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| China's Huaxia may face liability for troubled wealth product sale Monday, Dec 03, 2012 08:06 PM PST BEIJING (Reuters) - China's Huaxia Bank Co Ltd may face some liability after a rogue employee sold unauthorized wealth management products which weekend reports claimed had stopped making payments, a bank official said on Tuesday. An employee at Huaxia's Jiading branch, in a Shanghai suburb, sold the instruments issued by the Zhongding Wealth Investment Center without permission, and a police investigation is underway, the bank said on Monday. A spokesman for the bank's Shanghai operations told Reuters that police investigators may assign some liability to the bank. ... Full Story | Top |
| News Corp to buy Cleveland Indians sports channel: sources Monday, Dec 03, 2012 06:42 PM PST  (Reuters) - News Corp is expected to announce as early as this week that it will buy SportsTime Ohio, a TV channel owned by the Cleveland Indians baseball team, for around $230 million, sources told Reuters, marking its second acquisition of a regional sports channel since late last month. The deal would give News Corp's Fox Sports unit the rights to broadcast the Major League Baseball team's games, according to two sources with knowledge of the negotiations. ... Full Story | Top |
| Court withdraws win for BNY Mellon in Sentinel case Monday, Dec 03, 2012 06:29 PM PST  (Reuters) - A federal appeals court in the United States has withdrawn a ruling that put Bank of New York Mellon Corp ahead of former customers of Sentinel Management Group seeking to recoup money lost in the futures broker's 2007 collapse. In a two-line ruling that gave no further explanation, the U.S. Court of Appeals for the Seventh Circuit withdrew an August 9 opinion. "This appeal remains under consideration by the panel," the three-judge panel wrote in a ruling dated November 30. ... Full Story | Top |
| SEC charges China affiliates of top accounting firms Monday, Dec 03, 2012 06:03 PM PST  WASHINGTON/NEW YORK (Reuters) - U.S. regulators on Monday charged the Chinese arms of five top accounting firms with securities violations over their refusal to produce certain audit papers for U.S.-listed Chinese companies. The Securities and Exchange Commission began proceedings against the Chinese affiliates of Deloitte, KPMG, PricewaterhouseCoopers, BDO and Ernst & Young. The agency on Monday also moved to pursue a case they had put on hold against Deloitte. It was the SEC's widest enforcement effort yet to procure documents in connection with probes of possible accounting fraud of U.S. ... Full Story | Top |
| Global slowdown, austerity to constrain UK economy - BCC Monday, Dec 03, 2012 04:50 PM PST  LONDON (Reuters) - Britain's economic growth in the next two years will be weaker than previously thought, held back by a global slowdown and domestic austerity measures, the British Chambers of Commerce (BCC) said on Tuesday. The BCC revised down its gross domestic product (GDP) growth forecasts for 2013 and 2014 to 1.0 and 1.8 percent respectively from 1.2 and 2.2 percent, also citing weak household consumption. ... Full Story | Top |
| UK to overhaul infrastructure contracts, seek savings Monday, Dec 03, 2012 04:28 PM PST  LONDON (Reuters) - Chancellor George Osborne will overhaul the way the government handles infrastructure procurement on Wednesday, a source familiar with the matter said on Tuesday, and announce large savings on existing contracts. Osborne, under pressure to boost Britain's flagging economy when he updates his economic forecasts on Wednesday, will demand that the taxpayer has a board seat and a share in the profits of companies taking on public-private infrastructure contracts. He will also consider introducing competitions where investors can bid for stakes in projects already underway. ... Full Story | Top |
| Wall Street sours on weak domestic factory data Monday, Dec 03, 2012 04:27 PM PST  NEW YORK (Reuters) - Stocks struggled to extend the previous week's gains, dropping on Monday as disappointing U.S. factory numbers dampened optimism about China's economic growth. The declines broke a three-day streak of gains for the S&P 500, keeping it shy of its 50-day moving average of about 1,420, a level that the index has been below since October 22, and now serving as a key resistance point for investors. Manufacturing activity in the United States surprisingly contracted in November, the Institute for Supply Management said, dropping to its lowest level in more than three years. ... Full Story | Top |
| MAN curbs production of trucks from January: paper Monday, Dec 03, 2012 04:06 PM PST  FRANKFURT (Reuters) - Germany's MAN plans to scale back production of trucks from January 14 as its customers hold off placing major orders in uncertain economic times, the head of its truck business said. "We have to adjust our production according to demand," German daily Sueddeutsche Zeitung cited Anders Nielsen as saying in an excerpt of an interview to be published on Tuesday. He said Munich-based MAN has applied for subsidies under the German government's short-time work program, called "Kurzarbeit", for the first half of 2013. ... Full Story | Top |
| Suncor to boost spending nine percent to C$7.3 billion Monday, Dec 03, 2012 03:48 PM PST CALGARY, Alberta (Reuters) - Suncor Energy Inc , Canada's largest energy company, said on Monday it will spend C$7.3 billion ($7.4 billion) in 2013, up 9 percent from this year's reduced amount, with most of the budget directed at expanding its leading oil sands production. Under new Chief Executive Steve Williams, Suncor spent about C$850 million less than initially budgeted this year as it sought to cut costs and improve profitability. ... Full Story | Top |
| Boeing separates airplane production, design Monday, Dec 03, 2012 03:40 PM PST  (Reuters) - Boeing Co said on Monday it is creating a new division to oversee airplane development, hiving off that function from production as it seeks to ramp up factory output. The company named Scott Fancher, who heads Boeing's 777 jet program, to lead the new "airplane development" division, which will handle design and flight certification of planes that are currently on the drawing board. These include the 737 MAX, the 767 Tanker and 787-9, and the 777-X and 787-10X programs that have not yet formally started. ... Full Story | Top |
| Morgan Stanley trader was probed at Goldman: sources Monday, Dec 03, 2012 03:07 PM PST  (Reuters) - Morgan Stanley hired former Goldman Sachs trader Edward Glenn Hadden to run its Treasury bond desk last year, even though his former employer had placed the trader on paid leave for about a year following an internal inquiry, said three people familiar with the situation. The inquiry by Goldman involved a matter separate from an ongoing investigation by exchange operator CME Group into a December 2008 trade that involved U.S. Treasury futures. Neither Hadden nor Goldman has been accused of wrongdoing in the 2008 trading incident. ... Full Story | Top |
| Canadian auto sales reach near-record for November Monday, Dec 03, 2012 02:53 PM PST TORONTO (Reuters) - Vehicle sales in Canada grew 3.8 percent last month as an industry-wide rebound and strong demand for new cars lifted sales to the second-best November on record. Monthly sales rose to 125,730 vehicles, just shy of the 130,100 vehicle record set in November 2001, according to independent auto analyst Dennis Desrosiers. "With a solid month expected for December, Canada still has a chance at reaching 1.7 million units (for) one of its best years ever," Desrosiers said in a note to clients. ... Full Story | Top |
| Morgan Stanley wealth unit aims to close lending gap Monday, Dec 03, 2012 02:39 PM PST  (Reuters) - In October, Rebecca Rothstein, a Beverly Hills-based private banker to rock stars, top executives and the otherwise rich, abruptly left Morgan Stanley for rival Merrill Lynch. She had spent more than a decade at Smith Barney before Morgan Stanley took control of the retail broker from Citigroup Inc , but she was getting increasingly frustrated that the firm could not lend money to clients to refinance their yachts and vacation homes, people familiar with her thinking said. ... Full Story | Top |
| WestJet embraces tech tools to woo business travelers Monday, Dec 03, 2012 02:38 PM PST TORONTO (Reuters) - WestJet Airlines Ltd will use technological innovation, including a new reservation system, to help it transform from a no-frills carrier to a lower-cost full-service airline courting lucrative corporate travelers, its chief executive said on Monday. Canada's second-biggest airline plans to launch a series of technology systems, most notably the new reservation system, which will sell three tiers of tickets, in the next two months. "Companies evolve or they die," Chief Executive Gregg Saretsky told Reuters in a phone interview from the company's Calgary head office. ... Full Story | Top |
| Auto sales race to five-year high for November Monday, Dec 03, 2012 02:38 PM PST  (Reuters) - Auto sales in November raced to a five-year high for that month on a rebound from storm-ravaged October and the need to replace aging vehicles, leaving industry executives optimistic about 2013. Sales in November rose 15 percent to 1.14 million vehicles, the highest level for that month since 2007, before a recession caused a dramatic decline in demand and led to the bankruptcy filings of General Motors Co and Chrysler. "Vehicle sales are one of the encouraging spots of our economy," said Gary Bradshaw, portfolio manager with Hodges Capital Management in Dallas. ... Full Story | Top |
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