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| CA-BUSINESS Summary Friday, Mar 29, 2013 12:35 AM PDT Record Wall Street boosts sentiment, U.S. holds key in Q2 TOKYO (Reuters) - Whether the world's largest economy can sustain momentum will be a primary focus for investors for the next three months after a general recovery trend in the United States helped risk sentiment for broad markets in the first quarter of 2013. Asian shares edged higher and the euro steadied on Friday after banks in Cyprus reopened to relative calm. Overall trade was subdued, with many Asian markets, including Australia, Singapore and Hong Kong, closed on Friday for Easter holidays. ... Full Story | Top |
| Commission considers good and bad of British banking Friday, Mar 29, 2013 12:35 AM PDT  By Matt Scuffham LONDON (Reuters) - The Archbishop of Canterbury has spent the run up to Easter contemplating the ethics of the trading floor and ways to curb greed in the City of London. Justin Welby, the spiritual leader of 80 million Anglicans, is one of an influential committee of British lawmakers looking at how to change the culture of an industry laid low by price manipulation, mis-selling and fraud. Measures to improve competition and to rein in risk-taking and proprietary trading are all being considered. ... Full Story | Top |
| Record Wall Street boosts sentiment, U.S. holds key in Q2 Thursday, Mar 28, 2013 11:59 PM PDT  By Chikako Mogi TOKYO (Reuters) - Whether the world's largest economy can sustain momentum will be a primary focus for investors for the next three months after a general recovery trend in the United States helped risk sentiment for broad markets in the first quarter of 2013. Asian shares edged higher and the euro steadied on Friday after banks in Cyprus reopened to relative calm. Overall trade was subdued, with many Asian markets, including Australia, Singapore and Hong Kong, closed on Friday for Easter holidays. European and U.S. markets will also shut for Easter Friday. ... Full Story | Top |
| Sony, Olympus delay medical venture as regulatory approval on hold Thursday, Mar 28, 2013 11:55 PM PDT  TOKYO (Reuters) - Japan's Sony Corp and Olympus Corp have again delayed the start of a joint venture to develop medical equipment because they have yet to gain approval from some regulators. "The examination by the relevant authority is taking longer than expected," the two companies said in a statement. They did not set a new date for operations to start. Plans by the Japanese companies to establish a joint venture to design and build medical devices have struggled to win approval in China, according to a source at one of the corporations familiar with the matter. ... Full Story | Top |
| Quarter of U.S. firms in China face data theft: business lobby Thursday, Mar 28, 2013 11:06 PM PDT  By Michael Martina BEIJING (Reuters) - A quarter of firms that are members of a leading U.S. business lobby in China have been victims of data theft, a report by the group said on Friday, amid growing vitriol between Beijing and Washington over the threat of cyber attacks. Twenty-six percent of members who responded to an annual survey said their proprietary data or trade secrets had been compromised or stolen from their China operations, the American Chamber of Commerce in China report said. ... Full Story | Top |
| Exclusive: Indonesia's CT Corp proposes all-cash deal for Bakrie's media unit Thursday, Mar 28, 2013 09:14 PM PDT  By Janeman Latul and Randy Fabi TANJUNG BENOA, Indonesia (Reuters) - CT Corp, one of Indonesia's emerging conglomerates, has proposed an all-cash deal for a controlling stake in media firm PT Visi Media Asia , valued at up to $1.8 billion, to strengthen its position in the media business in Southeast Asia's biggest economy. The founder and chairman of CT Corp, Chairul Tanjung, told Reuters that his firm wanted to purchase Visi Media, a unit of Indonesia's powerful Bakrie family, without any partners. "We are one of the preferred bidders. Our proposal is we want to buy it all ... ... Full Story | Top |
| Indonesia should ban all private cars from using subsidized fuel: adviser Thursday, Mar 28, 2013 09:03 PM PDT  By Randy Fabi and Janeman Latul TANJUNG BENOA, Indonesia (Reuters) - Indonesia should slap a nationwide ban on the use of subsidized fuel by the country's 11 million private cars, a move that would save the government $8.6 billion this year and erase a widening fiscal deficit, a presidential adviser said. President Susilo Bambang Yudhoyono is struggling to find a way to deal with runaway fuel subsidy costs that now account for more than 30 percent of state spending and are draining funds that should be used for much-need infrastructure in Southeast Asia's largest economy. ... Full Story | Top |
| Wall Street Week Ahead: Pullback possible after S&P's milestone Thursday, Mar 28, 2013 07:38 PM PDT  By Ryan Vlastelica NEW YORK (Reuters) - After flirting with an all-time high for three weeks, the S&P 500 posted its best closing level in history. But some strategists say Thursday's record could be a harbinger that the stock market rally is running out of steam. The S&P traded within 10 points of the all-time closing high for 13 sessions before breaking through, showing that investors need new catalysts to push firmly above resistance levels. "As the market has gone higher ... ... Full Story | Top |
| Boeing plans to cut pilot training, standards jobs in Seattle Thursday, Mar 28, 2013 06:26 PM PDT (Reuters) - Boeing Co said it plans to eliminate a group of pilot training and standards positions as part of a broader effort to relocate flight training to Miami from Seattle that has drawn criticism from the union. Boeing said the positions of 35 simulator instructors and five standards pilots are being eliminated. It said it informed the union of the change during contract talks on Thursday. ... Full Story | Top |
| Ford sued for cars, trucks that may accelerate unintentionally Thursday, Mar 28, 2013 05:29 PM PDT  By Deepa Seetharaman DETROIT (Reuters) - Ford Motor Co was sued on Thursday by 20 consumers seeking compensation from the second-largest U.S. automaker for selling vehicles over nearly a decade that they said were vulnerable to unintended acceleration. The lawsuit filed in a West Virginia federal court alleged that more than 30 models equipped with electronic throttle control system did not have in place reliable safety systems, such as a brake override system. The Ford, Lincoln and Mercury cars and trucks covered in the lawsuit were built from 2002 to 2010. ... Full Story | Top |
| US-INDUSTRY Summary Thursday, Mar 28, 2013 04:56 PM PDT Greek court rules deliberations in suit against Reuters invalid ATHENS (Reuters) - A Greek court has ruled deliberations in a lawsuit by Piraeus Bank against Reuters over a story it published were inadmissible on technical grounds. The ruling, obtained by Reuters on Thursday, also postponed deliberations against a second defendant in the case - reporter Stephen Grey who wrote the article. ... Full Story | Top |
| Rhythm & Hues asks court to let auction continue Thursday, Mar 28, 2013 04:56 PM PDT By Brent Lang and Pamela Chelin LOS ANGELES (TheWrap.com) - A California bankruptcy court judge approved Rhythm & Hues' request to allow it to continue its auction process. Brian Davidoff, an attorney for Rhythm & Hues, told Judge Neil W. Bason in a hearing Thursday that his client needed more time, because it had decided to invite a previously disqualified bidder back into the auction process. He said three bidders remain in contention for the right to the financially troubled visual-effects company behind "Life of Pi" and "Babe. ... Full Story | Top |
| Aging vehicles leave Toyota North America chief optimistic on new sales Thursday, Mar 28, 2013 04:11 PM PDT  (Adds closing stock price) By Ben Klayman NEW YORK, March 28 - Toyota Motor Corp's top North American executive voiced optimism on Thursday about the U.S. economy and said demand in the industry this year would be driven by the need for consumers to replace aging cars and trucks. Jim Lentz, newly appointed chief executive of North America, said the Japanese automaker sees U.S. industry new-car sales hitting 15.3 million this year, up from 14.5 million in 2012. Just six months ago, its 2013 forecast was for 14. ... Full Story | Top |
| U.S. judge rejects defense arguments in BNY Mellon forex case Thursday, Mar 28, 2013 04:09 PM PDT By Nate Raymond NEW YORK (Reuters) - A U.S. judge said on Thursday he was sympathetic to the U.S. government's use of a 1989 law against Bank of New York Mellon Corp in a lawsuit accusing it of overcharging clients for trading currencies The arguments before U.S. District Judge Lewis Kaplan in Manhattan were a test of the U.S. Justice Department's use of a powerful law born out of the savings-and-loan crisis. The law, known as the Financial Institutional Reform, Recovery and Enforcement Act, is at the heart of a series of civil lawsuits filed in the wake of the recent financial crisis. ... Full Story | Top |
| France's Hollande hits companies with 75 percent wealth tax Thursday, Mar 28, 2013 03:28 PM PDT  By Catherine Bremer and Nicholas Vinocur PARIS (Reuters) - French President Francois Hollande declared on Thursday that companies would have to pay a 75 percent tax on salaries over a million euros after his plan for a "super-tax" on individuals was knocked down by the constitutional court. Hollande, battling to win back support as his economic goals fall away within a year of his election, said shifting the millionaires' tax onto companies would be a way of getting the wealthiest French to contribute to ending the crisis. ... Full Story | Top |
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