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| Westport shares fall on lower revenue forecast Tuesday, Oct 30, 2012 12:24 PM PDT (Reuters) - Shares of Westport Innovations Inc fell as much as 18 percent after the engine developer cut its expectation for revenue growth to about 30 percent for the year from 50 percent. Westport, a developer of technology that allows truck and bus engines to run on natural gas, said customers were sharply reducing inventory and delaying decisions to complete orders due to a lack of fueling infrastructure. "The 30 percent number is a meaningless number ... ... Full Story | Top |
| Hurricane Sandy disrupts Northeast U.S. telecom networks Tuesday, Oct 30, 2012 12:23 PM PDT  NEW YORK (Reuters) - Power outages and flooding caused by Hurricane Sandy disrupted telecommunications services in Northeastern states on Tuesday, resulting in spotty coverage for cellphones, television, home telephones and Internet services. While all the region's telecom service providers were having problems, Verizon Communications, which serves many of the states in the hurricane's path, appeared to have suffered some of the worst damage from the storm. ... Full Story | Top |
| U.S. gasoline pulls back as Sandy hits demand more than supply Tuesday, Oct 30, 2012 12:22 PM PDT NEW YORK (Reuters) - U.S. gasoline and heating oil futures slid on Tuesday, pulling back from pre-Hurricane Sandy gains as several key East Coast refineries and pipelines restored operations and traders bet on an enormous hit to demand for fuel. Although the East Coast's second-biggest plant reported some flooding and two other plants also suffered power outages that could stymie production, some traders moved to pare back the risk premium that had driven three days of gains ahead of the storm, which they feared could squeeze fuel supplies. ... Full Story | Top |
| Factbox: U.S. companies delay results due to Sandy Tuesday, Oct 30, 2012 12:17 PM PDT (Reuters) - Dozens of U.S. companies postponed releasing quarterly results after superstorm Sandy hit the U.S. east coast, disrupting power supplies and transportation and flooding large parts of New York city. All U.S. stock markets will be closed through Tuesday. Companies announcing delayed results and/or conference calls: -- Abiomed Inc rescheduled second-quarter conference call to November 1 at 8 am Eastern Time. -- Accelrys Inc rescheduled third-quarter results to October 31, after market. -- Acorda Therapeutics Inc rescheduled third-quarter results and conference call to October 31. ... Full Story | Top |
| U.S. companies hustle to re-staff, reopen after Sandy Tuesday, Oct 30, 2012 12:17 PM PDT  NEW YORK/CHICAGO (Reuters) - After Hurricane Sandy devastated the East Coast, companies scrambled on Tuesday to assess the damage and figure out how to staff up as soon as possible. Transportation hubs in New York and Washington were closed due to Sandy, one of the biggest storms to ever hit the country. The storm bashed the coast for hours with high winds and waves that caused widespread flooding, then Sandy dropped just below hurricane status before making landfall on Monday night in New Jersey. ... Full Story | Top |
| Hitachi wins bid to build up to six UK nuclear plants Tuesday, Oct 30, 2012 12:13 PM PDT  LONDON (Reuters) - Hitachi on Tuesday won a bid to take over a company building up to six nuclear power plants in Britain, reviving hopes for investment in the UK's ageing energy infrastructure but leaving doubts they will come online in time. Hitachi said it expected to have the first 1,300 megawatt (MW) nuclear power plant in the UK operational by the mid-2020s. "This is a decades-long, multi-billion pound vote of confidence in the UK that will contribute vital new infrastructure to power our economy," Prime Minister David Cameron said in a statement. ... Full Story | Top |
| Euro zone ministers to discuss Greece, no decisions seen Tuesday, Oct 30, 2012 12:03 PM PDT BRUSSELS (Reuters) - Euro zone finance ministers will hold a conference call on Wednesday to discuss progress in negotiations of the revised Greek bailout but are not expected to make any decisions yet, two euro zone officials said on Tuesday. Representatives of the European Commission, the European Central Bank and the International Monetary Fund are in talks with the Greek government on reforms that Athens, cut off from market borrowing in 2010, has to implement to get emergency credit from the euro zone and IMF flowing again. ... Full Story | Top |
| Greek coalition allies snub PM's appeal on austerity Tuesday, Oct 30, 2012 12:01 PM PDT  ATHENS (Reuters) - The Greek prime minister's appeal for a united front to push through more austerity fell on deaf ears on Tuesday, with one ally promising to vote against reforms and another scolding him for prematurely saying talks had ended. A flurry of contradictory statements from the three parties in Greece's ruling coalition highlighted the chaos ahead of a crucial vote on austerity measures, which is turning into the government's biggest test since taking power in June. Near-bankrupt Greece needs to push through spending cuts and tax measures worth 13. ... Full Story | Top |
| UBS to cut 10,000 jobs in fixed income retreat Tuesday, Oct 30, 2012 11:58 AM PDT  ZURICH (Reuters) - Swiss bank UBS unveiled plans on Tuesday to fire 10,000 staff and wind down its fixed income business, returning to its private banking roots as it adapts to tough capital rules that make it harder to turn a profit from trading. Zurich-based UBS will focus on wealth management and a smaller investment bank, ditching much of the trading business that ran up $50 billion in losses in the financial crisis and is embroiled in a global LIBOR rate-fixing investigation. ... Full Story | Top |
| TSX reaches one-week high; investors assess Sandy hit Tuesday, Oct 30, 2012 11:52 AM PDT  TORONTO (Reuters) - Toronto's main stock index rose on Tuesday, led higher by financial and energy stocks on lighter than usual volumes, as investors sought to gauge the impact of monster storm Sandy on the United States. Sandy, one of the biggest storms to ever hit the country, left at least 18 people dead and caused significant power disruptions, though some market players had expected even more devastation. "It's a pretty broad-based move. ... Full Story | Top |
| Wall Street closed for second day Tuesday, Oct 30, 2012 11:45 AM PDT  NEW YORK (Reuters) - The stock market was closed for a second straight day on Tuesday as cash equity trading was canceled in the wake of Hurricane Sandy. Tuesday's shutdown was the first time weather had resulted in a two-day market shutdown since the Great Blizzard of 1888. Exchanges expect to reopen on Wednesday. NYSE Euronext said the New York Stock Exchange would open, although it will switch to fully electronic trading if necessary. Nasdaq OMX's Nasdaq Stock Market will also be operating on Wednesday, a source familiar with the matter said. ... Full Story | Top |
| U.S. stock markets to reopen on Wednesday Tuesday, Oct 30, 2012 11:35 AM PDT  (Reuters) - Major U.S. stock exchanges expect to open on Wednesday after Hurricane Sandy, the worst storm to hit New York in nearly 75 years, shut down trading for two days. NYSE Euronext said the New York Stock Exchange would open, although it would switch to fully electronic trading if necessary. Nasdaq OMX's Nasdaq Stock Market will be operating on Wednesday as well, and BATS Exchanges will be open as well. ... Full Story | Top |
| Talisman eyes new plans for Yme field development Tuesday, Oct 30, 2012 11:25 AM PDT CALGARY, Alberta (Reuters) - Talisman Energy Inc Chief Executive Hal Kvisle said on Tuesday the company took a $497 million pre-tax writedown on its troubled Yme oil project in the Norwegian North Sea because it lost confidence it can move ahead under current plans. Talisman and the platform's contractor, SMB Offshore , are now in "advanced" talks about how to resolve issues that have raised questions about the stability of the unit and kept crews from returning after several months. ... Full Story | Top |
| IMF chief urges major economies to push on with consolidation Tuesday, Oct 30, 2012 11:18 AM PDT  BERLIN (Reuters) - International Monetary Fund chief Christine Lagarde said on Tuesday advanced economies must continue fiscal consolidation to reduce debt long-term while emerging economies should loosen up fiscal and monetary policy to salvage their slowing growth. The governments of leading economies "need to continue fiscal consolidation at a sensible pace to address debt long term," Lagarde said in Berlin after meeting Chancellor Angela Merkel and the heads of world economic agencies such as the World Trade Organisation and the World Bank. ... Full Story | Top |
| TransCanada mulls new oil line, no damage from Sandy Tuesday, Oct 30, 2012 11:11 AM PDT CALGARY, Alberta (Reuters) - TransCanada Corp said on Tuesday it will decide early next year on whether to go ahead with a pipeline carrying up to one million barrels of crude oil from Alberta's oil sands to refineries in Eastern Canada and the U.S. Eastern Seaboard. The company, which earlier reported a 4 percent drop in quarterly profit, also said that its power plants in the U.S. Northeast, including the 2,480 megawatt Ravenswood plant in the New York borough of Queens, were undamaged by Hurricane Sandy. ... Full Story | Top |
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