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| Boeing says proposed 787 fix is long-term, not interim step Wednesday, Feb 27, 2013 07:36 PM PST TOKYO (Reuters) - Boeing Co said on Thursday that its proposed fix to its grounded 787 Dreamliner passenger jets takes into account the risk of a battery fire and overheating risks. Boeing Commercial Airplanes CEO Ray Conner told reporters after meeting Japan's Transport Minister Akihiro Ota the proposed solution was a long-term plan, not an interim fix. (Reporting by James Topham and Mari Saito) Full Story | Top |
| Pentagon F-35 program chief lashes Lockheed, Pratt Wednesday, Feb 27, 2013 07:00 PM PST  AVALON, Australia (Reuters) - The Pentagon program chief for the F-35 warplane slammed the main contractors on the program, Lockheed Martin and Pratt & Whitney, accusing them of trying to "squeeze every nickel" out of the U.S. government and failing to see the long-term benefits of the project. U.S. Lieutenant General Christopher Bogdan made the comments on Wednesday during a visit to Australia, where he has sought to convince lawmakers and generals to stick to a plan to buy 100 of the jets, an exercise complicated by the second grounding of the plane this year and looming U.S. defense cuts. ... Full Story | Top |
| Chinese owners give Nexen oil unit freedom to run operations Wednesday, Feb 27, 2013 05:11 PM PST  CALGARY, Alberta (Reuters) - Chinese oil company CNOOC Ltd , its takeover of Canada's Nexen Inc now complete, is giving the leader of the Canadian unit freedom to get operations running smoothly after an exhaustive seven-month acquisition process, CNOOC's CEO said on Wednesday. The deal, which boosts CNOOC's global oil and gas production by 20 percent and reserves by 30 percent, closed on Monday after clearing the final hurdle, sign-off by U.S. regulators. "This is a big deal. Nexen is a big organization. ... Full Story | Top |
| Shell abandons Alaska offshore drilling for this year Wednesday, Feb 27, 2013 05:07 PM PST  ANCHORAGE, Alaska (Reuters) - Royal Dutch Shell Plc will not drill for oil in Alaska's Arctic seas this year, the company said on Wednesday, in a widely expected decision that follows a series of high-profile setbacks in 2012. Both critics and supporters of Shell's controversial Arctic offshore foray welcomed its decision to give up on drilling there for 2013, while the company tries to get its drillships ready and answers to U.S. federal investigators. ... Full Story | Top |
| Cities, counties say U.S. municipal bond tax changes would cost them billions Wednesday, Feb 27, 2013 04:50 PM PST  WASHINGTON (Reuters) - Changes to the federal tax treatment of U.S. municipal bonds could cost state and local governments tens of billions of dollars per year, cities and counties warned on Wednesday as they escalated their fight to defend the bonds' tax exemption. The interest income that bondholders receive on the $3.7 trillion municipal bond market is not subject to federal income tax, allowing local issuers to tap capital markets more cheaply. For more than two years, President Barack Obama has suggested limiting that exemption to increase federal tax revenues. ... Full Story | Top |
| UAW meets with Nissan Tennessee workers about organizing Wednesday, Feb 27, 2013 04:49 PM PST  (Reuters) - Workers from the Nissan Motor Co auto plant in Smyrna, Tennessee, met on Tuesday with United Auto Workers union representatives to discuss another organizing effort at the Japanese automaker's first U.S. factory. The UAW is now active in trying to organize workers at two Nissan plants. The UAW since last spring has been talking with workers at Nissan's other major U.S. assembly plant, in Canton, Mississippi, outside of Jackson. ... Full Story | Top |
| Exclusive: BCBG exploring sale, may fetch $1 billion - sources Wednesday, Feb 27, 2013 03:33 PM PST  NEW YORK (Reuters) - Fashion house BCBG Max Azria Group Inc, whose clothing has been worn by celebrities such as Beyonce and Angelina Jolie, is exploring a potential sale that could fetch around $1 billion, two people familiar with the matter said on Wednesday. The company, which owns the BCBGeneration, Max Azria and Herve Leger lines, is being advised by Blackstone Group on the sale process, said the people, who declined to be named because the talks are private. ... Full Story | Top |
| Boeing, battery maker at odds over 787 fix: WSJ Wednesday, Feb 27, 2013 03:21 PM PST  SAN FRANCISCO (Reuters) - Boeing Co and the Japanese company that makes lithium-ion batteries for Boeing's 787 Dreamliner disagree about what should be included in a package of measures aimed at getting the airliner back in the air, the Wall Street Journal reported on Wednesday, citing government and industry officials. Battery maker GS Yuasa Corp believes the fix for the battery should include a voltage regulator that could stop electricity from entering the battery, the Journal said. ... Full Story | Top |
| J.C. Penney sales plunge, much worse than expected Wednesday, Feb 27, 2013 03:13 PM PST  (Reuters) - J.C. Penney Co Inc reported sales at stores open at least a year fell 31.7 percent in the fourth quarter, a much worse-than-expected plunge that might put Chief Executive Ron Johnson's future at the company at risk. The poor results for the quarter, which included the holiday season, capped a rough first year for Penney's restructuring. The company's shares fell 14.5 percent to $18.09 in after hours trading. Johnson, who was brought in to revive the chain after running Apple Inc's retail business, acknowledged that he made a serious mistake in with pricing. ... Full Story | Top |
| Judge approves Dewey & LeBoeuf liquidation plan Wednesday, Feb 27, 2013 03:11 PM PST  NEW YORK (Reuters) - A federal bankruptcy judge approved the liquidation plan for Dewey & LeBoeuf on Wednesday, a milestone in the winding down of the collapsed law firm that paves the way for creditors to recover tens of millions of dollars. U.S. Bankruptcy Judge Martin Glenn said on Wednesday that the bankruptcy plan is in the best interests of the creditors and the estate. "It is remarkable that only nine objectors filed (motions against the plan) as of today, and nearly all of them are resolved," said Glenn of the swift nature of the bankruptcy proceedings in New York. ... Full Story | Top |
| Panel orders Morgan Stanley to pay $1.5 million to two brokers Wednesday, Feb 27, 2013 03:06 PM PST  (Reuters) - An arbitration panel denied Morgan Stanley Smith Barney's request to claw back compensation from two brokers and, instead, awarded the brokers about $1.5 million. Morgan Stanley's wealth management unit had asked the Financial Industry Regulatory Authority (FINRA) arbitration panel to make Jorge Antonia Carreras and Carlos Javier Molina repay funds paid to them under a promissory note agreement. The brokers filed a counterclaim alleging the firm breached contracts related to commissions and bonuses and for negligent misrepresentation. ... Full Story | Top |
| Groupon CFO says shared more revenue with merchants in fourth quarter Wednesday, Feb 27, 2013 03:02 PM PST SAN FRANCISCO (Reuters) - Groupon Inc Said it raised the percentage of revenue it shared with partner merchants in the fourth quarter, a move intended to keep and attract merchants for the Internet deals it runs, but that ate into revenue and profitability. Chief Financial Officer Jason Child told Reuters in an interview that Groupon began taking about 35 percent of deal-revenue in the quarter and handing 65 percent to its partners, describing the so-called "take rate." Groupon historically has kept about 40 percent of revenue generated through daily deals on its website. ... Full Story | Top |
| Groupon shares dive 24 percent on "underwhelming" forecast Wednesday, Feb 27, 2013 03:02 PM PST  SAN FRANCISCO (Reuters) - Groupon Inc lost almost a quarter of its market value on Wednesday after the company began to take a smaller cut of revenue on daily deals, sacrificing revenue and profits to attract and keep merchants. "This raises questions about how these guys are going to be able to scale the business," said Tom White, an analyst at Macquarie. "The forecast is underwhelming." Groupon shares fell 22 percent to $4.65 in after hours trading on Wednesday. ... Full Story | Top |
| Analysis: China property curbs in focus ahead of parliament meet Wednesday, Feb 27, 2013 02:57 PM PST  BEIJING (Reuters) - China's property market is rife with speculation - both about rising house prices and about what the new government may do to curb them once it takes office next week. Asset prices have whipsawed as investors first bet that government-mandated infrastructure spending would boost real estate prices, only to then fret about new measures to cool a market that has seen double-digit annual price rises in cities like Beijing and Shenzhen. ... Full Story | Top |
| Justice Department says wins $1 billion Dow tax shelter case Wednesday, Feb 27, 2013 02:57 PM PST  WASHINGTON (Reuters) - The U.S. Justice Department said on Wednesday it has won a $1 billion tax shelter case against Dow Chemical Co that involved a Swiss partnership, Wall Street financial giant Goldman Sachs and international law firm King & Spalding. The U.S. District Court for the Middle District of Louisiana rejected two tax shelter transactions entered into by the Dow Chemical Co "that purported to create approximately $1 billion in phony tax deductions," Justice said in a statement. ... Full Story | Top |
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