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| Carlyle-led consortium agrees to buy 7 Days for $688 million Thursday, Feb 28, 2013 07:43 PM PST  HONG KONG (Reuters) - A consortium led by Carlyle Group and company management has reached a deal to take Chinese economy hotel chain 7 Days Group Holdings Ltd private, after raising its bid by 9 percent to $688 million. Chinese companies like 7 Days are delisting from U.S. bourses in increasing numbers as regulatory scrutiny mounts and the advantages of a U.S. listing slip away. The consortium backing the 7 Days deal -- Carlyle Group , Sequoia Capital, Actis and the co-chairmen of the company Boquan He and Nanyan Zheng -- initially approached the company last September. ... Full Story | Top |
| ANA says no change to 787 orders; Boeing making progress Thursday, Feb 28, 2013 06:14 PM PST TOKYO (Reuters) - All Nippon Airways Co Ltd said on Friday it was not considering any change to its orders of troubled 787 Dreamliner jets and that it believed Boeing Co was making significant progress in resolving problems. The planes have been grounded worldwide due to an undiagnosed battery problem and the impact has been felt most by ANA and Japan Airlines Co , which fly nearly half of the 50 Dreamliners delivered to date. ANA CEO Shinichiro Ito said he met Boeing Commercial Airplanes CEO Ray Conner on Wednesday. ... Full Story | Top |
| Groupon fires CEO, Mason admits "failure" in candid memo Thursday, Feb 28, 2013 06:08 PM PST  SAN FRANCISCO (Reuters) - Groupon Inc fired Andrew Mason as chief executive officer on Thursday, ousting a co-founder who captured headlines with his quirky style but failed to reverse a crumbling share price or stop a gradual erosion of its main daily deals business. The leader in Internet daily deals launched a search for a new leader to turn the company around, the same day its stock slid 24 percent after a dismal quarterly results report. ... Full Story | Top |
| Groupon's fired CEO Mason: the high and lowlights Thursday, Feb 28, 2013 06:06 PM PST SAN FRANCISCO (Reuters) - Andrew Mason signed off from the company he founded in his usual style: unconventional, colorful, full of humor and more than a little wacky. His letter to employees after being fired from Groupon Inc on Thursday became an instant hit on Twitter, garnering props for its self-deprecating style. But it should come as no surprise to anyone who knew of Mason's penchant for the weird and wacky. Here are a few of his famous public mentions: DOLLHOUSES Mason tells the New York Times he would talk "only if you want to talk about my other passion, building miniature ... Full Story | Top |
| Australian lawmakers confident in F-35's future Thursday, Feb 28, 2013 05:57 PM PST  CANBERRA (Reuters) - Australia's conservative opposition, which is expected to win elections in September, said on Thursday it supported Lockheed Martin's troubled F-35 to be the country's next frontline warplane, despite problems and huge cost blowouts. A day after the Pentagon's F-35 program chief lashed Lockheed and engine maker Pratt & Whitney for trying to "squeeze every nickel" out of the U.S. government, Australian lawmakers expressed confidence in the futuristic jet. ... Full Story | Top |
| Boeing to cut jobs at second Dreamliner plant: report Thursday, Feb 28, 2013 05:32 PM PST  SEATTLE (Reuters) - Boeing Co will cut hundreds of jobs at a South Carolina plant that makes 787 Dreamliners over the course of this year, but the move has nothing to do with the recent grounding of the troubled jetliner, the Wall Street Journal reported on Thursday. The cuts, which chiefly target contract workers, are not uncommon as productivity improves on a new airplane program and were conceived before major problems with the 787s battery surfaced, the Journal said. Two high-profile battery malfunctions led to international aviation regulators grounding the jetliner in mid-January. ... Full Story | Top |
| D.C. law firm Patton Boggs lays off lawyers, sources say Thursday, Feb 28, 2013 04:27 PM PST (Reuters) - The Washington, D.C. law firm Patton Boggs has laid off a unknown number of lawyers and administrative staff, according to two sources inside the firm and two sources outside the firm with direct knowledge of the matter. The law firm, which has more than 550 attorneys in nine offices worldwide, is known best for its lobbying and public policy work in Washington and is expected to have a firm-wide meeting early on Friday to discuss the state of the firm, according to a Patton Boggs partner. ... Full Story | Top |
| National Bank of Canada profit rises on wealth management Thursday, Feb 28, 2013 03:21 PM PST TORONTO (Reuters) - National Bank of Canada, the country's sixth-largest lender, on Thursday said its first-quarter profit rose 3.7 percent due largely to improved wealth management income. The Montreal-based bank earned C$364 million ($354.07 million), or C$2.03 a share, in the quarter ended January 31. That compared with a year-before profit of C$351 million, or C$1.99 a share. Excluding items, the bank earned C$2.02 a share. Analysts had expected a profit of C$2.01 a share, according to Thomson Reuters I/B/E/S. ... Full Story | Top |
| Peregrine boss Wasendorf starts 50-year jail term Thursday, Feb 28, 2013 02:57 PM PST  (Reuters) - Russell Wasendorf Sr., the former chief executive of Peregrine Financial Group, has begun serving a 50-year sentence at a high-security federal prison in Indiana for bilking $215 million from customers of the failed futures brokerage. Wasendorf, who turned 65 on Monday, arrived on Wednesday at the U.S. Penitentiary in Terre Haute, Indiana, according to the Federal Bureau of Prisons. It is the same facility at which Oklahoma City bomber Timothy McVeigh was executed in 2001. ... Full Story | Top |
| Canada banks top expectations despite lending crunch Thursday, Feb 28, 2013 02:38 PM PST  TORONTO (Reuters) - Three of Canada's top banks posted stronger-than-expected quarterly profits on Thursday as they relied on lower loan-loss provisions, cost-cutting, and stronger international revenue to offset slower growth in domestic consumer lending. Royal Bank of Canada and Toronto-Dominion Bank, the country's two largest banks, both raised their quarterly dividend. No. 5 lender Canadian Imperial Bank of Commerce left its payout unchanged, prompting investors to pull its shares lower. ... Full Story | Top |
| Lessons learned, RBC looks to re-enter U.S. consumer banking Thursday, Feb 28, 2013 02:33 PM PST  (Reuters) - Royal Bank of Canada is seeking ways to re-enter U.S. consumer banking just two years after the Canadian lender took a C$1.6 billion ($1.56 billion) loss from the sale its money-losing U.S. retail bank network. Speaking to reporters after the lender's annual general meeting in Calgary, Chief Executive Gord Nixon said RBC was looking for opportunities to build a presence in internet banking and payment systems, rather than simply buying a U.S. consumer bank. "We've been looking (for) an opportunity to look at the U.S. ... Full Story | Top |
| Walmart says price cuts helped shoppers save billions on produce Thursday, Feb 28, 2013 02:31 PM PST  (Reuters) - Walmart shoppers have saved $2.3 billion by buying produce at its stores in the first two years of its push to sell more healthful fare and more of it, the largest U.S. grocer said on Thursday. Walmart U.S., the largest division of Wal-Mart Stores Inc , also said it has exceeded its goal of reducing the amount of sugar in some products. Walmart said in January 2011 that it wanted to improve the nutritional value of the food it sells, make healthier fare less expensive and make it easier for Americans to access such goods. ... Full Story | Top |
| RBC, TD earnings help drive TSX higher; golds slip Thursday, Feb 28, 2013 02:24 PM PST  TORONTO (Reuters) - Forecast-topping quarterly results from Royal Bank of Canada and Toronto-Dominion Bank , the country's two biggest banks, helped drive Canada's main stock index higher on Thursday, overcoming weakness in gold miners. The market was also supported by positive economic data from the United States, Canada's biggest trade partner, which spurred gains in oil and gas and industrial shares. Royal Bank rose 0.9 percent to C$64. ... Full Story | Top |
| Analysis: From builders to managers: educating China's leadership Thursday, Feb 28, 2013 02:19 PM PST  HONG KONG (Reuters) - Sun Zhengcai earned his PhD from China Agricultural University in 1997, experimenting with different fertilizers for crop rotation in northern China, according to his doctoral thesis. For the world's biggest grain grower and consumer, this type of research is crucial for improving yields. But it was an unlikely qualification for political leadership in China where engineers have traditionally held many of the top posts. Sun represents one of the more far reaching changes in Chinese politics. ... Full Story | Top |
| Dish awarded $4.9 million in ESPN licensing dispute Thursday, Feb 28, 2013 02:14 PM PST  NEW YORK (Reuters) - A federal jury on Thursday found sports programmer ESPN liable for only one breach-of-contract claim made by Dish Network Corp and awarded Dish $4.86 million, a mere fraction of the more than $152 million it had sought. In a unanimous verdict, the 10-member jury in Manhattan found ESPN liable for breaching a 2005 licensing agreement by allowing rivals to pay lower rates for ESPN Deportes, a Spanish language channel, without extending the same offer to Dish. ... Full Story | Top |
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