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Onex to buy Nielsen Holdings' expositions business for $950 million

May 15, 2013 14:01
(Reuters) - Canadian private equity firm Onex Corp said it will buy TV ratings company Nielsen Holdings NV's expositions business for $950 million in cash. Nielsen Expositions produces more than 65 business-to-business trade shows and conferences in the United States every year. Onex Partners III, Onex's $4.7 billion private equity fund, will make an equity investment of about $350 million, of which Onex's share is about $85 million as a limited partner in the fund. Onex has about $15 billion of assets under management.

Special interests defend breaks in report on tax overhaul

May 15, 2013 12:33
By Kim Dixon WASHINGTON (Reuters) - "Tax the other guy, not me!" was the main message from a variety of special interest groups commenting on tax breaks in a report issued on Monday, underscoring the problems faced by the U.S. Congress as it considers a revamp of the tax code. Republican Dave Camp, chairman of the powerful tax-writing Ways and Means panel in the U.S. House of Representatives, commissioned the report.

Hong Kong shares end 0.50% higher

Agence France-PresseMay 15, 2013 06:31
Hong Kong shares finished 0.50 percent higher on Wednesday after record-setting gains on Wall Street following bullish comments from a prominent hedge fund manager. The benchmark Hang Seng Index added 113.96 points to end at 23,044.24 on turnover of HK$54.87 billion ($7.07 billion). US stocks surged to new all-time closing highs Tuesday on renewed optimism after a prominent hedge fund manager said the stock rally of 2013 was far from over.

Hong Kong stocks open up 0.45%

Agence France-PresseMay 14, 2013 23:15
Hong Kong stocks opened 0.45 percent higher on Wednesday after Wall Street closed at a record high after bullish comments from a prominent hedge fund manager. The benchmark Hang Seng Index rose 103.83 points to 23,034.11 in the first few minutes of trade. The Dow Jones Industrial Average rose 123.57 points or 0.82 percent to close at a record 15,215.25 on Tuesday after David Tepper, head of the Appaloosa Management hedge fund group, said the market could still go higher. mtp/sls

Families edging out private equity in consumer deals

May 14, 2013 18:45
By Anjuli Davies LONDON (Reuters) - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy. Families, some of whom made their money from the consumer sector, have deep pockets and are looking to secure their wealth for future generations. They are willing to wait longer for returns, giving them the edge over private equity funds looking for a quick turnaround.

US stocks rally to new record highs

Agence France-PresseMay 14, 2013 18:30
US stocks Tuesday surged to new all-time closing highs on renewed optimism after a prominent hedge fund manager said the stock rally of 2013 still has more room to go. The Dow Jones Industrial Average rose 123.57 (0.82 percent) to a record 15,215.25. The broad-based S&P 500, also reaching a new high, added 16.57 (1.01 percent) at 1,650.36. The tech-rich Nasdaq Composite Index increased 23.82 (0.69 percent) to 3,462.61.

NY court dismisses fraud claims vs. Goldman over Abacus CDO

May 14, 2013 17:30
By Karen Freifeld NEW YORK (Reuters) - A New York appeals court dismissed a case against Goldman Sachs Group Inc brought by a bond insurer who claimed it was fraudulently induced to insure the bank's Abacus product tied to subprime mortgages.

BP says is subject to European Commission investigation

May 14, 2013 17:02
LONDON (Reuters) - BP <BP.L> said on Tuesday it is one of the companies being investigated by the European Commission. Major oil companies are being investigated over suspected anti-competitive agreements related to submission of prices to reporting agency Platts. "We are cooperating fully with the investigation and unable to comment further at this time," the company said in a statement. (Reporting by Peg Mackey)

EU investigates Statoil, others on oil market pricing

May 14, 2013 17:01
OSLO (Reuters) - The European Commission said on Tuesday it was investigating major oil companies over suspected anti-competitive agreements related to submission of prices to reporting agency Platts. Royal Dutch Shell <RDSa.L>, Norway's Statoil <STL.OL> and Platts <MHFI.N> all said they were cooperating fully with the investigation. Platts is the world's biggest oil price reporting agency, and its physical market assessments form the basis of billions of dollars worth of oil sales around the world.

U.S. hedge fund calls for Sony Entertainment spin-off

May 14, 2013 17:01
By Chikafumi Hodo and Nathan Layne TOKYO (Reuters) - Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony Corp to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker. Loeb said his Third Point hedge fund had accumulated a little more than 6 percent of Sony's shares - a stake worth $1.1 billion - making it the largest stakeholder in the inventor of the Walkman portable music player and Trinitron TV.
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