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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 |
| Lilly plans big Alzheimer's disease study after prior failures Friday, Jul 12, 2013 11:56 AM PDT By Ransdell Pierson (Reuters) - Despite two failed late-stage trials of its experimental Alzheimer's drug solanezumab, Eli Lilly and Co said on Friday it plans to run yet another study, this time focusing only on mild patients who appeared to respond to the treatment. And the company will take extra steps to ensure it is testing actual Alzheimer's patients by pre-screening them with its imaging agent Amyvid to ensure they have deposits of the protein beta amyloid that is linked with the disease. ... 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 |
| Analysis: Late to oil-by-rail, Canada faces risks in rush to catch up Friday, Jul 12, 2013 09:55 AM PDT  By Nia Williams and Kristen Hays CALGARY/HOUSTON (Reuters) - For the last three years, Canada has lagged the United States in using its rail system to haul crude oil, hindered by a lack of loading terminals and a shortage of specially built rail cars that reheat viscous oil sands crude. Now it's on the brink of catching up. ... Full Story | Top |
| TSX rises, set for biggest weekly gain in 19 months Friday, Jul 12, 2013 08:22 AM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index rose on Friday as gains in energy and financial stocks offset weaker materials shares, with the U.S. Federal Reserve's support for monetary stimulus putting the index on track to post its biggest weekly gain in 19 months. Investors also processed mixed U.S. earnings reports, with more robust results from top banks overshadowing a profit warning from UPS. Federal Reserve Chairman Ben Bernanke said on Wednesday that the U.S. ... Full Story | Top |
| Alnylam bets on 'gene silencing' to woo biotech investors Friday, Jul 12, 2013 07:47 AM PDT By Esha Dey and Pallavi Ail (Reuters) - A radical new treatment for genetic disorders has catapulted Alnylam Pharmaceuticals Inc into the crosshairs of investors seeking the next breakthrough name in biotechnology. The challenge for the Cambridge, Massachusetts-based company now is to prove that its 'gene silencing' technology can make the leap from the laboratory to the doctor's office and eclipse an alternative therapy already in use. Investors, for now, are betting that it will. A steady drip of positive trial data has helped to triple Alnylam's market value to more than $2. ... Full Story | Top |
| Ex-Morgan Stanley executives leave Rosneft-owned bank Friday, Jul 12, 2013 07:09 AM PDT MOSCOW (Reuters) - Three former Morgan Stanley veterans have left a bank owned by Russian oil giant Rosneft , which said it was moving to focus the business on corporate and retail banking. The Russian Regional Development Bank had only hired the executives - Walid Chammah, Rair Simonyan and Elena Titova - in November. A Rosneft spokeswoman dismissed suggestions there had been any falling out between the individuals and the state-owned oil group's boss Igor Sechin, a close ally of President Vladimir Putin. ... Full Story | Top |
| Venice flood barrier executives arrested in massive fraud swoop Friday, Jul 12, 2013 06:06 AM PDT ROME (Reuters) - Police conducted dawn raids on Friday on companies across Italy linked to the construction of Venice's flood barrier, arresting seven people suspected of rigging lucrative contracts for the multi-billion euro project. Police are investigating whether the consortium that is managing the building work on behalf of the government fixed the bidding process in favor of local companies and paid off others with public funds to keep them quiet. ... Full Story | Top |
| Sanofi starts dengue vaccine production to keep lead over rivals Friday, Jul 12, 2013 04:33 AM PDT By Catherine Lagrange NEUVILLE-SUR-SAONE, France (Reuters) - Sanofi SA has started producing its experimental dengue vaccine, the most advanced against the tropical disease, in a move to keep its lead over competitors ahead of the product's likely launch in 2015. The mosquito-borne disease is a threat to nearly 3 billion people and is caused by four types of virus, none of which confers immunity from the others. Sanofi's vaccine could generate sales of over $1 billion if successful. ... Full Story | Top |
| Tsinghua Holdings to buy chipmaker Spreadtrum for $1.78 billion Friday, Jul 12, 2013 04:04 AM PDT (Reuters) - Chinese cellphone chip designer Spreadtrum Communications Inc will be acquired by a unit of government-owned Tsinghua Holdings Co Ltd for a raised offer price of about $1.78 billion. Tsinghua Unigroup will pay $31 for each Spreadtrum American Depositary Share (ADS), up from its previous offer of $28.50 per ADS, the companies said on Friday. The offer represents a premium of 17 percent to Spreadtrum's Thursday closing price on the Nasdaq. Spreadtrum shares were up 12.5 percent at $29.75 in premarket trading on Friday. ... Full Story | Top |
| Study raises new concern about earthquakes and fracking fluids Friday, Jul 12, 2013 12:30 AM PDT  By Sharon Begley NEW YORK (Reuters) - Powerful earthquakes thousands of miles away can trigger swarms of minor quakes near wastewater-injection wells like those used in oil and gas recovery, scientists reported on Thursday, sometimes followed months later by quakes big enough to destroy buildings. The discovery, published in the journal Science by one of the world's leading seismology labs, threatens to make hydraulic fracturing, or "fracking," which involves injecting fluid deep underground, even more controversial. It comes as the U.S. ... Full Story | Top |
| Brent holds below $108 after fall from 3-mth peak Friday, Jul 12, 2013 12:16 AM PDT  By Florence Tan SINGAPORE (Reuters) - Brent crude held steady below $108 a barrel on Friday, after pulling back from a three-month peak the session before as the prospect of more supply from non-OPEC producers and concerns about China's demand growth capped gains. Investors also netted profits on Thursday after a three-week rally on political uncertainty in Egypt, falling U.S. crude inventories and a weaker U.S. dollar pushed Brent and WTI crude futures to multi-month highs. ... Full Story | Top |
| Shell Nigeria again shuts Trans Niger pipeline Thursday, Jul 11, 2013 11:27 PM PDT  ABUJA (Reuters) - Shell Nigeria shut its Trans Niger pipeline on Thursday after a leak was detected, barely a week after the company re-opened the pipeline following the repair of some crude theft points. "Details of this latest incident, including cause and size of spill, are unclear at the moment, but the TNP has been variously targeted by crude oil thieves in recent months and shut down several times to enable the removal of theft points," Shell Nigeria spokesman Tony Okonedo said in a statement. "A total of about 150,000 barrels per day of oil have been deferred. ... Full Story | Top |
| More residents return to devastated Canadian town, more bodies found Thursday, Jul 11, 2013 03:51 PM PDT  By Richard Valdmanis and Julie Gordon LAC-MEGANTIC, Quebec (Reuters) - Provincial and municipal leaders lashed out on Thursday at the company whose runaway train leveled the center of a tiny Quebec town as more residents returned home and officials opened up a site for tributes to the 50 people who likely died. Police said they had found an additional four bodies in the wreckage of the town center, bringing the total to 24. Another 26 people are missing and presumed dead. ... Full Story | Top |
| Analysis: Contentious oil spill claims set up BP for long legal battle Thursday, Jul 11, 2013 03:02 PM PDT  By Mica Rosenberg NEW YORK (Reuters) - Faced with hundreds of damage claims it says are fictitious and inflated, BP must decide whether to dive into a protracted legal battle it had sought to avoid when it settled a class action over the 2010 Gulf of Mexico oil spill. The British oil giant asked the Fifth U.S. Circuit of Appeals in New Orleans this week to halt the claims. Should its challenge before the three-judge panel fail, BP will face a choice: ask for a hearing by all the court's judges, appeal to the U.S. Supreme Court, or try picking off individual cases one by one, legal experts say. ... Full Story | Top |
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