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JP Morgan Chase's sale of private equity arm stalls
By Chris Witkowsky NEW YORK, March 8 (Reuters-peHUB) - The auction of JP Morgan Chase's private equity business, One Equity Partners, in the market since at least November, has hit an impasse, according to three people with knowledge of the situation. A spokesperson for JP Morgan Chase declined to comment. The bank announced last July it was spinning off One Equity, its last remaining private equity operation, because the unit was not core. JP Morgan Chase was not under regulatory pressure to sell: One Equity would not be affected by the Dodd-Frank financial reform law, which restricts the ability of bank holding companies to own and operate private equity groups, sister news service Reuters reported last year.
Scrutiny of Vivendi's SFR takeover could take nine months: regulator
France's competition watchdog estimates it could take nine months to scrutinize a possible takeover of French telecoms operator SFR by French conglomerate Bouygues or rival Numericable , its head said in an interview published on Saturday. Bouygues, with interests from telecoms to construction, on Thursday offered 10.5 billion euros ($14.4 billion) in cash for 46 percent of Vivendi's SFR. A competing bid from French cable operator Numericable included 11 billion euros in cash, granting Vivendi a 32 percent stake in the new company, sources said earlier. A tie-up between SFR and Bouygues would create Europe's seventh-biggest telecoms group by sales.
Shanghai Exchange gets approval for trading platform in free-trade zone
The Shanghai Stock Exchange has secured approvals from regulators to set up an international trading center in the free-trade zone, the chairman of the bourse said on Saturday. The move could pave the way for more foreign investors to tap the world's fourth-largest stock market by capitalization and also for foreign companies to issue shares in the world's second-largest economy. Gui Minjie, chairman of the Shanghai Stock Exchange, said significant progress has been made in recent years allowing Chinese firms to list on overseas markets. However, no foreign companies are allowed to issue shares on Chinese bourses.
China Feb exports tumble unexpectedly, heighten slowdown fears
By Kevin Yao and Adam Rose BEIJING (Reuters) - China's exports unexpectedly tumbled in February, swinging the trade balance into deficit and adding to fears of a slowdown in the world's second-largest economy despite the Lunar New Year holidays being blamed for the slide. A resilient Chinese economy is good news for the world, particularly for major commodity exporters such as Australia.
Boeing reports wing cracks on 787 Dreamliners in production
By Alwyn Scott and Tim Hepher NEW YORK (Reuters) - Boeing Co said on Friday that "hairline cracks" had been discovered in the wings of about 40 787 Dreamliners that are in production, marking another setback for the company's newest jet. The cracks have not been found on planes that are in use by airlines and therefore pose no safety risk, Boeing said, adding the problem also will not alter Boeing's plans to deliver 110 787s this year. However, Boeing said the cracks, which also occurred on the larger 787-9 model currently undergoing flight tests, could delay by a few weeks the date when airlines can take delivery of their new planes. The disclosure raised questions about repair costs and a possible minor increase in the weight of the plane, but did not seem to spell major trouble for Boeing, industry experts said.
Stocks may extend rally after strong jobs data
That bet has helped equities shrug off bearish data and geopolitical uncertainties in Ukraine, taking the S&P 500 to a series of record highs. "We're hoping the payroll report means we're on a stronger footing going ahead and that we can get more robust growth going forward," said Michael Mullaney, chief investment officer of Fiduciary Trust Co in Boston.
Exclusive: Astenbeck fund jumps in February on oil rally that could help Oxy
By Barani Krishnan NEW YORK (Reuters) - Famed oil bull Andy Hall's hedge fund rose nearly 8 percent in February in its biggest monthly gain in 2-1/2 years, boosted by a rally in crude oil that could help Occidental Petroleum's chances of selling its stake in the fund. Occidental , which acquired a 20 percent stake in Hall's Connecticut-based Astenbeck fund and trading house Phibro in 2009, said last month it wanted to reduce proprietary trading activities. Oxy, as it is known, has not said anything specific about selling Astenbeck or Phibro, which does some of its proprietary trading, mainly in crude oil and select commodities such as natural gas, platinum and corn.
Greece, lenders will miss March 10 deadline for rescue loan deal: sources
Greece and its international lenders will miss a self-imposed March 10 deadline to clinch a deal that will release the next tranche of the country's rescue loans, three senior Greek government sources said late on Friday. Greece and representatives of the European Union (EU) and the International Monetary Fund (IMF) had hoped to conclude the latest review of the country's reform progress under the terms of its international bailout by Monday, when euro zone finance ministers meet in Brussels.
Deutsche Bank denies it knew of forex woes since 2006
Deutsche Bank denied a German newspaper report on Friday that claimed a senior bank official knew of alleged currency market manipulation efforts as far back as 2006. The Frankfurter Allgemeine Zeitung reported on its website that a senior Deutsche currency trader attended meetings with officials from Bank of England eight years ago where currency trading irregularities were discussed. Deutsche Bank, however, said that its representative did not attend the BOE meeting in July, 2006, of the Chief Dealers' Subgroup of the Foreign Exchange Joint Standing Committee where irregularities were discussed. Deutsche Bank, Germany's flagship bank, is a member of the committee but did not attend the meeting, the bank said.
Boeing reports wing cracks on 787 Dreamliners in production
Boeing Co said on Friday that "hairline cracks" had been discovered in the wings of 40 787 Dreamliner jets still in production, a condition that could delay deliveries of some jets but will not alter its guidance on deliveries for 2014. Boeing said wing-maker Mitsubishi Heavy Industries Ltd notified it of the problem, which arose after a change in its manufacturing process. The cracks in shear ties on wing ribs in the 787s will take one to two weeks to inspect and fix. Boeing has said it expects to deliver 110 787s this year, and to earn revenue of between $87.5 billion and $90.5 billion.
Chevron's U.S. win in Ecuador case looms over cases elsewhere
By Mica Rosenberg NEW YORK (Reuters) - Ecuadorean villagers who are trying to get billions of dollars from Chevron Corp for pollution in the Amazon jungle are ready to refocus their fight on pending suits in other countries after a setback in the United States. A scathing judgment issued by a U.S. judge this week against their lawyer will cast a long shadow over cases filed in Canada, Brazil and Argentina, where the plaintiffs are seeking Chevron assets as payment because the oil giant no longer has a presence in Ecuador. U.S. District Judge Lewis Kaplan handed down a 500-page decision that found American lawyer Stephen Donziger used "corrupt means" to help villagers from the Lago Agrio region win the historic $18 billion judgment against Chevron in Ecuador in 2011.
Bank of America executives' pay rose 12 percent in 2013
(Reuters) - Bank of America Corp gave its top executives a collective 12 percent pay raise in 2013, according to a filing with the U.S. Securities and Exchange Commission on Friday. Co-Chief Operating Officer Tom Montag remained the highest paid top executive at the Charlotte, North Carolina-based bank with $15.5 million in total compensation in 2013, up from $14.5 million a year earlier. The bank disclosed Chief Executive Brian Moynihan's $14 million pay package in February. ...
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