Business News

Boeing asks FAA to allow Dreamliner test flights

NEW YORK | Mon Feb 4, 2013 9:44pm EST NEW YORK (Reuters) - Boeing Co (BA.N) has asked the Federal Aviation Administration (FAA) for permission to conduct test flights of its 787 Dreamliner, suggesting the company is making progress in finding a solution to the battery problems that grounded the entire 787 fleet last month. Boeing said it has submitted an application to cond...

05 Feb 5:16 AM 0 Read More...

Yum stumbles badly in China, warns on profit

By Lisa Baertlein Mon Feb 4, 2013 8:11pm EST (Reuters) - KFC parent Yum Brands Inc (YUM.N) warned on Monday that it expects 2013 earnings to shrink rather than grow as it struggles to manage a food safety scare in China, and sees no return to growth in restaurant sales there until the fourth quarter. Yum shares fell 5.6 percent in after-hours trading, as Wall Street analysts...

05 Feb 5:16 AM 0 Read More...

Yum’s China woes slam sales and profits

By Lisa Baertlein Mon Feb 4, 2013 6:13pm EST (Reuters) – KFC parent Yum Brands Inc (YUM.N) on Monday warned that it expects 2013 earnings to shrink rather than grow, as it grapples with a food safety scare in China where it makes more than half of its overall revenue. Yum shares fell 6 percent in after-hours trading, as the news was even worse than expected by the analysts, who have largely s...

05 Feb 5:16 AM 0 Read More...

Exclusive: Foreigners’ accounts in U.S. banks eyed in tax crackdown

By Patrick Temple-West WASHINGTON |Mon Feb 4, 2013 6:59pm EST WASHINGTON (Reuters) – The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients’ accounts to those clients’ home governments, as part of a crackdown on tax evasion, sources said on Monday. In a move facing resistance from some in the U.S. banking ...

05 Feb 5:16 AM 0 Read More...

S&P 500 posts worst day since November; McGraw-Hill shares sink

By Caroline Valetkevitch NEW YORK | Mon Feb 4, 2013 5:25pm EST NEW YORK (Reuters) - Stocks slid on Monday, giving the S&P 500 its worst day since November, as renewed worries about the euro zone crisis caused the market to pull back from recent gains. Shares of McGraw-Hill (MHP.N) shed 13.8 percent to $50.30, their worst daily percentage decline since the Octobe...

05 Feb 12:16 AM 0 Read More...

Yum's China woes slam sales and profits

By Lisa Baertlein Mon Feb 4, 2013 6:13pm EST (Reuters) - KFC parent Yum Brands Inc (YUM.N) on Monday warned that it expects 2013 earnings to shrink rather than grow, as it grapples with a food safety scare in China where it makes more than half of its overall revenue. Yum shares fell 6 percent in after-hours trading, as the news was even worse than expected by the analysts, ...

05 Feb 12:16 AM 0 Read More...

S&P expects U.S. lawsuit over pre-crisis credit ratings

By Aruna Viswanatha and Jonathan Stempel Mon Feb 4, 2013 6:09pm EST (Reuters) - Standard & Poor's said it expects to be the target of a U.S. Department of Justice civil lawsuit over its mortgage bond ratings, the first federal enforcement action against a credit rating agency over alleged illegal behavior tied to the recent financial crisis. Shares of McGraw-Hill Cos, th...

05 Feb 12:16 AM 0 Read More...

Exclusive: Foreigners' accounts in U.S. banks eyed in tax crackdown

By Patrick Temple-West WASHINGTON | Mon Feb 4, 2013 6:59pm EST WASHINGTON (Reuters) - The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients' accounts to those clients' home governments, as part of a crackdown on tax evasion, sources said on Monday. In a move facing resistance from s...

05 Feb 12:16 AM 0 Read More...

J.C. Penney sues to block bondholders from declaring default

Mon Feb 4, 2013 6:58pm EST (Reuters) - J.C. Penney Co Inc (JCP.N) filed a lawsuit on Monday asking a Delaware judge to declare that it is not in a default of its bond agreements, protecting nearly $3 billion of debt from being due in the coming months. The lawsuit was filed after J.C. Penney received a letter earlier on Monday from the Brown Rudnick law, firm which said the retailer...

05 Feb 12:16 AM 0 Read More...

Wall Street retreats from five-year high

By Angela Moon NEW YORK | Mon Feb 4, 2013 1:24pm EST NEW YORK (Reuters) - Stocks fell on Monday after a disappointing report on factory orders, retreating from gains in the prior session that left the S&P 500 at a five-year high and the Dow above 14,000. Investors also grew wary on political uncertainty in the euro zone, leading to a sharp rise in Spanish govern...

04 Feb 7:11 PM 0 Read More...