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Hitachi, GE boost alliance in nuclear power business. The move comes a month after France's Areva CEPFi.PA, the world's largest maker of nuclear reactors, and Japan's Mitsubishi Heavy Industries ( 7011.T ) said they would cooperate in this sector, while Toshiba Corp. ( 6502.T ) completed a $4.2 billion deal to take con... |
Volvo to cut 1,000 staff at Virginia plant. After years of strong demand truck makers see a sharp drop in sales in the early months of 2007 as a buying spree of older, but cheaper, trucks ahead of new tougher exhaust emission rules, taking effect at the turn of the year, comes to an end. Volvo has said that the North A... |
European banks hiding full pension obligations. Since adopting International Financial Reporting Standards (IFRS) in 2004, many European banks have used the so-called corridor method of accounting, allowing big unrecognized actuarial losses on their pension obligations to be kept off the balance sheet. "They are hiding... |
Hitachi, GE to form joint nuclear power ventures. The partnership would help Hitachi, Japan's biggest electronics conglomerate, turn its nuclear power business around and help it get more boiling water reactor contracts abroad, Hitachi said. Hitachi President Kazuo Furukawa told reporters the company aimed to win contr... |
Eddie Bauer agrees to be bought for $286 million. The cash deal is expected to provide Eddie Bauer, a clothing and accessories retailer, with the resources and time necessary to execute its turnaround strategy, Chief Executive Fabian Mansson said in a statement Monday. (Reporting by Anthony Kurian in Bangalore) |
IBM to join Citigroup bid for Chinese bank stake. IBM Global Financing, a unit of the world's largest technology services company, will take a stake of up to 5 percent in the troubled southern Chinese lender if the Citigroup bid was successful, the sources said. Citigroup and France's Societe Generale ( SOGN.PA ) have ... |
Yum takes slower approach to drive-thrus in China. The fast-food company plans to open 100 KFC drive-thrus in China over the next three years, Yum China President Sam Su said, calling that plan very aggressive. The company currently has four drive-thrus in China. Su added, however, that he did not see the need for half... |
Illumina to buy genome firm Solexa for $600 mln. The deal crystallises value in Solexa, a company which was originally founded in Britain and believes it has found a bargain-basement way to sequence whole individual genomes for a few thousand dollars. Mapping the first draft of the archetypal human genome, the "book of... |
American Express to buy Harbor Payments. The purchase is expected to be announced as soon as this week, and completed by the end of the year. Christine Levite, a spokeswoman for American Express, declined to comment, citing a policy against commenting on rumors. A marketer at closely-held Harbor was not immediately ava... |
GE, Hitachi form nuclear power alliance. The two companies, which already have a joint venture for nuclear fuels, have also teamed up on a bid to build a nuclear power plant that merchant power company NRG Energy Inc. ( NRG.N ) aims to build in Texas. That could be among the first new nuclear plants ordered in the Unit... |
Clear Channel bids due Monday: sources. Clear Channel, which has about 1,150 stations, said last month that it was evaluating strategic alternatives for its business and had hired investment bank Goldman Sachs & Co. ( GS.N ) to advise it. Sources familiar with the situation said on Sunday that bids were due on Monday a... |
U.S. investor Brandes cut Volkswagen stake -paper. Quoting "well-informed sources", the Frankfurter Allgemeine Zeitung said Brandes had apparently sold a large part of its stake, adding that the U.S. investor had bought most of its shares when the stock was trading at less than 40 euros each. VW closed flat at 80 euros... |
Motorola wins $1.6 billion China mobile phone order. "Motorola will supply 12 million handsets in 2007 to Telling," said Yan. Motorola would supply the company with about six million cell phones this year, he said. Earlier this year, Motorola had said it expected to claim a quarter of China's handset market by the end ... |
Foundation blocks Arcelor Mittal's sale of Dofasco. "We have decided not to terminate the administration of the shares of Dofasco," the foundation's chairman Allan Tuttle told Reuters in a telephone interview. Thyssenkrupp said in a statement it was not ready to concede defeat and was determined to continue its efforts... |
Starbucks sees 2,400 new stores in fiscal year '07. Colman Cuff, Starbucks' director of trading and operations, said the new stores would be spread among the United States and worldwide markets, with Asian growth driven by China. "In fiscal year 2006 we opened more stores than were forecast, and we will better that in ... |
Stocks rise on oil drop; election worry lingers. Analysts said there was also lingering uncertainty about the legislative agenda of the Democrats after they won control of Congress in last week's mid-term elections. Analysts fear the Democrats could pile pressure on big pharmaceuticals to cut prices and may consider cu... |
Eddie Bauer accepts $286 mln private equity bid. A company owned by affiliates of Sun Capital Partners Inc. and Golden Gate Capital will pay stockholders $9.25 per share, a 4.5 percent premium over Friday's closing Nasdaq price, and assume about $328 million in debt. The stock, which traded as high as $23.50 in Decembe... |
DRAM demand for Q1 2007 "very strong": Samsung. Chu Woo-Sik, senior vice president of investor relations, said Samsung would sell more mobile phones in January-March than in the current quarter, and its LCD business was performing better than expected in the current quarter. The world's top memory chip maker and bigges... |
Ex-KB Home chief reaped big riches in housing boom. Few people have ridden the housing wave as successfully as former KB Home CEO Bruce Karatz and other heads of publicly traded home builders, whose business exploded from late 2003 until the end of 2005 as consumers armed with low mortgages rushed to buy homes in hot m... |
Holiday sales seen modestly higher: survey. The first in a series of holiday shopping polls by America's Research Group found that a surprisingly large 89 percent of respondents planned to shop at Wal-Mart this year, suggesting that the retailer's aggressive price cuts will succeed in luring more customers. Based on a ... |
Berkshire cuts Ameriprise stake to 6 percent. Berkshire and its subsidiaries owned 14.72 million shares of Minneapolis-based Ameriprise as of October 31, down from 23.92 million shares as of March 29, according to the filing. Ameriprise spokesman Paul Johnson declined to comment. American Express Co. ( AXP.N ), the cre... |
Russia rejects expansion of Chevron oil link: paper. The paper said shareholders in the Caspian Pipeline Consortium (CPC) had proposed adding $2.5 to the current pipeline transit fee of $27.38 per tonne of oil to get Russia's agreement on a long-awaited expansion of the link. The consortium wants to almost double capac... |
Freescale shareholders approve sale of company. Shareholders will be entitled to receive $40 per share upon closing of the deal, which could be the biggest-ever leveraged buyout of a technology company. The number of shares voted in favor of the sale represent about 73 percent of the company's voting shares. Freescale ... |
Bank of America speeds up free online trading. The program lets investors make up to 30 free online equity trades per month through Banc of America Investment Services Inc. if they deposit at least $25,000 in Bank of America accounts. It is intended to encourage people to do more business at the No. 2 U.S. bank, which ... |
Oil falls $1 on U.S. warmth, OPEC cut doubts. "There are growing concerns about the lack of OPEC compliance," said Bill O'Grady, analyst at A.G. Edwards. "If OPEC isn't cutting back as much as it says it is, it will be hard for prices to stay afloat." U.S. crude CLc1 settled down $1.01 to $58.58 after falling as low as... |
Sony's PS3 has problems running PS, PS2 games. The PS3 should be able to load and run games designed for earlier PlayStation models, but the paper said some sound and screen problems have been reported when these games were played on the new console. Officials at Sony's game division were not immediately available for ... |
Illumina to buy Solexa for $600 million in stock. Solexa's stockholders will receive shares of Illumina valued at $14 per Solexa share. Solexa shares closed at $9.70 on Friday on the Nasdaq, resulting in a 44 percent premium for the deal. In addition, Illumina has agreed to invest $50 million in Solexa in exchange for ... |
EU to start MasterCard closed hearing on Tuesday. The European Commission alleges the company restricted competition by setting minimum prices retailers must pay, and will open two days of closed hearings starting on Tuesday. The Commission is considering abolishing controversial and complex interbank fees charged by M... |
Tyson Foods posts another loss, but sees 07 profits. "The best thing I can say about fiscal 2006 is, it's over," Chief Executive Richard Bond said in a statement. Tyson is the nation's No. 1 producer of beef and chicken and No. 2 producer of pork. An excess of meat and higher prices for feed and fuel have hurt Tyson an... |
Hess, BHP Billiton, Repsol to buy Anadarko site. Hess said the companies will buy the Genghis Khan development, located in Green Canyon blocks 652 and 608 in the Gulf of Mexico. The development has estimated gross hydrocarbon reserves of 65 million to 170 million barrels of oil equivalent, it said. BHP Billiton will ow... |
Gannett, Greenberg pursuing Tribune: reports. After putting in a bid for the whole company, Gannett executives visited Tribune's Chicago headquarters to hear management's presentations, the Chicago Tribune and Los Angeles Times -- both Tribune papers -- reported over the weekend. The Wall Street Journal also reported t... |
Daimler's Mercedes enjoys monthly sales record in March. "We again topped the strong result of the previous year and have posted the best month in our company's history to date. We have never sold as many vehicles in a single month," Mercedes sales chief Joachim Schmidt said in a statement on Friday. Thanks to the 6.5 ... |
Exclusive: UBS was mystery lender for Thai group's Ping An deal - sources. The Swiss bank's financial backing for the biggest foreign purchase of Chinese stock explains how a Thai conglomerate scraped together $7.4 billion in cash for the deal's final payment, after its main lender backed out at the 11th hour. The resc... |
"Green" car maker Fisker fires 75 percent of workforce. Fisker, which raised $1.2 billion from investors and tapped nearly $200 million in government loans, has "at least" $30 million in cash on hand, according to a source familiar with the company's finances. About 160 workers were fired at a Friday morning meeting at... |
Ex-broker for Merrill, Deutsche Bank told to pay investor $11 million. The investor's case against former broker Karl Hahn stems from transactions involving covered calls, a variable annuity and other investments, according to a ruling by a Financial Industry Regulatory Authority (FINRA) arbitration panel. The investor... |
Instant View: March nonfarm payrolls rose by 88,000. The economy added just 88,000 jobs last month and the jobless rate ticked a tenth of a point lower to 7.6 percent largely due to people dropping out of the work force, Labor Department data showed on Friday. Analysts polled by Reuters had expected a gain of 200,000. ... |
S&P posts 2013's worst weekly drop on jobs data. The jobs data, which showed employers hired at the slowest pace in nine months, was the latest in a series of disappointing economic reports. Companies begin to report quarterly earnings next week, which is likely to be another concern for investors in light of recent ec... |
Bankruptcy judge approves MF Global's liquidation plan. The commodities brokerage, run by former New Jersey Governor Jon Corzine, collapsed after investors were spooked by its exposure to about $6.3 billion in European sovereign debt. The approval marked a major step in ending the massive Chapter 11 filing, as MF Globa... |
Hedge fund manager Ackman says mistakes made in JCPenney turnaround. The "criticism is deserved," Ackman said on Friday of Johnson, a former Apple executive who has come under fire for his dramatic plans to overhaul the staid retailer with cost cuts, more fashionable merchandise and a new pricing strategy. The stock pr... |
Weak job gains hurt economic outlook. Payrolls expanded by just 88,000 last month outside the farming sector, the Labor Department said on Friday. That was well below market expectations for a 200,000 increase and fell short of even the most pessimistic forecast in a Reuters poll. The jobless rate ticked a tenth of a p... |
Analysis: No Plan B in Japanese central bank's new playbook. The Japanese central bank unleashed the world's most intense burst of monetary stimulus at Kuroda's first rate review on Thursday, promising to inject about $1.4 trillion into the economy in less than two years in a radical gamble that sent the yen reeling an... |
Factbox: Boeing's path to placing 787 back in service. Japanese airlines All Nippon Airways ( 9202.T ) and Japan Airlines ( 9201.T ) are the two biggest Dreamliner customers. ANA, the launch customer, will be the first to have its jets fixed. Here are the steps that Boeing, aviation authorities and the airlines are exp... |
Fisker Automotive fires most rank-and-file employees. In a statement, Fisker confirmed that it let go about 75 percent of its workforce. The automaker said it was "a necessary strategic step in our efforts to maximize the value of Fisker's core assets." A Fisker representative could not immediately answer questions on ... |
BOJ's Kuroda: monetary onslaught won't cause asset bubbles. The yen weakened past 97 per dollar on Friday for the first time since August 2009, a day after the BOJ vowed to inject about $1.4 trillion into the economy in less than two years in a dose of shock therapy to end two decades of deflation. The Nikkei share ave... |
UK lawmakers call for ban on former bosses for HBOS failure. The Parliamentary Commission on Banking Standards, tasked with finding ways to reform UK banks, said HBOS was an "accident waiting to happen", with bad lending and losses across the business likely to have led to its insolvency even without the funding and li... |
Ruling against BP clears way for appeal of spill payouts. Federal District Judge Carl Barbier said he found no reason to reverse his decision last month to uphold the payout process. This was despite BP's protest at payouts including $21 million for a Louisiana rice mill 40 miles from the coast which earned more revenu... |
Discouraged job seekers behind shrinking labor force. The number of working-age Americans counted as part of the labor force -- either with a job or looking for one -- tumbled by 496,000 in March, the biggest fall since December 2009, the Labor Department said on Friday. That pushed the so-called workforce participatio... |
U.S. visa program for skilled workers hits limit. The H-1B program has not reached its base cap of 65,000 so quickly since early 2008, before the economic crisis hit. That was the last time a lottery was used, according to USCIS. A separate H-1B allocation for masters and PhD graduates from U.S. universities has also h... |
HP shakeup points to more "shareholder friendly" board. The stepping-down of Hewlett-Packard Co Chairman Ray Lane and appointment of activist investor Ralph Whitworth as his interim replacement has raised hopes for a more "shareholder friendly" board at the flailing PC maker. But investors aren't buying it just yet, an... |
Exclusive: Buyout firms eye Yankee Candle in $2 billion deal - sources. Bain Capital LLC, Advent International Corp, CVC Capital Partners Ltd CVC.UL, Clayton, Dubilier & Rice LLC and Ares Management LLC have made it through the first round of bidding and are set to meet with Yankee Candle's management over the next few... |
HP chairman resigns after shareholder vote. Lane won 58.88 percent of shareholder votes, which was announced during the company's annual meeting last month. (Reporting by Poornima Gupta ) |
Wary French shoppers drag down Feb euro zone sales. The retail trade volume for the 17 countries using the euro fell 0.3 percent month-on-month, data from the EU statistics office Eurostat showed on Friday. Economists polled by Reuters had forecast a fall of 0.2 percent month on month. The statistics office also revise... |
Cyprus currency decree eases restrictions on bank transfers. Companies could transfer up to 10,000 euros ($13,000) per month from one bank account to another, and the limit for individuals was 2,000 euros, the finance ministry said in a statement. Other restrictions, including a 300 euro per day cash withdrawal limit f... |
Watchdog did not have timely Bank of Cyprus data on Greek debt: report. A report seen by Reuters said that the recent investigation was hampered by "unnecessary delays" in getting documentation from commercial Bank of Cyprus BOC.CY - one of the banks at the center of Cyprus's international bailout - and that some compu... |
MF Global bankruptcy exit plan primed for court hearing. The collapsed brokerage would repay the bulk of lender JPMorgan Chase & Co's ( JPM.N ) claim, and would pay unsecured creditors as much as 34 cents on the dollar under a plan slated to go before Judge Martin Glenn in the U.S. Bankruptcy Court in Manhattan. MF Glo... |
GM, Opel CEOs to meet German leader Merkel. With job losses looming at Opel's Bochum plant and against a background of European car sales in freefall, government spokesman Georg Streiter said Dan Akerson and Karl-Thomas Neumann will have a one-hour session with Merkel in Berlin on Thursday. Merkel is seeking a third te... |
Exclusive: SocGen mulls up to 700 job cuts - union sources. SocGen management met with unions on Wednesday to discuss the proposals, which have not yet been finalized, the sources said. The cuts, which will largely target back office staff in IT and compliance roles, will be partly offset by up to 100 new jobs created ... |
AB InBev, Justice Department are near an agreement in beer deal. The Justice Department filed a lawsuit on January 31 aimed at stopping AB InBev, the world's largest brewer with some 200 brands, from buying the 50 percent of Grupo Modelo ( GMODELOC.MX ) it does not already own for $20.1 billion, saying the deal could m... |
U.S. trade deficit narrows in February as crude oil imports drop. The deficit narrowed to $43.0 billion, from an unrevised $44.5 billion in January. The consensus estimate of Wall Street analysts surveyed before the report was for the trade gap to widen slightly to $44.6 billion. The lower-than-expected deficit could p... |
U.S. to press Europe on rebalancing economic demand: official. "What is very clear is that overall we're seeing very weak demand in Europe and rising levels of unemployment," a senior U.S. Treasury official said on a call briefing reporters about the trip. "There is clearly some capacity for demand rebalancing in the e... |
Boeing completes 787 Dreamliner test flight for battery fix. The flight lasted about 1 hour and 50 minutes, landing at 12:28 pm Pacific Time (1928 GMT), according to Boeing. Data from the flight, which had Federal Aviation Administration officials aboard, will be submitted to the FAA, which will decide whether to appro... |
GM and Opel CEOs to meet German leader Merkel on Thursday. Akerson and Opel's chief executive Karl-Thomas Neumann will visit Merkel in Berlin on Thursday at 3 p.m. (10 a.m. ET) for an hour, said government spokesman Georg Streiter, adding that the meeting coincided with a meeting of the GM board in Germany. Last month ... |
Germany says confident France will meet deficit obligations. "There are rules in the EU that apply for all. It's mostly down to the EU Commission to evaluate how to proceed further. Then the members of the EU council will look at it," said Martin Kotthaus, spokesman for Germany's finance ministry. "We have full confide... |
Boeing finishes 787 testing, focus shifts to regulators. Friday's test flight concludes testing after little more than three weeks, and moves the Dreamliner closer to resuming passenger flights, restarting jet deliveries, and stemming millions of dollars in losses that have piled up at airlines and Boeing since the jet... |
Stocks, dollar fall on weak U.S. jobs data. Brent crude oil fell to an eight-month low as the bleak U.S. jobs data dimmed the outlook for fuel demand in the world's largest oil consumer. U.S. employers hired at the slowest pace in nine months in March, adding just 88,000 nonfarm jobs, the Labor Department said, below a... |
Exclusive: Former News Corp President Chernin bids $500 million for Hulu. The website, jointly controlled by News Corp and Walt Disney Co, reached out to potential buyers in March after initially contemplating a deal in which one would buy out the other. It is not clear whether that transaction is still being contempla... |
Labor "scarring" reason for more bond buying: Fed official. As Boston Fed President Eric Rosengren took to the podium to give a speech on the pain caused by high rates of unemployment, fresh data showed employers added a very disappointing 88,000 jobs last month, the slowest hiring pace since last summer. The U.S. unem... |
Exclusive: Disney to begin layoffs in studio, consumer products - sources. The studio job cuts will center on the marketing and home video units and include a small number from the animation wing, said the sources, who spoke on condition of anonymity because the plans had not been made public. It is unknown how many jo... |
Analysis: Big inflows into bonds undercut the "Great Rotation". Even as the fixed-income sector grapples with a rare negative start to the year, many of the biggest and widely followed bond firms are still attracting new cash to their flagship funds. And it is not expected to stop any time soon. "I think the demand is ... |
ECB's Coeure sees euro zone inflation straying off course. Euro zone inflation slipped in March for a third straight month to an annual rate of 1.7 percent, compared to the ECB's goal of close to, but not above, 2 percent. "We have a rate of inflation which looks set to move away from the ECB's 2 percent target over th... |
Judge approves BofA $2.43 billion settlement over Merrill. The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by U.S. District Judge Kevin Castel in Manhattan. Castel called the settlement "fair, reasonable and adequate," and said it culminated an "extraord... |
Boeing has "good" 787 battery plan fix: official. LaHood said he wants to ensure the Dreamliner is safe before allowing the planes back in the air, and no decision had been made on commercial flights. Airlines that operate the plane expect it could be flying again as early as April or May. "They're doing the tests now,... |
Boeing sets final 787 Dreamliner test flight for Friday. Boeing said the flight is scheduled to depart around 11 a.m. PDT (2 p.m. ET) and last about two hours. The time is subject to change, it said. The flight would gather data for the Federal Aviation Administration to help show that a new battery system on the plane... |
Adelson testifies middleman "couldn't deliver" in Macau. Richard Suen alleges the Las Vegas company stiffed him on an agreed upon "success fee" for helping secure a permit for a hotel and casino in Macau, a Chinese special administrative territory that has become the world's most lucrative gambling mecca. "He couldn't ... |
BizJet officers charged with bribing Latin American officials. The charges, unsealed on Friday, were filed in January of 2012 against four directors of BizJet International Sales & Support, a U.S.-based unit of Lufthansa that provides aircraft maintenance, after a joint probe by the DOJ and FBI. The men are accused of ... |
Ex-Thomson Reuters employee sues over survey distribution. In the lawsuit, filed on Wednesday in Manhattan federal court, Mark Rosenblum said he was terminated after telling U.S. authorities that the Thomson Reuters/University of Michigan Surveys of Consumers was released at different times to different subscribers. "W... |
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