The owners of the New York Mets baseball team have reached a revised agreement with the trustee seeking to recoup money for the victims of Bernard Madoff's fraud that gives them more time to pay up to $61 million, the parties announced on Tuesday. The deal came four years after a group including brothers-in-law Fred Wilpon and Saul Katz, the owners of the Mets, reached a settlement to pay a maximum of $162 million as a trial in federal court in Manhattan was set to start in a lawsuit by trustee Irving Picard. The lawsuit had accused the group of turning a blind eye to the fraud by Madoff, whose Ponzi scheme was uncovered in December 2008, a claim they denied.
Activity in China's manufacturing sector unexpectedly expanded for the third straight month in May but growth remained weak as orders softened, suggesting the world's second-largest economy is still struggling to regain traction. Beijing has been counting on a strong services sector to help offset the prolonged downdraft from manufacturing, and hopes that services will create jobs for some of the millions of factory workers who are expected to lose their jobs as the government tries to cut industrial overcapacity.
The transaction marks the first sale of Alibaba shares by its largest shareholder since Softbank began investing in the company in 2000. Softbank's Alibaba stake will fall to about 28 percent of the Chinese firm from 32.2 percent in March. Softbank Chairman and Chief Executive Masayoshi Son will remain a director at Alibaba, while Alibaba Executive Chairman Jack Ma will remain on the board of Softbank.
By Henning Gloystein SINGAPORE (Reuters) - Oil prices fell early on Wednesday as production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook.
By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks sagged on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the euro and yen following a mixed bag of U.S. economic data. The euro was at $1.1134, putting further distance between a 2-1/2-month low of $1.1097 touched on Monday.
Software maker Microsoft Corp is selling about 1,500 of its patents to Chinese device maker Xiaomi [XTC.UL], a rare departure for the U.S. company and part of what the two companies say is the start of a long-term partnership. The deal, announced on Wednesday, also includes a patent cross-licensing arrangement and a commitment by Xiaomi to install copies of Microsoft software, including Office and Skype, on its phones and tablets. "This is a very big collaboration agreement between the two companies," Wang Xiang, senior vice president at Xiaomi, said by telephone ahead of the deal.
(Reuters) - Japanese telecommunications and internet firm Softbank Group Corp on Tuesday said it will sell at least $7.9 billion of shares in Chinese ecommerce company Alibaba Group Holding Ltd in order to raise funds to reduce its debt. The transaction marks the first sale of Alibaba shares by its largest shareholder since Softbank first began investing in the company. Softbank's Alibaba stake will fall to about 28 percent of the Chinese firm from 32.2 percent in March.
Michael Dell and Silver Lake Partners underpriced their 2013 $24.9 billion buyout of Dell Inc [DI.UL] by about 22 percent and may have to pay tens of millions to investors who opposed the deal for the computer maker, a Delaware judge ruled on Tuesday. The ruling, which applies to about 5.5 million Dell shares, is a victory for the specialized hedge funds that have increasingly tried to squeeze more money from mergers using a type of lawsuit known as appraisal. The lawsuits allow investors who oppose a deal, such as the bitterly contested Dell buyout, to sue and ask a Delaware judge to determine a fair deal price.
Viacom Inc's chief executive and independent directors would face an uphill courtroom battle to remain on the board if controlling shareholder Sumner Redstone followed through on a threat to remove them, legal experts said on Tuesday.
Shari Redstone, vice chair of Viacom Inc and the daughter of controlling shareholder Sumner Redstone, said on Tuesday she has no desire to manage the media conglomerate or to chair its board. The statement from Shari Redstone was a response to a letter on Monday in which Viacom's six independent directors vowed to fight any attempt to oust them from the board. In a statement from her spokeswoman, Shari Redstone said she wants "strong, independent directors" for Viacom, the owner of MTV, Comedy Central and Paramount Pictures.