Telefonica to Sell Private Jets Fleet to Cut Costs

Telefonica SA, the Spanish phone company whose net debt is bigger than its market value, plans to reduce its fleet of private jets as part of an effort to cut costs, two people familiar with the matter said.

Are China's Banks Heading for Disaster?
30:08 - There is a warning today that China is headed for an unprecedented financial meltdown. That is the dire forecast from the hedge fund manager who correctly called the sub-prime crisis in the U.S. Bloomberg's Stephen Engle reports on "First Up." (Source: Bloomberg)
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