U.S. stocks closed out their best year in more than 15 on Tuesday, rising modestly on a strong consumer confidence reading that kept 2013's upward bias intact to the end.
North America
Revlon to shutdown operations in China months after Colomer Group buyout
New York-based cosmetics company Revlon, which has posted profit declines in 2011 and 2012, will close its operations in China, cutting at least 1,100 jobs. News of the shutdown came a few months after Revlon bought Spanish beauty care company Colomer Group.
2013 a good year for private equity firms- report
Data from Cambridge Associates showed that 2013 was a good year for private equity as they returned $120 billion to their institutional backers, the San Francisco Business Times reported.
Air freight and transport services provider Evergreen Air files for bankruptcy
Cargo airline Evergreen International Airlines Inc. on December 31 filed for bankruptcy protection in the US Bankruptcy Court in Wilmington, Delaware. Seven other Evergreen affiliates also sought Chapter 7 protection.
Private equity industry closes 2013 with record highs of "dry powder"
The global private equity industry closed 2013 with "dry powder" amounting to $1.074 trillion, a figure much higher than the previous record high of $1.067 billion posted before the 2008 global financial crisis.
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Private equity firms are increasingly seeking to partner with U.S. companies rather than buying them outright, as they struggle to find ways to put their huge piles of money to work at a time when frothy markets have made takeovers expensive.
Commodity hedge fund Higgs Capital Management, which manages some $250 million, will wind down and return money to investors, its founders said in a note on Monday.
Illinois-based snack company Mondelez International Inc has entered an agreement to sell a controlling stake in its cookie and cracker business, SnackWell's, to Connecticut-based private equity firm Brynwood Partners for an undisclosed amount.
Australia-based boutique funds management company Paradice Investment Management has acquired a 5.14% stake in electronics retailer Dick Smith, according to a document filed with the Australian Securities Exchange (ASX).
The Chief Executive Officer (CEO) of Colorado, US-based plastic clogs maker Crocs Inc is set to retire, and Blackstone Group LP will acquire a $200-million convertible preferred stock in the struggling shoemaker.
The initial public offering (IPO) pipeline of Australia is set to improve along with merger and acquisition activity in 2014 despite poor performances this year, according to investment bank UBS.
The officials of Caddo Parish's Industrial Development Board closed the deal on Friday afternoon to acquire the former General Motors (GM) facility from RACER Trust for $7.5 million.
The leveraged buyouts in Europe are surging as US distress investors purchase existing bank loans at steep discounts and move to take over the companies by exchanging their debt for equity in "loan-to-own" deals in the wake of the financial crisis.
Irvine, California-based business analytics firm CoreLogic bought Oakland, California-based catastrophe risk modeling firm EQECAT for a yet undisclosed sum from its parent company ABS Group.
