This once-soaring commodities firm is now ‘in dire need of a transformational transaction’

Crisis-hit commodity trader Noble Group has extended a major debt deadline, but analysts warn it may not be enough to restore confidence around the long term viability of the once-soaring firm. At its peak in 2010, Noble was Asia’s largest commodity trader with...

Li Ka-shing says his elder son Victor will be his successor in principle

“Arrangement for the group’s business has been well prepared. They (Victor and Richard) have their own businesses,” he told the media outside his home in Clearwater Bay in Hong Kong on Wednesday morning. “My medical check up shows that...

Toshiba taps consortium as preferred bidder for memory business sale

Troubled Japanese conglomerate Toshiba on Wednesday announced it has selected a consortium led by the public-private Innovation Network Corporation of Japan as a preferred bidder for its prized memory chip business. The consortium consists of the INCJ, Bain Capital...

Jeff Fettig to step down as CEO of Whirlpool, will remain chairman

Jeff Fettig will step down as CEO of Whirlpool, the company announced Tuesday. He will remain as chairman. Fettig has held both roles since 2004. Marc Bitzer, the current president and chief operating officer for the Benton Harbor, Mich.-based company, will succeed...

There’s a scientific reason why hot weather has grounded planes at Phoenix airport

Temperatures are soaring in Phoenix, which means a lot of airplanes aren’t. Dozens of flights at Arizona’s Phoenix Sky Harbor airport were delayed or canceled on Monday and Tuesday, after temperatures reached 120 degrees. The heat is especially affecting...