Auction house Christie's said the value of the 2,781 works collection fully and partially-owned by the Detroit Institute of Arts (DIA) was around the USD452 million to USD866 million range.
Legal & Regulatory
Catalyst Capital drops out of Canadian government's spectrum bidding
Investment firm Catalyst Capital Group is the fourth bidder to withdraw from the Canadian government's auction of a 700 MHz wireless spectrum. Canada seeks to break the stronghold of three dominant players in the country's mobile phone business.
Meditor Capital to shutdown, blames European rules against short selling
Talal Shakerchi-backed hedge fund Meditor Capital Management is shutting down its equity fund, citing European rules that require hedge fund firms to disclose their bearish bets against companies.
EUROPEAN COMMISSION CLEARS PATH FOR CRANE CO. ACQUISITION OF MEI
Crane Co. announced today that the European Commission has approved the definitive agreements to implement the licensing and divestiture Commitments by Crane Co. related to its pending acquisition of MEI Conlux Holdings.
People's Bank of China warns Chinese banks on Bitcoin trading
China's central bank the People's Bank of China (PBOC) stressed the need for its domestic banks to avoid transactions using Bitcoin and other virtual currencies and vowed that it will launch countermeasures against illegal activities using the alternative online payments.
Latest News
The Chinese government on Thursday cleared the USD1.3 billion car-making joint venture between Dongfeng Motor Group and France's Renault. Under the deal, the two companies will manufacture 150,000 multi-purpose vehicles annually.
International law company Eversheds expands in Africa through partnerships with Mahons Attorneys in South Africa and El Heni in Tunisia. Both firms will be rebranded as Eversheds.
Former Federal Reserve Chairman Alan Greenspan told Bloomberg Television today that despite the high trading value of the Bitcoin, the virtual currency holds no intrinsic currency value like with real physical money.
The Small Business Investor Alliance, who had been championing the the Small Business Capital Access and Job Preservation Act in the US House of Representatives, expressed their approval for the passage of the Act.
The antitrust regulator of Brazil has instructed Telefonica to bring down its influence in the country's telecommunications business either by reducing its holdings or convincing Telecom Italia to sell its local unit.
The Financial Supervisory Service of South Korea told Bloomberg it plans to punish the local unit of Wall Street firm Goldman Sachs Group Inc for breaking rules on the sale of financial products.
In a 254-159 vote, the US House of Representatives passed a legislation exempting private equity firms from provisions in the 2010 Dodd-Frank Wall Street Reform Law. However, a similar action is not expected from the Democrat-dominated US Senate.
A federal judge's ruling Tuesday that Detroit is eligible for bankruptcy protection offers municipal bond investors a dose of clarity that could be welcome news at the end of a rough year for the U.S. muni debt market.
Repsol Chairman Antonio Brufau insisted on Tuesday that the government of Argentina should offer a compensation package that will convince the Spanish oil firm to settle the expropriation of its stake in energy firm YPF.
