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Need more positive signs before scaling back stimulus, says Bernanke

Wed, 22 May 2013 17:25:11 -0400

WASHINGTON - Chairman of the Federal Reserve, Ben Bernanke Wednesday said it was too soon to scale back the monetary stimulus and the central bank needs to see further signs of traction before taking a decision. A decision to scale back the $85 billion in bonds the Fed is buying each month could come at one of the central bank's "next few meetings" if the economy looked set to maintain ...

U.S. dollar slips against euro after Fed official remarks

Wed, 22 May 2013 06:50:03 -0400

Beijing, May 22 (Xinhua-ANI): The U.S. dollar advanced against most major currencies on Tuesday, but weakened against the euro after a U.S. Federal Reserve official indicated that the central bank may not taper its bond-purchasing program soon. St. Louis Federal Reserve Bank President James Bullard said at an event in Frankfurt that the Fed should continue with the quantitative easing to boost ...

T. rex cousin fed more like falcon than crocodile

Wed, 22 May 2013 03:40:05 -0400

It is believed that the mighty T. rex may have thrashed its massive head from side to side to dismember prey, but a new study has shown that its smaller cousin Allosaurus was a more dexterous hunter and tugged at prey more like a modern-day falcon. "Many people think of Allosaurus as a smaller and earlier version of T. rex, but our engineering analyses show that they were very different ...

Nikkei slumps 3.7 pct on weak China data 10-yr JGB prices turn higher

Thu, 23 May 2013 01:40:33 -0400

Reset TOKYO (May 23): Japan's Nikkei stock average tumbled 3.7 percent on Thursday, in a dramatic turnaround from a 5-1/2-year high hit in morning trade and was on track for its biggest daily drop in two years, as weak Chinese factory activity data rattled investors. The sharp turnover in the Japanese stock market prompted investors to seek safety in government bonds, with the 10-year ...

RPT-GLOBAL MARKETS-JGB yields surge markets spooked by Bernanke remarks

Thu, 23 May 2013 00:47:18 -0400

Thu May 23, 2013 12:47am EDT * JGB dive, 10-year JGB yield hits highest since April 2012 * Bernanke QE comments lift U.S. bond yields and dollar * Dollar index hits highest level since July 2010 * Asian shares extend losses after China HSBC flash PMI By Masayuki Kitano and Hideyuki Sano SINGAPORE, May 23 (Reuters) - Japanese government bonds plunged on Thursday, taking yields to their highest in ...

UPDATE 1-Chinas Lenovo buys and diversifies to outshine PC rivals

Thu, 23 May 2013 00:45:29 -0400

Thu May 23, 2013 12:45am EDT * Q4 net nearly doubles, fastest pace in seven quarters * Lenovo No.2 in China in smartphones and media tablets By Lee Chyen Yee and Umesh Desai HONG KONG, May 23 (Reuters) - Lenovo Group Ltd's bold acquisitions in its flagship PC business, a foray into mobile gadgets, and a relatively light debt load are setting it apart from PC rivals as industry shipments take ...

As yen tumbles Japans gain isnt South Koreas pain

Thu, 23 May 2013 00:41:36 -0400

Thu May 23, 2013 12:41am EDT * Yen down 20 percent vs dollar over past year, won up by a third against yen * Weaker yen won't necessarily undercut South Korea's competitiveness * Currency fluctuations don't immediately translate into market share By Wayne Arnold and Vikram Subhedar May 23 (Reuters) - South Korea's economic problems aren't made in Japan. That isn't the way ...

Metals Stocks Gold falls after Fed talk boosts dollar

Thu, 23 May 2013 00:40:35 -0400

LOS ANGELES (MarketWatch) -- Gold futures fell Thursday, weighed by strength in the U.S. dollar after the head of the U.S. Federal Reserve indicated the central bank could start tapering stimulus efforts in the coming ...

STOCKS NEWS THAILAND-Bank of Ayudhya up after Japan MUFG stake bid report

Thu, 23 May 2013 00:34:56 -0400

Thu May 23, 2013 12:34am EDT Shares in Bank of Ayudhya Pcl rose after a local newspaper cited a financial market source as saying that Japan's Mitsubishi UFJ Financial Group (MUFG) had offered to acquire General Electric's stake in the Thai bank at 40 baht per share. The potential acquisition of the 25.3 percent stake, or around 1.54 billion shares, from GE Capital International Holding ...

Japanese Investors Sell Foreign Bonds

Thu, 23 May 2013 00:34:25 -0400

Japanese investors sold 804.4 billion yen ($7.8 billion) worth of foreign bonds last week after three straight weeks of net buying, as they took advantage of the soft yen to repatriate overseas ...

Indonesia energy regulator trims 2014 oil target -media

Thu, 23 May 2013 00:29:32 -0400

JAKARTA | Thu May 23, 2013 12:29am EDT JAKARTA May 23 (Reuters) - Indonesia's energy regulator says the country's oil production target next year is too optimistic, and wants it scaled back between roughly 4 percent and 8 percent, domestic media reported on Thursday. The former OPEC member was once self-sufficient in oil and gas but has been struggling for years to attract ...

Lenovos Q4 net profit nearly doubles on Chinese PC phone demand

Thu, 23 May 2013 00:27:26 -0400

HONG KONG, March 23 | Thu May 23, 2013 12:27am EDT HONG KONG, March 23 (Reuters) - China's Lenovo Group Ltd posted a 90 percent rise in its quarterly net profit, its fastest pace in seven quarters, as a result of strong PC and smartphone demand in its domestic market. Lenovo, on track to unseat Hewlett-Packard Co as the world's top PC maker by shipments, posted net profit of ...

BOJ market operation in line with Kuroda stance

Thu, 23 May 2013 00:20:49 -0400

TOKYO May 23 (Reuters) - The Bank of Japan said on Thursday that the bond market operation it conducted the same day was in line with Governor Haruhiko Kuroda's stance to conduct flexible market operations in the wake of bond market ...

US stocks edge higher before Bernanke test

Thu, 23 May 2013 00:20:26 -0400

US stocks have opened slightly higher as the market looked ahead to congressional testimony by Federal Reserve Chairman Ben Bernanke. Five minutes into trade on Wednesday, the Dow Jones Industrial Average rose 16.11 (0.10 per cent) to 15,403.69. The broad-based S&P 500 added 1.37 (0.08 per cent) at 1,670.53, while the tech-rich Nasdaq Composite Index increased 0.68 (0.02 per cent) to ...

Average U.S. 401k balance tops $80000 up 75 pct since 2009

Wed, 22 May 2013 23:59:59 -0400

BOSTON | Wed May 22, 2013 11:59pm EDT BOSTON May 23 (Reuters) - The average 401(k) retirement balance for U.S. workers hit a record high of $80,900 in the first quarter, a growth spurt of 75 percent since the stock market's nadir in March 2009, Fidelity Investments said on Thursday based on a survey of its accounts. Most of the recovery is linked to a stock market rally that has ...

GM Chevy Spark electric cars price 38 pct less than sibling hybrid Volts

Wed, 22 May 2013 23:59:59 -0400

DETROIT | Wed May 22, 2013 11:59pm EDT DETROIT May 23 (Reuters) - The Chevrolet Spark all-electric subcompact car will cost U.S. buyers as much as 38 percent less than what it takes to buy its larger sibling, the hybrid Volt, General Motors Co said on Thursday. The 2014 Spark EV, which goes on sale next month in California and Oregon, will sell for as low as $19,995 after accounting for ...

SoftBank would appoint security director to Sprint board

Wed, 22 May 2013 23:55:54 -0400

Wed May 22, 2013 11:55pm EDT May 23 (Reuters) - SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal. Sprint said in a filing with the U.S. Securities and Exchange Commission on May 1 that the new ...

UPDATE 1-Mitsubishi Motors weighs capital shift dividends-sources

Wed, 22 May 2013 23:50:06 -0400

Wed May 22, 2013 11:50pm EDT * Automaker may propose 10-for-1 reverse stock split * May also seek capital reorganisation * To clear $9 bln in accumulated losses * Shares drop 11.5 pct, after recent strong gains By Kentaro Sugiyama and Yoko Kubota TOKYO, May 23 (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by ...

FOREX-Dollar muscles up on Bernanke comments Aussie under pressure

Wed, 22 May 2013 23:39:46 -0400

Wed May 22, 2013 11:39pm EDT * Dollar index holds near three-year highs * Greenback touches new 4-1/2-year high against yen * Fed could step down bond-buying pace if economy improves * Aussie approaches 1-year low after China factory activity drops By Sophie Knight and Ian Chua TOKYO/SYDNEY, May 23 (Reuters) - The dollar bounded up to a three-year high against a basket of major currencies in Asia ...

UPDATE 2-High costs currency push Ford out of Australia car manufacturing

Wed, 22 May 2013 23:34:38 -0400

Wed May 22, 2013 11:34pm EDT * Ford to end Australia production in Oct 2016 * Strong Australia dollar, cheaper imports hurt local manufacturers * Australian economy at risk as mining boom peaks, other sectors sluggish * Govt previously committed A$5.4 bln to support car manufacturers to 2020 By Rob Taylor and Lincoln Feast CANBERRA, May 23 (Reuters) - Ford Motor Co will shut its two Australian ...

METALS-Copper slides more than 2 pct as China factory data disappoints

Wed, 22 May 2013 23:19:14 -0400

* HSBC China flash PMI falls to 7-mth low of 49.6 * Worries of early end to bond buying also hurt sentiment * Coming Up; Euro zone Markit Manufacturing Flash PMI at 0758 GMT By Melanie Burton SINGAPORE, May 23 (Reuters) - London copper fell more than 2 percent on Thursday after a preliminary survey showed China's factory sector contracted in May, hitting sentiment already soured by concerns ...

Samsung says fast-selling Galaxy S4 sales hit 10 million

Wed, 22 May 2013 23:12:28 -0400

SEOUL (Reuters) - Samsung Electronics Co said sales of the latest version of its flagship Galaxy S smartphone have reached 10 million since its launch in late April, making the model its fastest selling smartphone. The S4, the South Korean ...

Investment firms sue exchanges in dispute on improper fee charges

Wed, 22 May 2013 23:11:58 -0400

(Reuters) - A group of investment firms including Citadel Securities LLC sued the Chicago Board Options Exchange Inc and four other exchanges on Wednesday for improper charges on millions of options trades over a seven-year ...

China may scrap floor for interest rates this year -media

Wed, 22 May 2013 22:59:40 -0400

BEIJING | Wed May 22, 2013 10:59pm EDT BEIJING May 23 (Reuters) - China may remove its floor for interest rates as early as this year or next year at the latest, Chinese media said on Thursday, an important step towards freeing the country's tightly-controlled interest rates market. Ba Shusong, a researcher at the Development Research Center, a think-tank whose recommendations to ...

Japan govt natural for JGB yields to rise as share prices gain

Wed, 22 May 2013 22:37:39 -0400

TOKYO | Wed May 22, 2013 10:37pm EDT TOKYO May 23 (Reuters) - Japan's top government spokesman said on Thursday that it was natural for government bond yields to rise on the back of gains by Tokyo stocks and that he fully trusts the central bank's response to market moves. "I expect that the Bank of Japan will appropriately deal with it," Chief Cabinet Secretary Yoshihide ...

UPDATE 1-China HSBC flash PMI hits 7-mth low fans growth fears

Wed, 22 May 2013 22:34:59 -0400

Wed May 22, 2013 10:34pm EDT * HSBC flash PMI dips to 7-month low on weak demand * Raises worries on growth outlook this year * Government may tolerate a slower growth for reforms By Aileen Wang and Koh Gui Qing BEIJING, May 23 (Reuters) - China's factory activity shrank for the first time in seven months in May as new orders fell, a preliminary survey of purchasing managers showed, adding to ...

Australian Market Declines On Wall Street Cues

Wed, 22 May 2013 22:23:26 -0400

The Australian stock market is trading weak on Thursday with investors pressing sales at several counters, tracking cues from Wall Street where stocks tumbled overnight amid doubts about further stimulus from the U.S. Federal Reserve.Financial, consumer staples, industrial and property trusts stocks are trading weak, while mining, energy and healthcare stocks are trading mixed.The benchmark ...

Americas Cup makes changes to improve safety following death

Wed, 22 May 2013 22:22:35 -0400

By Noel Randewich and Jonathan Weber SAN FRANCISCO | Wed May 22, 2013 10:22pm EDT SAN FRANCISCO May 22 (Reuters) - America's Cup organizers said on Wednesday that they have made rule changes to improve safety in the upcoming regatta after a fatal training accident on San Francisco Bay earlier this month. As a result of investigations into the death of a sailor when an ultra-fast AC72 ...

New Hampshire lawmakers reject casino bill backed by governor

Wed, 22 May 2013 22:01:00 -0400

NEW YORK (Reuters) - New Hampshire's House of Representatives rejected a bill on Wednesday that would have authorized the construction of the state's first casino, bucking a regional trend toward easing restrictions on gaming in New ...

U.S. industry touts drone promise as public debate flares

Wed, 22 May 2013 21:57:09 -0400

By Andrea Shalal-Esa WASHINGTON | Wed May 22, 2013 9:57pm EDT WASHINGTON May 22 (Reuters) - Public backlash against deadly overseas drone strikes may undermine promising uses of such technology for anything from disaster response to mail delivery, a top U.S. industry group said as it launched a lobbying effort to "demystify" unmanned planes. The Aerospace Industries Association ...

GLOBAL MARKETS-JGBs dive dollar index hits 3-yr high on Bernanke comment

Wed, 22 May 2013 21:45:32 -0400

Wed May 22, 2013 9:45pm EDT * Dollar index hits highest level since July 2010 * Bernanke QE comments lift U.S. bond yields and dollar * MSCI Asia Pacific ex-Japan falls but Nikkei climbs * JGB dive, 10-year JGB yield hits highest since April 2012 By Masayuki Kitano SINGAPORE, May 23 (Reuters) - Japanese government bond prices dived and 10-year JGB futures tumbled a full point, prompting the Tokyo ...

BOJ says market op conducted in reaction to volatility in long-term rates

Wed, 22 May 2013 21:41:38 -0400

TOKYO | Wed May 22, 2013 9:41pm EDT TOKYO May 23 (Reuters) - The Bank of Japan said on Thursday that the market operation it conducted the same day was done in reaction to excessive volatility in long-term interest rates. The 10-year Japanese government bond cash bond yield rose as high as 1.000 percent on Thursday, its highest in more than a year, after Federal Reserve Chairman Ben ...

Canadas Flaherty worried about housing agencys insurance role

Wed, 22 May 2013 21:35:25 -0400

OTTAWA | Wed May 22, 2013 9:35pm EDT OTTAWA May 22 (Reuters) - The Canadian government is examining the role of the federal housing agency in providing insurance for mortgage portfolios held by banks, Finance Minister Jim Flaherty said on Wednesday. Under Flaherty's watch, the Canada Mortgage and Housing Corporation (CMHC), a federal government agency, has come under closer ...

PRESS DIGEST - China - May 23

Wed, 22 May 2013 21:34:56 -0400

Wed May 22, 2013 9:34pm EDT May 23 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy. CHINA SECURITIES JOURNAL -- Combined profits at China's state-owned enterprises rose 5.3 percent to 689 billion yuan ($112.38 billion) in the first four months of 2013 from a ...

Nikkei climbs 1.9 pct to new 5-12-year high Fast Retailing stars

Wed, 22 May 2013 21:34:24 -0400

* Bernanke remarks sees yen at 103 to dollar, aids exporters * Nikkei heads for fifth straight day of gain * Fast Retailing jumps as retail investors in hot pursuit By Dominic Lau TOKYO, May 23 (Reuters) - Japan's Nikkei average soared 1.9 percent to a 5-1/2-year high on Thursday, aided by exporters as the yen weakened against the dollar after the U.S. Federal Reserve chief suggested the ...

Wall Street pours cold water on Targets weather excuses

Wed, 22 May 2013 21:14:55 -0400

Target blamed the weather for slow sales, but analysts don’t think that’s the whole story. The retailer’s stock fell 4 ...

RPT-Ford to close Australia auto plants

Wed, 22 May 2013 21:14:27 -0400

Wed May 22, 2013 9:14pm EDT SYDNEY May 23 (Reuters) - Ford Motor Co said on Thursday it is closing its two Australian auto plants and will cease production in the country in October 2016. Ford Australia Chief Executive Bob Graziano said the company will close its engine plant in Geelong and its assembly plant in Broadmeadows, both in the state of Victoria. The car manufacturer has struggled with ...

Merkel protege struggles with Germanys green revolution

Wed, 22 May 2013 21:09:33 -0400

Wed May 22, 2013 9:09pm EDT * Renewable energy drive could influence September vote * Merkel chose doughty chief whip for vital ministry a year ago * Altmaier has not reconciled industry and green lobby By Madeline Chambers BERLIN, May 23 (Reuters) - Chancellor Angela Merkel appointed him for his charm and political skill as marshal of her vision of a 'green revolution' in Europe's ...

CME vows not to sway membership prices after MF Global sales

Wed, 22 May 2013 21:03:37 -0400

By Tom Polansek CHICAGO | Wed May 22, 2013 9:03pm EDT CHICAGO May 22 (Reuters) - CME Group Inc will never influence the price of its memberships, Executive Chairman Terry Duffy said on Wednesday after seats formerly owned by bankrupt broker MF Global Holdings Ltd were sold cheaply. Membership prices "go up and they go down and that's the way they've done it for a lot of ...

GM recalls more than 27000 Cadillac crossovers with wheel issue

Wed, 22 May 2013 20:51:34 -0400

GM said on Wednesday it knows of no crashes or injuries due to the issue and that no wheels have separated from the sport utility vehicles built on car-based ...

UPDATE 1-Insurer buyout firm in talks to buy Lender Processing -source

Wed, 22 May 2013 20:51:25 -0400

Wed May 22, 2013 8:51pm EDT * Fidelity National Financial, Thomas H Lee are the buyers -source * Deal would be worth $2.9 bln - WSJ * To be a cash and stock deal - WSJ May 22 (Reuters) - Title insurer Fidelity National Financial Inc and buyout firm Thomas H. Lee Partners are in advanced talks to acquire mortgage service provider Lender Processing Services Inc, a source familiar with the matter ...

UPDATE 2-Mercks insomnia drug moves a step closer to U.S. approval

Wed, 22 May 2013 20:48:13 -0400

Wed May 22, 2013 8:48pm EDT * FDA panel says suvorexant safe, effective at lower doses * Merck drug is first in new class of sedatives By Toni Clarke WASHINGTON, May 22 (Reuters) - Merck and Co's experimental insomnia drug moved a step closer to U.S. approval on Wednesday after a panel of medical experts said it is effective and safe at lower doses. The advisory panel was convened to help the ...

Singapore c.bank sees core inflation close to 2 pct this year

Wed, 22 May 2013 20:47:14 -0400

SINGAPORE | Wed May 22, 2013 8:47pm EDT SINGAPORE May 23 (Reuters) - Singapore's central bank said on Thursday it expects core inflation to be close to 2 percent in 2013, within its target range of 1.5 to 2.5 percent. Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said he expects core inflation to be "edging towards 2 percent." Core inflation ...

Australia shares down after Wall St drops awaiting China PMI

Wed, 22 May 2013 20:27:42 -0400

Wed May 22, 2013 8:27pm EDT (Updates to open) SYDNEY May 23 (Reuters) - Australian shares fell 0.4 percent early on Thursday, after Wall Street retreated over worries that the U.S. Federal Reserve may consider winding back its economic stimulus programme. Investors will watch for HSBC's early manufacturing report on China, Australia's biggest export market, for clues to China's ...

UPDATE 2-U.S. House votes to force approval of Keystone pipeline

Wed, 22 May 2013 20:19:51 -0400

Wed May 22, 2013 8:19pm EDT * Measure passes easily but with less bipartisan support * Uncertain prospects in Senate; Obama expected to veto * Pipeline under consideration for years By Ros Krasny WASHINGTON, May 22 (Reuters) - The House of Representatives approved a bill as expected on Wednesday declaring that a presidential permit was not needed to approve the Canada-to-Nebraska leg of the ...

JGBs dive after Bernanke remarks unsettle U.S. bonds

Wed, 22 May 2013 19:58:27 -0400

TOKYO | Wed May 22, 2013 7:58pm EDT TOKYO May 23 (Reuters) - Japanese government bond prices dived on Thursday after U.S. Treasury yields surged as Federal Reserve Chairman Ben Bernanke hinted the U.S. central bank might slow its bond purchases later this year if the U.S. economy improves further. The 10-year JGB futures fell a full point to 140.90 , hitting their lowest level since July ...

FOREX-Dollar stands tall after Bernanke comments China PMI in focus

Wed, 22 May 2013 19:54:24 -0400

Wed May 22, 2013 7:54pm EDT * Dollar index holds near three-year highs * Fed could step down bond-buying pace if economy continues to improve * HSBC's early report on China's factory sector next in focus By Ian Chua SYDNEY, May 23 (Reuters) - The dollar hovered at a near three-year high against a basket of major currencies in Asia on Thursday, having risen broadly as Treasury yields ...

Bernanke comments hit US stocks Australian dollar

Wed, 22 May 2013 19:52:40 -0400

United States Wall Street saw its biggest one day swing in six months and the Australian dollar dropped overnight as investors raised concerns that the US Federal Reserve will scale back its stimulus program shortly.Markets initially rose as Federal Reserve chairman Ben Bernankeaddressed Congress saying the quantitative easing program is providing significant benefits to the American economy ...

Aussie dollar US markets slip as stimulus end eyed

Wed, 22 May 2013 19:52:40 -0400

United States The Australian dollar and US stocks have fallen after mixed messages from the Federal Reserve over its $US85 billion a month stimulus program.The Fed's chairman Ben Benanke told Congress it was too soon to scale back the stimulus because it was helping the American economy recover.Mr Bernanke says he will consider winding it down in the "next few meetings".However, ...

UPDATE 1-Morgan Stanley fixed-income head deRegt retires

Wed, 22 May 2013 19:47:00 -0400

Wed May 22, 2013 7:47pm EDT May 22 (Reuters) - Morgan Stanley's head of fixed income, Ken deRegt, is retiring from the firm, according to internal bank memos obtained by Reuters, after the company sustained a more than 40 percent decline in bond trading revenue in the first quarter. The bank's fixed income business is in the middle of fixing itself as it has never fully recovered from big ...

Aust bonds weaker on Fed comments

Wed, 22 May 2013 19:43:39 -0400

Australian bond futures prices have fallen following comments from the US Federal Reserve on ending its economic stimulus program. In testimony to Congress, Fed chairman Ben Bernanke gave an upbeat assessment of the US economy but warned that ending the central bank's program called quantitative easing (QE) could stall the nation's economic recovery. He later said there could be a ...

Borders gift card holders deserve nothing judge rules

Wed, 22 May 2013 19:42:47 -0400

(Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by the time the bookstore chain shut down, a Manhattan federal judge ruled on ...

World Bank proposes $150 million loan to help Jordan with refugees

Wed, 22 May 2013 19:37:39 -0400

civil war in Syria , Jordanian and World Bank board sources said on Wednesday. "The (World Bank) board should act on it in June," one source told Reuters. "Pressure on Jordan is increasing and the loan should help ease the economic burden." Close to 500,000 Syrian refugees, out of a total of 1.5 million, have sought shelter in Jordan from an escalating civil war between ...

Mitsubishi weighs steps toward resumption of dividend -sources

Wed, 22 May 2013 19:32:37 -0400

By Kentaro Sugiyama and Yoko Kubota Wed May 22, 2013 7:32pm EDT May 22 (Reuters) - Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans. Specifically, Mitsubishi Motors is considering asking shareholders to approve plans for a 10-for-1 ...

UPDATE 1-Dish on national security PR offensive against SoftBank

Wed, 22 May 2013 19:28:09 -0400

Wed May 22, 2013 7:28pm EDT By Alina Selyukh and Liana B. Baker WASHINGTON/NEW YORK May 22 (Reuters) - Dish Network Corp is ramping up its Washington-centric campaign to thwart Japanese firm SoftBank Corp's bid for Sprint Nextel Corp, hoping to convince lawmakers and government reviewers that it poses national security risks. On Wednesday, Dish ads appeared in Washington publications the ...

Obama nominee vows to work with Congress to fund transportation

Wed, 22 May 2013 19:24:36 -0400

View Photo Reuters/Reuters - U.S. President Barack Obama explains that Charlotte, N.C., Mayor Anthony Foxx (L) will be his nominee to replace Ray LaHood as U.S. Transportation Secretary in the East Room of the White ...

Australias James Hardie Q4 profit down 11 pct outlook cautious

Wed, 22 May 2013 19:19:11 -0400

SYDNEY | Wed May 22, 2013 7:19pm EDT SYDNEY May 22 (Reuters) - Australian building materials group James Hardie Industries Ltd reported an 11 percent fall in fourth-quarter profit after declines in sales prices in the United States and Europe offset improved sales volumes in those markets. The world's largest manufacturer of fibre cement products, which earns two-thirds of its ...

Nikkei set to pull back from 5-12-year highs on Bernanke remarks

Wed, 22 May 2013 19:17:40 -0400

TOKYO, May 23 (Reuters) - Japan's Nikkei average is expected to retreat from a 5-1/2-year high on Thursday after U.S. Federal Reserve chief Ben Bernanke suggested the central bank could scale back stimulus in coming months. The Nikkei is likely to trade between 15,550 and 15,700, strategists said, while Nikkei futures in Chicago closed at 15,640 on Wednesday, down 0.2 percent from the Osaka ...

UPDATE 1-Blackstone Prologis pay $960 mln for warehouses-sources

Wed, 22 May 2013 19:00:45 -0400

Wed May 22, 2013 7:00pm EDT By Ilaina Jonas NEW YORK May 22 (Reuters) - Blackstone Group LP and Prologis Inc have agreed to buy a portfolio of 17 million square feet of warehouse and distribution centers whose majority owner is Lehman Brothers for about $960 million, two sources familiar with the deal said on Wednesday. Under the deal, Blackstone's IndCor Properties Inc will operate about 9.5 ...

Appleformer Washington wallflower now at center of tax fight

Wed, 22 May 2013 18:58:50 -0400

By Andy Sullivan, Gabriel Debenedetti and Poornima Gupta WASHINGTON | Wed May 22, 2013 6:58pm EDT WASHINGTON May 22 (Reuters) - For years, Apple Inc kept a low profile in Washington as it grew into one of the most valuable companies in the world. Now the iPad maker has taken the lead, perhaps inadvertently, on a top priority for U.S. business: simplifying America's tax code. Chief ...

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UPDATE 1-FDA panel says Mercks sleep drug safe effective at lower dose

Wed, 22 May 2013 18:53:19 -0400

Wed May 22, 2013 6:53pm EDT By Toni Clarke WASHINGTON May 22 (Reuters) - Merck and Co's experimental insomnia drug was safe and effective at the lower of two doses studied, a panel of medical experts said on Wednesday, increasing the chance it will be approved by the U.S. Food and Drug Administration. The advisory panel was convened to help the FDA decide whether to approve the drug, ...

U.S. Justice Dept tells lawmakers no bank is too big to jail

Wed, 22 May 2013 18:35:08 -0400

By Sarah N. Lynch WASHINGTON | Wed May 22, 2013 6:35pm EDT WASHINGTON May 22 (Reuters) - A Justice Department official insisted on Wednesday that no financial company is too big to jail, in the department's latest effort to backpedal from statements made in March by Attorney General Eric Holder. "No institution and no individual is immune from prosecution because of its ...

US stocks fall as market eyes possible Fed retreat

Wed, 22 May 2013 18:24:33 -0400

Trader Kevin Lodewick works on the floor of the New York Stock Exchange in this May 2, 2013, file photo. US stocks Wednesday, May 22, 2013, ended lower following a choppy day of trading as the market weighed exit signals on the Federal Reserve’s exceptionally loose monetary policy. AFP PHOTO/RICHARD DREW NEW YORK--US stocks Wednesday ended lower following a choppy day of trading as the ...

REFILE-UPDATE 2-Poughkeepsie highlights New Yorks upstate crisis

Wed, 22 May 2013 18:19:26 -0400

Wed May 22, 2013 6:19pm EDT * Poughkeepsie faces $11 million budget hole * Nearly a quarter of residents in poverty * Employee benefit, social costs surge By Edward Krudy NEW YORK, May 22 (Reuters) - Another day, another town in upstate New York is labeled as severely fiscally distressed. An audit of Poughkeepsie that highlighted the severe financial troubles faced by the town of 33,000, a ...

CORRECTED-Alinta plans $1 bln term loan B debt raising in US - sources

Wed, 22 May 2013 18:17:32 -0400

Wed May 22, 2013 6:17pm EDT (Corrects in paragraph 11 to show that Pact Group is controlled by Raphael Geminder; it is not owned by New Zealand tycoon Graham Hart) SYDNEY May 22 (Reuters) - Private equity-controlled power firm Alinta Energy is planning a $1 billion-plus debt issue in the U.S. term loan B (TLB)institutional market to refinance maturing debt, banking sources familiar with the deal ...

Luxoft Holding files for IPO of up to $80 million

Wed, 22 May 2013 18:17:19 -0400

May 22 (Reuters) - Russian IT group IBS Group's software development unit Luxoft Holding Inc filed with U.S. regulators on Wednesday to raise up to $80 million in an initial public offering of its common stock. Switzerland-based Luxoft ...

UPDATE 2-Clearwire shareholders brace for fight over Sprint bid

Wed, 22 May 2013 18:10:08 -0400

Wed May 22, 2013 6:10pm EDT * Clearwire says Sprint offer best option, sets May 31 vote * Clearwire says Verizon, Dish offers are not real alternatives * Mount Kellet and other say Sprint's revised price is too low * Shareholders with about 32 pct of votes say unhappy with Sprint sweetner * Clearwire shares close 2 cents below offer price By Sinead Carew NEW YORK, May 22 (Reuters) - Clearwire ...

Building products maker CPG hires banks for $1.5 bln sale-sources

Wed, 22 May 2013 18:01:59 -0400

By Soyoung Kim NEW YORK | Wed May 22, 2013 6:01pm EDT NEW YORK May 22 (Reuters) - Building products maker CPG International is being prepared for a sale by its private equity owner, a deal that could fetch between $1 billion and $1.5 billion, according to three people familiar with the matter. Buyout firm AEA Investors LP has hired Barclays and Deutsche Bank to find a buyer for CPG, ...

UPDATE 1-DryShips posts another loss expects rates to remain weak

Wed, 22 May 2013 17:59:17 -0400

Wed May 22, 2013 5:59pm EDT May 22 (Reuters) - DryShips Inc, a drybulk shipper and offshore contract driller, posted a sixth straight quarterly loss and said it did not expect charter rates to improve this year. Shares of DryShips, considered to be a bellwether stock for the industry, fell as much as 7 percent in aftermarket trade. Rates for dry bulk ships, which carry commodities such as coal, ...

UPDATE 2-Electric carmaker Tesla pays off U.S. loan

Wed, 22 May 2013 17:50:03 -0400

Wed May 22, 2013 5:50pm EDT * Wires $452 million to pay off U.S. DOE loan * Repays loan using part of almost $1 bln raised in offerings last week * Tesla received the loan in 2010 and used it to build Model S car * Republicans have criticized the DOE loan program in the past By Ben Klayman DETROIT, May 22 (Reuters) - Electric carmaker Tesla Motors Inc on Wednesday paid off its U.S. Department of ...

UPDATE 1-Twitter beefs up security after hacking spree on media

Wed, 22 May 2013 17:43:22 -0400

Wed May 22, 2013 5:43pm EDT By Jim Finkle May 22 (Reuters) - Twitter Inc unveiled technology to boost security for its users, following a spate of attacks on accounts of prominent media outlets including the Associated Press, the Financial Times and The Onion. The micro blogging site, which transmits some 400 million messages a day, said on Wednesday that it had begun rolling out an optional ...

UPDATE 1-PepsiCo rethinks U.S. pricing to attract more daily buyers

Wed, 22 May 2013 17:39:26 -0400

Wed May 22, 2013 5:39pm EDT May 22 (Reuters) - PepsiCo Inc said it is tweaking its drink-pricing strategy in some parts of the United States, as it aims to wean consumers off the habit of buying soda only when it is on sale. The strategy, which PepsiCo refers to as "hybrid everyday value," involves narrowing the gap between soda prices on holidays and regular days. It aims to lessen the ...

EMERGING MARKETS-Mexico stocks sink to 8-month low on Fed fears

Wed, 22 May 2013 17:37:47 -0400

By Gabriel Stargardter MEXICO CITY, May 22 (Reuters) - Mexican stocks plunged to their lowest level in more than eight months on Wednesday, after U.S. Federal Reserve Chairman Ben Bernanke said the Fed could scale back the pace of bond purchases at one of its "next few meetings." Early in the session, the release of minutes from the last Federal Reserve policy meeting seemed to suggest ...

UPDATE 2-SEC charges South Miami with fraud over debt deals

Wed, 22 May 2013 17:33:45 -0400

Wed May 22, 2013 5:33pm EDT WASHINGTON May 22 (Reuters) - The city of South Miami, Florida, defrauded investors by not disclosing problems with the tax-exempt status of two bond deals, U.S. securities regulators said on Wednesday in their second municipal bond fraud enforcement action this month. The U.S. Securities and Exchange Commission said the Florida city had agreed to settle the fraud ...

Twitter beefs up security safeguards after recent attacks

Wed, 22 May 2013 17:31:44 -0400

View Photo Reuters/Reuters - An illustration picture shows the logo of the Website Twitter on an Ipad, in Bordeaux, Southwestern France, January 30, 2013. REUTERS/Regis ...

WRAPUP 5-Bernanke says more progress needed before stimulus pullback

Wed, 22 May 2013 17:30:59 -0400

Wed May 22, 2013 5:30pm EDT * Bernanke touts benefits of Fed bond buying * Says end to purchases will depend on economy * Could trim bond buys at one of the "next few meetings" * If anything, "inflation is too low," Bernanke says By Pedro da Costa and Alister Bull WASHINGTON, May 22 (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the ...

Sweden to summon former Saab chairman in tax inquiry -report

Wed, 22 May 2013 17:28:07 -0400

STOCKHOLM | Wed May 22, 2013 5:28pm EDT STOCKHOLM May 22 (Reuters) - A Swedish prosecutor wants to question Victor Muller, former chairman of bankrupt carmaker Saab, for an inquiry into suspected tax offences, a Swedish newspaper reported on Wednesday. Swedish prosecutors on Tuesday questioned Saab's former Chief Executive Jan-Ake Jonsson and two other executives as part of its tax ...

CANADA FX DEBT-C$ dives to 12-month low as Fed tapering seen on track

Wed, 22 May 2013 17:24:44 -0400

* C$ at C$1.0372 vs US$, or 96.41 U.S. cents * Loonie hits weakest level since last June as US$ rallies * Flat domestic retail sales data helps push C$ lower * Fed hints of less stimulus to come gives US$ a big boost By Alastair Sharp TORONTO, May 22 (Reuters) - The Canadian dollar lost more than a cent against its U.S. counterpart on Wednesday, hurt by a double whammy of soft domestic ...

UPDATE 1-Moodys responds to Fitchs critique of a Triple A CMBS rating

Wed, 22 May 2013 17:24:11 -0400

Wed May 22, 2013 5:24pm EDT By Adam Tempkin May 22 (IFR) - Moody's on Wednesday defended its recent Triple A rating on a controversial single-borrower CMBS which was denounced in a one-page critique by its rival Fitch last week. Moody's said that Fitch incorrectly used a simplified and overly broad definition of "pro forma" income projections as the basis for its renunciation of ...

BRIEF-Clearwire says had no actionable proposals from Verizon or Dish

Wed, 22 May 2013 17:21:34 -0400

Wed May 22, 2013 5:21pm EDT May 22 (Reuters) - Clearwire Corp : * Says it has not had an "actionable proposal" from Verizon after it showed interest in buying Clearwire spectrum leases for about $1.0BLN-$1.5 billion-filing * Says verizon's offer would only have brought after-tax proceeds of about $550 million to $850 million * Says its talks with DISH Network had not resulted in ...

SP cuts SNC-Lavalin Group ratings to BBB outlook negative

Wed, 22 May 2013 17:21:25 -0400

Wed May 22, 2013 5:21pm EDT May 22 (Reuters) - Standard and Poor's Ratings Services on Wednesday cut its long-term corporate credit and senior unsecured ratings on SNC-Lavalin Group Inc to BBB from BBB-plus. The outlook is negative. S&P said the downgrade reflects its expectation of "weakened profitability as high administrative costs resulting from the company's recent ethics issues ...

Warren asks bullseye questions of Treasury Secretary Lew. Can we have 50 more like her please

Wed, 22 May 2013 17:19:35 -0400

Elizabeth Warren, who by Senate tradition ought to be a meek, eyes-down freshman, turned in another stellar performance Wednesday at a Banking Committee hearing with Treasury Secretary Jack Lew in the hot seat. Warren began by asking whether Treasury had changed its views on banks that were judged "too big to fail" back in 2008 since four of these institutions have grown 30 percent ...

US Stocks Wall Street extends losses SP down 1

Wed, 22 May 2013 17:16:36 -0400

Sources said the provision would not only badly hit Indian IT cos, but also disrupt operational capabilities of a large number of key US cos as ...

U.S. Midwest gasoline prices expected to cool after spike

Wed, 22 May 2013 17:08:33 -0400

By Sabina Zawadzki Wed May 22, 2013 5:08pm EDT May 22 (Reuters) - Gasoline prices in the U.S. Midwest should fall in the coming days after hitting record highs in several cities last week in the run up to Memorial Day, the traditional start to the summer driving season, traders and industry analysts said on Wednesday. Problems at regional refineries, declining gasoline stockpiles and delays of ...

FOREX-U.S. dollar climbs to multi-year highs after Bernanke

Wed, 22 May 2013 17:07:27 -0400

* Bernanke says could scale back bond buys at one of its next few meetings * Swiss franc falls, SNB's Jordan did not rule out negative interest rates * BOJ upgrades economic assessment, stands pat as expected By Wanfeng Zhou NEW YORK, May ...

Philadelphia to sell about $400 mln of GO bonds week of June 24

Wed, 22 May 2013 17:06:04 -0400

Wed May 22, 2013 5:06pm EDT May 22 (Reuters) - Philadelphia plans to sell about $400 million of general obligation bonds during the week of June 24, the city said on Wednesday. The sale is expected to include $218 million of new general obligation bonds and about $180 of general obligation refunding bonds. The senior managers of the sale will be Citigroup, and Siebert Brandford Shank and Co, the ...

UPDATE 2-Fisker fields $20 mln offer from Bob Lutz Wanxiang -sources

Wed, 22 May 2013 17:05:56 -0400

Wed May 22, 2013 5:05pm EDT * Lutz, Wanxiang make up one of at least two groups seeking Fisker * Co was valued around $2 bln during the launch of flagship Karma * Another team of investors looking to buy DOE note-sources By Deepa Seetharaman and Norihiko Shirouzu DETROIT/TOKYO, May 22 (Reuters) - A team including former General Motors Co executive Bob Lutz and China's largest parts maker is ...

CANADA STOCKS-TSX edges up as Fed talk buoys golds drags banks

Wed, 22 May 2013 17:01:22 -0400

* TSX rises 10.07 points, or 0.08 percent, at 12,752.50 * Seven of 10 main sectors decline * Gold shares add more than 2 percent By John Tilak TORONTO, May 22 (Reuters) - Canada's main stock index climbed on Wednesday, led by gold miners, after a day of choppy trading as optimism that the U.S. Federal Reserve will keep its easy money policy in place for now was tempered by fears of a stimulus ...

GLOBAL MARKETS-Stocks oil fall after Bernanke dollar gains

Wed, 22 May 2013 16:50:20 -0400

* Investors focus on possible tapering of Fed's bond buying * Dollar index up, Treasuries fall * U.S. stocks turn lower, S&P 500 comes off high * Crude oil tumbles after jump in supplies By Ryan Vlastelica NEW YORK, May 22 (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday, as remarks by Federal Reserve Chairman Ben Bernanke failed to provide the clear picture investors ...

UPDATE 1-Massachusetts reaches $9.6 mln REIT settlement with 5 broker-dealers

Wed, 22 May 2013 16:50:08 -0400

Wed May 22, 2013 4:50pm EDT BOSTON May 22 (Reuters) - Five independent broker-dealers will pay at least $9.6 million in fines and restitution to settle what Massachusetts' top securities regulator has called their improper sales of non-traded real estate investment trusts, or REITs. In a statement on Wednesday, Massachusetts Secretary of the Commonwealth William Galvin said the firms include ...

UPDATE 1-Workday posts smaller loss raises revenue outlook

Wed, 22 May 2013 16:46:53 -0400

Wed May 22, 2013 4:46pm EDT * First-quarter adj loss $0.15/share vs est $0.18/share loss * First-quarter revenue $91.6 mln vs est $86.9 mln * Raises full-year revenue outlook * Shares up 2 pct after market May 22 (Reuters) - Workday Inc, a provider of Web-based human resources software, reported a smaller-than-expected quarterly loss as subscription revenue rose 85 percent, and the company raised ...

UPDATE 1-Starbucks veteran Michelle Gass leaving for Kohls

Wed, 22 May 2013 16:42:49 -0400

Wed May 22, 2013 4:42pm EDT May 22 (Reuters) - Starbucks Corp executive Michelle Gass, who was instrumental in the world's biggest coffee chain's post-recession U.S. turnaround, is leaving after more than 16 years to become chief customer officer at retailer Kohl's Corp. Gass, known for having led many big initiatives at Starbucks, including the development of Frappuccino blended ...

Update 1-New ZealandAustralia Morning Call-Global markets

Wed, 22 May 2013 16:42:07 -0400

-----------------------(06:35 / 2035 GMT)----------------------- Stock ...

CP Railway sets its sights on buying regional lines

Wed, 22 May 2013 16:39:21 -0400

TORONTO | Wed May 22, 2013 4:39pm EDT TORONTO May 22 (Reuters) - Canadian Pacific Railway will become a "more aggressive" buyer of short-line regional railroads as it improves its financial performance and operating efficiency, Canada's second-largest railway said on Wednesday. In a sign of where he plans to take the company after an aggressive program of cost cuts and ...

Worries About Fed Tapering Lead To Sell-Off On Wall Street - U.S. Commentary

Wed, 22 May 2013 16:36:32 -0400

Stocks showed a substantial downturn over the course of the trading day on Wednesday after seeing some strength in morning trading. Renewed worries about the Federal Reserve tapering its asset purchase program contributed to the sharp pullback by ...

Stocks May Move Higher Ahead Of Testimony From Bernanke - U.S. Commentary

Wed, 22 May 2013 16:36:32 -0400

After moving modestly higher over the course of the previous session, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for ...

Why Are Homeowners Being Jailed for Demanding Wall Street Prosecutions

Wed, 22 May 2013 16:36:30 -0400

May 22, 2013 3:00 PM ET A two-day long housing protest outside the Department of Justice this week has resulted in nearly 30 arrests and several instances of law enforcement unnecessarily using tasers on activists, according to eye-witnesses. The action – which was organized by a coalition of housing advocacy groups, including the Home Defenders League and Occupy Our Homes – called ...

After Hours H-P shares jump after earnings outlook

Wed, 22 May 2013 16:33:07 -0400

SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. shares soared after the computer maker reported second-quarter results and an outlook that topped Wall Street ...

BRIEF-ValueVision Media shares up 4.5 pct after the bell following results

Wed, 22 May 2013 16:28:39 -0400

NEW YORK | Wed May 22, 2013 4:28pm EDT NEW YORK May 22 (Reuters) - ValueVision Media Inc : * Shares were up 4.5 percent after the bell following the release of its ...

Obama threatens veto of Republican student loan plan

Wed, 22 May 2013 16:27:56 -0400

WASHINGTON — President Barack Obama is threatening to veto House Republicans' student loan bill. The White House Budget Office said Wednesday the GOP plan does not guarantee current low interest rates for students and creates uncertainty for them. The budget office says that if Obama were presented the current bill, officials would urge a veto. The Republican-led House on Thursday ...

US STOCKS-Wall St falters in volatile session on Fed worries

Wed, 22 May 2013 16:25:27 -0400

Wed May 22, 2013 4:25pm EDT * Dow, S&P both rise and fall more than 1 pct in same trading day * FOMC minutes show members open to tapering, disagreement on conditions * Bernanke touts benefits of Fed easing, but hints could act * Dow off 0.5 pct, S&P off 0.8 pct, Nasdaq off 1.1 pct By Angela Moon NEW YORK, May 22 (Reuters) - U.S. stocks fell on Wednesday with the S&P 500 posting its biggest ...

Wall Street declines after Fed releases minutes

Wed, 22 May 2013 16:23:40 -0400

Source: Reuters US stocks have fallen, with a selloff accelerating in late afternoon trade, after minutes from the latest US Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. The minutes followed comments from Chairman Ben Bernanke who said the Fed could decide to scale back the pace of bond purchases at one of ...

BRIEF-Tesla pays off entire US department of energy loan

Wed, 22 May 2013 16:22:29 -0400

DETROIT | Wed May 22, 2013 4:22pm EDT DETROIT May 22 (Reuters) - Tesla Motors Inc : * Says it has paid off entire US department of energy loan * Says wired $451.8 million to doe to repay full loan with interest * Says loan payment made using a portion of the about $1 billion raised in last week's stock and notes ...

DryShips reports loss on weak charter rates

Wed, 22 May 2013 16:17:39 -0400

Wed May 22, 2013 4:17pm EDT May 22 (Reuters) - DryShips Inc, a drybulk shipper and offshore contract driller, posted a sixth straight quarterly loss due to weak charter rates. Net loss widened to $116.6 million, or 30 cents per share, in the first quarter, from $47.5 million, or 12 cents per share, a year earlier. Excluding the sale of four drybulk vessels, the company reported a loss of 10 cents ...

U.S.-based municipal bond funds gained $602 mln in latest week -ICI

Wed, 22 May 2013 16:14:58 -0400

By Sam Forgione NEW YORK, May 22 (Reuters) - Investors in mutual funds based in the United States committed $602 million to municipal bond funds in the latest week, the most since mid-February, according to data released by the Investment Company Institute on Wednesday. The inflows to municipal bond funds in the week ended May 15 reversed outflows of $263 million in the prior week, said ICI, a ...

CORRECTED-TREASURIES-Yields jump as Bernanke remarks unnerve investors

Wed, 22 May 2013 16:13:42 -0400

Wed May 22, 2013 4:13pm EDT (Corrects Bernanke's comments in the third paragraph to say tapering is possible in the next few FOMC meetings, not probably by September) * Benchmark yields jump above 2 percent on Bernanke's QE comments * Fed buys $1.25 bln in long-dated Treasuries * Jobless claims data on Thursday in focus By Karen Brettell NEW YORK, May 22 (Reuters) - U.S. Treasury yields ...

The Wall Street cicada index

Wed, 22 May 2013 16:12:10 -0400

Super Bowl to predict stock market returns, why not a plague of locusts? There are already goldbugs, so why not bug bugs? Standard & Poor's market-data guru Howard Silverblatt agrees. When MarketWatch called to sound him out this morning, it turned out he'd already thought to check out the cicada market theory and had been pleasantly surprised by the results. Of course, that ...

Four Clearwire investors say Sprints revised offer is too low

Wed, 22 May 2013 16:11:00 -0400

NEW YORK | Wed May 22, 2013 4:11pm EDT NEW YORK May 22 (Reuters) - Four big Clearwire Corp investors with 127.4 million shares of the wireless service provider said on Wednesday they believe Sprint Nextel Corp's revised $3.40 per share offer to buy the company was still too low. The group is made up of Mount Kellett Capital Management, Highside Capital Management, Glenview Capital ...

HP 2nd quarter profit down 32 pct

Wed, 22 May 2013 16:10:48 -0400

SAN FRANCISCO | Wed May 22, 2013 4:10pm EDT SAN FRANCISCO May 22 (Reuters) - Hewlett-Packard Co's quarterly profit slid 32 percent but the world's largest personal computer maker raised the lower end of its full-year outlook as revenue from services to corporations slightly offset shrinking PC sales. Last week, Dell Inc reported a 79 percent slide in profit. HP posted revenue of ...

BRIEF-HP up 10 percent in extended trading after results

Wed, 22 May 2013 16:09:35 -0400

NEW YORK | Wed May 22, 2013 4:09pm EDT NEW YORK May 22 (Reuters) - Hewlett-Packard Co : * Shares up 10 percent in extended trading after ...

SAFT ON WEALTH-Japan rates may torpedo recovery

Wed, 22 May 2013 16:08:11 -0400

Wed May 22, 2013 4:08pm EDT By James Saft May 22 (Reuters) - Spiking interest rates in Japan threaten to undermine, and possibly end, the recovery being engendered by Abenomics. That could reverse gains not only in Tokyo stocks, but in stock markets world-wide which have benefited from Japanese liquidity. While a rebound in activity has allowed the Bank of Japan to upgrade its assessment of ...

Russia doubted as growth engine for business aviation

Wed, 22 May 2013 15:52:00 -0400

Wed May 22, 2013 3:52pm EDT * Radical change said needed to fulfill potential * Taxes, legal issues cited as barriers * Russian officials say reform to come gradually By Robert Evans GENEVA, May 22 (Reuters) - Russia, long touted as an engine of growth for the stuttering global business aviation industry, needs radical changes in its taxation and regulatory system if it is to fulfil that promise, ...

Deals of the day -- mergers and acquisitions

Wed, 22 May 2013 15:51:49 -0400

Wed May 22, 2013 3:51pm EDT May 22 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Wednesday: ** Clearwire Corp said its special committee and its board of directors approved Sprint Nextel Corp's sweetened offer to take over the company and advised shareholders to vote for the ...

CORRECTED-TREASURIES-U.S. bonds fall as Fed tapering jitters persist

Wed, 22 May 2013 15:47:54 -0400

Wed May 22, 2013 3:59pm EDT (Corrects in para 3 of earlier report to say tapering of Fed purchases is possible, not probable by September) * Benchmark yields jump above 2 percent on Bernanke's QE comments * FOMC minutes may offer more clues on future of QE3 * Fed buys up to $1.75 bln in long-dated Treasuries * U.S. existing home sales rise to near 3-1/2-year high By Richard Leong NEW YORK, ...

Oklahoma country singer plans benefit for tornado victims

Wed, 22 May 2013 15:42:29 -0400

LOS ANGELES | Wed May 22, 2013 3:42pm EDT LOS ANGELES May 22 (Reuters) - Oklahoma country singer Blake Shelton is planning a televised benefit to raise money for victims of the massive tornado that swept through Moore, Oklahoma, this week, music magazine Billboard reported Wednesday. "The Voice" judge Shelton, a native of Ada, Oklahoma, which is 75 miles (120 km) northwest of ...

Guinea approves BHP Global Alumina stake sale in refinery project

Wed, 22 May 2013 15:41:23 -0400

CONAKRY | Wed May 22, 2013 3:41pm EDT CONAKRY May 22 (Reuters) - The government of Guinea said on Wednesday it has given approval to BHP Billiton and Global Alumina to sell their stake in a bauxite and alumina project to Dubai Aluminium Co (Dubal) and Mubadala Development Co. BHP paid $140 million in 2007 for a 33.3 percent stake in the Guinea Alumina Corp (GAC), which planned to develop ...

Brazil real weakens to 2.05 per dollar for first time in 4 months

Wed, 22 May 2013 15:38:36 -0400

RIO DE JANEIRO | Wed May 22, 2013 3:38pm EDT RIO DE JANEIRO May 22 (Reuters) - The Brazilian real on Wednesday weakened past the level of 2.05 per dollar for the first time in four months, as fears of tapering U.S. stimulus measures continued to scare investors off high-yielding emerging market assets. The real last traded at 2.0495 per dollar, 0.7 percent weaker on the day, shortly ...

Future Astronauts Could Print Food

Wed, 22 May 2013 15:31:06 -0400

Astronauts on future missions to Mars may be able to dial up a pizza via a 3D printer. NASA announced it awarded a $125,000 grant to Systems & Materials Research Corporation’s Anjan Contractor, who has already designed the printer. The head of the printer will be fed with a combination of nutrients, water, oils and flavors, which can be sprayed, layer by layer to create three ...

Moodys prefers California governors conservative revenue outlook

Wed, 22 May 2013 15:17:43 -0400

SAN FRANCISCO | Wed May 22, 2013 3:17pm EDT SAN FRANCISCO May 22 (Reuters) - If California lawmakers rely on the state budget watchdog agency's latest revenue outlook, they may build spending increases into a budget plan at odds with the relatively conservative and cautious plan urged by Governor Jerry Brown, Moody's Investors Service said on Wednesday. Moody's, which rates ...

P.M. Kitco Metals Roundup Gold Ends Down As Federal Reserve News Deemed Bearish

Wed, 22 May 2013 15:17:24 -0400

Comex gold futures prices ended the U.S. day session solidly lower in a volatile trading session Wednesday. Gold was first supported and then pressured by the latest news to come from the U.S. Federal Reserve. Comex June gold last traded down $17.40 at $1,360.30 an ounce. Spot gold was last quoted down $14.30 at $1,362.25. July Comex silver last traded down $0.075 at $22.38 an ounce. The market ...

Sell Alert Get Rid Of Low Quality Muni Bonds

Wed, 22 May 2013 15:17:23 -0400

Detroit, Michigan Some people have nightmares about being chased by runaway trains, vicious animals or bad guys. Mine is daytime nightmare: Being chased by molten lava. The lava in this case is the red-hot viscous bad news still emanating from the municipal bond market. This daymare won't end for municipal bond investors until the lava solidifies. It won't end until the ...

The Hamptons Billionaire Lane Where Wall Streets Richest Retreat For The Summer

Wed, 22 May 2013 15:17:21 -0400

The Hamptons are awash with ritzy addresses, but perhaps no street boasts more billionaires than Southampton's Meadow Lane. The 5-mile-long road sports a private helipad that can rush residents to Manhattan in 20 minutes, but conveniences like that cost serious cash: The median sale price for a home here last year was $18 ...

FEATURE-Irrational hackers are growing U.S. security fear

Wed, 22 May 2013 15:17:12 -0400

Wed May 22, 2013 3:17pm EDT * Aging control systems vulnerable to attack-experts * Infrastructure malfunctions loom as hackers probe networks * U.S. power grid target of daily cyber attacks By Jim Finkle May 22 (Reuters) - Cybersecurity researcher HD Moore discovered he could use the Internet to access the controls of some 30 pipeline sensors around the country that were not password protected. A ...

UPDATE 1-Fed officials want more progress before bond tapering--minutes

Wed, 22 May 2013 15:12:44 -0400

Wed May 22, 2013 3:12pm EDT WASHINGTON May 22 (Reuters) - Many Federal Reserve officials earlier this month wanted to see more evidence that the U.S. economy was recovering before shifting toward a tapering of their bond purchase program, the Fed said on Wednesday. "Most observed that the outlook for the labor market had shown progress since the program was started in September," ...

Wall St dips as Fed opens taper door

Wed, 22 May 2013 15:07:49 -0400

US stocks and bonds fell, both giving up earlier gains, after Federal Reserve chief Ben Bernanke suggested the central bank might scale back stimulus measures as early as at its next meeting."If we see continued improvement and we have confidence that that is going to be sustained, then we could in-in the next few meetings, we could take a step down in our pace of ...

U.S. business borrowing for equipment rises 23 pct in April - ELFA

Wed, 22 May 2013 15:06:48 -0400

Wed May 22, 2013 3:06pm EDT May 22 (Reuters) - U.S. companies borrowed more in April to invest in new equipment ranging from computer systems to aircraft, the Equipment Leasing and Finance Association (ELFA) said on Wednesday. Companies signed up for $7.5 billion in new loans, leases and lines of credit last month, up 23 percent from a year earlier and 10 percent from March. "Typically, April ...

Argentina April trade surplus at $1.15 bln shrinks on year

Wed, 22 May 2013 15:06:25 -0400

BUENOS AIRES | Wed May 22, 2013 3:06pm EDT BUENOS AIRES May 22 (Reuters) - Argentina's April trade surplus shrank by 38 percent to $1.15 billion from $1.85 billion in the same month last year, the government statistics institute said on Wednesday. The figure came in below the $1.40 billion median forecast given by six analysts in a Reuters poll. Their estimates ranged from $1.15 ...

Mexicos stocks down 1 pct briefly touch 8-month low

Wed, 22 May 2013 15:03:47 -0400

MEXICO CITY | Wed May 22, 2013 3:03pm EDT MEXICO CITY May 22 (Reuters) - Mexico's IPC stock index briefly sank on Wednesday to an eight-month low beneath the key 40,000-point level for the first time since September 2012. The index dipped to the low after U.S. Federal Reserve Chairman Ben Bernanke warned of the risks of holding interest rates too low for too long. The IPC last ...

Feds Fisher printing money does no good if firms wont hire

Wed, 22 May 2013 14:24:44 -0400

NACOGDOCHES, Texas | Wed May 22, 2013 2:24pm EDT NACOGDOCHES, Texas (Reuters) - The Federal Reserve's super-easy monetary policies will do little to boost jobs if businesses remain uncertain about the outlook for taxes, government spending, and regulation, a top Fed official said on Wednesday. Companies are sitting on "massive" amounts of money, Dallas Fed President Richard ...

US STOCKS SNAPSHOT-Wall St extends losses after Fed minutes

Wed, 22 May 2013 14:20:17 -0400

NEW YORK | Wed May 22, 2013 2:20pm EDT NEW YORK May 22 (Reuters) - U.S. stocks fell in choppy trading Wednesday, with the Dow briefly falling more than 1 percent, following remarks by Federal Reserve Chairman Ben Bernanke which suggested the central bank was not ready to pull back on its economic stimulus efforts but may act if the economy continues to improve. The Dow Jones industrial ...

Fitch Sub-Saharan Africa Has Gradual Upgrade Potential

Wed, 22 May 2013 14:17:05 -0400

Wed May 22, 2013 2:17pm EDT Link to Fitch Ratings' Report: Sub-Saharan African Sovereigns: Higher Ratings Depend on Continued ReformsLONDON, May 22 (Fitch) Fitch Ratings says in a newly-published report that targeted reforms and policy initiatives could see Sub-Saharan Africa's (SSA) sub-investment grade ratings gradually upgraded, despite per capita income falling well short of ...

Dish uses national security ads to fight SoftBank deal

Wed, 22 May 2013 14:15:42 -0400

could threaten U.S. national security, hoping to sway MPs and win support for its rival offer.The campaign, which so far appears on the Internet and in Washington-area newspapers, is Dish's most public lobbying effort yet against Japan-based SoftBank ...

US STOCKS-Wall St little changed as investors weigh Bernanke comments

Wed, 22 May 2013 14:02:47 -0400

Wed May 22, 2013 2:02pm EDT * Bernanke touts benefits of Fed easing, but hints could act * Stocks choppy after hitting highs earlier * Dow up 0.2 pct, S&P off 0.02 pct, Nasdaq off 0.3 pct By Leah Schnurr NEW YORK, May 22 (Reuters) - U.S. stocks were little changed in choppy trading Wednesday, after giving up earlier gains following remarks by Federal Reserve Chairman Ben Bernanke which suggested ...

UPDATE 4-Staples sees sales improving after weak first quarter

Wed, 22 May 2013 14:01:32 -0400

Wed May 22, 2013 2:01pm EDT * Maintains profit outlook for the year * Says sales were weak in Europe, Australia in Q1 By Dhanya Skariachan May 22 (Reuters) - Staples Inc stood by its full-year profit outlook and told investors it expected sales to improve through the year after the biggest U.S. office supply retailer by sales reported lackluster results in the first quarter. The comments helped ...

GLOBAL MARKETS-Bernanke spurs stock volatility dollar gains

Wed, 22 May 2013 13:59:27 -0400

* Dollar index up after Bernanke comments on stimulus * U.S. stocks turn lower, S&P 500 comes off high * Treasuries fall on comments on possible tapering * Crude oil tumbles after jump in supplies By Ryan Vlastelica NEW YORK, May 22 (Reuters) - Stocks, bonds and currencies took a wild ride on Wednesday after Federal Reserve Chairman Ben Bernanke said the U.S. central bank's massive ...

UPDATE 1-Sovereign funds and Chinese bank buy into Russias VTB

Wed, 22 May 2013 13:56:50 -0400

Wed May 22, 2013 1:56pm EDT * State stake diluted to 60.9 pct from 75.5 pct * VTB raised $3.3 bln from the deal, to bolster capital * VTB sees 2013 net profit at over 100 bln rbls, its highest ever MOSCOW, May 22 (Reuters) - The sovereign wealth funds of Qatar, Norway and Azerbaijan and China Construction Bank have bought about 55 percent of the new shares on offer from VTB, Russia's ...

WRAPUP 2-U.S. home sales close in on 3-12-year high

Wed, 22 May 2013 13:53:43 -0400

* Existing home sales rise 0.6 percent in April * Sales level highest since November 2009 * Tight inventories remain constraint to faster sales pace * Median home price highest since August 2008 By Lucia Mutikani WASHINGTON, May 22 (Reuters) - U.S. home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed ...

Delta Airlines wants to stop Ex-Im bank help on big jets

Wed, 22 May 2013 13:49:29 -0400

BA.N ), and would be willing to forgo such support for its own purchases of smaller jets if all such subsidies were eliminated, the chief executive said on ...

Stocks rise after Federal Reserve Chairmans stimulus comments

Wed, 22 May 2013 13:46:37 -0400

NEW YORK – Stocks are moving higher Wednesday after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its economic stimulus programs. Investors were also encouraged by news that sales of previously-occupied U.S. homes rose last month to the highest level in three and a half years. The Dow Jones industrial average was up 40 points before ...

UPDATE 2-Brazil current account gap widens as trade flips to deficit

Wed, 22 May 2013 13:46:17 -0400

Wed May 22, 2013 1:46pm EDT * Current account gap $8.318 billion in April vs $5.368 billion a year ago * Trade deficit behind growing current account gap this year BRASILIA May 22 (Reuters) - Brazil posted another hefty current account deficit in April as its traditional trade surplus has turned into a deficit this year and foreign companies are repatriating more of their profits, central bank ...

UPDATE 1-Italy readies youth jobs plan as government struggles

Wed, 22 May 2013 13:41:55 -0400

Wed May 22, 2013 1:41pm EDT * Letta coalition's approval rating already tumbling * Jobs plan to include little new spending * Youth unemployment nearly 40 percent nationally * Young people expect to be poorer than parents By Steve Scherer ROME, May 22 (Reuters) - Italy's new government, already sinking in opinion polls and riven by internal disputes, on Wednesday began preparing a plan to ...

US STOCKS SNAPSHOT-Wall Street pares gains Nasdaq negative

Wed, 22 May 2013 13:38:16 -0400

NEW YORK | Wed May 22, 2013 1:38pm EDT NEW YORK May 22 (Reuters) - U.S. stocks pared gains on Wednesday as traders continued to digest Congressional testimony by Federal Reserve Chairman Ben Bernanke, including the timeline for ending or slowing the Fed's massive economic stimulus program. The Dow Jones industrial average rose 48.49 points or 0.32 percent, to 15,436.07, the S&P 500 ...

Ireland says does not want to become U.S. whipping boy on tax

Wed, 22 May 2013 13:33:37 -0400

DUBLIN | Wed May 22, 2013 1:33pm EDT DUBLIN May 22 (Reuters) - Ireland's finance minister said on Wednesday the country did not want to become the 'whipping boy' for what he called a flawed U.S. Senate report into the level of corporate tax Apple Inc pays in Ireland. Ireland was forced to defend its corporate tax rate after the U.S. Senate said on Monday that Apple paid ...

UPDATE 1-Ford adds production in N. America to meet new car demand

Wed, 22 May 2013 13:27:44 -0400

Wed May 22, 2013 1:27pm EDT * Automakers looking to meet rising demand with fewer factories * More shifts, limited downtime boost Ford capacity by 240,000 * Ford shares up to highest level in about two years By Deepa Seetharaman DETROIT, May 22 (Reuters) - Ford Motor Co is adding a week of production at most of its North American factories this year to build an additional 40,000 vehicles and help ...

Stern Advice-Why pension funds are eating your 401ks lunch

Wed, 22 May 2013 13:27:34 -0400

By Linda Stern WASHINGTON | Wed May 22, 2013 1:27pm EDT WASHINGTON May 22 (Reuters) - Pension funds - those old guaranteed-benefit retirement plans your grandma might have told you about - outperform those in 401(k) plans year after year, according to new research from consulting company Towers Watson. In 2011, the last year studied, defined-benefit plans had median returns of 2.74 ...

ADR REPORT-Flat in volatile trading after Bernanke comments

Wed, 22 May 2013 13:26:55 -0400

By Chuck Mikolajczak NEW YORK | Wed May 22, 2013 1:26pm EDT NEW YORK May 22 (Reuters) - U.S.-listed shares of foreign companies were little changed in volatile trading on Wednesday as investors digested comments from Federal Reserve Chairman Ben Bernanke on the status of the U.S. central bank's stimulus measures. In testimony before the congressional Joint Economic Committee, ...

CORRECTED-BRIEF-Aurizon changes election deadline to May 29

Wed, 22 May 2013 13:14:30 -0400

Wed May 22, 2013 1:14pm EDT (Corrects headline to say deadline extended to May 29, not May 28) May 22 (Reuters) - Aurizon Mines Ltd : * Announces change to election deadline to May 29, 2013 * Election deadline under Aurizon's deal with Hecla Mining has been extended to May 29 from May 28 * Source text for Eikon * Further company ...

Maine pipeline eyes plan to ship Canada oil sands crude

Wed, 22 May 2013 13:12:55 -0400

Wed May 22, 2013 1:12pm EDT * Maine pipeline plan hinges on flows to Montreal * Recent spills inflame Canadian oil debate * Towns oppose oil sands, line passes through tourist zone By Dave Sherwood SOUTH PORTLAND, Maine, May 22 (Reuters) - The little-known operator of a pipeline linking Montreal and Maine is studying how to make the line the first route to get Canadian oil sands crude to an ...

WRAPUP 3-Bernanke suggests Fed not ready to pull back on stimulus

Wed, 22 May 2013 13:11:02 -0400

Wed May 22, 2013 1:11pm ...

Interview-Delta to wait for new narrowbody models

Wed, 22 May 2013 13:10:54 -0400

Wed May 22, 2013 1:10pm EDT May 22 (Reuters) - Delta Air Lines: U.S. carrier Delta Air Lines will continue to sit out a wave of orders for the latest fuel-saving narrowbody models produced by Airbus and Boeing as it waits for newly developed engines to prove themselves in service, Chief Executive Richard Anderson said on Wednesday. The two manufacturers have stacked up orders for more than 3,000 ...

UPDATE 2-Uralkali to delay potash expansion if BHP mine proceeds

Wed, 22 May 2013 13:06:27 -0400

Wed May 22, 2013 1:06pm EDT By Rod Nickel WINNIPEG, Manitoba May 22 (Reuters) - Russia's Uralkali OAO would delay two of its potash mine expansion projects for as long as a decade if rival BHP Billiton builds the world's biggest mine of the crop nutrient, Uralkali's chief executive said in an interview. Uralkali is aiming to become the largest global producer of potash by 2021, ...

Bernanke stimulus comments push European shares to new high

Wed, 22 May 2013 13:04:00 -0400

Wed May 22, 2013 1:04pm EDT * FTSEurofirst 300 index closes 0.2 pct higher * Cyclical shares in demand; banks, miners gain * Technicals positive despite "overbought" levels By Atul Prakash LONDON, May 22 (Reuters) - European shares hit a new five-year high on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank would retain its stimulus measures until the economy ...

Los Angeles calls upon star French designers for Figaro opera

Wed, 22 May 2013 13:01:03 -0400

By Eric Kelsey LOS ANGELES | Wed May 22, 2013 1:01pm EDT LOS ANGELES May 22 (Reuters) - Count Almaviva, muscles bulging and resplendent in white, struts like a peacock across the stage belting his baritone at his countess, who sits in a flowing red gown against a sparse backdrop of sleek, modernist lines. It is Wolfgang Amadeus Mozart's "The Marriage of Figaro." But unlike ...

NRC to inspect Duke North Carolina Harris nuclear reactor

Wed, 22 May 2013 13:00:47 -0400

Wed May 22, 2013 1:00pm EDT May 22 (Reuters) - The U.S. Nuclear Regulatory Commission (NRC) said Wednesday that it was launching a special inspection at Duke Energy Corp's Harris nuclear power plant in North Carolina over a "quarter-inch flaw" on the plant's reactor vessel head. Duke shut the 900-megawatt (MW) plant on May 15 when further analysis of ultrasonic data gathered ...

UPDATE 1-NYs Poughkeepsie faces severe fiscal stress - Comptroller

Wed, 22 May 2013 13:00:20 -0400

Wed May 22, 2013 1:00pm EDT NEW YORK May 22 (Reuters) - Poor budgeting has left Poughkeepsie, New York, facing "severe fiscal stress" and an $11 million budget hole as the city's debt spiraled 45 percent in the last five years, according to the state's top financial watchdog. "Unrealistic budgeting has severely deteriorated Poughkeepsie's financial condition," said ...

Hyundai to boost Brazil output with new shift -union

Wed, 22 May 2013 12:58:25 -0400

Wed May 22, 2013 12:58pm EDT * Carmaker reaches deal for third shift in Piracicaba * HB20 subcompact boosts Hyundai to fifth in Brazil SAO PAULO May 22 (Reuters) - South Korean automaker Hyundai Motor Co and workers in Brazil have agreed to boost output at a factory to keep up with growing demand for its vehicles, the leader of the local metalworkers' union said on Wednesday. The agreement, ...