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| Factbox: Production time-lines for Boeing 737 MAX, 777X and 787 Wednesday, Apr 30, 2014 09:09 PM PDT SEATTLE (Reuters) - Here are key dates in Boeing's schedule for creating new derivative models of its 737, 777 and 787 jetliners, and order tallies of competing Boeing and Airbus models. ... Full Story | Top |
| New Boeing jets hold key to more than half of future sales Wednesday, Apr 30, 2014 09:05 PM PDT  By Alwyn Scott SEATTLE (Reuters) - Boeing Co said it expects to finish flight testing its stretched 787-9 Dreamliner in the next two months and deliver it around mid-year, one of six new jets the world's biggest plane-maker aims to get into service by the end of the decade. Boeing will start fabricating parts for its 737MAX jetliner this year, keeping that new development program on course for final assembly to start by mid-2015 and service entry in 2017, company officials said in media briefings made public late on Wednesday. The three jets are part of a major overhaul of Boeing's product lines that is "harvesting" technology and lessons from the its original high-tech 787 Dreamliner and adding efficient new engines to make 737 and 777 models that burn less fuel, fly more easily and provide passengers with more comfort. "What we have in work today really is the future of Boeing Commercial Airplanes," he said. Full Story | Top |
| China PMI steadies, but doesn't dispel growth worries Wednesday, Apr 30, 2014 08:39 PM PDT  By Kevin Yao BEIJING (Reuters) - Activity in China's factories increased marginally in April but export orders fell sharply, a government survey showed on Thursday, adding to questions about whether the world's second-largest economy is stabilizing after its first-quarter slowdown. The data came a day after Premier Li Keqiang pledged to step up support for the trade sector, adding to measures taken over the past month on concerns that the economy may be losing momentum more quickly than expected. The Purchasing Managers' Index rose to 50.4 in April from March's 50.3, the National Bureau of Statistics said, one of the first indicators of how the economy started the second quarter. Zhang Liqun, an economist at the Development Research Centre, which helps compile the PMI, said the PMI pointed to stabilizing economic growth ahead, but others disagreed. Full Story | Top |
| Alibaba in talks to buy back stake in Alipay unit: WSJ Wednesday, Apr 30, 2014 07:08 PM PDT  (Reuters) - Alibaba Holdings Inc is in talks with major shareholders to reclaim a stake in fast-growing online-payments affiliate Alipay, The Wall Street Journal reported on Wednesday, citing people familiar with the matter. The discussions revolve around several options, among which is the purchase by Alibaba of one-third of Alipay, the Journal said, citing one of the unidentified people. Even if an agreement were to be reached, it would not be expected to take effect before Alibaba's expected U.S. initial public offering, and it would face regulatory review in China, according the people quoted in the report. The Chinese company is now preparing for what could be the largest tech company IPO in history, a U.S. offering that is not expected to include assets related to Alipay. Full Story | Top |
| Buffett pressures Coke privately on compensation plan after publicly abstaining: WSJ Wednesday, Apr 30, 2014 07:04 PM PDT  (Reuters) - The Coca-Cola Co is likely to revise its controversial equity compensation plan for executives before it goes into effect in 2015, following pressure from Warren Buffett, the Wall Street Journal reported, citing people familiar with the matter. Buffett, chairman of conglomerate Berkshire Hathaway , made his reservations about the plan known privately in recent weeks to Coca-Cola's Chief Executive Muhtar Kent in three conversations, the Journal quoted sources as saying. As of February 24, Berkshire owned 400 million shares of the company, just over 9 percent of the shares outstanding, according to Thomson Reuters data Buffett said last week that he thought Coca-Cola's controversial equity compensation plan was excessive, but Berkshire Hathaway abstained in the shareholders vote. Full Story | Top |
| China PMI underwhelms, markets resilient Wednesday, Apr 30, 2014 06:59 PM PDT  By Wayne Cole SYDNEY (Reuters) - Asian markets suffered a brief wobble on Thursday as data on China's vast manufacturing sector just missed forecasts, with holidays across much of the region muffling the impact. The conflicted mood was clear in the Australian dollar, often a bellwether for market thinking on China given the country is a major exporter of resources to the Asian giant. Japan's Nikkei was up 0.4 percent, while Australian shares eased 0.4 percent. That was a resilient performance given government data had shown the U.S. economy grew just 0.1 percent annualized in the first quarter, far below already gloomy forecasts of 1.2 percent. Full Story | Top |
| U.S. resists pressure to give India worst offender rating in IP review Wednesday, Apr 30, 2014 06:07 PM PDT  By Krista Hughes WASHINGTON (Reuters) - The United States has resisted lobbying by U.S. businesses to take tougher trade action against India for its intellectual property policies, deciding against risking ties with a likely new government in New Delhi. The U.S. Trade Representative avoided labeling India with the worst offender tag in its annual scorecard on protecting U.S. patents, copyrights and other intellectual property (IP) rights. Instead, the United States kept India, which is in the midst of elections, on its Priority Watch List along with China and eight other countries. It would start a special review of India in the fall and "redouble" efforts to address concerns with the new government, the U.S. Trade Representative said. Full Story | Top |
| Brazil's Rousseff lowers taxes for workers as popularity drops Wednesday, Apr 30, 2014 05:53 PM PDT  Brazilian President Dilma Rousseff on Wednesday announced lower taxes for workers and a hike in stipends for the poor as her popularity ebbs five months before elections. In a speech broadcast on the eve of Labor Day, Rousseff said she signed a decree to lower the income tax burden on workers and a 10 percent increase in the value of the Bolsa Familia family stipend program for millions of Brazilians. "This will be an important indirect salary gain and more money in the pockets of workers," Rousseff said. "I also vow to continue with policies that increase the minimum wage, which has brought so many benefits for millions of workers." Concerns about high inflation and a scandal surrounding Brazil's oil company have hurt support for Rousseff, increasing the chances her rivals can force a runoff in the October 5 elections. Full Story | Top |
| NBA sets wheels turning for Clippers sale; Oprah in wings Wednesday, Apr 30, 2014 05:49 PM PDT  By Steve Gorman LOS ANGELES (Reuters) - Several luminaries from sports and show business, Oprah Winfrey among them, signaled interest on Wednesday in buying the Los Angeles Clippers as the NBA set a first meeting to weigh removing Donald Sterling as owner over racist remarks attributed to him. A day after Sterling was banned for life from the National Basketball Association, two of the league's 29 other team owners, including the governing board's chairman, said they expected to reach the three-fourths majority vote needed to expel Sterling fully, a move unprecedented in NBA history. The advisory finance committee of the board scheduled a meeting on Thursday to review the next steps for forcing a sale of the Clippers, as urged on Tuesday by NBA Commissioner Adam Silver, a league spokeswoman said. Full Story | Top |
| Takeoffs resume at Southern California airports after glitch halts flights Wednesday, Apr 30, 2014 05:48 PM PDT By Alex Dobuzinskis LOS ANGELES (Reuters) - Takeoffs at several Southern California airports, including Los Angeles International Airport, were halted for up to two hours on Wednesday after computer problems led a federal air traffic control facility to issue a "ground stop," officials said. Over 30 departing flights at Los Angeles International Airport were temporarily held due to the order, and about 10 flights bound for the airport were diverted to other facilities and expected to depart for LAX within hours, airport spokeswoman Nancy Suey Castles said in an email. The ground stop at LAX began at about 2 p.m. local time (3.00 p.m. ET), said airport spokeswoman Amanda Parsons. By 4 p.m. local time (5.00 p.m. ET), LAX announced it had been lifted. Full Story | Top |
| Qualcomm spins off location awareness technology Wednesday, Apr 30, 2014 05:32 PM PDT  Qualcomm Inc is spinning off its location awareness technology, which is compatible with Apple Inc's iBeacon version, to a group of investors including music, sports and arena conglomerate AEG. The chipmaker said on Wednesday it sold the business as a newly formed entity called Gimbal Inc. One investor is the i-Hatch LBS Fund, which includes strategic investors Zebra Technologies Corporation and AEG. Qualcomm will remain a minority investor. A Qualcomm spokesperson declined to disclose financial details. Full Story | Top |
| CSX oil train derails in Virginia, leaks into river Wednesday, Apr 30, 2014 05:22 PM PDT  By Selam Gebrekidan NEW YORK (Reuters) - A CSX Corp train carrying crude oil derailed and burst into flames in downtown Lynchburg, Virginia, on Wednesday, spilling oil into the James River and forcing hundreds to evacuate. In its second oil-train accident this year, CSX said 15 cars of a train traveling from Chicago to Virginia derailed at 2:30 p.m. EDT. Fire that erupted on three of the cars was extinguished several hours later, the company said. ... Full Story | Top |
| Senators criticize TSA on ability to keep travelers safe Wednesday, Apr 30, 2014 04:43 PM PDT  By Elvina Nawaguna WASHINGTON (Reuters) - Lawmakers on Wednesday questioned the Transportation Security Administration's ability to keep travelers safe and prevent terrorism attacks, citing recent incidents that included a teenager who scaled a fence at a California airport and stowed away in the wheel well of a Hawaii-bound jet. The TSA, which was formed after the September 11, 2001, attacks, annually screens about 640 million travelers and 1.5 billion bags on domestic and international flights leaving U.S. airports. Several incidents, including a shooting in November at Los Angeles International Airport that left one TSA official dead, have put the agency under close scrutiny from lawmakers, the public and the transportation industry. The recent stowaway case happened just weeks after the TSA inspected the San Jose International airport, located in the San Francisco Bay Area, and declared it to be in compliance with its security systems. Full Story | Top |
| Exclusive: Faulty technology triggered CME trading outage - chairman Wednesday, Apr 30, 2014 04:29 PM PDT  By Nadia Damouni and Tom Polansek LOS ANGELES/CHICAGO (Reuters) - The worst-ever trading outage on the world's most important agricultural markets was triggered when sophisticated technology tripped over a trading halt in a single market, the executive chairman of exchange operator CME Group Inc told Reuters. The April 8 outage stopped electronic trading in 31 agricultural markets that influence global prices for food staples such as wheat, corn and pork, and sent a flood of traders into CME's normally deserted open-outcry futures pits to execute transactions. The electronic trading platform handles around 95 percent of the volumes in grain futures on a typical day, and market participants have been in the dark about the cause of the failure, with CME only saying a "technical issue" was to blame. The unusual outage came from a technical fault that involved "implied technology" systems, which can facilitate the execution of spread trades, CME Executive Chairman Terrence Duffy said in an interview this week. Full Story | Top |
| Ukraine crisis could halt Europe's defense downturn: Airbus CEO Wednesday, Apr 30, 2014 04:23 PM PDT  By Andrea Shalal WASHINGTON (Reuters) - Concerns about Russia's actions in Ukraine could halt a decade-long decline in European military spending, Airbus Group Chief Executive Officer Tom Enders said Wednesday, as he also underscored concerns about growing Chinese military exports. Enders told industry executives at the Atlantic Council, a Washington-based think tank, that Europe's defense market remained fragmented, inefficient and unable to execute multinational programs. But he said he saw promise in recent efforts by European leaders to better coordinate, and said the crisis in Ukraine had already prompted Poland and other countries in eastern Europe to increase their military budgets. "There's no doubt in Warsaw that Europe and the trans-Atlantic alliance are facing the biggest political and security challenge in a generation or so (with) the reemergence of a rather aggressive Russia on its borders," Enders said. Full Story | Top |
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