FedEx second-quarter profit misses estimate; offers holiday optimism
(Reuters) – FedEx Corp posted a 14 percent rise in quarterly profit on Wednesday on stronger margins and cost cuts, but results missed Wall Street estimates, which overshadowed the company’s confident forecast for the holiday shopping season.
U.S. mortgage guarantee fee changes to hike borrowing costs in 2014
WASHINGTON (Reuters) – Many U.S. homebuyers will likely pay more for mortgages next year due to a new policy established by the U.S. housing finance regulator that is raising the fees on government-backed loans.
Civil aviation seen leading U.S. aerospace growth next year
WASHINGTON (Reuters) – The U.S. aerospace and defense industry expects sales to grow modestly in 2014, helped by the civilian sector, after a relatively flat performance in 2013 under the shadow of budget cutbacks, the industry’s chief trade group said…
Ex-BP engineer found guilty in Gulf of Mexico spill case
NEW ORLEANS (Reuters) – An engineer charged in connection with the 2010 BP oil well blowout in the Gulf of Mexico was found guilty of one count of obstructing justice by a federal jury on Wednesday, officials said.
No prison for former JPMorgan exec in muni bond bid-rigging case
NEW YORK (Reuters) – A former JPMorgan Chase & Co vice president received no prison time on Wednesday after pleading guilty and cooperating with authorities investigating bid rigging and fraud schemes related to investment contracts for municipal bond proceeds.
Ford says profit to slow a gear in 2014; shares slump
NEW YORK (Reuters) – Ford Motor Co warned Wednesday that the cost of launching new vehicles and a deteriorating Venezuelan economy would dent its profit next year, news that sent shares of the No. 2 U.S. automaker down 7 percent in afternoon trading.
Former Anglo Irish bank granted U.S. creditor protection
DUBLIN (Reuters) – The liquidation vehicle for Ireland’s failed Anglo Irish Bank has been granted bankruptcy protection in the United States, it said on Wednesday.
Three French Total refineries extend strike action: union
PARIS (Reuters) – A strike at three of Total’s five French refineries entered its 6th day on Wednesday, with a majority of their production units now closed, as unions sought concessions to end the wage dispute, CGT union officials said.
New Jersey sues Credit Suisse over mortgage securities
(Reuters) – The New Jersey attorney general sued a unit of Swiss bank Credit Suisse Group AG on Wednesday and accused it of misrepresenting the risks on more than $10 billion in securities backed by home loans.
RBS names revamp specialist to oversee bad bank, flotations
LONDON (Reuters) – Royal Bank of Scotland has named Rory Cullinan, who led the drive to cut back the bank’s risky loans, to run its new “bad bank” and manage the stock market flotations for its U.S. bank Citizens and its William & Glyns network of branches.
