Today's Reuters Business News Headlines - Yahoo! News:
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Analysis: New York suit against JPMorgan makes a ripple, not a splash
Tue,2 Oct 2012 07:22 PM PDT
Reuters -  WASHINGTON (Reuters) - New York state's lawsuit against JPMorgan Chase & Co alleging fraud in mortgage-backed securities sold by Bear Stearns may be one of the broadest cases to come out of the financial crisis, but its impact is likely to be limited. The biggest beneficiaries may be investors who have taken out private lawsuits against the bank. The civil suit, brought by New York Attorney General Eric Schneiderman, is the first from a federal-state financial fraud task force. It did not unearth any previously unknown details or attempt to assign criminal liability. ...
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Strike vote due at American Airlines, but result may be secret
Tue,2 Oct 2012 07:12 PM PDT
Reuters -  (Reuters) - American Airlines pilots this week are expected to authorize their union to call a strike, but the union says it may decide to keep the vote secret for now. The airline's 8,000 pilots have been casting votes on authorization for a month, escalating a long-running labor dispute that has already created serious flight delays at the nation's No.3 carrier and a public relations nightmare for its bankrupt parent AMR Corp. ...
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Seadrill replaces CEO, looks to relocate management
Tue,2 Oct 2012 07:10 PM PDT
Reuters - (Reuters) - Seadrill Ltd , the world's biggest driller by market capitalisation, said it plans to replace CEO Alf Thorkildsen with the head of its Archer Ltd affiliate, and is looking to relocate management outside Norway. The Oslo-listed rig company, which has a fleet comprising of 67 units, including 19 rigs under construction, has been on an aggressive rig spending spree in recent years as it aims to keep up with fast-paced developments in oil exploration. ... Full Story | Top |
China services PMI falls to 53.7 as new orders soften
Tue,2 Oct 2012 06:56 PM PDT
Reuters -  BEIJING (Reuters) - China's normally robust services sector weakened sharply in September, as slow growth in manufacturing finally began to feed through to the rest of the economy, an official survey showed on Wednesday. The official purchasing managers' index (PMI) for the services sector fell to 53.7 in September from 56.3 in August, weighed by lackluster new orders, according to the latest survey from the National Bureau of Statistics. ...
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Seadrill CEO Thorkildsen to resign
Tue,2 Oct 2012 04:58 PM PDT
Reuters - (Reuters) - Seadrill Ltd , the world's biggest driller by market capitalization, said CEO Alf Thorkildsen will resign and Fredrik Halvorsen will replace him as the company looks to re-locate its management service function. The decision comes as the company's board has decided to explore establishing a new management service function in an alternative location. Several locations including London, Dubai, Singapore and Houston are under consideration, the Norwegian drilling major said. ... Full Story | Top |
Deutsche Telekom in T-Mobile USA-MetroPCS merger talks
Tue,2 Oct 2012 04:35 PM PDT
Reuters -  FRANKFURT/NEW YORK (Reuters) - Deutsche Telekom is in talks to merge its T-Mobile USA unit with smaller rival MetroPCS, in a move that could pave the way for the German company to eventually exit the U.S. wireless market. Deutsche Telekom said the discussions revolved around it taking a majority stake in a combined T-Mobile USA and MetroPCS, but it did not give any details of a potential deal structure and cautioned that "significant issues have yet to be finalized." Two sources familiar with the matter said DT has talked about contributing its T-Mobile USA operations rather than paying cash. ...
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BFI to invest $810 million in UK film over 5 years
Tue,2 Oct 2012 04:19 PM PDT
Reuters - LONDON (Reuters) - The British Film Institute (BFI) will invest nearly 500 million pounds ($810 million) over the next five years in a bid to boost the industry and build audiences, it announced on Wednesday. Under the title "Film Forever: Supporting UK Film 2012-2017", the initiative will involve spending 44.2 million pounds a year on education and audiences, 32.3 million annually on film and film making and 9.9 million a year on film heritage. ... Full Story | Top |
US, Lockheed talks for more F-35s move to senior level: sources
Tue,2 Oct 2012 04:17 PM PDT
Reuters -  WASHINGTON (Reuters) - Talks between the Pentagon and Lockheed Martin Corp about a fifth order of F-35 fighter planes have been elevated to a senior level as the two sides debate the last $100-million-plus dividing them, according to multiple sources familiar with the discussions. "We're not that far apart," said one of the sources, who was not authorized to speak publicly about the negotiations, which have been underway for 10 months. "We should be able to close this. It's not intractable. ...
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EU bank watchdog set to stick to capital target
Tue,2 Oct 2012 04:03 PM PDT
Reuters - LONDON (Reuters) - The European Union's banking watchdog will stick to a target for banks to raise more capital to help shield them from the euro zone debt crisis when it publishes a new report on Wednesday. Banks have hoped that part of this capital buffer would be cut back but with the euro zone crisis still creating volatility in markets, the EBA is unlikely to change tack. EU banks were given until June to replenish their capital to give them a core capital "buffer" equivalent to 9 percent of their risk weighted assets. ... Full Story | Top |
Insight: Delays dog U.S. government loans to green energy projects
Tue,2 Oct 2012 03:49 PM PDT
Reuters - WASHINGTON (Reuters) - A year after the U.S. government raced to meet a deadline to finish loan agreements with dozens of clean energy companies, less than half the total money promised has been handed over. Technical questions and companies' own failures in hitting contractual milestones are behind some of the holdups. But government officials fearful of taking a risk on firms that could collapse may have also caused some of the delays. ... Full Story | Top |
Imperial's Nova Scotia refinery garners buyer interest
Tue,2 Oct 2012 03:02 PM PDT
Reuters - CALGARY, Alberta (Reuters) - Imperial Oil Ltd has drawn buyer interest for its Dartmouth, Nova Scotia, refinery, which it put on the auction block in May as it struggled with weak Atlantic crude oil basin margins, the company's chief executive said on Tuesday. Imperial, the Canadian affiliate of Exxon Mobil Corp , has said it expects to announce a decision on the plant's fate in the first quarter of 2013. "We've been through a nonbinding phase, looking to identify potential interested acquiring parties. ... Full Story | Top |
U.S. auto sales post best month in 4-1/2 years
Tue,2 Oct 2012 02:52 PM PDT
Reuters -  DETROIT (Reuters) - U.S. auto sales last month posted their best showing in 4-1/2 years, helped by cheap financing, rising consumer confidence and a major rebound by Toyota Motor Corp . The September sales pace was 14.94 million vehicles as calculated on an annualized basis, exceeding analyst estimates of 14.5 million, according to Autodata Corp. This was the highest rate since March 2008, about four months after the start of the 2007-2009 U.S. recession. U.S. auto sales last month rose 13 percent to 1,188,865 new vehicles. Analysts, on average, had expected an increase of less than 9 percent. ...
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September auto sales best since March 2008
Tue,2 Oct 2012 02:47 PM PDT
Reuters - (Reuters) - Auto sales hit their highest monthly level since March 2008, at 14.94 million new vehicles sold on a seasonally adjusted annualized basis, consultant Autodata Corp said on Tuesday. Autodata said September sales rose 13 percent to 1,188,865 new vehicles. The September annualized sales rate tops 14.52 million from August, the previous monthly high for this year. In 2011, U.S. auto sales were 12.8 million new vehicles. (This story was fixed to correct sales figures, sales rate and 2008 month by Autodata) (Reporting by Bernie Woodall; editing by Matthew Lewis) Full Story | Top |
Wall Street slips on Spain, earnings worries
Tue,2 Oct 2012 02:46 PM PDT
Reuters -  NEW YORK (Reuters) - Wall Street ended little changed in a volatile session on Tuesday as uncertainty over when Spain might apply for a bailout shackled a market struggling to build on gains that took the S&P 500 to its highest in nearly five years. The market was also hamstrung by concerns about the upcoming reporting period that kicks into full gear next week. The Dow was pressured by stocks closely tied to the pace of growth, including Caterpillar Inc and Boeing Co . A major headwind for the economy has been declining demand from Europe, which has been drifting toward recession. ...
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TSX ekes out gain despite Spain uncertainty
Tue,2 Oct 2012 02:31 PM PDT
Reuters -  TORONTO (Reuters) - Canada's main stock index eked out a small gain on Tuesday in volatile trade as investors reacted to mixed signals about Spain's readiness to seek a bailout while awaiting the next big catalyst to drive markets after a strong third quarter. It was the second straight positive day at the start of the fourth quarter. The TSX finished the third quarter up more than 6 percent, as energy companies and miners benefited from a strong showing in crude and bullion prices. On Tuesday, firmer energy and financial shares outweighed weakness in materials issues. ...
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