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What's In The News: September 5, 2012

Financial News Network
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September 21, 2012 AT 6:29 PM
From FNNO.com, you're watching the Financial News Network. Here's what's in the news for Wednesday, September 5th, 2012. The Wall Street Journal reports that a judge said AMR Corp. (AAMRQ) can reject labor agreements with its pilots union, just 20 days after he forced the American Airlines' parent to make changes to the proposal. The decision puts new urgency on AMR and the Allied Pilots Association to reach a settlement as the company pursues its standalone restructuring plan and a possible merger with US Airways Group (LCC). The Wall Street Journal also reports Intel (INTC) expects to reduce the energy consumption of its main chip line by 41%, the company's latest move to make mobile computers thinner and operate longer on a battery charge. Reuters reports that U.S. defense companies are bracing for additional cuts in Pentagon spending, even if Congress reaches a deal to avert a controversial $500B across-the-board budget cut due to go into effect in January, industry ofiicials say. Reuters also reports that Residential Capital, a unit of Ally Financial, is poised to reap billions in a bankruptcy auction of its assets next month. Bidders include Fortress Investment Group's Nationstar Holdings (NSM) and Berkshire Hathaway (BRK.A). Bloomberg reports that ING Groep (ING) will sell a stake of over 9% in Capital One Financial (COF) that they acquired in the sale of its U.S. online bank this year. Finally, Bloomberg also reports that Lexus (TM), which lost out as the top-selling luxury auto brand in the U.S. last year, increased sales 34% in August to pass Mercedes-Benz (DDAIF) and BMW for the first time since December 2010. For more financial news and analysis follow us on Twitter @FNNOnline or check out our website at fnno.com.