WASHINGTON (Reuters) - President Obama has appointed Federal Deposit Insurance Corporation (FDIC) Vice Chairman Gruenberg to succeed FDIC Chairman John Bair, the White House announced on Tuesday.
Vice Chairman Gruenberg joined the FDIC in 2005. The position of president requires Senate confirmation.
[TOKYO, Oct 10 (Reuters)] JVC Kenwood Holdings (6632.T: Stock Price , News , Report ) announced on Oct 10 that it will acquire Hong Kong-based Shinwa International Holdings. It plans to acquire 51% of the shares in remove background image October and make the company a subsidiary. Going forward, the company will strengthen its in-car AV (car electronics) business in the Chinese market, including car navigation systems.
The company plans to acquire all shares from investment fund CITIC Capital, which holds 45% of Shinwa's issued shares, and 6% from Shinwa President Yoshifumi Naito, who holds 55% of Shinwa's shares. On the same day, the company reached a basic agreement with both shareholders and will continue discussions to conclude a formal contract around August. The acquisition amount will be decided in future discussions, but is expected to be several billion yen. Part of the funds raised through a public offering of 13.8 billion yen in January will be used for the acquisition.