NEW YORK -- Defunct trading company MF Global Inc. has terminated its entire workforce of 1,066 employees, the trustee for its liquidation said Friday.
James W. Giddens, the court-appointed trustee for the liquidation of MF Global, said in a statement that the company is dismissing workers in accordance with a bankruptcy court mandate. Between 150 and 200 former employees are being hired to assist with the liquidation and court proceedings.
Regulators say $600 million in client money is missing. Other money that the company collected from clients has been frozen by a bankruptcy judge as he evaluates competing claims.
MF Global collapsed after making a disastrous bet on European debt.
Universal, Sony/ATV to buy EMI for $4.1 billion
LOS ANGELES -- EMI Group Ltd., the iconic British music company that is home to The Beatles, Coldplay and Katy Perry, is being split and sold for $4.1 billion. The deals will open EMI's buyers, Universal Music and Sony/ATV, to regulatory scrutiny as they increase their dominance of the music industry.
Universal Music Group said Friday that it will pay $1.9 billion for the recording division, joining Universal artists including Lady Gaga and Eminem with EMI superstars such as David Guetta and Lady Antebellum.
A consortium led by Sony/ATV reached a separate deal to pay $2.2 billion for EMI's publishing division, according to a person familiar with the matter. That business is in charge of songwriting copyrights for such artists as Rihanna and Adele. The person spoke on condition of anonymity.
The two-part sale, if approved by regulators, would further increase Universal Music's dominance in recorded music and springboard Sony/ATV into the top spot as a music publisher, according to Impala, an association of European independent music companies that is against the deal.
Battery life fix out for new iPhone, Apple devices
CUPERTINO, Calif. -- Apple has released a software update to fix a problem that is shortening the battery life of some iPhones, iPads and iPods.
Apple has said that a small number of customers have reported lower-than-expected battery life on devices running on the company's iOS 5 operating system. That's the software that comes with the iPhone 4S and was available as a free upgrade for some older devices -- both iPads, the iPhone 3GS and 4 and the two most recent models of the iPod Touch.
Apple says it found bugs in the program. It released version 5.0.1 on Thursday to fix them. Users can get the update by connecting to iTunes.
Electric car battery catches fire after crash test
WASHINGTON -- A Chevrolet Volt that caught fire three weeks after its lithium-ion battery was damaged in a government crash test has regulators taking a harder look at the safety of electric car batteries, federal officials said Friday.
But based on testing so far, regulators believe the batteries are safe and don't pose a greater fire risk than gasoline-powered engines, according to a National Highway Traffic Safety Administration officials speaking on condition of anonymity.
Lithium-ion batteries, which are used in an array of consumer electronics, have a history of sometimes catching fire when damaged.
New all-suite hotel opens in North Charleston
Home2 Suites by Hilton, a midtier, all-suite hotel brand designed for business travelers and extended-stay guests, opened the brand's sixth U.S. hotel in North Charleston on Thursday, eight months after breaking ground.
The four-story, 122-suite hotel is at 3401 W. Montague Ave., three miles from Charleston International Airport. It includes an outdoor swimming pool, scenic walking trail and complimentary breakfast.