WASHINGTON - The Federal Reserve's monetary stimulus is helping the economy recover but the central bank needs to see further signs of traction before taking its foot off the gas, Fed Chairman Ben Bernanke said on Wednesday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Tutor/Colony in deal to buy Disney's Miramax: source
LOS ANGELES |
LOS ANGELES (Reuters) - Construction magnate Ron Tutor and investment firm Colony Capital have reached a deal in principle to buy Walt Disney Co's Miramax, a source with knowledge of the situation said.
The source said all the parties have agreed on terms and lawyers were in the process of drafting up a formal agreement.
Two sources, who are close to the matter, told Reuters on Wednesday the was valued at between $600 million and $700 million cash for the art house studio behind such films as "Shakespeare in Love."
Disney decline comment.
(Reporting by Susan Zeidler; editing by Andre Grenon)
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