Today: BUSINESS News, Jul 15, 2011

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Jul 15, 2011

BUSINESS News, Jul 15, 2011

S&P warns of downgrade if no debt deal reached
Thu,14 Jul 2011 09:00 PM PDT
Reuters -
photoSYDNEY (Reuters) - Ratings agency Standard & Poor's has warned there is a one-in-two chance it could cut the United States' prized AAA credit rating if a deal on raising the government's debt ceiling is not agreed soon.
 
BHP Billiton swoops on gas firm Petrohawk for $12.1 billion
Thu,14 Jul 2011 08:16 PM PDT
Reuters -
photoSYDNEY/PERTH (Reuters) - Top global miner BHP Billiton will buy U.S. gas producer Petrohawk Energy Corp for $12.1 billion, ramping up its bets on the booming but environmentally controversial shale gas industry.

Summit investor Omar Amanat wins tabloid settlement
Thu,14 Jul 2011 04:58 PM PDT
Reuters - LOS ANGELES (TheWrap) - Omar Amanat has won an undisclosed settlement against four British publications who called the Summit Entertainment investor "an impostor." Full Story

UBS wins review of Madoff trustee's $2.6 bln suits
Thu,14 Jul 2011 04:50 PM PDT
Reuters -
photoNEW YORK (Reuters) - UBS AG won review by a Manhattan federal judge of $2.6 billion of lawsuits brought by the trustee liquidating Bernard Madoff's firm, at least the fourth time a bank has obtained access to that court.

BHP Billiton agrees takeover of Petrohawk for $12.1 billion
Thu,14 Jul 2011 04:41 PM PDT
Reuters -
photoSYDNEY (Reuters) - Mining and oil company BHP Billiton unveiled a $12.1 billion agreed takeover of U.S. gas producer Petrohawk Energy Corp on Friday, marking the Anglo-Australian firm's biggest step into the booming shale-gas industry.

Bernanke halts Wall Street rally; Google soars late
Thu,14 Jul 2011 04:23 PM PDT
Reuters -
photoNEW YORK (Reuters) - Stocks fell on Thursday as Fed Chairman Ben Bernanke backed off hints additional near-term stimulus could be on the way, removing a possible catalyst from a market already facing plenty of obstacles.

ConocoPhillips to split in two; shares rise
Thu,14 Jul 2011 03:33 PM PDT
Reuters -
photoNEW YORK/HOUSTON (Reuters) - ConocoPhillips will spin off its refining arm in a bid to improve investment returns for shareholders, abandoning the bigger-is-better strategy that drove oil giants into mergers.

Regal adding nine IMAX locations in U.S.
Thu,14 Jul 2011 03:27 PM PDT
Reuters - LOS ANGELES (TheWrap) - Regal Entertainment Group will install nine additional IMAX locations in the United States, the company announced on Thursday. Full Story

Bernanke warns spending cuts could derail recovery
Thu,14 Jul 2011 03:11 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke warned on Thursday that overzealous cuts to government spending in the short term could derail a shaky recovery and said a debt default could wreak financial havoc.

TSX falters as Fed backs off stimulus talk
Thu,14 Jul 2011 02:44 PM PDT
Reuters -
photoTORONTO (Reuters) - Toronto's main stock index closed lower on Thursday with resource shares taking the biggest hit after U.S. Federal Reserve Chairman Ben Bernanke backed away from signaling that he was set to ease monetary policy.

Big oil firms not on course to splitsville
Thu,14 Jul 2011 02:40 PM PDT
Reuters -
photoCALGARY, Alberta (Reuters) - Canada's integrated oil companies are likely to stick to their diversified structures rather than follow U.S. counterpart ConocoPhillips with a split, as their refining businesses act as a crucial hedge to their oil sands and heavy oil production.

CIT Group to prepay $500 million of first lien term loan
Thu,14 Jul 2011 02:34 PM PDT
Reuters -
photo(Reuters) - Commercial lender CIT Group Inc said it has given notice that it will prepay $500 million of its $3 billion senior secured first lien term loan on July 15, 2011.

photoTORONTO (Reuters) - Chinese companies may soon find the back door to a Canadian stock listing slammed shut, as regulators weigh tougher rules on a fast-track approach to going public taken by Sino-Forest and other fallen angels.

C$ weakens from 2-mth high on Bernanke comments
Thu,14 Jul 2011 02:09 PM PDT
Reuters - TORONTO (Reuters) - Canada's dollar weakened against the greenback on Thursday after earlier hitting a 2-month high, as the head of the U.S. Federal Reserve dampened hopes of that he would offer additional monetary stimulus. Full Story

Wells, Capital One eye HSBC card portfolio: sources
Thu,14 Jul 2011 02:06 PM PDT
Reuters -
photoNEW YORK (Reuters) - Capital One Financial Corp and Wells Fargo are among the bidders for HSBC Holdings Plc's U.S. credit card portfolio, according to sources familiar with the situation.

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