SAC Capital pleads not guilty; reinsurance unit eyed
(Reuters) – Billionaire investor Steven A. Cohen’s hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as questions also surfaced about the future of SAC Capital’s Bermuda-based reinsurance unit, SAC Re.
Wall St. wipes out losses late to end with slim gain
NEW YORK (Reuters) – Stocks erased losses late in Friday’s session to close slightly higher on investors’ optimism about the likelihood that the Federal Reserve will keep its easy money policy in play a while longer.
U.S. chief executives can’t break cost-cutting habit
(Reuters) – A disconcerting trend lurks beneath the recent round of solid profit forecasts announced by companies ranging from United Technologies Corp to Wendy’s Co : More than three years into the recovery, CEOs are still relying on cost cuts to prop…
FAA seeks $2.75 million quality control penalty for Boeing unit
WASHINGTON (Reuters) – The Federal Aviation Administration on Friday said it proposed penalizing Boeing’s commercial airplane unit $2.75 million for taking nearly two years to fix a problem with fasteners on its 777 widebody airplanes.
GM fires several employees after probe into Tavera recall
DETROIT (Reuters) – General Motors Co fired several employees after an internal probe into a recent recall of its Chevrolet Tavera sport-utility vehicle in India uncovered “violations of company policy,” the U.S. automaker said on Friday.
JPMorgan to quit physical commodity trade amid scrutiny
NEW YORK (Reuters) – JP Morgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under intense political and regulatory pressure.
Halliburton plea may help BP in spill liability battle
(Reuters) – BP Plc appeared to gain an edge in the battle over liability for the 2010 Gulf of Mexico spill on Friday, after Halliburton abandoned one of its arguments that tried to paint the British oil company as unconcerned about well safety.
Activision to spread its wings after Vivendi sale: CEO
SAN FRANCISCO (Reuters) – Activision Blizzard Inc’s CEO, who is shelling out $50 million of his own money in an $8.2 billion deal to buy back most of Vivendi’s stake, said the world’s largest video game publisher will be freer to pursue acquisitions an…
Qatar grounds a 787 as glitches pile up on Boeing jet
DUBAI (Reuters) – Qatar Airways said on Friday it had taken one of its Boeing 787 Dreamliners out of service following what it described as a “minor” technical issue, as pressure mounted on the plane maker over possible new electrical problems with the…
GMAC Mortgage to pay $230 million as part of foreclosure review
WASHINGTON (Reuters) – The Federal Reserve said on Friday that GMAC Mortgage will make $230 million in cash payments to borrowers, in a move that will end an independent, case-by-case review of potentially flawed foreclosures.
