 | Good afternoon Bit |  |  | Democrats in the Senate blocked a Republican-backed resolution to disapprove of the FCC's rules on net neutrality. The vote was 52-46 against the resolution. Adopted by a divided FCC last December, the rules forbid broadband providers from blocking legal content while leaving flexibility for providers to manage their networks. The rules still face a court challenge. Lawsuits by Verizon and others have been consolidated. Backers of net neutrality say big providers could otherwise use their gatekeeper role to discriminate against competitors. But Republicans said the rules were an unprecedented power grab by the FCC.
Sony CEO Howard Stringer vowed to stay on as head of the Japanese electronics conglomerate, dismissing reports the longtime helmsman will step down next year and adding that he remained keen on leading the once-dominant corporate powerhouse in its battle to reverse losses and fight rivals. Last week, Sony shocked investors by warning that the company would report a fourth consecutive year of losses and offered few details of its plan to halve losses in its television division, which itself is headed for its eighth consecutive annual loss.
Investigations into scandal-hit Olympus revealed an elaborate scheme for concealing losses on risky bets behind a facade of inflated bank deposits and securities holdings, The Nikkei reported. Sources say Olympus moved the impaired securities off its books -- a trick known in Japanese as "tobashi" -- to prevent the painful write-downs that would have followed the introduction of fair value accounting in fiscal 2000, Nikkei said. The third-party committee conducting the investigation said it will report its findings early next month. Olympus is waiting for these findings before it reports first-half earnings and issue second-quarter financial statements, the daily reported.
A first-grade teacher in New Jersey who described her students as "future criminals" on Facebook could be fired under a judge's decision issued this week after parents complained her remarks were offensive. Administrative Law Judge Ellen Bass ruled that the Paterson teacher, Jennifer O'Brien, "demonstrated a complete lack of sensitivity to the world in which her students live" and recommended that she lose her tenured position. Paterson is a poor, urban New Jersey community with a high rate of violent crime, and school officials interpreted O'Brien's comment as racially tinged, according to court documents. | | | LATEST NEWS | | WiLAN's 759 Patent validated in U.S. | | November 10, 2011 02:44 PM ET | | (Reuters) - Canadian patent licensing firm WiLAN Inc said the U.S. Patent and Trademark Office (PTO) validated most of the claims in one of its key patents, bringing a re-examination process that began in January closer to completion. | Full Article | | AT&T, U.S. argue over witnesses in antitrust trial | | November 09, 2011 07:41 PM ET | | WASHINGTON (Reuters) - AT&T Inc complained on Wednesday that the Justice Department was too slow in telling who its witnesses would be as the government seeks to block the telecommunications giant's acquisition of rival T-Mobile USA. | Full Article | | Murdoch limits damage in parliament grilling | | November 10, 2011 12:56 PM ET | | LONDON (Reuters) - James Murdoch, fighting for his career, held his line that he was innocent of covering up phone-hacking at the News of the World tabloid and blamed other former executives in a UK parliamentary hearing on Thursday. | Full Article | | | BUSINESS NEWS
| | Wall Street rebounds on corporate news | | November 10, 2011 04:10 PM ET | | NEW YORK (Reuters) - Stocks bounced back on Thursday from a 3 percent drop in the previous session as investors latched onto positive corporate and economic news in the absence of a clear worsening of Europe's debt crisis. | Full Article | | Italy eyes unity cabinet as EU dithers on crisis | | November 10, 2011 02:01 PM ET | | ROME/ATHENS (Reuters) - Italy moved closer to a national unity government on Thursday, following Greece's lead in seeking a respected veteran technocrat to pilot painful economic reforms in an effort to avert a euro zone bond market meltdown. | Full Article | | Bernanke keeps focus on jobs, warns on Europe | | November 10, 2011 03:20 PM ET | | FORT BLISS, Texas (Reuters) - Defending the Federal Reserve on the turf of his harshest critics, central bank chief Ben Bernanke said the Fed was "intently" focused on lowering unemployment and warned strains from Europe could trigger global economic shocks. | Full Article | | ICE calls for MF client cash; CFTC confirms probe | | November 10, 2011 03:24 PM ET | | NEW YORK/WASHINGTON (Reuters) - The trustee liquidating bankrupt broker MF Global on Thursday deflected intensifying pressure to disperse billions of dollars of customer cash frozen in commodity accounts, saying that he could not yet legally release individuals' funds. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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