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Aspen Insurance rejects Endurance Specialty's offer to buy it for about $3.2 billion

Aspen Insurance Holdings Ltd. said Monday that its board has rejected a proposal from fellow insurance company Endurance Specialty Holdings Ltd. to buy it for about $3.2 billion. Aspen said its board rejected the proposed deal because it is "not in the best interest" of the company or shareholders, and that Endurance "has a mixed operating track record, new leadership, an unproven strategy and no experience with large acquisitions." Earlier Monday, Endurance went public with its proposal to buy Aspen after being snubbed by the company for three months.

China's WH Group, world's biggest pork company, plans to raise up to $5.3 billion in IPO

HONG KONG - A Chinese company that is the world's biggest pork producer says it plans to raise up to $5.3 billion in an initial public offering on the Hong Kong stock exchange. WH Group said late Monday that it is selling 3.65 million shares priced at between 8 and 11.25 Hong Kong dollars ($1.03-$1.45). That would raise between $4.1 billion and $5.3 billion for WH Group, formerly known as Shuanghui International Holdings. The company is a pork behemoth after buying the largest U.S. pork company, Smithfield Foods Inc., less than a year ago for $4.7 billion in cash.

Endurance offers to buy fellow insurance company Aspen Insurance for about $3.2 billion

PEMBROKE, Bermuda - Endurance Specialty Holdings Ltd. says it has proposed to buy Aspen Insurance Holdings Ltd. in a deal worth about $3.2 billion after being snubbed by the fellow insurance company. Endurance says Aspen's board and management have refused to discuss the possible acquisition since January. Representatives from Aspen did not immediately respond to a request for comment.

Chinese companies buy GlencoreXstrata mine in Peru for $5.85 billion

BEIJING, China - A group of Chinese state-owned companies is buying a Peruvian copper mine from Glencore Xstrata Plc for $5.85 billion, adding to a wave of Chinese resource acquisitions abroad. Glencore, based in Switzerland, said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals Co. Ltd. The other buyers are Guoxin International Investment Corp. and Citic Metal Co., also state-controlled.

Chinese companies buy GlencoreXstrata mine in Peru for $5.85 billion

BEIJING, China - A group of Chinese state-owned companies is buying a Peruvian copper mine from Glencore Xstrata Plc for $5.85 billion, adding to a wave of Chinese resource acquisitions abroad. Glencore, based in Switzerland, said Sunday it signed an agreement to sell its entire interest in the Las Bambas copper mine to a consortium led by MMG Ltd., a mining company controlled by state-owned China Minmetals Nonferrous Metals Co. Ltd. The other buyers are Guoxin International Investment Corp. and Citic Metal Co., also state-controlled.

Beachfront dream home sells for US record $120 mn

A sprawling estate, situated on prime waterfront property along the US East Coast, has sold for $120 million, setting a new record in the United States. The sale of Copper Beech Farm, in the Connecticut town of Greenwich, was finalized Friday, according to the Greenwich Time newspaper. "This is the most expensive property sold in America," real estate agent David Ogilvy told the newspaper. The dream home had been listed for sale nearly a year earlier, in May 2013, for $190 million.

JPMorgan's first-quarter profit falls as investment banking and mortgage revenue drops

NEW YORK, N.Y. - JPMorgan Chase, the biggest U.S. bank by assets, said Friday its first-quarter earnings fell 20 per cent, driven by a decline in investment banking and mortgage lending. EARNINGS: The bank reported net income of $4.9 billion for the first quarter, after stripping out payments to preferred stockholders. That was down from $6.1 billion in the same period a year earlier. MISSED EXPECTATIONS: On a per-share basis, the earnings amounted to $1.28. That was worse than estimates of analysts polled by FactSet, who had been expecting $1.39.

Pro-Obama group Organizing for Action raises $5.88M in first 3 months of 2014

WASHINGTON - A non-profit group backing President Barack Obama's agenda raised nearly $6 million during the first three months of 2014. Organizing for Action says it received more than 124,000 contributions since the start of the year, raising $5.88 million since January. The group collected more than $26.3 million in 2013, its first year of existence.

Bankruptcy judge approves Detroit's proposed $85 million pension bond debt deal with 2 banks

DETROIT - Detroit can move ahead with a plan to settle a ruinous multimillion-dollar debt with two banks for $85 million, a judge said Friday as he also urged the bankrupt city and other creditors to reach more deals. Bankruptcy Judge Steven Rhodes signed off on the agreement to pay UBS and Bank of America. The settlement is just a small portion of the city's $18 billion in liabilities, which include $12 billion not secured by taxes or other revenue. Each bank will get $42.5 million spread out over a number of years — a "reasonable" amount, Rhodes said.

The Obamas earned $500,000 last year but income drops

WASHINGTON (Reuters) - President Barack Obama and his wife Michelle reported half a million dollars in income for 2013, down from the previous year as revenues from his best-selling books continued to fall, according to their tax returns released by the White House on Friday. The Obamas earned $503,183 last year and after deductions had an adjusted gross income of $481,098. They paid $98,169 in federal taxes, or 20.4 percent, and donated nearly $60,000 to charities, the documents showed.
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