Financial news on June 9th, 2012
Business and Financial news
European Commission intends to file an antitrust complaint against Universal Music Group's proposed $1.9 billion acquisition of the EMI music recording business, citing concerns that the deal would reduce competition. Read more..
American Federation of State, County and Municipal Employees will hold elections to replace its longtime president Gerald W McEntee; candidates Lee Saunders and Danny Donohue are competing to helm an massive organization that faces falling membership and has been humbled by its failure to oust Wisconsin's anti-union governor, Scott Walker. Read more..
Genentech wins federal approval for Perjeta, a new drug to treat advanced breast cancer; company announces that it is expecting manufacturing problems that could lead to a shortage of the drug. Read more..
As interest rates have been dropping to new lows, American companies have been taking advantage of the cheap borrowing costs, but consumers have been largely left on the sidelines. Read more..
Olympus Corporation announces that it will pay former chief executive Michael C Woodford $15.4 million in a settlement over his dismissal from the company; Olympus also announces that it will cut 2,700 jobs. Read more..
Ron Lieber Your Money column extolls the virtues of a 'financial tuneup day' as an opportunity to resolve long-deferred fiscal tasks like budget balancing; notes that if neglected, personal finances can produce significant anxiety. Read more..
Euro zone leaders want to resolve a Spanish crisis before Greek elections pose new challenges to region. Read more..
Shareholders send an angry message to the board and management of Chesapeake Energy, withholding support for the two directors up for election, rejecting the pay plan for top executives and urging the company to allow major shareholders to nominate their own board candidates. Read more..
Switzerland's highest court upholds Google's basic right to document residential street fronts with its Street View technology, but imposes some limitations on the kinds of images the company can take; ruling leaves the service legally intact in Switzerland, which has some of the strictest privacy safeguards in the world. Read more..