Connect to share and comment

Retailer LL Bean keeps it in the family in naming new chairman

FREEPORT, Maine - L.L. Bean's grandson Leon Gorman is retiring as company chairman after more than 50 years as chairman or CEO, but the privately held company is keeping the position in the family. The Maine-based retailer informed employees Monday that L.L.'s great-grandson, Shawn Gorman, will be the new chairman, underscoring a commitment to family ownership.

U.S. justices rule for PPL Corp in overseas tax case

By Lawrence Hurley WASHINGTON (Reuters) - The Supreme Court on Monday ruled for utility PPL Corp <PPL.N> in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments. The court ruled on a unanimous vote that Pennsylvania-based PPL can claim $39 million in U.S. foreign tax credits against a 1997 British windfall tax.

Israel calls off UNESCO Jerusalem tour, blaming Palestinians

JERUSALEM (Reuters) - Israel said on Monday it had canceled a visit by the United Nations Educational, Scientific and Cultural Organization (UNESCO) to Jerusalem's Old City, saying the Palestinians had sought to politicize a conservation mission. No one was immediately available for comment at UNESCO's Paris headquarters. A month ago, it announced it would send experts to Jerusalem in mid-May to examine the state of conservation of the walled Old City, a World Heritage site.

Croatia Airlines pilots end seven-day strike

Croatia Airlines pilots on Monday ended a seven-day strike but cabin crew continued the walkout that the loss-making company said had cost it hundreds of thousands of euros (more than $1 million). "Croatia Airlines management and pilots' union today reached a deal according to which pilots will immediately cease the strike and continue talks on new contracts," an airline spokesman told AFP. "Direct financial damages (from the strike) are estimated at up to 6.5 million kunas (859,000 euros, $1.1 million)," spokesman Davor Janusic said.

At least three killed in Russia car blasts

At least three people were killed and nearly 50 injured on Monday in twin car blasts outside a court building in a southern Russian city in the restive region of Dagestan. The local investigative committee initially said that "within the space of a few minutes, two cars blew up. At least eight people died." The local interior ministry later revised the toll to three people killed and 44 injured -- most of them seriously.

Finnish start-up launches smartphone to rival big players

A group of ex-Nokia employees who quit over the company's decision to abandon the planned MeeGo operating system in favour of Windows presented their own smartphone on Monday, hoping to rival the sector's giants. The Jolla smartphone, which is entirely intuitive and has no buttons, is "a strong candidate" on the mid- to high-range market, the Helsinki-based company said. The model, which is so far just called Jolla, has a 4.5-inch touch screen and features two different-coloured halves that together make up the phone.

Supreme Court reinforces FCC authority in disputes over cell tower placements

WASHINGTON - The Supreme Court has affirmed the authority of federal regulators to try to speed local government decisions on proposals to build or expand cellphone towers. The court voted 6-3 Monday to uphold an appeals court ruling in favour the Federal Communications Commission.

Man refused overdraft kills four in Israeli bank

JERUSALEM (Reuters) - A gunman shot dead four people execution-style in a bank in Israel on Monday after being refused an overdraft and cash from its automatic teller machine. The assailant, identified by media reports as a former paramilitary border policeman, killed himself after police raided the Bank Hapoalim branch in the southern city of Beersheba to free his hostages.

Supreme Court declines to hear Alaska climate change case

By Lawrence Hurley WASHINGTON (Reuters) - The Supreme Court on Monday declined to hear an Alaskan village's claim that it should be able to sue oil companies and utilities for damages attributed to climate change. Lawyers for the village of Kivalina wanted various named defendants responsible for greenhouse emissions, including Exxon Mobil Corp, Chevron Corp and Duke Energy Corp, to pay damages for greater flooding and erosion that they say have caused by a reduction in sea ice.

Yahoo! confirms Tumblr deal for $1.1 billion

Yahoo! announced Monday it would acquire blogging platform Tumblr for $1.1 billion, saying the two companies "share a vision to make the Internet the ultimate creative canvas." The two firms confirmed weekend reports of the tie-up, in a deal which helps the struggling Internet pioneer connect with Tumblr's youthful users. The companies said the deal is worth $1.1 billion, "substantially all of which is payable in cash."
Syndicate content