Hewlett-Packard Co on Tuesday took a massive $5 billion charge, claiming a raft of improprieties, misrepresentation and disclosure failures at software firm Autonomy, which it acquired last October for $11.1 billion.
Sectors
SAC Capital Threatened WIth Fraud Charges
The U.S. government is threatening to file civil securities fraud charges against SAC Capital Advisors and is tightening the regulatory screws around Steven A. Cohen, the $14 billion hedge fund's founder and one of the industry's most famous traders.
Senators Ask Justice to Probe California Gasoline Prices
The U.S. Justice Department should investigate whether oil refineries created a perceived shortage of gasoline supply in May and October of this year when West Coast prices spiked to record highs, six Democratic senators said on Tuesday.
ConAgra Buying Ralcorp in $5 Billion Bet on Store Brands
Long-time suitor ConAgra Foods Inc finally sealed a deal to buy private-label foods maker Ralcorp Holdings Inc for $5 billion, to tap into the booming business for packaged food that stores sell under their own brands.
'Fiscal Cliff' Deal Elusive, Though Positions Soften
The Congress advanced by inches on Tuesday toward compromise on taxes and spending, but a firm deal to avert the "fiscal cliff" at the end of the year still seemed miles away, despite growing pressure from business interests for action.
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Credit Suisse said on Tuesday its private banking arm would swallow its smaller asset management unit to cut costs and announced a management shake-up that raises the profile of those jockeying to succeed its beleaguered chief executive.
The system of so-called "shadow banking" blamed for aggravating the global financial crisis grew to $67 trillion globally last year, a new high, amid calls from the world's top policymakers for greater control of the sector.
Australian surfwear company Billabong International Ltd, which had potential buyers withdraw takeover offers last month, said on Monday one of its directors wanted to investigate a possible leveraged buyout of the firm.
Hostess Brands Inc, the maker of the iconic Twinkies snack cake, will square off in a bankruptcy court on Monday against an agent of the U.S. Justice Department, who says the wind-down plan is too generous to management.
The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday.
Spain's Santander plans to invest in the country's so-called bad bank in a sign that healthy domestic lenders are willing to support the entity created to clean up the aftermath of a 2008 property crash.
Spain's bad bank is generating a lot of interest among foreign investors, an economy ministry source said, and the government will meet with five investment banks on Monday to start the search for private capital.
Investors should brace for volatility over the next few months as U.S. politicians are unlikely to agree on a budget deal by year end, though that could lead to some good buying opportunities, Charles "Chuck" Schwab, founder and chairman of his namesake firm, said on Wednesday.
General Motors will not sell its loss-making European unit Opel or "simply close up shop and leave" it, the U.S. carmaker's Chief Executive told more than 5,000 staff in Germany.
