AP Business NewsBrief at 2:27 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Dell's founder strikes deal to turn it aroundNEW YORK (AP) _ It's easy to forget now, but Michael Dell was the Mark Zuckerberg of his day. Hailed as a young genius, he created the inexpensive, made-to-order personal computer in his University of Texas dorm room and sold it straight to the public. In the 1980s and `90s, his face appeared on magazine covers, and well before he turned 40, he was a college dropout-turned-billionaire CEO, ranked alongside Bill Gates and Steve Jobs.
Dell to go private in $24.4B deal led by founderSAN FRANCISCO (AP) _ Slumping personal computer maker Dell is bowing out of the stock market in a $24.4 billion buyout that represents the largest deal of its kind since the Great Recession dried up the financing for such risky maneuvers. The complex agreement announced Tuesday will allow Dell Inc.'s management, including eponymous founder Michael Dell, to attempt a company turnaround away from the glare and financial pressures of Wall Street.
Japan leads Asian shares higher as yen slidesTOKYO (AP) _ Japan drove gains in Asian shares Wednesday as the yen slid to a near three-year low following the early resignation of the Bank of Japan governor. The Nikkei 225 stock index surged 3.4 percent, or 371.38 points, to 11,417.95 as export shares soared on expectations of stronger sales thanks to the yen's fall against other major currencies.
US sues S&P over pre-crisis mortgage ratingsWASHINGTON (AP) _ The Obama administration on Tuesday accused Standard & Poor's of refusing to warn investors that the housing market was collapsing in 2006 because it would be bad for business. The civil charges against the credit rating agency were the administration's most aggressive action to date against those deemed responsible for contributing to the worst financial crisis since the Great Depression. They followed years of criticism that the government had failed to do enough.
ArcelorMIttal blames Europe for 4Q lossAMSTERDAM (AP) _ ArcelorMittal SA, the world's largest steelmaker, posted a larger loss for the fourth quarter due to write-downs and charges related to its European business, which it said was the one gloomy spot in an otherwise positive outlook for 2013. Net loss widened to $3.99 billion ((EURO)2.94 billion) from a loss of $1.00 billion in the same period a year ago, the Luxembourg-based company said Wednesday. Sales fell 14 percent to $19.3 billion, as both prices and volumes declined year on year.
EPA: Decline in carbon pollution from power plantsWASHINGTON (AP) _ Heat-trapping gases from U.S. power plants fell 4.6 percent in 2011 from the previous year as plants burned less coal, the biggest source of greenhouse gas pollution, according to a new government report. The report, released Tuesday by the Environmental Protection Agency, said power plants remain the largest stationary source of carbon dioxide and other greenhouse gases that trigger global warming. Power plants were responsible for 2.2 billion metric tons of carbon dioxide equivalent in 2011.
China promises action on income gapBEIJING (AP) _ China's government has issued a sweeping pledge to narrow the politically volatile gulf between its rich and poor with measures including requiring state companies to turn over more profits to pay for social programs. The pledge Tuesday promised more spending on health, education and job training but gave few details and no sign of how Beijing will enforce changes that might hurt state industry and other politically influential factions.
Key allegations government is making against S&PHere is the basis of the case the U.S. government is making against Standard & Poor's Ratings Services in a 128-page lawsuit: _ THE CHARGE:
S&P lawsuit: Emails suggest concern about ratingsThe government's case against Standard & Poor's points to documents that authorities say support their accusations _ namely, that S&P intentionally gave high marks to risky mortgage investments that eventually collapsed and helped trigger the financial crisis. S&P disputes the allegations. It says the emails have been taken out of context and don't prove any wrongdoing.
Q&A: The federal charges against Standard & Poor'sWASHINGTON (AP) _ The U.S. government charged Standard & Poor's Ratings Services with misleading investors about the quality of mortgage-backed investments in the run-up to the financial crisis. It is the government's first big enforcement action related to a credit rating agency's actions before the 2008 crisis. S&P said it would vigorously defend itself against charges that it deemed "meritless."
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