| | |
| FAA disputes reports that Boeing 787 test flights near Tuesday, Feb 26, 2013 07:39 PM PST SEATTLE (Reuters) - The Federal Aviation Administration (FAA) said it is not close to approving test flights of Boeing's 787 Dreamliner with a proposed fix for the plane's troubled batteries, denying news reports that such tests could start as early as next week. "Reports that we are close to allowing 787 test flights are completely inaccurate," spokeswoman Laura Brown said on Tuesday in an email to Reuters. Boeing declined to comment. Batteries overheated on two jets last month, prompting regulators to ground the 50 Dreamliners in service worldwide. ... Full Story | Top |
| Pratt rules out worst-case cause for F-35 blade crack: sources Tuesday, Feb 26, 2013 06:36 PM PST  WASHINGTON (Reuters) - Pratt & Whitney is 99 percent sure the fan blade problem that grounded the Pentagon's 51 new F-35 fighter jets was not caused by high-cycle fatigue, which could force a costly design change, according to two sources familiar with an investigation by the enginemaker. Company engineers have concluded that a 0.6 inch-long crack found on a turbine blade in the engine of an F-35 jet at Eglin Air Force Base in Florida was almost certainly caused by lesser issues, such as high heat exposure or a manufacturing problem, that would be easier to solve, the sources said. ... Full Story | Top |
| American, US Airways executives face gentle questioning in Congress Tuesday, Feb 26, 2013 06:24 PM PST  WASHINGTON (Reuters) - Executives from American Airlines and US Airways Group Inc on Tuesday faced gentle questions from lawmakers about their planned merger, with some expressing concern about losing hubs in their districts. US Airways Executive Vice President Stephen Johnson and American Airlines General Counsel Gary Kennedy defended the proposed $11 billion transaction by saying the companies had largely complementary networks, so little competition would be lost. The Justice Department's Antitrust Division will review the deal to ensure it complies with antitrust law. ... Full Story | Top |
| DreamWorks slips to loss as "Guardians" movie disappoints Tuesday, Feb 26, 2013 05:57 PM PST  (Reuters) - Movie studio DreamWorks Animation SKG Inc reported its first quarterly loss in almost six years as it wrote down $165 million related to the weak box office performance of "Rise of the Guardians" and its decision to delay another film. The company also said it plans to cut jobs as it seeks to "meaningfully" reduce costs. About 350 employees will leave over the course of the year as part of a restructuring, Chief Financial Officer Lew Coleman told analysts on a conference call. Most will be in production groups, he said. ... Full Story | Top |
| JPMorgan to cut up to 17,000 jobs by end of 2014 Tuesday, Feb 26, 2013 05:23 PM PST  NEW YORK (Reuters) - JPMorgan Chase & Co said on Tuesday that it plans to cut 17,000 jobs by the end of 2014, representing about 6.6 percent of the company's overall workforce, as the bank sheds staff that helped it deal with bad home loans. The bank is optimistic that it can generate record income this year and is planning to add 4,000 employees in commercial and investment banking and credit cards to help it win business, bank executives said at an investor conference. ... Full Story | Top |
| Blackstone vice-chairman nets $8.5 million from sale of shares Tuesday, Feb 26, 2013 05:02 PM PST NEW YORK (Reuters) - Blackstone Group LP vice chairman J. Tomilson Hill, the head of the firm's fund-of-hedge-funds business, earned $8.5 million last week by selling a portion of his stake in the world's largest alternative asset manager, according to a filing submitted February 26. Hill, who joined the firm in 1993, sold 450,000 shares in the firm, referred to as common units, at a weighted average price of $19 on February 22. He continued to directly own 1,045,990 common units after the sale, according to the filing. ... Full Story | Top |
| Lawsuit accuses Anheuser-Busch of watering down beers Tuesday, Feb 26, 2013 04:52 PM PST  LOS ANGELES (Reuters) - Beer consumers have filed a proposed class-action lawsuit accusing Anheuser-Busch InBev of watering down so-called "King of Beers" Budweiser and other alcoholic beverages to boost profits, attorneys for the plaintiffs said on Tuesday. The lead lawsuit, which the company dismissed as groundless, says the alcohol content is mislabeled on the brands Budweiser, Michelob, Michelob Ultra, Hurricane High Gravity Lager, King Cobra, Busch Ice, Natural Ice, Bud Ice, Bud Light Platinum and Bud Light Lime. ... Full Story | Top |
| Hyundai agrees to settle fuel economy cases; Kia weighs options Tuesday, Feb 26, 2013 04:45 PM PST  DETROIT (Reuters) - Hyundai Motor Co has agreed in principle to settle several lawsuits from U.S. consumers who said they were duped by the automaker's misleading fuel economy claims, according to a filing made in federal court on Tuesday. Hyundai's affiliate Kia Motors Corp , also being sued for overstating the fuel economy of some models, is evaluating whether to join the settlement, according to the filing. ... Full Story | Top |
| Lloyds deal under threat as Co-op faces capital hole: FT Tuesday, Feb 26, 2013 04:15 PM PST  (Reuters) - The Co-operative Bank's deal to buy more than 600 branches from Lloyds Banking Group is under threat as the Co-op faces a 1 billion pound capital hole, the Financial Times reported on Tuesday. The Co-op's capital deficit is the first to emerge from regulators' analysis of balance sheets after the Bank of England's Financial Policy Committee suggested that the shortfall across the sector could be as much as 50 billion pounds ($76 billion). The Financial Services Authority is expected to outline individual deficits in the coming weeks, the FT said. ... Full Story | Top |
| Canada regulators to propose extended poison pills Tuesday, Feb 26, 2013 04:12 PM PST TORONTO (Reuters) - Canadian securities regulators want to change the rules on takeover defenses to make it more difficult for hostile bidders to buy Canadian companies, according to officials and lawyers briefed on the matter. The plan, due to be published in draft form on March 14, is designed to bring more coherence to Canada's regulatory regime after conflicting provincial rulings on so-called "poison pill" defenses to fend off unwanted suitors, the sources said. ... Full Story | Top |
| Four Spanish lenders set to pass properties to bad bank Tuesday, Feb 26, 2013 03:55 PM PST  MADRID (Reuters) - Four mid-sized Spanish banks are poised to transfer 14 billion euros ($18.30 billion) of soured property assets to a government-backed "bad bank", which on Tuesday issued bonds to give to the banks as payment and completed a capital hike. The bad bank, known as Sareb, was launched at the end of 2012 as a condition of a 40-billion-euro European rescue of the country's ailing lenders. ... Full Story | Top |
| American, U.S. Airways executives face gentle questioning in Congress Tuesday, Feb 26, 2013 03:54 PM PST  WASHINGTON (Reuters) - Executives from American Airlines and US Airways Group Inc on Tuesday faced gentle questions from lawmakers about their planned merger, with some expressing concern about losing hubs in their districts. US Airways Executive Vice President Stephen Johnson and American Airlines General Counsel Gary Kennedy defended the proposed $11 billion transaction by saying the companies had largely complementary networks, so little competition would be lost. The Justice Department's Antitrust Division will review the deal to ensure it complies with antitrust law. ... Full Story | Top |
| Proxy advisers urge split of chair, CEO roles at Disney Tuesday, Feb 26, 2013 03:27 PM PST  (Reuters) - Proxy advisers ISS and Glass, Lewis & Co urged Walt Disney Co shareholders to vote in favor of a proposal to split the chairman and chief executive roles now both held by Robert Iger. The influential proxy advisers in reports provided on Tuesday also urged shareholders to cast advisory ballots "against" the pay of Iger and others at Disney. The recommendations could sway undecided shareholders ahead of Disney's annual meeting scheduled for March 6 in Phoenix, Arizona. A controversial issue at the media and theme park company has been the dual roles of Iger, Disney's CEO since 2005. ... Full Story | Top |
| Cablevision sues Viacom over fees for low-rated networks Tuesday, Feb 26, 2013 03:16 PM PST  (Reuters) - Cablevision Systems Corp has accused Viacom Inc in an antitrust lawsuit of forcing it to pay for more than a dozen low-rated cable networks in order to get access to Viacom's more popular channels such as Nickelodeon, MTV and Comedy Central. The case represents the latest flare-up in the contentious relationships between distributors and program makers. Industry observers will be watching to see if the lawsuit could disrupt the model of selling bundles of cable channels to operators, a common practice employed by Viacom and its media company peers in the $97. ... Full Story | Top |
| Boeing engineering union to drop pension demand Tuesday, Feb 26, 2013 03:15 PM PST  SEATTLE (Reuters) - Boeing's engineering union has decided to drop its demand that its labor contract include a pension for new workers, a move that could hasten a deal as the two sides resume bargaining on Wednesday. The decision comes after one bargaining unit last week narrowly accepted Boeing's contract offer without the pension for new hires. The other unit narrowly rejected the contract, sending them back to the bargaining table. ... Full Story | Top |
|
No comments:
Post a Comment