Cyprus bailout sends stocks higher. Learn more about this and other top news stories of the day.
Cyprus Bailout Sends Stocks Higher
A Cyprus bailout this morning boosted the S&P 500 Index within three points of its October 2007 record, Bloomberg News reports. The index fell 0.2 percent last week, its second weekly drop, as Cyprus teetered on bankruptcy and manufacturing in the euro zone shrank more than expected.
Cyprus received a $13 billion bailout from European finance ministers early this morning after agreeing to shut down its second largest bank in terms of lending, Cyprus Popular Bank Pcl.
London Credit Downgrade?
Global rating agency Fitch warns that it may downgrade the UK’s credit rating in April, the BBC reports. It has put the UK's long-term rating on Credit Watch Negative, which it said showed "a heightened probability of a downgrade." Fitch first warned in March 2012 that the UK's top rating was in jeopardy due to its debt level, which the agency said was "significantly above the AAA median." Fitch attributed its current action to higher-than expected debt levels and downward revisions to the country’s growth forecasts. Last month, the Moody’s rating agency downgraded the UK of its AAA rating. S&P has a AAA rating for the UK, but cut the outlook on the rating to negative last December.
New Bidders for Dell
Private equity group Blackstone and corporate raider Carl Ichan are vying to buyout Dell, once the world’s top PC maker, and turn the beleaguered company around, Financial Times reports. Already on the table is a proposed $24.4 billion buyout by the company’s chief executive Michael Dell and Silver Lake Partners. Blackstone and Icahn have indicated their intention to submit formal bids in letters sent over the weekend to Dell’s special committee. Each of their offers is more than that being offered by Dell and Silver Lake, but each also comes with conditions that could thwart a potential deal, FT says.
Victim of Recession: ”Old Flo”
One of Britain’s poorest communities is planning to sell an iconic structure much to the concern of art lovers who fear such a sale would set “a worrisome precedent,” The Associated Press reports. Artist Henry Moore’s “Draped Seated Woman,” known as “Old Flo,” “evoked Londoners huddled in air raid shelters during the Blitz.” It is estimated to be worth $30 million. The London borough of Tower Hamlets is 100 million pounds in the red. Forty-two percent of children are reported to be living in poverty. Moore originally sold it to the community in 1962 on the condition the statue be displayed publicly. Critics of the sale contend that money raised by the sale would quickly disappear, as would the statue into a private art collection.
Notre Dame Remains Top Undergraduate Business School
The Mendoza College of Business remains the top undergraduate business school for the fourth consecutive year in rankings provided by Bloomberg's Businessweek. The McIntire School of Commerce at the University of Virginia ranks second, and the Dyson School of Applied Economics and Management at Cornell University ranks third. The rankings primarily consider student and employer satisfaction. High levels of student satisfaction boosted the Olin Business School from eighth to fourth place. The move pushed the Wharton School at the University of Pennsylbania down one spot to fifth place.