The Traderszone Network

Japan’s Takata Corp, which for months resisted U.S. regulators’ demands to widen a recall over its potentially lethal air bags, has had an “attitude shift” and is in a mood to compromise to try to resolve the ballooning auto safety crisis, said a person close to the company. The knowledgeable person, who has been briefed by Takata management leaders, said the company is adamant that its automaker customers share the blame, and the financial burden.

read more

A U.S. bankruptcy judge on Wednesday put on hold dozens of lawsuits accusing General Motors Co (GM.N) of concealing an ignition-switch defect while the plaintiffs in those cases appeal an earlier ruling that found their cases were barred. GM had argued that claims for vehicles predating its 2009 exit from Chapter 11 bankruptcy should be dismissed, following U.S. Bankruptcy Judge Robert Gerber’s April 15 ruling that the company was shielded from those claims by the terms of its bankruptcy. Plaintiffs said the cases should be stayed pending a resolution of their appeal.

The European Commission outlined plans on Wednesday to limit how much multinational companies can reduce taxes on their European earnings through the use of creative accounting. The Commission, set to detail proposed tax measures on June 17, had already determined in March that European Union countries would have to share information on tax deals agreed with major corporations.

read more

JPMorgan Chase & Co (JPM.N) officials have not done enough to show how well the company is run, Chairman and CEO Jamie Dimon said on Wednesday, after one-third of shareholders disapproved last week of his pay and the practice of one person holding his two jobs. At the company’s annual meeting last week in Detroit, JPMorgan’s compensation for top executives was endorsed by only 61 percent of votes cast. Dimon also faulted investors for not thinking for themselves and instead following the recommendations of shareholder advisory services Institutional Shareholder Services and Glass Lewis & Co.

read more

Michael Kors’ revenue rose 17.8 percent in the fourth quarter, slowing sharply from the growth of 29.9-74.4 percent it posted for the past 13 quarters. Same-store sales in North America fell 6.7 percent. Lower tourist traffic in U.S. Northeast and Southeast, weak sales in its watches business and shipping delays due to disruptions at West Coast ports hurt sales in North America, Chief Financial Officer Joe Parsons said.

Sales in Europe rose 2 percent in the first quarter ended April 30, Tiffany said, attributing the increase to more tourists shopping at its stores as well as strong local demand. The weaker euro and the pound have made it attractive for foreign tourists to shop in Europe, Mark Aaron, vice president of investor relations said on a conference call. Between a quarter and a third of Tiffany’s sales in Europe are made to foreign tourists, Aaron told Reuters.

CBS Corp (CBS.N) CEO Leslie Moonves met with Apple Inc (AAPL.O) last week to discuss a TV deal, he said at a technology conference Wednesday, and that discussions and negotiations for such a deal are ongoing. “We will probably do a deal with Apple TV,” Moonves said during an onstage talk at a conference hosted by Re/code, an online-only technology publication, and added that he met last week with Eddy Cue, Apple’s senior vice president of Internet Software and Services.