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| Apple iPad mini draws New Yorkers; crowds thin elsewhere Friday, Nov 02, 2012 12:22 PM PDT  NEW YORK/SAN FRANCISCO (Reuters) - Apple Inc's iPad mini hit stores around the world on Friday, attracting sparser crowds than previous Apple launches, but the kickoff still drew hundreds of New Yorkers only days after one of the biggest storms to hit the United States. A proliferation of rival gadgets aimed at the holidays and cheaper tablets from Google Inc and Amazon.com Inc may have sapped interest in Apple's latest bet, resulting in shorter lines outside stores from Tokyo and Amsterdam to Sydney and Hong Kong. The 7. ... Full Story | Top |
| Hyundai, Kia overstated mileage on more than 1 million cars Friday, Nov 02, 2012 11:53 AM PDT  (Reuters) - Hyundai Motor Co and its affiliate Kia Motors Corp conceded on Friday that they overstated the fuel economy by at least a mile per gallon on more than 1 million recently sold vehicles, and agreed to compensate owners for the additional fuel costs. The U.S. Environmental Protection Agency found the errors in 13 Kia and Hyundai models from the 2011 to 2013 model years. The findings were a blow to the two carmakers who have centered their marketing campaigns on superior fuel economy. ... Full Story | Top |
| Sandy to test revamped federal flood insurance program Friday, Nov 02, 2012 11:38 AM PDT  WASHINGTON (Reuters) - Superstorm Sandy is threatening to drag the U.S. government's debt-ridden flood insurance program back into the political crosshairs just months after Congress attempted to put the controversial program on a sound financial footing. It is unclear if claims from Sandy, which delivered a wallop to the Northeastern United States earlier this week, will exceed the $3.7 billion the National Flood Insurance Program can spend before Congress needs to authorize more funds. ... Full Story | Top |
| Microsoft vs Google trial raises concerns over secrecy Friday, Nov 02, 2012 11:18 AM PDT  SAN FRANCISCO (Reuters) - Two weeks before a high-stakes trial pitting Google's Motorola Mobility unit against Microsoft, Google made what has become a common request for a technology company fighting for billions of dollars: A public court proceeding, conducted largely in secret. Google and Microsoft, like rivals embroiled in smartphone patent wars, are eager to keep sensitive business information under wraps - in this case, the royalty deals they cut with other companies on patented technology. Microsoft asked for similar protections in a court filing late on Thursday. ... Full Story | Top |
| Shell wins rights to five Canada offshore exploration blocks Friday, Nov 02, 2012 11:02 AM PDT CALGARY, Alberta (Reuters) - Royal Dutch Shell Plc won exploration rights in five areas of the Laurentian Sub-basin offshore Newfoundland and Labrador, making a C$97 million ($97.35 million) commitment to secure the properties, the province's offshore regulator said on Friday. Shell was the sole bidder on the properties, which total more than 5,000 square miles (13,000 square kilometers, the Canada-Newfoundland and Labrador Offshore Petroleum Board said. The Laurentian Sub-basin lies in the Atlantic, about 210 miles southwest of St. John's, the province's capital. ... Full Story | Top |
| Chevron declares force majeure at Angola's Kuito Friday, Nov 02, 2012 10:47 AM PDT GENEVA (Reuters) - U.S. oil major Chevron said on Friday that Angolan subsidiary Cabinda Gulf Oil Company had declared force majeure at the Kuito offshore oil terminal on October 29 due to a fault with a mooring line. Chevron is one of the west African country's top producers and typically loads two 920,000 barrel tankers a month from its Kuito platform. ... Full Story | Top |
| Chevron profit down on reduced output, weak refining Friday, Nov 02, 2012 10:47 AM PDT  (Reuters) - Chevron Corp posted earnings on Friday that were much lower than expected as maintenance exacerbated a decline this year in oil and natural gas production, and shares of the second-largest U.S. oil company slid 2.5 percent. Third-quarter production fell to 2.52 million barrels of oil equivalent per day from 2.60 million bpd a year earlier. With a fourth-quarter bounce expected, Chevron expected 2012 production to average about 2.6 million bpd, or 97 percent of its original 2.68 million bpd target. ... Full Story | Top |
| In storm's aftermath, Wall Street watchdog offers industry guidance Friday, Nov 02, 2012 10:43 AM PDT  (Reuters) - Wall Street's industry-funded regulator has released guidance to clarify certain compliance and regulatory issues for Wall Street brokerages in the aftermath of Hurricane Sandy. The Financial Industry Regulatory Authority posted the guidance on its website as many brokerages and the regulator itself grapple with conditions in a flood-ravaged lower Manhattan, among other issues. FINRA, itself, cannot access its offices in lower Manhattan, where its staff processes brokerage applications. The massive storm Sandy slammed into the U.S. ... Full Story | Top |
| Delta's key revenue measure up in October, but storm hurt Friday, Nov 02, 2012 10:31 AM PDT  (Reuters) - Delta Air Lines said on Friday that a key revenue measure improved in October, helped by corporate travel and cancellations in the wake of superstorm Sandy. The airline, which canceled more than 3,500 flights last month because of the storm, said Sandy had hurt October revenue by $45 million and likely shaved about $20 million from the carrier's October profit. It estimated that the storm's effect on November revenue and profit would be less than October. Unit revenue, a measure of pricing power and how full planes are, rose 5.5 percent in October from a year earlier. ... Full Story | Top |
| Chesapeake: debt-paring target may be pushed into 2013 Friday, Nov 02, 2012 10:29 AM PDT  (Reuters) - Chesapeake Energy Corp's target to pare debt to $9.5 billion or less by the end of the year may be pushed into 2013, along with some deal closings, the company's chief financial officer told analysts on Friday. Shares of the U.S. oil and gas company slumped 6 percent to $18.87 on word of the delays. "We remain absolutely committed to reducing our net long term debt to no more than $9. ... Full Story | Top |
| "Wage scar" threatens U.S. labor recovery: Manpower CEO Friday, Nov 02, 2012 10:17 AM PDT  NEW YORK (Reuters) - A "wage scar" caused by workers accepting lower pay could slow the pace of U.S. economic recovery for years to come, the chief executive of global staffing services company ManpowerGroup said on Fri day. Workers are accepting lower pay because a U.S. labor recovery, while encouraging, remains muted. "You get this kind of wage scar that occurs," Jeff Joerres said in an interview following a stronger-than-expected October jobs report that also showed a dip in average hourly wages. ... Full Story | Top |
| Verizon sees savings on labor pact but costs from Sandy Friday, Nov 02, 2012 10:15 AM PDT  (Reuters) - Verizon Communications Inc said on Friday it expects annual labor savings of up to $500 million from new contracts beginning in 2013 but warned that its current quarter results would be hurt by mega-storm Sandy. Verizon said it could see a "significant" impact from the storm, which caused outages of its wireline service and the service of Verizon Wireless, its mobile venture with Vodafone Group Plc . Both companies have been working on restoring service since the storm hit the U.S. Northeast coast on Monday night. ... Full Story | Top |
| BofA may already be above global capital standards: CFO Friday, Nov 02, 2012 10:13 AM PDT  (Reuters) - Bank of America Corp could already be above capital requirements issued Thursday by global regulators, the bank's chief financial officer said. The Financial Stability Board, a regulatory task force for the group of 20 top economies, on Thursday said the second-largest U.S. bank should hold common equity equal to 8.5 percent of its risk-weighted assets, less than the 9.5 percent of rivals Citigroup Inc and JPMorgan Chase & Co . At the end of the third quarter, Bank of America reported a Tier 1 common capital ratio of 8. ... Full Story | Top |
| Wall Street edges lower, energy shares offset payrolls Friday, Nov 02, 2012 10:04 AM PDT  NEW YORK (Reuters) - Stocks dipped in a volatile session on Friday that took the major indexes between gains and losses as a stronger-than-expected payrolls report was offset by weakness in energy and materials shares. Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The number exceeded forecasts, and the government also said 84,000 more jobs were created in August and September than initially estimated. Still, sustained job gains of this magnitude would only bring the unemployment rate down slowly. ... Full Story | Top |
| Thomson Reuters operating profit down, trading pressured Friday, Nov 02, 2012 10:00 AM PDT  (Reuters) - Thomson Reuters Corp reported on Friday a 15 percent fall in operating profit because of declining revenue and higher costs at its division that serves the financial industry. The slip in profit in the third quarter underscored the problems facing some of Thomson Reuters' clients, such as banks and brokerages that are reducing staff and trimming costs to cope with increased regulation and the struggling global economy. ... Full Story | Top |
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