When Premier Wen Jiabao addresses China’s largely ceremonial parliament, investors will prick up their ears for any hint that change is coming to the country’s currency regime. Wen, who swore there would be no more surprises, after Beijing revalued the yuan by 2.1 percent in 2005, will err on the side of caution in choosing…
The US Department of Justice has approved a $9bn merger between the NYSE Euronext and Deutsche Börse contingent on divestitures. For the deal to be fully permitted by the DOJ, Deutsche Börse will need to divest its 31.5 percent interest in stock exchange operator Direct Edge. It is also still awaiting the approval by the…
The owner of British Airways, International Consolidated Airlines, on Thursday beat competitor Virgin Atlantic in the takeover battle for BMI, Deutsche Lufthansa’s loss-making airline. IAG agreed to buy BMI for €206.8m in cash, but may end up paying less if Lufthansa fails to sell its small regional subsidiaries before the completion date. CEO of IAG,…
Japan has sold the yen in the market for the first time in six years, trying to stop the currency’s relentless climb from hurting exporters and threatening a fragile economic recovery. Fresh after a victory in party leadership contest, Japan’s Prime Minister Naoto Kan appeared to be stepping up efforts to wrench the country out…
Britain’s AAA credit rating could be at risk due to the crisis in the eurozone, Moody’s said in its UK end of year assessment late on Tuesday. In spite of a “stable” rating, Moody’s warned that Britain may face a downgrade if no policies are implemented to help stabilise markets. According to the agency, the…
We see all types of deals out there. Small parks. Large parks. RV parks. But the deals that make money all seem to share the same DNA. Here’s a short course in the basics of making money with mobile home parks – just in time for the New Year.To make money, buy only parks that…
Indonesia and Australia have launched a A$30m project to fight deforestation in Sumatra as part of efforts to cut greenhouse gas emissions and boost a planned forest-carbon trading scheme. The project, to target Sumatra’s Jambi province that has suffered rapid deforestation, is the second joint venture between the neighbouring countries keen to learn how to…
After months of opposition from regulators and rivals, AT&T late on Monday dropped its controversial $39bn takeover bid for T-Mobile USA, the company said. The FCC, which was against the takeover since it was announced in March, said that the bid would reduce competition and choice, and increase prices for consumers. AT&T announced it will…
The Securities and Exchange Commission late on Sunday filed securities fraud charges against six former Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) executives. The SEC court filing showed that executives had claimed that their company’s exposure from 2007 to 2008 was between $2bn and $6bn, when it was…
Online games producer Zynga late on Thursday managed to raise $1bn in its initial public offering after it priced shares at the top end of a preliminary $8.50 to $10 market range. The creator of games including “FarmVille” and “CityVille” sold 100 million shares of Class A common stock at $10 a share in the…
