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| | Toyota China sales tumble as islands row hits Japan Inc
 BEIJING (Reuters) - Toyota Motor Corp's China sales fell about 40 percent in September from the year before, while those of rivals such as Hyundai and BMW jumped, underscoring how badly Japanese brands have been hit by a territorial row between the two countries. Showroom traffic and sales have plunged at Japanese car makers since violent protests and calls for boycotts of Japanese products broke out across China in mid-September over the Japanese government's purchase of a group of disputed islands in the East China Sea from their private owner. ...
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Gannett to stop broadcasting on Dish if ad-skipping feature not removed
(Reuters) - Dish Network Corp said the broadcasting arm of newspaper publisher Gannett Co Inc has threatened to withdraw broadcasting on the satellite TV provider if it does not block the commercial-skipping feature on its digital video recorders or agree to pay massive penalties. Dish's AutoHop feature on its Hopper DVR lets customers press one button to automatically skip commercials when they are watching recorded TV shows. Dish introduced its high-definition DVR called the Hopper earlier this year. ... Full Story | Top |
Samsung posts $7.3 billion third-qurter profit, this quarter will be tougher
 SEOUL (Reuters) - Samsung Electronics reported a record quarterly profit of $7.3 billion, nearly double last year's figure, as strong sales of high-end TVs and Galaxy smartphones more than offset reduced orders for chips and screens from Apple Inc, its main rival and leading customer. Most analysts, however, expect a run of four straight record quarters to end in December as the South Korean group, the world's leading maker of smartphones, TVs and memory chips, ramps up its marketing to counter Apple's new iPhone and other products in a crowded $200 billion global smartphone market. ...
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Bullard: Fed risks putting itself in a "box" by targeting unemployment
 MEMPHIS (Reuters) - The U.S. central bank risks limiting its policy flexibility by explicitly tying its actions to a numerical unemployment target, a senior Federal Reserve official said on Thursday. "I think this threshold thing will put the committee in more of a box," said St. Louis Federal Reserve President James Bullard, voicing disagreement with fellow policymakers, referring to the Federal Open Market Committee (FOMC). ...
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Toyota September China car sales fall 40 percent on year: source
 BEIJING (Reuters) - Toyota Motor Corp's sales in China fell about 40 percent in September from a year earlier to about 50,000 cars, and the decline will likely force the company to miss its goal of selling 1 millions cars there this year, a source with knowledge of the sales said on Friday. That would be down from about 86,000 sold in September 2011 but better than the tally reported earlier by Japan's Yomiuri newspaper. The daily said Toyota's China sales last month halved from the 75,000 sold in August. (Reporting by Norihiko Shirouzu, writing by Chang-Ran Kim; Editing by Ryan Woo)
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Navistar may ax plants in new CEO's cost push
 LISLE, Illinois (Reuters) - Embattled U.S. truck and engine maker Navistar International Corp is cutting administrative and engineering spending and may close factories as it lowers costs, the company's newly named chief executive said on Thursday. The maker of International-brand trucks is reviewing all operations beyond its core North American truck and parts business to see whether any need to be fixed, sold or closed, as it seeks to revive profits, CEO Lewis Campbell said in his first interview since taking the reins at Navistar on August 27. ...
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Analysis: Big funds seek to rein in pay at Wall Street banks
 (Reuters) - The days when Wall Street banks could blithely hand out half their revenue in compensation to their staff without a murmur from shareholders have come to an end. In an era of leaner times and tighter regulation, big mutual funds and pensions are growing more vocal in pushing executives at investment banks to rein in pay and bonuses and consider more staff cuts. Investors worry that bank employees are getting too big a piece of a shrinking pie, leaving shareholders a much smaller slice. So far, much of the jousting is taking place behind closed doors. ...
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Exclusive: Credit Suisse probed over mortgages - sources
 NEW YORK (Reuters) - U.S. federal and state authorities are investigating Credit Suisse AG over mortgage-backed securities packaged and sold by the bank, people familiar with the probe said on Thursday. The Justice Department and the New York Attorney General are among those probing Credit Suisse's actions, according to the sources, who spoke on condition of anonymity. A spokesman for Credit Suisse, Switzerland's second-largest bank, declined to comment. Zurich-based Credit Suisse is the second bank known to be targeted by U.S. ...
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U.S. credit union regulator sues Credit Suisse
(Reuters) - The U.S. credit union regulator filed a lawsuit on Thursday against Credit Suisse Securities (USA), alleging misrepresentations in the underwriting and sale of mortgage-backed securities. The National Credit Union Administration said in a statement that three failed credit unions paid more than $715 million for the securities at issue in the lawsuit, which filed in U.S. district court in Kansas. "Credit Suisse is one of several firms that sold faulty securities to corporate credit unions, which led to their collapse," the agency said. ... Full Story | Top |
CNOOC bid for Nexen raises tough issues, says Canada PM
 OTTAWA (Reuters) - Canada admitted on Thursday that a Chinese bid for domestic oil company Nexen Inc raises difficult policy questions, but the government gave no sign it would bow to an opposition demand to veto the deal. Speaking hours after the main opposition party demanded a veto on CNOOC Ltd's $15.1 billion bid, Prime Minister Stephen Harper said the government would look at a range of issues as it determines whether the transaction, the largest foreign takeover ever launched by a Chinese firm, is of net benefit to Canada. ...
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Fidelity's new president talks of bears, shows whimsical side
 BOSTON (Reuters) - In her first public appearance since being named the top executive of all of Fidelity Investments' key businesses, Abigail Johnson talked about bears, the type with four legs, and why she loves New England. Johnson, 50, did not talk about the direction of Fidelity or any future plans for the company in a short speech at a dinner on Thursday sponsored by the New England Council. The regional business group honored Johnson as part of its annual "New Englander of the Year" awards at the Seaport Hotel/World Trade Center in Boston. ...
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Analysis: YouTube alienates amateur users by courting pros
 SAN FRANCISCO (Reuters) - After struggling for years, in late 2010, Driving Sports TV, a scrappy, two-person video production outfit led by Ryan Douthit, finally began supporting itself with advertising income from YouTube. It didn't matter that the channel's production set was simply a green screen in Douthit's cramped garage in a leafy Seattle suburb; Driving Sports TV's revenues were roaring like the rally car engines it featured. Achieving self-sufficiency on YouTube was Douthit's dream. Then it became a nightmare. ...
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Credit Suisse readies more New York-area layoffs
NEW YORK (Reuters) - Credit Suisse Group will lay off another 78 employees in the New York region by year-end, its fourth round of cuts for the area this year. The layoffs, disclosed in a filing with New York State's Department of Labor on Thursday, will begin on October 15 and extend through December 29. A Credit Suisse spokesman declined to expand on the notice. With Thursday's disclosure, the Zurich-based bank company, has announced 451 New York-area job losses this year through the state-required notices. Credit Suisse employed about 11,700 people in the Americas at the end of 2011. ... Full Story | Top |
Analysis: New single-serve coffee brewers pile pressure on Keurig
NEW YORK (Reuters) - A wave of new single-serve coffee brewers is coming to market in the United States, offering consumers more choices and stepping up pressure on market leader Keurig and its parent company, Green Mountain Coffee Roasters Inc . This month, Bunn, maker of commercial beverage equipment, will launch a home version of its single-serve coffee machine. The machine, called MyCafe, will work with Keurig's K-Cups, even though it is not licensed to do so. Also later this month, about two-thirds of U.S. ... Full Story | Top |
TSX rallies to highest close in nearly three weeks
 TORONTO (Reuters) - Canada's main stock index notched its highest closing level in nearly three weeks on Thursday after reassuring comments from the European Central Bank chief and signs of improvement in the U.S. labor market supported demand for riskier assets. Heavily-weighted financial and resource shares rose sharply, with the latter helped by higher prices for the underlying commodities. Oil prices were up about 4 percent, getting an extra boost from inflamed tensions between Turkey and Syria, while gold hit its highest level in 11 months. ...
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