.1 percent to $28.75 at 2:35 p.m. Until today, it had been slightly...
Counter-terrorism police on Saturday arrested three people suspected of involvement in the killing of a soldier hacked to death in a London street by two men shouting Islamist slogans. The killing of the soldier in what the government said appeared to be a terrorist attack has led to angry protests against radical Islam and fears of a possible anti-Muslim backlash. Michael Adebolajo, 28 and Michael Adebowale, 22, are under armed guard in hospital after being shot and arrested by police on suspicion of murder on Wednesday. ...
Two freight trains collided at a rail intersection in rural Missouri on Saturday, triggering the collapse of a highway overpass when at least a dozen rail cars derailed and struck a support pillar, authorities said.
San Antonio Fire Department spokesman Christian Bove says a 29-year-old woman was trapped in her car, got on the roof and was swept away in floodwaters
Internal Affairs officers on Saturday were looking into allegations made by actress Amanda Bynes that New York Police Department officers sexually assaulted her when she was arrested for heaving a marijuana bong out the window of her 36th-floor Manhattan apartment Thursday night.
A French soldier was attacked in a busy commercial district outside Paris on Saturday, and France's president said authorities are investigating any possible links with the recent slaying of a British soldier.
Saws and sledgehammers joined beer and barbecues — under covered porches — as a fixture of the first Memorial Day weekend at the Jersey shore since Superstorm Sandy roared through.
Sweden's capital was relatively calm on Saturday night with only isolated incidents of violence by youths after nearly a week of car-burnings and vandalism that have highlighted growing inequality in Swedish society.
Rosy Spraker was only a half-mile from the finish line of her seventh Boston Marathon when the bombs went off. She and thousands of other athletes joined victims of the blast to run and walk the last mile of the race.
For all the soothing words she heard from fellow Democrats on the Senate Judiciary Committee, Sen. Mazie Hirono of Hawaii never had a chance to win a relatively modest change to far-reaching immigration legislation.
Gay rights campaigners and their opponents clashed at an unsanctioned rally in Moscow but a heavy police presence in Ukraine kept the two sides apart at a demonstration which went ahead despite a court order.
The city of Detroit may be facing a deepening financial crisis but that hasn't stopped four trustees of its public pension funds from spending $22,000 of retirement system funds to attend a conference in Hawaii this week.
Counterterrorism police on Saturday questioned a friend of Michael Adebolajo, one of two suspects in the killing of an unarmed British soldier, a savage attack that has horrified Britain.
Alleged misbehavior by the Internal Revenue Service and other federal agencies gives the GOP something else to talk about and investigate as the economy clearly, if slowly, recovers on President Barack Obama's watch and robs Republicans of a central argument against Democrats.
The Diaguita Indians live in the foothills of the Andes, just downstream from the world's highest gold mine, where for as long as anyone can remember they've drunk straight from the glacier-fed river that irrigates their orchards and vineyards with its clear water.
A delay in Japanese Prime Minister Shinzo Abe and his wife moving into their official residence, the site of past assassinations, has revived talk of ghosts in the corridors.
