San Francisco-based Wells Fargo & Co has given the task of originating mortgages for the largest home lender in the US to 400 underwriters, Bloomberg reported.
Sectors
Former CEO of ORIX USA establishes Preston Hollow Capital
The former head of ORIX USA, Jim Thompson, has launched Preston Hollow Capital, an investment company that will target fixed income, venture capital and hedge funds.
AstraZeneca strikes deal with biotech firm Immunocore to develop cancer drug
AstraZeneca's MedImmune unit has partnered with Immunocore, a private British biotechnology company, to develop a cancer drug that would tap on the body's immune system, Reuters reported.
Vitol Group mulls bid for Royal Dutch Shell's Australian downstream assets-sources
Geneva-based Vitol Group is thinking of making a bid for some of Royal Dutch Shell's downstream operations in Australia, according to sources interviewed by Bloomberg.
ONGC Videsh and Oil India complete $2.475B stake buy in Videocon's gas field in Mozambique
Oil and gas firms ONGC Videsh Ltd and Oil India Ltd have completed the joint purchase of Videocon Group's 10% holding in a gas field in Mozambique in a deal valued at $2.475 billion.
Latest News
Instead of taking things easy on retirement, an increasing number of older Americans have become entrepreneurs and have taken the risk of forming their own companies, Bloomberg reported.
US-based multinational banking and financial services firm JP Morgan Chase & Co purchased an equity stake in alternative trading systems operator Chi-X Global Holdings LLC for an undisclosed sum.
Investment bank JPMorgan Chase & Co. has agreed to a $2.6 billion settlement with the US government and victims of the Bernard Madoff Ponzi scheme. Government prosecutors alleged that JPMorgan failed to share its suspicions of fraud at Madoff's fund with the US authorities.
Cebu Air Inc., operating as Cebu Pacific Air, will acquire Tigerair Philippines from Singapore's Tiger Airways Holdings Ltd. for an undisclosed sum. Cebu Air and Tiger Airways also entered into strategic alliance to operate common routes between Singapore and the Philippines.
As the Chinese government plans to consolidate production, Anhui Conch Cement Co said it plans to increase its capacity to 30 million metric tons through acquisitions, Bloomberg reported.
US-based contract research firm CEN Biotech will invest $12 million to build a high-security medical marijuana facility in Lakeshore, Canada in a bid to start a new industry in the region.
City Office REIT, controlled by Canadian private equity firm Second City Capital Partners, filed with US Securities and Exchange Commission to raise up to $115 million in a listing of its common stock on the New York Stock Exchange.
Ford Motor Co. chief executive Alan Mulally, once and for all, said that he will not replace Microsoft Corp.'s retiring CEO Steve Ballmer and will remain at the US automaker through 2014. Some prominent Microsoft investors had campaigned for Mulally's candidacy for the top job at the software giant.
As China's central bank makes regulations regarding digital currencies stricter, Alibaba Group Holding will be banning the sale of Bitcoin and other related products, Bloomberg reported.
