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| "Green" car maker Fisker fires 75 percent of U.S. workforce Friday, Apr 05, 2013 12:49 PM PDT  By Deepa Seetharaman DETROIT (Reuters) - Fisker Automotive, the struggling, government-backed hybrid sports car maker, said on Friday that it terminated most of its rank-and-file employees, in what sources said was a last-ditch effort to conserve cash and stave off a potential bankruptcy filing. Fisker, which raised $1.2 billion from investors and tapped nearly $200 million in government loans, has "at least" $30 million in cash, according to a source familiar with the company's finances. ... Full Story | Top |
| CA-BUSINESS Summary Friday, Apr 05, 2013 12:45 PM PDT Canada posts worst monthly job losses in more than four years OTTAWA (Reuters) - Canada posted its worst monthly jobs loss in more than four years in March, another sign the economy is struggling to cope with weak foreign markets and a strong Canadian dollar. Canada shed 54,500 positions in March, more than wiping out the 50,700 jobs that were added in February, Statistics Canada said on Friday. Market operators had expected a modest gain of 8,500 jobs. ... Full Story | Top |
| Boeing completes 787 Dreamliner test flight for battery fix Friday, Apr 05, 2013 12:44 PM PDT  NEW YORK (Reuters) - Boeing completed a test flight on Friday of its 787 Dreamliner jet, part of a regimen of tests aimed at certifying a reworked system to prevent fire or overheating of the plane's lithium-ion batteries. The flight lasted about 1 hour and 50 minutes, landing at 12:28 pm Pacific Time (1928 GMT), according to Boeing. Data from the flight, which had Federal Aviation Administration officials aboard, will be submitted to the FAA, which will decide whether to approve the plane for flight. The 787 was grounded by regulators in January after batteries overheated on two planes. ... Full Story | Top |
| Ruling against BP clears way for appeal of spill payouts Friday, Apr 05, 2013 12:39 PM PDT  By Kathy Finn NEW ORLEANS (Reuters) - A U.S. judge's ruling Friday against BP Plc means the company can proceed with its appeal of the way a court-appointed administrator apportions payments for claims related to the 2010 Gulf of Mexico oil spill, some of which BP called "absurd." Federal District Judge Carl Barbier said he found no reason to reverse his decision last month to uphold the payout process. This was despite BP's protest at payouts including $21 million for a Louisiana rice mill 40 miles from the coast which earned more revenue in 2010 than in any of the previous three years. ... Full Story | Top |
| S&P on track for 2013's worst weekly drop on jobs data Friday, Apr 05, 2013 12:25 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - The S&P 500 was on track for its worst weekly performance of the year on Friday after weaker-than-expected U.S. jobs data added to worries the economy could be losing momentum. The S&P 500 was down about 1.5 percent for the week. Losses were broad, with about 80 percent of stocks on the New York Stock Exchange and Nasdaq falling. The government said 88,000 jobs were added in March, less than half economists' average forecast of 200,000. The unemployment rate dipped to 7.6 percent from 7. ... Full Story | Top |
| Weak job gains hurt economic outlook Friday, Apr 05, 2013 11:19 AM PDT  By Jason Lange WASHINGTON (Reuters) - American employers hired at the weakest pace in nine months in March, a sign that tax hikes that kicked in early this year as part of Washington's austerity drive could be stealing momentum from the economy. The economy added just 88,000 nonfarm jobs last month, the Labor Department said on Friday. That was well below market expectations for a 200,000 increase and lower than even the most pessimistic forecast in a Reuters poll. The jobless rate ticked a tenth of a point lower to 7.6 percent largely due to people dropping out of the work force. "The U.S. ... Full Story | Top |
| Cyprus currency decree eases restrictions on bank transfers Friday, Apr 05, 2013 11:15 AM PDT NICOSIA (Reuters) - Cyprus partially relaxed currency controls imposed to prevent a run on its banks, issuing a decree on Friday permitting companies to make cash transfers between banks. Companies could transfer up to 10,000 euros ($13,000) per month from one bank account to another, and the limit for individuals was 2,000 euros, the finance ministry said in a statement. Other restrictions, including a 300 euro per day cash withdrawal limit from banks, and a vetting process for payments of more than 25,000 euros per day remained in place. ... Full Story | Top |
| Boeing has "good" 787 battery plan fix: official Friday, Apr 05, 2013 11:08 AM PDT  WASHINGTON (Reuters) - Boeing Co has a "good plan" to fix the battery problem that has grounded its 787 Dreamliner jets, U.S. Transportation Secretary Ray LaHood said on Friday as the company prepared for a test flight to check the battery system revamp. LaHood said he wants to ensure the Dreamliner is safe before allowing the planes back in the air, and no decision had been made on commercial flights. Airlines that operate the plane expect it could be flying again as early as April or May. "They're doing the tests now, and we've agreed with the tests that they're doing. ... Full Story | Top |
| Factbox: Boeing's path to placing 787 back in service Friday, Apr 05, 2013 11:08 AM PDT (Reuters) - Boeing Co is conducting ground and flight tests of its 787 Dreamliner with a revamped lithium-ion battery system in an effort to get the jets flying again after all 50 were grounded in mid-January following two separate battery incidents. Japanese airlines All Nippon Airways and Japan Airlines are the two biggest Dreamliner customers. ANA, the launch customer, will be the first to have its jets fixed. ... Full Story | Top |
| Watchdog did not have timely Bank of Cyprus data on Greek debt: report Friday, Apr 05, 2013 11:04 AM PDT  By Michele Kambas NICOSIA (Reuters) - Regulators asked Cyprus's largest bank to provide information about its ultimately disastrous holdings of Greek debt as long as three years ago but got no immediate response and did not follow up, an external investigation said. A report seen by Reuters said that the recent investigation was hampered by "unnecessary delays" in getting documentation from commercial Bank of Cyprus - one of the banks at the center of Cyprus's international bailout - and that some computers at the bank may have been wiped. ... Full Story | Top |
| Fisker Automotive fires most rank-and-file employees Friday, Apr 05, 2013 10:27 AM PDT  By Deepa Seetharaman DETROIT (Reuters) - Fisker Automotive, the struggling, government-backed hybrid sports car maker, terminated most of its rank-and-file employees on Friday, in a last-ditch effort to conserve cash and stave off a potential bankruptcy filing, sources said. In a statement, Fisker confirmed that it let go about 75 percent of its workforce. The automaker said it was "a necessary strategic step in our efforts to maximize the value of Fisker's core assets." A Fisker representative could not immediately answer questions on the company's financial position. ... Full Story | Top |
| Canada Pension Plan backs Agrium board nominees in Jana battle Friday, Apr 05, 2013 10:24 AM PDT  By Euan Rocha TORONTO (Reuters) - The Canada Pension Plan Investment Board, one of the world's largest pension funds, said it has voted to support Agrium Inc's board nominees ahead of a crucial shareholder meeting next week, a setback for activist investor Jana Partners. The Canadian fertilizer maker and farm products retailer has been locked in a war of words over the company's direction for months with Jana Partners LLC, a New York-based hedge fund. ... Full Story | Top |
| Boeing sets final 787 Dreamliner test flight for Friday Friday, Apr 05, 2013 10:22 AM PDT NEW YORK (Reuters) - Boeing Co said it plans to make a test flight later on Friday with its 787 Dreamliner jet, aimed at returning the grounded plane to service after more than two months on the ground. Boeing said the flight is scheduled to depart around 11 a.m. PDT (2 p.m. ET) and last about two hours. The time is subject to change, it said. The flight would gather data for the Federal Aviation Administration to help show that a new battery system on the plane is safe from the risk of fire or overheating. (Reporting by Alwyn Scott; Editing by Gerald E. McCormick) Full Story | Top |
| Exclusive: SocGen mulls up to 700 job cuts - union sources Friday, Apr 05, 2013 10:04 AM PDT  By Lionel Laurent and Matthias Blamont PARIS (Reuters) - French bank Societe Generale may cut between 600 and 700 jobs as part of a broader cost-cutting drive in the face of stagnant growth in its home market, three union sources told Reuters on Friday. SocGen management met with unions on Wednesday to discuss the proposals, which have not yet been finalized, the sources said. The cuts, which will largely target back office staff in IT and compliance roles, will be partly offset by up to 100 new jobs created elsewhere, they added. ... Full Story | Top |
| Music retailer HMV handed lifeline Friday, Apr 05, 2013 09:57 AM PDT  By Neil Maidment and Kate Holton LONDON (Reuters) - Britain's most high-profile entertainment retailer HMV was handed a lifeline on Friday when a turnaround group bought it, ensuring a future for a firm which gave the Beatles one of their first big breaks. Opened on London's Oxford Street by English composer Edward Elgar in 1921, HMV was bought by restructuring specialist Hilco in a deal worth about 50 million pounds, a person familiar with the situation said. ... Full Story | Top |
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