| Wall Street rises as Alcoa gives lift to earnings season Posted: 09 Jan 2013 07:26 AM PST  NEW YORK (Reuters) - Wall Street rose on Wednesday after Alcoa got the earnings season under way with better-than-expected revenue and an encouraging outlook for the year. Alcoa Inc said it expects global demand for aluminum will continue to grow in 2013, though the company kept a cautious tone as worries lingered over a looming U.S. budget confrontation. Shares of Alcoa, the largest aluminum producer in the United States, rose 0.5 percent to $9.18. Still, investors are wary about the outcome of the fourth-quarter earnings season. ...
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| AIG board meets on possible lawsuit vs. government as public rages Posted: 09 Jan 2013 07:59 AM PST  (Editors: Note questionable language in fifth paragraph) (Reuters) - The board of American International Group Inc met on Wednesday to consider a lawsuit against the U.S. government over the terms of the company's bailout, a discussion directors defended as their responsibility but one that critics condemned as the height of ingratitude. AIG is weighing whether to join a lawsuit filed by its former chief executive, Hank Greenberg, and his company Starr International, which owned 12 percent of the insurer before its rescue. ...
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| Google drops key patent claims against Microsoft Posted: 09 Jan 2013 08:44 AM PST  WASHINGTON (Reuters) - Google unit Motorola Mobility has asked a trade panel to drop two key patents from an infringement complaint that it filed against Microsoft, according to a filing at the International Trade Commission. The ITC has been considering accusations by Motorola Mobility, which has since been purchased by Google, that Microsoft infringed on its patented technology to make its popular Xbox. Google filed a motion with the ITC on Tuesday, asking that two patents be withdrawn from the case. One patent remains, according to the filing. ...
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| Dish trumps Sprint's offer for Clearwire with $2.3 billion bid Posted: 09 Jan 2013 06:22 AM PST  (Reuters) - Dish Network put in a bid for Clearwire Corp on Tuesday that trumped Sprint Nextel's $2.2 billion offer, setting the stage for a takeover battle for the wireless service provider that owns crucial mobile spectrum. Dish's $2.28 billion offer appeared to affirm the satellite television provider's ambitious plan to buy its way into the wireless services industry, on which it has already spent $3 billion acquiring much-needed capacity. ...
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| Swiss bank UBS battles against culture of arrogance Posted: 09 Jan 2013 07:20 AM PST  LONDON/ZURICH (Reuters) - Switzerland's UBS has yet to purge itself fully of the culture of arrogance that put it at the centre of a global interest rate scandal, its investment banking chief said on Wednesday. The once-venerable Swiss bank was fined a record $1.5 billion last month for manipulating Libor interest rates, the latest in a string of scandals including a $2.3 billion rogue-trading loss and a damaging tax avoidance row with the United States. ...
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| Boeing Dreamliner incidents raise safety concerns Posted: 09 Jan 2013 06:50 AM PST  NEW YORK/TOKYO (Reuters) - Boeing Co's 787 Dreamliner jet suffered a third mishap in as many days on Wednesday, heightening safety concerns after a string of setbacks for the new aircraft. Japan's All Nippon Airways said it was forced to cancel a 787 Dreamliner flight scheduled to from fly from Yamaguchi prefecture in western Japan to Tokyo due to brake problems. That followed a fuel leak on Tuesday that forced a 787 operated by Japan Airlines to cancel take-off at Boston's Logan International Airport, a day after an electrical fire on another 787 after a JAL flight to Boston from Tokyo. ...
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| Volkswagen to sever van partnership with Daimler: source Posted: 09 Jan 2013 07:44 AM PST  HAMBURG/STUTTGART (Reuters) - Volkswagen is looking to end its commercial vehicles partnership with Daimler , as VW seeks closer ties with truck subsidiary MAN , a person familiar with the plans said. Under a collaboration deal that expires in 2016, Daimler currently makes VW's Crafter van, which is largely similar to Daimler's Mercedes-Benz Sprinter model. But VW has started to develop a follow-up model by itself, the source said. "VW's commercial vehicles unit has been clearly mandated to develop a Crafter successor model," the person told Reuters. ...
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| Weak Europe takes toll on Peugeot sales Posted: 09 Jan 2013 08:36 AM PST  PARIS (Reuters) - PSA Peugeot Citroen's global car sales fell sharply in 2012 as the struggling French automaker recorded its worst European performance in years. The company's 16.5 percent drop in worldwide sales last year also reflected its withdrawal from Iran. The car industry has been battling a sales slump in Europe, where fallout from the euro zone crisis has hit consumer demand. Peugeot's sales outside the region have not grown quickly enough to compensate. ...
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| GM aims for investment grade rating in 2013: CEO Posted: 09 Jan 2013 07:15 AM PST  DETROIT (Reuters) - General Motors Co aims to achieve an investment grade credit rating this year, the company's top executive said, adding that he wants to see all five of the automaker's business units post profits or break-even by mid-decade. Chief Executive Dan Akerson said on Wednesday that he wants GM's margins to be among the industry's best by roughly 2015, when GM has said it expects to break-even in Europe. GM is struggling to stem losses in the depressed and highly competitive European market where its Opel unit competes. ...
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| Morgan Stanley to cut 6 percent of securities unit staff: source Posted: 09 Jan 2013 08:03 AM PST  (Reuters) - Morgan Stanley plans to cut 6 percent of its institutional securities unit staff starting this week, two people familiar with the matter said on Wednesday in the latest sign of a pullback on Wall Street as revenue from trading and dealmaking remains in the doldrums. Combined with related job cuts of support staff, Morgan Stanley's workforce reduction will amount to 1,600 people, said the sources, who were not authorized to speak publicly about the matter. Morgan Stanley's institutional securities unit includes sales and trading, as well as investment banking. ...
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| AIG board weighs suing US over bailout Posted: 09 Jan 2013 12:05 AM PST  NEW YORK (AP) — AIG is considering Wednesday whether the company should join a lawsuit against the government that spent $182 billion to save it from collapse.
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| Wall Street gains as earnings flow in; Alcoa up Posted: 09 Jan 2013 08:55 AM PST  NEW YORK (AP) — Stocks are rising on Wall Street after U.S. corporate earnings reports got off to a strong start.
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| AP Exclusive: Google exec in NKorea openness call Posted: 09 Jan 2013 05:26 AM PST  PYONGYANG, North Korea (AP) — A private delegation including Google's Eric Schmidt is urging North Korea to allow more open Internet access and cellphones to benefit its citizens, the mission's leader said Wednesday in the country with some of the world's tightest controls on information.
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| Gadget Watch: Electronic fork nags you on eating Posted: 09 Jan 2013 05:19 AM PST  LAS VEGAS (AP) — If you've always wanted a fork that spies on your eating habits, you're in luck: A company has developed a utensil that records when you lift it to the mouth.
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| Chinese buyer says solar firm MiaSole will expand Posted: 09 Jan 2013 12:56 AM PST  BEIJING (AP) — The Chinese company that bought MiaSole, a California producer of thin-film solar panels, says it can make the emerging technology successful where others have suffered huge losses.
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| Governors warn Congress over debt limit Posted: 09 Jan 2013 09:09 AM PST WASHINGTON (AP) — Governors warned Congress Wednesday that lingering uncertainty over raising the nation's borrowing capacity could hinder their budgets and their ability to foster job growth in their states. |
| MGM China gets official OK for 2nd Macau casino Posted: 09 Jan 2013 04:28 AM PST  HONG KONG (AP) — The Chinese arm of U.S. casino company MGM Resorts International won official approval Wednesday for its new Macau casino-resort, putting it a step closer to catching up with rivals in the world's most lucrative gambling market.
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| Oil slips as US crude and gasoline stockpiles grow Posted: 09 Jan 2013 05:13 AM PST The price of oil slipped to around $93 a barrel Wednesday as a report of rising U.S. crude supplies outweighed a forecast for higher demand this year from aluminum giant Alcoa. |
| UN rings alarm over conditions of domestic workers Posted: 09 Jan 2013 07:15 AM PST  GENEVA (AP) — At least 52.6 million people worldwide are employed as domestic workers, most of them women vulnerable to abuse and without adequate legal protection, the U.N. said Wednesday in its first snapshot of the often invisible workforce that cares for other people's families and households.
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| Business leaders warn UK PM against leaving EU Posted: 09 Jan 2013 07:50 AM PST  LONDON (AP) — Top executives have warned U.K. Prime Minister David Cameron that he could damage Britain's economy if he seeks to renegotiate the terms of its membership of the 27-country European Union.
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