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| Analysis: Lengthy 787 probe, fixing problem, may cost Boeing dear Friday, Jan 25, 2013 06:12 PM PST  SEATTLE (Reuters) - The slow progress of investigations into battery problems on Boeing Co's 787 Dreamliner jets suggest the new plane could be grounded for months, raising fears that the financial hit to Boeing will be greater than had been initially predicted. Wall Street had been working on the assumption that safety inspectors would find the root cause of two battery incidents in the United States and Japan within weeks and Boeing would implement a speedy fix costing no more than a few hundred million dollars. But on Thursday, the head of the U.S. ... Full Story | Top |
| Japan's ANA cancels another 379 Dreamliner flights Friday, Jan 25, 2013 06:12 PM PST TOKYO (Reuters) - All Nippon Airways Co, which has the biggest fleet of Dreamliner jets, on Saturday cancelled another 379 flights scheduled for February 1-18, almost doubling the number of its cancellations since one of the planes made an emergency landing. The latest cancellations brings the number of ANA flights stopped since the January 16 emergency landing in western Japan to 838. All Dreamliners have been grounded since January 17 due to unexplained battery problems. ... Full Story | Top |
| PIMCO managing director Simon to leave firm Friday, Jan 25, 2013 05:48 PM PST NEW YORK (Reuters) - Scott Simon, a managing director at Pacific Investment Management Co who heads mortgage- and asset-backed securities investing, plans to retire from the manager of the world's largest bond fund, a source familiar with the situation said. Simon's departure follows that of Neel Kashkari, managing director and head of global equities at PIMCO, who is leaving the firm to consider running for public office in California as a Republican, according to people familiar with the situation. Simon's savvy bets in mortgage-backed securities have helped PIMCO, which oversees $1. ... Full Story | Top |
| Okada sues Wynn Resorts in bid to keep board seat Friday, Jan 25, 2013 05:44 PM PST SAN FRANCISCO (Reuters) - Japanese gaming billionaire Kazuo Okada has filed a lawsuit in a Nevada court in an attempt to keep his seat on the board of Wynn Resorts Ltd. Okada, who until recently controlled a nearly 20 percent stake in the casino company, filed suit on Thursday in U.S. District Court in Las Vegas, asking for an injunction to stop a special meeting of Wynn shareholders scheduled for February 22. ... Full Story | Top |
| Viacom CEO Philippe Dauman's pay falls by $10 million Friday, Jan 25, 2013 05:15 PM PST (Reuters) - Viacom Inc, parent of cable networks MTV and Nickelodeon and movie studio Paramount Pictures, paid Chief Executive Philippe Dauman about $10 million less in 2012 than a year earlier, a regulatory filing showed. Dauman was paid $33.4 million in the year ended September 30, about 22 percent less than the $43.1 million he earned in fiscal 2011. (http://link.reuters.com/kek55t) In 2010, he was paid $84.5 million in cash and stock, making him the highest-paid corporate executive in the United States. Viacom has been facing challenges at MTV and Nickelodeon, which are in a ratings slump. ... Full Story | Top |
| Ex-banker accused of helping in Olympus fraud granted bail Friday, Jan 25, 2013 04:53 PM PST NEW YORK (Reuters) - A former Singapore banker charged with helping Japan's Olympus Corp engineer a $1.7 billion accounting fraud was granted bail by a U.S. judge on Friday. Chan Ming Fon, a Taiwan citizen who lives in Singapore, may be released on $5 million bail, secured by $1 million of cash and $4.5 million of properties, according to an order by U.S. District Judge Laura Taylor Swain in Manhattan. The former Commerzbank AG and Societe Generale banker had been arrested on December 20 in Los Angeles. ... Full Story | Top |
| U.S. business bruised by budget fight, say economists: Reuters poll Friday, Jan 25, 2013 04:30 PM PST (Reuters) - U.S. businesses have cut back expansion and hiring plans as a direct result of Washington's budget spat, say a firm majority of economists in a latest warning the recovery will drift until the fighting ends. Friday's Reuters poll of 76 economists also showed they were split almost down the middle over whether the White House and Congress will agree significant spending cuts over the next two months. ... Full Story | Top |
| JPMorgan risk officer John Hogan takes leave until summer Friday, Jan 25, 2013 04:16 PM PST (Reuters) - The chief risk officer of JPMorgan Chase & Co , John Hogan, is taking a leave of absence until early summer to spend time with his family after grappling with the fallout from the company's "London Whale" trading debacle for much of the past year. Hogan, 46, announced his action in a memo sent on Friday to employees in his department and reviewed by Reuters. ... Full Story | Top |
| Credit Suisse could owe $2 billion in National Century fraud: judge Friday, Jan 25, 2013 03:47 PM PST  NEW YORK (Reuters) - Credit Suisse Group Inc faces a potential $2 billion of exposure over fraud that occurred a decade ago at National Century Financial Enterprises, a result of a federal judge's determination on how to apportion responsibility. Friday's decision by U.S. District Judge James Graham could expose the Swiss bank to hundreds of millions of dollars of added liability over the activities of Lance Poulsen, who co-founded National Century in 1990 and was its chief executive. He is now serving a 30-year prison term and is presumed insolvent. ... Full Story | Top |
| Wall Street Week Ahead: Bears hibernate as stocks near record highs Friday, Jan 25, 2013 03:43 PM PST  NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now. Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again. The Standard & Poor's 500 Index has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. ... Full Story | Top |
| S&P 500 vaults 1,500 as Wall Street extends rally Friday, Jan 25, 2013 03:43 PM PST  NEW YORK (Reuters) - The Standard & Poor's 500 index closed above 1,500 for the first time in more than five years on Friday as strong earnings reports, including Procter & Gamble's, helped the benchmark extend its rally to eight days. The winning streak is the longest in eight years and left the S&P 500 about 4.1 percent away from its all-time closing high of 1,565.15 on October 9, 2007. ... Full Story | Top |
| Square COO quit after sex harassment accusation Friday, Jan 25, 2013 03:38 PM PST SAN FRANCISCO (Reuters) - The chief operating officer for mobile payments company Square, Keith Rabois, abruptly resigned after an employee accused him of sexual harassment and demanded "millions of dollars" to stave off a potential lawsuit, he disclosed in a Friday blog post. The online revelation by Rabois, a well-regarded senior executive at the multibillion-dollar startup founded by Twitter Inc co-creator Jack Dorsey, caused a sensation in the close-knit Silicon Valley community and ignited a flurry of tweets. ... Full Story | Top |
| Exclusive: US Air, AMR deal could come in next two weeks - sources Friday, Jan 25, 2013 03:34 PM PST  NEW YORK (Reuters) - US Airways Group Inc and American Airlines parent AMR Corp are in the final stages of negotiating a merger, with the final price and management structure still to be resolved, four people familiar with the matter said. The two airlines, as well as AMR's creditors and its bondholders, have focused their efforts in recent weeks on reaching a merger agreement, and a deal could come in the next two weeks, the people said on Friday. ... Full Story | Top |
| Chile's Falabella eyes more opportunities in LatAm Friday, Jan 25, 2013 03:24 PM PST SANTIAGO (Reuters) - Chilean retailer Falabella is looking at options to grow more aggressively in the region, including the possibility of mergers and acquisitions, vice-president Carlo Solari told Reuters on Friday. Falabella plans to invest $3.923 billion from 2013 to 2017 to double the number of stores and shopping malls it operates in Argentina, Chile, Colombia and Peru. "Obviously we're looking at organic and non-organic opportunities to grow," Solari said on the sidelines of the Community of Latin American and Caribbean States and European Union business summit. ... Full Story | Top |
| Europeans fill jobs void in Chile's thriving economy Friday, Jan 25, 2013 03:03 PM PST SANTIAGO (Reuters) - As the debt crisis raged across the euro zone last year, Madrid-native Laura Tapias and her partner found themselves out of work. With nearly one in four Spaniards unemployed, their prospects looked grim. After four months of fruitless job-hunting at home, she headed across the Atlantic to Santiago with her boyfriend who had got a job in Chile's capital city. Two days later she found work as a hydrogeologist at an environmental consulting firm in the Santiago business district dubbed 'Sanhattan' for its resemblance to Manhattan's skyline. ... Full Story | Top |
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