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| Japan 787 battery investigators look to latest overheating for clues to earlier meltdown Tuesday, Jan 28, 2014 11:09 PM PST  Japanese investigators probing a lithium-ion battery meltdown on a Boeing Co 787 jetliner a year ago are looking at a battery that overheated on a Dreamliner in Tokyo this month to help unlock the cause of the earlier fire, an official from the Japan Transport Safety Board said on Wednesday. The incident on board an ANA Holdings 787 a year ago left the battery charred and deformed, destroying evidence that would have pointed to a cause. The latest event on a parked Japan Airlines in a redesigned battery packed with insulation destroyed only one of eight cells. "The remaining seven cells are untouched, and I think that is where the investigation will focus," Masahiro Kudo, the lead investigator on the ANA battery said during a press briefing. Full Story | Top |
| Buffett-backed Chinese automaker BYD settles U.S. wage dispute Tuesday, Jan 28, 2014 10:56 PM PST  China's BYD Co Ltd said it has agreed to pay a fine to settle a California case over wage payments - a case that had put the Warren Buffet-backed automaker's labor practices under the spotlight. Last October, BYD was accused of failing to pay five Chinese workers temporarily working in the United States the required minimum wage of $8 per hour. BYD said that its hearing with California's Labor Commissioner's office will continue on two other matters - the alleged omission of information on employees' check stubs and the alleged denial of flexibility on rest breaks for eight employees. The dispute highlights potential obstacles Chinese companies face as they begin to make inroads in mature markets like the United States and Europe where they are under more stringent industrial laws and regulations. Full Story | Top |
| Exclusive: U.S. banking regulator, fearing loan bubble, warns funds Tuesday, Jan 28, 2014 10:53 PM PST  A U.S. bank regulator is warning about the dangers of banks and alternative asset managers working together to do risky deals and get around rules amid concerns about a possible bubble in junk-rated loans to companies. The Office of the Comptroller of the Currency has already told banks to avoid some of the riskiest junk loans to companies, but is alarmed that banks may still do such deals by sharing some of the risk with asset managers. "We do not see any benefit to banks working with alternative asset managers or shadow banks to skirt the regulation and continue to have weak deals flooding markets," said Martin Pfinsgraff, senior deputy comptroller for large bank supervision at the OCC, in a statement in response to questions from Reuters. Among the investors in alternative asset managers are pension funds that have funding issues of their own, he said. Full Story | Top |
| At the White House, the State of the Union is #social Tuesday, Jan 28, 2014 10:49 PM PST By Roberta Rampton WASHINGTON (Reuters) - High school teacher Jason Knoll came to the White House on Tuesday from Madison, Wisconsin, on a mission: to show his students that tweets can be used for "more than selfies at the mall," and that political Twitter can transcend petty snark. They paid their own way to sit in a darkened White House auditorium, far from the pomp of President Barack Obama's speech on Capitol Hill - but close enough to experience the moment. But the barrage of tweets from the "State of the Union Social" - a central part of the White House social media strategy for the speech - rolled down the computer screen like a blur on hashtag #SOTUSocial. "Lots of 'hard work and responsibility can make dreams come true' in speech so far," Knoll tweeted, saying he wished Obama would focus more on foreign policy. Full Story | Top |
| U.S. should consider re-design of missile defense system: report Tuesday, Jan 28, 2014 10:45 PM PST By Andrea Shalal-Esa WASHINGTON (Reuters) - The U.S. Missile Defense Agency should consider redesigning a key part of its ground-based missile defense system after a series of test failures in recent years, the Pentagon's chief arms tester said in a new report due to be released Wednesday. "The flight test failures that have occurred during the past three years raise questions regarding the robustness of the Exoatmospheric Kill Vehicle (EKV)," said the report, referring to the Raytheon Co-built part of the rocket used to hit enemy missiles and destroy them on impact. Michael Gilmore, the Pentagon's director of operational test and evaluation (DOT&E), said the agency should redo the intercept test that failed last July and consider whether to redesign the "kill vehicle" and shore it up against failure. Boeing Co manages the Pentagon's program to deal with long-range missile threats, while Raytheon and Orbital Sciences Corp build the interceptors and rockets used by the system. Full Story | Top |
| Ivory Coast rebuilds navy to ward off growing piracy threat Tuesday, Jan 28, 2014 10:41 PM PST Ivory Coast is adding around 40 new vessels to its depleted navy as it confronts a growing threat from pirates in the Gulf of Guinea, the country's defence minister said on Tuesday. Attacks on commercial vessels off the coast of oil-rich West Africa jumped by a third last year. The first known hijacking of a vessel in Ivory Coast territorial waters occurred late in 2012. "These vessels will provide security on our rivers, the lagoon and at sea," Defence Minister Paul Koffi Koffi said. Full Story | Top |
| Asia enjoys relief rally as Turkey takes bold step Tuesday, Jan 28, 2014 10:40 PM PST  By Wayne Cole SYDNEY (Reuters) - Asian markets rallied on Wednesday after Turkey stunned investors with a huge hike in interest rates, stirring hopes drastic action would short-circuit a vicious cycle of selling in emerging markets and revive risk appetite. The Aussie is often used as a proxy for hedging against stress in less liquid emerging markets. Full Story | Top |
| Cameroon's SNH sees crude output up 25 percent in 2014 Tuesday, Jan 28, 2014 10:40 PM PST Cameroon's crude oil output is expected to increase by 25 percent in 2014 compared with the previous year as production from new fields come onstream, state oil company National Hydrocarbons Corporation (SNH), said on Tuesday. The Central African country, which borders top regional crude producers such as Nigeria, Equatorial Guinea, Gabon and Congo Republic, currently pumps less than 100,000 barrels per day, far below its peak of 185,000 bpd in the mid-1980s. Full Story | Top |
| Canon says yen's slide softened blow of weak 2013 camera sales Tuesday, Jan 28, 2014 10:25 PM PST  Japanese camera and printer maker Canon Inc expects revenue to grow 3.2 percent in 2014 as it banks on the yen weakening further this year and economic conditions improving in the United States and Europe, its biggest market. Canon said revenue grew 7.2 percent in the year ended December 31, when it logged an operating profit of 337.3 billion yen for the year ended December 31, 4.1 percent higher than a year earlier. That was below expectations of an operating profit of 353.50 billion yen, the average of 23 analyst estimates, according to Thomson Reuters Starmine. Full Story | Top |
| Fed poised for $10 billion taper as Bernanke bids adieu Tuesday, Jan 28, 2014 10:02 PM PST  Turmoil in emerging markets and a month of disappointing job growth at home are unlikely to deter the Federal Reserve from trimming its bond-buying stimulus on Wednesday, as Ben Bernanke wraps up his last policy meeting at the helm of the U.S. central bank. Overall signs of improvement in the U.S. economy suggest Fed officials will stay on track to cut monthly purchases of Treasuries and mortgage-backed securities by $5 billion each, bringing the total of their monthly asset purchases to $65 billion. The meeting is Bernanke's last before Vice Chair Janet Yellen moves into the top spot. Bernanke took the Fed far into uncharted territory during his eight years on the job, building a $4 trillion balance sheet and keeping interest rates near zero for more than five years to pull the economy from its worst downturn in decades. Full Story | Top |
| China smog fears spur call for ban on New Year fireworks Tuesday, Jan 28, 2014 09:53 PM PST  Warnings of heavy smog over central and eastern China this week have prompted the country's weather forecaster to call for a ban on the fireworks traditionally let off at Lunar New Year, state media said on Wednesday. With smog expected to start blanketing central and eastern China from Thursday, Chen Zhenlin, spokesman for the China Meteorological Administration, said local governments should ban fireworks completely, the official China Daily said. Authorities, including those in Beijing, have asked people to set off fewer fireworks this year to help improve air quality, though in the capital at least there have been no moves to close down the temporary stalls that sell the fireworks. Sales of fireworks have been flat so far in Beijing, the China Daily said, as people heed the calls for clearer skies. Full Story | Top |
| Obama warns divided Congress that he will act alone Tuesday, Jan 28, 2014 09:49 PM PST  By Steve Holland WASHINGTON (Reuters) - President Barack Obama vowed on Tuesday to bypass a divided Congress and take action on his own to bolster America's middle class in a State of the Union address that he used to try to breathe new life into his second term after a troubled year. Standing in the House of Representatives chamber before lawmakers, Supreme Court justices and VIP guests, Obama declared his independence from Congress by unveiling a series of executive orders and decisions - moves likely to inflame already tense relations between the Democratic president and Republicans. While his rhetoric was high flying, Obama's actions were relatively modest, collectively amounting to an outpouring of frustration at the pace of legislative action with Republicans in control of the House of Representatives and able to slow the president's agenda. "I'm eager to work with all of you," Obama told the lawmakers gathered for the annual speech. Full Story | Top |
| Analysis: Obama offers prescription for Democrats in tough election year Tuesday, Jan 28, 2014 09:36 PM PST  By Andy Sullivan WASHINGTON (Reuters) - President Barack Obama on Tuesday offered a campaign blueprint for fellow Democrats who are facing a tough election this November: Challenge Republicans who criticize his signature healthcare law to come up with something better. The president had barely mentioned the healthcare law known as Obamacare during his previous two State of the Union addresses to the U.S. Congress. This time, Obama gave a robust defense of his signature domestic policy accomplishment in what seemed to be an effort to give Democrats who are fighting to keep their seats some ammunition to counter a blitz of Republican attacks over their support of the healthcare law. Obama made no mention of last fall's botched rollout of the healthcare program, or the disappointment of those who found that their insurance premiums had increased beyond what they could afford. Full Story | Top |
| Nasdaq's plan for cutting prices infuriates rivals Tuesday, Jan 28, 2014 09:30 PM PST  By John McCrank NEW YORK (Reuters) - Nasdaq OMX Group is pushing to cut the fees it charges big customers that trade on several of its exchanges, a move that is arousing the attention of regulators and triggering accusations from rivals that the company is seeking to stifle competition. In late October, Nasdaq told U.S. regulators that it wanted to offer cheaper trading for customers of one of its options exchanges, if their total volume of trading with all three of Nasdaq's options exchanges was substantial. Competition is fierce in the U.S. financial markets, with 12 U.S. options exchanges and 13 U.S. stock exchanges, as well as dozens of alternative trading venues. Full Story | Top |
| Obama touts 'responsible' energy development measures, climate goals Tuesday, Jan 28, 2014 09:26 PM PST By Valerie Volcovici WASHINGTON (Reuters) - President Barack Obama told lawmakers on Tuesday his energy strategy had boosted the economy and reduced carbon emissions, but he did not address the question of whether he will approve the politically charged Keystone XL oil pipeline. In his annual State of the Union address, Obama touted the role natural gas had played in cutting U.S. greenhouse gas emissions and creating jobs. "The all-of-the-above energy strategy I announced a few years ago is working, and today, America is closer to energy independence than we've been in decades," he said. Supporters say Keystone XL would create thousands of jobs and cut U.S. fuel costs by reducing the nation's reliance on oil imports from nations that are less friendly than Canada. Full Story | Top |
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