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| CA-BUSINESS Summary Monday, Jun 03, 2013 08:43 PM PDT Asian shares capped, weak data support Fed stimulus hopes TOKYO (Reuters) - Asian shares recovered from their lowest in about six months but were capped on Tuesday as the latest U.S. factory data kept the outlook for the U.S. Federal Reserve's stimulus program unclear, with investors waiting for a more important jobs report later in the week. The U.S. manufacturing sector shrank unexpectedly in May for the first contraction in six months, the Institute for Supply Management data showed, sending the dollar down but buoying U.S. stocks and keeping U.S. Treasury prices mixed on Monday. ... Full Story | Top |
| Asian shares capped, weak data support Fed stimulus hopes Monday, Jun 03, 2013 08:43 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares recovered from their lowest in about six months but were capped on Tuesday as the latest U.S. factory data kept the outlook for the U.S. Federal Reserve's stimulus program unclear, with investors waiting for a more important jobs report later in the week. The U.S. manufacturing sector shrank unexpectedly in May for the first contraction in six months, the Institute for Supply Management data showed, sending the dollar down but buoying U.S. stocks and keeping U.S. Treasury prices mixed on Monday. ... Full Story | Top |
| Disney hikes prices at U.S. theme parks Monday, Jun 03, 2013 08:33 PM PDT  By Lisa Richwine (Reuters) - Walt Disney Co raised single-day admission prices as much as 6.7 percent over the weekend at its theme parks in Florida and California, hikes that are more than five times the rate of inflation. Higher prices for Disney's theme parks have become an annual tradition. The theme parks and resorts unit provided 20 percent of the company's overall profits in the financial year that ended in September 2012, second only to the company's media unit that includes the behemoth sports channel ESPN. ... Full Story | Top |
| Premier Li says solar trade dispute touches China's major interests: report Monday, Jun 03, 2013 07:33 PM PDT  SHANGHAI (Reuters) - China's premier told a top European Union official that the trade dispute over Chinese solar panel exports touches China's "major economic interests" and could influence broader Chinese-EU relations if not properly resolved. In a phone call with European Commission President José Manuel Barroso late on Monday, Chinese Premier Li Keqiang said that China is closely following the dispute, the official Xinhua news agency reported on Tuesday. ... Full Story | Top |
| Lenovo says in initial talks on smartphone venture Monday, Jun 03, 2013 07:32 PM PDT  HONG KONG (Reuters) - China's Lenovo Group Ltd, the world's No.2 PC maker by shipments, said on Tuesday it was in preliminary talks with an unidentified party on a potential smartphone business joint venture. It gave no further details. Japanese media have reported that Lenovo, just shy of overtaking Hewlett-Packard Co as the top global PC maker, would set up a joint venture with Japan's NEC Corp to focus on smartphone manufacturing and distribution. ... Full Story | Top |
| Shipbuilder Huntington eyes higher profits despite flat sales Monday, Jun 03, 2013 07:30 PM PDT  By Andrea Shalal-Esa NEWPORT NEWS, Virginia (Reuters) - Huntington Ingalls Industries Inc is on track to boost profit margins and keep paying dividends despite flat revenues in coming years, the U.S. shipbuilder's top executive said, citing ongoing efforts to cut costs and improve performance. Mike Petters, chief executive of Huntington Ingalls, spoke with Reuters at the company's headquarters in Newport News, Virginia hours before the U.S. Navy announced that Huntington beat out General Dynamics Corp for a larger share of a $6.1 billion Navy order for nine new DDG 51 destroyers. ... Full Story | Top |
| Calpers plans to sell entire 4 percent stake in Carlyle Monday, Jun 03, 2013 07:26 PM PDT NEW YORK (Reuters) - The California Public Employees' Retirement System (Calpers) plans to sell its entire 4 percent stake in Carlyle Group LP as the U.S. public pension fund plans its exit from the private equity manager after 12 years. The sale of the stake in Carlyle - valued at $373.3 million as of the end of stock market trading on Monday - comes 13 months after Carlyle's initial public offering. Its shares have risen 34 percent since then. ... Full Story | Top |
| Entrepreneur Jason Calacanis raising a $10 million fund Monday, Jun 03, 2013 06:35 PM PDT By Connie Loizos SAN FRANCISCO (Reuters) - Jason Calacanis, the entrepreneur behind Launch, a series of technology conferences that introduce startups to potential investors, is raising a $10 million venture fund, a U.S. regulatory filing showed. Investors in the fund include David Sacks, the founder and chief executive of business-networking site Yammer, which was acquired by Microsoft Corp last year, Calacanis told peHUB, a unit of Thomson Reuters on Monday. Sacks was previously chief operating officer of PayPal. ... Full Story | Top |
| New York hotel's plan to end room service could gain following Monday, Jun 03, 2013 06:35 PM PDT (Reuters) - Plans by one of the largest hotels in New York City to jettison room service could spur other hotels to scrap the luxury to improve profits, Hilton Worldwide Inc reported its chief executive said on Monday. The New York Hilton Midtown, a 2,000-room, full-service hotel, plans to eliminate room service this summer and open an on-site eatery that will offer gourmet take-out. The company said it does not have current plans to roll out the initiative more broadly at its 4,000 hotels worldwide. ... Full Story | Top |
| Sprint slams Dish's latest offer for Clearwire Monday, Jun 03, 2013 06:20 PM PDT  By Liana B. Baker and Sinead Carew (Reuters) - Sprint Nextel Corp urged Clearwire Corp to reject Dish Network's rival bid for the wireless service provider, saying that a deal under Dish's terms would be illegal and violate Clearwire's agreement with its shareholders. Sprint, which made its case in a letter to Clearwire's board on Monday, already owns a majority stake in Clearwire and is tussling with Dish to buy out minority shareholders. Satellite TV provider Dish offered $4.40 per share for Clearwire on May 29, challenging Sprint's revised bid of $3.40 per share. ... Full Story | Top |
| Congressman Issa reprising familiar role in IRS probe Monday, Jun 03, 2013 06:18 PM PDT By Kim Dixon and Richard Cowan WASHINGTON (Reuters) - What began as a bipartisan congressional probe into Internal Revenue Service practices is quickly turning into a verbal brawl with U.S. Representative Darrell Issa, no stranger to controversy, under attack from Democrats and even some of his fellow Republicans. Issa, the California congressman who chairs the House Oversight and Government Reform Committee, on Sunday said in a CNN interview that the IRS's scrutiny of conservative groups seeking tax-exempt status was "directly being ordered from Washington. ... Full Story | Top |
| Panasonic to expand home appliance output if yen drops to 105 vs dollar Monday, Jun 03, 2013 06:04 PM PDT  TOKYO (Reuters) - Japan's Panasonic Corp said it will boost domestic production of washing machines and other appliances to half of its overall output from about a third should the yen weaken to 105 to the dollar, reversing a strategy of shifting production offshore. At 105 yen or lower it will cost less for Panasonic to build appliances it sells in Japan rather than importing them from factories abroad, Kazunori Takami, the head of the appliance business, said at a press briefing in Osaka. ... Full Story | Top |
| Regulators propose scrutiny of AIG, Prudential, GE Capital Monday, Jun 03, 2013 05:55 PM PDT  By Emily Stephenson WASHINGTON (Reuters) - Regulators on Monday proposed designating American International Group Inc, Prudential Financial Inc and GE Capital for heightened regulatory oversight, in a long-anticipated move aimed at cracking down on risks to markets. A group of regulators known as the Financial Stability Oversight Council said it had voted to propose dubbing certain non-bank financial companies "systemically important," or so big their failure could destabilize financial markets. Regulators did not name the companies involved. ... Full Story | Top |
| Obama administration disputes charge attorney general lied Monday, Jun 03, 2013 05:22 PM PDT  By Steve Holland and David Ingram WASHINGTON (Reuters) - The Obama administration on Monday pushed back against Republican accusations that Attorney General Eric Holder lied during a congressional appearance last month about his involvement in leak investigations that involved reporters. Republican lawmakers have called Holder's credibility into question by alleging that he failed to tell the truth in testimony to the House of Representatives Judiciary Committee about the Justice Department's secret seizures of journalist records. ... Full Story | Top |
| AIG, GM rejoin S&P 500 nearly five years after bailout Monday, Jun 03, 2013 05:18 PM PDT  DETROIT (Reuters) - American International Group Inc and General Motors Co will rejoin the S&P 500 index this week, marking a key milestone in the recovery of two companies that needed billions of dollars to stay afloat during the financial crisis. AIG and GM will rejoin the S&P 500 after the stock market closes on Thursday, the S&P Dow Jones Indices said on Monday. The move represents a symbolic victory for AIG and GM, which have taken steps to overhaul their operations and return to viability since their near-collapse about five years ago. ... Full Story | Top |
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