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| DuPont expects farm demand to boost quarterly profit Tuesday, Oct 22, 2013 12:34 PM PDT  By Swetha Gopinath and Garima Goel (Reuters) - DuPont , the largest U.S. chemical maker by market value, said it expects earnings to more than double this quarter as its fast-growing agriculture business overcomes traditional seasonal weakness. The company said it expects the business, which supplies farmers with seeds, pesticides and fertilizers, to report a small profit this quarter, its first positive fourth quarter in four years. "The story is going to be all about agriculture," said Piper Jaffray analyst Mike Ritzenthaler. ... Full Story | Top |
| Emergency braking led to fiery Canada rail accident, investigators say Tuesday, Oct 22, 2013 12:33 PM PDT  TORONTO (Reuters) - Emergency braking was behind the derailment of a train hauling propane and crude oil early on Saturday, the Transportation Safety Board of Canada said on Tuesday. In its first assessment of the accident, the TSB said the westbound Canadian National Railway mixed freight train had an "undesired emergency brake application" in Gainford, Alberta and 13 cars carrying dangerous goods derailed. The explosion and fire that followed forced some 100 people from their homes. ... Full Story | Top |
| New CEO signals strategic changes at Forest Labs Tuesday, Oct 22, 2013 12:16 PM PDT By Zeba Siddiqui (Reuters) - Forest Laboratories Inc's new chief executive signaled strategic changes that will help the drugmaker focus on multiple new growth areas as it prepares to lose patent protection on another of its top-sellers. Forest shares gained 6 percent to reach a more than six-year high on Tuesday. Forest relied heavily on its antidepressant Lexapro for much of its sales until last year, when it lost protection on the drug. A subsequent hit to earnings invited criticism from billionaire investor Carl Icahn, Forest's second-largest shareholder. ... Full Story | Top |
| Netflix shares slump as earnings rally fades Tuesday, Oct 22, 2013 12:15 PM PDT  By Ryan Vlastelica and Angela Moon NEW YORK (Reuters) - Investors turned on Netflix Inc on Tuesday, reversing early gains in a flurry of selling that bore the hallmark of momentum traders getting out of the high-flying stock. After rising nearly 10 percent at the open, Netflix, the year's best performer in the S&P 500 index, was met with immediate selling that picked up once shares moved into negative territory on the day. Volume spiked as shares fell, a sign of hot money leaving the stock. ... Full Story | Top |
| Weakening Raymond soaks southwestern Mexico, no major damage Tuesday, Oct 22, 2013 12:14 PM PDT  By David Alire Garcia ACAPULCO, Mexico (Reuters) - More heavy rain spawned by Hurricane Raymond as it churns over the Pacific fell on southwestern Mexico on Tuesday, soaking areas hit by record flooding last month, but forecasters said the storm was weakening and appeared unlikely to reach land. The port and schools remained closed in the resort city of Acapulco, which also was battered by tropical storms that struck Mexico in mid-September. The freight hub of Lazaro Cardenas to the northwest also was shut. ... Full Story | Top |
| Chrysler begins Jeep Cherokee shipments after delay Tuesday, Oct 22, 2013 12:13 PM PDT  DETROIT (Reuters) - Chrysler Group LLC said on Tuesday it began shipping a key model for the company, the Jeep Cherokee, that had been delayed by about two months. The Cherokee is a replacement in the automaker's lineup for the Jeep Liberty, which was discontinued. Chrysler said last month that shipments of the Cherokee came from Jeep's manufacturing plant in Toledo, Ohio, because of the need to fix a computer glitch in controlling the vehicle's nine-speed automatic transmission. Chrysler Group is a unit of Italy's Fiat SpA . (Reporting by Bernie Woodall) Full Story | Top |
| Brazil eyes opening skies over World Cup to foreign airlines Tuesday, Oct 22, 2013 12:08 PM PDT  By Andrew Downie SAO PAULO (Reuters) - Brazil will decide in December whether to open its skies to foreign airlines during the World Cup, the head of the Brazilian tourism agency Embratur said on Tuesday. Embratur's Flavio Dino acknowledged Brazil's domestic carriers may not have the capacity to meet demand during the monthlong competition and said companies that currently operate international flights to and from Brazil could be invited to take up the slack. "We have the view that it is important to ensure more flights," Dino said. "We are replanning our air network. ... Full Story | Top |
| U.S. business borrowing for equipment falls 6 percent in September Tuesday, Oct 22, 2013 12:08 PM PDT (Reuters) - U.S. companies borrowed less to spend on capital investment last month, the Equipment Leasing and Finance Association said. Companies signed up for $7.7 billion in new loans, leases and lines of credit last month, down 6 percent from a year earlier. However, borrowing rose 20 percent from August. "Uncertainty created by the inability of policy makers to come together to agree on sustained tax and spending policy is holding back the U.S. economy, and in particular, capital investment," ELFA Chief Executive William Sutton said in a statement. ... Full Story | Top |
| VW labor leader seeks German-like workers council in Tennessee Tuesday, Oct 22, 2013 12:02 PM PDT  By Andreas Cremer WOLFSBURG, Germany (Reuters) - Volkswagen AG's top labor leader still wants workers at the company's plant in Tennessee to have German-style representation, an arrangement that would require the involvement of a U.S. trade union such as the United Auto Workers. Bernd Osterloh, head of VW's global works council, told Reuters on Tuesday that he plans to visit workers at the plant to offer "clarification" on how a works council operates at the company. Osterloh also said he expects to meet with Tennessee Governor Bill Haslam and U.S. ... Full Story | Top |
| Cohen's SAC will close London office by year-end: memo Tuesday, Oct 22, 2013 11:49 AM PDT  By Katya Wachtel NEW YORK (Reuters) - Steven A. Cohen's SAC Capital Advisors will shut its London office by the end of the year as the hedge fund downsizes in response to a long-running insider trading investigation, according to a memo sent to staff on Tuesday. In the memo, SAC President Tom Conheeney, who informed the London staff of the decision in person on Tuesday, also told employees that the hedge fund cut six portfolio managers based in the United States this week. ... Full Story | Top |
| Syrian opposition resists calls to commit to peace talks Tuesday, Oct 22, 2013 11:44 AM PDT By Arshad Mohammed and Peter Griffiths LONDON (Reuters) - Syria's opposition in exile resisted calls from Western and Arab countries on Tuesday to commit to attending peace talks, saying they would not take part if there was any chance President Bashar al-Assad could cling to power. Eleven countries meeting in London pressed the opposition National Coalition to join talks to end a conflict that has killed over 100,000 people, but the group listed conditions and said it would decide in the coming weeks whether to attend. ... Full Story | Top |
| U.S. regulators say no fair-lending problem with new mortgage rules Tuesday, Oct 22, 2013 11:39 AM PDT WASHINGTON (Reuters) - U.S. regulators on Tuesday said they do not expect lenders to run afoul of fair-lending laws if they opt to issue only the most basic mortgages after tough new rules take effect in 2014. The Consumer Financial Protection Bureau plans to begin enforcing a rule in January that requires mortgage lenders to verify borrowers can repay their loans. Many banks said they would comply at first by making only the least risky loans, also known as "qualified mortgages. ... Full Story | Top |
| Judge declines to halt 'Obamacare' insurance subsidies Tuesday, Oct 22, 2013 11:39 AM PDT  By David Ingram and Kevin Drawbaugh WASHINGTON (Reuters) - Foes of President Barack Obama's healthcare law lost a bid on Tuesday to put an immediate stop to a key part of the law - the insurance subsidies in the 34 U.S. states that declined to establish their own online marketplaces. At a court hearing, U.S. District Judge Paul Friedman in Washington, D.C., declined to grant a preliminary injunction sought by a group of individuals and small businesses that in a lawsuit call the subsidies unlawful. ... Full Story | Top |
| Jefferies Group hires Citi's Mazzucco to lead Internet banking Tuesday, Oct 22, 2013 11:37 AM PDT (Reuters) - Jefferies Group Inc has hired Citigroup banker Tom Mazzucco as managing director and head of Internet investment banking, according to a source familiar with the matter. Mazzucco will be based in Jefferies' Silicon Valley office, the person said. Prior to his role as global head of Internet investment banking at Citi, he headed UBS AG's Internet practice and spent two years at Lehman Brothers and 14 years at Merrill Lynch, according to his LinkedIn profile. ... Full Story | Top |
| "Windmills of Your Mind" singer Noel Harrison dies at 79 Tuesday, Oct 22, 2013 11:34 AM PDT LONDON (Reuters) - British singer and actor Noel Harrison, known for the Oscar-winning 1960s song "The Windmills of Your Mind", has died aged 79, his friends and family said on Tuesday. Harrison was reported to have suffered a heart attack at his home in Devon in southwest England last Saturday after performing at the nearby village of Black Dog. His co-star in the 1960s spy-fi TV series "The Girl From U.N.C.L.E", Stefanie Powers, announced his death on Twitter. "Let us all light a candle to speed him on his way - he deserves to fly with the angels," she wrote. ... Full Story | Top |
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