Category | Business

GM could benefit, too, from an ignition-switch victims fund

Posted on 18 April 2014

(Reuters) – If General Motors Co creates a fund to compensate victims of its faulty ignition switches, an option that a top legal adviser suggested it is exploring, the company could give up strong defenses to a wave of lawsuits. But it could stand to …

Compensation battle rages four years after BP’s U.S. oil spill

Posted on 18 April 2014

(Reuters) – Four years after the Deepwater Horizon spill, oil is still washing up on the long sandy beaches of Grand Isle, Louisiana, and some islanders are fed up with hearing from BP that the crisis is over.

Japan investment in Southeast Asia surges amid China slump

Posted on 18 April 2014

TOKYO (Reuters) – Japanese companies’ investments in Southeast Asia surged last year to almost three times the amount invested in China, after relations between Beijing and Tokyo soured in 2012 and Chinese labor costs rose, a government agency of Japan…

The robot is ready – so when will deep sea mining start?

Posted on 18 April 2014

NEWCASTLE, England/LONDON (Reuters) – The world’s first deep sea mining robot sits idle on a British factory floor, waiting to claw up high grade copper and gold from the seabed off Papua New Guinea (PNG) – when a wrangle over terms is solved.

Tech workers seek to use Steve Jobs evidence in upcoming trial on no-hire accords

Posted on 18 April 2014

SAN FRANCISCO (Reuters) – Four large technology companies should not be allowed to limit evidence about Apple Inc co-founder Steve Jobs at an upcoming trial over no-hire agreements in Silicon Valley, according to a court document filed late on Thursday…

Japan, U.S. trade talks in stalemate, ministers to meet again: Japan

Posted on 17 April 2014

WASHINGTON/TOKYO (Reuters) – U.S.-Japan talks aimed at a trade deal seen as vital to a broader regional pact are in stalemate, Japan’s economy minister said, as negotiators struggle to narrow gaps ahead of a summit between the countries’ leaders.

Wall Street Week Ahead: Spring fever brings hope for U.S. earnings

Posted on 17 April 2014

NEW YORK (Reuters) – Earnings season shifts into high gear next week, and with nearly one-third of S&P 500 names set to post results, investors hope the news provides a catalyst to buy stocks and leave the market’s recent weakness in the dust.



Apache CEO, Vermont activist build alliance on climate issues

Posted on 17 April 2014

NEW YORK (Reuters) – Steve Farris runs a $33 billion Texas oil and gas company and turns, for advice, to a bearded Vermont environmentalist.

Ford, IBM to face renewed U.S. lawsuit over apartheid-era abuses

Posted on 17 April 2014

NEW YORK (Reuters) – Ford Motor Co and IBM Corp will again have to face a U.S. lawsuit claiming they encouraged race-based human rights abuses in apartheid-era South Africa, despite a series of recent court decisions limiting the right to pursue such c…

Disney CFO projects operating income growth at cable networks

Posted on 17 April 2014

LOS ANGELES (Reuters) – Walt Disney Co’s cable networks are expected to record high single-digit growth in operating income and domestic affiliate revenue from fiscal 2014 through 2016, Chief Financial Officer Jay Rasulo told investors on Thursday.

Exclusive: GM says recalled cars safe, but has not tested for knee-bump danger

Posted on 17 April 2014

WASHINGTON (Reuters) – General Motors says that cars being recalled because of faulty ignition switches can be driven safely before repairs, based on more than 80 tests, but the automaker has not addressed a problem long known to potentially shut off t…

Lululemon CEO looks beyond yoga wear for growth

Posted on 17 April 2014

TORONTO (Reuters) – Lululemon Athletica Inc , best known for its trendy yoga wear, hopes to drive growth in coming years by expanding its range of fitness-related apparel and accelerating international plans, its newly appointed chief executive said on…

China’s new breed of whistleblowers takes on big business

Posted on 17 April 2014

SHANGHAI (Reuters) – Chinese lawyer Hao Junbo wants to make you rich if you’re a whistleblower after a bounty. For big business in China he’s a headache, part of a small but fast-growing industry built around exposing corporate wrongdoing.

Singapore no home for luxury developers as cooling measures bite

Posted on 17 April 2014

SINGAPORE (Reuters) – Luxury property developers in Singapore are facing their worst sales outlook in six years as a raft of government measures to cool one of the world’s most expensive real estate markets bite.

Retailer Michaels Stores confirms payment card data breach

Posted on 17 April 2014

(Reuters) – Michaels Stores Inc, the biggest U.S. arts and crafts retailer, on Friday confirmed that there was a breach of certain systems that process payment cards at its U.S. stores and that of its unit, Aaron Brothers.

U.S. judge declines to order ‘park it now’ notices for GM cars

Posted on 17 April 2014

(Reuters) – A federal judge on Thursday rejected a bid to compel General Motors Co to tell customers to stop driving millions of cars that have been recalled for defective ignition switches.

Ex-Goldman director Gupta to surrender June 17 in insider case

Posted on 17 April 2014

NEW YORK (Reuters) – Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading.

Ex-BP employee settles SEC insider-trading oil spill case

Posted on 17 April 2014

WASHINGTON (Reuters) – A former 20-year veteran of BP plc will pay a civil penalty to settle civil charges alleging he used non-public information during the 2010 Deepwater Horizon oil spill to commit insider-trading, U.S. regulators said on Thursday.

Monster Beverage in $16.25 million ‘channel-stuffing’ settlement

Posted on 17 April 2014

(Reuters) – Monster Beverage Corp reached a $16.25 million settlement with shareholders who said the energy drink maker defrauded them by overstating the financial benefits of a distribution arrangement with Anheuser-Busch.

Exclusive: ‘Leopard King’ Cavalli nears 450 million euro sale to Permira – sources

Posted on 17 April 2014

LONDON (Reuters) – Italian designer Roberto Cavalli is in advanced talks to sell a majority stake in his eponymous fashion house to London-based buyout firm Permira in a sale worth about 450 million euros ($621 million), four sources close to the deal …

For Goldman Sachs and Morgan Stanley, boring is beautiful

Posted on 17 April 2014

(Reuters) – Investment banks Morgan Stanley and Goldman Sachs Group Inc posted better-than-expected quarterly earnings on Thursday, helped by gains in merger advisory and stock underwriting.

Europe’s car sales upturn fails to halt price war

Posted on 17 April 2014

PARIS (Reuters) – Europe’s car sales recovery may be taking hold, according to registrations data published on Thursday, but a confidential industry survey shows the pick-up is failing to halt a price war.

Online retailers in Germany under fire over working conditions

Posted on 17 April 2014

FRANKFURT (Reuters) – Working practices at the German operations of two of Europe’s largest online retailers have come under fire this week, with more strikes at Amazon and Zalando being forced to defend its warehouse operations after a critical TV rep…

Barclays reorganizes management of investment bank

Posted on 17 April 2014

LONDON (Reuters) – Barclays announced a number of promotions in its investment bank’s management on Friday, while it continues with a review of the division that contributes about half of the group’s total profits.

Wal-Mart to launch new money transfer service

Posted on 17 April 2014

(Reuters) – Wal-Mart Stores Inc said on Thursday it was launching a new domestic money transfer service called “Walmart-2-Walmart” in partnership with Euronet Worldwide Inc subsidiary Ria Money Transfer, competing directly with Western Union Co.