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| Hyundai Motor shares tumble on recall rumors Wednesday, Oct 31, 2012 08:58 PM PDT  SEOUL (Reuters) - Hyundai Motor Co shares fell more than 5 percent on Thursday ahead of the release of its October auto sales figures with analysts citing market rumors that the South Korean automaker may announce a recall in the United States or face fuel-economy related lawsuits. Two Hyundai Motor executives told Reuters that they have not heard about possible recalls or lawsuits. "As far as I know, October sales went well," one of the two executives told Reuters on condition of anonymity because he is not authorized to speak to the media. ... Full Story | Top |
| U.S. power market watchdog seeks record $470 million from Barclays Wednesday, Oct 31, 2012 08:54 PM PDT  (Advisory: Contains language that may offend in paragraph seven) WASHINGTON/NEW YORK (Reuters) - U.S. regulators threatened to fine Barclays roughly $470 million to settle allegations that the bank and four traders manipulated California electricity markets, reviving the specter of a sector-wide crackdown on energy trading. It could possibly be the biggest penalty ever levied by the Federal Energy Regulatory Commission (FERC), and potentially exceeds the fine Barclays paid over the Libor bid-rigging scandal that cost Chief Executive Robert Diamond his job. ... Full Story | Top |
| In echo of Enron, Barclays traders plotted to rig power market Wednesday, Oct 31, 2012 08:41 PM PDT (Reuters) - - - A series of emails and instant messages between Barclays PLC traders -- peppered with colorful and obscene language -- is at the heart of federal energy regulators' effort to impose record fines over a complex plan to manipulate California power markets. The U.S. Federal Energy Regulatory Commission on Wednesday proposed a total $470 million fine on Barclays -- the largest ever by the agency -- based in part on communications by four traders on its West Coast power desk. The trading activity took place over two years from late 2006. ... Full Story | Top |
| Factbox: Biggest civil penalties by U.S. energy regulator FERC Wednesday, Oct 31, 2012 08:41 PM PDT (Reuters) - U.S. federal energy regulators have threatened to fine London-based Barclays about $470 million to settle claims that the bank and its traders manipulated California energy markets, in the largest proposed fine from the agency since 2005. The Federal Energy Regulatory Commission's Office of Enforcement staff alleged Barclays engaged in a coordinated scheme to manipulate trading at four electricity trading points in the western United States from November 2006 to December 2008. In an order issued Wednesday, FERC said Barclays has 30 days to show why the bank should not be penalized. ... Full Story | Top |
| Panasonic cleans house with writedowns, sees $9.6 billion loss Wednesday, Oct 31, 2012 08:28 PM PDT  TOKYO (Reuters) - Panasonic Corp said it will lose almost $10 billion this business year as it cleans house of poorly performing operations, writing down billions of dollars of goodwill and assets in its mobile and energy units while its new boss readies for a fresh bout of restructuring. Shares in Panasonic, founded in 1918, plunged by nearly a fifth on Thursday to their lowest in more than three decades. A day earlier, it forecast a 765 billion yen ($9.6 billion) net loss for the year to March, nearly matching last year's record loss of 772 billion yen. ... Full Story | Top |
| Suncor Q3 net profit rises 21 percent; cuts capex outlook Wednesday, Oct 31, 2012 08:25 PM PDT (Reuters) - Suncor Energy Inc , Canada's biggest oil and gas company and the dominant oil sands producer, said late on Wednesday its third-quarter net profit rose 21 percent, but it cut its capital-expenditure outlook due to a slow pace of spending on oil sands projects. The company reported net income of C$1.56 billion ($1.56 billion), or C$1.01 per share, from C$1.29 billion, or 82 Canadian cents, for the third quarter of 2011. Operating profit fell 27 percent to C$1. ... Full Story | Top |
| Cameco cuts long-term uranium output goal on slow nuclear growth Wednesday, Oct 31, 2012 08:25 PM PDT (Reuters) - Canada's Cameco Corp on Wednesday lowered its long-term uranium production target by 10 percent, a sharp shift in strategy in response to slower demand growth for the fuel after the Fukushima nuclear disaster. The uranium market has been in a downward spiral since a massive earthquake and tsunami struck Japan in March 2011, crippling the Fukushima-Daiichi atomic power plant. ... Full Story | Top |
| Apple's Cook fields his A-team before a wary Wall Street Wednesday, Oct 31, 2012 08:18 PM PDT  SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook's new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday. The world's most valuable technology company, which had faced questions about a visionary-leadership vacuum following the death of Steve Jobs, on Monday stunned investors by announcing the ouster of chief mobile software architect Scott Forstall and retail chief John Browett -- the latter after six months on the job. ... Full Story | Top |
| Twin China PMI surveys show economy perking up Wednesday, Oct 31, 2012 06:57 PM PDT  BEIJING (Reuters) - China's economy is finally regaining traction, official and private sector factory surveys showed on Thursday, although the recovery remains sluggish with the latter recording its 12th straight month of slowing growth. Evidence is mounting that the economy revived in October after domestic credit curbs and poor demand from overseas markets pushed economic growth in the third quarter to its weakest rate since the depths of the global financial crisis. The final reading for the HSBC Purchasing Managers' Index rose to 49. ... Full Story | Top |
| ABC News seeks dismissal of Beef Products' defamation lawsuit Wednesday, Oct 31, 2012 06:29 PM PDT NEW YORK (Reuters) - ABC News on Wednesday asked a federal court to throw out claims it defamed a meat processor through a series of television reports about lean finely textured beef, a product that critics have dubbed "pink slime." In court papers, lawyers for the U.S. network said a September lawsuit by Beef Products Inc (BPI) seeks to inhibit free speech. They said the lawsuit poses a challenge to the right of a news organization "to explore matters of obvious public interest -- what is in the food we eat and how that food is labeled. ... Full Story | Top |
| Phillips 66 quarterly profit up on good margins Wednesday, Oct 31, 2012 06:20 PM PDT HOUSTON (Reuters) - Phillips 66's increased access to cheaper crude oil from the United States and Canada boosted its quarterly profits above analyst expectations after the U.S. refining company spun off from ConocoPhillips earlier this year, the company reported on Wednesday. More than half of the company's refining capacity is on the Gulf Coast and in the central corridor of the United States with access to those cheaper crudes in North Dakota, Texas, Kansas and other states, executives told analysts during Phillips 66's third-quarter earnings conference call. "Our U.S. ... Full Story | Top |
| Kinross Gold hires new financial chief Wednesday, Oct 31, 2012 06:01 PM PDT (Reuters) - Kinross Gold Corp said on Wednesday it has hired a new chief financial officer just three months after replacing its chief executive officer. Tony Giardini will take on the CFO and executive vice-president role, effective December 1. Current CFO Paul Barry, whose pending departure was announced earlier this month, will stay on in a transition role, the company said. Giardini, a registered chartered account, was CFO of Ivanhoe Mines, now known as Turquoise Hill Resources Ltd , from 2006 to 2012. He was most recently CFO at Capstone Mining Corp . ... Full Story | Top |
| Lloyds to reveal hike in PPI compensation costs Wednesday, Oct 31, 2012 05:05 PM PDT  LONDON (Reuters) - Lloyds Banking Group is expected to say the cost of compensating customers mis-sold loan insurance will be far higher than previously thought when it reports third-quarter results on Thursday. Britain's biggest retail bank has already set aside 4.3 billion pounds to repay customers wrongly sold payment protection insurance (PPI), far higher than rivals as it had the biggest share of the PPI market. Analysts say the final figure could rise by as much as 2.3 billion pounds. ... Full Story | Top |
| Bush-era trade deal with Panama goes into force Wednesday, Oct 31, 2012 04:55 PM PDT WASHINGTON (Reuters) - A U.S. free trade agreement with Panama went into force on Wednesday, five years after it was originally negotiated, opening the way for increased U.S. exports as the Central American country continues its canal expansion project. U.S. Secretary of State Hillary Clinton, in a statement, called enactment of the agreement an "historic milestone" that adds to existing U.S. free trade agreements in the Western Hemisphere with Canada, Mexico, Peru, Colombia, the Dominican Republic and five Central American countries. ... Full Story | Top |
| U.S. power market regulator seeks $470 million from Barclays Wednesday, Oct 31, 2012 04:38 PM PDT  (Reuters) - U.S. federal energy regulators threatened to fine Barclays roughly $470 million to settle allegations that the bank and four traders manipulated California energy markets from November 2006 to December 2008. In a potentially record penalty that could eclipse fines over rigging the inter-bank lending rate known as Libor, the U.S. Federal Energy Regulatory Commission said Barclays has 30 days to show why it should not be penalized for an alleged scheme of manipulating physical electricity markets in order to benefit from related positions in the swaps market. ... Full Story | Top |
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