Caesars wins lawsuit shield to pursue ‘uphill’ appeal

The marquee sign at Caesars Palace in Las VegasA federal judge on Tuesday gave Caesars Entertainment Corp a five-week shield from $13 billion in lawsuits, capping a week of frantic court hearings as the casino group struggles to salvage a high-stakes debt-cutting plan for its bankrupt subsidiary. Judge Robert Gettleman said at an emergency court hearing in Chicago that he will decide on Oct. 5 whether he should overturn a U.S. Bankruptcy Court ruling from Friday that cleared the way for bondholders to sue Caesars. In January, Caesars will seek to confirm a plan of reorganization that would slash the $18 billion of debt held at its bankrupt Caesars Entertainment Operating Co Inc, subsidiary.


Valeant CEO receives unsolicited buyer interest for core assets

Valeant Pharmaceuticals International Inc's new chief executive Joseph Papa speaks to the press following their annual general meeting in LavalEarlier in the day, the Laval, Quebec-based company said it would sell billions of dollars in noncore assets to pay down debt. Papa stressed to analysts on a conference call that Valeant was focused on selling pieces that are not central to its business. Papa declined to comment on whether he had received interest in a takeover of Valeant since assuming the helm in May.


Gawker Media files for bankruptcy, to go up for sale

People walk past a building that lists offices for Gawker Media in New YorkBy Jessica DiNapoli and Jared Leone NEW YORK/ST. PETERSBURG, Fla. (Reuters) – Gawker Media LLC, an online publishing pioneer, filed for Chapter 11 bankruptcy and put itself up for sale on Friday after a $140 million court judgment against it in a lawsuit brought by former professional wrestler Hulk Hogan over a sex tape. The move followed revelations that Hogan's lawsuit, along with several others against Gawker, were being bankrolled by billionaire investor Peter Thiel, an early backer of Facebook and a co-founder of PayPal . Thiel's involvement, which stemmed from his ire over Gawker's writings about him and his friends in Silicon Valley, raised alarm bells in U.S. media circles over the prospect of wealthy individuals using the courts to muzzle the press.


Drop in U.S. jobless claims points to labor market strength

Job seekers wait to talk to a recruiter at a health care job fair sponsored by the Colorado Hospital Association in DenverBy Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to sustained strength in the labor market despite a sharp slowdown in hiring last month. Initial claims for state unemployment benefits declined 4,000 to a seasonally adjusted 264,000 for the week ended June 4, the Labor Department said on Thursday. Economists polled by Reuters had forecast initial claims rising to 270,000 in the latest week.


Thinking About Building a Startup? 5 Things You Should Know Before You Start

Thinking About Building a Startup? 5 Things You Should Know Before You StartCreditYou've been thinking about starting your company from an idea you believe would change the world. Or perhaps you're sure about your idea and ready to launch. Granted! You've heard all the basic advice on how to start, hiring talent, investors, legal jargons, and much more. Yet, sometimes it still feels like the startup train keeps…


Oil prices tread water ahead of OPEC meeting

An oil pump jack can be seen in Cisco, TexasOil prices were steady on Thursday on mixed market signals ahead of an OPEC meeting in Vienna, which analysts said was not expected to result in restrictions on crude output. International Brent crude oil futures were trading at $49.75 per barrel at 0657 GMT, up 3 cents from their last settlement, while U.S. West Texas Intermediate (WTI) crude was down 6 cents at $48.95 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in the Austrian capital, with Riyadh trying to revive coordinated action or a formal oil output target, but Tehran refusing to cooperate.


Factories stuck in low gear on sluggish demand

A factory is seen in IncheonLONDON/BEIJING (Reuters) – Global manufacturing activity remained stuck in a rut last month with factory output from Asia to Europe barely improving as producers struggled to bring in new orders, surveys released on Wednesday showed. Speculation has hardened in recent weeks that the U.S. Federal Reserve will raise interest rates in the next few months which, coupled with concerns about China and a possible British exit from the European Union, has knocked confidence. The world economy will meander along at its slowest pace since the financial crisis for a second year in a row in 2016 as it is ensnared in a "low-growth trap", the OECD said on Wednesday, urging governments to boost spending.


Japan PM Abe postpones sales tax hike until October 2019

Japan's Prime Minister Shinzo Abe arrives for a news conference at his official residence in TokyoTOKYO (Reuters) – Japanese Prime Minister Shinzo Abe announced on Wednesday a delay in a sales tax increase by 2-1/2 years, putting plans for fiscal reform on the back burner amid weakness in the economy.


Boeing set to win $2.9 billion contract from UK MoD: the Telegraph

The logo of Dow Jones Industrial Average stock market index listed company Boeing (BA) is seen in Los Angeles(Reuters) – Boeing Co is set to win a 2-billion-pound ($2.92 billion) contract from the UK Ministry of Defence (MoD) for new Apache helicopters, the Telegraph reported. The MoD has decided to give Boeing a 50-aircraft contract, including servicing, and the announcement could come as early as July, the newspaper said. U.S. planemaker Boeing is offering the helicopters at a lower price by tacking them on to the end of a larger Apache order from the US military, the paper added.