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Chinese companies plan to invest $933 mln in Saab
Stock Market News |
2011/10/31 02:41
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A Swedish court ruled Monday that Saab can continue its reconstruction after reviewing two Chinese companies' plans to invest €660 million ($933 million) in the struggling brand and cut 500 jobs.
Vanersborg District Court made its ruling after reviewing the plans by Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. and hearing comments by creditors, said court spokesman Peter Rosen.
The two Chinese companies said they can provide €50 million ($71 million) in immediate bridge-financing to the car maker while it is being reorganized. They also plan to inject €610 million ($863 million) to restart production, settle the company's debts and fund operations between 2012 and 2013.
The companies reached a tentative deal on Friday to buy Saab from Swedish Automobile, the Dutch company previously known as Spyker Cars, for €100 million ($141 million) — the latest rescue attempt for the company, which has been fighting for survival since it was sold by General Motors Co. in 2010.
If the deal is completed and approved by regulators it would mean that both of Sweden's car makers end up in Chinese hands. Last year, China's Geely Holding Group bought Volvo Cars from Ford Motor Co. for $1.5 billion.
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Stocks rise on hopes for European bank plan
Stock Market News |
2011/10/12 09:05
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Hopes that Europe will finally take the bold steps needed to curb its financial crisis are sending stocks higher. European Commission President Jose-Manuel Barroso presented a plan to strengthen European banks and lower Greece's debt. It's being seen as the strongest effort yet to address the region's debt crisis. Separately, a Slovakian opposition party leader said that country's political parties have agreed to approve a deal to strengthen Europe's financial rescue program. Slovakia blocked the deal on Tuesday, setting back efforts to free up more funds for indebted European countries. The Dow Jones industrial average is up 117 points, or 1 percent, at 11,533 at midday. The Standard & Poor's 500 is up 16, or 1.4 percent, at 1,211. The Nasdaq composite is up 33, or 1.3 percent, at 2,616. |
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Congress poised to OK stalled free trade deals
Stock Market News |
2011/10/12 04:00
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Rushing toward the finishing line, Congress was poised to approve three free trade agreements Wednesday that advocates say will boost exports, give the economy a needed lift and help put Americans back to work.
The deals with South Korea, Colombia and Panama are hailed as economic victories by President Barack Obama and most Republicans in Congress. For a brief moment, it appeared that the bickering sides would put aside their political differences in the interest of action that could help the struggling jobs market.
Still, many Democrats, traditionally wary of free trade, opposed the Colombia deal because of that country's poor labor record. Republicans also criticized Obama for waiting several years to send the pacts to Capitol Hill. They were signed during George W. Bush's presidency.
The House planned to vote on three bills putting the deals in place and send the measures to the Senate for three additional votes Wednesday evening.
The House also scheduled a vote on a Senate-passed bill to extend benefits under a Kennedy-era program that helps workers whose jobs are adversely affected by foreign trade.
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FDIC backs ban on banks trading for own profit
Stock Market News |
2011/10/11 09:40
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Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote Tuesday. The ban on proprietary trading was required under last year's financial overhaul law.
For years, banks had bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers could be forced to bail them out. That's what happened during the 2008 financial crisis.
The Federal Reserve has also approved the draft of the so-called Volcker Rule, which was named after former Fed Chairman Paul Volcker.
The Securities and Exchange Commission and Treasury Department must still vote on it, and then the public has until January 13 to comment. The rule is expected to take effect next year after a final vote by all four regulators.
Congress and President Barack Obama had high hopes for the rule. But they left most of the details for regulators to sort out.
It's unclear how strictly the ban will be enforced. For example, it can be hard to tell whether an investment is intended to benefit a bank or its clients and whether federally insured deposits could be put at risk by these trades. |
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Nike's 1Q net income rises 15 percent
Stock Market News |
2011/09/23 03:47
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Nike Inc. reported its fiscal first-quarter profit rose 15 percent as demand grew for its sneakers and athletic apparel in nearly every market worldwide despite an uncertain global economy. The results, which were reported after the close of the stock market on Thursday, beat Wall Street's expectations and sent its shares up in after-hours trading. Under the weight of political uncertainty, turbulent stock markets and renewed fears that the U.S. and the global economy are headed for recession, people are more closely watching every dollar they spend. Despite the economic pressures, consumers have shown a willingness to spend on some of their favorite brands like their Nike sneaks, Starbucks coffee and McDonald's hamburgers. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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