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Bee Gees' Robin Gibb dies after long cancer battle

In this Nov, 6, 1979, file photo, the Bee Gees from left, Maurice, Robin and Barry Gibb sing close into the microphone at a Miami Beach concert in Miami. November 6, 1979. A representative said on Sunday, May 20, 2012, that Robin Gibb has died. He was 62. (AP Photo/Phil Sandlin, File)With his carefully tended hair, tight trousers and perfect harmonies, Robin Gibb, along with his brothers Maurice and Barry, defined the disco era. As part of the Bee Gees — short for the Brothers Gibb — they created dance floor classics like "Stayin Alive," ''Jive Talkin'," and "Night Fever" that can still get crowds onto a dance floor.


NATO touts Afghan war's end as fighting goes on

The NATO leaders gather as the opening session of the NATO Summit begins in Chicago, Sunday, May 20, 2012. (AP Photo/Christophe Ena)As President Barack Obama and fellow NATO leaders herald the coming end of the deeply unpopular Afghanistan war, they face the grim reality of two more years of fighting ahead and more of their troops sure to die in combat.


EU's Almunia offers Google chance to settle antitrust case

People walk past a logo next to the main entrance of the Google building in ZurichBRUSSELS (Reuters) - The European Union's antitrust chief on Monday offered Google a chance to settle an investigation into allegations of anti-competitive behavior after the world's most popular search engine indicated its willingness to resolve the issue amicably. The European Commission launched investigation into Google in November 2010 after rivals, including Microsoft, accused the company of manipulating search results and promoting its own advertising services while demoting their rivals'. ...


Putin dominates new Russian government

Russia's President Putin attends the CSTO summit at the Kremlin in MoscowMOSCOW (Reuters) - Russian President Vladimir Putin unveiled a government dominated by loyalists on Monday, tightening his grip on the economy and limiting Prime Minister Dmitry Medvedev's ability to pursue his reform agenda. Igor Shuvalov, a powerful Putin ally, kept his post as first deputy prime minister in overall charge of economic policy and Anton Siluanov, a career bureaucrat, remained finance minister. Putin also consolidated his power over the security structures, with Anatoly Serdyukov staying on as defense minister, and kept faith with long-serving Foreign Minister Sergei Lavrov. ...


Alibaba buys back 20 percent stake held by Yahoo for $7.1 billion

Employees play table tennis inside the headquarters office of Alibaba (China) Technology Co. Ltd on the outskirts of HangzhouSHANGHAI/NEW YORK (Reuters) - Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing. Under the agreement, Yahoo will sell half its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock. ...


Stock futures higher as G8 wants Greece in euro

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stock index futures rose on Monday after Wall Street posted its worst weekly loss for the year and on assurances that world powers want debt-laden Greece to remain in the euro. On Saturday, G8 leaders stressed that their "imperative is to promote growth and jobs" and gave verbal backing for Greece to stay in the euro, but despite calls from the United States for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt problems. ...


Trial of ex-P&G, Goldman board member starts in NY

FILE- In this Jan. 5, 2012 file photo, former Goldman Sachs board member Rajat Gupta, left, exits Manhattan federal court with his attorney Gary Naftalis, in New York. The insider trading trial of the former board member for Goldman Sachs and Procter & Gamble begins in New York on Monday, May 21, 2012, with jury selection. (AP Photo/Mary Altaffer, File)The July 29, 2008, phone call between two titans of Wall Street began with the old friends exchanging mild pleasantries, but then quickly turned serious and — by the government's account — criminal.


Germany insists no eurobonds to solve debt crisis

French President Francois Hollande, left, takes his seat next to German Chancellor Angela Merkel during the opening session of the North Atlantic Council meeting at the NATO summit in Chicago, Sunday, May 20, 2012. (AP Photo/Philippe Wojazer, Pool)A German official made clear on Monday that Berlin continues to oppose the idea of jointly-issued bonds for the 17-nation eurozone, which France's new president had suggested could be used to create much-needed economic growth and ease the region's financial crisis.


Economists more upbeat about job growth, housing

A new survey shows economists are growing slightly more optimistic about recovery in the job and housing markets but expect other pillars of the economy to remain weak.

Merkel to discuss fiscal pact with German parties

French President Francois Hollande and German Chancellor Angela Merkel walk off the stage after the family photo at the NATO Summit in ChicagoBERLIN (Reuters) - Chancellor Angela Merkel will discuss with the leaders of German political parties on Thursday the prospects for a European fiscal pact she wants parliament to approve before its summer recess despite opposition foot-dragging. Government spokesman Georg Streiter said Merkel, Finance Minister Wolfgang Schaeuble and other senior officials would meet the national and parliamentary leaders of the main parties on Thursday from 3 p.m. to 5 p.m. (1300-1500 GMT). The subject would be "the fiscal pact, Europe and everything linked to that", Streiter told a news conference. ...


Group: Palestinian shot as Israeli troops stood by

In this Saturday, May 19, 2012 photo, an armed Jewish settler aims a rifle in the direction of Palestinian stone-throwers during clashes between Palestinians and Jewish settlers in the West Bank village of Assira al-Kibliya. An Israeli human rights group has released a video suggesting Israeli soldiers stood by while Jewish settlers opened fire on Palestinians in Assira al-Kibliya wounding one. (AP Photo/Nasser Ishtayeh)An Israeli human rights group has released a video that suggests Israeli soldiers stood by while Jewish settlers opened fire on Palestinians in the West Bank, wounding one.


DaVita to buy HealthCare Partners in $4.42B deal

Kidney dialysis services provider DaVita Inc. said Monday that it has agreed to buy the doctor network operator HealthCare Partners in a cash-stock deal worth about $4.42 billion.

Thousands gather for Lebanese Sunni cleric funeral

A Lebanese man steps out from a destroyed building that was damaged during clashes erupted between pro- and anti-Syrian Sunni groups, in Beirut, Lebanon, Monday May 21, 2012. Gunmen fired rocket-propelled grenades and machine guns early Monday in intense street battles in the Lebanese capital, wounding and killed several people as fears mounted that the conflict in neighboring Syria was bleeding across the border. The clashes erupted hours after an anti-Syrian cleric and his bodyguard were shot dead in northern Lebanon.(AP Photo/Hussein Malla)Mourners fired guns in the air as thousands poured into the streets Monday in a northern Lebanese town for the funeral of a Sunni Muslim cleric whose killing sparked intense clashes in Beirut and raised fears the crisis in Syria was spilling across the border.


Italy vote to tap austerity anger, gauge political shift

Italian Prime Minister Mario Monti is welcomed by U.S. President Barack Obama at the G8 summit in Camp DavidROME (Reuters) - Italy is likely to register a strong protest vote against belt-tightening on Monday in local elections that will provide a fresh snapshot of Europe's changing political landscape a year ahead of a national ballot. Taking place against the backdrop of a tense and somber national mood, the second round of voting to choose city majors involves nearly 120 local administrations. Prime Minister Mario Monti - the architect of Italy's tough austerity program - is not standing, but the two main parties in the right-left coalition that support him are. ...


Chinese company to buy US movie theater chain AMC

Gerry Lopez, CEO of AMC Entertainment Holdings, left, shakes hands with Zhang Lin, Vice President of Wanda during a signing ceremony for Dalian Wanda Group Co. to acquire AMC Entertainment Holdings in Beijing, China, Monday, May 21, 2012. The Chinese conglomerate announced Monday it will buy major U.S. cinema chain, AMC Entertainment Holdings, for $2.6 billion to create the world's biggest movie theater operator. (AP Photo/Ng Han Guan)A Chinese conglomerate announced Monday it will buy a major U.S. cinema chain, AMC Entertainment Holdings, for $2.6 billion in China's biggest takeover of an American company to date.


Chinese company to buy US movie theater chain AMC

Gerry Lopez, CEO of AMC Entertainment Holdings, left, shakes hands with Zhang Lin, Vice President of Wanda during a signing ceremony for Dalian Wanda Group Co. to acquire AMC Entertainment Holdings in Beijing, China, Monday, May 21, 2012. The Chinese conglomerate announced Monday it will buy major U.S. cinema chain, AMC Entertainment Holdings, for $2.6 billion to create the world's biggest movie theater operator. (AP Photo/Ng Han Guan)A Chinese conglomerate announced Monday it will buy a major U.S. cinema chain, AMC Entertainment Holdings, for $2.6 billion in China's biggest takeover of an American company to date.


EU gives Google 'weeks' to ease antitrust concerns

The European Union says Google Inc. must in "a matter of weeks" outline steps it is willing to take to ease concerns about alleged abuses of its dominant position in the online search market.

Lowe's 1Q profit up, but cuts 2012 profit outlook

Lowe's Cos.' first-quarter profit climbed 14 percent, as warmer weather helped boost sales. But the world's second-biggest home improvement company lowered its full-year earnings forecast on Monday, saying it is still cautious on the housing market and economic conditions.

Chinese tycoon jailed after death sentence revoked

A former Chinese tycoon who was convicted of illegally raising money for her business was sentenced Monday to prison after China's supreme court overturned a death sentence following a public outcry.

Rajat Gupta faces jury in insider trading case

File photo of Rajat Gupta, a former director of Goldman Sachs Group Inc., exiting Manhattan Federal Court in New YorkNEW YORK (Reuters) - Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets to Rajaratnam, his erstwhile friend and business associate who was convicted and is now in prison. ...


Barclays to sell $6.1BN stake in BlackRock

Barclays Bank PLC, the U.K. bank, says it intends to dispose of its entire 19.6 percent stake in the U.S. asset management company BlackRock Inc, valued at $6.1 billion.

Barclays to sell $6.1 billion BlackRock stake

A man walks past a branch of Barclays bank in central LondonLONDON (Reuters) - British bank Barclays said it is to sell its 19.6 percent holding in U.S. asset manager BlackRock, worth $6.1 billion and which it has held for almost three years. Tougher global regulations mean banks have to hold more capital against their stakes in asset managers and other firms, making it less profitable. Barclays Chief Executive Bob Diamond is attempting to get the bank's return on equity back above 13 percent, by selling or shutting businesses or investments that do not stack up. ...


Strauss-Kahn investigators open group rape inquiry

Former IMF head Strauss-Kahn gives a lecture on the future of the world economy at the Diplomatic Academy in KievLILLE, France (Reuters) - French prosecutors said on Monday they had opened an inquiry into allegations of group rape by Dominique Strauss-Kahn and three friends, as part of an investigation into his ties to a suspected prostitution ring in the northern city of Lille. The former IMF chief is under formal investigation over whether he was aware he was dealing with prostitutes and pimps when attending sex parties in Lille, Paris and Washington in 2010 and 2011 that were organized by business acquaintances. ...


Iraq turns to U.S. drones to protect oil platforms

A U.S. Predator unmanned drone armed with a missile stands on the tarmac of Kandahar military airportBAGHDAD (Reuters) - Iraq is buying unmanned drones from the United States to help protect its southern oil platforms as the OPEC nation ramps up production after the withdrawal of the last American troops, U.S. and Iraqi officials said on Monday. Protecting the vital infrastructure around its oil reserves, the world's fourth largest, is crucial as Iraq rebuilds an industry battered by years of war and sanctions against former dictator Saddam Hussein. "Iraq's navy has purchased U.S. ...


Suicide bomber kills 38 Yemeni soldiers in Sanaa

A suicide bomber killed 38 Yemeni soldiers at a military parade rehearsal in the capital Sanaa on Monday in one of the deadliest attacks in the city in months, military officials and witnesses said.

Spain to slump further but will hit deficit goal

MADRID (Reuters) - Spain said on Monday it would meet its deficit targets this year despite a new slippage in its regions' accounts and a further contraction of the economy in the second quarter. Economy Minister Luis de Guindos said economic activity would likely slump by another 0.3 percent between April and June, further fuelling doubts about the country's ability to get a grip on in its finances and nurse an ailing banking sector back to health. ...

Europe stocks inch up after G8 vague on Europe fix

A woman looks at an electronic stock indicator in Tokyo Monday, May 21, 2012. Bargain-hunting helped Asian stock markets edge upward Monday, but gains were limited as investors remained unconvinced that the world's major economies nailed a solution to the European debt crisis following a summit in Washington. Japan's Nikkei 225 index came off four-month lows to rise 0.3 percent at 8,636.89. (AP Photo/Shizuo Kambayashi)European stocks inched up Monday morning in spite of investors' lingering concerns that the G-8 leaders had failed to provide a concrete plan to solve the European debt crisis.


Facebook faces crucial week after modest debut

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New YorkNEW YORK (Reuters) - Newly issued shares in Facebook Inc may have a hard time in the coming week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater. Facebook on Friday sold 421 million shares of stock in a deal that valued the company at more than $100 billion. But investors, expecting a first-day pop in price, instead saw it close just 0.6 percent above the IPO price at $38.23. ...


U.N. atom chief starts talks in Tehran, hopes for deal

International Atomic Energy Agency (IAEA) Director General Yukiya Amano briefs the media before his trip to Tehran at the international airport in ViennaVIENNA/DUBAI (Reuters) - The U.N. nuclear watchdog chief began rare talks in Tehran on Monday after voicing hope for a deal to investigate suspected atomic bomb research - a gesture Iran might make to try to get international sanctions relaxed and deflect threats of war. International Atomic Energy Agency Director-General Yukiya Amano met the head of Iran's nuclear energy organization, Fereydoun Abbasi-Davani, hours after his pre-dawn arrival, according to ISNA news agency. ...


DaVita eyes new markets with $4.4 billion Healthcare deal

(Reuters) - DaVita Inc , the biggest U.S. operator of dialysis clinics, has agreed to buy privately-held HealthCare Partners for about $4.42 billion in cash and stock to expand into new markets to help offset potential revenue pressures in its main business. HealthCare Partners, based in Torrance, California, runs medical groups and physician networks in Southern California, Central Florida, and Southern Nevada. Its revenues in 2011 were about $2.4 billion. The company provides its services to more than 667,000 patients and has total care dollars under management of about $3. ...

Shares steady near lows, investors fear Greece

A trader monitors the screen on a trading floor in LondonLONDON (Reuters) - European shares and the euro steadied near their lows for the year on Monday as investor fears that Greece could leave the euro were partly countered by promises from China and the Group of Eight leaders at the weekend to support growth. The FTSE Eurofirst index of top European shares was around 0.4 percent higher at 974.03 points after losing 5.1 percent last week to reach its lowest level of the year. ...


Bomber hits Yemen military practice, kills 41

Forensic policemen collect evidence at the site of a suicide bomb attack at a parade square in SanaaSANAA (Reuters) - A uniformed man blew himself up in the midst of a military parade rehearsal attended by senior officials in the Yemeni capital Sanaa on Monday, killing at least 41 people and wounding more than 60, a police source said. Yemen's defense minister chief of staff were present at the event but were not hurt in the blast, a military source said. The attack coincided with a U.S.-backed Yemeni army offensive against al Qaeda-linked militants in the south of the country, where they control several towns. Troops closed in on one of their strongholds on Sunday in heavy fighting. ...


Greece's new prime minister meets party leaders

Greece's newly installed caretaker prime minister is holding talks with party leaders ahead of Wednesday's European Union summit as campaigning gets underway for next month's elections.

3 climbers die on Mount Everest, 2 still missing

FILE - In this Oct. 27, 2011 file photo, the last light of the day sets on Mount Everest as it rises behind Mount Nuptse as seen from Tengboche, in the Himalaya's Khumbu region, Nepal. Mountaineering Department official Gyanendra Shrestha said Monday, May 21, 2012, that a German, a Nepal-born Canadian and a Korean died Saturday while descending from the 8,850-meter (29,035-foot) summit. (AP Photo/Kevin Frayer, File)Three climbers who were among scores who scaled Mount Everest over the weekend died on their descent and two more are missing, a Nepalese official said Monday.


US warns NKorea against another nuke test

U.S. envoy on North Korea, Glyn Davies answers reporter's questions after meeting with South Korea's chief nuclear envoy Lim Sung-nam and Lim's Japanese counterpart Shinsuke Sugiyama at the Foreign Ministry in Seoul, South Korea, Monday, May 21, 2012. The top U.S. envoy for North Korea is warning Pyongyang that any nuclear test will be met with The top U.S. envoy for North Korea warned Pyongyang on Monday that any nuclear test would be a serious miscalculation that would unify the world in seeking swift, tough punishment.


Analysis: China eschews fiscal fanfare for supportive spending

BEIJING (Reuters) - China's focus on fine-tuning monetary and fiscal policies to fight the risk of a sudden economic slide worries investors pricing in a sixth successive quarter of slowing growth with no obvious sign of the solid stimulus they want. With domestic activity stifled by government curbs on real-estate speculation, the potential damage to demand for China's factory products from a deeper European debt crisis seems a logical justification for a spending splurge. "Maybe it would be easier for China if there were another global financial crisis. ...

Aftershocks rattle Italy, residents sleep outdoors

The old tower is seen collapsed after an earthquake in Finale EmiliaFINALE EMILIA, Italy (Reuters) - Thousands of people in northern Italy slept in tents and cars overnight as more than 100 aftershocks rocked the area hit by a magnitude 6.0 earthquake that killed seven people and inflicted heavy damage to centuries-old cultural sites. "The fear that your house will collapse on your head is great, so it was good to be able to sleep in this tent," said one man who spent the night outdoors, cold but safe, in the town of San Felice Sul Panaro. ...


Opel CEO faces workers over possible plant closure

An undated handout picture shows the newly appointed CEO of Adam Opel AG, StrackeFRANKFURT, Germany (Reuters) - The head of General Motors unit Opel sought to allay workers' fears that the automaker plans to shut one of its four German plants as it pulls production of the Astra, its best-selling model, from the country. Opel Chief Executive Karl-Friedrich Stracke is under pressure from GM to end heavy losses at the U.S. carmaker's German arm by shifting production to countries with lower labor costs. Stracke told workers in Bochum on Monday that no decision has been made on their plant's future beyond 2014. ...


Analysis: China reformer sees his opportunity after Bo's fall

To match analysis CHINA-LEADERSHIP/SHANGHAI/BEIJING (Reuters) - One of China's most conspicuously reform-minded leaders has stepped back into the spotlight after the nation's biggest political convulsion in a generation, positioning himself to gain from the fall of populist politician Bo Xilai. Wang Yang, leader of Guangdong province and well known for his deft handling of recent civil unrest there, is the first of three provincial-level party bosses who stand to benefit after a murder scandal snuffed out Bo's career last month. ...


Militant group claims suicide bombing in Syria

Syrian security work at the site of an explosion in DeirDUBAI (Reuters) - A militant group claimed responsibility for a suicide bombing in eastern Syria last week that killed nine people and said attacks would continue, in a statement posted on the Internet on Monday. The al-Nusra Front said it was behind the attack on Saturday which targeted military installations in Deir al-Zor. The authenticity of the statement could not immediately be verified. ...


UN nuclear chief in Iran on key mission

Director General of the International Atomic Energy Agency, IAEA, Yukiya Amano from Japan and Herman Nackaerts, from left, of the IAEA the chief agency official in charge of the Iran file speak to the media before his flight to Iran at the Vienna International Airport near Schwechat, Austria, on Sunday, May 20, 2012. (AP Photo/Ronald Zak)The head of the U.N. nuclear agency arrived Monday in Tehran on a key mission that could lead to the resumption of probes by the watchdog on whether Iran has secretly worked on an atomic weapon.


Apple,Samsung CEOs in U.S. court talks over patent row

To match Insight SAMSUNG/SAN FRANCISCO (Reuters) - The chief executives of Apple Inc and Samsung Electronics Co Ltd come face to face on Monday in court-directed mediation in the United States over a dispute in which the iPhone maker claims the Korean firm has "slavishly" copied some of its products. Apple's Tim Cook and Samsung's Choi Gee-sung have been instructed by a federal judge to appear for mediation in San Francisco to help resolve the bitter patent litigation between the two firms. The U.S. ...


Qantas to cut another 500 maintenance jobs

A grounded Qantas aircraft is seen parked at Heathrow Airport in west LondonMELBOURNE (Reuters) - Australia's top airline Qantas Airways said on Monday it is eliminating 500 jobs by merging maintenance facilities to save up to A$100 million ($98.4 million) annually, as high fuel costs and weak demand take a toll on airline profits. Qantas, which is emerging from a costly industrial dispute, said in statement it will stop heavy maintenance in Tullamarine in Melbourne and concentrate on centers in Brisbane and Avalon, resulting in the job cuts. It had, in February, flagged another 500 job cuts for the group. ...


Nasdaq to revamp system after tech problems on Facebook IPO: WSJ

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New York(Reuters) - The Nasdaq is planning to revamp its systems for handling stock offerings after acknowledging that technology problems had affected trading in millions of newly issued Facebook shares on Friday, the Wall Street Journal reported. Individual investors were left in the dark for hours on Friday about whether their buy and sell orders for Facebook shares had actually been executed, in the latest of a series high-profile exchange glitches. ...


Australia to seal trade deal with Malaysia

CANBERRA (Reuters) - Australia will sign a free trade agreement(FTA) with Malaysia on Tuesday in a move it hopes will add new momentum to stalled bilateral trade talks with other key Asian trading partners. Australia is still negotiating free trade deals with South Korea, Japan and China, with progress in reaching agreement with Beijing and Tokyo slow. The deal with Malaysia, which will be Australia's sixth FTA, will be signed in Kuala Lumpur, said a spokesman for Australian Trade Minister Craig Emerson. ...

Facebook stock seen facing crucial week after modest debut

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New YorkNEW YORK (Reuters) - Newly issued shares in Facebook Inc may have a hard time in the coming week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater. Facebook on Friday sold 421 million shares of stock in a deal that valued the company at more than $100 billion. But investors, expecting a first-day pop in price, instead saw it close just 0.6 percent above the IPO price at $38.23. ...


G8 growth talk leaves wary markets awaiting action

U.S. President Obama hosts an expanded G8 meeting with African and other leaders during G8 Summit working lunch at Camp David(Reuters) - A pledge by leaders of industrialized nations to help the troubled world economy is unlikely to herald quick new action by Europe on its debt crisis, meaning more uncertainty for nervous financial markets. The Group of Eight economies stressed on Saturday that their "imperative is to promote growth and jobs", as they also recognized problems among European banks and gave verbal backing for Greece to stay in the euro. Still, despite U.S. calls for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt ...


Apple, Samsung CEOs set for court talks

To match Insight SAMSUNG/SAN FRANCISCO (Reuters) - The chief executives of Apple Inc and Samsung Electronics Co Ltd are used to running the show at their global tech empires, but they will be in for a different experience when they arrive at a San Francisco federal courthouse on Monday. Apple's Tim Cook and Samsung's Choi Gee-sung, whose companies are embroiled in bitter patent litigation, have been instructed by a federal judge to appear for court-supervised mediation. A joint court filing in April said that "as directed by the Court, Apple and Samsung are both willing to participate" in the discussions. ...


Facebook shares could fall below IPO price: Barron's

In this photo illustration, a Facebook logo on a computer screen is seen through a magnifying glass held by a woman in Bern(Reuters) - Shares in social media company Facebook Inc could fall below the initial public offering price of $38, Barron's wrote in its May 21 edition. Facebook saw its shares rise a scant 0.6 percent to $38.23 on Friday in the first day of trading. The stock stayed above the $38 IPO price, supported in the market by the deal's underwriters. But Barron's said the "big question" this week will be whether they continue to do so. ...


Insight: China pays high price to spare state firm from bankruptcy

WEIFANG, China (Reuters) - The Chinese official was adamant the city of Weifang would keep its rayon factory open, noting that local authorities had just stepped in to help the plant's owner repay $60 million in commercial paper. The bailout averted what would have been China's first ever bond default and was good news for domestic bond investors, who were reassured that in China even mid-sized state-owned firms can count on "too-big-to-fail" treatment. ...
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