Aug 18 The following corporate finance-related
stories were reported by media:
* PricewaterhouseCoopers has agreed to pay a $25 million
penalty imposed by the New York State's financial regulator,
taking aim at the consulting firm for watering down a report
about one of the world's biggest banks, Bank of Tokyo-Mitsubishi
UFJ. The settlement also includes prevention of one of its
consulting units from taking on certain assignments from New
York-regulated banks for two years, the New York Times reported,
citing sources close to the matter. (nyti.ms/YmBhtn)
* Shake Shack, the fast-food restaurant chain famous for its
hamburgers and milkshakes, is preparing to go public, seeking to
tap stock market demand for popular casual dining companies,
according to people familiar with the matter.
* Hyundai Motor Co plans to remodel a car
assembly plant belonging to a Chinese partner, a newspaper
reported, a move which could help pave the way for the South
Korean automaker to build a separate factory in western China.
* Some Wall Street banks are drawing up preliminary plans
that include moving some of their London-based operations to
Ireland to deal with the possible scenario of Britain leaving
the European Union, the Financial Times reported on Sunday,
citing people familiar with the situation.
* Private equity firms Blackstone Group LP and TPG
Capital Management LP are close to buying subprime mortgage
lender Kensington, Britain's Sky News reported on Sunday.
* Credit Suisse helped put together billions of
dollars in securities that were issued by offshore investment
vehicles of Banco Espirito Santo SA and then sold to
the Portuguese bank's retail customers, the Wall Street Journal
reported on Sunday.
* Women's shoe retailer Stuart Weitzman is preparing to
launch a sale process and has tapped investment banks Goldman
Sachs Group Inc and Citigroup Inc to assist with
the effort, people familiar with the matter said.
* The Sultan of Brunei has made a bid for New York's Plaza
Hotel, Dream Hotel and London's Grosvenor House hotel, the Wall
Street Journal reported on Saturday, citing people familiar with
* Daimler AG's luxury brand division
Mercedes-Benz has been found guilty of manipulating prices of
after-sales services, China's official Xinhua news agency
reported on Sunday, citing authorities in Jiangsu province.
* Telecom Italia is preparing to offer up to 7
billion euros ($9.4 billion) to outbid Spain's Telefonica
in the race to acquire Vivendi's Brazilian
broadband unit GVT, according to a Bloomberg report on
* Global banks can no longer assume continuing access to the
Federal Reserve's discount lending window as an element of their
living wills. U.S. regulators set out the specific guidance in
confidential letters on August 5 detailing why they recently
rejected the living wills of the world's largest banks, the
Financial Times reported. (on.ft.com/1lchY0m)
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(Compiled by Shivam Srivastava in Bangalore; Editing by Biju