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| Honeywell to test some F-35 parts after smoke incident: Pentagon Monday, Feb 25, 2013 11:40 AM PST  WASHINGTON (Reuters) - The Pentagon on Monday said it was shipping parts from an F-35 test plane back to their manufacturer, Honeywell International Inc, for a detailed inspection after a February 14 incident that caused a small amount of smoke in the plane's cockpit. Kyra Hawn, spokeswoman for the $396 billion F-35 Joint Strike Fighter program, said an initial assessment of the incident at a Maryland air base showed it was isolated, software-related, and posed minimal risk. Interim changes had been implemented to prevent another smoke incident, she said. ... Full Story | Top |
| Wall Street drops on Italian election uncertainty Monday, Feb 25, 2013 11:31 AM PST  NEW YORK (Reuters) - Stocks fell on Monday, reversing course from earlier gains as elections in Italy stoked concerns a divided parliament could disrupt the country's fiscal reforms and the euro zone's stability. Early forecasts of the results were conflicting, as opinion polls indicated the center-left of Pier Luigi Bersani winning the lower house, but projections from RAI state television showed Silvio Berlusconi's center right in front in the Senate - which has equal lawmaking power - but unable to form a majority. ... Full Story | Top |
| Nexen reports loss ahead of CNOOC takeover Monday, Feb 25, 2013 11:25 AM PST  CALGARY, Alberta (Reuters) - Nexen Inc , whose $15.1 billion takeover by China's CNOOC Ltd is set to close this week, reported a fourth-quarter net loss on Monday as expectations for extended weakness in the North American natural gas market led to a multimillion-dollar asset impairment charge. CNOOC's takeover of Nexen gives it a portfolio of oil sands assets in Canada and other energy holdings around the world. The deal forced Ottawa to develop policies to balance increased investment by foreign state-owned companies with the desire to keep control of strategic oil sands reserves in Canada. ... Full Story | Top |
| IKEA takes meatballs off Europe menus after horsemeat found Monday, Feb 25, 2013 11:21 AM PST  PRAGUE/STOCKHOLM (Reuters) - Sweden's IKEA stopped nearly all sales of meatballs at its furniture store cafeterias across Europe after tests in the Czech Republic on Monday showed some contained horsemeat. The world's No. 1 furniture retailer, known also for the signature restaurants at its huge out-of-town stores, said it was pulling all meatballs produced by its main supplier in Sweden after the tests showed horsemeat in its beef and pork meatballs. ... Full Story | Top |
| St Joe investors lose in court; Einhorn had shorted stock Monday, Feb 25, 2013 11:19 AM PST  (Reuters) - A federal appeals court has made it harder for investors to rely on reports from short sellers when bringing securities fraud lawsuits, in a case against a Florida developer long criticized by prominent hedge fund manager David Einhorn. The 11th U.S. Circuit Court of Appeals in Atlanta said St Joe Co was not liable to investors whose shares lost value after Einhorn, who runs Greenlight Capital Inc, accused the developer of vastly overvaluing its real estate holdings. ... Full Story | Top |
| Banks and resources push TSX to three-week high Monday, Feb 25, 2013 11:09 AM PST  TORONTO (Reuters) - Canada's main stock index jumped to its highest since late January on Monday, boosted by gains in heavyweight banking, energy and mining stocks as investors shook off some recent hesitation and sought companies that looked undervalued. Gains were notched across the index's 10 main sectors as a perceived absence of global risks combined with hopes for the imminent quarterly earnings season for Canada's banks. "Every asset class is attractive except for cash," said Barry Schwartz, portfolio manager at Baskin Financial Services. ... Full Story | Top |
| Obama to governors: Tell Congress to stop spending cuts Monday, Feb 25, 2013 10:57 AM PST  WASHINGTON (Reuters) - President Barack Obama urged state governors on Monday to pressure Congress to prevent $85 billion in across-the-board government spending cuts from going into effect on Friday, saying he is willing to reach a compromise with Republicans. But the president gave no indication that he would try to start negotiations or take steps to blunt the effect of the cuts. He bemoaned what he described as a confrontational atmosphere in Washington, where budget battles have provoked one near crisis after another since the summer of 2011. ... Full Story | Top |
| Head of Morgan Stanley's fund-of-funds moving to Carlyle Monday, Feb 25, 2013 10:36 AM PST  NEW YORK (Reuters) - The head of Morgan Stanley's fund-of-hedge-funds business, Jacques Chappuis, will leave the firm in May and join Carlyle Group LP as a managing director, according to an internal memo from the bank and a statement from Carlyle. Chappuis is joining $170 billion asset manager Carlyle as managing director and head of the Solutions business division, according to a statement released on Monday by the asset management firm. He will be based in New York. ... Full Story | Top |
| Exclusive: Goldman to begin fresh round of job cuts Monday, Feb 25, 2013 10:26 AM PST  (Reuters) - Goldman Sachs Group Inc plans to begin a fresh round of job cuts as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading. The cuts come at the time of year in which the Wall Street bank typically gets rid of its weakest 5 percent of employees across the entire firm. But as the trading business continues to suffer from weak volumes and earnings, the losses are expected to be deeper in some businesses. ... Full Story | Top |
| Vodafone says can invest in Europe without Verizon sale Monday, Feb 25, 2013 10:26 AM PST  BARCELONA (Reuters) - British mobile operator Vodafone said it did not need to sell part of its stake in its highly profitable Verizon Wireless joint venture in the United States to bolster its business in Europe. Chief executive Vittorio Colao told reporters on Monday Vodafone had a healthy balance sheet and could invest when it needed to, adding it could step up its range of services without having to make acquisitions. ... Full Story | Top |
| Office Depot, OfficeMax CEOs to stay in place pending merger (Feb 22) Monday, Feb 25, 2013 10:21 AM PST  (Reuters) - Office Depot Inc , which will merge with rival OfficeMax Inc , said the chief executives of both companies would remain in their positions pending the appointment of a CEO of the merged company. The office supplies retailers will establish a selection committee consisting of an equal number of independent directors to identify a CEO, Office Depot said in a regulatory filing on Friday. (http://link.reuters. ... Full Story | Top |
| Goldman managing director in insider trading probe leaves bank Monday, Feb 25, 2013 09:26 AM PST  NEW YORK (Reuters) - A Goldman Sachs Group Inc salesman under investigation for possibly passing confidential information about technology companies to hedge funds has left the bank, a spokesman confirmed on Monday. David Loeb, 42, a managing director based in New York, has never been charged with wrongdoing. But his name surfaced among a small group of Goldman bankers under scrutiny in connection with an insider trading probe being conducted by the FBI. ... Full Story | Top |
| Carney: rebuilding trust in financial system needs more work Monday, Feb 25, 2013 09:11 AM PST  LONDON, Ontario (Reuters) - Banks and regulators need to do a lot more to rebuild the trust in the financial system that was shattered in the recent crisis, Bank of Canada Governor Mark Carney, head of the G20's Financial Stability Board, said on Monday. The Group of 20 leading economies has made progress in financial reforms which will go a long way, but these alone will not be sufficient, he said in a speech to business students at Western University in London, Ontario. "Virtue cannot be regulated. Even the strongest supervision cannot guarantee good conduct. ... Full Story | Top |
| CEOs back more oil drilling and Keystone XL pipeline Monday, Feb 25, 2013 08:50 AM PST  WASHINGTON (Reuters) - A group of top business executives on Monday urged U.S. officials to cut red tape for drillers and open more federal land to oil and gas interests and approve the Keystone XL oil sands pipeline which is opposed by some environmental groups. The Business Roundtable, which speaks for chief executives at major U.S. companies, said too much regulation is hindering a true domestic energy renaissance even as domestic oil and gas output is booming due to new technology such as fracking. ... Full Story | Top |
| BP execs should answer for Gulf of Mexico spill: lawyer Monday, Feb 25, 2013 08:31 AM PST  NEW ORLEANS (Reuters) - BP executives more focused on cost-cutting and oil production than safety should be held responsible for the Deepwater Horizon disaster in the Gulf of Mexico in 2010, the worst offshore oil spill in U.S. history, a lawyer told a courtroom on Monday as a long-awaited legal showdown began in New Orleans. Jim Roy, speaking for plaintiffs suing well owner BP Plc , drilling rig owner Transocean Ltd , cement services provider Halliburton Co and others, said BP executives at the highest level felt pressure to push output to the limit. "Production over protection. ... Full Story | Top |
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