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| Elan offers Tysabri dividend after Royalty approach Sunday, Mar 03, 2013 11:19 PM PST DUBLIN (Reuters) - Irish drugmaker Elan said it will give shareholders 20 percent of the royalty rights for multiple sclerosis drug Tysabri in a bid to stave off an approach for the company by U.S. investment firm Royalty Pharma . New York-based Royalty made its $6.6 billion approach last week, just two weeks after Elan announced it had sold its 50 percent interest in Tysabri for $3.25 billion plus future royalty payments to U.S. partner Biogen Idec . ... Full Story | Top |
| Insight - A casualty of the financial crisis: The corporate palace Sunday, Mar 03, 2013 11:02 PM PST  (Reuters) - In the past year, defense company SAIC Inc has shrunk the office space it either owns or leases by 306,000 square feet (28,428 sq meters), the size of about five football fields. Now, it is thinking about tearing down many of the walls at its headquarters in McLean, Virginia, replacing private offices with open-floor layouts. Fewer offices mean the same space can accommodate more people, which will help cut costs further at a time when the defense industry is facing a downturn. ... Full Story | Top |
| Rand near 1-month low, long-dated bonds hit by deficit fears Sunday, Mar 03, 2013 10:49 PM PST  JOHANNESBURG (Reuters) - South Africa's rand traded near a 1-month low against the dollar on Monday and looked set to test this year's low of 9.16, although a quiet domestic data week may provide some breathing room. The rand was at 9.0760 to the dollar at 0636 GMT, off a session low of 9.1110. The local unit hit a month low of 9.1138 on Friday. Besides vehicle sales data at 0900 GMT, this week's local calendar is empty of major numbers, which may give the rand a reprieve from the heavy selling that took it through the psychological 9.0 level on Thursday after a record trade deficit. ... Full Story | Top |
| Pratt & Whitney uncovers fraudulent engine-testing scheme: WSJ Sunday, Mar 03, 2013 10:45 PM PST (Reuters) - Pratt & Whitney, a subsidiary of United Technologies Corp , uncovered a fraudulent scheme of testing engine parts by another unit of United Tech, the Wall Street Journal reported on Monday. The investigation, which began in 2011 and hadn't been reported publicly before, "uncovered an elaborate, years-long effort to doctor metallurgical test results, so as to make certain engine forgings appear to meet extra-stringent standards when they actually fell short," the Journal said, citing Pratt officials. (http://link.reuters.com/mak46t) The U.S. ... Full Story | Top |
| Pratt & Whitney uncovers fraudulent engine-testing scheme: report Sunday, Mar 03, 2013 10:44 PM PST (Reuters) - Pratt & Whitney, a subsidiary of United Technologies Corp , uncovered a fraudulent scheme of testing engine parts by another unit of United Tech, the Wall Street Journal reported on Monday. The investigation, which began in 2011 and hadn't been reported publicly before, "uncovered an elaborate, years-long effort to doctor metallurgical test results, so as to make certain engine forgings appear to meet extra-stringent standards when they actually fell short," the Journal said, citing Pratt officials. (http://link.reuters.com/mak46t) The U.S. ... Full Story | Top |
| Wealthy homebuyers boost tax coffers Sunday, Mar 03, 2013 10:23 PM PST  LONDON (Reuters) - Britain's taxman has raised almost 50 percent more cash than it hoped for from tax increases on property transactions over the past year as London luxury residential prices continue to climb, property data showed. Britain's cash-strapped government said last March it hoped to raise 150 million pounds in the year to April from increasing stamp duty - paid by the buyer - on properties worth more than 2 million pounds , most of which are in London. ... Full Story | Top |
| Datatec to buy 2e2 European businesses for 24 mln euro Sunday, Mar 03, 2013 09:55 PM PST JOHANNESBURG (Reuters) - Datatec said on Monday its unit Logicals will buy the European businesses of 2e2 for 24 million euros in cash. The IT businesses to be bought are in Spain, Ireland, Netherlands and Channel Islands, the company said in a statement. Full Story | Top |
| Asian shares tumble; property curbs spark China sell-off Sunday, Mar 03, 2013 09:51 PM PST  TOKYO (Reuters) - A sell-off in Chinese equities dragged Asian shares down sharply on Monday, as worries about Beijing tightening its grip on the property sector compounded weak sentiment already dampened by a patchy global growth outlook. European markets are seen falling, with financial spreadbetters predicting London's FTSE 100 , Paris's CAC-40 and Frankfurt's DAX would open down as much as 0.4 percent. A 0.5 percent fall in U.S. stock futures pointed to a weak Wall Street start. The MSCI's broadest index of Asia-Pacific shares outside Japan tumbled 1.7 percent to a nine-week low. ... Full Story | Top |
| Analysis: Alfa Romeo reboot marks tough road for Fiat recovery Sunday, Mar 03, 2013 09:44 PM PST  GENEVA/DETROIT (Reuters) - Sergio Marchionne does not walk on water. Nevertheless, it may require a miracle to pull off the Fiat chief's latest gambit: Take his sporty Alfa Romeo brand global with more expensive models and triple its sales volume by 2016 - after years of losses. To add extra spice to the challenge, which takes place as European car sales plummet to 17-year-lows, the new Alfas will be built in Italy, where labor and material costs are far higher than in the United States, Asia or Eastern Europe. The plan is however about far more than the fate of the Alfa brand. ... Full Story | Top |
| BOJ nominee Kuroda sets out aggressive policy ideas Sunday, Mar 03, 2013 09:32 PM PST  TOKYO (Reuters) - The Japan government's nominee to be the next central bank governor outlined more forceful policy prescriptions on Monday to finally defeat deflation, saying he would not set any limits on the amount of cash the Bank of Japan pumps into the economy. Underlining expectations he would be an aggressive governor, Haruhiko Kuroda told lawmakers the BOJ's current policies were not powerful enough to boost inflation to 2 percent, a target he said the central bank should strive to achieve in two years. ... Full Story | Top |
| Sequestration not favored method to cut US budget deficit: survey Sunday, Mar 03, 2013 09:15 PM PST  WASHINGTON (Reuters) - A sound plan is needed to reduce the U.S. budget deficit over the next 10 years, but wholesale government spending cuts should not be the core of the program, according to a new survey of economists. The National Association for Business Economics' poll of 196 members found more than 70 percent opposed the full implementation of $85 billion in federal budget cuts known as the "sequester" that were set to start taking hold last Friday. The International Monetary Fund last week warned that the spending cuts, if fully implemented, could shave at least 0. ... Full Story | Top |
| BOJ head nominee Kuroda: want to eye 2 percent inflation in two years Sunday, Mar 03, 2013 09:07 PM PST TOKYO (Reuters) - Haruhiko Kuroda, the government's nominee for next Bank of Japan governor, said on Monday he personally wanted to pursue monetary easing on the belief that an appropriate time span for achieving 2 percent inflation would be around two years. Kuroda was cautious about any BOJ measures directly aimed at affecting currency moves, saying that maintaining currency stability was the responsibility of the government, not the central bank. Kuroda made the remarks in a confirmation hearing at the lower house of parliament. (Reporting by Leika Kihara; Editing by Shinichi Saoshiro) Full Story | Top |
| MetroPCS faces pressure to update SEC filings for T-Mobile deal Sunday, Mar 03, 2013 06:58 PM PST  NEW YORK (Reuters) - MetroPCS Communications Inc is facing pressure from a major investor, demanding that merger documents for the pending deal between MetroPCS and the Deutsche Telekom AG's unit T-Mobile USA be updated to reflect the earnings of T-Mobile. P. Schoenfeld Asset Management LP, whose holdings represent about 2 percent of MetroPCS shares, told Reuters in a statement on Sunday that the firm hoped "the company will again do the right thing and incorporate the year-end results of both MetroPCS and T-Mobile that were released this past week in their updated proxy financials. ... Full Story | Top |
| GS Yuasa says working closely with Boeing to get 787 flying Sunday, Mar 03, 2013 06:42 PM PST  TOKYO (Reuters) - GS Yuasa Corp , the Japanese maker of lithium-ion battery cells used in Boeing Co's 787 Dreamliner, said it is working closely with the U.S. company, lead battery contractor Thales SA of France and regulators to get the 787 back into the air. Its statement comes after a report in the Wall Street Journal on Thursday said the company disagreed with Boeing about what should be included in a package of measures aimed at getting the airliner back in the air. ... Full Story | Top |
| HSBC set for $23 billion profit as CEO revamp gains traction Sunday, Mar 03, 2013 04:06 PM PST  LONDON (Reuters) - HSBC is expected to announce a near $23 billion annual profit on Monday, with cost-cutting and restructuring ahead of schedule as Europe's biggest bank seeks to consign its U.S. troubles to the past. Pretax profit for 2012 is forecast at $22.7 billion, according to the average of 28 analysts polled by Reuters, up 4 percent from $21.9 billion in 2011. The range of estimates is wide, however. ... Full Story | Top |
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