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Dhanin Chearavanont’s Charoen Pokphand Group (CP Group), a food group controlled by Thailand’s richest man, has acquired HSBC’s (NYSE:HBC) 15.6% stake in China’s Ping An Insurance for $9.38 billion, according to Reuters. The deal has been partly funded by Chinese state-owned China Development Bank. For HSBC, the deal is yet another in its string of disposals of non-core assets, and one on which it will earn a post-tax gain of $2.6 billion.
Citigroup (NYSE:C) plans over 11,000 job cuts which would mean savings in costs of around $2 billion over 2013 and 2014. Revenues could be impacted by as much as $300 million, while the bank will incur a pre-tax charge of $1 million in Q4 and another $100 billion in the first half of 2013 due to the restructuring.
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Intel Corporation’s (NASDAQ:INTC) offering of four series of senior unsecured notes totalling $6 billion will be interest varying from 1.35% to 4.25% per annum depending on the date of maturity of the notes. The offer is expected to close on December 11, and the company will utilise the proceeds for general corporate purposes and for repurchasing shares of its common stock.
Contrary to earlier reports that the Redbox Instant video streaming and DVD rental service, jointly offered by Coinstar (NASDAQ:CSTR) and Verizon (NYSE:VZ), would launch by December 17, company chairman and CEO, Lowell McAdam, has announced that the commercial launch should now be expected around the end of the first quarter of 2013 or the beginning of the second quarter of that year. Currently under internal employee beta testing, the service will be opened up for public beta testing later this month, followed thereafter by the commercial launch.
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