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| BP, contractors start trial for worst U.S. offshore spill Monday, Feb 25, 2013 07:03 PM PST  NEW ORLEANS (Reuters) - A long-awaited trial over the biggest U.S. offshore oil spill began on Monday, with governments, businesses and individuals blaming BP Plc mostly for the 2010 disaster that killed 11 rig workers and spilled 4 million barrels of oil into the Gulf of Mexico. "Not only was it within BP's power to prevent the tragedy, it was its responsibility," Mike Underhill, a U.S. Justice Department trial attorney, said at the trial over legal culpability for the blowout and spill. The trial is being held with no jury before Judge Carl Barbier at federal court in New Orleans. ... Full Story | Top |
| GM seeks approval to pay CEO $11.1 million: CNBC Monday, Feb 25, 2013 06:48 PM PST  (Reuters) - General Motors Co wants to pay its chief executive, Dan Akerson, $11.1 million this year, CNBC reported, citing related documents. If the U.S. government approve the plan, Akerson's annual compensation would increase more than 20 percent compared to last year, the report said. (http://link.reuters.com/meg36t) Compensation of GM executives is governed by a special paymaster from the federal government as part of provisions put in place after GM's U.S.-funded bankruptcy restructuring in 2009. No determinations has yet been made for 2013 compensation, a U.S. ... Full Story | Top |
| U.S. gives banking green light to Myanmar tycoons Monday, Feb 25, 2013 05:53 PM PST  YANGON (Reuters) - Two banks owned by tycoons associated with Myanmar's former military regime will start to do business with U.S. companies and investors in the latest reward for the Southeast Asian country's rapid political transformation. The U.S. Treasury Department said on Friday it would issue a general licence for four of Myanmar's biggest banks -- Myanma Economic Bank, Myanma Investment and Commercial Bank, Asia Green Development Bank and Ayeyarwady Bank -- allowing U.S. companies and citizens to deal with them. ... Full Story | Top |
| Tesla team mulls plan to boost image after New York Times review Monday, Feb 25, 2013 04:49 PM PST  LOS ANGELES (Reuters) - Tesla Motors Inc's top brass, including Chief Executive Elon Musk, this week are considering a strategy to recoup market value and boost demand after a critical review of the automaker's Model S sedan in New York Times this month. Musk says that Tesla has lost about $100 million in sales and canceled orders due to the Times story, which said the sedan ran out of battery power sooner than promised during a chilly winter test drive from Washington D.C. to Boston. "We have seen a few hundred cancellations that are due to the NYT piece and slightly lowered demand in the ... Full Story | Top |
| International Herald Tribune renamed International New York Times Monday, Feb 25, 2013 04:24 PM PST  (Reuters) - The New York Times Co said on Monday that it was changing the name of the International Herald Tribune (IHT) to the International New York Times, putting an end to a more than 40-year-old brand that served as the hometown paper for Americans living abroad. The move to re-brand the IHT is not entirely unexpected. The New York Times has stepped up efforts to strengthen its global recognition, and it is in the process of shedding most of its properties, including the Boston Globe. ... Full Story | Top |
| Exclusive: Goldman to begin fresh round of job cuts Monday, Feb 25, 2013 04:01 PM PST  (Reuters) - Goldman Sachs Group Inc will begin its annual job cutting process as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The bank usually culls out the weakest 5 percent of its employees around now. But the cuts will likely be deeper in some businesses, particularly equities trading, where volumes and earnings are weak. The number of shares traded on major U.S. exchanges so far this year is down 7.2 percent. ... Full Story | Top |
| JPMorgan names auto loan head as it works to win back business Monday, Feb 25, 2013 03:56 PM PST  NEW YORK (Reuters) - JPMorgan Chase & Co named a new head of auto finance on Monday as the bank tries to boost its lending in a red-hot area where it has lost market share in recent years. Thasunda Brown Duckett, 39, said in an interview that she hopes to help the bank make profitable car loans without taking too much risk by looking at factors that lenders may not have traditionally considered in evaluating a borrower's ability to pay. JPMorgan may find it is okay to lend to more customers with lower scores, Duckett said. ... Full Story | Top |
| CNOOC closes $15.1 billion acquisition of Canada's Nexen Monday, Feb 25, 2013 03:36 PM PST  TORONTO (Reuters) - The contentious $15.1 billion takeover of Canadian oil and gas company Nexen Inc by Chinese state-owned entity CNOOC Ltd closed on Monday, more than seven months after China's largest-ever foreign takeover was announced. Nexen, based in Calgary, Alberta, said in a statement on Monday that the deal had closed and its shareholders would receive $27.50 in cash for each Nexen share. ... Full Story | Top |
| White House steps up campaign to avoid spending cuts Monday, Feb 25, 2013 03:24 PM PST  WASHINGTON (Reuters) - The White House escalated a campaign on Monday to convince Americans dire consequences await if government spending cuts go ahead on March 1, warning of a slow down in global trade, a stalled fight against cancer and Alzheimer's disease and compromised security at U.S. borders. At the same time, prominent Republicans said President Barack Obama was overstating the potential damage of the $85 billion in government-wide cuts to frighten the public. "There is a responsible way to cut less than 3 percent of the federal budget. ... Full Story | Top |
| Goldman ex-director Gupta must repay bank $6.22 million Monday, Feb 25, 2013 03:23 PM PST  (Reuters) - A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to help the Wall Street bank cover its legal expenses related to his criminal insider trading case. Goldman had sought to recover $6.91 million, and U.S. District Judge Jed Rakoff in Manhattan said the bank had proved it was entitled to 90 percent of what it requested. ... Full Story | Top |
| Exclusive: Carlyle prepares to sell Arinc, hires banks - sources Monday, Feb 25, 2013 03:21 PM PST  NEW YORK (Reuters) - Private equity firm Carlyle Group LP is preparing to sell aerospace and defense company Arinc Inc and hired JPMorgan Chase and Evercore Partners Inc to advise on the process, three people familiar with the matter said on Monday. Arinc, which the buyout firm bought from six U.S. airlines in 2007 for an undisclosed sum, is expected to draw interest mostly from larger aerospace industry rivals and may fetch $1.2 billion to $1.5 billion in a sale, the three people said. ... Full Story | Top |
| Macy's CEO "sick to my stomach" over Martha Stewart deal Monday, Feb 25, 2013 03:20 PM PST  NEW YORK (Reuters) - Macy's Inc Chief Executive Terry Lundgren testified on Monday he was so appalled when Martha Stewart told him in 2011 that she was starting a new alliance with rival J.C. Penney Co Inc that he hung up the phone and has not spoken to her since. Lundgren, testifying on Monday in the trial of two Macy's lawsuits over the alliance, said Stewart told him of the deal the night before J.C. Penney announced it. "I was completely shocked and blown away," Lundgren said. "I was literally sick to my stomach." J.C. ... Full Story | Top |
| Analysis: U.S. shale boom forces change in Canadian oil patch Monday, Feb 25, 2013 03:06 PM PST  CALGARY, Alberta (Reuters) - The U.S. shale oil revolution is forcing Canada's oil sands industry to question whether there is a future in processing its crude into lighter oil, a tried-and-true way of wringing the most money out of a resource considered crucial to the country's prosperity. Suncor Energy Inc , which nearly 50 years ago pioneered the practice in Canada of mining and then upgrading the oil sands bitumen into refinery-ready light crude at the same site, served notice this month that the era of the integrated project may be ending. ... Full Story | Top |
| Yum cutting some supplier ties after China food scare Monday, Feb 25, 2013 02:58 PM PST  BEIJING (Reuters) - Yum Brands Inc said on Monday it will stop using more than 1,000 slaughterhouses in China as it moves to tighten food safety and reverse a sharp drop in business at KFC restaurants in its top market after a scare over contaminated chicken. Diners began avoiding Kentucky-based Yum's nearly 5,300, mostly KFC, restaurants in China in December after news reports and government investigations in the Asian country focused on chemical residue found in a small portion of its chicken supply. ... Full Story | Top |
| TSX slumps, hit by fears of Italian gridlock Monday, Feb 25, 2013 01:51 PM PST  TORONTO (Reuters) - The prospect of a divided Italian parliament prompted a late retreat in banking and other Canadian financial stocks on Monday, pushing the main Toronto equity index into the red after it had earlier hit a three-week high. Voting projections in Italy show no coalition garnered enough votes to form a government, reviving fears about an extended period of uncertainty in Europe's third-largest economy. ... Full Story | Top |
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