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| Stocks little changed as market takes breather; Boeing weighs on Dow Friday, Jul 12, 2013 12:14 PM PDT  By Angela Moon NEW YORK (Reuters) - U.S. stocks were little changed on Friday as the market took a breather after ending at record highs, and as investors digested strong earnings reports from JPMorgan Chase and Wells Fargo but a lowered profit outlook from United Parcel Service. Weighing heavily on the Dow index, Boeing shares fell 4.4 percent to $101.15 after a Dreamliner operated by Ethiopian Airlines caught fire at Britain's Heathrow airport on Friday. Boeing accounted for 40 points of negative drag on the Dow industrials. ... Full Story | Top |
| Wells rides high on 'mortgage horse,' but run may end soon Friday, Jul 12, 2013 12:13 PM PDT  By Peter Rudegeair (Reuters) - The home loan business came through for Wells Fargo & Co in the second quarter, helping the biggest U.S. mortgage lender beat Wall Street's profit expectations, despite fears that lending volume would drop as rates rose. Rising mortgage rates, driven by expectations that the U.S. Federal Reserve will eventually cut back its economic stimulus program, are expected to weigh on banks' mortgage business in the coming months. But Wells, the No. 4 U.S. ... Full Story | Top |
| Justice Department revises leak investigation policy Friday, Jul 12, 2013 11:54 AM PDT By Lawrence Hurley WASHINGTON (Reuters) - The Justice Department is revising its policies for dealing with reporters during the investigation of media leaks after complaints that journalists' rights were violated in recent high-profile cases, a department official said on Friday. Under the new guidelines search warrants will not be sought against journalists carrying out "ordinary news-gathering activities," the official said. In another change, the Justice Department will now, in most instances, notify news organizations in advance if a subpoena is being sought to obtain phone records. ... Full Story | Top |
| General Electric says Boeing 787 fire doesn't involve engines Friday, Jul 12, 2013 11:49 AM PDT NEW YORK (Reuters) - General Electric Co said on Friday that the fire aboard an Ethiopian Airlines 787 at London's Heathrow Airport doesn't involve the engines. The company, which makes engines for the jet through its GE Aviation subsidiary, said it is monitoring the situation but has no further comment on the Boeing Co aircraft. The fire at Heathrow dealt a fresh blow to the U.S. planemaker, which earlier this year saw the 787 grounded for three months after two batteries overheated. (Reporting by Alwyn Scott; Editing by Gerald E. McCormick) Full Story | Top |
| EASA says too early to say if Dreamliners could be grounded Friday, Jul 12, 2013 11:48 AM PDT FRANKFURT (Reuters) - The European Aviation Safety Agency said on Friday it was too early to say whether Boeing's 787 Dreamliner could be grounded again following a fire aboard an aircraft at London's Heathrow airport. "Boeing staff will investigate and we will follow closely to see what to decide," a spokesman for the agency said. It did not have any information on whether the fire was linked to the battery problem that resulted in the grounding of Dreamliners earlier this year. ... Full Story | Top |
| Thomson Airways says Dreamliner forced to return to UK Friday, Jul 12, 2013 11:44 AM PDT LONDON (Reuters) - A Boeing 787 Dreamliner operated by Britain's Thomson Airways, flying to the United States from northwest England, was forced to return to Britain due to technical problems as a precaution on Friday, the airline said. The incident was unrelated to a fire aboard another Dreamliner operated by Ethiopian Airlines while it was on the ground at Britain's Heathrow Airport. ... Full Story | Top |
| Quebec town takes small steps to normalcy after train disaster Friday, Jul 12, 2013 11:44 AM PDT  By Richard Valdmanis and Phil Wahba LAC-MEGANTIC, Quebec, July 12 - Shell-shocked residents of Lac-Megantic, Quebec, took small steps on a long path back to normalcy on Friday as they returned to homes and businesses just a short walk from the lakeside town's center, devastated by a fiery rail crash last week. The town's main church, Paroisse de Ste-Agnes, opened its doors to mourners, allowing them to drop off pictures, flowers and notes for the estimated 50 people killed. ... Full Story | Top |
| Standard & Poor's downgrades Italy's biggest banks, insurer Friday, Jul 12, 2013 11:44 AM PDT  MILAN (Reuters) - Rating agency Standard & Poor's cut its credit ratings on the two biggest Italian banks, UniCredit and Intesa Sanpaolo , as well as that of insurer Generali , following its downgrade of Italy's sovereign rating. Ratings for UniCredit SpA, the parent company of UniCredit, and the long-term rating of Intesa Sanpaolo, were lowered to 'BBB' from 'BBB+', both with a negative outlook, the two lenders said on Friday. Generali was reduced to 'A-' from 'A', with a negative outlook, Italy's biggest insurer said in a statement. ... Full Story | Top |
| Treasury delays offshore tax-dodging law by six months Friday, Jul 12, 2013 11:40 AM PDT By Patrick Temple-West (Reuters) - The U.S. Treasury Department said on Friday it will postpone enforcement of a new law that cracks down on offshore tax avoidance by Americans by six months to give foreign banks more time to figure out how to comply. The Foreign Account Tax Compliance Act, or FATCA, requires foreign banks, insurance companies and investment funds to send the U.S. Internal Revenue Service information about Americans' offshore accounts worth more than $50,000. ... Full Story | Top |
| Boeing Dreamliner catches fire at Britain's Heathrow airport Friday, Jul 12, 2013 11:13 AM PDT By Rhys Jones LONDON (Reuters) - A Boeing 787 Dreamliner operated by Ethiopian Airlines caught fire at Britain's Heathrow airport on Friday in a fresh blow for the U.S. planemaker which earlier this year was forced to ground the new planes for three months after battery fires. Boeing shares tumbled by as much as 7 percent, wiping $5.4 billion off its market capitalization after television footage showed the Dreamliner surrounded by foam used by firefighters at Heathrow. At 1745 GMT, shares were down 3.2 percent at $103.50. ... Full Story | Top |
| Insight: Fast-growing U.S. craft brewers struggle with worker safety Friday, Jul 12, 2013 11:12 AM PDT  By M.B. Pell NEW YORK (Reuters) - Welder Mark Moynihan crawled down a narrow tube into a space the size of a car interior to seal the crack in the fermentation tank at Calhoun's Bar-B-Q & Brewery in Knoxville, Tennessee. The space was oversaturated with oxygen. He lit his torch, and a flash-fire erupted. His hair and clothing disintegrated instantly. Moynihan, a contractor for the craft brewery, dragged himself up the tube and out of the vat while still on fire, suffering serious burns over much of his body. ... Full Story | Top |
| Media owners keep Hulu streaming site, to invest $750 million Friday, Jul 12, 2013 11:12 AM PDT (Reuters) - Walt Disney Co, Twenty-First Century Fox Inc and NBCUniversal said on Friday they will keep their ownership stakes in video streaming website Hulu and will invest $750 million to help it grow. The media companies collected offers to buy the website from parties, including satellite provider DirecTV and former News Corp president Peter Chernin, sources had previously told Reuters. But the owners ultimately decided against a sale for a second time. They also considered selling Hulu in 2011. ... Full Story | Top |
| At least six dead as French train derails Friday, Jul 12, 2013 11:10 AM PDT  By Pauline Mevel BRETIGNY-SUR-ORGE, France (Reuters) - At least six people died and a dozen were seriously injured when a train derailed and hit the platform at a station in central France on Friday, leaving several carriages torn and one lying on its side, officials said. Local prefect Michel Fuzeau said nine of the 12 people injured were very seriously wounded, and Interior Minister Manuel Valls said the death toll would probably rise. ... Full Story | Top |
| Boeing suppliers hit by Dreamliner fire at London's Heathrow Friday, Jul 12, 2013 11:08 AM PDT  NEW YORK (Reuters) - Shares of several Boeing suppliers fell on Friday, after a fire broke out aboard a Dreamliner 787 aircraft parked at London's Heathrow airport, recalling a series of previous fires that had grounded Boeing's most advanced jet for months. Boeing shares fell 3.1 percent to $103.58 in afternoon trading in New York, after earlier dropping as much as 7.4 percent. Metal components manufacturer Precision Castparts Corp , a primary supplier to Boeing, dropped as much as 6.4 percent before trading down 3.2 percent at $229.73 in heavy afternoon trading. ... Full Story | Top |
| Boeing's South Carolina city tax to fall as production rises Friday, Jul 12, 2013 10:38 AM PDT  By Harriet McLeod NORTH CHARLESTON, South Carolina (Reuters) - Boeing Co.'s South Carolina 787 Dreamliner manufacturing plant got a large tax break when the North Charleston City Council voted to slash in half the current top rate used to calculate annual fees for businesses earning $250 million or more. The City Council approved a measure on Thursday that cuts the annual business licensing fee Boeing, the state's largest private employer, pays to the city to 0.1 percent on gross revenue from Boeing's local plant. The new rate applies to revenue that exceeds $7.5 billion a year. ... Full Story | Top |
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