Credit Suisse Group AG is selling its $500 million investment in the first fund raised by Global Infrastructure Partners, whose holdings include Gatwick Airport Ltd. in the U.K., as the bank strengthens its capital base, according to three people familiar with the situation. Click here to continue reading.
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Even if an emissions deal forged by members of the International Civil Aviation Organization does not take effect until 2020, the industry is already set to cut carbon dioxide, said Jonathon Counsell, head of environment at British Airways. The industry is “massively incentivized” to improve efficiency as it’s effectively paying a price for its carbon-dioxide emissions, he said, with fuel costs at over [...]
In the eye of the investor, Tiffany & Co.’s blue-boxed gifts are so alluring to potential suitors that not even the worst earnings stretch in at least a decade has put a dent in its valuation. Even though the $7.6 billion company has missed profit estimates in four straight quarters and said last week that analysts’ fiscal [...]
NuPathe may gain approval for its first commercial product Zecuity, a transdermal migraine patch, this week. The company received a Prescription Drug User Fee Act (PDUFA) date of Jan.17 from the FDA. Click here to continue reading.
MGM Resorts International, the casino operator that issued expensive debt during the 2009 fiscal crisis to stave off bankruptcy, may look to refinance about $1.1 billion in bonds due in 2013 and 2014, said MGM CFO and treasurer Dan D’Arrigo. MGM wants to eventually reduce its debt to five times earnings. The ratio was 6.79 times on Dec. 31, according [...]
At least six major post-crisis rules aimed at making markets safer have stalled in the past 10 weeks because of industry opposition, global disagreements and regulators’ concerns that haste may cause more harm than good, bank executives and financial analysts said. Click here to continue reading.
The 10 largest U.S. money-market funds’ holdings of French bank securities overtook their British counterparts for the first time in at least 16 months on growing confidence in the euro region and cheap U.K. state funding that lessened the need to issue short-term debt. The funds’ French bank holdings increased by $9.6 billion to $42.8 billion in December, while British banks were cut by [...]
The U.S. economic expansion will probably continue in 2013 at last year’s subdued pace. A substantial fiscal drag as payroll taxes are reset back to 6.2 percent from 4.2 percent, and an increase in income taxes on households earning more than $450,000, will both play a major role in this slow growth scenario. Fiscal restraint, weak wage growth and muted household expenditures all indicate [...]