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| Activist investor Peltz cuts State Street stake: WSJ Monday, Jan 28, 2013 07:38 PM PST (Reuters) - Trian Fund Management LP, founded by activist investor Nelson Peltz, has partially sold its stake in State Street Corp , the Wall Street Journal reported, citing people familiar with the decision. It was not clear how much Trian still owns of State Street, the world's No. 2 stand-alone custody bank. The size of its stake is likely to be disclosed next month as part of the New York investment firm's overall holdings, the Journal said. (http://link.reuters. ... Full Story | Top |
| Asian shares rise, cautious before Fed, U.S. data Monday, Jan 28, 2013 07:32 PM PST  TOKYO (Reuters) - Asian shares rose on Tuesday as recent selling drew bargain hunters, but investors were cautious ahead of more U.S. economic reports and a Federal Reserve policy decision later in the week that may offer clues to the Fed's stimulus plans. The MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.7 percent to snap a four-day losing streak, led by a 1.1 percent jump in Australian shares to a fresh 21-month high on gains in financials shares. South Korean shares , which slumped to an 8-week low on Monday, rebounded 0.8 percent. ... Full Story | Top |
| Former Ecuador judge on Chevron case says plaintiffs bribed court Monday, Jan 28, 2013 06:58 PM PST  NEW YORK/SAN FRANCISCO (Reuters) - A former Ecuadorean judge has claimed that after stepping down from the bench, he illegally ghostwrote a judgment in which Chevron was ordered to pay $18.2 billion (11.5 billion pounds) for polluting the rain forest, and that the plaintiffs paid a $500,000 bribe to the judge who issued the ruling. Alberto Guerra, who presided over the case from 2003 to 2004, made the allegations in a sworn statement filed by Chevron on Monday in support of a lawsuit in Manhattan federal district court accusing the Ecuadorean plaintiffs and their lawyers of fraud. ... Full Story | Top |
| Yahoo sees revenue climb this year, but long road ahead Monday, Jan 28, 2013 06:54 PM PST  (Reuters) - Yahoo Inc forecast a modest uptick in revenue for the current year as it revamps its family of websites but Chief Executive Marissa Mayer warned it would be a long journey to revive the Internet company's fortunes. In Yahoo's first financial outlook since Mayer became CEO in July, the company outlined a plan to trigger a "chain reaction of growth" by overhauling a dozen of its online services to increase the amount of time users spent on its websites. It also pointed to strength in its search advertising business and progress made in improving its internal operations. ... Full Story | Top |
| IRS can seek UBS records for taxpayers hiding income at Wegelin Monday, Jan 28, 2013 06:42 PM PST  NEW YORK (Reuters) - A federal judge on Monday authorized the Internal Revenue Service to seek records from UBS AG of U.S. taxpayers suspected of hiding their income in accounts with Swiss bank Wegelin. Wegelin, the oldest Swiss private bank, pleaded guilty in Manhattan federal court on January 3 to charges of helping wealthy Americans evade taxes through secret accounts and then announced it would close down as a result. U.S. ... Full Story | Top |
| As world of gadgets grows, online industry tunes in to video ads Monday, Jan 28, 2013 06:13 PM PST SAN FRANCISCO (Reuters) - Internet video ads, long a sideshow in the online advertising market, are gaining in importance to marketers and Web publishers as they look to capitalize on consumers' changing viewing habits and tap a $70 billion (44.5 billion pounds) television market. The ever-expanding array of gadgets that display online video, from tablets to Internet-connected TVs and DVD players, along with technology such as social media that facilitates distribution, has spurred new interest. ... Full Story | Top |
| Tesla CEO extends help to Boeing on battery issue Monday, Jan 28, 2013 06:10 PM PST  DETROIT (Reuters) - Elon Musk has long considered Tesla Motors Inc the bold, nimble answer to the auto industry's cautious culture. Now the electric car maker's top executive has extended his help to another industrial giant: Boeing Co . In a January 26 message on Twitter, Musk said he was in talks with the chief engineer of Boeing's 787 Dreamliner plane, which regulators have grounded indefinitely after a string of malfunctions ranging from fuel leaks to battery meltdowns. "Desire to help Boeing is real & am corresponding w 787 chief engineer," Musk wrote on the social media website. ... Full Story | Top |
| Moody's cuts ratings of six Canadian lenders Monday, Jan 28, 2013 05:31 PM PST  (Reuters) - Moody's Investors Service has cut the ratings of six Canadian financial institutions, including the previously "Aaa" rated Toronto-Dominion Bank, due to concerns about rising consumer debt and high housing prices. TD, the only publicly traded bank that still carried Moody's top rating, was downgraded, along with Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Bank of Montreal, National Bank of Canada and Caisse Central Desjardins, Canada's largest association of credit unions, Moody's said on Monday. ... Full Story | Top |
| BofA's Moynihan calls for renewed focus on customers Monday, Jan 28, 2013 04:54 PM PST  (Reuters) - Bank of America Corp must focus on improving customer service as it moves past its crisis-era problems, CEO Brian Moynihan said in a letter sent to employees, signaling one of his strategies for boosting revenue at the bank. The letter, mailed to the homes of nearly 270,000 employees worldwide and seen by Reuters, says employees need to make it easier for customers to do business with the company, which has fared poorly in U.S. customer satisfaction surveys. Bank of America posted the lowest score among four large U.S. ... Full Story | Top |
| Demise of small Hess refinery threatens U.S. East Coast pump pain Monday, Jan 28, 2013 04:06 PM PST NEW YORK (Reuters) - Hess Corp's decision to close its U.S. East Coast refinery, the latest plant to fall victim to weak profits in the Atlantic Basin, could threaten painful gasoline price spikes for regional drivers as local fuel supplies dwindle further. Hess will shut the 70,000-barrels-per-day Port Reading, New Jersey plant in late February, as part of a larger restructuring, the company said in a statement on Monday. U.S. ... Full Story | Top |
| Hess exits storage, refining; fund may seek board seats Monday, Jan 28, 2013 04:06 PM PST  (Reuters) - Hess Corp on Monday announced plans to sell its oil storage terminal network and exit the oil refining business, after activist hedge fund Elliott Associates said it was considering nominating directors to the Hess board. Hess' decision to become predominantly an exploration and production company is similar to the strategy employed by others such as ConocoPhillips and Marathon Oil , which spun off their refining operations in recent years. "Hess is now facing some activist shareholder interest. ... Full Story | Top |
| Faulty manufacturing seen behind F-35B grounding Monday, Jan 28, 2013 04:02 PM PST WASHINGTON (Reuters) - Pentagon and industry officials said on Monday a manufacturing problem was the most likely cause of an engine failure that led to the grounding of all 25 Marine Corps versions of the Lockheed Martin Corp F-35 fighter jet 10 days ago. The investigation found that a fuel line built by a unit of Parker Hannifin Corp had been improperly crimped, which resulted in it detaching and failing just before a training flight took off at a Florida Air Force base, said Joe DellaVedova, spokesman for the Pentagon's F-35 program office. ... Full Story | Top |
| Yahoo revenue rises on search advertising Monday, Jan 28, 2013 03:41 PM PST  (Reuters) - Yahoo Inc posted a 4 percent gain in net revenue to $1.22 billion in the fourth quarter, when an increase in search advertising sales offset weakness in the Web portal's display ad business. The company forecast net revenue -- which excludes fees shared with partner websites -- of $1.07 billion to $1.1 billion in the current quarter, trailing the $1.1 billion that Wall Street analysts expect on average. Shares in Yahoo, which is trying to stave off declines across much of its business and revive growth, were up 1.5 percent in after hours trade. They had risen 4. ... Full Story | Top |
| Analysis: Stuck in reverse, Detroit edges closer to bankruptcy Monday, Jan 28, 2013 03:22 PM PST  DETROIT (Reuters) - At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball. But in a city that is slowly dying, the glitz didn't extend much beyond the Cobo Center exhibition hall. ... Full Story | Top |
| Retailers may add surcharge in credit card transactions Monday, Jan 28, 2013 02:31 PM PST (Reuters) - Retailers in 40 U.S. states can now charge up to 4 percent extra when consumers pay for goods and services with a credit card. These so-called "checkout fees" went into effect January 27, and do not apply to debit card payments. The fees are illegal in California, New York, Texas and seven other states. It is up to individual businesses to decide whether or not to add the fee. They also need to disclose it to consumers. The surcharge is the result of the biggest anti-trust settlement in U.S. history. ... Full Story | Top |
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