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Lehman Plans Higher Capital Raising, Expects to Post $2.8 Billion Net Loss
Lehman Brothers Holdings Inc. (NYSE:LEH) unveiled plans Monday to raise $6 billion of fresh capital from an array of investors which, according to a person familiar with the matter, include the New Jersey Division of Investment.
Big Shareholders Rebel at AIG
American International Group Inc.’s (NYSE:AIG) embattled chief executive, Martin Sullivan, is now facing mounting dissent from some of his largest shareholders.
Gasoline Hits Average of $4 a Gallon
The average price of gasoline in the U.S. hit $4 a gallon for the first time Sunday, the latest milestone in a run-up in fuel prices that is sapping consumer confidence and threatening to nudge the nation into recession.
IRS Targets Billionaire’s Lucrative Tax Strategy
The Internal Revenue Service is fighting with billionaire Philip Anschutz to force the Denver-based mogul to pay back taxes totaling $143.6 million. The court battle is part of a broad attempt by tax authorities to crack down on complex transactions used to defer paying capital-gains taxes.
B/E Aerospace to Buy Honeywell Unit
Honeywell International Inc. (NYSE:HON) said it agreed to sell its consumables-solutions business to B/E Aerospace Inc. for $1.05 billion.
Microsoft, Kaiser to Launch New Health-Records Program
Microsoft Corp. (NASDAQ:MSFT) and healthcare giant Kaiser Permanente plan to launch a pilot program to exchange patient information, the latest in a series of efforts to allow people to better maintain control over their health records.
Corn Jumps to Record on U.S. Midwest Rain, Crude Oil, Dollar
Corn jumped to a record on speculation rain in the U.S. Midwest will cut supply and as rising oil costs and the dollar’s decline boosted demand for a hedge against inflation. Soybeans, wheat and rice also gained.
McDonald’s May Sales Increase 7.7 Percent, Driven by Europe
McDonald’s Corp., (NYSE: MCD) the world’s largest restaurant company, said sales at outlets open at least 13 months rose 7.7 percent in May, driven by demand from customers in the U.K., France and Australia.
Barclays May Get Funds to Replace Capital, People Say
Barclays Plc, (NYSE:BCS) the U.K.’s fourth-biggest bank by market value, may sell shares to replenish capital depleted by asset writedowns, two people with knowledge of the matter said.
CIT Group Gets $3 Billion in Financing From Goldman
CIT Group Inc., (NYSE:CIT) the commercial lender trying to escape a cash squeeze, rose 13 percent in early New York trading after Goldman Sachs Group Inc. (NYSE: GS) agreed to provide $3 billion in financing.
JetBlue to Buy Verizon Unit In Email Push
JetBlue Airways Corp.’s (NASDAQ:JBLU) LiveTV unit, a provider of in-flight entertainment to airlines, said it has agreed to buy Verizon Communications Inc.’s (NYSE:VZ) Airfone network, a move that should boost LiveTV’s ability to offer email and messaging services on its clients’ planes.
