DAKOTA DUNES, South Dakota (Reuters) – A year ago, Beef Products Inc. had four state-of-the art plants, more than 1,300 employees and was expanding aggressively.
The meat company was the leading maker of “lean finely textured beef,” a low-fat product made from chunks of beef, including trimmings, and exposed to tiny bursts of ammonium hydroxide to kill E. coli and other dangerous contaminants. Few Americans realized the product was a mainstay of fast-food burgers, school lunch tacos and homemade meatloaf.
DAKOTA DUNES, South Dakota, March 4 (Reuters) – A year ago,
Beef Products Inc. had four state-of-the art plants, more than
1,300 employees and was expanding aggressively.
The meat company was the leading maker of “lean finely
textured beef,” a low-fat product made from chunks of beef,
including trimmings, and exposed to tiny bursts of ammonium
hydroxide to kill E. coli and other dangerous contaminants. Few
Americans realized the product was a mainstay of fast-food
burgers, school lunch tacos and homemade meatloaf.
NEW YORK (Reuters) – Investors who refused to join two sovereign debt restructurings by Argentina are urging a U.S. court to force the country to pay them, in a case whose outcome could make it much harder for emerging market countries facing cash crunches to borrow money.
These investors, who own Argentina bonds that have been in default for a decade, are demanding that the South American country finally pay the $1.33 billion that a federal judge said they are owed.
NEW YORK (Reuters) – New York City canceled its annual marathon on Friday, reversing Mayor Michael Bloomberg’s earlier decision to go forward with Sunday’s race, as it had become a lightning rod for residents frustrated by the disastrous aftermath of megastorm Sandy.
The decision came after a growing number of storm victims, some runners, and other politicians criticized Bloomberg’s decision earlier in the week to go forward with the marathon, one of the world’s most popular sporting events. They said the race, which had been expected to draw more than 40,000 runners, would divert critical police and other resources.
NEW YORK, Nov 1 (Reuters) – New York authorities have made a
big push for normalcy after megastorm Sandy, but for many
residents dealing with water-logged homes, power outages,
gasoline shortages and painfully slow commutes, things are far
Officials have moved quickly to try to jump-start business
and tourism after the storm. The New York Stock Exchange
reopened after a historic two-day closure, with a smiling Mayor
Michael Bloomberg ringing the opening bell. The subways began to
rumble with limited service on Thursday. Broadway theater is
back. And the mayor has declared the New York Marathon will go
on as scheduled on Sunday, despite calls by many to postpone it.
NEW YORK (Reuters) – ABC News on Wednesday asked a federal court to throw out claims it defamed a meat processor through a series of television reports about lean finely textured beef, a product that critics have dubbed “pink slime.”
In court papers, lawyers for the U.S. network said a September lawsuit by Beef Products Inc (BPI) seeks to inhibit free speech. They said the lawsuit poses a challenge to the right of a news organization “to explore matters of obvious public interest — what is in the food we eat and how that food is labeled.”
NEW YORK, Oct 31 (Reuters) – New York City commuters endured
hours-long bus trips and bumper-to-bumper traffic on Wednesday
as the city struggled to fix a crippled subway system and get
back to business in the wake of mega-storm Sandy.
Even with many people staying home for a third consecutive
day, New York-area commuters grappled with clogged streets. Some
bicycled to work. Some walked across the Brooklyn Bridge. Others
gave up altogether and turned back home after waiting in vain
for packed buses to take on more passengers.
(Reuters) – ABC News sought on Wednesday to move to federal court a meat processor’s defamation lawsuit over reports about lean finely textured beef, a product that critics have labeled “pink slime.”
Lawyers for the network filed to transfer the case, brought last month by Beef Products Inc, the leading producer of the product, from of a state court in South Dakota and to a federal court in the state.
By Martha Graybow and Rick Rothacker
(Reuters) – Bank of America Corp agreed on Friday to pay $2.43 billion to settle claims it hid crucial information from shareholders when it bought investment bank Merrill Lynch & Co at the height of the financial crisis.
The settlement, among the biggest of its kind to stem from the 2008 meltdown, underscores how Bank of America is still suffering from decisions it made during the crisis, even as competitors are moving on.
NEW YORK/CHARLOTTE, North Carolina (Reuters) – Bank of America Corp agreed on Friday to pay $2.43 billion to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action.
The accord is by far the biggest settlement of an investor class action arising from the 2008 financial crisis. Bank of America denied allegations it misled shareholders ahead of the Merrill deal, causing them huge losses, but said it agreed to settle to put the case behind it.