Advertisement
Singapore markets close in 1 hour 28 minutes

  • Straits Times Index

    3,300.00
    -4.99 (-0.15%)
     

  • Nikkei

    38,787.38
    -132.88 (-0.34%)
     

  • Hang Seng

    19,549.79
    +173.26 (+0.89%)
     

  • FTSE 100

    8,436.83
    -1.82 (-0.02%)
     

  • Bitcoin USD

    66,328.97
    +229.40 (+0.35%)
     

  • CMC Crypto 200

    1,395.02
    +21.18 (+1.54%)
     

  • S&P 500

    5,297.10
    -11.05 (-0.21%)
     

  • Dow

    39,869.38
    -38.62 (-0.10%)
     

  • Nasdaq

    16,698.32
    -44.07 (-0.26%)
     

  • Gold

    2,391.70
    +6.20 (+0.26%)
     

  • Crude Oil

    79.50
    +0.27 (+0.34%)
     

  • 10-Yr Bond

    4.3770
    +0.0210 (+0.48%)
     

  • FTSE Bursa Malaysia

    1,618.51
    +7.40 (+0.46%)
     

  • Jakarta Composite Index

    7,351.54
    +104.85 (+1.45%)
     

  • PSE Index

    6,618.69
    -9.51 (-0.14%)
     

GE pays $1.7 billion to Shinsei, reducing exposure

GE to pay $1.7B to Shinsei Bank, ends requirement to pay bank for some interest refund claims

Associated Press

FAIRFIELD, Conn. (AP) -- General Electric will pay $1.7 billion to Shinsei Bank to end its obligation to cover interest refund claims.

GE was required to make the payments as part of the sale of its Japanese consumer finance operations. The sale agreement allowed for a buyout option this year. General Electric Capital Corp. sold the operations to Shinsei for $5.4 billion in September 2008.

Because of the buyout, GE's fourth-quarter and 2013 earnings will be trimmed by 9 cents per share, the company said Wednesday. First-quarter and 2014 results will not be impacted.

Shares of General Electric Co., based in Fairfield, Conn., shed 14 cents to $25.13 in Wednesday morning trading.