CIT Group delays filing second-quarter report amid restructuring effortsCHARLOTTE, N.C. — Shares of CIT Group Inc. plummeted nearly 20 percent in premarket trading Tuesday, as the commercial lender delayed filing its quarterly report because of ongoing restructuring efforts as it tries to avoid bankruptcy, according to a regulatory filing. Allied Capital posts narrower 2nd-qtr loss, trims balance sheet debt, but remains in defaultWASHINGTON —Shares of Allied Capital Corp. fell Monday after the company said its second-quarter loss narrowed significantly, but results missed Wall Street expectations and it remained in default on debt covenants. Nortel CEO steps down as company liquidates; board of directors to be reduced to 3 from 9TORONTO —Nortel Networks CEO Mike Zafirovski is stepping down from the troubled telecommunications company, saying “a natural transition point” has been reached as the company continues to liquidate. Business lender CIT Group takes remaining $1B under credit line, suspends preferred dividendsNEW YORK — Commercial lender CIT Group Inc., which is trying to avoid filing for bankruptcy protection, said Friday that it has received the remaining $1 billion available under a $3 billion credit agreement and is suspending preferred dividend payments. Royal Bank of Scotland posts 1st-half net loss of $1.7 billion; makes progress on restructureLONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. Royal Bank of Scotland posts wider first-half net loss; makes progress on restructureLONDON — The Royal Bank of Scotland posted a wider first-half net loss on Friday, after sluggish trading in its retail and corporate businesses wiped out strong gains in its investment banking unit. Royal Bank of Scotland posts wider H1 net loss of $1.7 billion, makes progress on restructureLONDON — The Royal Bank of Scotland posted a wider first-half net loss Friday, as bad debts jumped to 7.5 billion pounds ($12.6 billion) and sluggish activity in its retail and corporate businesses wiped out strong gains in investment banking. AIG reports 2Q results as investors look for news about spin-offsAmerican International Group Inc. is scheduled to report its second-quarter results Friday before the market opens. The following is a summary of key developments and analyst opinion related to the period. Ssangyong Motor union agrees to end strikePYEONGTAEK, South Korea — The union at crisis-ridden South Korean automaker Ssangyong Motor Co. agreed Thursday to end a long and sometimes violent strike after reaching a deal with management that reduces layoffs. Reports: Union at SKorean automaker Ssangyong Motor agrees to end strikePYEONGTAEK, South Korea — The union at crisis-ridden South Korean automaker Ssangyong Motor agreed to end a long and violent strike after reaching a deal on layoffs in talks with management, news reports said Thursday. Labor talks resume at ailing SKorean automaker SsangyongPYEONGTAEK, South Korea — The union and management at crisis-ridden South Korean automaker Ssangyong Motor resumed talks Thursday, an official said, after police commandos overran most of the chaotic factory in a series of raids this week to try and crush a debilitating strike. ON Semiconductor posts 2Q loss on lower revenue, charges but numbers top analysts’ estimatesPHOENIX — Chip maker ON Semiconductor Corp. reported a loss for the second quarter after booking restructuring and other charges as revenue fell. But its earnings and revenue numbers blew past analysts’ forecasts. Sotheby’s 2nd-quarter earnings slide on weak sales and restructuring chargesNEW YORK — Sotheby’s said on Tuesday said it earned a sharply lower second-quarter profit as revenue slid and the recession dampened demand for art worldwide. Donald Trump and bank hope to make $100M cash infusion to spruce up 3 Atlantic City casinosATLANTIC CITY, N.J. — You’re rehired! Former MetLife CEO Benmosche to take on president and CEO role at insurer AIGAmerican International Group Inc. named former MetLife Inc. chairman and CEO Robert Benmosche Monday as its new president and chief executive. Avon Products net income falls 65 percent in 2nd quarter but adjusted results top StreetNEW YORK — Avon Products Inc. said Thursday its second-quarter profit fell 65 percent as foreign currency and hefty restructuring charges hurt the cosmetic company’s bottom line, while the global recession dampened demand for beauty products and fragrances. Flextronics drops to 1st-quarter loss from year-ago profit on restructuring chargesNEW YORK — Singapore-based contract electronics manufacturer Flextronics International Ltd. plunged to a loss in its fiscal first quarter on restructuring and other charges, but adjusted results still beat expectations. Ukraine seeks to restructure debt of troubled Naftogaz energy firmKIEV, Ukraine — Ukraine’s acting finance minister said Wednesday the government has launched talks on restructuring the foreign borrowings of the state energy firm Naftogaz, in a worrying sign that the company at the center of Europe’s natural gas trade is in financial trouble. Putnam Investments cuts fees for fixed-income, asset allocation funds; restructures pricingBOSTON — Putnam Investments said Tuesday it is cutting fees for its fixed-income mutual funds by an average 13 percent, and by 10 percent for asset allocation funds holding a mix of stocks and bonds. McGraw-Hill 2nd-quarter profit drops partly on restructuring charge related to job cutsNEW YORK — McGraw-Hill Cos. said Tuesday that its second-quarter profit dropped 23 percent, partly hurt by a restructuring charge related to job cuts. Amgen’s 2nd-quarter profit rises 40 percent on lower costs after restructuring programTHOUSAND OAKS, Calif. — Biotechnology company Amgen Inc. said Monday cost-cutting measures and a restructuring program helped push a 40 percent boost in second-quarter profit, despite a continued decline in anemia drug sales. EU official says banks must be allowed to fail if they can’t cope without state bailoutsBRUSSELS — European banks that can’t survive without long-term government help must be allowed to fail, a senior European Union antitrust official said Thursday. ATC Technology says it will cut jobs and consolidate as part of restructuringDOWNERS GROVE, Ill. — Vehicle remanufacturing and logistics company ATC Technology Corp. late Tuesday said it will cut jobs and consolidate certain warehousing activities in an attempt to reduce costs stemming from the upcoming loss of its Honda transmission remanufacturing program. Avon Products to eliminate about 1,200 jobs by 2013 as part of restructuring effortsNEW YORK — Avon Products Inc. said Wednesday that it will eliminate about 1,200 positions, or about 2.8 percent of its oevrall work force, by 2013 as part of restructuring efforts amid a recession that has dampened demand for the company’s cosmetics. Playboy expects larger 2nd-quarter charge for Manhattan office closingNEW YORK — Adult entertainment company Playboy Enterprises Inc. said Tuesday it expects to take a bigger restructuring charge in the second quarter than it previously estimated. Coca-Cola 2nd-quarter profit rises 43 pct; sales fall on effects of strengthening dollarMILWAUKEE — Coca-Cola Co.’s second-quarter profit rose 43 percent, and the world’s largest beverage maker said Tuesday its rapid overseas growth helped offset weak domestic volumes, even as foreign currency exchange dragged down sales. Chemical maker DuPont 2Q profit tumbles 61 pct on lower sales volume, restructuring chargesDOVER, Del. — Lower sales and restructuring charges pushed profits for chemical giant DuPont down 61 percent in the second quarter, overshadowing a strong showing by its agriculture and nutrition business. United Technologies 2Q profit falls 24 percent as co. records restructuring costsHARTFORD, Conn. — United Technologies Corp. said Tuesday its second-quarter profit fell nearly 24 percent as the diversified manufacturer posted double-digit declines in key businesses. United Technologies 2Q profit falls 17 percent as co. records restructuring costsHARTFORD, Conn. — United Technologies says its second-quarter profit fell 17 percent as the diversified manufacturer recorded restructuring costs. Chemical maker DuPont reports drop in 2Q earnings, cites lower sales, restructuring chargesDOVER, Del. — The chemical maker DuPont Co. says its earnings dropped 61 percent in the second quarter on lower sales volumes and restructuring charges. |
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