New Jersey reached a deal to obtain almost $92 million for its general fund by pledging the remainder of its revenue from the national tobacco settlement to investors. The bolstered payment pledge made trading prices on bonds linked to the agreement more than triple from March 3.
U.S. stocks rose a second week, sending the Standard & Poor’s 500 Index to a record, as better- than-forecast data on hiring and manufacturing fueled optimism in the economy and overshadowed concern on Ukraine.
Russell Investments, the indexing and fund-management unit of Northwestern Mutual Life Insurance Co., is drawing takeover interest from suitors including Blackstone Group LP and Bain Capital LLC as Goldman Sachs Group Inc. solicits bids for the firm, people with knowledge of the matter said.
The Netherlands’ outlook for its Aaa credit rating was increased to stable from negative by Moody’s Investors Service, which cited an improving outlook for growth and reduced risks for the euro area’s economy.
U.S. stocks rose, with the Standard & Poor’s 500 Index erasing losses to close at a record, as data showing stronger-than-forecast jobs growth overshadowed concern the situation in Ukraine could worsen.
Cerberus Capital Management LP’s $9 billion deal to merge Safeway Inc. with Albertsons is a bet that a larger supermarket chain can better fend off an attack on the grocery business by big-box stores and online retailers.
Berkshire Hathaway Inc. posted its biggest weekly gain in 14 months after Chairman Warren Buffett told investors that the true value of his company has been rising faster than accounting metrics suggest.