In a 35-page complaint filed by the Securities and Exchange Commission on Wednesday, the agency accuses Jersey City, N.J.-based hedge fund Yorkville Advisors of misrepresenting the value of its assets and lying about performance, The New York Times reported.
Sectors
Mobile Advertising Poses Challenges for Some of High Tech's Biggest Companies
Consumers' growing love of mobile devices has created growing difficulties for technology companies as they seek to reach their audiences through advertising on smartphones and tablets.
Traffic Low for Online Video Chat Service 'Airtime' Despite Top Firms' Backing, According to AppData
Despite a splashy, star-studded coming out party in June and funding from celebrities and big name venture capital firms, the video chat start-up Airtime appears to be struggling, based on information published in The New York Times today. "So far its traffic appears to be little more than a trickle," reporter Jenna Wortham wrote.
Electric Battery Maker A123 Bankruptcy Filing Highlights Difficulties of Emerging Industry
Waltham, Massachusetts-based electric car battery manufacturer A123 Systems Inc. filed for Chapter 11 bankruptcy protection Tuesday, The Wall Street Journal reported. The company's collapse has been called a setback for the Obama administration's efforts to foster a domestic market for electric vehicles running on U.S.-built batteries.
360buy, China's Largest Online Retailer, Launches International Shopping Site
Watch out Amazon and Tmall! Starting today, China's largest online retailer, 360buy.com, is launching its international shopping site to sell directly to overseas buyers, Reuters reported.
Latest News
Citigroup Inc. announced on Tuesday that CEO Vikram Pandit, 55, who has held the post since the eve of the financial crisis in 2008, is stepping down.
After months of negotiations, Australia's Nine Entertainment television network, one of the country's biggest and best known, has agreed to swap more than $3 billion in debt for equity, Reuters reported Wednesday.
The rumored Apple media event scheduled for Oct. 23 is real, according to a Reuters report today. Although an Apple spokeswoman is still being tight-lipped about the agenda, the expectation is that the event will launch, or at least confirm, the existence of a smaller, less expensive version of the iPad.
Carlyle is planning the acquisition of a regional franchise as a tuck-in, or bolt-on acquisition for its Alamar food business in Saudi Arabia, which it bought a 43 percent stake in in December, and it is currently in the due diligence phase.
In the ultimate David and Goliath story, the China Petroleum & Chemical Corp., Sinopec, Asia's largest refiner and one of China's biggest state-owned firms, dropped its hostile bid to take over the much smaller, privately-held China Gas Holdings after a contentious struggle lasting nearly a year, according to major media stories.
The Wall Street Journal has recognized the world's hottest new innovations with its annual Technology Innovation Awards, highlighted in today's paper. Culled from 536 applications originating in two dozen countries, the 37 winners and runners up span 18 categories and include start-ups as well as larger, more established companies.
The Japanese telecommunications company Softbank Corp. has struck a deal to buy a 70 percent stake in Sprint Nextel for $20.1 billion.
After months of negotiations, the German retailer Douglas Holding, which is known throughout Europe for its perfumeries, jewelry and book stores, is well on the road to going private. The Wall Street Journal reported on Monday that the company's founding family has joined private equity firm Advent International in a takeover offer.
U.S. retail sales rose 1.1 percent in Sept. according to data released on Monday from the Commerce Department, totaling $412.9 billion. The growth is better than expected and good news for the economy, since consumer spending accounts for about 70 percent of the country's total economic growth.
