Today's Reuters Business News Headlines - Yahoo! News:
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Germany, France may seek combined 27 percent stake in EADS-BAE: report
Thu,27 Sep 2012 07:25 PM PDT
Reuters - BERLIN (Reuters) - Germany and France may seek a combined 27 percent stake in a company to be formed from a planned merger of European aerospace group EADS and British defense contractor BAE Systems Plc , but Britain would be opposed, the Financial Times Deutschland said. The stake would create a shareholder counterweight with the power to block decisions by the management of the new company, the newspaper said, citing sources familiar with the matter, in an article due to appear in its Friday edition. ... Full Story | Top |
Exclusive: Groupon reshuffles execs, seeks to fix Europe business
Thu,27 Sep 2012 07:23 PM PDT
Reuters -  (Reuters) - Groupon Inc , the world's largest online daily deals provider, is reshuffling senior management roles in an attempt to fix its struggling European business -- a shake-up that will also include the departure of its chief of international business. According to an internal memo obtained by Reuters, Chris Muhr, SVP of sales, will now head the Europe, Middle East and Africa region, while Veit Dengler, SVP International, will be leaving the company. The memo did not give any reason for Dengler's departure. ...
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Chevron pays $17.3 million Brazil fine for November spill
Thu,27 Sep 2012 06:38 PM PDT
Reuters - RIO DE JANEIRO (Reuters) - Chevron Corp , the second-largest U.S. oil company, paid a 35.1 million real ($17.3 million) fine levied by Brazil's petroleum regulator for irregularities related to a November oil spill, the regulator said in a statement on Thursday. Chevron received a 30 percent discount on the 35.1 million real charge because it paid promptly and did not challenge the 24 violations found by the regulator, the ANP, in its operations in the Frade Field northeast of Rio de Janeiro, the ANP said. The discount, allowed under Brazilian law, would reduce Chevron's bill to about 24. ... Full Story | Top |
WaMu appraisal company settles with New York
Thu,27 Sep 2012 06:21 PM PDT
Reuters - NEW YORK (Reuters) - A company accused of inflating home appraisals under pressure from Washington Mutual Inc before the housing crisis agreed to pay $7.8 million on Thursday to settle with the New York attorney general. EAppraiseIT, a unit of CoreLogic Inc , resolved the charges with New York Attorney General Eric Schneiderman while on trial. The case, filed in New York state court in 2007, is one of the few related to the housing meltdown that the government has brought to trial. The trial was in recess when the settlement was reached. ... Full Story | Top |
RIM surprises with cash boost and resilient sales; shares surge
Thu,27 Sep 2012 06:17 PM PDT
Reuters -  TORONTO (Reuters) - Research In Motion Ltd reported a narrower-than-expected loss on Thursday and the struggling BlackBerry maker bolstered its cash reserves, sparking optimism ahead of the launch of its make-or-break line of next-generation smartphones. Shares of RIM surged 20 percent in after-hours trade on indications the company will have plenty of cash to ramp up production of its new BlackBerry 10 devices and mount a robust marketing campaign for the revamped line, due in early 2013. ...
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South Korean pilots visit Boeing, Lockheed jet fighter plants
Thu,27 Sep 2012 05:37 PM PDT
Reuters - WASHINGTON (Reuters) - South Korean test pilots are visiting Lockheed Martin Corp's F-35 plant in Fort Worth, Texas, this week after a similar trip this month to Boeing Co's F-15 plant in St. Louis amid signs that Seoul will delay a decision in its $7 billion-plus fighter competition until early 2013. Lockheed spokesman Mike Rein said South Korean officials were evaluating the F-35 Joint Strike Fighter proposal submitted by Lockheed in South Korea's 8.3 trillion won competition for 60 new fighter planes. He gave no further details. ... Full Story | Top |
Sharp secures $4.6 billion loan to stay afloat
Thu,27 Sep 2012 05:17 PM PDT
Reuters -  TOKYO (Reuters) - Japan's Sharp Corp said on Friday that it secured a syndicated loan agreement worth 360 billion yen ($4.6 billion)with main lenders Mizuho Financial Group and Mitsubishi UFJ Financial Group , to cover operating costs until the end of June next year. The struggling TV maker and supplier of liquid crystal displays to Apple Inc has been in talks with its banks to secure funds for survival in exchange for drastic cost cuts, including selling overseas TV assembly plants and shuttering solar panel operations abroad. (Reporting by Mayumi Negishi; Editing by Joseph Radford)
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US Treasury's Geithner urges action on money market funds
Thu,27 Sep 2012 05:02 PM PDT
Reuters -  WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner called on Thursday for the new U.S. financial risk council to consider reforms for money market funds, despite stiff opposition from the $2.6 trillion industry and from some securities regulators. In a letter released by the Treasury Department, Geithner said the Financial Stability Oversight Council should formally ask the Securities and Exchange Commission to move forward with new rules in a bid to get the divided SEC to act. ...
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Lionsgate Closes 5-Year, $800M Refinancing Deal
Thu,27 Sep 2012 04:21 PM PDT
Reuters - NEW YORK (TheWrap.com) - Lionsgate has closed $800 million in refinancing with the help of JPMorganChase, Bank of America and several other major financial institutions, the studio announced on Thursday. The five-year credit facility replaces a $340 million facility, closed in 2008, and thus gives the studio a larger borrowing base and more money to play with over the next few years. The studio is likely to use the credit to pay down some of its debt, as it holds $436 million in high yield notes - those bonds deemed below investment grade but that offer a higher yield (hence the name). ... Full Story | Top |
New York Times Taps Deborah Needleman for Fashion Mag
Thu,27 Sep 2012 04:19 PM PDT
Reuters - LOS ANGELES (TheWrap.com) - The New York Times has lured Deborah Needleman away from rival The Wall Street Journal to run herd at its fashion and lifestyle magazine. Needleman will oversee T: The New York Times Style Magazine, the paper said Thursday. She will replace Sally Singer, who was pushed out last August after reportedly clashing with management and failing to boost ad pages. In a statement, Jill Abramson, executive editor of The New York Times, said Needleman had been tapped to strengthen T's reach. ... Full Story | Top |
Canadian auto workers back labor pact with General Motors
Thu,27 Sep 2012 04:17 PM PDT
Reuters - (Reuters) - Unionized workers at General Motors Corp's Canadian operations have voted in favor of a four-year labor agreement with the company, the Canadian Auto Workers union said on Thursday. Some 73 percent of the GM workers who voted backed the deal, the CAW said in a statement. The GM agreement includes a $3,000 quality and productivity bonus for workers upon ratification as well as cost of living lump sum payments of $2,000 in each of 2013, 2014 and 2015. ... Full Story | Top |
RIM delivers pleasant surprise to investors; shares surge
Thu,27 Sep 2012 04:12 PM PDT
Reuters -  TORONTO (Reuters) - Research In Motion Ltd reported a narrower-than-expected loss on Thursday and the struggling BlackBerry maker bolstered its cash reserves, sparking optimism ahead of the launch of its make-or-break line of next-generation smartphones. Shares of the RIM surged 20 percent in after-hours trade on indications the company will have plenty of cash to ramp up production of its new BlackBerry 10 devices and mount a robust marketing campaign for the revamped line, due in early 2013. ...
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British watchdog says broken Libor needs complete revamp
Thu,27 Sep 2012 04:04 PM PDT
Reuters -  LONDON (Reuters) - Britain's top financial regulator will deliver a stinging attack on the banks that rigged the Libor interest rate and the trade body that oversees it on Friday and lay out a 10-point plan to repair the discredited benchmark rather than replace it. Martin Wheatley, managing director of the Financial Services Authority (FSA), will press the "reset button" to restore the integrity of the interest rate that Barclays was fined a record 290 million pounds ($470 million) in June for manipulating. ...
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Abbott misstated credentials of spinoff CEO Gonzalez
Thu,27 Sep 2012 03:50 PM PDT
Reuters - (Reuters) - Abbott Laboratories for years misstated that the executive handpicked to head its pending pharmaceutical spinoff held both bachelor's and master's degrees, but on Thursday called the misinformation "an administrative error." Richard Gonzalez, Abbott's head of global pharmaceuticals who last October was named as the future chief executive of AbbVie once the company splits its drugs and medical devices businesses, did not receive degrees from the University of Houston or the University of Miami as had been stated in his company biography. ... Full Story | Top |
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