In Tuesday's Americas papers

11 August 2009 11:30  [Source: ICIS news]


Front page

Friends agrees to resolution takeover
UK insurer Friends Provident said it has agreed to be acquired by restructuring firm Resolution in a £1.86bn deal, as it posted a wider net loss for the first half of the year.

18 months house arrest for Suu Kyi
A Myanmar court sentenced pro-democracy leader Aung San Suu Kyi to another 18 months under house arrest for violating her previous detention.

Schumacher calls off F1 comeback
Michael Schumacher said on Tuesday he is calling off his Formula One comeback because of lingering injuries from a motorcycling crash earlier this year.

Money & Investing

Judge defers on BofA-SEC ruling
A judge delayed a decision on approval of a $33m Bank of America-SEC settlement on Merrill bonuses.

Distressed takeovers soar
Distressed-debt deals, in which creditors use their debt positions to seize ownership of troubled companies, are running close to double the pace of 2008, data show.

China dilutes claim of Rio Tinto deceit
Chinese officials backed away from allegations that Rio Tinto cost the country more than $100bn by stealing state secrets, spotlighting the murky way China handles such cases.


Front page

Mexico’s drug traffickers continue trade in prison
Imprisoned drug traffickers can find a new base of operations for their criminal empires, recruit underlings, and bribe their way out for the right price.

Pro-democracy leader in Myanmar is convicted
Daw Aung San Suu Kyi was sentenced to three years of hard labour, but her sentence was commuted to a new term under house arrest.

Business Day

Brioni, suit-maker to presidents, adapts to crisis
The fashion house Brioni is best known for dressing James Bond in black tie and creating hand-sewn custom suits that start out at $4,000 and run as high as $47,000.

For Asia, data shows a slow climb out of recession
China on Tuesday reported a batch of solid economic data for July, two major Asian central banks kept interest rates unchanged and business confidence rose to a two-year high in Australia – news that showed the region is continuing its slow and onerous climb out of recession.


Front page

Burmese court convicts Suu Kyi, American
Opposition leader sentenced to an additional 18 months under house arrest on charges of breaching the terms of her previous incarceration.

Obama vows focus on borders
Administration will pursue immigration overhaul, but action will not come until 2010.


Bank of America settlement delayed
A federal judge refuses to sign off on a $33m settlement between Bank of America and the Securities and Exchange Commission, demanding to know why the agency accepted such a small penalty.

'Buying American' strains trade
The provisions in the $787bn stimulus package have increased tensions as US cities and states have barred Canadian businesses from bidding on projects funded with money from the bill.


Front page

Harper in Panama to sign free-trade deal
Prime Minister Stephen Harper has detoured from his trip home following the Three Amigos summit in Mexico to sign a free-trade agreement on Tuesday in Panama, the fastest growing economy in Central America.

Tories in a dead heat with Liberals: poll
Stephen Harper's Conservatives have slightly slipped in Ontario but remain locked in a statistical tie with the Liberals for support across the country, a new poll shows.


BC emerges as natural gas player
For four years, Alfred Sorensen and his tiny team at Galveston LNG Inc worked to develop a natural gas import terminal on BC's northwest coast, but were unable to court international producers to support the project.

Price wars grip Canada's grocery stores
It is a "pricing paradise" for Canadian grocers that has not happened in almost two decades: They have been able to keep prices high.


Front page

Santa Cruz' Economy Minister Juan Manuel Campillo presents resignation
Santa Cruz Province's Economy Minister, Juan Manuel Campillo, presented his resignation to Governor Daniel Peralta, in the midst of a historic deficit in the province, calculated at 2.402m pesos.

Critics of US Honduras policy are hypocritical, Obama
President Barack Obama said it was hypocritical for critics of Washington's response to a coup against Honduran President Manuel Zelaya to demand a more forceful US role in returning him to power.

De Vido confirms suspension of electricity bills
Planning Minister Julio De Vido confirmed that the emission of all electricity bills with a consumption of 1000 kilowatts or more will be suspended.

By: Staff Reporter
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