UPDATE 5-Canada's justice minister quits in blow to PM Harper STELLARTON, Nova Scotia, May 29- Canadian Justice Minister Peter MacKay announced his resignation on Friday, the second shock departure from Prime Minister Stephen Harper's cabinet this year, just months ahead of a tough election for the governing Conservatives. "It's a perception issue now for Harper," said University of Calgary political science professor...
| By: Darren Pitman
Illinois asks FERC to investigate Dynegy after power price spike May 29- Illinois has asked the federal energy regulator to investigate whether Dynegy Inc manipulated a power auction and to block $113 million in expected overcharges from that auction for the coming year, the regulator said on Friday. The charges will hit Illinois consumers who buy electric supply through Ameren Illinois, the local delivery service...
| By: Scott DiSavino
Dollar Tree will sell 330 stores to private equity firm NEW YORK- Dollar Tree said Friday that it has agreed to sell 330 of its stores to the private equity firm Sycamore Partners in order to get regulatory approval for its $8.5 billion purchase of Family Dollar. The Federal Trade Commission required Dollar Tree to sell the stores before it would sign off on the Family Dollar acquisition. Dollar Tree prices all items...
Source: The Associated Press
Top trades: Humana up for sale? Humana stock spiked 16 percent today, it's best day since 1993, after the WSJ reported the company was working with Goldman on a possible sale. Intel nears a deal for Altera. And the next big short.
UPDATE 2-Illinois governor: Will not sign unbalanced state budget CHICAGO, May 29- Illinois Governor Bruce Rauner said on Friday that he will reject a fiscal 2016 budget from the Democratic-controlled legislature if it is not balanced. "The people of Illinois deserve better." Illinois has the worst-funded pensions and lowest credit ratings among the 50 states.
| By: Karen Pierog
SAFT ON WEALTH-The power of the fear of missing out There are two markets right now which show meaningful signs of attracting capital in substantial part because of this fear: China's stock market and Silicon Valley's unicorn factory. In China, which is enjoying a vertiginous market ride upwards, money is flowing into stocks in part because investors believe the authorities' want' a bull market and in part...
| By: James Saft
Bank of America fined $30M by US for debt collection WASHINGTON- Bank of America has been fined $30 million by U.S. regulators, who accused the bank of violating consumer protections for members of the military in collecting debts. The agency says Bank of America has started taking steps to correct the problems and "is committed to taking all necessary and appropriate steps" to do so. Bank of America Corp., based in...
Source: The Associated Press
Chevron pays reported $5M to family of Pennsylvania well fire victim HARRISBURG, Pa., May 29- Chevron Corp. has paid a reported $5 million to settle a lawsuit filed last year by the parents of a worker who was burnt to death in a gas well fire in western Pennsylvania. Local media reported the $5 million settlement, saying it had been approved by a judge in Allegheny County Court of Common Pleas in Pittsburgh earlier this month.
| By: David DeKok