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| Exclusive: Jaguar Land Rover studying full production in India - sources Friday, Mar 01, 2013 10:37 PM PST  MUMBAI/LONDON (Reuters) - Jaguar Land Rover (JLR) is investigating the potential of manufacturing cars in India, company sources said, as the British luxury carmaker looks to build on its growth in emerging markets with the help of Indian parent Tata Motors. JLR, which has ridden a wave of surging demand in China and other emerging markets to post record profits over the past year, is "actively exploring the possibility" of building cars from scratch in India, said one company source. ... Full Story | Top |
| With record highs in sight, stocks face roadblocks Friday, Mar 01, 2013 09:31 PM PST  NEW YORK (Reuters) - If Wall Street needs to climb a wall of worry, it will have plenty of opportunity next week. Major U.S. stock indexes will make another attempt at reaching all-time records, but the fitful pace that has dominated trading is likely to continue. Next Friday's unemployment report and the hefty spending cuts that look like they about to take effect will be at the forefront. The importance of whether equities can reach and sustain those highs is more than Wall Street's usual fixation on numbers with psychological significance. ... Full Story | Top |
| Anschutz could select preferred AEG buyers in few weeks: sources Friday, Mar 01, 2013 06:44 PM PST  LOS ANGELES (Reuters) - Phil Anschutz may come up with a shortlist Of potential buyers for the Anschutz Entertainment Group within weeks, as negotiations continue over the value of the billionaire's sports and real estate empire, people familiar with the bidding told Reuters on Friday. Colony Capital LLC, Guggenheim Partners LLC and Los Angeles biotech billionaire Patrick Soon-Shiong made second-round bids in February for AEG and remain in discussions about a potential deal, the people said. ... Full Story | Top |
| U.S. general's Australian outburst could undermine F-35 program Friday, Mar 01, 2013 06:32 PM PST  (Reuters) - An outburst in Australia this week by the Pentagon's chief buyer for the costly F-35 Joint Strike Fighter risks undermining the program at home and abroad, U.S. defense officials and industry experts say. At an Australian air show, Lieutenant General Christopher Bogdan accused the plane's manufacturer, Lockheed Martin Corp and engine maker Pratt & Whitney, a unit of United Technologies Corp , of trying to "squeeze every nickel" out of the U.S. government for the planes. ... Full Story | Top |
| Blackstone's Schwarzman's earnings flat in 2012; Apollo's Black gains Friday, Mar 01, 2013 06:25 PM PST  (Reuters) - The earnings of Blackstone Group LP head Stephen Schwarzman were flat in 2012 at more than $200 million, while Leon Black, the CEO at private equity rival Apollo Global Management LLC , closed in on him with a 73 percent rise in his earnings. Black's 2012 earnings rose to $180.2 million, while Schwarzman's earnings were $213.3 million, according to separate regulatory filings by the two firms on Friday. The two buyout kings saw a big rise in dividends from their stakes in the firms they founded. ... Full Story | Top |
| Penney CEO knew Martha Stewart deal stepped on Macy's toes Friday, Mar 01, 2013 04:50 PM PST  NEW YORK (Reuters) - J.C. Penney Co Inc chief Ron Johnson knew before doing a deal with Martha Stewart that it would create a conflict with rival Macy's Inc , which already had a relationship with her. Johnson testified in New York state court on Friday in proceedings brought by Macy's against his company and Martha Stewart Living Omnimedia Inc over their proposed deal. The chief executive wrung his hands as a lawyer for Macy's grilled him over an email he wrote to a board member saying Martha Stewart would have to "break" her agreement with Macy's if he was going to "pull off" a deal with ... Full Story | Top |
| Judge cuts Apple award vs Samsung, sets new damages trial Friday, Mar 01, 2013 03:59 PM PST  (Reuters) - Apple Inc had a major setback in its ongoing mobile patents battle with Samsung Electronics on Friday, as a federal judge slashed a $1.05 billion jury award by more than 40 percent and set a new trial to determine damages. Apple won the award last year against Samsung in what was the biggest and highest-profile of a number of legal trials around the world, centered on the use and alleged abuse of patents in a highly competitive mobile market. ... Full Story | Top |
| Buffett: Performance streak may end this year Friday, Mar 01, 2013 03:54 PM PST  (Reuters) - Berkshire Hathaway may end a long streak of outperforming the S&P 500 this year, Chief Executive Warren Buffett warned shareholders on Friday, even as he said he was still eagerly hunting for acquisitions to grow the ice-cream-to-insurance conglomerate. In his annual letter to investors, Buffett opened up with a caution that this year, for the first time, the growth in Berkshire's book value per share may underperform the growth in the S&P 500 when measured over a five-year period. ... Full Story | Top |
| Credit Suisse settles mortgage case with bond insurer Ambac Friday, Mar 01, 2013 03:48 PM PST  NEW YORK (Reuters) - Credit Suisse Group AG settled a lawsuit brought by bond insurer Ambac Financial Group Inc over misrepresentations on mortgage-backed securities that Ambac insured in 2007, according to court documents and a source familiar with the matter. The terms of the settlement were not made public. Ambac's lawsuit claimed Credit Suisse Securities, along with its affiliate DLJ Mortgage Capital, misled the insurer about a pool of over 2,000 home equity lines of credit with a principal balance of about $170 million. ... Full Story | Top |
| U.S. lurches into new budget crisis, spending cuts imminent Friday, Mar 01, 2013 03:34 PM PST  WASHINGTON (Reuters) - The U.S. government stumbled headlong on Friday toward spending cuts that could dampen the economy and curb military readiness, after President Barack Obama and congressional leaders failed to find an alternative budget plan. Put in place during a bout of deficit-reduction fever in 2011, the automatic cuts can only be halted by agreement between Congress and the White House. As expected, a deal proved elusive in talks on Friday, meaning that government agencies will now begin to hack a total of $85 billion from their budgets between Saturday and October 1. ... Full Story | Top |
| UBS lays off 35 senior bankers in the Americas Friday, Mar 01, 2013 03:32 PM PST  NEW YORK (Reuters) - UBS AG cut roughly a third of its Americas investment banking and capital markets group this week, including 35 senior managing directors, three sources close to the matter said. A UBS spokeswoman confirmed the layoffs of the managing directors, which occurred in the corporate client solutions group, composed of investment banking, equity capital markets and leverage finance teams. As part of the cuts in the U.S. and Canada, more than a dozen people in the San Francisco technology group were laid off, and the Swiss bank shut its Los Angeles office, one of the sources said. ... Full Story | Top |
| U.S. review gives boost to Keystone oil pipeline Friday, Mar 01, 2013 03:19 PM PST  WASHINGTON (Reuters) - The Keystone XL oil pipeline got a boost on Friday when the State Department said the project would not likely change the rate at which Canada's oil sands are developed, discounting fears it would be responsible for additional greenhouse gas emissions. The report is far from the last word on Keystone. The environmental assessment must be finalized after the public comment. Then federal agencies will have 90 days to work with the State Department to determine whether the pipeline is in the national interest. ... Full Story | Top |
| White House says it will seek "fast-track" trade authority Friday, Mar 01, 2013 03:04 PM PST  WASHINGTON (Reuters) - The White House on Friday said it would work for approval of politically contentious legislation that would ease the way for new trade deals, as it tries to wrap up talks on an Asia-Pacific free-trade agreement this year. But the brief reference to the legislation known as "trade promotion authority" in an annual report on the president's trade agenda failed to impress some key Republicans who have been pressing for action on the issue for years. ... Full Story | Top |
| Canada February auto sales slip; Big Three still robust Friday, Mar 01, 2013 02:58 PM PST  TORONTO (Reuters) - Canadian auto sales dropped a moderate 3.3 percent in February in a third straight monthly decline, according to industry data released on Friday, as a hardy appetite for Detroit's Big Three brands helped offset a setback for Japanese makers. Chrysler Canada was the top seller last month, pipping Ford of Canada by a few hundred units, although Ford posted a higher overall sales increase at 5 percent, compared with Chrysler's 2 percent. Carlos Gomes, an auto sector analyst at Scotiabank, said severe winter weather in part may have been responsible for the overall weakness. ... Full Story | Top |
| TSX falls as mining shares sink; index up for week Friday, Mar 01, 2013 02:22 PM PST  TORONTO (Reuters) - Canada's main stock index fell on Friday, as materials and energy shares followed commodity prices lower, after Washington failed to reach a deal to prevent U.S. budget cuts. There have been widespread fears that the spending cuts will weaken the economy of the United States, which is Canada's largest trading partner. The materials sector, which includes some of the world's biggest gold miners, was the largest weight on the index. Barrick Gold Corp dropped 3.4 percent to C$30.20 as bullion prices slumped. ... Full Story | Top |
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