DETROIT — Detroit asked a U.S. regulator to consider bringing charges against two banks for costly interest-rate swaps that factored in the city’s record-setting municipal bankruptcy case, Detroit Emergency Manager Kevyn Orr testified on Friday.
Orr said Detroit asked the U.S. Securities and Exchange Commission to investigate its deals with UBS AG and Merrill Lynch Capital Services, a unit of Bank of America, for interest rate swaps to hedge risk on some of the $1.4 billion of pension debt Detroit sold in 2005 and 2006.
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— Australia’s biggest phone company Telstra Corp. is in advanced talks with a U.S. private equity firm over the sale of its Sensis directories business for as much as A$3 billion ($2.7 bln), local media reported on Saturday.
The Melbourne-based telco could complete the sale of its unit that publishes a range of print and online directories including the White Pages and the Yellow Pages to an unnamed U.S. Read more
Hewlett-Packard Co’s senior executives were aware of certain Autonomy Corp sales practices months before a whistleblower flagged them, prompting HP to write down the value of Autonomy, the Financial Times reported, citing email records.
HP, which bought Autonomy for $11.1 billion in 2011 only to write down its value by $8.8 billion a year later, has accused Autonomy officials of accounting fraud.
BEIJING — A slide in IBM Corp’s (IBM.N) sales in China amid a broad backlash against claims of U.S. government spying has triggered a rare visit to Beijing by Chief Executive Officer Ginni Rometty.
The head of the world’s biggest technology services company arrives in China’s capital on Wednesday for three days of meetings with government leaders, according to people familiar with her visit. Read more
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