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| ANA flight cancellations top 450 with Boeing jet grounded Thursday, Jan 24, 2013 06:20 PM PST TOKYO (Reuters) - All Nippon Airways Co, which has the biggest fleet of Boeing Co 787 Dreamliner jets, on Friday cancelled another 78 flights scheduled for January 29-31 - bringing total cancellations at the Japanese carrier since one of the planes made an emergency landing on January 16 to 459. All Dreamliners have been grounded since January 17 due to unexplained battery problems. ... Full Story | Top |
| Sands beefs up anti-money laundering safeguards - WSJ Thursday, Jan 24, 2013 06:14 PM PST  NEW YORK (Reuters) - Las Vegas Sands Corp is no longer making international money transfers for its high-end casino customers and is revamping its compliance procedures as it faces regulatory scrutiny, the Wall Street Journal reported, citing people familiar with the matter. The casino operator, which is the subject of a money-laundering investigation by U.S. authorities, has recently hired three former FBI agents to beef up its anti-money-laundering efforts, the Journal reported. U.S. ... Full Story | Top |
| Whitman Capital founder gets two years for insider trades Thursday, Jan 24, 2013 05:02 PM PST  NEW YORK (Reuters) - California hedge fund manager Doug Whitman was sentenced on Thursday to two years in prison after he became the first defendant in a broad U.S. crackdown on insider trading to take the stand to convince jurors of his innocence. U.S. District Judge Jed Rakoff in Manhattan imposed the sentence, which was less than half the 4-1/4 to 5-1/4 years that federal prosecutors wanted. Whitman, the founder of Whitman Capital LLC in Menlo Park, was convicted in August of securities fraud and conspiracy over his involvement in two insider trading schemes between 2006 and 2009. ... Full Story | Top |
| Morgan Stanley CEO Gorman made $6 million for 2012: source Thursday, Jan 24, 2013 04:54 PM PST  (Reuters) - Morgan Stanley Chief Executive Officer James Gorman received lower compensation for 2012 after a difficult year for the bank in which profits declined. Gorman received $6 million in total compensation for 2012, including $800,000 in salary, $2.6 million in deferred cash and $2.6 million in stock options, a person familiar with the matter said on Thursday. He did not receive a cash bonus. Gorman made $8.56 million for 2011, when counting salary, deferred cash and restricted stock grants. ... Full Story | Top |
| NTSB: Boeing 787 fire systems did not work as intended Thursday, Jan 24, 2013 04:52 PM PST WASHINGTON (Reuters) - The systems designed to prevent a battery fire aboard the Boeing Co 787 Dreamliner passenger jet did not work as intended, the chairman of the U.S. National Transportation Safety Board said on Thursday. At a news conference in Washington, Deborah Hersman also said the NTSB hopes to learn soon whether the batteries involved in incidents in Boston and Japan were from the same batch. (Reporting By Jim Wolf and Andrea Shalal-Esa) Full Story | Top |
| United CEO cites confidence in Boeing's ability to fix 787 Thursday, Jan 24, 2013 04:52 PM PST (Reuters) - United Continental Holdings Inc said on Thursday it was confident that Boeing Co could correct the issues with the 787 Dreamliner, which was grounded earlier this month after a series of safety incidents including battery fires. "History teaches us that all new aircraft types have issues and the 787 is no different," United Continental Chairman and Chief Executive Jeff Smisek said during the carrier's earnings conference call. ... Full Story | Top |
| Boeing says working around the clock on 787 issue Thursday, Jan 24, 2013 04:52 PM PST WASHINGTON (Reuters) - Boeing Co on Thursday said it was working around the clock to resolve issues that have grounded the entire global fleet of the company's new 787 Dreamliner for over eight days, and underscored its regret about the issue. Boeing said it welcomed Thursday's briefing on the 787 investigation by the U.S. National Transportation Safety Board and said it continued to assist the NTSB and the other government agencies investigating two recent 787 incidents. ... Full Story | Top |
| 787 probe far from complete, regulator "very concerned" Thursday, Jan 24, 2013 04:52 PM PST  WASHINGTON (Reuters) - U.S. safety regulators are nowhere near finishing an investigation into a battery fire on the Boeing Co 787 Dreamliner, a top official said on Thursday, raising the prospect of a prolonged grounding for the aircraft. Deborah Hersman, chairman of the National Transportation Safety Board, made clear that investigators have found a series of "symptoms" in the battery damaged in a January 7 fire in Boston, but not the underlying cause of the problem. ... Full Story | Top |
| AT&T subscriber growth beats but profit margin misses Thursday, Jan 24, 2013 04:47 PM PST NEW YORK (Reuters) - AT&T Inc's fourth-quarter profit was lower than expected but the telephone company promised earnings and revenue growth this year even if the economy does not improve. Along with growth from its existing business, Chief Executive Randall Stephenson said on Thursday that AT&T is also eyeing overseas opportunities. He said the idea would be to profit from wireless expansion in countries where services are not yet as advanced as in the United States. ... Full Story | Top |
| Netflix wins back Wall Street, shares jump 42 percent Thursday, Jan 24, 2013 04:46 PM PST  LOS ANGELES/NEW YORK (Reuters) - Netflix Inc impressed Wall Street with a surprisingly strong holiday quarter that eased near-term concerns about its costly international expansion and its movie and TV bill, sending its shares skyrocketing 42 percent. The jump represented the largest single-day gain from Netflix, though shares were still trading at just under half their record of more than $300 in July 2011, when the company was celebrated on Wall Street for pioneering a video service that rocked the traditional media industry and Hollywood. ... Full Story | Top |
| Starbucks stays hot in U.S., Asia; shares rise Thursday, Jan 24, 2013 04:44 PM PST  (Reuters) - Starbucks Corp reported stronger-than-expected sales in the United States and Asia despite economic uncertainty worldwide, offsetting unexpected costs including the bill for cleaning up after Superstorm Sandy. Shares in the world's biggest coffee chain rose 1.9 percent in after-hours trade on Thursday, even though the company's first-quarter profit matched but did not exceed Wall Street estimates and it merely repeated its forecasts for the full year. Starbucks often tops profit expectations and raises forecasts. ... Full Story | Top |
| S&P rises for seventh day but 1,500 too steep a climb Thursday, Jan 24, 2013 04:32 PM PST  NEW YORK (Reuters) - The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years. Apple Inc slid 12.4 percent to $450.50 a day after it posted revenue that missed Wall Street's forecast as iPhone sales were poorer than expected. The sharp drop wiped out nearly $60 billion in Apple's market capitalization to less than $423 billion, leaving the company vulnerable to losing its status as the most valuable U.S. ... Full Story | Top |
| Insight: Cotton market trust crumbles on defaults, lawyers pounce Thursday, Jan 24, 2013 04:32 PM PST  NEW YORK (Reuters) - The global cotton trade, which still operates on handshakes and trust to the astonishment of hard-bitten operators in other commodities markets, might lose much of that clubbiness because of a wave of defaults by textile mills. Merchants are reviewing centuries-old practices that relied on promises of payment rather than cash deposits - with any disputes sorted out calmly through arbitration. They are now either taking or considering legal action to stem the tide of contract defaults caused by the wild price volatility that has engulfed the industry since 2011. ... Full Story | Top |
| Citigroup's private bank pulling money from SAC Capital: WSJ Thursday, Jan 24, 2013 04:16 PM PST  NEW YORK (Reuters) - Citigroup Inc's private bank is withdrawing its $187 million investment from SAC Capital Advisors LP, the latest of several client redemptions at the hedge fund firm, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The question of investor redemptions from Steven A. Cohen's SAC Capital has come up in the wake of charges brought last month by U.S. authorities against a former SAC Capital portfolio manager, Mathew Martoma. ... Full Story | Top |
| Microsoft profit dips ahead of Office revamp Thursday, Jan 24, 2013 04:12 PM PST  SEATTLE (Reuters) - Microsoft Corp's quarterly profit edged lower as Office software sales slowed ahead of a new launch, offsetting a solid but unspectacular start for its Windows 8 operating system and sending the company's shares down 1.4 percent. The results mark a stark change from the 1990s, when Microsoft was the unchallenged king of computing and the release of a new Windows operating system would supercharge sales, generate excitement and generally boost its stock. ... Full Story | Top |
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