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U.S. agency rejects Boeing protest of Northrop bomber contract
A U.S. government agency on Tuesday rejected a protest filed by Boeing Co and Lockheed Martin Corp against a multibillion-dollar bomber contract awarded to Northrop Grumman Corp by the U.S. Air Force in October. The decision by the U.S. Government Accountability Office marked another setback for Boeing, which is facing job cuts in its commercial division and a reported federal investigation into whether... [Read more]
Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade
Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output … Originally posted here: Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade Read More →
Hedge funds place bets on Morgan Stanley; some exit Valeant
NEW YORK/BOSTON (Reuters) – Top U.S. hedge fund management firms, including Dan Loeb's Third Point LLC, took new positions in Morgan Stanley during the fourth quarter, ahead of the bank's cost-cutting measures and bond-management reshuffling. Go here to see the original: Hedge funds place bets on Morgan Stanley; some exit Valeant Read More →
Obama, Southeast Asia leaders eye China and trade at California summit
President Barack Obama will press leaders from Southeast Asia to boost trade and back common goals for the South China Sea during a summit starting on Monday that the White House hopes will solidify U.S. influence in the region. Obama will also discuss curbing North Korea and plans… Go here to read the rest: Obama, Southeast Asia leaders eye China and trade at California summit Read More →
Oil edges down; weak China trade data drags
By Osamu Tsukimori TOKYO (Reuters) – Brent and U.S. crude futures edged lower on Monday as the dollar regained ground and as weak Chinese trade data stoked concerns about demand in the world's biggest energy consumer. Both benchmarks jumped more than $3 a barrel on Friday after the United Arab Emirates' energy minister was quoted as saying that OPEC members are ready to cooperate on... [Read more]
Japan economy shrinks more than expected, highlights lack of policy options
Japan's economy shrank more than expected in the final quarter of last year as consumer spending and exports slumped, adding to headaches for policymakers already wary of damage the financial market rout could inflict on a fragile recovery. The data underscores the challenges premier Shinzo Abe faces in dragging the world's third-largest economy out of stagnation, as exports to emerging... [Read more]
Burberry faces U.S. lawsuit accusing it of deceptive price tags
LONDON (Reuters) – British luxury fashion brand Burberry is to face a class action lawsuit in the United States, claiming it used misleading price tags at its outlets stores to fool shoppers into believing they were getting big bargains. The company, which specifically manufactures some of the products for its outlet stores, is accused of intentionally presenting false price information on products... [Read more]
AIG strikes deal with Icahn, avoids proxy fight
The agreement with Icahn comes just two days ahead of AIG's deadline for shareholders to submit board candidates. Sandler O'Neill & Partners LP analyst Paul Newsome said the deal does not signal the end of the tussle between AIG's management and Icahn. AIG said it agreed to nominate Paulson, a billionaire investor and president of Paulson & Co, and Samuel Merksamer Read the... [Read more]
Corporate winners of Obama budget still face long odds
By Lewis Krauskopf NEW YORK (Reuters) – Facing a hostile Congress in an election year, President Barack Obama will be hard-pressed to push through many of the proposals in his final budget as U.S… More: Corporate winners of Obama budget still face long odds Read More →
Volkswagen to offer generous compensation for U.S. customers: paper
Volkswagen will offer generous compensation packages for the roughly 600,000 U.S. owners of diesel vehicles that emit an illegal amount of emissions, the head of its claims fund told a German paper. The German car maker has still not decided whether vehicle owners will be offered cash, car buy-backs, repairs or replacement cars, Kenneth Feinberg told Frankfurter Allgemeine Sonntagszeitung. Volkswagen... [Read more]