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| Jury orders Dow Chemical to pay $400 million in price-fixing case Wednesday, Feb 20, 2013 07:20 PM PST (Reuters) - A federal jury has ordered Dow Chemical Co to pay $400 million in a price-fixing case involving chemicals used to make foam products in cars, furniture and packaging, according to court documents. Dow was one of several chemical company defendants named in a class action lawsuit alleging a conspiracy to fix urethane chemical prices, but it was the only defendant not to settle. Last month, it went to trial in a federal court in Kansas City. The plaintiffs, purchasers of urethane chemicals, had sought more than $1 billion in damages from Dow. ... Full Story | Top |
| Sherwin-Williams pays $80 million to settle U.S. labor department probe Wednesday, Feb 20, 2013 06:50 PM PST (Reuters) - Sherwin-Williams Co has reached a settlement deal with the U.S. Department of Labor related to the U.S. paint maker's employee stock ownership plan by making a one-time payment of $80 million to the plan, the firm said on Wednesday. The company - which markets paints including Dutch Boy, Krylon, Minwax and Water Seal as well as its namesake brand - said the payment will result in an after-tax charge to earnings of $49.2 million, or 47 cents per share, in its fourth quarter, ended December 31, 2012. ... Full Story | Top |
| Macy's stakes claim to Martha Stewart products in Penney fight Wednesday, Feb 20, 2013 06:38 PM PST  (Reuters) - A lawyer for Macy's Inc told a judge on Wednesday that rival J.C. Penney Co Inc and Martha Stewart schemed to develop a partnership that ran afoul of Macy's contract with the home goods doyenne. Penney looked for loopholes in Macy's contract with Martha Stewart Living Omnimedia so it could sell home goods under her name within its stores, the lawyer said at the start of the trial over whether Stewart's deal with Penney breaches her company's agreement with Macy's. "We're here to protect our rights. Rights that we paid for. Rights that we worked on. ... Full Story | Top |
| Citi Chairman O'Neill not pressing for bank breakup: WSJ Wednesday, Feb 20, 2013 06:11 PM PST  (Reuters) - Citigroup Inc Chairman Michael O'Neill is not eager to explore a breakup of the third-largest U.S. bank, the Wall Street Journal reported, citing people familiar with the matter. O'Neill was among a small group of directors who urged Citigroup to consider the benefits of splitting the bank after the financial crisis. But he has concluded that breaking up Citigroup would not make sense now, given economic and regulatory uncertainty, the Journal quoted the people as saying. ... Full Story | Top |
| New York Times puts Boston Globe up for sale again Wednesday, Feb 20, 2013 05:58 PM PST  NEW YORK (Reuters) - The New York Times Co is putting The Boston Globe on the auction block for a second time as it seeks to focus solely on growing its flagship newspaper, the company said on Wednesday. The sale, which will also include the Worcester Telegram & Gazette, is expected to come at a big loss as newspapers struggle for subscribers and advertisers in the digital age. Ken Doctor, an analyst with Outsell Research, estimated that the Globe could fetch about $150 million. The New York Times paid $1.1 billion for the newspaper in 1993. ... Full Story | Top |
| Chevron, Transocean say Brazil drops criminal oil spill charges Wednesday, Feb 20, 2013 04:54 PM PST  RIO DE JANEIRO (Reuters) - A Brazilian judge dropped criminal charges against Chevron Corp, Transocean Ltd and 17 of their employees related to a November 2011 offshore oil spill, the companies said on Wednesday. The criminal case, and a civil suit seeking as much as 40 billion reais ($20.4 billion) in damages, have cast a chill over Brazil's oil industry. The criminal suit carried penalties of up to 31 years. The still-open civil case is Brazil's largest-ever environmental lawsuit, even though the amount of oil spilled was much less than other recent spills in Brazil and abroad. ... Full Story | Top |
| FSA to publish internal Libor probe soon Wednesday, Feb 20, 2013 04:11 PM PST  LONDON (Reuters) - The Financial Services Authority (FSA) will publish its internal review into when it first knew about banks rigging the Libor benchmark within weeks, before the watchdog is scrapped. The watchdog told parliament's Treasury Select Committee in a written submission released to the media that the review was being conducted by its internal audit division. The FSA was responding to the committee's report last year on the Libor scandal. ... Full Story | Top |
| InBev, Justice Department seek delay in courtroom beer fight Wednesday, Feb 20, 2013 04:00 PM PST  WASHINGTON (Reuters) - The U.S. Justice Department and Anheuser-Busch InBev , which have been embroiled in a court fight over whether AB InBev can expand its stake in Mexican brewer Grupo Modelo, asked a court on Wednesday for a short delay as the two sides hold settlement talks. AB InBev, the world's largest brewer, has 200 brands ranging from big names like Budweiser and Stella Artois to craft-style beers like Shock Top and Goose Island. AB InBev wants to buy the 50 percent of Modelo it does not already own for $20. ... Full Story | Top |
| Independent News & Media in talks with banks to ease debt Wednesday, Feb 20, 2013 03:46 PM PST  DUBLIN (Reuters) - Independent News & Media is in talks with a consortium of its banks to restructure over 400 million euros ($534 million) of debt threatening the group's survival, INM's chairman said on Wednesday. The Irish publisher is in negotiations with eight lenders as it tries to haul back a weight of debt as part of a major restructuring plan to offset a fall in profit and shrinking advertising revenues. ... Full Story | Top |
| U.S. DOJ probing JPMorgan over Bear Stearns mortgage products Wednesday, Feb 20, 2013 03:44 PM PST  (Reuters) - The U.S. Justice Department is investigating JPMorgan Chase & Co over allegations that Bear Stearns provided misleading information about its mortgage products during the lead-up to the financial crisis, according to people familiar with the matter. JPMorgan acquired Bear Stearns in a 2008 fire sale encouraged by the government, and has pushed back against various government suits that have sought to hold JPMorgan accountable for the failed investment bank's alleged mortgage-related misconduct. ... Full Story | Top |
| Sony unveils new PlayStation4 console Wednesday, Feb 20, 2013 03:32 PM PST  NEW YORK (Reuters) - Sony Corp took the wraps off its next-generation video game console called "PlayStation4" on Wednesday. The company revealed the new console, which will succeed the seven-year-old PlayStation 3, in New York. (Reporting By Liana Baker; Editing by Gary Hill) Full Story | Top |
| Boeing to meet with FAA on Dreamliner fixes: source Wednesday, Feb 20, 2013 03:30 PM PST  WASHINGTON/NEW DELHI (Reuters) - A senior Boeing Co executive will meet with the head of the U.S. Federal Aviation Administration on Friday and present a series of measures aimed at preventing battery failures that grounded its 787 Dreamliner fleet for five weeks, according to a source familiar with the plans. Ray Conner, who heads Boeing's commercial airplanes unit, will explain the proposed changes to FAA Administrator Michael Huerta on Friday, but the plans have already been vetted with lower level U.S. government officials, the source said. If Huerta and U.S. ... Full Story | Top |
| Chesapeake probe finds no "intentional" CEO misconduct Wednesday, Feb 20, 2013 03:03 PM PST  (Reuters) - Chesapeake Energy Corp said on Wednesday its internal investigation of the financial dealings of outgoing chief executive Aubrey McClendon found no "intentional" wrongdoing, but authorities and analysts said the issue was far from over. The company's statement also said a review by its board of directors found Chesapeake "did not violate antitrust laws" as it acquired oil and gas rights in Michigan in 2010. The company did not say how it reached its conclusions and did not release a full report of its investigation, and state and federal investigations of the company continue. ... Full Story | Top |
| Bombardier signs deal with Ilyushin for up to 42 jets Wednesday, Feb 20, 2013 02:58 PM PST  TORONTO (Reuters) - Bombardier Inc said on Wednesday it has inked a deal to sell Russian aircraft leasing company Ilyushin Finance Co up to 42 of its new C-series jetliners in a deal that could be worth as much as $3.42 billion. The agreement, which is subject to a vote by Ilyushin shareholders, expands on a tentative agreement signed in 2011 to buy at least 10 of the aircraft. Montreal-based Bombardier's shares rose about 3 percent in the final 20 minutes of trading after the deal was announced. The shares finished the session up 4.1 percent at C$4.28 on the Toronto Stock Exchange. ... Full Story | Top |
| JC Penney schemed to steal Stewart's fans from Macy's: lawyer Wednesday, Feb 20, 2013 02:57 PM PST (Reuters) - A lawyer for Macy's Inc told a judge on Wednesday that rival J.C. Penney Co Inc schemed to steal Martha Stewart's fans with products similar to those Macy's offers under the home goods doyenne's brand. J.C. Penney looked for loopholes in Macy's contract with Martha Stewart Living Omnimedia and tried to push Macy's to walk away from the contract, Macy's lawyer said at the start of the trial over whether Stewart's contract with Macy's stops her from partnering with Penney. "We're here to protect our rights. Rights that we paid for. Rights that we worked on. ... Full Story | Top |
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