News

Dynegy Holdings files for bankruptcy

US-based electricity company Dynegy said that its Dynegy Holdings unit and four of its wholly owned subsidiaries had filed for Chapter 11 bankruptcy late on Monday. The Houston power producer reached an agreement with some of its bondholders to complete a debt restructuring of around $1.4bn. The deal would be completed by August 2012 via…

Anglo American ups De Beers stake for $5.1bn

Mining giant Anglo American has agreed to purchase Oppenheimer family’s 40 percent stake in diamond minor De Beers for $5.1bn in cash. The deal with CHL Group, which represents the Oppenheimer family interest, will raise Anglo American’s share in the globe’s largest diamond company to up to 85 percent. Under the current agreement Botswana, the…

Russia to join WTO; aid to Athens suspended

Late on Wednesday Russia reached an agreement with Georgia on a bilateral trade deal which will open the door for Moscow’s entry into the World Trade Organisation, said the country’s key negotiator Maxim Medvedkov. The talks ended Russia’s 18-year wait to join the WTO. Moscow’s main hurdle had been coming to an agreement with Georgia…

Greeks to consider Europe bailout plan

Greece’s Prime Minister Georgios Papandreou remained determined on Wednesday to consult his people on the European rescue package that was reached at last week’s EU summit. Papandreou told parliament that “the referendum will be a clear mandate and strong measure inside and outside Greece on our course in Europe and our participation in the euro.”…

Nomura plans $1.2bn cost cut after 3Q $590m loss

Tokyo-based investment bank Nomura Holdings on Tuesday announced a larger than anticipated quarterly loss, according to a company statement. The country’s largest brokerage by revenue posted a $590m net loss in the three-month period ending September. It announced that it is to increase its original $400m cost cutting target to $1.2bn which will lead to…

Sarkozy aide: No China concessions to invest in EFSF

Europe will not offer China concessions in exchange for contributions to the eurozone’s beefed-up bailout fund, an advisor to French President Nicolas Sarkozy said on Monday. Eurozone leaders agreed in Brussels last week that emerging nations, led by China, could put money in a special purpose vehicle within the EFSF fund to help increase its…

Europe looks to China for bailout funds

European officials responsible for the eurozone bailout fund commenced discussions on Friday with China to involve them in the EU rescue plan. The European Financial Stability is hoping the Chinese government will invest in a plan to help save EU member nations from their debt crises. The move comes after European leaders on Thursday clinched…