Today's Reuters Business News Headlines - Yahoo! News:
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American Airlines temporarily grounds eight planes after loose seats
Mon,1 Oct 2012 07:29 PM PDT
Reuters - NEW YORK (Reuters) - American Airlines said on Monday it has temporarily grounded eight planes to evaluate them after seats became loose on two flights in the last few days -- incidents which have also prompted safety regulators to look into the matter. The airline, whose parent AMR Corp filed for bankruptcy protection in November, is reinspecting eight Boeing Co 757 planes after a row of seats came loose during a Saturday flight and the same thing happened again on a different plane on Monday. The U.S. ... Full Story | Top |
Australian court says Fortescue founder didn't mislead investors
Mon,1 Oct 2012 07:23 PM PDT
Reuters -  CANBERRA (Reuters) - Australian iron ore magnate Andrew Forrest and Fortescue Metals Group Ltd won a High Court appeal to overturn a conviction for misleading investors, allowing the billionaire to return as an executive director to the company he founded. That in turn will bring clarity to the direction the world's No.4 iron ore miner will take as it struggles with heavy debts, ebbing demand from China and sliding iron ore prices. "It eliminates one area of uncertainty that has dragged on for quite a while. ...
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NY sues JPMorgan over Bear Stearns mortgage securities
Mon,1 Oct 2012 07:14 PM PDT
Reuters -  NEW YORK (Reuters) - New York Attorney General Eric Schneiderman filed a civil fraud lawsuit against JPMorgan Chase & Co on Monday over mortgage-backed securities packaged and sold by Bear Stearns. It was the first action to come out of a working group created by President Barack Obama earlier this year to go after wrongdoing that led to the financial crisis. JPMorgan, which bought Bear Stearns for $10 a share in March 2008, said in a statement it would contest the allegations. ...
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U.S. power firm Dynegy emerges from Chapter 11
Mon,1 Oct 2012 06:34 PM PDT
Reuters - (Reuters) - U.S. power producer Dynegy Inc , which counts billionaire financier Carl Icahn among its shareholders, said on Monday it has emerged from Chapter 11, less than a month after winning court approval for its bankruptcy plan. The Houston-based company said it will have about $800 million in liquidity in the form of cash and will have eliminated more than $4 billion in debt through the Chapter 11 process. ... Full Story | Top |
Volcker to appear before UK investigators into banks: FT
Mon,1 Oct 2012 06:09 PM PDT
Reuters -  LONDON (Reuters) - Paul Volcker, the former U.S. Federal Reserve chairman, will appear before Britain's Commission of Banking Standards this month, Andrew Tyrie, chairman of the commission, said in the Financial Times on Tuesday. Volcker, architect of the "Volcker Rule" governing so-called proprietary trading by U.S. investment banks, will appear before the commission on October 17 to compare and contrast banking behavior and practices between Britain and the United States. ...
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Shares, euro, Aussie steady after U.S. data
Mon,1 Oct 2012 05:47 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares, the euro and the Australian dollar inched up on Tuesday after an unexpected expansion in U.S. factory activity buoyed sentiment, although risk assets remained capped by prospects of continued sluggish global growth. Markets in China, Hong Kong and India are closed for holidays on Tuesday. The MSCI index of Asia-Pacific shares outside Japan was 0.1 percent higher, with Australian shares up 0.3 percent and South Korean shares up 0.1 percent. Japan's Nikkei stock average opened up 0.3 percent after hitting a three-week low on Monday. ...
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Slim's Internet TV plans a costly mistake: Salinas
Mon,1 Oct 2012 04:53 PM PDT
Reuters - WASHINGTON (Reuters) - Carlos Slim's plans to broadcast Mexican soccer via his Internet television service is a costly gamble that should be halted by regulators, Mexican billionaire Ricardo Salinas said on Monday. Slim, the world's richest man, bought a controlling stake in two leading Mexican soccer teams last month and the billionaire intends to broadcast the teams' games through third-party cable contracts and his online web 'channel' Uno TV. ... Full Story | Top |
Lockheed won't issue notices on job cuts after U.S. government guidance
Mon,1 Oct 2012 04:24 PM PDT
Reuters - WASHINGTON (Reuters) - The White House got some good news on Monday when Lockheed Martin said it would not issue notices of possible job reductions before the November 6 election. With numerous defense industry jobs on the line in critical states including Virginia, a wave of job cuts could embarrass Democratic President Barack Obama's administration. Lockheed's announcement followed assurances from the U.S. ... Full Story | Top |
As governments look to growth, some jobs worth more: World Bank
Mon,1 Oct 2012 04:02 PM PDT
Reuters - WASHINGTON (Reuters) - Creating jobs can help governments improve the lot of their citizens, but some jobs have more impact than others when it comes to helping societies move ahead, the World Bank said in a report on Monday. As countries around the world struggle with high unemployment, especially among youth, the World Bank cautioned that economic growth alone cannot create jobs that improve people's lives and reduce conflict, contrary to conventional wisdom. ... Full Story | Top |
U.S. expands criminal case against 5 ex-Madoff employees
Mon,1 Oct 2012 04:00 PM PDT
Reuters - (Reuters) - U.S. prosecutors on Monday announced expanded charges against five former employees of Bernard Madoff's firm, in an indictment that dates the conspiracy to defraud clients to roughly two decades earlier than previously alleged. The new charges against former operations manager Daniel Bonventre, former investment advisory employees Annette Bongiorno and Joann Crupi, and former computer programmers Jerome O'Hara and George Perez are contained in a 33-count indictment, U.S. Attorney Preet Bharara said. ... Full Story | Top |
Demerged Kraft unit sees consumers hungry for snacks
Mon,1 Oct 2012 03:34 PM PDT
Reuters -  ZURICH (Reuters) - Mondelez International Inc , which ranks as the world's biggest chocolate, candy and biscuit maker after being carved out of Kraft Foods Inc , is optimistic busy consumers will keep driving booming demand for snacks despite the downturn. Mondelez, whose stable of brands includes Cadbury and Milka chocolate, was launched on Tuesday after a demerger from Kraft's North American grocery business, still called Kraft. Creation of the two entities gives investors the option to either bet on fast-growing snacks or the more stable dividends offered by groceries. ...
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U.S. manufacturing grows in September for first time since May
Mon,1 Oct 2012 03:25 PM PDT
Reuters -  NEW YORK (Reuters) - U.S. manufacturing unexpectedly expanded in September for the first time since May as new orders and employment picked up, but the pace of growth showed the economy was still stuck in a slow recovery. The Institute for Supply Management said on Monday its index of national factory activity rose to 51.5 from 49.6 in August. "We're not quite at the point where things are good, but this indicates strongly that things are not so bad," said Adam Sarhan, chief executive of Sarhan Capital in New York. ...
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JPMorgan sued by New York over mortgage securities
Mon,1 Oct 2012 03:15 PM PDT
Reuters - NEW YORK (Reuters) - New York Attorney General Eric Schneiderman on Monday filed a lawsuit against JPMorgan Chase & Co for fraud over faulty mortgage-backed securities packaged and sold by the former Bear Stearns. The lawsuit alleged a "systematic abandonment of underwriting guidelines" in the selling of home loans that went into securities peddled by Bear Stearns. JPMorgan acquired Bear Stearns in 2008, at the start of the financial crisis. (Reporting by Karen Freifeld; editing by Andrew Hay) Full Story | Top |
Wal-Mart workers tell Street about hard work, low pay
Mon,1 Oct 2012 03:01 PM PDT
Reuters -  NEW YORK/CHICAGO (Reuters) - Wal-Mart Stores Inc employees who say the world's largest retailer's labor practices are unfair voiced their concerns to Wall Street analysts on Monday, claiming that problems like long lines and empty shelves are systemic. Five employees, two of whom have worked for the chain for more than 20 years, outlined problems they see, including unsafe conditions and low wages. A handful of sell-side analysts turned out to hear from Walmart workers nearly a year after a similar meeting was held near Wal-Mart's headquarters in Bentonville, Arkansas. ...
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TSX buoyed by upbeat U.S. manufacturing data
Mon,1 Oct 2012 02:24 PM PDT
Reuters -  TORONTO (Reuters) - Canada's main stock index rose moderately on Monday, after touching a one-week high, as optimism over better-than-expected U.S. data was tempered by signs of economic weakness in Asia and evidence of a new recession in the euro zone. The gain on the first day of the final quarter of 2012 comes after stocks notched a strong third quarter, helped by stimulative measures from the U.S. Federal Reserve and the European Central Bank. The TSX's heavily weighted resource sectors were all higher on Monday as commodity prices climbed. Energy shares advanced 1.0 percent as U.S. ...
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