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| Boeing boosts contract offer for engineering union Friday, Jan 11, 2013 10:10 PM PST NEW YORK (Reuters) - Boeing Co made a revised offer to the union representing its 23,000 engineering employees on Friday. The improved offer came on the same day the U.S. government ordered a review of the firm's 787 Dreamliner following a string of mechanical and electrical problems. Boeing and the union are meeting this week to renew a contract that expired in November. Federal mediators joined the talks in December after the talks appeared at an impasse. ... Full Story | Top |
| BofA director settlement over Merrill triples to $62.5 million - source Friday, Jan 11, 2013 06:08 PM PST  (Reuters) - Bank of America Corp directors have reached a $62.5 million settlement to resolve investor claims over the bank's acquisition of Merrill Lynch & Co, a person familiar with the matter said, after a federal judge expressed reservations about an earlier version of the accord. U.S. District Judge Kevin Castel in Manhattan on Friday agreed to increase the size of the settlement from $20 million, the person said. This came after Castel had indicated in a January 4 order that he had yet to be persuaded of the fairness of the settlement, which also includes governance reforms. ... Full Story | Top |
| AIG sues NY Fed over right to sue Bank of America, others Friday, Jan 11, 2013 06:03 PM PST  NEW YORK (Reuters) - American International Group Inc has filed a lawsuit against a vehicle created by the Federal Reserve Bank of New York to help bail out the insurer, in a bid to preserve its right to sue Bank of America Corp and other issuers of mortgage debt that went sour. The complaint filed in the New York State Supreme Court in Manhattan seeks a declaration that AIG has not transferred billions of dollars of "litigation claims" to Maiden Lane II, including many related to the insurer's $10 billion lawsuit against Bank of America. ... Full Story | Top |
| Flowers Foods to buy some Hostess brands for $390 million Friday, Jan 11, 2013 05:22 PM PST  (Reuters) - Flowers Foods Inc on Friday said it has agreed to buy Wonder and other well-known bread brands from Hostess Brands Inc for $390 million, as part of the latter company's bankruptcy reorganization. The Thomasville, Georgia-based company said it agreed to pay $360 million for the Wonder, Butternut, Home Pride, Merita and Nature's Pride brands, as well as 20 bakeries and 38 depots. It also entered a second contract where it agreed to pay $30 million for the Beefsteak brand. Flowers already owns brands such as Cobblestone Mill, Nature's Own and Tastykake. ... Full Story | Top |
| Luxury, performance drive buzz at Detroit auto show Friday, Jan 11, 2013 04:50 PM PST  DETROIT (Reuters) - This year's Detroit auto show, which opens next week, has a decidedly "green" theme. Green as in the color of money, that is. An aura of luxury pervades many of the show's new models as automakers from Europe, Asia and the Motor City itself strive to bring more affluent consumers into showrooms. Whether one seeks a sedan, coupe or crossover, pricy new choices are not in short supply. A familiar companion to luxury is performance. Exuding both traits is a hometown show-stopper, the redesigned 2014 Chevrolet Corvette from General Motors Corp. ... Full Story | Top |
| Overbooked Enbridge seeks new shipper behavior Friday, Jan 11, 2013 04:15 PM PST  CALGARY, Alberta (Reuters) - Enbridge Inc wants to change how users of its Canada-United States oil pipeline network approach day-to-day operations - from delivering oil at one end to receiving it at the other - so the industry can cope with several more months of tight capacity. Overbooked pipelines on Enbridge's two-million-barrel-a-day system have played a major role in the deepening discounts for heavy crude that are pressuring the oil industry. Billions of dollars in expansions are planned but they will be gradual, with a first tranche expected by the end of March. ... Full Story | Top |
| TSX closes slightly higher; RIM rises 12.9 percent Friday, Jan 11, 2013 03:27 PM PST  TORONTO (Reuters) - Canada's main stock index rose slightly, but eked out enough of a gain to finish with its strongest close in 10 months, as a big rise in Research In Motion Ltd shares offset a decline in mining stocks. This was the fourth straight gain for the index and investors were looking ahead to next week's busy earnings schedule in the United States. "I do think that confidence is building up in the market," said Patrick Blais, director and senior investment analyst at Manulife Asset Management. ... Full Story | Top |
| Wall Street Week Ahead: Attention turns to financial earnings Friday, Jan 11, 2013 03:23 PM PST  NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street. The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets. Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. ... Full Story | Top |
| Wells Fargo profit jumps but mortgage lending slips Friday, Jan 11, 2013 03:22 PM PST  (Reuters) - Wells Fargo & Co on Friday said fourth-quarter profit rose 24 percent to a record high as the bank set aside less money to cover bad loans and made more fees from mortgages. But lending margins declined and the bank made fewer mortgage loans than in the third quarter, and its shares closed down 0.8 percent at $35.10. Wells is the first big U.S. bank to report fourth-quarter results, and its report reflects how banks are relying more on fees from mortgages and service charges to increase revenue, and less on interest income. ... Full Story | Top |
| U.S. safety chief tests "future for aviation" with 787 review Friday, Jan 11, 2013 03:15 PM PST WASHINGTON (Reuters) - When Michael Huerta joined the Federal Aviation Administration as its second-in-command in 2010, grumbles spread through the industry: This was a career transportation official but an outsider to the aerospace world. Now, Huerta is at the helm of the FAA and has been thrust into a very public review of what is seen as the future of aviation. ... Full Story | Top |
| U.S. launches safety review of 787 after recent issues Friday, Jan 11, 2013 03:15 PM PST  WASHINGTON/NEW YORK (Reuters) - The U.S. government ordered a wide-ranging review of Boeing's latest passenger jet, the 787 Dreamliner, citing concern over a fire and other recent problems but insisting the plane was still safe to fly. It was unclear how long the review will take or how much it will ultimately cost Boeing, but the company was concerned enough that it sent a top executive to a Washington press conference on the problem. Boeing shares fell 3 percent. ... Full Story | Top |
| Wall Street ends flat as rally slows, earnings eyed Friday, Jan 11, 2013 03:10 PM PST  NEW YORK (Reuters) - Stocks ended little changed on Friday as investors took a step back from buying ahead of next week's busy corporate earnings calendar. Overall earnings are expected to grow by just 1.9 percent in this season, according to Thomson Reuters data. Analysts say that, with the bar low, there's room for companies to beat expectations, and that may have contributed to the rise in stocks so far in 2013. That rally has slowed in the last few days. ... Full Story | Top |
| Global car industry sharpens U.S. focus for 2013 Friday, Jan 11, 2013 02:34 PM PST  PARIS/DETROIT (Reuters) - The U.S. car market's rebound may be slowing - but it still looks like the best bet to many of the global industry's top brass as they converge on Detroit for the 2013 auto show. With Europe in a protracted meltdown and some emerging markets flagging, the United States will increase its share of world auto sales this year even as its economy cools, analysts and executives predicted ahead of Monday's media opening. American light vehicle sales are expected to rise 4 to 7 percent with prices remaining strong, according to most estimates. That would outpace the 2. ... Full Story | Top |
| Wal-Mart's Solorzano leaves Latam CEO post Friday, Jan 11, 2013 02:28 PM PST  (Reuters) - Wal-Mart Stores Inc is replacing the chief of its Latin American unit, who had run the retailer's business in Mexico when the company reportedly began a probe into bribery allegations in the country. Eduardo Solorzano will step down as president and chief executive of the unit, and will be succeeded by Enrique Ostale. Solorzano will remain as chairman of the board of directors at Wal-Mart de Mexico , the Mexican unit of the world's largest retailer, Wal-Mart said on Friday. ... Full Story | Top |
| Hartford Financial CEO's brain tumor surgery successful Friday, Jan 11, 2013 02:19 PM PST (Reuters) - Hartford Financial Services Group Inc said Chief Executive Liam McGee underwent a successful brain surgery to remove a small tumor. McGee, 57, had displayed no symptoms previously, and post-surgical tests indicated that he was cancer-free, the insurance company said. "In an abundance of caution, the doctors and I have agreed on a low-dose chemotherapy and radiation treatment and we expect minimal side effects," McGee said in a statement. McGee, who was working from home, will return to office on Monday. The company declined to provide additional details on the surgery. ... Full Story | Top |
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