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Barclays, Weighed Down by Litigation Charges, Reported Loss in 2014

by The New York Times // March 3, 2015 // Updated 09:55 GMT // 0 Comments

LONDON — Barclays said on Tuesday that it fell to a loss in 2014 as the British bank’s annual results were dragged down by charges related to potential fines and litigation costs for past conduct by its employees, and lower income in its investment bank as the lender continues to shrink that business. The bank’s […]

German Energy Firm Pushes Ahead on Russian Deal, Despite British Objections

by The New York Times // March 1, 2015 // Updated 15:58 GMT // 0 Comments

LONDON — The German utility RWE signaled on Sunday that it expected to complete the sale of its oil and gas subsidiary, RWE Dea, to a Russian investment company on Monday, despite objections from the British government. L1 Energy, an investment company owned by the Russian billionaire Mikhail Fridman, agreed last year to buy RWE […]

Lloyds Banking Group Returns to Profit and Resumes Dividend Payments

by The New York Times // February 27, 2015 // Updated 09:54 GMT // 0 Comments

LONDON — The Lloyds Banking Group said on Friday that it returned to a profit in 2014 as it prepared to pay its first dividend since the lender was bailed out by British government during the financial crisis. António Horta-Osório, the Lloyds Banking Group’s chief executive. (Justin Tallis/Agence France-Presse — Getty Images) The return to […]

Scientists discover black hole 12 billion times bigger than the sun

by CNN // February 26, 2015 // Updated 13:28 GMT // 0 Comments

The black hole is larger than any of its age previously seen, the journal “Nature” reports. A black hole is a dense region of space that has collapsed in on itself in a way that means nothing can escape it, not even light. – Writing in “Nature,” astronomer Bram Venemans explains: “Theoretically, it is not […]

World’s most popular natural wonders

by CNN // February 26, 2015 // Updated 11:27 GMT // 0 Comments

More than 8 billion people visit national parks and nature reserves every year, and visitors to those protected areas generate more than an estimated $600 billion in tourism dollars annually, according to a new study on the impact of global visits to protected areas. That number is much more than the estimated $10 billion spent […]

With 7th Annual Loss, R.B.S. Announces Drastic Restructuring

by The New York Times // February 26, 2015 // Updated 10:20 GMT // 0 Comments

LONDON — The Royal Bank of Scotland on Thursday reported its seventh annual loss, weighed down by restructuring and litigation costs. The bank, based in Edinburgh, announced another drastic restructuring of its corporate and investment bank, which will result in “substantial” job losses. It will reduce its geographic footprint to about 13 countries, from 38. […]

Scientists discover massive ‘young’ black hole

by CNN // February 26, 2015 // Updated 09:04 GMT // 0 Comments

Scientists estimate the black hole to be 12 billion times the size of the Sun and around 900 million years old. A black hole is a dense region of space that has collapsed in on itself in a way that means nothing can escape it, not even light. – Writing in “Nature,” astronomer Bram Venemans […]

Morgan Stanley To Pay $2.6 Billion Mortgage Settlement

by The Huffington Post // February 25, 2015 // Updated 23:37 GMT // 0 Comments

(Adds details) Feb 25 (Reuters) – Morgan Stanley said it will pay $2.6 billion to the U.S. government to resolve potential claims stemming from the sale of mortgage bonds before the financial crisis, reducing its 2014 profit by more than half. Morgan Stanley increased its legal reserves by about $2.8 billion, which lowered its 2014 […]

Hong Kong Protests Color Budget Plans

by The New York Times // February 25, 2015 // Updated 10:16 GMT // 0 Comments

HONG KONG — Two months after protesters were cleared from the streets, the Hong Kong government announced on Wednesday an annual budget full of tax breaks and other handouts to provide economic support to the lower and middle classes, as well as businesses that it said had been disrupted by 11 weeks of demonstrations. Pro-democracy […]

Tech Investors Create a Billion-Dollar-Baby Boom

by The New York Times // February 20, 2015 // Updated 13:57 GMT // 0 Comments

What a difference a year makes. Less than 12 months after investors valued Snapchat, the red-hot messaging app, at about $10 billion, the start-up is again in the market for money — and poised to nearly double that valuation. A range of other popular start-ups are also poised to propel their net worths to similar […]

Tech Investors Create a Billion-Dollar-Baby Boom

by The New York Times // February 20, 2015 // Updated 13:57 GMT // 0 Comments

What a difference a year makes. Less than 12 months after investors valued Snapchat, the red-hot messaging app, at about $10 billion, the start-up is again in the market for money — and poised to nearly double that valuation. Snapchat, the messaging app popular with teenagers, is in the market for more money. (Kc Alfred/Reuters) […]

Tech Investors Create a Billion-Dollar-Baby Boom

by The New York Times // February 20, 2015 // Updated 13:57 GMT // 0 Comments

What a difference a year makes. Less than 12 months after investors valued Snapchat, the red-hot messaging app, at about $10 billion, the start-up is again in the market for money — and poised to nearly double that valuation. A range of other popular start-ups are also poised to propel their net worths to similar […]

Tech Investors Create a Billion-Dollar-Baby Boom

by The New York Times // February 20, 2015 // Updated 12:39 GMT // 0 Comments

What a difference a year makes. Less than 12 months after investors valued Snapchat, the red-hot messaging app, at about $10 billion, the start-up is again in the market for money — and poised to nearly double that valuation. A range of other popular start-ups are also poised to propel their net worths to similar […]

Luis Figo plans $3.5 billion giveaway

by CNN // February 19, 2015 // Updated 18:23 GMT // 0 Comments

The Portuguese great outlined an eye catching $3.5 billion giveaway as he seeks to build a base to challenge Blatter in the May election. Figo’s “For Football Manifesto” promised that 50% of FIFA’s revenues — $2.5 billion — would be handed to the national associations over four years to help fund global grassroots football development. […]

Two Deals Bring Attention to Banking’s Safra Family

by The New York Times // February 19, 2015 // Updated 11:14 GMT // 0 Comments

In London, 30 St. Mary Axe — a pickle-shaped office tower known as the Gherkin that was designed by Norman Foster — was on the brink of changing hands for $1.1 billion. And in New York, shareholders of Chiquita Brands International, the banana producer, were finally leaning toward selling the company, for $1.3 billion. The […]

Troubled Chinese Property Developer Says Total Debt Exceeds $10 Billion

by The New York Times // February 16, 2015 // Updated 22:51 GMT // 0 Comments

HONG KONG — The troubled Chinese developer Kaisa Group disclosed on Monday that its debts now total more than $10 billion and that it urgently needs to restructure its borrowings if a proposed rescue deal by Sunac China Holdings is to proceed. Kaisa said in a stock exchange notice that its debt stood at 65 […]

Even With Cease-Fire, Economy in Ukraine Is Crumbling

by The New York Times // February 13, 2015 // Updated 19:59 GMT // 0 Comments

KIEV, Ukraine — The Merefa Glass factory, which has manufactured bottles and jars in Ukraine since 1896 and employed more than 2,000 people, has suspended operations because its main furnace is broken and it can no longer get a crucial raw material from a supplier in Crimea that is now cut off by sanctions. Russian-backed […]

Sparkling Water Is The New Soda

by The Huffington Post // February 13, 2015 // Updated 12:38 GMT // 0 Comments

The hottest drink in America is water with bubbles. Long a kitchen table staple in European households, sparkling water is making inroads in the U.S. thanks largely to Americans’ waning interest in soda. Between 2009 and 2014, the volume of carbonated bottled water sold in the U.S. has increased by 56.4 percent, according to data […]

Elon Musk’s ‘insane’ call: Tesla is worth $700 billion

by CNN Money // February 12, 2015 // Updated 11:08 GMT // 0 Comments

He bases his $700 billion valuation estimate on a couple of assumptions. First, he thinks that the company can continue to report sales increases of 50% a year for the next decade. Related: What will the car of the future look like? Analysts are expecting Tesla to report $6 billion in revenue this year. Do […]

I.M.F. Approves $17.5 Billion Bailout for Ukraine

by The New York Times // February 12, 2015 // Updated 10:28 GMT // 0 Comments

MOSCOW — The International Monetary Fund agreed on Thursday to throw a new $17.5 billion lifeline to Ukraine, hoping to stabilize the country as it teeters on the edge of default. The new plan replaces a $17 billion emergency bailout that was extended last year after mass street protests in Ukraine ousted the country’s president, […]

Total, French Oil Giant, Reports $5.7 Billion Loss in Fourth Quarter

by The New York Times // February 12, 2015 // Updated 09:04 GMT // 0 Comments

LONDON — Total, the Paris-based oil giant, on Thursday reported a loss of $5.7 billion for the fourth quarter of 2014 as it struggles with the deep slump in oil prices Write-downs of about $6.5 billion, mostly on Canadian oil sands projects, shale gas operations in the United States and European refining businesses, contributed to […]

Ukraine gets new $17.5 billion International Monetary Fund bailout

by CNN Money // February 12, 2015 // Updated 03:33 GMT // 0 Comments

The deal replaces a separate $17 billion bailout agreed to last year by the IMF. Only $4.5 billion of those funds were distributed, bringing the IMF’s total commitment to $22 billion. According to a White House statement, President Obama emphasized the U.S. commitment to “work with our international partners to provide the financial support Ukraine […]

Eurozone Finance Ministers Hold Emergency Meeting on Greece Bailout

by The New York Times // February 11, 2015 // Updated 18:32 GMT // 0 Comments

BRUSSELS — Eurozone finance ministers were gathering in an emergency session here on Wednesday, under pressure to hammer out a stopgap plan to keep Greece from running out of money as it tries to revise or even scrap the terms of its international bailout agreement. Christine Lagarde, the managing director of the International Monetary Fund, […]

White House to File Trade Case Against China at W.T.O. Over Export Subsidies

by The New York Times // February 11, 2015 // Updated 15:03 GMT // 0 Comments

HONG KONG — The Obama administration announced on Wednesday morning that it was filing a broad trade case against China at the World Trade Organization, accusing Beijing of providing illegal export subsidies in seven different industries. The trade case comes as the White House is trying to persuade Congress that it is taking a tough […]

English soccer is now world’s 2nd richest sport

by CNN Money // February 11, 2015 // Updated 01:02 GMT // 0 Comments

Sky (SKYAY) forked out £4.1 billion ($6.3 billion) for the rights to show live 126 of the 168 matches per season until 2019, while rival BT (BT) paid £960 million ($1.1 billion) for the rest. Most of the revenue will go directly to the 20 clubs that play in the England’s top soccer league. – […]

English Premier League Sells British TV Rights for $7.8 Billion

by The New York Times // February 10, 2015 // Updated 18:24 GMT // 0 Comments

LONDON — The English Premier League, the world’s most widely watched soccer league, said on Tuesday that it had sold British television rights for a record 5.1 billion pounds, or about $7.8 billion. – “It is an endorsement of what the Barclays Premier League delivers that these broadcast partnerships have been extended and enhanced,” Richard […]

Heinz gives ketchup a kick with sriracha

by CNN Money // February 10, 2015 // Updated 07:54 GMT // 0 Comments

Warren Buffett’s Berkshire Hathaway (BRKA)and the private equity firm 3G Capital bought Heinz for $28 billion in 2013.

Greece to Propose a Debt Compromise Plan to Creditors

by The New York Times // February 9, 2015 // Updated 21:34 GMT // 0 Comments

ATHENS — Hoping to defuse a standoff that has set Europe and financial markets on edge, Greek officials intend to propose a detailed compromise plan at an emergency meeting with creditors on Wednesday in Brussels, a finance ministry official here said on Monday. The plan will include the possibility of tapping part of a bailout […]

Greek Prime Minister Won’t Seek to Extend Bailout

by The New York Times // February 8, 2015 // Updated 22:12 GMT // 0 Comments

ATHENS — As pressure grows on Greece to reach a deal with its international creditors and avert fears that it will default on its huge debt, Prime Minister Alexis Tsipras said on Sunday that his government would not seek an extension of a stringent bailout program and would carry out its campaign pledges to roll […]

Greece’s New PM Sets Up EU Clash With Bailout Rejection, Austerity Rollback

by The Huffington Post // February 8, 2015 // Updated 21:26 GMT // 0 Comments

By Lefteris Papadimas and Renee Maltezou ATHENS, Feb 8 (Reuters) – Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece’s “cruel” austerity program, ruling out any extension of its international bailout and setting himself on a collision course with his European partners. In his first major speech to parliament since storming […]

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