WASHINGTON - Apple Inc came under fire on Tuesday at a Senate hearing over an investigation that alleged the U.S. high technology icon has kept billions of dollars in profits in Irish subsidiaries and paid little or no taxes to any government.
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.
D.Boerse/NYSE have four weeks to answer EU: source
CHICAGO (Reuters) - Merger partners Deutsche Boerse AG (DB1Gn.DE) and NYSE Euronext (NYX.N) have until November 8 to formally address the European Commission's specific concerns over their $9 billion deal, according to a source familiar with the time table.
Officials at the exchange operators are now still reading and analyzing the document, known as the "statement of objections," that European Union antitrust regulators sent to them on October 5, said the source, who wasn't authorized to speak publicly.
The German exchange agreed to buy the Big Board parent in February, a transaction that would create the world's largest market operator.
The EU antitrust review got underway this summer and could continue through the rest of the year as regulators decide whether to allow the companies to combine their Eurex and Liffe venues to take a strangle hold on exchange-based European derivatives trading.
Regulators are expected to look only at exchange-traded derivatives rather than including the broader over-the-counter derivatives market, separate sources told Reuters on Monday. A narrow view of the market could make it more difficult for the deal to win regulatory approval.
At a Futures Industry Association conference here on Tuesday, a top NYSE Euronext executive said the combination will create a European "champion" that will deliver savings to hedge funds and other market users.
"We have to show value to end-users," Garry Jones, who runs NYSE's global derivatives business, told the conference.
The deal between the two derivatives giants will deliver as much as $4 billion in savings on margins, he said, while also pledging that the merged company will not use its bigger size to raise prices.
(Editing by Maureen Bavdek and Steve Orlofsky)
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