The aggressive buying binge of SunEdison Inc has resulted in a total debt of $12 billion. The US-based clean-energy company may seek bankruptcy protection.
AIG has announced in January planning for spinning off its mortgage insurer unit United Guaranty, following pressure from the shareholders. Following the announcement, Standard & Poor’s, a credit rating agency has downgraded its rating with specific reasoning. The mortgage insurer of AIG has disclosed through a regulatory filing that it intends to go for an initial public offering.
MetLife has announced in January planning for selling large portion of its US insurance unit. But the move has been suspended following imposition of designation as SIFI by FSOC. However, the FSOC move has been declared unlawful by a Washington court which paves the way for MetLife to go with its breakup planning.
PepsiCo reorganize its North American operation. The company appointed Albert Carey CEO to oversee beverages, Frito-Lay and Quaker Foods divisions in North America, and two other executives.
US-based Western Alliance Bank has decided to buy GE Capital assets from General Electric Co. The deal is expected to be completed by end of 2016. General Electric will focus on its core industrial operations.
The £21-billion merger of London Stock Exchange (LSE) with Deutsche Börse is facing an increasing resistance from Germany. Politicians and senior industry leaders are concerned about losing the financial hub status of Frankfurt.
KG Subramanian has been promoted as the Managing Director for the Finance and Operations unit of Nexus Venture Partners. The chartered accountant has been serving NVP for the last fourteen years. The promotion appears to be recognition of his contribution which has been echoed from Naren Gupta, co-founder and managing director of Nexus Venture Partners.
A group of investors led by Macquarie has reached an agreement with utility company Cleco to acquire the latter for $3.4 billion during October 2014. The acquisition proposal has previously been rejected by Louisiana PSC last month due to absence of best interest offerings to the Cleco customers. However, the deal has been approved on Monday following revised commitments from both the parties.
Neil deGrasse Tyson has termed Elon Musk’s SpaceX project as a delusion and argues in favor of his claim. The cost involved appears to be the first hurdle since such gigantic project can’t be implemented without public funds or government patronization. The level of risk and lack of commitments for returning profits are the two other major causes behind his argument.
Hyperloop Technologies Inc. has been implementing an innovative idea of Tesla CEO Elon Musk through developing a new concept of transportation platform. The Los Angeles tech giant considers for spending $121 million to develop the full track at Apex Industrial Park. To allure the investment, Nevada state officials have waved $9.2 million sales tax applicable on the capital expenditure.
The rise in household spending has propelled US economy to grow surpass earlier forecasts for fourth quarter of 2015. However, the US GDP growth rate eased in fourth quarter from previous quarter.
Billionaire Lakshmi Mittal-controlled ArcelorMittal is selling three of its US steel operations to Black Diamond Capital Management. As part of the sale deal, ArcelorMittal will offload three units at LaPlace in Louisiana, Harriman in Tennessee and El Paso in Texas. Both companies denied to provide terms of the deal.
Google has been witnessed to expand its client service network under the direct leadership of former VMWare co-founder Diane Greene. Google Cloud Platform has announced winning Landing Home Depot as its client. The deal is expected to get formally announced on Wednesday.
Contrary to a notion that oil rout is impacting everyone in the industry, there are few bosses at energy companies making more money based on their performance. Few top managers are excelling in meeting targets and getting hefty paychecks.
The Federal Reserve Bank of New York has denied any responsibility over the $81 million cyber heist from the current account of Bangladesh Bank. But a BB audit report observes NY Fed responsible since it implemented five payments instructions out of thirty five leaving many questions behind. Following the internal report BB is getting prepared to file lawsuit against Fed.
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