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| Wall Street slips, Dow posts biggest weekly loss of 2013 Friday, Aug 16, 2013 06:39 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - U.S. stocks fell slightly on Friday, and the Dow industrials posted the biggest weekly loss this year as rising bond yields hurt shares paying rich dividends and earnings from retailers disappointed investors. The S&P 500 utilities sector, down 1.1 percent, led the day's decline as the yield on the benchmark 10-year U.S. Treasury note rose to a two-year high, making the highest dividend-paying stocks less attractive. Nordstrom late Thursday was the most recent department store chain to miss revenue estimates. ... Full Story | Top |
| Alibaba buys stake in online shopping firm ShopRunner: report Friday, Aug 16, 2013 06:20 PM PDT  NEW YORK (Reuters) - Chinese e-commerce company Alibaba Group, which is preparing for an initial public offering in Hong Kong, has bought a minority stake in online shopping company ShopRunner, the Financial Times reported on Friday. The acquisition is part of a string of investments by Alibaba, the world's largest e-commerce group, as it prepares for its IPO, the FT said, citing people familiar with the transaction. Alibaba is paying $75 million for the stake in ShopRunner, run by former Yahoo Chief Executive Scott Thompson, the FT reported. ... Full Story | Top |
| Canada lets Quebec rail disaster company operate through October 1 Friday, Aug 16, 2013 05:57 PM PDT  (Reuters) - Canada will let the rail company whose tanker train blew up in a Quebec town last month, killing 47 people, operate through early October after the firm provided new evidence about its insurance, a government regulator said on Friday. The July 6 crash was North America's deadliest rail accident in two decades. It took place when a runaway train hauling tankers of crude oil derailed in the center of the little Quebec town of Lac-Megantic, and exploded in a series of giant fireballs. The town center was flattened and an estimated 1.48 million U.S. gallons (5. ... Full Story | Top |
| Murdoch's UK unit could face corporate hacking charges: source Friday, Aug 16, 2013 05:06 PM PDT  By Michael Holden and Mark Hosenball LONDON/WASHINGTON (Reuters) - London police are actively investigating Rupert Murdoch's British newspaper business for possible criminal violations over allegations of phone-hacking and illegal payments to public officials by its journalists, a source familiar with the matter told Reuters. Murdoch's News Corp said it was aware of the police inquiry but gave no further details. Until now, the investigation appeared to be focused on News Corp employees rather than the corporation. ... Full Story | Top |
| UPS pilots warned of low altitude 7 seconds before crash Friday, Aug 16, 2013 04:46 PM PDT  By Verna Gates BIRMINGHAM, Alabama (Reuters) - U.S. government investigators looking into the crash of a UPS cargo plane said on Friday the pilots received a low altitude warning barely seven seconds before the sound of impact, according to data recovered from the cockpit voice recorder. Investigators retrieved data from the cockpit and flight data recorders on Friday that could shed light on Wednesday's fiery crash in Alabama that killed the jet's pilot and co-pilot. ... Full Story | Top |
| 'Kick-Ass 2' looks at consequences of vigilante violence Friday, Aug 16, 2013 04:13 PM PDT  By Piya Sinha-Roy LOS ANGELES (Reuters) - After a summer dominated by superheroes fighting evil and winning over audiences at the box office, "Kick-Ass 2" aims to show the violent underside of being a costumed vigilante. "The sequel is set up to deal with the consequences," director Jeff Wadlow told Reuters. ... Full Story | Top |
| Emmett/Furla Sued by 'Motor City' Second-Unit Director for Breach of Contract Friday, Aug 16, 2013 04:03 PM PDT By Brent Lang LOS ANGELES (TheWrap.com) - Producers Randall Emmett and George Furla were sued this week for allegedly failing to pay the second-unit director from "Motor City," a film that was canceled before shooting even began. Charles Parish is suing the producers (above), their company Emmett/Furla Films and the limited liability companies set up for the production for $65,000 in damages. He alleges breach of oral and written agreements and breach of implied covenant of good faith and fair dealing, according to court documents obtained by TheWrap. ... Full Story | Top |
| Icahn's bid to fast-track key Dell lawsuit fizzles out Friday, Aug 16, 2013 03:59 PM PDT  By Dave Warner WILMINGTON, Delaware (Reuters) - Activist investor Carl Icahn's legal effort to derail a $25 billion takeover of Dell Inc stalled after a judge refused to fast-track his lawsuit against the personal computer maker, blunting an integral part of his months-long opposition campaign. Delaware Court of Chancery Judge Leo Strine on Friday waved off Icahn's request to accelerate the lawsuit, dismissing claims that the company and its board wronged shareholders by accepting an undervalued offer from Chief Executive Michael Dell. ... Full Story | Top |
| Al Jazeera America needs to define mission to find viewers Friday, Aug 16, 2013 03:56 PM PDT By Liana B. Baker NEW YORK (Reuters) - Cable TV viewers and advertisers will find out on Tuesday what Al Jazeera America stands for: is it a U.S. network, a Mideast news outlet, or something in between? Defining its mission clearly will be crucial for Al Jazeera to gain a foothold in the United States, a goal that has so far eluded the award-winning network funded by the emir of Qatar, according to advertisers, executives and industry experts. Globally, Al Jazeera is seen in more than 260 million homes in 130 countries. ... Full Story | Top |
| BASF says closed Egyptian operations amid unrest Friday, Aug 16, 2013 03:44 PM PDT FRANKFURT (Reuters) - German chemicals group BASF said on Friday it closed its Egyptian operations on Thursday because of the violent political protests in the country. "The safety of our employees has top priority. We are observing the situation carefully. All our employees are fine. The offices have been closed since yesterday," a spokeswoman for the world's largest chemical maker said. BASF has about 100 employees based in Egypt, with offices in Alexandria and Cairo and a plant producing construction chemicals in Sadat City. ... Full Story | Top |
| Amid cattle health concerns, Merck halts Zilmax sales Friday, Aug 16, 2013 03:40 PM PDT By Theopolis Waters and Tom Polansek CHICAGO (Reuters) - U.S. drugmaker Merck & Co said on Friday it is suspending sales of its Zilmax animal feed additive in the United States and Canada following concerns about animals showing signs of distress after use of the product, which is given to cattle to increase their weight before slaughter. Zilmax has been the focus of attention in the livestock industry since Tyson Foods Inc announced last week it will no longer accept Zilmax-fed cattle for slaughter. ... Full Story | Top |
| Ad technology company Rocket Fuel files for IPO Friday, Aug 16, 2013 03:23 PM PDT (Reuters) - Advertising technology company Rocket Fuel Inc filed with U.S. regulators to raise up to $100 million in an initial public offering of its common stock. Credit Suisse and Citigroup are acting as lead underwriters for the offering, Rocket Fuel said in a regulatory filing with the U.S. Securities and Exchange Commission on Friday. (http://r.reuters.com/hez42v) The Redwood City, California-based company uses artificial intelligence and big data to help customers place their ads on websites and mobile networks. It had 784 active customers, as of June 30. ... Full Story | Top |
| Republicans may boycott CNN, NBC presidential debates Friday, Aug 16, 2013 03:09 PM PDT  By Scott Malone BOSTON (Reuters) - The U.S. Republican party resolved on Friday to boycott any 2016 presidential debates sponsored by CNN and NBC if the networks go ahead with plans to make special programs on Hillary Clinton, who is widely expected to seek the Democratic nomination. Delegates to a meeting of the Republican National Committee voted for a resolution that included the boycott and said the programs would be "little more than extended commercials promoting former Secretary Clinton. ... Full Story | Top |
| United Technologies responsible for faulty Dreamliner fire extinguishers Friday, Aug 16, 2013 03:04 PM PDT  (Reuters) - United Technologies Corp on Friday said one of its units was responsible for a problem with fire-fighting systems discovered in some Boeing Co Dreamliner jets. Japanese airline ANA Holdings said on Wednesday that it had found an electrical wiring problem in the fire extinguishers of the engines on three Boeing 787s. An assembly error at its service center impacted some refurbished fire extinguisher bottles, a United Technologies spokesman said in an email. ... Full Story | Top |
| U.S. Steel names Mario Longhi as chief executive Friday, Aug 16, 2013 03:00 PM PDT  (Reuters) - United States Steel Corp has named President Mario Longhi to succeed John Surma as chief executive, effective September 1. Longhi, 59, who is also the steelmaker's chief operating officer, was given the title of president in June, and put in charge of a major cost-cutting initiative, prompting speculation that he was in line for the top job. Surma, 59, touted U.S. Steel's "well-established succession planning process" in the release. Longhi takes the helm as there is a massive oversupply in the global steel market. ... Full Story | Top |
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