Today's Reuters Business News Headlines - Yahoo! News:
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Emirates airline chief sees opportunity in BAE-EADS merger
Thu,27 Sep 2012 10:30 PM PDT
Reuters - SEATTLE (Reuters) - The top buyer of the biggest Airbus jet said on Thursday it expects the proposed $45 billion merger of BAE Systems Plc and Airbus parent EADS won't distract the company from delivering planes on time and could, in fact, be a positive. Tim Clark, president of Emirates airline, said he doesn't think the distraction will affect the 90 Airbus A380 superjumbo jets the airline has on order. He said he would like to order 40 more of the 525-seat, double-decker jets, but the hub airport in Dubai, where the airline is based, is too small to hold that many. ... Full Story | Top |
Deadline latest weapon in EADS-BAE merger talks
Thu,27 Sep 2012 10:30 PM PDT
Reuters -  PARIS (Reuters) - Europe's EADS rejected calls on Thursday to allow extra time for negotiations over a $45 billion merger with BAE Systems , as brinkmanship looked set to play a key role in politically complex plans to create a new defense giant. Fabrice Bregier, head of the Airbus planemaker unit and part of the inner circle running Franco-German-Spanish EADS, was quoted as saying it was crucial to stick to the date set by UK regulators under rules designed to protect investors. "The importance is that opinions converge. ...
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Implats says pay hikes take effect from Monday
Thu,27 Sep 2012 10:25 PM PDT
Reuters - JOHANNESBURG (Reuters) - World no. 2 platinum producer Impala Platinum said on Friday pay hikes it had offered to workers to avert looming strike action would take effect from Monday. "The overriding imperative for all stakeholders should be to ensure peace, stability and order and in so doing create an environment for safe production. The wage adjustment supports this imperative," chief executive Terence Goodlace said in a statement. (Reporting by Ed Stoddard) Full Story | Top |
Starbucks to open first India store by end of October
Thu,27 Sep 2012 09:27 PM PDT
Reuters -  MUMBAI (Reuters) - Starbucks Corp will open its first coffee shop in India by the end of October, John Culver, President, China and Asia Pacific, said on Friday, in the latest delay to a much-hampered entry into the country. Starbucks had initially planned to have its first cafes in India open by mid-2011 but was delayed by difficulties in acquiring real estate and high land costs. It said in January it would have stores open by August or September. (Reporting by Aditi Shah; Editing by Jijo Jacob)
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FSA seeks to mend Libor, not end it
Thu,27 Sep 2012 09:09 PM PDT
Reuters -  LONDON (Reuters) - The Financial Services Authority, in a much-awaited reform of benchmark interest rates that have been plagued by scandal, outlined a 10-point plan to fix Libor but stopped short of scrapping the rates. Martin Wheatley, head of the FSA, acknowledged problems with London interbank offered rates, but said that Libor is so deeply entrenched in the financial system that it cannot be easily replaced. There are no better alternatives now, and any transition to a new benchmark would be difficult, he said. ...
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British watchdog seeks to mend Libor, not end it
Thu,27 Sep 2012 09:08 PM PDT
Reuters -  LONDON (Reuters) - Britain's top financial watchdog, in a much-awaited reform of benchmark interest rates that have been plagued by scandal, outlined a 10-point plan to fix Libor but stopped short of scrapping the rates. Martin Wheatley, head of the Financial Services Authority, acknowledged problems with London interbank offered rates, but said that Libor is so deeply entrenched in the financial system that it cannot be easily replaced. There are no better alternatives now, and any transition to a new benchmark would be difficult, he said. ...
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F&N shareholders back sale of Tiger beer maker to Heineken
Thu,27 Sep 2012 08:33 PM PDT
Reuters -  SINGAPORE (Reuters) - Shareholders of Fraser and Neave Ltd (F&N) voted in favor of selling the Singapore conglomerate's beer business, Asia Pacific Breweries Ltd (APB) , to Heineken NV in a $6.3 billion deal. Shareholders did not approve a capital reduction plan by F&N's board. The plan to use the proceeds of the Heineken deal to pay out S$4 billion ($3.3 billion) to shareholders needed 75 percent support but got backing from only 54.3 percent. ...
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Russian metals moguls settle RUSAL stake spat
Thu,27 Sep 2012 07:31 PM PDT
Reuters -  LONDON/MOSCOW (Reuters) - Russian billionaires Oleg Deripaska and Michael Cherney reached an 11th-hour settlement in a dispute over a billion dollar slice of aluminum giant RUSAL , shortly before they were due to give evidence in a drawn-out London court case. The case, which had been expected to run well into 2013, was due to dwell on allegations of broken promises, criminality and mob rule while shining a light on the murky carve-up of lucrative smelters in the 'wild east' of post-Soviet Siberia. "Mr. Deripaska announces that Mr. ...
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Transocean served with Brazil drilling injunction
Thu,27 Sep 2012 07:29 PM PDT
Reuters - (Reuters) - Transocean Ltd said on Thursday it was served with a preliminary injunction by a federal court in Brazil that would require the drilling contractor's nine rigs operating in waters off the country to cease operations in 30 days. The ban stems from an oil spill last November in an offshore field operated by Chevron Corp at a well drilled with a Transocean rig. The eight other Transocean rigs in Brazil work for Petrobras , including seven contracted to the state-led oil company and another subcontracted from BP . ... Full Story | Top |
Chevron pays $17.3 million Brazil fine for November spill
Thu,27 Sep 2012 07:28 PM PDT
Reuters -  RIO DE JANEIRO (Reuters) - Chevron Corp , the second-largest U.S. oil company, paid a 35.1 million real ($17.3 million) fine levied by Brazil's petroleum regulator for irregularities related to a November oil spill, the regulator said in a statement on Thursday. Chevron received a 30 percent discount on the 35.1 million real charge because it paid promptly and did not challenge the 24 violations found by the regulator, the ANP, in its operations in the Frade Field northeast of Rio de Janeiro, the ANP said. The discount, allowed under Brazilian law, would reduce Chevron's bill to about 24. ...
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Germany, France may seek combined 27 percent stake in EADS-BAE: report
Thu,27 Sep 2012 07:25 PM PDT
Reuters - BERLIN (Reuters) - Germany and France may seek a combined 27 percent stake in a company to be formed from a planned merger of European aerospace group EADS and British defense contractor BAE Systems Plc , but Britain would be opposed, the Financial Times Deutschland said. The stake would create a shareholder counterweight with the power to block decisions by the management of the new company, the newspaper said, citing sources familiar with the matter, in an article due to appear in its Friday edition. ... Full Story | Top |
Exclusive: Groupon reshuffles execs, seeks to fix Europe business
Thu,27 Sep 2012 07:23 PM PDT
Reuters -  (Reuters) - Groupon Inc , the world's largest online daily deals provider, is reshuffling senior management roles in an attempt to fix its struggling European business -- a shake-up that will also include the departure of its chief of international business. According to an internal memo obtained by Reuters, Chris Muhr, SVP of sales, will now head the Europe, Middle East and Africa region, while Veit Dengler, SVP International, will be leaving the company. The memo did not give any reason for Dengler's departure. ...
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WaMu appraisal company settles with New York
Thu,27 Sep 2012 06:21 PM PDT
Reuters - NEW YORK (Reuters) - A company accused of inflating home appraisals under pressure from Washington Mutual Inc before the housing crisis agreed to pay $7.8 million on Thursday to settle with the New York attorney general. EAppraiseIT, a unit of CoreLogic Inc , resolved the charges with New York Attorney General Eric Schneiderman while on trial. The case, filed in New York state court in 2007, is one of the few related to the housing meltdown that the government has brought to trial. The trial was in recess when the settlement was reached. ... Full Story | Top |
RIM surprises with cash boost and resilient sales; shares surge
Thu,27 Sep 2012 06:17 PM PDT
Reuters -  TORONTO (Reuters) - Research In Motion Ltd reported a narrower-than-expected loss on Thursday and the struggling BlackBerry maker bolstered its cash reserves, sparking optimism ahead of the launch of its make-or-break line of next-generation smartphones. Shares of RIM surged 20 percent in after-hours trade on indications the company will have plenty of cash to ramp up production of its new BlackBerry 10 devices and mount a robust marketing campaign for the revamped line, due in early 2013. ...
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South Korean pilots visit Boeing, Lockheed jet fighter plants
Thu,27 Sep 2012 05:37 PM PDT
Reuters - WASHINGTON (Reuters) - South Korean test pilots are visiting Lockheed Martin Corp's F-35 plant in Fort Worth, Texas, this week after a similar trip this month to Boeing Co's F-15 plant in St. Louis amid signs that Seoul will delay a decision in its $7 billion-plus fighter competition until early 2013. Lockheed spokesman Mike Rein said South Korean officials were evaluating the F-35 Joint Strike Fighter proposal submitted by Lockheed in South Korea's 8.3 trillion won competition for 60 new fighter planes. He gave no further details. ... Full Story | Top |
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