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| Wall Street ends sour week with fifth straight decline Friday, Dec 28, 2012 07:14 PM PST  NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight. President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. ... Full Story | Top |
| Boeing signs deal to buy land near factory in South Carolina Friday, Dec 28, 2012 05:05 PM PST CHARLESTON, South Carolina (Reuters) - Boeing Co has signed a deal allowing it to buy nearly 1,100 acres of land at the site of its 787 jet factory in South Carolina, a deal that gives it room to expand production. The acquisition gives Boeing the option to buy the land its factory currently sits on, and the deal could eventually allow Boeing to quadruple its footprint in the area, its first commercial airplane manufacturing site outside of Washington state. However, some of the land is swamp that Boeing would need to fill in to develop, officials said. ... Full Story | Top |
| Lockheed wins $1.9 billion contract for two U.S. satellites: Pentagon Friday, Dec 28, 2012 04:43 PM PST WASHINGTON (Reuters) - Lockheed Martin Corp has won a contract valued at $1.9 billion to build two additional advanced military communications satellites for the U.S. Air Force, the Pentagon said on Friday. The contract, which runs through January 2022, covers production of the fifth and sixth satellites in the Advanced Extremely High Frequency satellite program. Lockheed welcomed the contract, saying it underscored the government's confidence in the company's work on the program. ... Full Story | Top |
| Lockheed gets up to $4.9 billion in further F-35 funding Friday, Dec 28, 2012 04:18 PM PST WASHINGTON (Reuters) - Lockheed Martin Corp on Friday was awarded up to $4.9 billion in additional funding for its F-35 Joint Strike Fighter program, the Pentagon announced on Friday, providing a significant end-of-year boost in orders for the largest U.S. defense contractor. The U.S. Defense Department said it had reached agreement with Lockheed on a preliminary contract valued at up to $3.68 billion for 31 F-35s in a sixth batch of planes to be built for the U.S. military, with details to be finalized the coming year. It also awarded Lockheed additional separate contracts valued at up to $1. ... Full Story | Top |
| Wall Street Week Ahead: Cliff may be a fear, but debt ceiling much scarier Friday, Dec 28, 2012 03:45 PM PST  (Reuters) - Investors fearing a stock market plunge - if the United States tumbles off the "fiscal cliff" next week - may want to relax. But they should be scared if a few weeks later, Washington fails to reach a deal to increase the nation's debt ceiling because that raises the threat of a default, another credit downgrade and a panic in the financial markets. ... Full Story | Top |
| Boeing, Textron win $1.4 billion deal for 21 V-22 Opreys: Pentagon Friday, Dec 28, 2012 03:32 PM PST WASHINGTON (Reuters) - Boeing Co and Bell Helicopter, a unit of Textron Inc , have won a contract valued at $1.4 billion for 21 V-22 tiltrotor Osprey aircraft, the U.S. Defense Department said on Friday. In a daily digest of major weapons contracts, the Pentagon said it had modified an existing advanced procurement contract with the Bell-Boeing joint venture to cover production of the additional aircraft. The contract also includes funding for advanced procurement of materials for 22 additional aircraft to be funded in fiscal year 2014, which begins next October. ... Full Story | Top |
| Lockheed wins deal worth up to $3.68 billion for more F-35 jets Friday, Dec 28, 2012 03:15 PM PST WASHINGTON (Reuters) - Lockheed Martin Corp has been awarded a preliminary contract valued at up to $3.68 billion to build 31 additional F-35 fighter jets for the U.S. military, the Defense Department said on Friday. Details of the agreement will be worked out between the two sides in 2013, said Joe DellaVedova, spokesman for the Pentagon's F-35 program office. Lockheed also won additional contracts valued at up to $1.2 billion for spares and sustainment of the F-35 Joint Strike Fighter program. ... Full Story | Top |
| U.S. judge approves Toyota's $1.1 billion acceleration deal Friday, Dec 28, 2012 02:51 PM PST  SAN FRANCISCO (Reuters) - A U.S. judge granted preliminary approval on Friday to Toyota Motor Corp's $1.1 billion settlement of a class-action lawsuit brought by consumers who lost value on their cars due to sudden, unintended acceleration. U.S. District Judge James Selna in Santa Ana, California, scheduled a hearing in June for final approval of the deal, which was announced this week. It provides $500 million in cash for plaintiffs, plus installation of break override systems and a customer support program valued at about $600 million combined. ... Full Story | Top |
| Global stocks drop, dollar up as "cliff" deadline looms Friday, Dec 28, 2012 02:42 PM PST  NEW YORK (Reuters) - World stocks declined, the dollar gained and U.S. shares fell for a fifth day on Friday as the White House and U.S. lawmakers closed in on the "fiscal cliff" deadline with no deal in place. President Barack Obama and Democratic and Republican lawmakers met Friday as they faced just days to reach a budget deal to avert massive tax increases and spending cuts that could drag the U.S. economy, the world's biggest, into recession. ... Full Story | Top |
| Publisher Tribune to exit bankruptcy December 31: sources Friday, Dec 28, 2012 02:30 PM PST (Reuters) - The Tribune Co, owner of the Los Angeles Times and the Chicago Tribune, will emerge from bankruptcy on December 31, sources said on Friday, ending four years of Chapter 11 protection and setting the stage for the new company to sell off its newspapers to focus on the WGN cable channel and other TV assets. ... Full Story | Top |
| Lockheed, U.S. agree funding deal for more F-35s: sources Friday, Dec 28, 2012 01:57 PM PST WASHINGTON (Reuters) - Lockheed Martin Corp and the U.S. Defense Department have reached an agreement freeing up preliminary funding for production of a sixth batch of F-35 Joint Strike Fighters, according to two sources familiar with the negotiations. Details of the agreement, which covers 31 of the advanced, radar-evading fighter planes to be built for the U.S. military, will be worked out between the two sides in coming months, said the sources, who were not authorized to speak publicly. ... Full Story | Top |
| TSX closes weaker as U.S. budget talks struggle Friday, Dec 28, 2012 01:56 PM PST  TORONTO (Reuters) - Canada's main stock index fell in thin trading on Friday as uncertainty surrounding U.S. budget discussions weighed on investor sentiment. President Barack Obama and top lawmakers met in a last-ditch attempt to craft a budget deal before the "fiscal cliff" - tax hikes and spending cuts that could send the country into recession - starts to kick in on January 1. Sal Masionis, stockbroker at Brant Securities, said the negotiations pulled the index lower. "Obviously there's not going to be any major resolution," he said. ... Full Story | Top |
| Wall Street ends sour week with 5th straight decline Friday, Dec 28, 2012 01:46 PM PST NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight. President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. ... Full Story | Top |
| Canada dollar at 5-week low as U.S. budget talks struggle Friday, Dec 28, 2012 01:35 PM PST TORONTO (Reuters) - The Canadian dollar ended slightly weaker against its U.S. counterpart on Friday as the White House and U.S. lawmakers made a late attempt to avert the "fiscal cliff" and investors choose safe-havens to wait out the negotiations. World stocks slipped and the U.S. dollar gained as the deadline looms for reaching a budget deal to avert massive tax increases and spending cuts that could drag the U.S. economy, the destination for most Canadian exports, into recession. ... Full Story | Top |
| Fisker sues XL over hybrid cars wrecked by Superstorm Sandy Friday, Dec 28, 2012 01:23 PM PST NEW YORK (Reuters) - Fisker Automotive has sued XL Group Plc after being denied insurance coverage over flooding from Superstorm Sandy that destroyed 338 of its Karma plug-in hybrids, worth about $33 million, at a Port Newark, New Jersey, shipping facility. In a complaint filed on Friday in the New York State Supreme Court in Manhattan, Fisker said the vehicles had been submerged in more than 5 feet of seawater on October 29 while they were awaiting shipment to dealers across the country. ... Full Story | Top |
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