Business News as of Mar 10, 2010
Swaps Are Under Fire
Wed, 10 Mar 2010 05:45:26 EST
Momentum is building for stricter oversight of derivatives trading, as a top U.S. regulator recommended new limits on credit-default swaps and European leaders pushed for a ban on speculative bets against government debt.
Ingersoll Bars Units From Iran Sales
Tue, 09 Mar 2010 23:26:38 EST
Ingersoll-Rand said it has prohibited non-U.S. subsidiaries from selling products to customers in Iran, following similar moves by Caterpillar, GE and Siemens.
Prius Tale Prompts New Probe
Wed, 10 Mar 2010 03:33:31 EST
Toyota and federal investigators probed the latest report of sudden acceleration, a dramatic incident on a California highway that ricocheted around the Internet.
More Wires in Galleon Case
Wed, 10 Mar 2010 05:43:33 EST
Prosecutors equipped several cooperating witnesses with recording devices to try to obtain information about targets in the Galleon insider-trading probe.
BofA Ends Some Overdraft Fees
Wed, 10 Mar 2010 05:44:30 EST
Bank of America plans to announce that it is eliminating $35 overdraft fees on debit-card purchases as the bank tries to stay ahead of a sweeping round of regulations.
ILFC Debt Draws Strong Demand
Tue, 09 Mar 2010 21:58:31 EST
A $1.3 billion loan offering from International Lease Finance Corp. has met with strong investor demand, which will enable the aircraft-leasing unit of AIG raise fresh funds to repay some of its maturing debt.
Studio Creditors' Plan B
Tue, 09 Mar 2010 20:03:59 EST
Metro-Goldwyn-Mayer creditors are signaling that they would rather convert their debt to equity than sell for an unsatisfactory price.
Munich Re's Net Profit Soars
Wed, 10 Mar 2010 03:57:02 EST
Munich Re said fourth-quarter net profit surged due to lower claims for natural disasters, an improved investment result and higher premium income.
AIG's Rankings Will Hit Pay
Wed, 10 Mar 2010 03:40:49 EST
American International Group is basing bonuses and incentive pay on its new "forced ranking" system that measures the performances of about 10,000 employees.
China Mobile to Buy 20% of Pudong Bank
Wed, 10 Mar 2010 05:47:26 EST
China Mobile said it agreed to buy a 20% stake in Shanghai Pudong Development Bank for $5.83 billion as the mobile operator seeks to expand into mobile payment services.
Barclays on the Hunt in the U.S.
Wed, 10 Mar 2010 06:02:30 EST
The U.K. bank is seeking a retail lender that would give it more deposits and extend the presence of Barclays Capital in the U.S.
Cable Companies Petition FCC
Tue, 09 Mar 2010 23:49:15 EST
Cable operators are petitioning the FCC to prohibit broadcasters from yanking channels during fee negotiations, as happened in the recent Cablevision-Disney dispute over ABC.
Deal Close for Tullow Assets
Wed, 10 Mar 2010 06:04:39 EST
China's Cnooc and French oil major Total are each expected to acquire a third of Tullow Oil's oil assets in Uganda.
Sony Plans TV, 3-D Push
Tue, 09 Mar 2010 22:00:25 EST
The electronics giant will shift to "attack" mode by ramping up unit production and attempting to shore up market share, despite trailing rivals planning earlier 3-D models.
Fake Site Targets Madoff Victims
Tue, 09 Mar 2010 20:01:22 EST
The Securities Investor Protection Corp warned of an imposter Web site mimicking its own page to target Madoff victims.
Lindsay Lohan Sues Over TV Ad
Tue, 09 Mar 2010 23:40:39 EST
Actress Lindsay Lohan has sued an arm of E*Trade Financial, alleging the company misappropriated her name and personality in a recent TV ad.
RBS Boosts U.S. Bank Staff
Tue, 09 Mar 2010 23:05:42 EST
RBS's U.S. global banking and markets unit increased staff levels by 4% last year and plans to continue hiring, in an illustration of how insulated its transatlantic business has been from a departure of employees in the U.K.
Cathay Pacific Posts Profit
Wed, 10 Mar 2010 05:01:32 EST
Carrier swung to a $604.4 million profit in 2009, lifted by fuel hedging gains and a stake sale.
E.ON's 2009 Net Profit Surges
Wed, 10 Mar 2010 05:00:19 EST
The German utility said net profit soared last year, mainly due to disposal gains and revaluation of energy derivatives, and reiterated that it expects earnings to rise.
Shares of Bailed-Out Firms Rally
Tue, 09 Mar 2010 16:43:51 EST
Heavy trading sent shares of AIG, Citigroup, Fannie Mae and Freddie Mac soaring amid no specific news from the companies.
Rio CEO to Attend China Meeting
Wed, 10 Mar 2010 02:47:21 EST
The chief of the Anglo Australian miner, whose employees are awaiting trial on commercial spying charges in China, is scheduled to visit Beijing to attend a conference that usually attracts top Chinese officials.
Abbott to Buy Facet Biotech
Tue, 09 Mar 2010 17:31:13 EST
Abbott Labs will bulk up its product pipeline with a $722 million deal for Facet Biotech, which had rebuffed overtures from development partner Biogen Idec.
Intel Fosters Apps for Netbooks
Wed, 10 Mar 2010 00:29:01 EST
Apple's app store dominates the smart-phone space, but Intel and PC makers like Dell and Acer see a chance to use a similar software store to defend an important new market—netbooks.
GM Initiates Talks With Dealers
Tue, 09 Mar 2010 17:41:32 EST
The auto maker is contacting dealers slated to be dropped from its sales network to discuss settlement offers, an effort to avoid drawn-out arbitration with hundreds of franchise owners.
Cisco Touts Faster Web Router
Tue, 09 Mar 2010 19:01:15 EST
Cisco unveiled a piece of equipment for the core of the Internet it says can transmit three times as much data as its current hardware, though its introduction won't directly translate into faster connections for consumers.
EADS Swings to Full-Year Loss
Tue, 09 Mar 2010 19:06:34 EST
Europe's leading aerospace company said it swung to a loss in 2009 as problem contracts weighed on earnings despite solid underlying results.
Sanofi, Merck to Revive Venture
Tue, 09 Mar 2010 19:04:02 EST
The drug companies said they plan to re-form a joint venture that would be the world's largest seller of animal medications, motivated in part by growing demand for livestock and meat in emerging markets.