Biovail execs face SEC charges; company settles
TORONTO/WASHINGTON (Reuters) - The U.S. Securities and
Exchange Commission said on Monday that Canada's Biovail Corp
will pay $10 million to settle a probe into fraudulent
accounting, but the drugmaker's founder, Eugene Melnyk, and
three other current and former executives still face charges.
In addition, Canada's major securities regulator, the Ontario
Securities Commission, said it has scheduled a hearing for
April 22 on issues concerning Biovail.
JPMorgan raises Bear Stearns bid, grabs stake
NEW YORK (Reuters) - JPMorgan Chase & Co raised its
takeover offer for Bear Stearns Cos on Monday to about
five times its original bid and struck a deal to buy nearly 40
percent of the bank, all but locking up the controversial
acquisition. Under the revised deal, JPMorgan will buy 95
million newly issued Bear Stearns shares and Bear's board
agreed to vote in favor of the offer. With those shares,
JPMorgan would own 39.5 percent of Bear Stearns and have
secured the backing of Bear Chairman James Cayne, owner of a 3
percent stake in Bear.
Icahn sues Motorola for access to documents
NEW YORK (Reuters) - Activist investor Carl Icahn said on
Monday he is suing Motorola Inc to force it to hand
over documents related to its money-losing mobile devices
business to determine if its board failed in its duties. The
actions come after Icahn rejected an offer by Motorola to
support two of his four board nominees, according to the Wall
Street Journal Online, which cited an Icahn interview.
Soaring bank issues boost Toronto stocks
TORONTO (Reuters) - Rallying financial issues helped pull
the Toronto Stock Exchange's main index strongly higher on
Monday, amid increased confidence in the value of bank stocks
and a rush of bargain-hunting. A sweetened bid for U.S. bank
Bear Stearns Cos from JPMorgan Chase & Co
improved sentiment for the broader financial sector as
investors scooped up bank stocks that had been beaten down by
fallout from the credit crisis and fears of more difficulties
to come.
Wall Street may cut 20,000 jobs over 2 years: report
NEW YORK (Reuters) - New York City risks losing more than
20,000 jobs in the high-paying financial sector over the next
two years as the crisis in mortgage markets drives down Wall
Street's profits, according to a report issued on Monday. The
city's Independent Budget Office, in its report, estimated that
Wall Street's profits for 2007 will sink by more than 80
percent to the lowest level since 1994.
Canadian dollar lifted by commodities
TORONTO (Reuters) - The Canadian dollar rose on the back of
a modest bounce in commodity prices and an economic report out
of the United States that suggested a bottom to the U.S.
housing crisis may be in sight. Domestic bond prices fell as
equity prices rallied, lessening the safe-haven appeal of
government debt.
Oil falls toward $100 on dollar and demand concerns
SYDNEY (Reuters) - Oil fell for a fourth day on Tuesday,
dipping briefly below the $100 mark as a stronger dollar,
weaker demand and growing crude oil inventories extended a
retreat that has knocked a tenth off prices since last week.
U.S. light crude for May delivery recouped some early
losses to stand 60 cents lower at $100.26 a barrel by 11:46
p.m. EDT, a fourth day of losses and sharply down from a record
high $111.80 a barrel touched on March 17.
Cott names David Gibbons interim chief executive
TORONTO (Reuters) - Cott Corp said on Monday that
David Gibbons will be interim chief executive, replacing Brent
Willis. The company said it had started a search for a
permanent CEO.
AbitibiBowater gets $350 million pvt placement
NEW YORK (Reuters) - AbitibiBowater , the largest
North American newsprint maker, said on Monday Fairfax
Financial Holdings agreed to invest $350 million in
unregistered convertible debentures of AbitibiBowater, sending
its shares up more than 18 percent. The newsprint maker has
seen its shares decline over 60 percent in the last six months,
due to growing concerns about its ability to refinance debt of
its Abitibi Consolidated unit that is due to mature in the
second quarter.
Ford to announce Jaguar sale to Tata on Wed: FT
DETROIT (Reuters) - Ford Motor Co is due to announce
its agreement to sell its luxury brands Jaguar and Land Rover
to India's Tata Motors Ltd for about $2 billion on
Wednesday, the Financial Times said on Monday. The sale will
include a pledge by Ford to contribute to the pension fund for
workers at Jaguar and Land Rover and a commitment by Tata to
continue buying engines from Ford, the Financial Times said in
the story posted on its Web site.
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