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| IPO likely Neiman Marcus option as underwriters chosen Monday, Aug 05, 2013 09:09 PM PDT  By Soyoung Kim and Olivia Oran (Reuters) - Neiman Marcus has appointed a syndicate of banks for a possible initial public offering, two people familiar with the matter said on Monday, in the latest sign that the high-end department store is leaning towards a listing over pursuing an outright sale. Neiman Marcus has also hired Credit Suisse to run a sales process for the company, which has yet to find a buyer, sources have previously told Reuters. ... Full Story | Top |
| Vehicles on U.S. roads are oldest on record: Polk Monday, Aug 05, 2013 09:08 PM PDT  DETROIT (Reuters) - Cars and trucks on U.S. roads average 11.4 years in age, the oldest on record since research and consulting firm Polk began to keep track of vehicle age in 1995, Polk said on Tuesday. Polk counted 247 million U.S. passenger cars and trucks registered in 2013, just short of a record 250 million counted in 2008. That figure will grow to 260 million vehicles by 2018, Polk said. In 2012, the average age of cars and trucks on U.S. roads was 11.2 years. ... Full Story | Top |
| Newsmaker: Jeff Bezos, tech pioneer to turn media baron Monday, Aug 05, 2013 08:56 PM PDT  By Bill Rigby SEATTLE (Reuters) - Jeff Bezos, founder of Amazon.com Inc and soon to be the new owner of the Washington Post, is one of the few chief executives in corporate America who refuse to bow to Wall Street's quarterly profit demands. Since starting Amazon in 1994, he has frequently upset investors by spending heavily on long-term investments, even if it means missing analysts' financial targets and sending the e-commerce giant's stock price plunging. Bezos' approach makes him well-suited to own a storied but deeply troubled newspaper business like the Washington Post. ... Full Story | Top |
| China's Biostime shares halted pending statement on price-fixing probe Monday, Aug 05, 2013 08:46 PM PDT HONG KONG (Reuters) - Infant milk producer Biostime International Holdings Ltd , which imports most of its products from overseas, said on Tuesday its shares were suspended pending an announcement related to an investigation by Beijing's top economic planning agency. The company, which has a market value of $3.4 billion, had said previously that a unit based in China's southern city of Guangzhou was being investigated by the National Development and Reform Commission (NDRC) over suspected price-fixing. ... Full Story | Top |
| New Zealand's clean, green image under scrutiny with dairy scare Monday, Aug 05, 2013 08:39 PM PDT  By Naomi Tajitsu and Lincoln Feast WELLINGTON/SYDNEY (Reuters) - For a country that markets itself to the world with the slogan "100% Pure", New Zealand's environmental credentials are not as impeccable as many would think. The majority of its rivers are too polluted to swim in. Its record on preservation of natural environments is among the worst in the world on a per capita basis. And it is the only OECD country that does not produce a regular national report on its environment. ... Full Story | Top |
| Trump unveils $200 million plan to convert D.C. landmark into hotel Monday, Aug 05, 2013 08:37 PM PDT  (Reuters) - The Trump Organization said it is planning a $200 million redevelopment of the iconic Old Post Office Building in Washington, D.C., into a luxury hotel. Donald Trump's company said it finalized a deal with the U.S. General Services Administration to redevelop the national landmark on Pennsylvania Avenue now that a Congressional review has been completed. The company said it would start construction on the new Trump International Hotel next spring and expects the hotel to open by the end of 2015. (Reporting by Vijay Vishwas in Bangalore; Editing by Chris Gallagher) Full Story | Top |
| Sony rejects Loeb's proposal to spin off entertainment unit Monday, Aug 05, 2013 08:26 PM PDT  By Mari Saito TOKYO (Reuters) - Japan's Sony Corp on Tuesday rejected a proposal from activist shareholder Daniel Loeb to spin off part of its entertainment business, arguing it could still squeeze synergies from its marriage of content and hardware while promising greater disclosure. Sony's decision could end a three-month effort by Loeb's Third Point LLC hedge fund to convince the company to sell as much as a fifth of its money-making entertainment arm - movies, TV and music - to free up cash to revive the electronics business. ... Full Story | Top |
| Second major transit agency strike threatened in San Francisco area Monday, Aug 05, 2013 08:12 PM PDT By Laila Kearney SAN FRANCISCO (Reuters) - Bus drivers for a major San Francisco-area transit agency threatened on Monday to strike over pay and conditions, less than 24 hours after California's governor intervened to avert a massive commuter rail strike in the area. The union representing 1,800 drivers, mechanics and clerical workers threatened to walk off the job on Wednesday over wage, healthcare cost and safety issues, Alameda-Contra Costa Transit spokesman Clarence Johnson said. ... Full Story | Top |
| Amazon's Bezos to buy the Washington Post for $250 million Monday, Aug 05, 2013 08:10 PM PDT  By Jennifer Saba (Reuters) - Amazon.com Inc founder Jeff Bezos will buy the Washington Post newspaper for $250 million in a surprise deal that ends the Graham family's 80 years of ownership and hands one of the country's most influential publications to the businessman whose Internet company has transformed retailing. Bezos, hailed by many as technology visionary, called his acquisition a personal endeavor and reassured employees and readers of the 135-year-old newspaper he will preserve its journalistic tradition, while driving innovation. ... Full Story | Top |
| Yen strengthens; Asian shares fall to two-week low Monday, Aug 05, 2013 08:00 PM PDT  By Dominic Lau TOKYO (Reuters) - The dollar extended losses against the yen into a third day on Tuesday as markets questioned their expectations the U.S. Federal Reserve would start scaling back its stimulus as soon as next month, putting Japanese shares on the defensive. Asian shares outside of Japan hit a two-week low and headed for their first loss in four days, as disappointing first-half earnings from HSBC dragged Hong Kong's Hang Seng Index sharply lower. The Australian dollar was near three-year lows ahead of an expected cut in official rates to a record low of 2.5 percent. The U.S. ... Full Story | Top |
| Ford says July China auto sales up 71 pct year-on-year Monday, Aug 05, 2013 07:58 PM PDT  BEIJING (Reuters) - Ford Motor Co and its local partners in China sold a total of 72,834 vehicles on a wholesale basis in July, an increase of 71 percent from a year earlier, the company said on Tuesday. That compared to a 44 percent increase in June. In the first seven months of the year, sales by the Dearborn, Michigan-based automaker totaled 480,555 vehicles on a wholesale basis, up 50 percent from the same period last year. Strong demand for the Ford Focus again led sales in July. With 32,920 wholesale units sold, Ford Focus sales grew 77 percent in July. ... Full Story | Top |
| Video from Asiana crash rescue effort shows girl overlooked: report Monday, Aug 05, 2013 07:45 PM PDT  SAN FRANCISCO (Reuters) - A video obtained by the San Francisco Chronicle newspaper shows that the supervisor directing the firefighting effort at an airport crash site was not told that a teenage girl was on the ground until after she was mistakenly run over and killed by a fire truck, the paper said on Monday. ... Full Story | Top |
| Sony falls after it rejects Loeb's entertainment spin-off proposal Monday, Aug 05, 2013 07:37 PM PDT TOKYO (Reuters) - Shares in Sony Corp dropped 3 percent to 2,073 yen ($21.03) on Tuesday after the Japanese consumer electronics firm rejected proposals from activist shareholder Daniel Loeb to spin off a part of its entertainment business. ($1 = 98.5900 Japanese yen) (Reporting by Dominic Lau; Editing by Paul Tait) Full Story | Top |
| Japan $80 billion public fund may shift funds to stocks from bonds: sources Monday, Aug 05, 2013 07:36 PM PDT  By Chikafumi Hodo TOKYO (Reuters) - The pension fund for Japan's civil servants is considering changing its ultraconservative investment strategy to allow more of its $80 billion to go into stocks and less into domestic government bonds, people familiar with the matter said. The move by the Federation of National Public Service Personnel Mutual Aid Associations, which covers 1.24 million active and retired public servants, follows a shift towards riskier investments by Japan's Government Pension Investment Fund, the world's biggest pension fund with $1.2 trillion in assets. ... Full Story | Top |
| NZ worries about China dairy bans as Fonterra hit by more recalls Monday, Aug 05, 2013 07:10 PM PDT  By Naomi Tajitsu WELLINGTON (Reuters) - Dairy giant Fonterra was hit by fresh infant formula recalls in China and Hong Kong on Tuesday, while New Zealand's government fretted that the widening contamination scare would prompt China to extend a ban on whey protein powder to other dairy products. Government officials rapped Fonterra, the world's biggest dairy exporter, for dragging its feet in identifying whey protein products containing a bacteria which can potentially cause botulism. ... Full Story | Top |
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