“Gender equality is smart economics and a key driver of development — We need to do more so that investing in women becomes mainstream by businesses and financial institutions alike.”
Jim Yong Kim, President of the World Bank Group, in a speech in Washington, announcing a partnership between the WBG and Goldman Sachs to raise $132m for a Women Entrepreneurs Opportunity Facility.
Three ex-top executives of collapsed law firm Dewey & LeBoeuf, have been charged with a “blatant” $200m fraud which in 2012 resulted in the largest-ever bankruptcy of a U.S. law firm. Steven Davis, ex-chairman; Stephen DiCarmine, ex-chief executive and Joel Sanders, ex-CFO are accused of using accounting gimmicks similar to that in the WorldCom Inc. and Tyco Int’l Ltd cases. Prosecutors cited e-mails in which the accused referred to “fake income,” “cooking the books” and “accounting tricks.”
Dewey & LeBoeuf was formed in 2007 through the tie-up of two of New York’s most prestigious law firms, namely Dewey Ballantine and LeBoeuf, Lame, Greene & MacRae. Prior to its bankruptcy, it had over 1,300 staff in NY and 3000 working in 26 offices around the world. It was once the no.3 legal adviser to banks handling merger deals in the U.S. Dewey’s Chapter 11 petition listed assets of $193m and liabilities of $245.4m.
Premier League: US firm Baron Capital buys Manchester United shares | Sky News [read more]
An American investment firm has acquired a quarter of all Manchester United shares available on the New York Stock Exchange.
Baron Capital has been buying up stock and now owns 24 per cent of all the United shares that were sold by the Glazer family in 2012, though that still only represents 2.5 per cent of the club.
Analysts believe the accumulation of shares reflects the firm viewing United as a good long-term investment, rather than Baron Capital making any bid to secure a controlling interest in the club…
Soft drinks giant, PepsiCo Inc has signed a deal to supply beverages to Walt Disney Co’s first China resort. The deal effectively breaks a 25-year-old monopoly of its principal rival, Coca-Cola Co, over beverage supply to the U.S. theme park operator.
PepsiCo and Tingyi Cayman Islands Holding Corp, its partner in China, will exclusively provide beverages to the Shanghai Disney Resort, its first on mainland China which is set to open at the end of 2015.
Fyffes merge with Chiquita to create world's biggest banana company | The Guardian [read more]
Two of the world’s best-known banana brands – Fyffes and Chiquita – are to merge in a deal that will create the world’s largest producer, shipping 16 billion bananas a year and generating $4.6bn (£2.75bn) in sales…
EBay Rejects Icahn’s Nominees for Its Board | NYT [read more]
The weeks long battle of words between eBay and Carl C. Icahn has heated up. In releasing its preliminary proxy statement on Monday, eBay noted that it had rejected two of the billionaire’s nominees for its board and instead chose to renominate every director up for re-election this year…