Today's Reuters Business News Headlines - Yahoo! News:
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Brent climbs above $98 on Iran tensions, Norway strike
Mon,2 Jul 2012 10:53 PM PDT
Reuters - SINGAPORE (Reuters) - Brent crude climbed above $98 per barrel on Tuesday as escalating tensions between Iran and the West offset concerns that gloomy manufacturing data from China, the United States and Europe will hurt oil demand. News that Iranian lawmakers had drafted a bill calling for Iran to shut off the Strait of Hormuz to oil tanker traffic spurred gains at a time when a strike in Norway has curbed crude oil output. ... Full Story | Top |
Shares gain on easing hopes after weak factory data
Mon,2 Jul 2012 10:48 PM PDT
Reuters -  TOKYO (Reuters) - Asian shares rose on Tuesday on expectations that major central banks will take further policy steps to support the fragile economy, after manufacturing data around the world highlighted the drag on growth from the protracted euro zone debt crisis. Monday's data showing U.S. manufacturing contracted for the first time in nearly three years raised speculation the Federal Reserve will again step in to boost the economy and support Wall Street. The Fed last month extended the duration of a program aimed at forcing longer-term rates down. ...
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Insight: As banks deepen commodity deals, Volcker test likely
Mon,2 Jul 2012 10:12 PM PDT
Reuters - NEW YORK/WASHINGTON (Reuters) - The subtext of JPMorgan's landmark deal to buy crude and sell gasoline for the largest oil refinery on the U.S. East Coast was barely disguised. In joining private equity firm Carlyle Group to help rescue Sunoco Inc's Philadelphia plant from likely closure, the Wall Street titan cast its multibillion-dollar physical commodity business as an essential client service, financing inventory and trading on behalf of the new owners. ... Full Story | Top |
Airbus says U.S. move robs Boeing of tactical edge
Mon,2 Jul 2012 09:52 PM PDT
Reuters - PARIS (Reuters) - When it comes to selling jets to domestic U.S. airlines, Boeing may just have lost the precious ability to make the crucial "last phone call," according to the sales chief of its rival Airbus. John Leahy, a determined New Yorker who helped make Airbus the world's largest civil jetmaker, forged his career by winning over the boards of U.S. carriers but failed to win the same market success in his homeland as he did globally. Airbus has almost 20 percent of the U.S. ... Full Story | Top |
Samsung loses bid to lift ban on U.S. tablet sales
Mon,2 Jul 2012 09:42 PM PDT
Reuters -  (Reuters) - A U.S. judge on Monday rejected a request by Samsung Electronics Co. to lift a ban on U.S. sales of its Galaxy Tab 10.1, another setback for the South Korean firm in its tablet patent battle with iPad maker Apple Inc. Apple and Samsung, the world's largest consumer electronics corporations, are waging legal war in several countries, accusing each other of patent violations as they vie for supremacy in a fast-growing market for mobile devices. U.S. ...
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UK watchdog and BoE may have missed Libor red flags
Mon,2 Jul 2012 09:14 PM PDT
Reuters - NEW YORK/LONDON (Reuters) - Officials from the Bank of England and Britain's financial watchdog missed several opportunities to investigate how banks set the London interbank offered rate, now the subject of a scandal that has forced the resignation of the chairman of Barclays, according to U.S. and UK government records. British regulators or the association charged with overseeing Libor were told at least five times since 2007 that fault lines existed in the way the rate was set. ... Full Story | Top |
Airbus to open factory on rival Boeing's U.S. turf
Mon,2 Jul 2012 09:11 PM PDT
Reuters -  MOBILE, Alabama (Reuters) - Flanked by U.S. Gulf Coast politicians, top executives from Airbus unveiled plans to build their first U.S. factory and said it will help the European planemaker win market share from Boeing Co in the world's busiest aviation market. The plant in Mobile, Alabama, is due to open in 2016 and will assemble narrow-body A320 aircraft, said Airbus, a unit of EADS . The facility is expected to create some 1,000 jobs and help the company take "more than a few percentage points" of market share from its prime rival, Airbus sales chief John Leahy said. ...
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Barclays boss under pressure as bank inquiry launched
Mon,2 Jul 2012 09:11 PM PDT
Reuters -  LONDON (Reuters) - Pressure grew on Barclays Plc Chief Executive Bob Diamond to quit as Britain launched an inquiry on Monday into a market-rigging scandal, saying a "culture that flourished in the age of irresponsibility" among bankers had to end. Barclays Chairman Marcus Agius resigned on Monday, saying "the buck stops with me" as the scandal over manipulating Libor interest rates claimed its first major scalp. ...
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Japan tells 12 securities firms to check control systems
Mon,2 Jul 2012 08:36 PM PDT
Reuters - TOKYO (Reuters) - Japan's Financial Services Minister Tadahiro Matsushita said on Tuesday he has asked 12 large securities houses involved in public offerings to check their information control systems and inform his ministry of the results. The request comes after scandals over insider trading in number of large public offerings in Japan, including one involving employees of Nomura Securities . Five Japanese and seven foreign firms were named by the ministry. Besides Nomura the Japanese firms are Daiwa, Nikko SMBC, Mizuho and Mitsubishi UFJ Morgan Stanley. ... Full Story | Top |
China June official services PMI rises to three-month high
Mon,2 Jul 2012 07:58 PM PDT
Reuters -  BEIJING (Reuters) - China's services sector expanded at its fastest pace in three months in June, an official survey showed on Tuesday, but left intact market expectations that Beijing will deliver more policy measures to support growth in the near future. The latest survey by the National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP) showed the purchasing managers' index for the country's non-manufacturing sector rose to 56.7 from 55.2 in May, the best reading since a 10-month high of 58.0 recorded in March. ...
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Kodak can sell its digital patents: bankruptcy judge
Mon,2 Jul 2012 07:28 PM PDT
Reuters -  (Reuters) - A U.S. judge granted bankrupt Eastman Kodak Co approval to auction its digital imaging patents as part of its restructuring, the company said Monday. Apple Inc and privately held FlashPoint Technology Inc. had objected to the sale, both claiming that they had ownership in some of the more than 1,100 patents. Kodak is seeking to sell the patents and focus its business on printing. The patents are part of Kodak's digital-capture portfolio for devices such as digital cameras, smartphones, and tablets. The portfolio has generated more than $3 billion in revenues since 2001. ...
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U.S. unions disappointed with Airbus Alabama location
Mon,2 Jul 2012 07:26 PM PDT
Reuters - SEATTLE (Reuters) - U.S. labor groups said they were disappointed with Airbus' decision to build its first U.S. plant in Alabama, where it is effectively impossible to form a powerful union, and warned non-union work could drive down wages across the board in one of the last bastions of U.S. manufacturing. The move follows rival Boeing Co, whose commercial aircraft unit has made increasing use of non-union labor over the last five years, culminating last year in the opening of a final assembly plant for 787s in South Carolina. South Carolina and Alabama are among two dozen U.S. ... Full Story | Top |
Enbridge fined $3.7 million for 2010 U.S. oil spill
Mon,2 Jul 2012 07:24 PM PDT
Reuters -  WASHINGTON (Reuters) - The U.S. pipeline regulator on Monday slapped a $3.7 million fine, the largest penalty ever imposed, on Enbridge Inc for a July 2010 crude oil spill which contaminated stretches of the Kalamzoo River in Michigan. The Transportation Department's Pipeline and Hazardous Materials Safety Administration (PHMSA) said its probe uncovered two dozen regulation violations related to the leak on Enbridge's Line 6B near the town of Marshall, about mid-way between Detroit and Lake Michigan. ...
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Microsoft takes $6.2 billion charge, slows Internet hopes
Mon,2 Jul 2012 07:22 PM PDT
Reuters -  SEATTLE (Reuters) - Microsoft Corp admitted its largest acquisition in the Internet sector was effectively worthless and wiped out any profit for the last quarter, as it announced a $6.2 billion charge to write down the value of an online advertising agency it bought five years ago. The announcement came as a surprise, but did not shock investors, who had largely forgotten Microsoft's purchase of aQuantive in 2007, which was initially expected to boost Microsoft's online advertising revenue and counter rival Google Inc's purchase of digital ad firm DoubleClick. ...
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U.S. probes Chesapeake, rival over possible collusion
Mon,2 Jul 2012 06:40 PM PDT
Reuters -  WASHINGTON (Reuters) - The U.S. Justice Department is probing Chesapeake Energy Corp and Encana Corp for possible collusion after a Reuters report showed that top executives of the two rivals plotted in 2010 to avoid bidding against each other in Michigan land deals, a source close to the probe said. The report uncovered emails showing that the two natural gas companies repeatedly discussed how to avoid bidding against each other in a public land auction in Michigan and in nine prospective deals with private land owners in the state. ...
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