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| Asian shares drop on euro zone worry, soft U.S. data Monday, Feb 04, 2013 07:47 PM PST  TOKYO (Reuters) - Asian shares slid on Tuesday as investors saw opportunities to cash in from recent strong rallies in the face of weak U.S. data and worries that a potential political shake-up could disrupt the eurozone's efforts to resolve its debt crisis. The MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 0.8 percent, dragged lower by a steep 1.8 percent fall in Hong Kong shares . The euro took the brunt of renewed focus on the euro zone problems, having risen 2.3 percent so far this year against the U.S. dollar, up about 5.4 percent against sterling and 1. ... Full Story | Top |
| Boeing asks FAA to allow Dreamliner test flights Monday, Feb 04, 2013 06:44 PM PST  NEW YORK (Reuters) - Boeing Co has asked the Federal Aviation Administration (FAA) for permission to conduct test flights of its 787 Dreamliner, suggesting the company is making progress in finding a solution to the battery problems that grounded the entire 787 fleet last month. Boeing said it has submitted an application to conduct test flights, confirming a report in the Seattle Times. The newspaper reported that the FAA might grant permission as soon as Monday night, citing sources with knowledge of the matter. The FAA said it is evaluating Boeing's request. ... Full Story | Top |
| Liberty Global prepares bid for UK's Virgin Media: FT Monday, Feb 04, 2013 06:05 PM PST NEW YORK (Reuters) - U.S. billionaire John Malone's cable group Liberty Global is preparing a bid for UK cable company Virgin Media Inc, the Financial Times reported on Monday, citing several people familiar with the matter. Virgin Media -- the UK's second-largest pay television operator according to the FT -- has a market capitalization of around $10.4 billion (6.6 billion pounds) as of Monday's closing price. A bid for could be announced in coming days, the FT said. Liberty Global and Virgin Media could not be immediately reached for comment. ... Full Story | Top |
| UK economy faces long grind, no new recession - thinktank Monday, Feb 04, 2013 06:01 PM PST  LONDON (Reuters) - The British economy is set for slower growth in 2013 and next year than thought only three months ago but it will probably skirt a triple-dip recession, a leading economic think-tank said on Tuesday. The economy will grow by 0.7 percent in 2013 as it grinds through the slowest recovery from recession in the past 100 years, the National Institute of Economic and Social Research (NIESR) estimated in a quarterly report. That was lower than its previous forecast, made in November, for growth of 1.1 percent this year. ... Full Story | Top |
| China HSBC services PMI rises to four-month high Monday, Feb 04, 2013 05:56 PM PST BEIJING (Reuters) - Growth in China's services sector hit a four-month high in January, a private survey showed, as a better business climate increased deal-making and lifted corporate confidence to an eight-month peak. The HSBC services purchasing managers' index (PMI) rose to 54 in January, up from December's 51.7, moving more comfortably into territory above the 50-point threshold that separates accelerating from slowing growth. ... Full Story | Top |
| Bridgewater to launch new hedge fund: WSJ Monday, Feb 04, 2013 05:32 PM PST (Reuters) - The world's largest hedge fund, Bridgewater Associates, told investors it will launch a new hedge fund this year, and that it had sold a minor equity stake in the firm to an unidentified buyer, the Wall Street Journal reported on Monday. The new fund, All Weather Major Markets, will help prevent Bridgewater's $65 billion All Weather Fund from growing too large, the Journal said citing a year-end report to investors the firm issued January 24. All Weather returned 15.3 percent in 2012, gross of fees, Bridgewater said in the report. ... Full Story | Top |
| Yum stumbles badly in China, warns on profit Monday, Feb 04, 2013 05:11 PM PST  (Reuters) - KFC parent Yum Brands Inc warned on Monday that it expects 2013 earnings to shrink rather than grow as it struggles to manage a food safety scare in China, and sees no return to growth in restaurant sales there until the fourth quarter. Yum shares fell 5.6 percent in after-hours trading, as Wall Street analysts and investors digested the disappointing news from the company that is widely seen as a model for how to do business in the complex Chinese market. "This is going to take all the experts they have in public relations to stem the tide. ... Full Story | Top |
| Honeywell signs contract to supply avionics systems to Brazil's Embraer Monday, Feb 04, 2013 04:35 PM PST  (Reuters) - Diversified U.S. manufacture Honeywell International Inc said on Monday that it signed a $2.8 billion lifetime contract to provide Brazil's Embraer SA with avionics for the second generation of its E-Jets. Honeywell will sell its Primus Epic system, which integrates a plane's avionic systems, to the Brazilian aircraft producer. Avionics include navigation, communications and display systems. Embraer, the largest regional aircraft producer, said the program will launch later this year and that the planes equipped with the new system will enter service in 2018. ... Full Story | Top |
| Cigna and Berkshire sign $2.2 billion reinsurance deal Monday, Feb 04, 2013 03:59 PM PST (Reuters) - Cigna Inc. and Warren Buffett's Berkshire Hathaway Inc struck a $2.2 billion deal in which Berkshire will reinsure Cigna's risk related to future claims for two annuity businesses Cigna has exited. The move will reduce risk for Cigna by eliminating the possibility of a capital call as well as volatility, it said, adding that it had exposure for up to $4 billion in future claims. Cigna sells health care insurance and disability, life and accident insurance. ... Full Story | Top |
| Exclusive: Foreigners' accounts in U.S. banks eyed in tax crackdown Monday, Feb 04, 2013 03:58 PM PST WASHINGTON (Reuters) - The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients' accounts to those clients' home governments, as part of a crackdown on tax evasion, sources said on Monday. In a move facing resistance from some in the U.S. banking industry, two tax industry sources said the administration was considering asking Congress in an upcoming White House budget proposal for the authority to require more disclosure from U.S. banks. ... Full Story | Top |
| JC Penney sues to block bondholders from declaring default Monday, Feb 04, 2013 03:58 PM PST  (Reuters) - J.C. Penney Co Inc filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months. The lawsuit was filed after J.C. Penney received a letter earlier on Monday from the Brown Rudnick law, firm which said the retailer had breached a covenant of a bond indenture agreement by granting a lien on its inventory, according to the complaint filed in the Delaware Court of Chancery. ... Full Story | Top |
| Obama to meet with Goldman's Blankfein, other CEOs Tuesday Monday, Feb 04, 2013 03:39 PM PST  WASHINGTON (Reuters) - President Barack Obama will meet with chief executives from 12 companies including Goldman Sachs Group Inc's Lloyd Blankfein and Yahoo Inc's Marissa Mayer on Tuesday to discuss immigration and deficit reduction. "The president will continue his engagement with outside leaders on a number of issues - including immigration reform and how it fits into his broader economic agenda, and his efforts to achieve balanced deficit reduction," a White House official told Reuters on Monday. ... Full Story | Top |
| Super Bowl viewer ratings down from a year ago Monday, Feb 04, 2013 03:26 PM PST  (Reuters) - Sunday's close Super Bowl contest between the Baltimore Ravens and the San Francisco 49ers failed to beat last year's game in total viewers, CBS Corp said on Monday. An average of 108.41 million viewers tuned in, compared with 111.3 million a year ago when the New York Giants defeated the New England Patriots on NBC. CBS said it was the third-most-watched program in television history, behind last year's Super Bowl and 2011's match-up between the Pittsburgh Steelers and the Green Bay Packers, which garnered 111 million viewers. ... Full Story | Top |
| Yum's China woes slam sales and profits Monday, Feb 04, 2013 03:13 PM PST (Reuters) - KFC parent Yum Brands Inc on Monday warned that it expects 2013 earnings to shrink rather than grow, as it grapples with a food safety scare in China where it makes more than half of its overall revenue. Yum shares fell 6 percent in after-hours trading, as the news was even worse than expected by the analysts, who have largely stuck by the company in recent months. ... Full Story | Top |
| S&P expects U.S. lawsuit over pre-crisis credit ratings Monday, Feb 04, 2013 03:09 PM PST  (Reuters) - Standard & Poor's said it expects to be the target of a U.S. Department of Justice civil lawsuit over its mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the recent financial crisis. Shares of McGraw-Hill Cos, the parent of S&P, plunged 13.8 percent on Monday after news of the pending lawsuit surfaced, their biggest one-day percentage decline since the 1987 stock market crash, according to Reuters data. An announcement of a lawsuit is expected on Tuesday, a person familiar with the matter said. ... Full Story | Top |
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