Murdochs under pressure at AGM
News Corp was bracing itself for a dramatic showdown with shareholders and new revelations of surveillance tactics by some of its UK journalists at its annual meeting in Los Angeles yesterday. Major US, British and Australian pension funds were joined by street protesters in keeping up the pressure, amid calls for the removal of founder Rupert Murdoch and his sons from the board.
Investor cannot pay €1.2m despite rents
AN investor who saw his empire dive in value by €36m due to the property collapse told a judge yesterday he was unable to pay the €1.2m he owes a former partner. Philip Mahon (63), formerly of Beancroft, Kilmashogue Lane, Rathfarnham, Dublin, agreed he was still collecting thousands of euro every month in rents but said it was all destined for lender banks.
Groupon seeking $11.4bn valuation
Groupon, the largest online-coupon site, is seeking a valuation of $11.4bn (€8.23bn) in its US initial public offering, less than half the $25bn it considered earlier this year.
The company is offering 30 million shares at $16 to $18 apiece.
Dollar falls due to euro crisis optimism
The dollar fell broadly yesterday and hit a record low against the yen. Optimism that European leaders will take more measures to contain the eurozone crisis kept investor appetite for risk alive, sending US stocks sharply higher.
BP's credit rating threatened by case
Rating agency Fitch said a $13bn (€9.39bn) lawsuit taken by a minority shareholder in BP's Russian joint venture, TNK-BP , could affect the London-based oil giant's credit rating. "If a $13b lawsuit against BP gains traction, it could trigger a review of BP's 'A'/Stable rating," Fitch said.