Sterlite Industries makes higher $2.57B bid for Asarco, topping rival Grupo Mexico’s offerDENVER — Sterlite Industries Ltd. raised its bid Friday for Asarco LLC by 20 percent to $2.57 billion in cash, topping rival Grupo Mexico’s offer to regain control of the mining company that has been operating under bankruptcy protection. Mack, Gorman and Chammah: Thumbnails of the key figures in the Morgan Stanley CEO successionInvestment bank Morgan Stanley announced a succession plan Thursday for its CEO, John Mack, that will occur at the end of the year. Here are short sketches of Mack, his successor James Gorman, and Walid Chammah, who will become the chairman of the bank’s overseas operations, based in London. Procter & Gamble cuts prices, boosts promotions to pave way for sales rebound this yearCINCINNATI — The world’s largest consumer products maker is finding that “new and improved” is still good, but “lower price” is working better. GHL Acquisition to buy back more shares as it works to close Iridium acquisitionNEW YORK — GHL Acquisition Corp., a holding company formed to make purchases, said Thursday it has agreed with a group of shareholders to buy back 1.9 million shares when it closes a deal to buy Iridium Holdings LLC. Trade deficit grows, but growth in imports and exports shows demand rising as recession fadesWASHINGTON — The ending of the recession is reviving global trade, increasing U.S. imports by a record amount in July and boosting foreign demand for American goods for a third straight month. Procter & Gamble projects earnings boost from pharma sale, sees sales improving this yearCINCINNATI — The Procter & Gamble Co., maker of Tide laundry detergent and Gillette shavers, expects sales to begin rebounding this fall as it cuts prices and adds new versions of its consumer products that emphasize value. New jobless claims fall more than expected to 550,000, total unemployment rolls also dropWASHINGTON — First-time claims for jobless benefits fell more than expected last week, evidence that companies are laying off fewer workers as the economy improves. Monsanto expands plan to cut work force by 8 percent, up from previous plan to cut 4 percentST. LOUIS — Monsanto Co., the world’s biggest seed maker, said Thursday it plans to make deeper work force cuts than previously announced, saying it will reduce its staff by about 8 percent to cut costs. Government agency that’s supposed to protect public waives rules for hazardous cargo shippersWASHINGTON — Members of Congress Thursday demanded a shake up at the agency that regulates the transport of hazardous materials, saying officials for years have quietly waived safety rules because of a cozy relationship with industry. Japanese machinery orders slide 9.3 percent in July, reversing previous month’s jumpTOKYO — Japanese machinery orders, a closely watched indicator of corporate capital spending, fell back in July after rising the previous month, the government said Thursday, suggesting the outlook for the world’s No. 2 economy remains murky. Death toll from mine accidents in China hits 56; 36 still trapped and feared deadBEIJING — More than 20 officials and mine managers have been fired, suspended or arrested after accidents in two mines in a central Chinese province left 56 dead and another 36 missing with little hope of survival. Malaysia government report says loggers raped Borneo tribal girls in remote jungleKUALA LUMPUR, Malaysia — Indigenous tribal girls have been sexually abused by loggers in remote jungles on Borneo island, a Malaysian government report said, in the first official verification of rape accusations involving timber companies. Mexico City’s love affair with plastic bags will have its limit under new lawMEXICO CITY — Teenagers use them to sneak beer into concerts. Morning commuters sip juice from them. Vendors save on containers by slopping everything from salads to bulk shampoo into them. Asian markets drift lower as exporters fall while oil, gold gains boost commodity stocksBANGKOK — Asian markets drifted lower Wednesday as dollar weakness hit exporters while commodity stocks gained on a jump in oil and gold prices. European shares were lower. Death toll from illegal coal mine blast in China rises to 42; 37 still trapped and feared deadBEIJING — The death toll from an explosion at an illegal coal mine in central China rose to 42 Wednesday with another 37 men still trapped with little hope for survival. Canada’s Barrick Gold to eliminate gold hedges, plans $3 billion equity offeringTORONTO — Barrick Gold Corp., the world’s biggest gold producer, said Tuesday it plans to eliminate all of its gold hedges and raise $3 billion in a share offering to help pay for the move. Chemical spill at W.Va. plant sends 1 worker to hospital, triggers lockdown for 200 residentsHUNTINGTON, W.Va. — A factory employee was treated for exposure to a toxic chemical Tuesday and about 200 people were ordered to stay indoors for several hours after a railroad tanker leak. Cornerstone once envisioned for NYC’s Freedom Tower gets a new home on Long IslandHAUPPAUGUE, N.Y. — A 20-ton block of granite once envisioned as the cornerstone for New York’s Freedom Tower is getting a new home on Long Island. 1 worker treated, 200 residents ordered to stay indoors after chemical spill at W.Va. plantHUNTINGTON, W.Va. — A factory employee was treated for exposure to a toxic chemical Tuesday and about 200 people were ordered to stay indoors after a railroad car leak in southern West Virginia. Barrick Gold sells stake in silver production at mines to Silver Wheaton for $625 millionDENVER — Barrick Gold Corp., the world’s biggest gold producer, on Tuesday agreed to sell silver reserves from four of its mines to Silver Wheaton Corp. in a deal worth $625 million. Anticipation of change lingers for many Americans 8 months into Obama presidencyWASHINGTON, Pa. — They’ve heard it all before — the tanking economy, the bleeding of jobs, the creeping hardship that never seems to ebb. And the desperate hope that hangs over everything and whispers that maybe, just maybe, tomorrow might be a tiny bit better. Settlement proposals due in lawsuit from May 2008 International Paper mill explosion in Miss.JACKSON, Miss. — International Paper Co. and two brothers who were severely burned when a boiler exploded at a Mississippi plant have until Friday to submit proposals to settle a federal lawsuit. No kneejerk partisan judgment here: Obama seen as bridge to next uncertain American eraWASHINGTON, Pa. — They’ve heard it all before — the tanking economy, the bleeding of jobs, the creeping hardship that never seems to ebb. And the desperate hope that hangs over everything and whispers that maybe, just maybe, tomorrow might be a tiny bit better. Russia’s largest steelmaker Severstal loses $290 million in 2nd quarter, but sees recoveryMOSCOW — Russia’s largest steelmaker Severstal posted Monday a $290 million loss in the second quarter, a sharp fall from profits last year but better than the previous quarter, as the slump in global demand hit a bottom and showed some signs of picking up. Pittsburgh firms launch Web sites, blogs, foreign-language links to try to capitalize on G-20PITTSBURGH — Some Pittsburgh companies will not be satisfied with just having the world come to their doorstep in September when an economic summit convenes in the Steel City. Hundreds of Soviet-era, single-factory towns suffer amid Russia’s languishing economyYASNOGORSK, RUSSIA — Three decades ago, the Yasnogorsk Machine-Building Factory stamped out thousands of pounds of steel and iron into parts for wagons, pumps and locomotives for Russia’s mining industry. Pilots at Fla. cargo company strike, claiming company makes them use plastic bags for bathroomMIAMI — Flying a Boeing 727 around the world might sound like a dream. But pilots for a Florida air cargo company claim their job is a nightmare that includes no sick pay, shrinking wages and no place to use the bathroom on flights but a plastic bag. Judge indefinately blocks drilling on Colorado’s Baca National Wildlife RefugeDENVER — A federal judge has indefinitely blocked oil and gas drilling on a wildlife refuge that sits next to the Great Sand Dunes National Park in south-central Colorado. Donations for funerals pour in for relatives of family killed in Ga. mobile homeBRUNSWICK, Ga. — While grieving a family slain in a Georgia mobile home, relatives of the victims have been grappling with another problem — how to pay for so many funerals at once. Sigg image dented after metal bottle maker reveals chemical compound were in epoxy linersSigg bottles are leaving Katy Farber with a bitter taste. |
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