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BUSINESS NEWS APRIL 2ND, 2016


ALASKA AIR NEARS DEAL TO BUY VIRGIN AMERICA

Alaska Airlines is near a deal to buy Virgin America for about $2 billion, a person briefed on the matter said on Saturday, describing a move that would unite two popular smaller airlines in the latest round of consolidation in the industry.An announcement could come as soon as Monday, said the person, who spoke anonymously and was not authorized to speak about the matter, and who cautioned that details were still being negotiated and the talks could fall apart.Alaska squared off against JetBlue, with final bids being entered in recent days.Virgin America, which went public in late 2014, shares a name with Richard Branson’s Virgin empire. The British mogul holds a 31 percent stake, while the hedge fund Cyrus Capital Partners owns 24 percent.

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FOXCONN AND SHARP INKED THEIR DEAL

Foxconn CEO Terry Gou said “I have a clear roadmap in my heart,”. Foxconn and Sharp on Saturday formally signed a long-awaited deal that would see the Taiwan firm take control of the Japanese display maker, as executives sought to dispel lingering doubts over whether Sharp can turn around its ebbing fortunes. At a packed news conference following the signing of the $3.5 billion deal, Foxconn CEO Terry Gou ducked questions about how—and when—Sharp would become profitable again, but expressed confidence in the Japanese company’s ability to bounce back with its highly regarded technology.

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ED ISSUES FINAL SUMMONS TO MALLYA

The Enforcement Directorate on Saturday issued a third and final summons against UB Group Chairman Vijay Mallya, asking him to appear on April 9 to depose in investigations under the Prevention of Money Laundering Act. “This is the last and final summons against him. If he fails to appear on the given deadline we will start the legal proceeding against him,” a senior official of the directorate told Business Standard. On Friday, Mallya had sought one month’s time to appear before the agency. “The date can’t be extended till May,” the official said.

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#AlaskaAirlines #VirginAmerica #VijayMallya #Foxconn

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