Panasonic product in US. bribery analysis.: WSJ

A unit of Japan's Panasonic Corp is under investigation by U.S. authorities looking at whether the company paid bribes overseas to airline employees or government officials to help land business, the Wall Street Journal reported. Citing company documents, the Journal said Panasonic Avionics had received a subpoena looking for communications between Panasonic Avionics, consultants and others. The subpoena also asked for documents related to payments to the airline employees and government officials, the newspaper said. The Panasonic unit, which is headquartered in Lake Forest, California, makes in-flight entertainment and communications systems. According to the Journal, notices were sent to executives and employees in Asia, Europe and the Middle East. The Journal said it was not clear which U.S. agency is investigating the unit. But the U.S. Foreign Corrupt Practices Act is enforced by the U.S. Department of Justice and the Securities and Exchange Commission. A Panasonic Avionics spokesman told Reuters that the company does not comment on government investigations. The SEC and the Justice Department could not immediately be reached for comment.

 

 

Update Info: BrightNest leads iOS Apps of the Week

With warmer weather means it's time to get those to-do lists back out, and in this week we've got just the app to help. Home Maintenance by BrightNest will lead you into a number of household chores and help make sure you do them to the utmost satisfaction. Our other top apps are a little less work-intensive – they include an official app for The Colbert Report, an living scrapbook app, an app on Scotland's wildlife and a stylish calculator app.

Home Maintenance by BrightNest (Free)

Fixing up your home doesn't have to be a chore with Home Maintenance by BrightNest. The app can help you schedule tasks when it's convenient for you, send helpful reminders for upcoming chores, and even give you customized tips for the tasks you're trying to accomplish. Among the many things BrightHouse can assist you with are changing air filters, chalkboard paint ideas, unclogging showerheads, inspecting attics and basements, and cleaning a microwave with lemon. The app also syncs with the projects you've scheduled through BrightNest.com.

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Also on Appolicious

The Indianapolis 500 is one of the world's oldest auto races. You can learn more about the cars and the people who race them thanks to this Guest Post from Zinio.

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The Colbert Report (Free)

Comedy Central's faux news program The Colbert Report finally has an app and although it's short on exclusive features, fans of the show should enjoy its ability to catch them up on segments they missed. Although full episodes are not available via the app, The Colbert Report does feature select videos from the show as well as a listing of classic segments sorted by quotes. A browsable archive of videos is also available in app and users can even set reminders for when the show airs so they'll never miss it again. Videos can even be shared via Facebook, Twitter, text or email.

Rego - Bookmark your favorite places (Free)

Rego lets you bookmark places on a private map that only you can see with more than just a red pushpin. You can document where they've been with photos and notes, like a living digital scrapbook, and also bookmark places you haven't been. Note that while Rego is free to download (and lets you pin 10 places for free) the price for unlimited pinning is $0.99.

Scotland's Big 5 (Free)

Did you know that Scotland was known in part for its exotic wildlife? I certainly did not. But Scotland's Big 5 has changed all that. The app features photography, video, audio and facts on Scotland's big five species. You'll learn more about the golden eagle, harbour seal, red deer, red squirrel and otter than you ever thought possible.

Llumino ($1.99)

Llumino is the calculator app you can probably do without. Feature-wise, it doesn't reinvent calculator apps in any way. It does archive the past 100 results in its history and its 10-digit display is robust, but where Llumino shines is in its design. It is a very nice looking calculator app. Its buttons, design and coloring give Llumino a look all its own. Is that enough to pay $1.99 for a new calculator app? Many would say no, but those who value style and design might find an app worth adding to their collection here.

 

Banks score major win in private Libor suits

NEW YORK (Reuters) - The world's biggest banks won a major victory on Friday when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions of dollars in the case, which had been considered the biggest legal threat that they faced aside from investigations being pursued by regulators in the United States, Europe and Britain. The banks include: Bank of America Corp , Citigroup Inc , Credit Suisse Group AG , Deutsche Bank AG , HSBC Holdings PLC , JPMorgan Chase & Co , Royal Bank of Canada , Royal Bank of Scotland and WestLB AG . They had been accused by a diverse body of private plaintiffs, ranging from bondholders to the city of Baltimore, of conspiring to manipulate the London Interbank Offered Rate (Libor), a key benchmark at the heart of more than $550 trillion in financial products. In a significant setback for the plaintiffs, U.S. District Judge Naomi Reice Buchwald in Manhattan granted the banks' motion to dismiss federal antitrust claims and partially dismissed the plaintiffs' claims of commodities manipulation. She also dismissed racketeering and state-law claims. Buchwald did allow a portion of the lawsuit to continue that claims the banks' alleged manipulation of Libor harmed traders who bet on interest rates. Small movements in those rates can mean sizable gains or losses for those gambling on which way the rates move. The ruling comes at a time when the banking industry is facing legal and regulatory challenges on multiple fronts, including how they originated and sold mortgage loans, as well as questions of whether some have become so big they pose a systemic risk to the global financial system. While the door was left open for private litigants to refile lawsuits, Buchwald's decision may make it more likely that banks will talk settlement with a significant win in their pocket. The decision also could cast doubt on some of the highest analyst projections about potential Libor damages, and quell some concerns that the banks have not reserved enough for litigation expenses. The judge's decision comes amid a sprawling regulatory probe in the United States, UK and Europe that has resulted in three banks — Royal Bank of Scotland Group Plc, Barclays Plc and UBS AG — agreeing to a $2.6 billion settlement. More banks are expected to settle in the coming months. Those settlements yielded a trove of internal bank emails that Judge Buchwald said could be used if the plaintiffs want to revise their claims. As of March 5, at least 22 lawsuits had been consolidated before Buchwald. Several had sought class action status. Others such as Charles Schwab Corp were asserting claims directly on their own behalf. In a 161-page opinion, Buchwald said she recognized her ruling might be a surprise since several defendants had paid billions of dollars in penalties to government regulatory agencies. "We recognize that it might be unexpected that we are dismissing a substantial portion of plaintiffs' claims, given that several of the defendants here have already paid penalties to government regulatory agencies reaching into the billions of dollars," the judge said. But she said unlike government agencies, private plaintiffs needed to meet many requirements under the statutes to bring a case. "Therefore, although we are fully cognizant of the settlements that several of the defendants here have entered into with government regulators, we find that only some of the claims that plaintiffs have asserted may properly proceed," she wrote. Michael Hausfeld, a lawyer for the plaintiffs, noted the judge had granted the parties the ability to amend and refile their lawsuit. "We have the decision under evaluation," he said. "We are considering filing an amended complaint or taking an appeal, but we haven't decided yet." Representatives for the various banks either declined comment or did not immediately respond to requests for comment. ALLEGED MANIPULATION The plaintiffs' lawsuits, like the regulatory probes, center on the way the London interbank offered rate is set—and whether the plaintiffs were harmed by the alleged manipulation of Libor. Libor, a family of benchmark rates, is set every day in London by a panel of international banks. Banks submit what it costs to borrow from one another for durations ranging from overnight to one year. The rate underpins hundreds of trillions of dollars of investments and trades. The plaintiffs alleged that the banks on the Libor panel conspired to send in artificial rates. Three banks have reached settlements with authorities to date. Most recently, Royal Bank of Scotland agreed to pay $612 million to U.S. and British authorities. UBS agreed in December to pay $1.5 billion. Barclays agreed to pay $453 million in June. The three settlements appeared to do little in convincing Judge Buchwald that the plaintiffs' case should proceed. But the judge left the door open for the plaintiffs to use information that has emerged in the regulatory settlements. In the Barclays case, for example, one trader asked another to submit a three-month dollar Libor rate of 5.36 percent or higher. The next day, Barclays' submission was 5.36 percent. "Because the Barclays settlements brought to light information that plaintiffs might not previously have been able to learn, we grant plaintiffs leave to move to amend their complaint," she said. The cases are In Re: Libor-Based Financial Instruments Antitrust Litigation, U.S. District Court for the Southern District of New York, No. 11-md-2262.

 

GameStop says demand hit as customers await new consoles

(Reuters) - Retailer GameStop Corp warned of weak sales this year as customers delay purchases ahead of the arrival of next-generation videogame consoles, but it reported stronger-than-expected quarterly results. The world's largest retailer of videogame products said on Thursday that it expected full-year sales to remain flat or fall by as much as 8 percent, implying revenue of between $8.18 billion and $8.89 billion. Analysts on average expect $8.86 billion, according to Thomson Reuters I/B/E/S. GameStop's full-year earnings forecast lagged analysts' estimates by a sizable margin. It expects a profit of $2.75 to $3.15 per share, while analysts had estimated $3.40. The company said same-store sales were likely to fall 5.5 percent to 8 percent this quarter. "The first half of the year is going to be very challenging because we're continuing the trend that we have seen in the last two or three months on sales of hardware from the current console set and sales of software," Chief Financial Officer Robert Lloyd said in an interview. The videogame industry is anticipating a strong finish to 2013 with the release of Take-Two Interactive Software's "Grand Theft Auto V," Electronic Arts Inc's "Battlefield 4" and at least one next-generation console by the holidays. As a result, consumers are postponing purchases until the fourth-quarter console introductions. "But we expect to return to growth in the back half of the year," Lloyd said. Sony Corp said last month it would release its next-generation PlayStation this year, its first videogame console in seven years. Microsoft Corp is also expected to announce the successor to its Xbox 360 later this summer. Global sales of traditional videogame products such as consoles have suffered because of the rising popularity of online games as enthusiasts spend more time on tablets and phones. U.S. sales of videogame hardware and software fell 25 percent in February, following a month-over-month downward trend that has continued since last year, according to a report by market research firm NPD. Games software sales were down 27 percent in February, the report said. GameStop has weathered the trend by focusing on selling new and used games to console owners and expanding its digital and mobile offerings, including the sale of iOS and Android devices in some stores. The company said revenue fell marginally to $3.56 billion in the fourth quarter ended on February 2. Analysts on average expected $3.45 billion. Net income attributable to GameStop rose to $261.1 million, or $2.15 per share, from $174.7 million, or $1.27 per share, a year earlier. Excluding items such as the deferral of digital revenue, earnings were $2.16 per share. Analysts had forecast $2.09. In January, GameStop cut its same-store sales forecast for the fourth quarter after customer traffic shrank over the holiday season. The company's shares were up 0.5 percent at $26.58 in late-morning New York Stock Exchange trading.