Wall Street ends mixed, energy shares fall
The S&P energy index fell 1.3 percent as the prospect of slowing demand for oil in China and Europe and concerns about an oversupply of oil brought Brent crude oil futures to their lowest price since May 31, 2013. Peabody Energy Corp was the biggest loser among the S&P energy names, falling 3.7 percent to $15.29. The strengthening dollar, which rose to its highest this year against the yen, was also seen as weighing on oil prices. We're just seeing energy pulling back a bit after a very big market rally and taking a bit of time to digest those gains," said Adam Sarhan, chief executive of Sarhan Capital in New York.
Tue, 02 Sep 2014 16:56:31 -0400
Home Depot says probing 'unusual activity' after data breach report
Home Depot Inc said on Tuesday it was working with law enforcement to investigate "some unusual activity" related to customer data but that it could not confirm if it had become the latest retailer to be hit by a large-scale security breach. "At this point, I can confirm that were looking into some unusual activity and we are working with our banking partners and law enforcement to investigate," Home Depot representative Paula Drake wrote in an emailed statement to Reuters. "If we confirm that a breach has occurred, we will make sure customers are notified immediately." The statement came after security website KrebsonSecurity first reported that multiple banks had seen evidence that Home Depot may be the source of stolen credit and debit cards put up for sale on underground markets. Retail customers faced a massive data breach during last year's holiday season when hackers stole at least 40 million payment card numbers and 70 million other pieces of customer data from Target Corp .
Tue, 02 Sep 2014 16:23:51 -0400
BP asks court to remove claims administrator in Gulf spill case
BP Plc asked a U.S. It was the latest legal challenge to the settlement filed by the London-based oil major, which has complained previously that Juneau has been too generous and liberal when approving claims. Juneau has said he is just applying the rules of the settlement agreement. BP originally expected the March 2012 class-action settlement to resolve economic and health claims by more than 100,000 individuals and businesses to cost $7.8 billion.
Tue, 02 Sep 2014 17:00:59 -0400
Apple says celebrity photo breach targeted, not due to its systems
By Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc said on Tuesday the online posting of intimate photos of Hollywood celebrities were targeted attacks on their iCloud accounts and that none of the cases it investigated had resulted from a direct breach of its systems. Apple's response came after the photos of Oscar-winning actress Jennifer Lawrence and other female entertainers emerged over the Labor Day Weekend. "We have discovered that certain celebrity accounts were compromised by a very targeted attack on user names, passwords and security questions, a practice that has become all too common on the Internet," Apple said in a statement. "None of the cases we have investigated has resulted from any breach in any of Apple's systems including iCloud or Find my iPhone." The breach comes as Apple prepares to launch a new iPhone next week and, more importantly, as smartphones increasingly become the repository for far more sensitive healthcare, banking and other personal data.
Tue, 02 Sep 2014 15:50:08 -0400
Boeing shares slip after first 'underperform' rating since 2009
By Alwyn Scott NEW YORK (Reuters) - Boeing Co shares slipped 1.3 percent on Tuesday after a pair of downgrades from highly ranked analysts, including one who cut the stock outlook to "underperform." The underperform rating by The Buckingham Research Group, a New York-based broker-dealer, marked the first such rating for Boeing's stock since 2009, according to data by Thomson Reuters. In 2009, Boeing was suffering from delays in bringing its 787 Dreamliner to market. Buckingham also cut its price target for Boeing shares to $101, well below the current price of over $125. Analyst Richard Safran, ranked third among 23 Boeing analysts for estimate accuracy and recommendation performance, wasn't immediately available for comment.
Tue, 02 Sep 2014 11:39:24 -0400
Abercrombie resolves CEO pay lawsuit, to tighten governance
Abercrombie & Fitch Co's board agreed to make governance changes to resolve a lawsuit objecting to its awarding longtime Chief Executive Officer Michael Jeffries more than $140 million of compensation since 2007. Abercrombie agreed to appoint a chief ethics and compliance officer, tie executive pay more closely to performance, bolster anti-corruption compliance training, and limit access to nonpublic data to Jeffries' partner and other third parties, among other provisions, court papers show. A Florida pension plan, the City of Plantation Police Officers' Employees' Retirement System, is the plaintiff. "Many lawyers try to shoot first and ask questions later," Mark Lebovitch, a partner at Bernstein, Litowitz, Berger & Grossmann representing the plaintiff, said in an interview.
Tue, 02 Sep 2014 17:05:39 -0400
Shell CEO says U.S. should export oil and embrace global markets
WASHINGTON (Reuters) - The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable. "Policy makers here in the U.S. should embrace a truly liberalized diverse and global energy market," Shell CEO Ben van Beurden told a conference on energy at Columbia University. U.S. oil and natural gas exports "would reinforce the long term future of North American energy production," significantly improve the U.S. ...
Tue, 02 Sep 2014 16:58:26 -0400
Exclusive: Deutsche Asset & Wealth Management opens Dallas office in regional shift
By Elizabeth Dilts NEW YORK (Reuters) - Deutsche Bank AG's Asset & Wealth Management division said on Tuesday it has opened a private bank in Dallas with two former JP Morgan Private Bank executives at the helm. Mark LaRoe, a 30-year industry veteran who was previously the head of JP Morgan Private Bank in Florida and most recently its senior managing director in Dallas, was hired as Deutsche Asset's managing director and head of the U.S.
Tue, 02 Sep 2014 14:50:52 -0400
Danone names new CEO as Riboud prepares for succession
By Dominique Vidalon PARIS (Reuters) - Danone said on Tuesday that Chairman and Chief Executive Franck Riboud would split his role after 18 years at the helm of the world's largest yoghurt maker, which is grappling with a series of setbacks in Asia and in Europe. Riboud, 58, who took over from his late father, Antoine Riboud, in 1996, will remain as chairman and focus on the group's long-term strategy while Emmanuel Faber, 50, the chief operating officer, will become CEO, effective Oct. 1. The change comes as Danone faces falling earnings due to weak baby food sales in Asia as a result of a health scare and sluggish dairy sales in Europe due to slow consumption and a spike in milk prices. Danone's woes recently refocused investor attention on whether the group, which competes with the much larger Nestle and Unilever , can survive on its own.
Tue, 02 Sep 2014 15:47:54 -0400
Frankfurt court bans Uber taxi services across Germany
By Eric Auchard FRANKFURT (Reuters) - A German regional court has issued a temporary injunction against Uber, the fast-growing, U.S.-based online chauffeur service which is no stranger to legal challenges from taxi-cab rivals and regulators around the globe. In its ruling, the Frankfurt Regional Court said the company could no longer offer its phone apps to connect drivers with passengers, stating that Uber's network of drivers lacked the necessary commercial licenses to pick up passengers. Uber responded in a statement that it planned to appeal the court decision and in the meantime would continue operating across Germany, a country where its customer base has grown fivefold so far this year. The court's decision raises the stakes for Uber in Germany.
Tue, 02 Sep 2014 16:53:58 -0400
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