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Moody's downgrades Tunisia over political uncertainty

Agence France-PresseMay 30, 2013 08:39

International ratings agency Moody's downgraded Tunisia's sovereign debt rating one notch to Ba2 and placed it on negative outlook on Thursday, citing "persistent political uncertainty and the risk of instability." Moody's said the move, which follows its decision in February to drop the rating to Ba1, primarily reflected the political tensions plaguing the north African nation since its 2011 revolution. The other two factors were the fragile state of undercapitalised government-owned banks and external pressures on Tunisia's balance of payments and government finances.

Judge sides with bankrupt Patriot in company's push to cut worker health care, pension

The Canadian PressMay 30, 2013 03:01

ST. LOUIS - A bankrupt coal producer got a judge's go-ahead Wednesday to significantly cut health care and pension benefits to thousands of workers and retirees, claiming victory over a miners' union that swiftly condemned the ruling it pledges to appeal. U.S. Bankruptcy Judge Kathy Surratt-States' 102-page ruling favouring St. Louis-based Patriot Coal dashed the nation's biggest coal miners' union's hopes of scuttling the company's quest to impose wage and benefit cuts by walking away from its collective-bargaining agreements.

Sprint, SoftBank reach deal with U.S. over security concerns: WSJ

Thomson ReutersMay 28, 2013 23:44

(Reuters) - Sprint Nextel Corp and Japan's SoftBank Corp reached an agreement in principle with the U.S. government to address any national security concerns arising from the Japanese company getting control of the U.S. telecom carrier, the Wall Street Journal reported, citing sources. As a part of the agreement, the U.S. government will have a veto over any equipment purchases by Sprint from new vendors, if the two companies were to merge, the newspaper said.

Valeant remains on the prowl for 'merger of equals' deal after Bausch + Lomb

The Canadian PressMay 28, 2013 16:45

MONTREAL - Valeant Pharmaceuticals remains on prowl for a large "merger of equals" transaction after it integrates the US$8.7-billion purchase of Bausch + Lomb, CEO Michael Pearson said Tuesday. Pearson told analysts that concluding such a blockbuster deal remains a possibility once Valeant fully integrates the eye care company in 2014. "We certainly continue to explore and continue to have discussions and we hope that it will eventually be part of the playbook," he said during a conference call on Tuesday.

Moody's raises outlook on US banking system

Agence France-PresseMay 28, 2013 15:01

Moody's Tuesday upgraded its outlook of the US banking system for the first time since 2008, citing improving US economic conditions that more than make up for the challenges of low interest rates. Moody's raised its outlook on the US banking system to "stable" from "negative," changing an outlook that had stood since the financial crisis. "Sustained GDP growth and improving employment conditions will help banks protect their now-stronger balance sheets," said Sean Jones, a Moody's associate managing director, in a statement.

Moody's raises outlook for US banking industry for first time in 5 years; cites better economy

The Canadian PressMay 28, 2013 14:45

NEW YORK, N.Y. - Moody's Investors Services has raised its outlook for the U.S. banking industry for the first time in five years, citing the improving economy and banks' stronger balance sheets. The rating agency said in a report issued Tuesday that sustained economic growth and a better jobs picture will help banks over the next 12 to 18 months. Moody's raised its outlook for the industry to "Stable" from "Negative." It had been "Negative" since 2008, the year the financial crisis struck.

Cambodian police clash with thousands of garment workers, 23 hurt

Thomson ReutersMay 27, 2013 17:45

PHNOM PENH (Reuters) - At least 23 workers were hurt in Cambodia on Monday when police using stun batons moved in to end a protest over pay at a factory that makes clothing for U.S. sportswear company Nike, a worker and a trade union representative said. Police with riot gear were deployed to move about 3,000 mostly female workers who had blocked a road outside their factory owned by Sabrina (Cambodia) Garment Manufacturing in Kampong Speu province, west of the capital, Phnom Penh.

Drugmaker Valeant to buy Bausch & Lomb for $8.7 billion

Thomson ReutersMay 27, 2013 09:00

By Euan Rocha and Rod Nickel TORONTO/WINNIPEG, Manitoba (Reuters) - Valeant Pharmaceuticals International <VRX.TO> said on Monday it agreed to buy Bausch & Lomb Holdings Inc from Warburg Pincus LLC for $8.7 billion, a cash deal set to vault the Canadian company into the upper ranks of the global pharmaceutical sector. The purchase strengthens Valeant's offerings in ophthalmic pharmaceuticals, contact lenses and lens care products, along with adding ophthalmic surgical devices and instruments to its portfolio.

Cambodian police clash with thousands of garment workers, 23 hurt

Thomson ReutersMay 27, 2013 08:15

Royal Bank releases supplier code of conduct after outsourcing backlash

The Canadian PressMay 24, 2013 12:46

TORONTO - The Royal Bank (TSX:RY), which faced fierce backlash earlier this year over an outsourcing arrangement with a supplier that used temporary foreign workers, said Friday it won't send work offshore just to save on salaries. The bank, which released a new supplier code of conduct, said it will only send work to offshore suppliers when their scale, technology or knowledge provides capabilities the bank cannot duplicate.