Today's Reuters Business News Headlines - Yahoo! News:
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China gives currency more freedom with new reform
Fri,13 Apr 2012 09:01 PM PDT
Reuters - BEIJING (Reuters) - China took a milestone step in turning the yuan into a global currency on Saturday by doubling the size of its trading band against the dollar, pushing through a crucial reform that further liberalizes its nascent financial markets. The People's Bank of China said it would allow the yuan to rise or fall 1 percent from a mid-point every day, effective Monday, compared with its previous 0.5 percent limit. ... Full Story | Top |
Lockheed wins $259 million deal for 2 more U.S. F-35s
Fri,13 Apr 2012 08:17 PM PDT
Reuters -  WASHINGTON (Reuters) - Lockheed Martin Corp on Friday won a $259 million contract adding two more F-35 fighter jets to a fifth batch of jets being purchased by the U.S. military, boosting the size of that order to 32 jets, the Pentagon and Lockheed officials said. Lockheed and the Pentagon are still negotiating the final terms of a fixed-price fifth production contract for the new radar-evading supersonic fighter jet, after reaching agreement in December on a $4 billion "undefinitized contract action" for 30 fighter jets. ...
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IMF funds drive caught in global power shift
Fri,13 Apr 2012 07:37 PM PDT
Reuters -  WASHINGTON (Reuters) - Tensions among some of the world's leading economies have boiled up over a plan to raise new resources for the International Monetary Fund to contain the euro zone debt crisis, and a quest by emerging economies to win more say in the global lender. World financial leaders gathering in Washington next week will focus on proposals for countries to contribute more money to the IMF so it is better prepared in case of fallout from any further escalation of Europe's debt problems. ...
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Stocks to track earnings with an eye on Europe
Fri,13 Apr 2012 06:41 PM PDT
Reuters -  NEW YORK (Reuters) - After suffering their worst two weeks of the year, stocks will look to quarterly earnings to determine whether the recent pullback has been exhausted or more losses are justified. Alcoa Inc opened the earnings season with a bang, reporting a first-quarter profit on Tuesday instead of the expected loss. That positive surprise foretold a trend. Of the 32 companies in the S&P 500 that have reported earnings so far, Thomson Reuters data showed that 75 percent - or two dozen - have beaten Wall Street's expectations. ...
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U.S. asks court to force J&J executive to testify
Fri,13 Apr 2012 05:45 PM PDT
Reuters - (Reuters) - The federal government has asked a court to force Johnson & Johnson executive Alex Gorsky to testify in a lawsuit involving allegations of kickbacks and Medicaid fraud. The U.S. Department of Justice said in Massachusetts federal court filing on Wednesday that Gorsky has "relevant knowledge" concerning the marketing of the anti-psychotic drug Risperdal to long-term care pharmacy Omnicare, Inc and about "allegedly illegal payments J&J made to induce Omnicare to purchase and recommend" the drug. The government sued the company in January 2010. ... Full Story | Top |
Air Canada back to normal Saturday after pilots strike
Fri,13 Apr 2012 05:05 PM PDT
Reuters -  TORONTO (Reuters) - Air Canada said it expects to resume normal operations on Saturday, after a labor board declared a strike by pilots at the country's biggest airline as illegal. The Canada Industrial Relations Board ordered the Air Canada Pilots Association (ACPA) "to take all reasonable steps to bring to an end the illegal strike" and to require all participating pilots to "immediately return to work," the carrier said late Friday. Air Canada canceled about 75 flights on Friday because of an "illegal job action" by some of its pilots, the airline said in a statement. ...
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Florida seeks to delay approval of BP settlement
Fri,13 Apr 2012 04:39 PM PDT
Reuters -  (Reuters) - The Attorney General for the State of Florida has asked a federal court to delay granting preliminary approval of BP Plc's $7.8 billion settlement with businesses and individuals suing over the massive 2010 Gulf of Mexico oil spill. Attorney General Pamela Bondi, representing her constituents, said in a filing in Louisiana federal court on Friday that there is not enough information available about the settlement terms. ...
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Analysis: Wanted at Best Buy: An outsider with gumption
Fri,13 Apr 2012 04:37 PM PDT
Reuters -  NEW YORK (Reuters) - In order to regain Wall Street's confidence, Best Buy Co Inc will likely have to pick an outsider to run the world's largest consumer electronics retailer for the first time in its 46-year history. While lawyers and a board committee are investigating allegations of personal misconduct that led to the abrupt resignation of Best Buy Chief Executive Brian Dunn earlier this week, investors, analysts and retail consultants are focusing on the search for his replacement. They want to see a fresh face at the retailer, which has lost many of its customers to Amazon. ...
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U.S. House to try again to advance Keystone pipeline
Fri,13 Apr 2012 03:59 PM PDT
Reuters -  WASHINGTON (Reuters) - U.S. House Speaker John Boehner will make a new attempt to force approval of the stalled Keystone XL oil pipeline as part of legislation for another 90-day extension of federal road, bridge and transit construction funding, Republican aides said on Friday. By seeking a second short-term funding extension, the plan aims to put the Canada-to-Texas pipeline and expanded drilling rights back at the top of the House agenda without the struggles that the House has endured in trying to pass a longer-term, more expensive transport bill. ...
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Brazil shifts court for Chevron spill cases
Fri,13 Apr 2012 03:31 PM PDT
Reuters - RIO DE JANEIRO (Reuters) - A Brazilian judge moved two $11 billion civil cases against Chevron and drilling-rig operator Transocean related to an offshore drilling accident and spills to a different court in Rio de Janeiro, a decision that removes a crusading prosecutor from the cases. The momentum is shifting in the legal battle stemming from a rupture in November at a well that Transocean was drilling in the Frade field, which Chevron operates. ... Full Story | Top |
Google stock drops 4 percent as advertisement rates fall again
Fri,13 Apr 2012 03:05 PM PDT
Reuters -  (Reuters) - Google Inc shares tumbled 4 percent on Friday as Wall Street ignored the Internet search giant's plans to split its stock and focused on a decline in advertising rates and other worrisome business trends. Google's search advertising rates declined more sharply than expected during the first quarter and the company increased payouts to partners. This deepened concerns about Google's growth prospects among investors already nervous about its planned $12.5 billion acquisition of smartphone maker Motorola Mobility Inc. ...
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Facebook advertisers lose bid for class status
Fri,13 Apr 2012 02:51 PM PDT
Reuters -  (Reuters) - Facebook Inc, which runs the world's largest social networking website, won a court ruling on Friday rejecting a bid by thousands of advertisers to sue the company as a group for overcharging them. U.S. District Judge Phyllis Hamilton in Oakland, California, denied the advertisers' request for class-action status, saying they failed to show they had enough in common to sue for breach of contract and violating California's unfair competition law. ...
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UBS Canada unit reports 'inadvertent' trading
Fri,13 Apr 2012 02:21 PM PDT
Reuters - (Reuters) - UBS AG's Canadian unit said it "inadvertently" acquired 1 million class A shares of Air Canada , increasing its ownership in the air-carrier beyond the 20 percent threshold permitted under Canadian law. The shares were bought as part of regular activity to facilitate client trading, UBS Securities Canada said in a statement adding that it did not seek to control or influence Air Canada at any point. The trade, which was executed on February 23, raised the bank's ownership in Air Canada's Class A shares to 20.4 percent from 18.6 percent, it said in a statement. ... Full Story | Top |
TSX notches seventh straight weekly loss
Fri,13 Apr 2012 02:18 PM PDT
Reuters -  TORONTO (Reuters) - Canada's main stock index tumbled on Friday, snapping a two-day rally and ending its seventh consecutive week lower as a flare-up in global growth concerns hit fragile investor confidence. Data showed that China's economy expanded 8.1 percent in the first quarter, a rate that was slower than expected and the country's weakest pace in nearly three years. In addition, the cost of insuring Spanish debt against default hit 500 basis points for the first time on fears about the high exposure of the country's banking sector to sovereign debt. ...
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Air Canada cancels flights after "illegal job action"
Fri,13 Apr 2012 02:10 PM PDT
Reuters - TORONTO (Reuters) - Air Canada canceled more than 40 flights on Friday after what it called an "illegal job action" by some of its pilots, further ratcheting up already tense labor relations at the country's biggest airline. The carrier, in a heated dispute with two of its key unions, including the one representing its 3,000 pilots, asked the Canada Industrial Relations Board to declare the disruption an unlawful strike. Earlier this week, it said in a letter to the pilots' union that a number of pilots had planned to book off sick on Friday, although they were fit to fly. ...
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