World Business Briefing | Asia: China: Citigroup Plans Expansion Citigroup plans to expand its securities business and branch network in China this year after becoming one of the first banks approved to incorporate locally, its chief executive, Charles O. Prince II... Read Full Article China To Revise Rules On Food And Drug Safety It is the strongest signal yet that Beijing is moving to crack down on the sale of dangerous food and drugs.... Read Full Article P. K. Sethi, Inventor Of The Low-Tech Limb, Is Dead At 80 Dr. P. K. Sethi invented the affordable prosthesis called the Jaipur foot, which has helped millions of amputees in developing countries to lead normal lives.... Read Full Article World Briefing | Europe: France: Romantic, Glamorous, Litigious President Nicolas Sarkozy and his wife, Carla Bruni, won a lawsuit against Ryanair, the European low-cost airline, for the unauthorized use of their photograph in an ad. A judge in Paris ordered the a... Read Full Article Document Says Trader’s Rogue Bets Began In Summer New details about the actions of a former Société Générale trader accused of making billions of dollars of unauthorized bets showed that his losses began in July.... Read Full Article |
Suggested NewsU.S. Shed Fewer Jobs Than Expected in AprilThe economy in April lost 20,000 jobs, fewer than predicted, but the report suggested to many economists that the U.S. is ensnared in a recession.Read Full Article Industry rivals in race for Royal Bank of Scotland InsuranceRoyal Bank of Scotland is considering selling a strategic stake in its insurance business and running the owner of Direct Line and Churchill as a partnership as it moves to raise capital to repair its tattered balance sheet. Bankers managing the sale of RBS Insurance are preparing to send out sales memorandums to prospective buyers, including private equity and trade buyers, over the next few weeks. A source close to the sales process said: “Some people would be interested in buying a large stake and having a partnership.” Analysts are speculating that the Edinburgh-based bank, which hoisted a “for sale” sign over the businesses this week, will be able to sell its insurance unit for about £6 billion. RBS confirmed that it was selling its insurance business as it pressed on with a deeply discounted £12 billion rights issue that has raised hackles among its big institutional shareholders. Going for a rights issue, after pledging for months that it had no need to raise capital, has put the jobs of Sir Fred Goodwin, chief executive, and Sir Tom McKillop, chairman, on the line. The bank is aiming to free £4 billion in capital gains from the process, which is running alongside its record breaking rights issue. Merrill Lynch is managing the sale, helped by Goldman Sachs. Banking sources said that there was huge interest in RBS Insurance, which also includes the Privilege car and home insurance operations. RBS Insurance underwrites a third of UK retail motor premiums, according to analysts at Keefe, Bruyette & Woods (KBW), who said that a new owner would be in a position to redefine the market for insuring cars in Britain. Personal motor insurance accounts for more than half of the business’s gross written premiums, KBW said. Direct Line was founded in 1985 and RBS bought Churchill in 2003 for £1.1 billion. As well as selling through the well-known brands, RBS Insurance underwrites policies sold by Tesco, Nationwide and several car retailers. KBW suggested that potential bidders were AIG, the American insurance giant, Allianz, of Germany, and AXA, of France. Warren Buffett’s Berkshire Hathaway reinsurance group, Generali, of Italy, and the Swiss Zurich Financial Services were also named. Aviva, Britain’s largest general insurer, yesterday ruled itself out as a bidder. Banking sources said that RBS would prefer to sell the business as a whole but would consider the sale of individual business lines, as well as a strategic stake. Sources close to the bank said that it would sell only if it received a sufficiently high offer but it hoped to complete a sale by the end of the year. Apax and Kohlberg Kravis Roberts are said to be considering a consortium bid, with Lehman Brothers, the investment bank, in line as an adviser. RBS shares closed the week almost 2.5 per cent higher, up 8¼p at 349p. RBS will offer 11 new shares for every 18 existing shares, priced at 200p.Read Full Article Conservatives Prevail in Iran Vote, but Opposition Scores, TooThe results suggested President Mahmoud Ahmadinejad could face opposition in next year’s presidential campaign.Read Full Article Really?: The Claim: Being Left-Handed Adds to the Risk of MigrainesThe lot of left-handers worsened in the 1980s when a study suggested they had a higher risk of headaches. But is it true?Read Full Article F.A.A. Auditing of Airlines Criticized at HearingA Senate subcommittee suggested that punishments for lapses at the Federal Aviation Administration should reach higher into the ranks.Read Full Article External News for: suggestedDoocy falsely suggested Senate bill allows for federal "funding for abortion" - Media Matters for AmericaDoocy falsely suggested Senate bill allows for federal "funding for abortion"Media Matters for AmericaOn Fox & Friends, co-host Steve Doocy falsely suggested that the Senate's health care reform legislation contains "language that does allow for" federal ...and more »Doocy falsely suggested Senate bill allows for federal "funding for abortion" - Media Matters for AmericaDoocy falsely suggested Senate bill allows for federal "funding for abortion"Media Matters for AmericaOn Fox & Friends, co-host Steve Doocy falsely suggested that the Senate's health care reform legislation contains "language that does allow for" federal ...and more »Carter's Wins Lawsuit Alleging It Inflates Prices - ABC NewsCarter's Wins Lawsuit Alleging It Inflates PricesABC NewsA US appeals court on Monday rejected claims that the children's clothing company Carter's Inc deceived customers by posting in their stores suggested ...Doocy falsely suggested Senate bill allows for federal "funding for abortion" - Media Matters for AmericaDoocy falsely suggested Senate bill allows for federal "funding for abortion"Media Matters for AmericaOn Fox & Friends, co-host Steve Doocy falsely suggested that the Senate's health care reform legislation contains "language that does allow for" federal ...and more »Carter's Wins Lawsuit Alleging It Inflates Prices - ABC NewsCarter's Wins Lawsuit Alleging It Inflates PricesABC NewsA US appeals court on Monday rejected claims that the children's clothing company Carter's Inc deceived customers by posting in their stores suggested ...New, Innovative Kitchen Gadgets That Won't Break the Bank - ABC NewsNew, Innovative Kitchen Gadgets That Won't Break the BankABC NewsPrice: Suggested price is $19.99, according to the company's Web site. 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