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Pacific Rim free trade talks unlikely to end in deal: sources
By Ami Miyazaki and Krista Hughes LAHAINA, Hawaii (Reuters) - Talks on a Pacific Rim free-trade pact are unlikely to end in a final deal, sources involved in the talks said on Friday, with a dispute between Japan and the United States over autos, New Zealand digging in over trade in dairy products and no agreement on monopoly periods for next-generation drugs. Trade ministers from the 12 nations negotiating the Trans-Pacific Partnership, which would stretch from Japan to Chile and cover 40 percent of the world economy, delayed until 4 p.m. local time (10 p.m. ET) a news conference originally scheduled for 1:30 p.m. on the Hawaiian island of Maui. Three sources involved in the talks said a last-minute breakthrough was unlikely due to issues with dairy and auto trade and a stand-off over biologic drugs, although ministers were due to meet again shortly.
Goldman tentatively agrees to pay $270 million to settle lawsuit: source
Goldman Sachs Group Inc has tentatively agreed to pay about $270 million to settle a lawsuit by investors, according to a source familiar with the matter. Pension funds led by NECA-IBEW Health & Welfare Fund of Illinois accused the bank of misleading investors about the risks associated with mortgage securities offerings. NECA-IBEW, an electrical workers' pension fund, owned some mortgage-backed certificates underwritten by Goldman.
Only a payrolls surprise could shake stalling market
Unless next week's payrolls report is an outlier, investors should expect a continuation of the directionless market that has kept the S&P 500 trading in place for most of the year. Should July post strong job gains, it would point to an economy strong enough for the Federal Reserve to raise interest rates for the first time in almost a decade.
Yahoo buys fashion website Polyvore
(Reuters) - Yahoo Inc said on Friday it agreed to buy fashion start-up Polyvore to help drive traffic and strengthen its mobile and social offerings. Yahoo, which did not disclose terms of the deal, said Polyvore will accelerate its 'Mavens' growth strategy. The company has been focusing on four areas — mobile, video, native advertising and social — which it calls Mavens, to drive user engagement and ad sales as it battles intense competition from Google Inc and Facebook Inc .
BofA likely to hold vote this year on Moynihan chairmanship: source
Bank of America is likely to hold a shareholder vote this year to determine whether Chief Executive Brian Moynihan should be allowed to retain his title of chairman of the bank's board, a person familiar with the matter said on Friday. In October, Moynihan was named chairman in addition to CEO, a move that angered some investors. Bank of America announced just before its annual meeting in May that it would allow shareholders to hold a vote on whether Moynihan should retain the chairmanship.
Uber valued at about $51 billion after latest funding round: WSJ
(Reuters) - Online taxi-hailing company Uber Technologies Inc has closed a new round of funding that values the company at close to $51 billion, the Wall Street Journal reported, citing people familiar with the matter. Uber raised close to $1 billion in the round, bringing its total funding to more than $5 billion, WSJ reported on Friday, citing one of the people. Investors in the latest round include Microsoft Corp and the investment arm of Indian media conglomerate Bennett Coleman & Co, WSJ added.
Pacific Rim free trade talks go down to the wire
Talks on a Pacific Rim free-trade pact faced a fast-approaching deadline on Friday as trading partners aimed to wrap up a deal within hours, with issues including trade in dairy products and monopoly periods for next-generation drugs still unresolved. "We are still aiming to conclude the negotiations by the time of the news conference," Japanese Economy Minister Akira Amari said before heading into a plenary session. "Some countries are insisting on enormous demands and that's the cause of the impasse." Dairy exports are a top sticking point, with New Zealand - which has said it will not back a deal that is not good for dairy - and Australia seeking more access to Japanese, Canadian and U.S. markets.
Apple, BMW in courtship with an eye on car collaboration
By Edward Taylor and Julia Love FRANKFURT/SAN FRANCISCO (Reuters) - BMW and Apple may rekindle a courtship put on hold after an exploratory visit by executives of the world's top maker of electronic gadgets to the headquarters of the word's biggest seller of premium cars. Apple Chief Executive Tim Cook went to BMW's headquarters last year and senior Apple executives toured the carmaker's Leipzig factory to learn how it manufactures the i3 electric car, two sources familiar with the talks told Reuters. The dialogue ended without conclusion because Apple appears to want to explore developing a passenger car on its own, one of the sources said.
Uber, driver attorneys maneuver toward crucial hearing
By Dan Levine SAN FRANCISCO (Reuters) - Uber Technologies Inc [UBER.UL] is jostling with drivers suing for reimbursement of their expenses in advance of an important hearing next week in the fight over whether drivers are independent contractors or employees entitled to benefits. Three drivers sued Uber in a federal court in San Francisco, contending they are employees and entitled to reimbursement for expenses, including gas and vehicle maintenance. If allowed to proceed as a class action, the 2013 lawsuit could cover more than 160,000 California drivers and give plaintiffs leverage to negotiate a settlement.
Car hacking risk may be broader than Fiat Chrysler: U.S. regulator
The cybersecurity issues that led Fiat Chrysler Automobiles NV to recall 1.4 million vehicles this month could pose a problem for cars and trucks from other automakers, the top U.S. auto safety regulator said on Friday. Mark Rosekind, who heads the National Transportation Safety Administration, said his watchdog agency is trying to determine how many car makers received wireless components from the same company that supplied Fiat Chrysler. “The supplier didn’t just supply radios to Chrysler but to a lot of other manufacturers," Rosekind told reporters.
EU opens in-depth inquiry into Fedex's planned takeover of TNT
The European Commission said on Friday it had opened an in-depth investigation into Fedex's proposed 4.4 billion euro ($4.9 billion) takeover of Dutch rival TNT Express . The Commission, which oversees EU mergers and competition issues, said it had concerns that the merged entity would face insufficient competitive constraints in small package deliveries from the only two remaining players, UPS and DHL [DHL.UL], owned by Deutsche Post . "Many businesses, and in particular e-commerce, rely heavily on affordable and reliable small package delivery services and many consumers depend on these services to ensure rapid and safe delivery of goods they have bought," Competition Commissioner Margrethe Vestager said in a statement.
Tumbling oil prices slam profit at Exxon Mobil, Chevron
Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp , compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Earnings at Exxon and Chevron, two of the world's largest oil producers, also missed analysts' expectations, adding to concerns that perhaps executives had not acted quickly enough to mitigate the impact of an over-50-percent drop in oil prices since last summer.
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