San Bernardino will put off paying $13 million to California’s retirement system and $3.4 million for pension bonds issued in 2005, in a provisional spending plan. The City Council voted 5-2 for the fiscal road map yesterday to meet a court imposed Nov. 30 deadline for a balanced interim municipal budget while in bankruptcy proceedings. In addition [...]
AMR Corp. filed papers asking the bankruptcy court to prevent pilots from retiring and taking lump-sum payment of retirement benefits. Even if pilots vote in favor of a new contract when ballots are tabulated on Dec. 2, the airline could be thrown into chaos when the company emerges from bankruptcy protection, AMR said in Nov. 23 [...]
An FDA Anti-Infective Drugs Advisory Committee will examine Theravance’s Vibativ (telavancin) for nosocomial pneumonia on Nov. 29. This event will be webcast on the Bloomberg terminal. Briefing documents for the panel will be released by the FDA by Nov. 27. To continue reading click here.
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Investment adviser firms registering for the first time as commodity pool operators (CPOs) or commodity trade advisers (CTAs) may spend up to $450,000 to get new computer systems, software and employees up to speed with U.S. Commodity Futures Trading Commission requirements, according to Karen Barr, general counsel of the Investment Advisers Association. The costs, which include figuring [...]
Senior management of Alegra Capital Ltd. will relocate from Pfaeffikon, Switzerland to Vaduz, Liechtenstein as the firm shifts management of its Alegra ABS Fund to a newly formed subsidiary. The changes were sparked by the Alternative Investment Fund Managers, or AIFM, rules that are set to take effect next summer, according to Alegra chief executive officer Daniel Riediker. Continue reading.
Simple pattern and volume analysis suggest a potential bullish primary trend reversal in the Egyptian EG X30 Index. After prolonged bear markets, volume is often a key indication of recovery. Typically, a bear market doesn’t end until market participants are discouraged by losses and uninterested in equities. It is at this point that selling pressure is exhausted. When strong volume finally accompanies a move higher, [...]
EIG Global Energy Partners LLC, a spinout from TCW Group Inc., plans to seek $4.25 billion for its next energy fund in 2013, according to two people familiar with the situation. EIG Energy Fund XVI LP’s predecessor gathered $4.12 billion in 2011. The new fund, which plans to officially come to market in February, will make [...]
Hostess Brands Inc. will ask a bankruptcy judge today for permission to shut down permanently, costing more than 18,000 jobs, after mediation with its bakers’ union failed to resolve a contract dispute. “A mediation today with the Bakery, Confectionary, Tobacco and Grain Millers Union was unsuccessful,” Hostess said yesterday in a statement. The company said it wouldn’t comment further until today’s court hearing. Continue reading