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| China's BYD says will hire more US employees for California plant Sunday, Nov 03, 2013 08:00 PM PST  Warren Buffett-backed Chinese carmaker BYD Co Ltd said it would hire more local employees at its new electric bus factory in California, its latest response to criticism that it violated labor rules in the United States. BYD has temporarily loaned some Chinese engineers and experts to transfer Chinese technology to local employees at its Los Angeles factory and will not be displacing any American workers, BYD said in a statement on Monday. BYD plans to hire more local employees as bus production commences, it added. The company was fined $100,000 after California authorities investigated the charges, according to a recent New York Times report. Full Story | Top |
| Suspected L.A. airport gunman planned 'suicide' mission: congressman Sunday, Nov 03, 2013 07:47 PM PST  The suspect in a deadly shooting at Los Angeles International Airport wrote that he intended to die after killing at least one security officer, the head of a key congressional security committee said on Sunday, as authorities stepped up patrols at the airport and considered changes to aviation security rules. Paul Anthony Ciancia, 23, also discussed weaknesses in airport security in the "suicide" note before Friday's attack, Michael McCaul, the Republican chair of the House Committee on Homeland Security, told CNN. "The other thing he wanted to talk about was how easy it is to bring a gun into an airport and do something just like he did," McCaul said of the note. An officer with the Transportation Security Administration died in the shooting, the first employee from the agency killed in the line of duty since it was created after the September 11, 2001 attacks. Full Story | Top |
| Rapper Eminen takes home Artist of Year YouTube Music Award Sunday, Nov 03, 2013 07:18 PM PST  By Luciana Lopez NEW YORK (Reuters) - The first-ever YouTube Music Awards on Sunday, improvised with plenty of celebrity cameos thrown into the mix, saw awards going to rapper Eminem and hip-hop duo Macklemore and Ryan Lewis. The show made a clear bid for the quirky, a benefit of being streamed by YouTube rather than broadcast on television. The show was also a sort of announcement by YouTube of its intentions to take a bigger role in the music industry. The music awards market is almost as crowded as the music market. Full Story | Top |
| Fed's Fisher says stimulus tapering will be data dependent Sunday, Nov 03, 2013 06:38 PM PST SYDNEY (Reuters) - Federal Reserve Bank of Dallas President Richard Fisher on Monday said any tapering in the U.S. central bank's bond-buying stimulus program will depend on the strength of economic data. Speaking at a conference of business economists in Sydney, Fisher also said U.S. corporate balance sheets are stronger than ever. Fisher has long been concerned by the Fed's "hyper-accommodative" monetary policy, in part due to the danger of market disruptions when it comes time to slim down its massive balance sheet. Fisher is not a voting member this year, but will be in 2014. ... Full Story | Top |
| Asian shares eke out slim gains, dollar holds firm Sunday, Nov 03, 2013 06:14 PM PST  By Wayne Cole SYDNEY (Reuters) - Asian stocks drifted higher on Monday in sluggish trade as investors chose discretion over valour ahead of central bank meetings in Europe and the always-critical U.S. payrolls report. "We are bullish going into next year, but it wouldn't surprise to see some sort of breather ... We think any pullback is going to be very shallow," said Martin Lakos, division director at Macquarie Bank, of the Australian market. There are no less than four Fed officials speaking on Monday, starting with Fed Bank of Dallas President Richard Fisher in Sydney. Fed Governor Jerome Powell and the heads of the St. Louis and Boston Feds all appear later in the day. Full Story | Top |
| Fed's Fisher says U.S. government bears blame for slow recovery Sunday, Nov 03, 2013 06:04 PM PST  (Reuters) - An ineffective, fractious and fiscally irresponsible government has slowed the U.S. recovery and counteracted the stimulative effects of Federal Reserve's super-accommodative monetary policy, a top Fed official said on Monday. "While the Fed has been moving at the speed of a boomer in full run, the federal government of the United States has at best exhibited the adaptive alacrity of a koala (without being anywhere near as cute)," Dallas Fed President Richard Fisher said in remarks prepared for delivery to the Australian Business Economists. "Unlike in most recoveries, government has played a countercyclical, suppressive role," Fisher said in Sydney. "The inability of our government to get its act together has countered the pro-cyclical policy of the Federal Reserve." The Fed is buying $85 billion in assets each month to spur growth and hiring by pushing down long-term borrowing costs. Full Story | Top |
| U.S. seeking divestitures from American, US Airways: source Sunday, Nov 03, 2013 06:01 PM PST By Diane Bartz WASHINGTON (Reuters) - U.S. antitrust authorities want American Airlines and US Airways Group Inc to agree to a broad package of divestitures at key U.S. airports in order to win approval of a merger that would create the world's largest air carrier, a source familiar with the matter said on Sunday. The airlines and the U.S. Justice Department have begun talks about a possible settlement ahead of a trial later this month about the government's effort to block the merger. The source, who was not authorized to speak publicly, said the two sides were discussing the possibility of the airlines giving up takeoff and landing slots at Washington's Ronald Reagan National Airport and other airports around the country. Full Story | Top |
| Britain must stay in EU but reforms needed, business leaders say Sunday, Nov 03, 2013 05:51 PM PST  By William James and Shadi Bushra LONDON (Reuters) - Britain must remain part of the European Union, British business leaders said on Monday, but they called on Prime Minister David Cameron to oppose the "creeping extension of EU authority". The comments from the Confederation of British Industry (CBI) appear to endorse Cameron's position. The prime minister says he wants to stay in the bloc but has pledged to renegotiate Britain's EU membership terms and put the changes to voters in an "in or out" referendum in 2017, if he is re-elected. Divided public opinion over Europe poses one of the biggest obstacles to Cameron winning a second term in 2015. Full Story | Top |
| Eight dead after plane crashes in northern Bolivia: hospital Sunday, Nov 03, 2013 05:01 PM PST  A Bolivian plane carrying 18 people crashed on Sunday while trying to land during bad weather in the north of the Andean country, killing eight passengers and injuring the others on board, the director of a local hospital told Reuters. Heavy rain was falling as the small turboprop plane operated by local airline Aerocon tried to land in Riberalta, in Beni department near the Brazilian border, according to witnesses. President Evo Morales said he had ordered "a deep investigation" into the accident and "drastic sanctions on the company." (Reporting by Daniel Ramos; Full Story | Top |
| London finance jobs lag wider recovery: study Sunday, Nov 03, 2013 04:38 PM PST  (Reuters) - The number of new jobs in London's financial district dropped in October, lagging a recovery in the wider jobs market, according to research by an international recruitment firm. A total of 2,335 new roles were created last month in the district, down from 2,380 in September, London-based financial services recruiter Astbury Marsden said in a release on Monday. "Banks have been badly burnt in the past hiring on a short term bounce in business volumes and then having to go through costly lay-offs, so many are being prudent and putting off bigger hiring decisions," Chief Operating Officer Mark Cameron said. Full Story | Top |
| Billabong sells Canadian retail chain West 49 to YM Inc Sunday, Nov 03, 2013 04:16 PM PST announced it has entered into an agreement to sell its Canadian retail chain West 49 to fashion retailer YM Inc. YM Inc, known for its stores including Stitches, Sirens, Urban Planet and Bluenotes, will purchase 92 West 49 retail stores across Canada for approximately C$9 million-C$11 million ($8.6-$10.5 million). Both companies have also entered into a two-year supply agreement while Billabong will retain its six eponymous stores and two Element stores in Canada. "The sale of West 49 is part of our broader strategy of simplifying our business and focusing on the core of what we do best, which is building strong global brands," Neil Fiske, CEO of Billabong said in a statement. Shares in Billabong were down 0.8 percent at A$0.40 after the announcement, compared with the benchmark S&P/ASX 200 index which was up 0.2 percent. Full Story | Top |
| Britons turn to junk food after financial crisis - study Sunday, Nov 03, 2013 04:13 PM PST  Britons hurt by lower incomes and rising food prices after the financial crisis have cut back on fruit and vegetables and turned instead to fatty, sugary, processed food, an academic study showed on Monday. The net effect has been that Britons are spending 8.5 percent less in real terms on food purchased at home than before the recession - with the trend even greater for pensioners and families with young children. The research is likely to be politically sensitive at a time when Britain's Conservative-led government is under pressure from the Labour Party, over declining standards of living and sharply rising demand at food banks which hand out free food to the poorest Britons. People have economised by buying less food, measured in number of calories, but also on its quality, picking products that are less nutritious and higher in saturated fat and sugar. Full Story | Top |
| HSBC profits seen up 10 percent as cost cuts pay off Sunday, Nov 03, 2013 04:10 PM PST  The rise is unlikely to put to rest concerns about HSBC's growth prospects as tougher regulations squeeze profits, investment banking income drops and the threat remains of further litigation over the bank's past conduct. HSBC is expected to report a pretax profit of $5.5 billion for the three months to the end of September, according to the average of 13 analysts polled by the bank. Operating costs are forecast to fall $1.5 billion from a year ago to $8.8 billion, as Chief Executive Stuart Gulliver's plan to streamline HSBC and improve profitability pays off. HSBC set aside $800 million in the third quarter of last year to cover the fine, which showed serious flaws in its risk management and left the bank under pressure to improve compliance and reduce its complexity. Full Story | Top |
| Merlin to close London float order books early: source Sunday, Nov 03, 2013 03:45 PM PST  is to close its London share sale early due to strong demand, a person familiar with the matter said on Sunday. Order books on the offering, which will value private equity-backed Merlin at as much as 3.3 billion pounds ($5.3 billion), had been due to close on November 8 for members of the public and on November 11 for institutional investors. Full Story | Top |
| In political messaging wars, White House deploys a Twitter army Sunday, Nov 03, 2013 03:41 PM PST  By Roberta Rampton WASHINGTON (Reuters) - Besieged by unflattering stories about the launch of President Barack Obama's healthcare program, the White House saw a news report that it wanted to swiftly knock down. It was from NBC, which said that Obama had overpromised when he said Americans who liked their insurance could keep it, and that the president knew that many people would see their coverage change. White House officials quickly began firing off a barrage of tweets on Twitter, which has become one of the administration's most potent and relied-upon weapons in trying to shape public opinion and media reports. "NBC 'scoop' cites normal turnover in the indiv insurance market," Earnest tweeted to his 9,500 followers on Twitter. Full Story | Top |
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