Parmalat's new chief, turnaround expert Enzo Bondi, was beginning talks Monday with banking officials in Milan, Italy, in an effort to save the bankrupt dairy giant, state TV reported. Bondi was expected to discuss establishing new lines of credit for the company at the center of one of Europe's largest financial scandals. Meanwhile, former Parmalat finance director Fausto Tonna was being questioned by prosecutors near company headquarters in Parma after reportedly agreeing to cooperate with the investigation into billions in missing funds.
After striving to cut debt, Time Warner faces a potential $5 billion to $7 billion layout in the wake of a decision by shareholder Comcast Corp. to cash out its 17.9 percent stake, The Wall Street Journal reported. Comcast, the nation's leading cable operator, asked to sell its Time Warner Cable shares to the public. But the Securities and Exchange Commission, which is investigating Time Warner, may not give the OK, and the company may have to buy some or all of Comcast's shares, the Journal said.
The dollar sank to a new low against the euro, reaching $1.2670 in late trading on world markets Monday and sending gold prices to their highest level in 14 years. Federal Reserve Governor Ben Bernanke said Sunday in San Diego that he didn't expect the dollar to continue its slide, adding that while the US economy appears to have turned a corner, the central bank is right to hold interest rates at 45-year lows.