SEARS POSTS LOSS AS REVENUE, MARGINS DECLINE
Sears Holdings, the struggling store operator that was once a
prominent fixture of the U.S. retail landscape, posted a $573
million loss in its fiscal second-quarter, as revenue and margins
declined.
SINOPEC IN TALKS OVER RETAIL UNIT
China Petroleum & Chemical, or Sinopec, is in talks with
numerous Chinese companies, including Tencent Holdings, about
either selling a stake or forming alliances in its
gas-station-to-convenience store business.
BOFA TO PAY NEARLY $17B IN DOJ SETTLEMENT
Bank of America is said to be expected to pay nearly $17 billion
to settle U.S. Department of Justice accusations it packaged shoddy
mortgages into securities and sold them to investors in the run-up
to the financial crisis.
COOLPAD EYES EXPANSION, CONSIDERS ACQUISITIONS
After overtaking Samsung Electronics to become the third-largest
smartphone maker in China, Coolpad, a brand little known outside of
the country, is now setting its sights overseas.
LEXUS CUTS PRICES FOR SPARE PARTS IN CHINA
Toyota Motor Corp.'s luxury brand Lexus announced a 26% cut on
the price of spare parts in China, joining other foreign car makers
in appeasing Chinese regulators amid an antitrust
investigation,
AUSTRALIA WATCHDOG SUPPORTS FUNG'S CASINO TAKEOVER
Hong Kong investor Tony Fung's bet on Australia's gambling
industry won support from the country's competition regulator,
which said it wouldn't block the planned $201.3 million acquisition
of a casino in tropical Cairns.
TREASURY WINE RESULT TAKES HEAT OUT OF BID BATTLE
Australia's Treasury Wine Estates--enmeshed in a takeover battle
led by two private-equity firms--hit the bottom end of its annual
earnings guidance, easing pressure on the suitors to raise their
evenly matched $3.14 billion offers.
ASCIANO CEO SAYS DEEPENING TALKS OVER PORTS STAKE SALE
Australian freight group Asciano is deepening talks to sell part
of its ports and logistics business, although stressed it isn't
under any financial pressure to finalize a deal.
ORIGIN ENERGY PULLS SHARE ISSUE
Origin Energy Ltd. surprised investors by dropping plans for a 1
billion Australian dollar share issue in favor of a European debt
raising.