17 February, 2015 by The TZ Newswire Staff Comments Off on Oil prices dip after strong rally earlier this week
Oil prices dip after strong rally earlier this week
Oil prices dipped on Wednesday after gaining more than a percent in the previous session, but trading was thin as several Asian countries started the Lunar New Year holidays which last for the rest of the week. Benchmark Brent crude futures were down 29 cents at $62.24 a barrel by 0520 GMT (12.20 a.m. EST), while U.S. WTI crude was at $53.24 a barrel, also down 29 cents. U.S. crude prices are now $9 a barrel cheaper than internationally traded Brent futures, their biggest discount since August last year.
17 February, 2015 by The TZ Newswire Staff Comments Off on Snapchat seeks new funding at up to $19 billion valuation: Bloomberg
Snapchat seeks new funding at up to $19 billion valuation: Bloomberg
The latest valuation is a massive increase for the company, which Facebook Inc offered to buy for $3 billion in late 2013. Snapchat’s previous funding round, completed late last year, valued the company at more than $10 billion. Executives of the company, which allows its more than 100 million users to send messages that disappear after a few seconds, are in advanced talks with fund managers, the person told Bloomberg. The investments being discussed would value Snapchat between $16 billion and $19 billion overall, Bloomberg reported.
17 February, 2015 by The TZ Newswire Staff Comments Off on Japan Post agrees $5.1 billion takeover of Australia’s Toll Holdings
Japan Post agrees $5.1 billion takeover of Australia’s Toll Holdings
SYDNEY/TOKYO (Reuters) – Financial giant Japan Post Holdings Co Ltd launched its global expansion strategy with its largest ever deal on Wednesday, agreeing a A$6.5 billion ($5.1 billion) takeover of Australian freight and logistics firm Toll Holdings Ltd. The proposed cash acquisition would give Japan Post a reach spanning 55 countries and a surge in earnings power ahead of a planned listing later this year, as it aims to become a leading international logistics player as well as one of the world’s biggest financial institutions.
17 February, 2015 by The TZ Newswire Staff Comments Off on Buffett’s Berkshire builds Deere stake, dumps Exxon
Buffett’s Berkshire builds Deere stake, dumps Exxon
Warren Buffett’s Berkshire Hathaway Inc on Tuesday disclosed a 5 percent stake in agricultural equipment maker Deere & Co and said it shed a $3.74 billion investment in oil company Exxon Mobil Corp as …
17 February, 2015 by The TZ Newswire Staff Comments Off on JPMorgan tops list of risky banks: government study
JPMorgan tops list of risky banks: government study
JPMorgan Chase & Co bears the highest potential hazard to the financial system if it were to fail, a staff study released by a U.S. government research agency showed, providing a first-of-its-kind numerical risk ranking of U.S. banks. The bank had a “systemic risk score” of 5.05 percent for 2013 in a group of 33 large U.S. bank holding companies, the study by staffers at the Treasury Department’s Office of Financial Research (OFR) said. The scores are based on metrics such as size, interconnectedness, complexity and cross-border activities, OFR said.
17 February, 2015 by The TZ Newswire Staff Comments Off on Chesapeake alleges founder McClendon stole ‘trade secrets’ to start new firm
Chesapeake alleges founder McClendon stole ‘trade secrets’ to start new firm
Chesapeake Energy Corp filed suit Tuesday alleging its founder and former chief executive, Aubrey K. McClendon, stole confidential company data during his last months on the job in order to launch his new oil and gas empire. McClendon, 55, “misappropriated highly sensitive trade secrets from Chesapeake” and “subsequently used these trade secrets for the benefit of” a company he founded in 2013, American Energy Partners LP, according to the civil complaint filed by Chesapeake(CHK.N) in Oklahoma County District Court.
17 February, 2015 by The TZ Newswire Staff Comments Off on Caterpillar reports SEC investigation of cash movement
Caterpillar reports SEC investigation of cash movement
The heavy machinery maker said it had received a grand jury subpoena from a U.S. District Court on Jan. 8 and is cooperating with the investigation. Caterpillar also said in its latest filing that it had made a presentation to the SEC on Caterpillar SARL, on which the regulatory authority is conducting an investigation. The company is also in talks with the SEC about a possible resolution of another federal investigation, involving Caterpillar’s Progress Rail subsidiary.