Exports from the world's second biggest economy rose by 5.6 percent in October from a year earlier, official data showed on Friday. This was well above economists' forecast for a rise of 3.2 percent, according to a Reuters poll, and marked a recovery from a surprise 0.3 percent slump in September.
Ratings agency Standard and Poor's cut France's sovereign credit rating to AA from AA plus on Friday, citing lack of progress in government reforms of the country's economy.
A massive typhoon packing winds approaching 200 mph and called one of the most powerful storms ever recorded blasted into the Philippines on Friday, killing at least four people.
New Yorkers have approved an amendment that will allow seven casinos to open in the state, including one to three in the New York City area in seven years. And that could sound the death knell for Atlantic City, already struggling under the weight of regional competition.
Siemens AG (SIE), Europe’s largest engineering company, will buy back as much as 4 billion euros ($5.4 billion) of shares as Chief Executive Officer Joe Kaeser bets that an efficiency push will boost profitability next year.
Siemens AG: AEA Investors LP to acquire Siemens Water Technologies for EUR640 mln (SI) 124.97 : AEA Investors has signed an agreement to acquire the municipal, industrial and services water and wastewater treatment operations and assets of Siemens (SI) Water Technologies for EUR 640 mln. The transaction is still subject to regulatory approval. Under AEA, the company will continue focus on municipal and industrial water and wastewater treatment equipment and services.
Hussman reduced its stake in lots of companies, including Exelon (NYSE: EXC ) , the nation's leader in nuclear energy (which some see as doomed).
MASSACHUSETTS: Two casino proposals are facing key votes. Residents of the East Boston neighborhood and the city of Revere will decide whether to allow Suffolk Downs to go forward with its bid for a $1 billion casino at the 78-year-old thoroughbred race track. Voters in Palmer will decide on a casino proposed by Mohegan Sun.
NEW YORK: New Yorkers will decide whether to authorize seven casinos in a hotly contested referendum that Gov. Andrew Cuomo has bet on heavily to help revive the economy and provide tax revenue for schools. Opposing the measure is an unusual mix of conservatives, religious leaders, liberal good-government groups and newspaper editorials. They say the toll on families and communities is too high.
With all the spying going on here in the US by the NSA, this is very surprising to me.
Poor old Buffett is making money hand over fist on his railroad. Maybe Buffet can talk to Obama to hold up the pipeline for another year so the rich can just get richer.
And so, the telecom equipment maker announced Monday a three-pronged approach to raising the cash it needs to remain in business:
•First, Alcatel will float between 454,722,512 and 460,000,000 new shares (approximately one for every five shares now outstanding) at a share price of €2.10, or approximately $2.84 apiece. This equates to a maximum capital raise from new shares of $1.3 billion.
•Second, Alcatel will take on $750 million in new debt by selling an equivalent value of high-yield bonds.
•Third and finally, Alcatel said it intends to avail itself of a new syndicated revolving credit facility worth up to €500 million -- giving it access to another $675 million worth of debt.
They are adding to the debt not paying it down.
Paris-based Alcatel-Lucent (NYSE: ALU ) is looking for money in all sorts of places. With $3.2 billion in generally accepted accounting principles losses reported over the past 12 months, and more than $570 million in negative free cash flow, the company needs a cash infusion to keep its business running until the economy turns around and it can begin generating cash on its own.
This sell in stock and bond sale is not to pay down debt, it is to just keep the company running.
You would be crazy to buy today. If you were going to buy you would wait till after November 29 when the subscription period runs out. The logical thing would be to sell high and buy low, IMHO.
Europe and Asia will be the only ones that can buy the new issued stock. What will happen when November 29 comes and ALU still has several hundred million shares not sold?