Business News Briefs
Halliburton has agreed to plead guilty to the destruction of critical evidence after the Gulf of Mexico oil spill in 2010, the Justice Department said. The oil services company will pay the maximum allowable fine and be subject to three years of probation, while continuing its cooperation in the government's ongoing criminal probe. Separately, Halliburton made a voluntary contribution of $55 million to the National Fish and Wildlife Foundation.
naming Fed chair
President Barack Obama is not expected to name a new chairman of the Federal Reserve until the fall, lowering expectations for an imminent announcement. A senior official says the president has not made a decision on who will replace current Fed chairman Ben Bernanke, whose term expires early next year. The president's pick is highly anticipated, given the Fed chairman's impact on economic policy.
Japan airline finds
more 787 problems
Japan's All Nippon Airways has found damage to wiring on two Boeing 787 locator beacons, a device suspected as the cause of a fire on an Ethiopian Airlines 787 at London's Heathrow Airport July 12. The devices, made by Honeywell International Inc., guide rescuers to aircraft in emergencies. The so-called Dreamliner jets were grounded worldwide in January due to separate problems with lithium ion batteries that caused overheating and fires.
A years-long court battle in New York could have major impact on the world's financial system as investors seek to recover unpaid debts from Argentina's massive 2001 default. Global finance officials fear a victory by creditors could create obstacles for international financial rescue packages like the one that recently pulled the Greek economy from the brink of collapse. Concerns heightened this week when the International Monetary Fund contemplated formally backing Argentina in the case.
Gulf rig blowout
Air and water navigation restrictions remained in place around a natural gas well that blew wild and caught fire Tuesday about 55 miles off the Louisiana coast. The blaze, which forced 44 workers to evacuate the rig, went out when spewing gas was choked off by sand and sediment. Federal authorities are considering plans to permanently plug the well and the fire's cause remains under investigation.
not really 'Naked'
PepsiCo Inc. says it will no longer label its Naked juices as "all natural," after a lawsuit complained the drinks contain artificial ingredients. The company, based in Purchase, N.Y., is also paying $9 million to settle the case, which noted what PepsiCo called an "added boost of vitamins" in some of the drinks are actually synthetic.