| S&P, Nasdaq dip as Apple weighs Posted: 14 Jan 2013 08:36 AM PST  NEW YORK (Reuters) - Wall Street slipped on Monday, weighed down by shares of Apple in the face of demand concerns, while investors faced a busy week for earnings in what is expected to be a lackluster quarter. Apple lost 2.8 percent to $505.84 as the biggest drag on both the S&P 500 and Nasdaq 100 indexes after reports that the tech company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock earlier hit a session low of $498.51, the first dip below $500 since February 16. ...
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| Insight: How SandRidge Energy's CEO adapted the Chesapeake playbook Posted: 14 Jan 2013 02:28 AM PST  (Reuters) - For 17 years, Tom Ward and Aubrey McClendon teamed up to build Chesapeake Energy Corp into the second-largest natural gas producer in the United States. The two Oklahoma City energy men were a study in contrasts. CEO McClendon was brash and aggressive; company president Ward came across as steady and soft-spoken. When Ward left in 2006 to start his own natural-gas company a few miles away, however, he borrowed from the Chesapeake playbook. At SandRidge Energy Inc, Ward adopted some of the same idiosyncratic business practices deployed by McClendon. ...
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| TNT slumps as UPS pulls bid on EU veto Posted: 14 Jan 2013 09:21 AM PST  AMSTERDAM (Reuters) - UPS is dropping its $7-billion bid for Dutch delivery firm TNT Express after European anti-trust regulators said they would veto it, leaving TNT's future in doubt and almost halving the value of its shares. Shares in U.S.-based United Parcel Service Inc gained 1.2 percent on Monday after the world leader in the sector said in a statement that European Union officials told it the EU executive Commission would veto the deal. An EU source confirmed that and said the decision could be made public as early as next week. ...
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| When Goldman's new CFO talks, insiders listen Posted: 14 Jan 2013 07:42 AM PST  (Reuters) - In 2004, Harvey Schwartz, who was then head of the financing business at Goldman Sachs Group Inc's investment bank, came up with a new way for the bank to make money from a seemingly mundane activity: helping companies buy back their shares. He created a product that could save companies money by getting them improved pricing on buybacks while generating fees and trading profits for the bank. ...
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| GM CEO says Opel not for sale Posted: 14 Jan 2013 06:08 AM PST  (Reuters) - General Motors CEO reiterated its Opel unit was not for sale, following a French media report that PSA Peugeot Citroen could take over the troubled European arm of the U.S. automaker. "Opel is not for sale," CEO Dan Akerson told reporters at the Detroit auto show. "It's not to be given away either." Peugeot could take over Opel with backing from GM and the French state under an option currently being looked at, newspaper La Tribune reported earlier on Monday. ...
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| Barclays, Deutsche Bank to cut pay up to 20 percent: sources Posted: 14 Jan 2013 08:59 AM PST  FRANKFURT/NEW YORK (Reuters) - Barclays and Deutsche Bank will take a knife to bonuses for investment bankers in the coming weeks as they seek to tackle high costs, people familiar with the matter said. Britain's Barclays is finalizing bonuses for last year and overall 2012 compensation for investment bankers will fall by between 10 percent and 20 percent on average, two sources said. New Barclays CEO Antony Jenkins is revamping the bank and has pledged to cut pay to lift returns for investors. ...
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| Apple cuts orders for iPhone 5 parts on weak demand: Nikkei Posted: 14 Jan 2013 08:46 AM PST  (Reuters) - Apple Inc has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand, the Nikkei reported on Monday, in a further sign the U.S. firm is losing ground to Asian smartphone rivals. Shares of the Cupertino, California-based company fell more than 4 percent to $498.20 before the bell on Monday. They closed at $520.30 on Friday on the Nasdaq. The news also dragged shares of Apple suppliers such as Cirrus Logic Inc and Qualcomm Inc. ...
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| Apollo Global not planning HMV takeover: source Posted: 14 Jan 2013 08:24 AM PST LONDON (Reuters) - Private equity firm Apollo Global Management LLC is not planning a takeover of HMV after buying some of the struggling British entertainment retailer's debt, a source familiar with the situation told Reuters. HMV has struggled in declining music, DVD and games markets and in December warned that a poor start to vital Christmas trading meant a breach of its banking agreements was likely - a situation that would leave it at the hands of its lenders. ... |
| Peregrine Financial's ex-CEO faces sentencing on January 31 Posted: 14 Jan 2013 08:25 AM PST  (Reuters) - Peregrine Financial Group's former chief executive, who pleaded guilty to embezzling more than $100 million from customers of his futures brokerage, will be sentenced on January 31, according to court documents filed on Monday. Russell Wasendorf Sr., 64, who founded the now-defunct firm, faces a potential maximum sentence of 50 years in prison after pleading guilty in September to mail fraud, lying to regulators and embezzling customer money. Wasendorf has been awaiting sentencing in a jail in Iowa, where Peregrine Financial was based. The January 31 hearing is in U.S. ...
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| Japan to probe JAL Dreamliner fuel leaks Posted: 14 Jan 2013 03:14 AM PST  TOKYO (Reuters) - Japan's transport ministry has launched an investigation into what caused two fuel leaks on a Boeing Co 787 Dreamliner jet owned by Japan Airlines Co , just days after U.S. authorities began a wide-ranging review of the aircraft in the wake of a series of incidents, including a battery fire. Over the weekend, the JAL-operated jet, which was undergoing checks in Japan following a fuel leak at Boston airport in the United States last week, again leaked fuel during tests. Both leaks were due to separate valve-related problems. ...
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| Toyota retakes global auto sales crown from GM Posted: 14 Jan 2013 08:22 AM PST  DETROIT (AP) — Toyota has once again dethroned General Motors as the world's top-selling automaker.
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| UPS abandons $6.9 billion takeover for TNT Express Posted: 14 Jan 2013 09:20 AM PST  AMSTERDAM (AP) — Shares in package delivery company TNT Express NV lost almost half their value Monday after that United Parcel Service Inc. had decided to ditch its €5.2 billion ($6.9 billion) takeover of the struggling Dutch company, citing objections from European regulators.
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| Stocks mixed on Wall Street; Apple slides Posted: 14 Jan 2013 08:52 AM PST  NEW YORK (AP) — Stocks were mixed on Wall Street, with the Standard & Poor's 500 sliding further below a five-year high it reached last week. Apple tumbled on concern that demand for the iPhone 5 is waning.
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| Apple shares fall on report of parts orders cuts Posted: 14 Jan 2013 07:50 AM PST NEW YORK (AP) — Apple shares are down 4 percent in morning trading, putting them below the $500 mark for the first time since February. |
| Coca-Cola to address obesity for first time in ads Posted: 14 Jan 2013 08:44 AM PST NEW YORK (AP) — Coca-Cola became one of the world's most powerful brands by equating its soft drinks with happiness. Now it's taking to the airwaves for the first time to address a growing cloud over the industry: obesity. |
| Chicago-area RTA: United running 'sham' business Posted: 14 Jan 2013 08:54 AM PST  CHICAGO (AP) — A transportation agency has filed a lawsuit alleging that United Airlines is falsely claiming to buy jet fuel out of an office in rural Illinois to avoid paying tens of millions of taxes in Chicago, where it says the purchases are actually being made.
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| Oil down slightly; traders await US reports Posted: 14 Jan 2013 09:13 AM PST NEW YORK (AP) — The price of oil is staying right where it's been most of the year — in the vicinity of $93 per barrel. |
| Swatch in $1 billion deal for Harry Winston brand Posted: 14 Jan 2013 07:53 AM PST GENEVA (AP) — Switzerland's biggest watch maker, Swatch Group AG, will pay about $1 billion to acquire Canada's Harry Winston watch and jewelry brand, officials from both companies said Monday. |
| Samsung sells 100 million Galaxy S smartphones Posted: 14 Jan 2013 12:56 AM PST SEOUL, South Korea (AP) — Samsung Electronics Co. said Monday that global sales of its Galaxy S smartphones surpassed 100 million units since the first model in the series was released less than three years ago. |
| Jeep in talks to build some vehicles in China Posted: 14 Jan 2013 08:27 AM PST  DETROIT (AP) — The head of Chrysler LLC's Jeep brand says the company is in talks to build some of its vehicles in China for that market.
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