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U.S. auto regulators played key role in GM recalls, report says
WASHINGTON (Reuters) - Federal auto safety regulators played a significant role in General Motors Co's failure to promptly report and recall cars with defective parts that led to at least 19 deaths, a congressional report said on Tuesday. The report, made public ahead of a separate hearing on Tuesday, said officials at the National Highway Traffic Safety Administration repeatedly failed to identify the potential problems with the faulty ignition switches and could have acted more quickly to catch the problem. ...
UPS to hire up to 95,000 seasonal employees for holiday season
(Reuters) - United Parcel Service Inc , the world's largest courier company, said it would hire 90,000 to 95,000 seasonal employees ahead of an expected surge in package deliveries through the holiday shopping season. The company said it was adding thousands of new or leased delivery vehicles, trailers, aircraft and portable loading aids for the period, which runs from October and through January. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Savio D'Souza)
U.S. producer prices unchanged in August
WASHINGTON (Reuters) - U.S. producer prices were flat in August, pointing to muted inflation pressures that should see the Federal Reserve in no hurry to raise interest rates. The Labor Department said on Tuesday its producer price index for final demand was unchanged as gasoline and food costs fell. Producer prices had edged up 0.1 percent in July. Economists had expected a 0.1 percent increase last month. In the 12 months through August, producer prices increased 1.8 percent after rising 1.7 percent in July. The report came as Fed officials were due to start a two-day policy meeting. ...
New global plans unveiled to crack down on corporate tax avoidance
By Tom Bergin LONDON (Reuters) - Plans for a major rewriting of international tax rules unveiled on Tuesday could eliminate structures that have allowed companies like Google Inc and Amazon.com Inc to shave billions of dollars off their tax bills. The Organisation for Economic Co-operation and Development (OECD) announced a series of measures that, if implemented by members, could stop companies from employing many commonly-used practices to shift profits into tax havens. ...
Exclusive: U.S. safety chief raps GM's 'flawed' culture on recalls
By Marilyn W. Thompson and Paul Lienert (This Sept. 15 story corrects title in second paragraph to deputy administrator from acting administrator) (Reuters) - The top U.S. auto safety regulator harshly criticized General Motors Co for not promptly reporting and recalling cars now linked to at least 19 deaths and said he has been meeting with top global automakers to develop a "new normal" for safety recalls. ...
Futures dip ahead of data, Fed eyed
NEW YORK (Reuters) - U.S. stock index futures dipped on Tuesday ahead of data on producer price inflation, with traders positioning for a Federal Reserve meeting expected to provide clues on the short term direction of U.S. interest rates. * The Labor Department's producer price index, due at 8:30 a.m. EDT, is expected to have risen 0.1 percent in August, the same as in July. * Later Tuesday, the Fed will begin a two-day policy meeting. A statement and forecasts will be released Wednesday at 2:00 p.m. EDT followed by a press conference half an hour later. * U.S. ...
Calpers dumps hedge funds citing cost, to pull $4 billion stake
By Svea Herbst-Bayliss and Barani Krishnan (Reuters) - The California Public Employees' Retirement System, the largest U.S. pension fund, said on Monday that it will pull all $4 billion it has invested in hedge funds because it finds them too costly and complicated. The $300 billion fund, known as Calpers, invests with firms including Och-Ziff Capital Management , Deepak Narula's Metacapital Management and Bain Capital's Brookside Capital and plans to pull the money out over the next year. The fund will also exit from fund-of-funds Pacific Alternative Asset Management Co and Rock Creek Group. ...
Allergan reaches truce with suitors on special shareholder meeting
(Reuters) - Allergan Inc and its suitors Pershing Square Capital Management and Valeant Pharmaceuticals Inc settled their pending litigation before the Delaware Court of Chancery and agreed to hold a special shareholder meeting on the originally scheduled date, Dec. 18. Billionaire William Ackman's Pershing Square and Canada's Valeant sued the maker of Botox anti-wrinkle treatment last month, alleging that Allergan was trying to avoid a special meeting to give it time to find an alternative deal. Allergan subsequently set the meeting for Dec. 18. ...
Boeing-Lockheed venture said teaming with Bezos on rocket engine
WASHINGTON (Reuters) - A joint venture of Boeing Co and Lockheed Martin Corp plans to announce on Wednesday that it will team up with Blue Origin, a company run by Amazon.com Inc founder Jeff Bezos, to develop a new rocket engine, a source familiar with the plans said. Officials at Boeing and Lockheed declined comment. No comment was immediately available from Blue Origin or United Launch Alliance (ULA), the Boeing-Lockheed venture that uses Russian-built engines to power some of its rockets. ULA had sent out a request for information asking the U.S. ...
Hyundai Motor to build two new plants in China instead of one: sources
By Hyunjoo Jin and Samuel Shen SEOUL/SHANGHAI (Reuters) - South Korean automaker Hyundai Motor Co plans to build two new factories in China instead of one, two people familiar with the matter told Reuters on Tuesday. The increase is to meet the request of China's central government, which wants Hyundai to build a plant in the northeastern Hebei province as part of a development plan spanning Beijing, Tianjin and Hebei, one of the people said. ...
Europe’s startups get bootcamp booster
By Sara Ledwith AMSTERDAM (Reuters) - In the two years that Rockstart Accelerator - a private bootcamp for tech firms - has been going, it says the 20 startups it has backed have raised 15 million euros ($19 million) and created nearly 150 permanent jobs. “It’s cool to be in a startup there,” said Cralan Deutsch, a 44-year-old founder whose Rockstart-backed company has been ticking over for a decade but joined the incubator for a revamp and access to new contacts. “It used to be, I go to a party and I tell the girls I’m in a startup and they walk away – that’s changing now. ...
ECB's predicament leaves peers mute on currency depreciation
By Eva Taylor, Leika Kihara and Howard Schneider FRANKFURT/TOKYO/WASHINGTON (Reuters) - Attempts by the European Central Bank to weaken the euro have the potential to spark a currency war but policymakers across the world are keeping silent, knowing the ECB has scant alternatives to keep its economy afloat. Euro zone central bankers have spelled out the need for a weaker euro to breathe life into the bloc's economy, which flatlined in the second quarter and is flirting with deflation. ...
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