Greece awaits European Central Bank decision on liquidity

ATHENS, Greece ― Greece was anxiously awaiting a decision Sunday by the European Central Bank on whether it will increase the emergency liquidity assistance that Greek banks can draw upon. Worried Greeks continued lining up at ATM machines Sunday morning, the day after the Prime Minister Alexis Tsipras called for a referendum on creditors' financial proposals in return for rescue loans. While some machines were running out of cash, others were being replenished. Tsipras' move for a national vote

June 28, 2015

Elliott 'firmly' believes Samsung merger plan unfair

U.S. hedge fund Elliott Management said Friday it still "firmly" believes a planned merger between two key Samsung Group units is not in the best interests of shareholders, continuing its tense war of nerves ahead of a crucial shareholder meeting next month.   Samsung C&T shareholders are scheduled to meet on July 17 to vote on the firm's proposed merger with Cheil Industries Co., the de facto holding company of South Korea's top family-controlled conglomerate. Strongly opposing the move, Elliot

June 26, 2015

Samsung, Elliott all out to win support ahead of showdown

Samsung Group, South Korea's top conglomerate, and a U.S. hedge fund opposing the group's plan to merge its key units, are expected to ramp up their efforts to gain more support from shareholders ahead of a showdown slated for next month, industry source said Sunday. In a court battle with Samsung Group over the proposed merger between Samsung C&T and Cheil Industries Inc., U.S. activist hedge fund Elliott claimed last week that the merger deal is designed to help the group's owner family facili

June 21, 2015

Greek leader takes tough stance on bailout despite warnings

Greek Prime Minister Alexis Tsipras says demands by the country's rescue lenders to slash pensions are “incomprehensible” and warned that a failure in bailout talks would hurt all of Europe.His comments were made as the country's central bank warned of “dramatic” economic consequences of not reaching a deal this week, and a day before a meeting of eurozone finance ministers.Creditors had until last week pegged Thursday's meeting as a key date by which a breakthrough in the talks would have to be

June 17, 2015

Russian missile maker: MH17 shot down by Ukrainian missile

The Russian maker of the Buk air defense missile system said Tuesday that it has concluded that Malaysian Airlines flight 17 was downed by an older version of the missile, which isn't in service with the Russian military but is in Ukrainian arsenals.Controversy continues over who shot down the plane last summer over eastern Ukraine, killing all 298 people aboard. Ukraine and the West suspect it was destroyed by a Russian surface-to-air missile fired by Russian forces or separatist rebels fightin

June 2, 2015

Greece has submitted draft bailout plan to creditors

Greece has submitted a proposal for an agreement with its creditors, the country's prime minister said Tuesday, as Athens seeks a deal that will unlock desperately needed rescue money.Alexis Tspiras said the ball was now in Europe's court to prevent the potential breakup of the European Union. Without more rescue loans, Greece could default on its debts this month and potentially drop out of Europe's currency bloc.“It is now clear that the decision for whether they want to adapt to realism and e

June 2, 2015

Yellen: 1st rate hike likely by year end if economy improves

Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year -- if the job market improves and the Fed is confident inflation will climb closer toward its target rate.She described the U.S. economy as “well positioned for continued growth,” but at the same time highlighted a number of headwinds that threaten progress. Wages have been disappointing and too many people who want full-time jobs and instead working part-time, she said. She also noted a la

May 23, 2015

South African Minister Nene ‘very concerned’ by forex probe

South Africa’s finance minister said he’s worried a probe into foreign currency manipulation may expose risks in the banking system, as government officials prepare to meet the central bank to discuss the investigation.“We are very concerned,” Nhlanhla Nene said in an interview at a meeting between business and government leaders in Johannesburg Thursday. “We will meet with the Reserve Bank tomorrow to understand what happened and if there’s any impact on South Africa’s financial systems.”The co

May 21, 2015

Elbit expands cybersecurity business with $158m deal

Israel’s biggest publicly traded defense company, Elbit Systems Ltd., bought a cybersecurity business three days after its chief executive officer said that industry has become a priority.Elbit agreed to pay Nice Systems Ltd. as much as about $158 million for its cyber solutions and intelligence division, according to a filing to the Tel Aviv Stock Exchange on Thursday. The company will merge the acquisition with its recently created subsidiary, Cyberbit Ltd.“We believe cyber will be a major gro

May 21, 2015

S. Korea takes transparent, lawful stance on Lone Star case: regulator

South Korea is taking a transparent and lawful stance on dealing with the ongoing legal dispute with U.S. equity fund Lone Star over its sale of a major commercial bank and other assets here years ago, Seoul's top financial regulator said Thursday.     Lone Star lodged a complaint against the South Korea government before the International Centre for Settlement of Investment Disputes in 2012, claiming that it was forced to pay unfair taxes and suffered losses due to Seoul's delay in approving a

May 21, 2015

Alibaba founder says fakes 'inevitable' part of economic growth

Alibaba founder Jack Ma said Tuesday counterfeits are an "inevitable part" of economic development, a remark that comes as the Chinese e-commerce giant is facing claims over its alleged role in facilitating sales of fake luxury products.  Kering SA filed a lawsuit against Alibaba in the United States last week, accusing the e-commerce juggernaut of profiting from sales of knockoffs, which were shipped to New York, of its luxury brands, including Gucci and Yves Saint Laurent. The French firm had

May 19, 2015

Greece warned of cash shortage ahead of deadline: report

ATHENS (AFP) - Prime Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($845 million) due this month to the International Monetary Fund, Greek newspapers said Sunday.The reports came less than a week after Athens admitted that it tapped into an emergency account to pay back the loan, in order to avoid crashing out of the eurozone.On May 8, Tsipras wrote to European Commission, IMF and European Central Bank officials to warn them that

May 17, 2015

Kerry to meet Russia's Putin amid Ukraine, Syria tensions

U.S. Secretary of State John Kerry is in Russia to meet President Vladimir Putin with an eye on easing badly strained relations over conflicts in Ukraine and Syria.Kerry laid a wreath at a World War II memorial in the Black Sea resort city Tuesday before holding talks with Russian Foreign Minister Sergey Lavrov. Later, he was to meet Putin on the brief visit, his first to Russia since May 2013 and the advent of the Ukraine crisis.The top U.S. diplomat plans to test Putin's willingness to push pr

May 12, 2015

Verizon agrees to acquire AOL in deal valued at $4.4b

Verizon Communications agreed to buy AOL in a deal valued at $4.4 billion, giving the largest U.S. wireless carrier digital content and Web advertising platforms.Verizon will pay $50 a share, a 17 percent premium over AOL’s stock price on Monday. AOL Chief Executive Officer Tim Armstrong will continue to lead AOL’s operations after the deal is completed, the companies said Tuesday in a statement.AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new

May 12, 2015

China cuts rates for 3rd time in 6 months to boost economy

BEIJING (AP) -- China cut interest rates Sunday for the third time in six months to boost sluggish economic growth and announced that it is giving banks more flexibility in setting rates paid to depositors in a new step to make its financial system more market-oriented.The central bank's rate cut reflects the communist leadership's growing urgency about reversing a deepening slump that threatens to cause a politically dangerous spike in unemployment.Economic growth has fallen to its lowest level

May 10, 2015

Greece, creditors 'very close' to a deal: minister

ATHENS (AFP) -- Greece and its international creditors were "very close" to a loan deal for the cash-strapped country, a Greek junior minister said Sunday, a day ahead of a key meeting in Brussels."After weeks of painful negotiation, if the other side is willing, it will become apparent that... the deal is very close and will be sealed in the coming period," Euclid Tsakalotos, one of Greece's main negotiators, told Avgi daily.Tsakalotos, a junior foreign minister, said Athens and its creditors w

May 10, 2015