May 26, 2013

Business Headlines

Business News

  • Blackstone notifies Cohen's SAC it intends to pull money: pension consultant

    Hedge fund manager Cohen, founder and chairman of SAC Capital Advisors, listens to a question during an interview at the SALT Conference in Las VegasBy Matthew Goldstein (Reuters) - Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters. A pension consultant, in a May 21 letter to clients, said Blackstone has notified Cohen that it intends to "fully redeem" a significant portion of the roughly $550 million the investment firm has invested with the $15 billion hedge fund. ...


  • BOJ's Kuroda says pain from bond yield rise is manageable

    BOJ Governor Kuroda attends the International Conference on the Future of Asia in TokyoBy Leika Kihara TOKYO (Reuters) - Bank of Japan Governor Haruhiko Kuroda said the country's financial institutions have sufficient buffers against losses they may incur from rises in bond yields, as long as the market moves are driven by prospects of an economic recovery. The central bank will also be vigilant to any signs of overheating of asset prices or excessive risk-taking by financial institutions, the BOJ chief said, adding that there were no signs of that now. ...


  • News Corp to take charge of up to $1.4 billion this quarter

    Chairman and CEO of News Corporation Murdoch talks next to Jobs as they take part in a panel discussion titled "Immigration Strategy for the Borderless Economy" at the Milken Institute Global Conference in Beverly Hills, CaliforniaBy Jennifer Saba (Reuters) - News Corp said on Friday it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations. The company said the goodwill impairment charge was primarily for its Australia newspapers though it gave no more details. It also said it expected reduced cash flows in the future. The charge will be taken in the quarter ending June 30 and could effectively wipe out News Corp's profit. ...


  • Lobbying in American-US Airways deal focuses on small cities

    A U.S. Airways jet departs Washington's Reagan National Airport next to American Airlines jet outside WashingtonBy Karen Jacobs (Reuters) - US Airways Group and American Airlines , seeking approval for a merger that would create the world's largest airline, are warning lawmakers that a requirement to divest certain airport slots would lead to less service for small and medium-sized cities, sources close to the effort told Reuters. The airlines may be required to shed slots Washington's Reagan National Airport to prevent market domination. There is concern that those slots could go to rivals, such as JetBlue Airways , which would likely use them for flights to major cities. ...


  • Exclusive: In surprise, General Growth eyes New York office tower

    Attendees pass by the General Growth Properties booth during the International Council of Shopping Centers convention in Las VegasBy Ilaina Jonas NEW YORK (Reuters) - General Growth Properties Inc has paired with Brookfield Office Properties Inc to bid for an expensive New York building in what could mark the No. 2 U.S. mall owner's entry into a new segment of the retail real estate market, according to two sources familiar with the deal. Bids for the 27-story office and retail building at 650 Madison Avenue, one of the toniest shopping and office districts in Manhattan, could exceed $1.3 billion, the sources said. Other bidders include Vornado Realty Trust , one of the sources said. ...