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| Thomson family company names Binet to succeed Beattie as CEO Thursday, Nov 29, 2012 05:42 PM PST (Reuters) - The Woodbridge Company Limited, the family company that controls Thomson Reuters Corp , announced that David Binet will succeed Geoff Beattie as president and chief executive, effective January 1. In a separate statement, Thomson Reuters said on Thursday that Beattie will remain its deputy board chairman and that Binet will join the company's board. Binet is currently the chief operating officer of Woodbridge. Woodbridge is the investment company of Canada's Thomson family and owns a 55 percent stake in Thomson Reuters. Thomson Corp acquired Reuters Group Plc in 2008. ... Full Story | Top |
| U.S. Air Force sticking to plans to buy 1,763 F-35 jets Thursday, Nov 29, 2012 05:12 PM PST  NEW YORK (Reuters) - The U.S. Air Force affirmed on Thursday its plans to buy 1,763 F-35 fighter jets built by Lockheed Martin Corp in coming years, as Lockheed and the government neared agreement on a multi-billion dollar contract for a fifth batch of planes. Air Force Secretary Michael Donley told an investor conference that the service remained committed to the F-35 Joint Strike Fighter, which alone accounts for 15 percent of the service's annual investment spending, and had no plans to revise its projected purchase of 1,763 of the new radar-evading jets. ... Full Story | Top |
| Porsche argues New York is not the forum for suit by hedge funds Thursday, Nov 29, 2012 04:48 PM PST  NEW YORK (Reuters) - A lawyer for Porsche Automobil Holding SE urged a New York state appeals court to overturn a lower court decision allowing 26 hedge funds to sue the German automaker in the state. The hedge funds filed lawsuits last year claiming they lost $1 billion as a result of what they called Porsche's deceptive manipulation of the market for Volkswagen AG shares in 2008. The hedge funds said they sold Volkswagen shares short after Porsche denied it planned to acquire control of Volkswagen. ... Full Story | Top |
| GM seeks to build excitement for Chevy brand with SS sedan Thursday, Nov 29, 2012 04:41 PM PST  DETROIT (Reuters) - For the first time in nearly two decades, GM's Chevrolet brand will be back in the business of selling rear-wheel-drive sedans in the United States. General Motors Co expects the production version of the Chevrolet SS rear-wheel-drive sedan to act as a low-volume car meant to build excitement around the brand, the head of the automaker's North American operations said on Thursday. The car gives GM its first nonluxury rear-wheel-drive sedan since it stopped selling the Pontiac G8 in 2009. ... Full Story | Top |
| Boehner sees no progress in "fiscal cliff" talks Thursday, Nov 29, 2012 04:38 PM PST  WASHINGTON (Reuters) - House of Representatives Speaker John Boehner said on Thursday that "fiscal cliff" talks with the White House had made no substantive progress and criticized President Barack Obama and Democrats for failing to get serious about including spending cuts in a final deal. Boehner said he was "disappointed" after a phone call with Obama on Wednesday night and a meeting with Treasury Secretary Timothy Geithner on Thursday moved the two sides no closer to an agreement to avert the tax hikes and spending cuts that will be triggered at the start of 2013 unless Congress ... Full Story | Top |
| Boeing proposes mediation in talks with engineers union Thursday, Nov 29, 2012 04:33 PM PST  (Reuters) - In a move that ratchets up tensions in labor negotiations, Boeing Co on Thursday asked for federal mediators to help unstick talks with the union that represents its 23,000 engineers, saying the sides were far apart on pay and benefits. "We hope the expertise of the Federal Mediation and Conciliation Service can help move the two sides toward a resolution," Boeing said in a statement. The move halted discussions around mid-day in Seattle and no further meetings are scheduled, the two sides said. ... Full Story | Top |
| Fisker idles Karma production while waiting for A123 auction Thursday, Nov 29, 2012 04:23 PM PST  (Reuters) - Fisker Automotive Inc said on Thursday that it has temporarily idled production of its Karma plug-in hybrid after its lithium-ion battery supplier A123 Systems Inc cut its output. A123, which is the sole battery supplier for the Karma, slowed production after filing for Chapter 11 bankruptcy protection in October, Fisker spokesman Roger Ormisher said. Fisker has enough lithium-ion batteries on hand in case an owner needs a replacement, Ormisher said. The company expects to have clarity on its battery inventory after December 6, when an auction to sell A123 is scheduled. ... Full Story | Top |
| Duke settles with North Carolina; CEO leaves end of 2013 Thursday, Nov 29, 2012 04:12 PM PST  (Reuters) - Duke Energy Corp's chief executive will step down at the end of 2013 as part of a settlement with North Carolina regulators over the utility's leadership after it took over Progress Energy. The dispute began when Duke CEO Jim Rogers assumed control of the combined company after the $18 billion purchase closed in July, even though Bill Johnson of Progress had long been slated to take the helm of what became the largest U.S. power utility. ... Full Story | Top |
| Two ex-Ernst partners' convictions reversed in tax case Thursday, Nov 29, 2012 04:11 PM PST NEW YORK (Reuters) - A federal appeals court on Thursday threw out the convictions of two former Ernst & Young LLP partners over illegal tax shelters the accounting firm used to help wealthy people evade income taxes. By a 2-1 vote, a panel of the 2nd U.S. Circuit Court of Appeals in New York found a lack of evidence to support the convictions of tax lawyers Martin Nissenbaum and Richard Shapiro. The panel affirmed the related convictions of former partners Robert Coplan, also a tax lawyer, and Brian Vaughn, an accountant. ... Full Story | Top |
| UK November consumer morale rallies to 18-month high Thursday, Nov 29, 2012 04:07 PM PST  LONDON (Reuters) - British consumer confidence unexpectedly picked up to an 18-month high in November, according to a survey on Friday that offered Chancellor George Osborne some relief before he sets out his plans to revive a stagnant economy next week. The GfK NOP headline index rose to -22 from -30 in October, the strongest since May 2011 and better than forecasts for an unchanged reading. Although Britain's economy emerged from recession in the third quarter, policymakers have warned of a slow and drawn-out recovery. ... Full Story | Top |
| Honda tries to regain its stride with upgraded Civic Thursday, Nov 29, 2012 03:47 PM PST  LOS ANGELES (Reuters) - Honda Motor Co introduced its redesigned Civic sedan only a year-and-a-half after a major model change of the best-selling compact car in the United States. Even Honda admits that the 2012 Civic, introduced in the spring of 2011, missed the mark. For a company that prides itself on rock-solid reliability, it was a shock last summer when influential Consumer Reports ranked the Civic dead last in a field of 12 compact sedans it tested. Sales of the new Civic, a 2013 model, will start this week and the refreshed car was shown off on Thursday at the LA Auto Show. ... Full Story | Top |
| Ford aims for record 11 percent share of electric vehicle market Thursday, Nov 29, 2012 03:42 PM PST  DETROIT (Reuters) - Ford Motor Co , vying to challenge Toyota Motor Corp's stronghold on the U.S. hybrid market, said it expects to wind up with 11 percent of the U.S. market for hybrid, plug-in hybrid and battery electric vehicles this year. This target would be a record for the second-largest U.S. automaker and is more than double its current presence of 5.2 percent in the U.S. electrified vehicle market. Toyota, the maker of the popular Prius hybrid, held 70.4 percent share during the first 10 months of the year, according to auto information site Edmunds.com. Ford's larger U.S. ... Full Story | Top |
| Groupon says Mason remains CEO, shares slide Thursday, Nov 29, 2012 03:27 PM PST  SAN FRANCISCO (Reuters) - Andrew Mason will remain CEO of Groupon Inc , a company spokesman said on Thursday after the board of directors decided to retain the company co-founder as head of the struggling online marketer of daily deals. Shares of Groupon, which fetched $20 in its Wall Street debut last year, slid almost 4 percent to $4.36 in after-hours trade. The stock had jumped a day earlier, when Mason said he would fire himself if the board decided on that step at its regular Thursday meeting. ... Full Story | Top |
| Duke settles with North Carolina; CEO to leave in 2013 Thursday, Nov 29, 2012 03:26 PM PST (Reuters) - Duke Energy Corp said on Thursday that its chief executive would step down in 2013, and it announced a settlement with North Carolina over the company's leadership after it took over Progress Energy. The dispute began when Duke Chief Executive Jim Rogers assumed control of the combined company after the $18 billion purchase closed in July, even though Bill Johnson of Progress had long been slated to take the helm. The North Carolina Utilities Commission (NCUC) held hearings, and in August Rogers said that he had started settlement talks with the regulator. ... Full Story | Top |
| Grocery giant Kroger wins $567 million tax fight Thursday, Nov 29, 2012 03:24 PM PST  (Reuters) - Kroger Co said Thursday it won a tax battle with the U.S. Internal Revenue Service, which has dropped an effort to collect $567 million in disputed deductions from the grocery giant. The U.S. Ninth Circuit Court of Appeals earlier this month dismissed the government's claims against Kroger, the Cincinnati-based company disclosed in a securities filing. The dismissal by a three-judge panel came several weeks following a government move to drop its claims, after pursuing Kroger for nearly a decade, court papers showed. An IRS spokesman declined to comment. ... Full Story | Top |
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