Britain Sells Northern Rock to Virgin Money for $1.2 Billion

LONDON – Britain agreed on Thursday to sell Northern Rock, the bank it nationalized more than three years ago, to Richard Branson’s Virgin Money in a deal that represents a loss for British taxpayers.

STX Plans Bid With Middle East Sovereign Fund for $2.2 Billion Hynix Stake

STX Group, owner of the world’s third-largest marine-engine maker, said it may team up with a Middle Eastern sovereign wealth fund to bid for a stake in Hynix Semiconductor Inc. (000660)

STX is “highly likely” to submit a bid before tomorrow’s deadline set by shareholders including Korea Exchange Bank, the group said in an e-mailed statement yesterday. It wouldn’t need to borrow to pay for a stake of about 15 percent, according to Vice Chairman Lee Jong Chul, who didn’t identify STX’s potential Mideast partner.