U.S. Bill Threatens Japan With Tariffs
Two U.S. senators said they will introduce legislation that would result in more than $3 billion in tariffs against Japan if Tokyo does not lift its ban on U.S. beef because of mad cow disease by the end of the year.
Pat Roberts (R-Kan.) and Kent Conrad (D-N.D.) planned to introduce the legislation today.
A spokesman for Conrad said that while the bill will call for $3.14 billion in tariffs, it would be up to the president and trade officials to decide which goods would be targeted.
MERGERS & ACQUISITIONS
Carlyle Buys Control of Chinese Firm
Carlyle Group agreed to acquire 85 percent of Chinese-state-owned Xugong Group Construction Machinery. Washington-based Carlyle will pay $375 million to parent company Xuzhou Construction Machinery Group, which will keep a 15 percent stake.
Xuzhou had owned 51 percent of Xugong. In August, Citigroup provided credit to the parent so Xuzhou could buy back Xugong's shares from other state entities and resell them to Carlyle.
Yukos Investors Sue Russian Government
Investors in Yukos, once the largest oil producer in Russia, sued in the United States, saying the confiscation of the company's assets by the Russian government made their holdings worthless. Russia imposed "illegal and confiscatory tax levies" to deprive Yukos's owners of the benefits of their investment.
Yukos's largest oil-producing asset, Yuganskneftegaz, was confiscated and sold, and most of its other assets were frozen last year as Russia sought to recover $28 billion in tax claims.
Compiled from staff and news service reports.