Dan Lin, Roy Lee Counter Sue Legendary over ‘Godzilla’






LOS ANGELES (TheWrap.com) – Producers Dan Lin, Roy Lee and Doug Davison have hit back at Legendary Pictures over “Godzilla,” filing a cross complaint Thursday in L.A. Superior Court seeking millions in damages and credit for their contributions to the upcoming movie.


Lin, Lee and Davison allege breach of contract and mistreatment, rehashing the history of how they came to work with Legendary. They began work in 2009 and helped Legendary secure the rights because they were assured they’d be treated well.






“Apparently, Legendary’s idea of treating the producers who brought them ‘Godzilla’ well included concocting a scheme to try to force them off the project, and depriving them of their screen credit and substantial fixed and backend compensation in order to keep more of the money and to aggrandize themselves,” the suit claims.


Legendary preemptively sued the producers last week to kick them off of the movie, anticipating a restraining order that could impede the looming production. Legendary unveiled its plans for the movie at Comic-Con last July, and has slated it for a 2014 release. It would begin production in Spring with Gareth Edward directing.


Legendary alleged that it had entered an agreement in March 2011 that gave the producers $ 25,000 in development money but no right to the intellectual property. In order to receive credit as a producer or backend money from the movie’s profits, their early work would need to be the basis for the movie.


Lin, Lee and Davison say they were responsible for bringing the rights to Legendary and never signed a written agreement because Legendary changed the terms of the deal. However, they say, Legendary had orally agreed to pay $ 1.3 million and three percent of first dollar cross receipts in addition to the development money.


Legendary has since hired a new writer, Frank Darabont, and sought other producers.


The producers are all based at Warner Bros., Legendary’s main partner – Lin at Lin Pictures and Lee and Davison for Vertigo Entertainment. Their suit against Legendary places most of the blame with president and chief creative officer Jon Jashni rather than CEO Thomas Tull.


However, they are still pointed in their claims, explaining that they “seek substantial punitive damages to make an example of Legendary so that it and no other studio will in the future treat their producers in this outrageous manner.”


Legendary had no comment on the suit.


(Pamela Chelin contributed to this report)


Movies News Headlines – Yahoo! News





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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



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Dotcom starts new file-sharing site







Megaupload boss Kim Dotcom has set up a new cloud storage and file-sharing site.






Mega, a web-based service that lets people upload and store files of any kind, is a sequel to the Megaupload system that was shut down last January.


Police raids on the offices and home of Kim Dotcom led to the closure of Megaupload.


The Mega site went online at dawn on Sunday, with Mr Dotcom due to hold a gala at his New Zealand mansion later.


Mr Dotcom has said the new site complies with the law and warned that attempts to take it down would be futile.


“This is not some kind of finger to the US government or to Hollywood,” he told Reuters on Saturday.


“Legally, there’s just nothing there that could be used to shut us down. This site is just as legitimate and has the right to exist as Dropbox, Boxnet and other competitors.”


Extradition hearing


Hours after the site was launched, Mr Dotcom tweeted that it had received 250,000 user registrations, although limited server capacity meant Mega was unreachable to many.


In a series of earlier tweets Mr Dotcom said every customer would have 50 gigabytes of free storage – far more than is offered by rival services such as Dropbox or Microsoft’s SkyDrive.


Mega will be encrypted so only those who upload data have access to it.


Data is also being held in the cloud to make it easy for users to get and share files.


The 2012 raids on Megaupload were carried out because, said US law enforcement, many users of Megaupload were engaged in pirating content and illegally sharing it.


They accused Mr Dotcom and other managers at Megaupload of profiting from piracy.


Mr Dotcom, who was born Kim Schmitz, has rebuffed the accusations and is fighting a legal battle to stay in New Zealand from where he ran Megaupload.


A hearing on whether he can be extradited to the US is due to be held in March.


The case has generated controversy in New Zealand over the way the police and intelligence services gathered evidence before the raid and won an apology to Mr Dotcom from the country’s prime minister.


Mr Dotcom has also won support from prominent computer pioneers such as Apple co-founder Steve Wozniak.


The raid on Megaupload put 25 petabytes of data uploaded to it by its 50 million members into a legal limbo.


In one message, Mr Dotcom said he was working with lawyers and the Electronic Frontier Foundation, which campaigns on digital rights issues, to get access to that seized data and return it to users.


BBC News – Business





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Oracle Mining Announces New Addition to Management Team






VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan 20, 2013) – Oracle Mining Corp. (“Oracle Mining” or the “Corporation”) (OMN.TO)(OMCCF)(OCN.F) is pleased to announce that the Board of Directors has appointed Mr. Rod Campbell to the role of President of the Corporation.


As President, Mr. Campbell serves as Oracle Mining”s leader of corporate strategy; evaluating and assessing strategic opportunities as well as planning, directing, and coordinating capital market activities. Prior to joining Oracle Mining, Mr. Campbell led the investment banking team and held the position of President and CEO at Clarus Securities Inc. (“Clarus”), one of Canada”s leading independent investment banks. Clarus is an entrepreneurial investment banking boutique with a global focus on mining, oil & gas and special situations. During his tenure at Clarus the team participated in transactions with a value in excess of $ 10 billion.






“With the engagement of Mr. Rod Campbell as President of Oracle Mining, the Corporation has an outstanding leader to direct its growth and financial strategies,” said Mr. Alan Edwards, Oracle Mining”s CEO. “When coupled with the operational strength of Oracle Mining”s existing management group, we believe our team is one of the most impressive in its class.”


Mr. Campbell is an exceptionally effective financial professional with significant private and public company experience, including serving as the Chief Financial Officer for two TSX-listed companies. He spent nearly a decade in commercial banking with CIBC, one of Canada”s Top 5 banks, and obtained a Bachelor of Commerce and B.A. from the University of Alberta and an MBA from the University of British Columbia.


About Oracle Mining Corp.


Oracle Mining Corp. (OMN.TO)(OMCCF)(OCN.F) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and the Oracle Ridge Copper Mine located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.


Forward-looking Statement Disclaimer


This document may contain “forward-looking statements” within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation”s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the Corporation”s liquidity and balance sheet and future sales of metals or minerals from Oracle Ridge. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation”s interim and annual financial statements and management”s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.


Marketwire News Archive – Yahoo! Finance





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Djokovic holds off Wawrinka; Sharapova advances


MELBOURNE, Australia (AP) — Novak Djokovic held off a valiant Swiss player for a 5-hour, five-set victory Sunday night, extending his winning streak to 18 matches at the Australian Open and then ripping off his shirt to celebrate.


The big surprise: It was a fourth-round match against Stanislas Wawrinka of Switzerland, not a final against Roger Federer.


Djokovic edged the 15th-seeded Wawrinka 1-6, 7-5, 6-4, 6-7 (5), 12-10 in a momentum-swinging marathon, cashing in on his third match point to reach the quarterfinals for a 15th consecutive major tournament.


The style was reminiscent of his 5-hour, 53-minute final win here last year against Rafael Nadal.


"He deserved equally to be a winner of this match," said Djokovic, who is aiming to be the first man in the Open era to win three consecutive Australian titles. "I give him a lot of credit. He has all my respect. He was the aggressive player on the court. I was just hanging in there trying to fight."


Djokovic had beaten Wawrinka — the perennial No. 2 among Swiss tennis players to 17-time major winner Federer — in their 10 previous matches. He hadn't lost a head-to-head since 2006 and had won 11 straight sets between them.


The win "brings back the memories from 12 months ago with Rafa," he said. "We are midway through the tournament but it feels like a final to me."


Djokovic next faces Tomas Berdych, the 2010 Wimbledon finalist who advanced with a 6-3, 6-2, 7-6 (13) win over South Africa's Kevin Anderson.


Wawrinka was cramping and needed massages on both legs in the fifth set. He was so tired he decided not to challenge a decision on a call that went against him — wrongly, according to TV replays.


But he didn't think it made a difference in the end.


"In five sets, five hours, you always have some opportunity to win a set or to win the match," he said. "If you don't take it, he's going to take it.


"It's by far my best match I ever play, especially in five sets against the No. 1 player ... full house. At the end I was really, really close. For sure I'm really sad. ... But I think there is more positive than negative."


Fourth-seeded David Ferrer won 6-2, 6-1, 6-4 over No. 16 Kei Nishikori of Japan to set up an all-Spanish quarterfinal against Nicolas Almagro, who was leading 6-2, 5-1 when No. 8 Janko Tipsaveric retired from their fourth-round match.


Maria Sharapova has had almost no trouble on the women's side, beating Kirsten Flipkens of Belgium 6-1, 6-0 earlier Sunday to continue a dominant and unparalleled run in Melbourne.


The late-finishing men's match almost changed the complexion of the tournament.


Critics who questioned if anybody could challenge Djokovic, Federer and U.S. Open champion Andy Murray in the absence of Nadal at this tournament got an answer quickly.


Wawrinka stunned the top-ranked Djokovic with three service breaks in the first set and led 5-2 in the second before the 25-year-old Serb rallied by winning six consecutive games. But just as Djokovic seemed to be taking control of the match, Wawrinka launched his own comeback to win a long tiebreaker and force a fifth set.


Djokovic got to serve first in the fifth, giving him a psychological edge as long as he held his serve. In the end, Wawrinka didn't quite have the big-time experience.


Wawrinka had game point in the 22nd game but let Djokovic get on a roll. He saved his first match point with a service winner, then saved another.


At 1:40 a.m. local time, Wawrinka was whacking his head with the racket and biting the ball after giving Djokovic another match point. Moments later, he was slumped on the court.


Djokovic raised both arms, walked to the net and embraced his beaten rival, then pulled of his shirt and flexed — shades of the 2012 final.


The second-ranked Sharapova has lost only five games in four matches on the way to the quarterfinals, an Australian Open record that seems immaterial to the 25-year-old Russian.


"Well, I'm certainly happy to be playing this well but ... it only gets tougher from here," said Sharapova, who is playing her first tournament of 2013 after withdrawing from a warm-up event at Brisbane because of an injured right collarbone.


Steffi Graf conceded only eight games in her opening four matches here in 1989, when she won the second of her three straight Australian Open titles. Monica Seles matched that mark.


Sharapova has been even more dominant. She started with a pair of 6-0, 6-0 wins — the first time that has happened at a major tournament since 1985 — and then beat seven-time Grand Slam winner Venus Williams 6-1, 6-3 in the third round.


Sharapova next plays fellow Russian Ekaterina Makarova, who ousted fifth-seeded Angelique Kerber 7-5, 6-4. Sharapova beat Makarova in the quarterfinals here last year before losing the final to Victoria Azarenka.


Li Na, who reached the final here in 2011 and won the French Open later that year, saved a set point in the tiebreaker before beating Julia Goerges 7-6 (6), 6-1. She'll next play No. 4 Agnieszka Radwanska, who beat No. 13 Ana Ivanovic 6-2, 6-4 for her 13th consecutive win. Radwanska won the Auckland and Sydney titles before coming to Melbourne.


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Schwarzenegger takes a






LOS ANGELES (Reuters) – Arnold Schwarzenegger, taking inspiration from his idol, Clint Eastwood, returns to the big screen on Friday in the action film “The Last Stand,” his first starring role since he took a seven-year break from moviemaking to serve as California governor.


In a departure from his typical superhuman roles, Schwarzenegger plays a retired Los Angeles policeman forced to protect a tiny border town from a notorious drug kingpin. The 65-year-old former bodybuilder looks every bit his age and admits in the film feeling “old” as he takes a ribbing from some of his significantly younger deputies.






As he embarks on a movie comeback in which he will star in three films over the next 12 months, Schwarzenegger is embracing his age rather than trying to relive his glory days as an action star.


He is taking his cue from the 82-year-old Eastwood – the gun-toting former macho “Dirty Harry” star who eased into more senior roles, winning plaudits for movies like last year’s “The Trouble with the Curve,” and “Million Dollar Baby” in 2004, for which he was nominated for a best-actor Oscar and won for best director.


Schwarzenegger said he was inspired by Eastwood in the 1993 film “In the Line of Fire,” where Eastwood’s character, a Secret Service agent, is short of breath after running alongside the president’s limousine.


“I thought that was so cool,” Schwarzenegger told Reuters TV recently. “I remember how smart it was to acknowledge that because it took the curse off. No one was trying to say, ‘Isn’t he too old for this job?’ That’s what I tried to do in this film since (Eastwood) is a big idol of mine and I always like to learn from him.”


Schwarzenegger said he felt great physically, but that reality had set in. “I’m not a 30-year-old action hero anymore,” he said. “I’m now 65 years old, but I’m still doing action movies. I acknowledge that it’s a different ballgame now. I’m an older guy.”


In “Last Stand,” Schwarzenegger said he agreed to play the part of Sheriff Ray Owens because “it was kind of a traditional Schwarzenegger action movie” with “big blow-ups, a great story, good drama, fight scenes and action from the beginning to the end.”


Schwarzenegger began his transformation to an aging action star in the 2010 film “The Expendables” and its 2012 sequel where he played an aging movie star in an ensemble cast that included Sylvester Stallone and other older stars.


“I was very pleasantly surprised by the positive reaction,” said Schwarzenegger, who was Republican governor of California from 2003 to 2011.


‘I-DARE-YOU ATTITUDE’


Critics have mostly embraced Schwarzenegger’s return with “Last Stand,” despite the film’s modest budget. Film critic Marshall Fine called it “shamelessly entertaining,” while The Hollywood Reporter’s Todd McCarthy wrote that Schwarzenegger “still conveys the old self-confident, humorous I-dare-you attitude towards his adversaries.”


An older, wiser Schwarzenegger chose to play vintage roles in his other upcoming films as well. In September, he teams up again with Stallone in “The Tomb,” where they play aging inmates who plot a prison escape. Next January, Schwarzenegger will star in “Ten,” playing what the film’s director, David Ayer, called “a broken old drug warrior.”


In an interview with Reuters, Ayer said his No. 1 goal in working with Schwarzenegger was “transformation.” The director said he studied every frame of Schwarzenegger’s films, noting that most of the actor’s filmography had “a very specific tone, almost jocular in a sense, where it is not necessarily a psychologically realistic portrayal of a man or a character.”


“You look at all these performances, and the question is, have these characters been treated as something he can transform himself?” Ayer said. “I probably asked him to do things he wasn’t asked before. I knew I could take him someplace new. Some of these scenes required real, heavy lifting.”


In the end, Ayer believes moviegoers will be “blindsided” by what they see of Schwarzenegger on screen.


Yet even as Schwarzenegger attempts to widen his range as an actor, he is not leaving behind the genre films that made him famous.


That means going back to some of his popular franchises of the past, including a new “Conan the Barbarian” film that is expected to go into production later this year and a sequel to the 1988 action comedy “Twins” to be called “Triplets.”


“It’s important I pick projects that the fans, that the audiences like to see,” he said.


He already has another big fan in his friend Stallone, who talked him into acting in the two “Expendables” films.


“What is the definition of a star? Someone who people will wait three hours in the rain to see,” Stallone said. “And people still have their umbrellas out for him.”


(Editing by Peter Cooney)


Movies News Headlines – Yahoo! News





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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



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Boeing probe focuses on battery, 787 deliveries halted






SEATTLE/TAKAMATSU, Japan (Reuters) – U.S. and Japanese aviation safety officials finished an initial investigation of a badly damaged battery from a Boeing Co 787 Dreamliner jet on Friday as Boeing said it was halting deliveries until the battery concerns were resolved.


Boeing said it would continue building the carbon-composite 787, but deliveries were on hold until the U.S. Federal Aviation Administration approved and implemented a plan to ensure the safety of potentially flammable lithium-ion batteries that prompted a widespread grounding of the new airplane this week.






In Washington, the top U.S. transportation official, Ray LaHood, said the 787 would not fly until regulators were “1,000 percent sure” it was safe. A week earlier, LaHood said he would not hesitate to travel on a Dreamliner.


Officials from the Federal Aviation Administration (FAA), U.S. National Transportation Safety Board (NTSB) and Boeing joined Japanese authorities looking into what caused warning lights to go off this week on an All Nippon Airways Co domestic flight, prompting the aircraft to make an emergency landing at Takamatsu airport in western Japan.


The incident prompted regulators in the United States and around the world to ground the 50 Dreamliners in service. [ID:nL1E9CH8CJ] The jet has been flying safely for 15 months, carrying more than 1 million passengers, but it has run into problems in recent weeks, including problems with fuel leaks.


The biggest safety concerns centered on its lithium-ion batteries, which are lighter than conventional batteries, pack more energy and are faster to recharge, but are also potentially flammable.


When the FAA announced the grounding of all six U.S.-operated 787s on Wednesday, the agency said airlines would have to show the batteries were safe and in compliance with its rules. It said both battery failures released flammable chemicals, heat damage and smoke – all of which could damage critical systems on the plane and spark a fire in the electrical compartment.


A Japanese safety official at Takamatsu airport told reporters that excessive electricity may have overheated the battery and caused liquid to spill out. Pictures released by investigators of the battery showed a burnt-out blue metal box with clear signs of liquid seepage.


GS Yuasa Corp, the Japanese firm that makes batteries for the Dreamliner, said it sent three engineers to Takamatsu to help the investigation.


A person at the company, who asked not to be named due to the sensitivity of the issue, said: “Our company’s battery has been vilified for now, but it only functions as part of a whole system. So we’re trying to find out exactly where there was a problem within the system.”


An official with Thales, the French company that makes control systems for the battery, referred all questions to Boeing.


At a news conference, the Japan Transport Safety Board (JTSB) said the charred battery and the systems around it would be sent to Tokyo for more checks. It said there were similarities with an earlier battery fire on a Japan Airlines Co 787 parked at Boston’s Logan International Airport.


“This information will go to Boeing and the FAA. They will assess it” before allowing the 787 to fly again in Japan, said Hideyo Kosugi, a JTSB inspector. He said the JTSB aimed to issue a report within a week but the U.S. review might take longer.


LaHood, the U.S. transportation secretary, said Friday he could not predict when the 787 would resume flight.


“So those planes aren’t flying now until we really have a chance to examine the batteries … That seems to be where the problem is,” said LaHood, who told a news conference on January 11 he would not hesitate to fly on the plane himself.


When pressed by reporters on Friday about whether he regretted his prior statements, LaHood said, “Last week it was safe.” What has changed since then, he said, is the fact that another incident occurred involving the batteries.


Karen Walker, editor of Air Transport World magazine, said La Hood and FAA Administrator Michael Huerta chose to “stand side by side” with Boeing executives and underscore the plane’s safety because of its huge importance to the U.S. economy as the first all-new American airliner in two decades.


“However, the joint statements of safety confidence and lack of an (airworthiness directive) until after a second serious incident … could potentially hurt Huerta and LaHood,” she wrote.


Boeing shares fell 0.3 percent to $ 75.04. Since the recent spate of issues began in early December, the stock is up 1.4 percent, against a gain of 5.4 percent for the S&P 500 over the same period.


Shares in the Kyoto-based battery maker GS Yuasa rose as much as 3.9 percent on Friday, having dropped around 18 percent since the January 7 battery fire in the auxiliary power unit (APU) of the JAL plane at Boston.


The U.S. investigation into that incident is focused on the Japanese-made batteries, with no indication the APU – built by United Technologies Corp’s Pratt & Whitney – was involved, said a person familiar with the government probe, who was not authorized to speak publicly.


Mark Rosenker, a former NTSB chairman, said Boeing conducted over 1.3 million hours of testing before deciding the lithium-ion batteries were safe to use on the 787, and the company had to satisfy additional rigorous tests to be granted a “special condition” by the FAA to use the batteries.


“I don’t believe there was corner cutting in any way. I believe the FAA has done a good job in its certification process. And Boeing is a very formidable and extremely careful airplane manufacturer. You don’t survive in this business by not making safe, efficient and reliable planes,” he said.


BIGGEST MARKET


Japan is the biggest market so far for the 787, with ANA and JAL operating 24 of the 290-seat wide-bodied planes, which have a list price of $ 207 million. Boeing has orders for close to 850 of the planes.


Goldman Sachs estimated the hit to ANA’s annual operating profit could be up to $ 40 million if the grounding of its 17 Dreamliners drags on through March. The plane makes up close to a tenth of ANA’s fleet and is crucial to its growth strategy.


ANA cancelled more than 60 domestic and international flights through Monday, affecting more than 10,000 passengers. JAL has cancelled 8 Dreamliner flights on its Tokyo-San Diego route until January 25. Other flights will switch to older planes.


A spokesman for the airline said ANA remained committed to the Dreamliner and would spare no effort to get it back in the air safely.


Australia’s Qantas Airways said it cancelled an order for one of 15 Dreamliners earmarked for its budget arm Jetstar. It said the decision to cancel was taken late last year, before the plane’s recent problems. Qantas has options to order 50 of the new generation aircraft.


Separately, Japan’s transport ministry said a fuel leak on another JAL-operated 787 last week was due to a malfunction in a drive mechanism that controls a valve. It said the British company that makes the valve was investigating. The ministry declined to name the firm.


BAD BATCH?


The use of new battery technology is among the cost-saving features of the 787, which Boeing says burns 20 percent less fuel than rival jetliners using older technology.


Hans Weber, president of TECOP International Ltd, a San Diego-based aviation consulting firm and former FAA adviser, said the incidents could be linked to a bad batch of batteries.


“We have to consider the suppliers were at one time producing a lot of equipment for the 787 and then everything got delayed, so some of the stuff they built has been sitting on the shelf for a while. Some of these might have been produced early in the production process and there may have been some deficiencies in the production process,” he said.


The 787, a leap in aircraft design, has been plagued by cost overruns and years of delays, though orders last year helped Boeing overtake rival Airbus as the world’s largest manufacturer of passenger jets.


(Additional reporting by Yoshiyuki Osada, James Topham, Mari Saito, Issei Kato, Maggie Lu Yueyang, Herng Shinn Cheng, Ruairidh Villar, William Rigby, Alina Selyukh and Andrea Shalal-Esa; Writing by Ian Geoghegan; Editing by Jeremy Laurence, Gary Hill, Kenneth Barry and David Gregorio)


Business News Headlines – Yahoo! News





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REPEAT-BMO Study: TFSAs Gaining Ground While RRSPs Remain Popular Among Canadian Investors






TORONTO, ONTARIO–(Marketwire – Jan 19, 2013) – With the annual deadline for contributing to a Registered Retirement Savings Plan (RRSP) fast approaching, many Canadians are wondering whether they should invest solely in an RRSP or split their investment dollars between an RRSP and a Tax-Free Savings Account (TFSA). While the two investment vehicles complement each other and boast impressive adoption rates among Canadians, a BMO study has found that many are intrigued by the TFSA, in particular.


According to the national study:






  • Two-thirds (67 per cent) of Canadians have an RRSP and 39 per cent have a TFSA.

  • If they were given a limited amount of money to invest, 42 per cent of Canadians would invest the funds in a TFSA while 37 per cent would put it towards a RRSP.

  • The most attractive TFSA benefits cited were that investments are tax-free (36 per cent) and that funds can be withdrawn at any time (20 per cent).

“Whether saving for travel, the purchase of a home, a child”s education or retirement, it”s encouraging to see that Canadians are investing in their future by contributing to TFSAs and RRSPs,” said Serge Pépin, Vice President, Investment Strategy, BMO Asset Management Inc. “Both programs play important roles in helping Canadians save and invest in a tax-efficient manner. They complement each other and should be used in unison, so it”s important that investors understand their differences.”


Mr. Pépin noted that a TFSA allows Canadians to easily earn tax-free investment income to meet their savings needs. Key benefits of this registered plan include:


  • No minimum contribution required to open an account

  • Investors pay no income tax on investment returns earned in the account

  • There are no taxes on funds that are withdrawn

  • TFSAs can hold a wide range of investments

  • The federal government recently raised the annual contribution limit for a TFSA from $ 5,000 to $ 5,500

An RRSP, on the other hand, is a tax-deferred savings vehicle that is designed specifically to help Canadians save for their retirement. An RRSP is also a wise investment tool because:


  • Investment growth is tax-free until withdrawn, meaning retirement wealth has the potential to grow faster than if invested outside an RRSP

  • Contributions to an RRSP are typically tax deductible, lowering annual taxable income and income taxes payable

  • RRSPs can hold a wide range of qualified investments

  • Funds can easily transition to retirement income

  • Spouses can split income to reduce their combined taxes payable

“Ideally, Canadians should be contributing to both a TFSA and an RRSP because they each offer distinct advantages,” added Mr. Pépin.


BMO offers Canadians special, limited time TFSA and RRSP promotions


To encourage Canadians to boost their savings and invest for their future, BMO has introduced special offers on TFSA Savings Account deposits and RRSP contributions:


  • Until April 30th, 2013, BMO is offering a 2.25 per cent interest rate on net new deposits to a BMO TFSA Savings Account – the highest rate currently offered by a major financial institution in Canada.

  • Until March 1st, 2013, if you set up and maintain a new RRSP continuous savings plan in your BMO mutual funds account for 12 months, you will receive a one-time 15 per cent bonus on your first month”s contribution (up to a maximum of $ 150). 

For more information on the TFSA, please visit: www.bmo.com/TFSA.


For more information on the RRSP, please visit: www.bmo.com/Retirement.


Get the latest BMO press releases via Twitter by following @BMOmedia.


The Pollara online survey was completed between October 11 and October 16, 2012, with a sample of 1,000 Canadians. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.


BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from the Bank of Montreal.


Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.


Marketwire News Archive – Yahoo! Finance




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Record 73 early entries for NFL draft


NEW YORK (AP) — A record 73 underclassmen, including six first-team All-Americans, have been approved for the NFL draft on Saturday.


That overall number of early entries is eight more than last year.


The six All-Americans are safety Matt Elam of Florida, tight end Zach Ertz of Stanford, tackle Luke Joeckel of Texas A&M, defensive end Bjoern Werner of Florida State, linebacker Jarvis Jones of Georgia and cornerback Dee Milliner of national champion Alabama.


Also approved former LSU cornerback-kick returner Tyrann Mathieu, a 2011 All-American who was kicked off the Tigers before last season.


The NFL draft will be April 25-27 in New York.


___


Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL


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