(MENAFN - AFP) An Ecuador court on Tuesday suspended a $138.5 million fine levied against the Claro telecom firm owned by Mexican tycoon Carlos Slim, one of the world's richest men.
The fine had been issued by a regulatory authority in February which accused Claro, which operates under the name Conecel in Ecuador, of obstructing competition.
However the fine was ...
(MENAFN - AFP) Debt-laden Puerto Rico successfully issued $3.5 billion worth of bonds Tuesday in an effort to stave off default long enough for the US territory to right its finances.
But the fresh fundraising came at a high cost, with the bonds sold at a yield of 8.727 percent, reflecting market concerns the Caribbean island will still struggle to turn around its situation.
(MENAFN - AFP) SAC Capital founder Steven A. Cohen Tuesday sought to turn a page following an insider-trading scandal, announcing plans to rename the firm that bears his initials.
The once-mighty investment firm, which agreed in November to plead guilty to criminal charges of insider trading, will rename itself Point72 Asset Management, SAC president Tom Conheeney said ...
(MENAFN - AFP) SoftBank, eyeing a tie-up of its US wireless unit Sprint with T-Mobile, stepped up its campaign Thursday, claiming it could boost competition for Americans as it did in Japan.
Masayoshi Son, chairman and chief executive of the Japanese tech giant, touted the benefits of such competition in what was billed as a major address to the US Chamber of Commerce.
(MENAFN - AFP) France on Tuesday returned three paintings seized by the Nazis to their rightful owners, just the tip of the iceberg in a country where nearly 2,000 such artworks remain unclaimed.
All works of art identified as having been stolen by the Nazis are kept in French museums that are required to report them and put them on display in the hope that the previous ...
(MENAFN - AFP) Norway's $840-billion oil fund, the world's largest sovereign wealth fund, admitted Tuesday that investing in graft-tainted Bernie Ecclestone's Formula One Group was a mistake.
In May, the fund paid $1.6 billion (1.15 billion euros) for a 21,3 percent share of the group in a consortium with two other funds, BlackRock and Waddell & Reed Financial.
(MENAFN - AFP) Britain's Co-operative Group announced Tuesday that chief executive Euan Sutherland has resigned, throwing the troubled mutual into a fresh crisis.
He will be temporarily replaced by chief financial officer, Richard Pennycook, until a new CEO can be found, the Co-operative said in a statement.
Sutherland has decided to step down after less than a year ...
(MENAFN - AFP) The battle to make off with Vivendi's SFR unit to create France's top telecoms company heated up Tuesday with a winner in the multi-billion-euro struggle likely to emerge within days.
The result could upend the French mobile sector by reducing the number of operators and ending the fierce competition that has brought considerable drops in prices to consumers.
(MENAFN - AFP) Copper prices hit Tuesday their lowest in nearly four years on the London Metals Exchange over fears of a slowdown in growth in China, the world's top consumer of industrial metals.
The price of a tonne of copper hit $6,469.75 at 1700 GMT, its lowest level since July 2010.
"A number of recent developments have weighed both on copper and iron ore prices," ...
(MENAFN - AFP) The Polish government on Tuesday decided to make it tax-free to extract shale gas at home through 2020, as the EU member strives to ensure energy independence from Russia.
Poland's shale gas reserves are estimated at between 800 to 2,000 billion cubic metres and many local and foreign companies have already sunk test wells.
"We adopted measures that ...