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Europe ramps up rescue fund, may turn to IMF
Tue,29 Nov 2011 08:02 PM PST
Reuters -  BRUSSELS/MILAN (Reuters) - Euro zone ministers agreed to ramp up the firepower of their rescue fund and may turn to the IMF for more help as a stunning leap in Italy's borrowing costs pushed the region closer to financial disaster. Two years into Europe's sovereign debt crisis, investors are fleeing the euro zone bond market, European banks are dumping government debt, south European banks are bleeding deposits and a recession looms, fuelling doubts about the survival of the single currency. "The situation in Europe and the world has significantly worsened over the past few weeks. ...
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China's sway runs deep in Myanmar's ancient capital
Tue,29 Nov 2011 07:49 PM PST
Reuters - MANDALAY, Myanmar (Reuters) - The stalls of Mandalay's biggest market are lined with Chinese-made clothes, appliances and cosmetics -- a clear sign of the grip Myanmar's giant neighbor has over the city. "You think of me as Chinese, right?" said Xiao Wei, one of many ethnic Chinese merchants at the Zeigyo market in Mandalay, a bustling city and former royal capital in central Myanmar. "When I am in China, no one believes I am a foreigner until they see my passport. ... Full Story | Top |
Former Ivorian president arrives to face ICC
Tue,29 Nov 2011 07:38 PM PST
Reuters -  ROTTERDAM (Reuters) - A plane carrying former Ivory Coast President Laurent Gbagbo, facing an arrest warrant by the International Criminal Court, arrived at Rotterdam airport on Wednesday, a Reuters witness said. The Hague-based court, which is also pursuing Sudan's President Omar al-Bashir and investigating alleged crimes in Kenya, Libya and Central African Republic, has so far declined to comment on the warrant. Gbagbo would be the first former head of state to be tried by the ICC since its inception in 2002. ...
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Clinton tells developing world to be wary of donors
Tue,29 Nov 2011 07:24 PM PST
Reuters -  BUSAN, South Korea (Reuters) - Secretary of State Hillary Clinton urged developing nations on Wednesday to be "smart shoppers" on foreign aid, warning that powerful emerging economies such as China may be more interested in exploiting natural resources than promoting real development. Clinton delivered the warning to a global summit on development and aid held in South Korea, where both traditional rich nation donors, cash-rich middle income countries, non-governmental organizations and private sector groups have gathered to discuss the future of the global aid effort. ...
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Republican Romney opens fire on rival Gingrich
Tue,29 Nov 2011 07:17 PM PST
Reuters -  TAMPA, Florida (Reuters) - Republican presidential hopeful Mitt Romney opened fire on surging rival Newt Gingrich on Tuesday, calling him a "lifelong politician" who lacks credibility on how the U.S. economy works. Romney launched his strongest attack to date on the former U.S. House of Representatives speaker, who has been gaining ground in polls of Republican voters as the main anti-Romney conservative alternative in the race to determine who will run against President Barack Obama's re-election bid in 2012. ...
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ECB's Noyer: situation in Europe has significantly worsened
Tue,29 Nov 2011 06:38 PM PST
Reuters - SINGAPORE (Reuters) - European Central Bank governing council member Christian Noyer said on Wednesday Europe's debt crisis had significantly worsened, threatening global financial markets, but was confident the euro area would emerge stronger and more cohesive. "The situation in Europe and the world has significantly worsened over the past few weeks," Noyer said at a conference in Singapore. "Market stress has intensified." "We are now looking at a true financial crisis -- that is a broad-based disruption in financial markets. ... Full Story | Top |
Islamists expect gains as Egypt counts votes
Tue,29 Nov 2011 06:06 PM PST
Reuters -  CAIRO (Reuters) - Egyptians have voted in a parliamentary election that could bring Islamists closer to power, though the army generals who took over from President Hosni Mubarak have yet to step aside. The Muslim Brotherhood, expected to do well in the marathon vote whose first stage drew millions to the polls, said the new parliament should form a government, setting it at odds with the military council which has only just named a new prime minister. The election for the lower house is due to be held over three phases, concluding in early January. ...
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Policy uncertainty hitting job creation: Fed report
Tue,29 Nov 2011 06:05 PM PST
Reuters - WASHINGTON (Reuters) - Small businesses would hire and invest more if Washington offered a clearer idea about plans for taxes and government spending, researchers at the Federal Reserve Bank of Cleveland said on Tuesday. Measuring the impact of policy uncertainty has long dogged economists. The question of its impact is particularly relevant now because measures of uncertainty have spiked in recent years. The issue also colors the political debate on the regulation of banks and the healthcare market, and whether to extend tax cuts that could prop up economic growth next year. ... Full Story | Top |
Fed's No. 2 sees room for further monetary easing
Tue,29 Nov 2011 06:05 PM PST
Reuters -  SAN FRANCISCO (Reuters) - Janet Yellen, the Federal Reserve's influential vice chair, said on Tuesday the U.S. central bank has room to ease monetary policy further, possibly by providing more information on the path of interest rates. Another top official, Atlanta Federal Reserve Bank President Dennis Lockhart, said he sees a benefit in providing more information on the policy assumptions underlying Fed forecasts. He made clear, however, that he believes the current policy stance is appropriate. ...
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Iranian protesters storm British diplomatic compounds
Tue,29 Nov 2011 06:01 PM PST
Reuters -  TEHRAN (Reuters) - Iranian protesters stormed two British diplomatic compounds in Tehran, smashing windows, torching a car and burning the British flag in protest against new sanctions imposed by London. Britain said it was outraged by Tuesday's attacks and warned of "serious consequences". The U.N. Security Council condemned the attacks "in the strongest terms". U.S. President Barack Obama called on Iran to hold those responsible to account. ...
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Republicans back payroll tax cut extension
Tue,29 Nov 2011 05:39 PM PST
Reuters -  WASHINGTON (Reuters) - Republicans in Congress on Tuesday threw their support behind a payroll tax cut extension, trying to blunt charges ahead of 2012 elections of favoring wealthy Americans over middle-class workers. Until Tuesday, Republicans had been lukewarm on extending President Barack Obama's payroll tax cut for workers, indicating they were open to negotiating it but never explicitly backing a measure, which the White House says will boost the country's sputtering economic recovery. ...
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Facebook settles privacy case with FTC
Tue,29 Nov 2011 05:34 PM PST
Reuters -  WASHINGTON (Reuters) - Facebook will be required to get user consent for certain changes to privacy settings as part of a settlement of federal charges that it deceived consumers and forced them to share more personal information than they intended. The settlement with the U.S. Federal Trade Commission will also subject the company, which is reported to preparing a $10 billion initial public offering, to 20 years of independent audits. "I'm the first to admit that we've made a bunch of mistakes," co-founder Mark Zuckerberg wrote in a lengthy post on the company's official blog Tuesday. ...
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SEC's Schapiro asks for tougher penalty powers
Tue,29 Nov 2011 04:53 PM PST
Reuters -  WASHINGTON (Reuters) - U.S. Securities and Exchange Commission Chairman Mary Schapiro is asking Congress to expand its powers so it can impose tougher financial penalties against wrongdoers on Wall Street. Schapiro's request, in a November 28 letter to two U.S. senators, comes as the agency is under fire for entering settlements that a federal judge criticized as too lenient. ...
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Cain campaign crumbling after affair allegation
Tue,29 Nov 2011 04:34 PM PST
Reuters -  WASHINGTON (Reuters) - Republican presidential contender Herman Cain told aides on Tuesday he would reassess the viability of his struggling campaign after an Atlanta woman accused him of conducting a 13-year extramarital affair. The allegations could be the end of the political line for Cain, who led the Republican White House race barely more than a month ago but has nosedived in polls after a series of sexual harassment charges and campaign missteps. ...
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Violence in Cairo, ElBaradei blames "thugs"
Tue,29 Nov 2011 04:31 PM PST
Reuters - CAIRO (Reuters) - Nearly 80 people were wounded on Tuesday when youths threw petrol bombs, fired guns and threw rocks in clashes near Cairo's Tahrir Square, where protesters have been demonstrating against military rule in Egypt. Leading reformist politician Mohamed ElBaradei said "thugs" had attacked the protesters whose sit-in demonstration against the generals is now in its 11th day. Twenty seven of the wounded were taken to hospital, the official MENA news agency reported. ... Full Story | Top |
FCC to let AT&T pull merger application
Tue,29 Nov 2011 04:29 PM PST
Reuters -  WASHINGTON (Reuters) - Communications regulators released a staff report criticizing AT&T Inc's $39 billion plan to purchase T-Mobile USA, even though they agreed on Tuesday to let the companies withdraw their request for approval. AT&T and T-Mobile USA owner Deutsche Telekom AG said last week they wanted to withdraw their application with the Federal Communications Commission to focus on defending the transaction from an antitrust lawsuit brought by the U.S. Justice Department. ...
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Pressure mounts on Syria's Assad at home and abroad
Tue,29 Nov 2011 04:23 PM PST
Reuters -  BEIRUT (Reuters) - Pressure is mounting on President Bashar al-Assad, with growing foreign condemnation of his repression of the Syrian uprising and attacks by armed rebels that his forces appear unable to stamp out. European and Arab diplomats told Reuters the top United Nations human rights forum would announce on Wednesday a special Friday session that was expected to condemn Syria for crimes against humanity. The move is partly designed to put pressure on China and Russia to take a stronger stand against Assad's government. The 47-member U.N. ...
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Factbox: British national strike over pensions
Tue,29 Nov 2011 04:20 PM PST
Reuters - (Reuters) - Britain faces its biggest one-day national strike in 30 years on Wednesday over pension reforms which have enraged public sector workers. The co-ordinated mass action comes against a gloomy backdrop of faltering growth, rising unemployment, big public-sector layoffs and wage freezes as the government pursues an austerity drive designed to slash a record budget deficit. Here are some facts about the strike and its likely impact: * A coalition of 30 trade unions, representing some 2 million workers, is expected to take part. ... Full Story | Top |
U.S., EU mull free trade talks, sign secure trade pact
Tue,29 Nov 2011 04:19 PM PST
Reuters - WASHINGTON (Reuters) - The United States and European Union agreed Tuesday to reduce red tape related to cargo security and pledged to work toward tearing down tariffs and regulatory barriers between the world's largest trading partners. "The leaders have asked to look at all aspects of our relationship and see what we can do to strengthen our economic ties and support good jobs and growth on both sides of the Atlantic," White House international economics adviser Michael Froman told reporters at the end of the annual U.S.-EU Transatlantic Economic Council (TEC). ... Full Story | Top |
New York City can't tax Expedia, Priceline fees: court
Tue,29 Nov 2011 04:17 PM PST
Reuters - NEW YORK (Reuters) - An appeals court on Tuesday struck down a 2009 New York City law imposing a tax on hotel-booking websites such as Expedia Inc and Priceline.com Inc , the latest legal development in a battle playing out in cities across the country. Reversing a trial court, the Appellate Division, First Department, ruled that the city had overstepped its bounds in extending a 6 percent occupancy tax to "online travel intermediaries," and declared the law unconstitutional. Sites such as Expedia, Priceline, Orbitz and Hotels. ... Full Story | Top |
Factbox - National strike over pensions
Tue,29 Nov 2011 04:14 PM PST
Reuters - (Reuters) - Britain faces its biggest one-day national strike in 30 years on Wednesday over pension reforms which have enraged public sector workers. The co-ordinated mass action comes against a gloomy backdrop of faltering growth, rising unemployment, big public-sector layoffs and wage freezes as the government pursues an austerity drive designed to slash a record budget deficit. Here are some facts about the strike and its likely impact: * A coalition of 30 trade unions, representing some 2 million workers, is expected to take part. ... Full Story | Top |
Insight: In euro zone crisis, companies plan for the unthinkable
Tue,29 Nov 2011 04:13 PM PST
Reuters -  LONDON/BOSTON (Reuters) - When Novo Nordisk's chief financial officer met marketing colleagues last Friday the conversation moved far beyond the usual discussion of sales and performance. Jesper Brandgaard asked a simple, far-reaching question: how would the firm set prices for two pivotal new insulin products if the euro collapsed? The Danish firm, the world's biggest maker of insulin for the treatment of diabetes, sits outside the euro zone but sells into it. ...
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Outgoing defense minister to be Kuwait PM: reports
Tue,29 Nov 2011 04:11 PM PST
Reuters -  KUWAIT (Reuters) - Kuwait's emir will name outgoing Defense Minister Sheikh Jaber al-Mubarak al-Sabah as new prime minister and ask him to form a government, Al Jazeera television and Kuwaiti newspapers reported on Wednesday, two days after the government resigned. The Qatar-based news station did not cite a source, and there was no immediate comment on the report by Kuwaiti officials. At least two Kuwaiti newspapers carried a similar report on their websites, citing unnamed sources as saying that the emir, Sheikh Sabah al-Ahmad al-Sabah, would also dissolve parliament. ...
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Barney Frank says Dodd-Frank likely safe without him
Tue,29 Nov 2011 04:06 PM PST
Reuters -  WASHINGTON (Reuters) - Representative Barney Frank hit back at speculation on Tuesday that his departure next year would undermine the sweeping Wall Street reform law he sponsored. Frank announced on Monday he would not seek another term, prompting analysts to wonder how the landmark Dodd-Frank law would fare, as Republicans and Wall Street groups try to tear away at it. "Once (Dodd-Frank) is fully implemented - I think it will be in another year - it is much harder for people to get rid of, because I think it will be popular," the 30-year House veteran told reporters. ...
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Republicans back payroll tax cut extension
Tue,29 Nov 2011 03:59 PM PST
Reuters -  WASHINGTON (Reuters) - Republicans in Congress on Tuesday threw their support behind a payroll tax cut extension, trying to blunt charges ahead of 2012 elections of favoring wealthy Americans over middle-class workers. Until Tuesday, Republicans had been lukewarm on extending President Barack Obama's payroll tax cut for workers, indicating they were open to negotiating it but never explicitly backing a measure, which the White House says will boost the country's sputtering economic recovery. ...
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Russian cleared of being "honeytrap" spy in UK
Tue,29 Nov 2011 03:53 PM PST
Reuters -  LONDON (Reuters) - A Russian woman who had an affair with a British member of parliament won her fight to stay in Britain Tuesday after an immigration tribunal dismissed accusations that she was a spy. Katia Zatuliveter, 26, worked as a parliamentary aide and had an affair with her boss, Mike Hancock, 65, a lawmaker from the junior governing Liberal Democrats who served on the defence select committee. British authorities had sought to expel her, accusing her of using her access to parliament to spy for Moscow. ...
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Massachusetts considering ban on Romney records
Tue,29 Nov 2011 03:51 PM PST
Reuters -  BOSTON (Reuters) - Massachusetts officials are reviewing a 14-year-old state court ruling to determine whether they should ban public access to paper records generated by leading Republican presidential contender Mitt Romney when he was the state's governor. Officials said the review, revealed to Reuters, began after they received a surge of requests for records from Romney's governorship. It was not prompted by a request from Romney camp, they said. ...
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Michigan governor approves state takeover of Flint
Tue,29 Nov 2011 03:40 PM PST
Reuters -  (Reuters) - Michigan Governor Rick Snyder approved a state takeover of the city of Flint on Tuesday, following a review team's assessment earlier in the month that the city, a former manufacturing hub for the auto industry, is in a financial emergency. Snyder named Michael K. Brown, a former mayor of Flint, as the emergency financial manager for the city. Flint is now the fifth municipality in Michigan to come under a state-appointed manager. The move comes as Detroit, the state's biggest city, struggles with fiscal problems that have already threatened to take it down the same road. ...
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Iranian protesters storm British diplomatic compounds
Tue,29 Nov 2011 03:30 PM PST
Reuters - TEHRAN (Reuters) - Iranian protesters stormed two British diplomatic compounds in Tehran on Tuesday, smashing windows, torching a car and burning the British flag in protest against new sanctions imposed by London. Britain said it was outraged and warned of "serious consequences." The U.N. Security Council condemned the attacks "in the strongest terms." U.S. President Barack Obama said he was disturbed by the incident and called on Iran to hold those responsible to account. ...
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Jackson doctor gets 4 years in jail, no probation
Tue,29 Nov 2011 03:27 PM PST
Reuters -  LOS ANGELES (Reuters) - Michael Jackson's personal physician, Dr. Conrad Murray, on Tuesday was sentenced to four years in jail without probation for involuntary manslaughter in the pop star's death. Los Angeles Superior Court Judge Michael Pastor gave Murray the maximum sentence and said the physician engaged in "money for medicine madness that is simply not acceptable to me." Murray, 58, dressed in a gray suit with purple paisley tie, sat emotionless through the sentencing. ...
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Attempt to derail new detainee rules fails
Tue,29 Nov 2011 03:21 PM PST
Reuters - WASHINGTON (Reuters) - The Senate on Tuesday rejected an attempt to derail controversial changes in the way terrorism suspects are handled, but continued debate on whether to allow Americans to be held indefinitely without trial. The Senate is considering legislation that would generally give preference to military detention over the criminal court system for terrorism suspects, and allow indefinite military detention for suspects who are linked with al Qaeda or associated groups. Critics are worried that the provisions would also apply to U.S. ... Full Story | Top |
Britain faces mass strike over pension reform
Tue,29 Nov 2011 03:15 PM PST
Reuters -  LONDON (Reuters) - Teachers, hospital staff and border guards will be among workers taking part in Britain's first mass strike for more than 30 years on Wednesday, adding to pressure on a coalition facing a weakening economy. Up to 2 million public sector workers are protesting over reforms that unions say will force them to pay more for their pensions and work for longer before they can retire. The government says reform is needed as people are living longer and public service pensions are unaffordable. ...
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Islamists expect gains as Egypt counts votes
Tue,29 Nov 2011 03:11 PM PST
Reuters - CAIRO (Reuters) - Egyptians have voted in a parliamentary election that could bring Islamists closer to power, though the army generals who took over from President Hosni Mubarak have yet to step aside. The Muslim Brotherhood, expected to do well in the marathon vote whose first stage drew millions to the polls, said the new parliament should form a government, setting it at odds with the military council which has only just named a new prime minister. The election for the lower house is due to be held over three phases, concluding in early January. ...
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TV pitchman Trudeau loses appeal of $37.6 million fine
Tue,29 Nov 2011 02:52 PM PST
Reuters - (Reuters) - Infomercial pitchman Kevin Trudeau lost his bid to throw out a $37.6 million fine for violating a 2004 Federal Trade Commission settlement over his advertising and a federal appeals court said the amount might even be too low. Trudeau argued that U.S. District Judge Robert Gettleman in Chicago wrongly based the fine on consumer losses rather than his unjust gain. He also challenged Gettleman's imposition of a $2 million bond to ensure his compliance with the settlement, saying it violated the First Amendment. But the 7th U.S. ... Full Story | Top |
Biden swoops into Iraq as U.S. troop pullout nears
Tue,29 Nov 2011 02:38 PM PST
Reuters -  BAGHDAD (Reuters) - Vice President Joe Biden arrived in Baghdad on Tuesday in a visit to mark the end of the U.S. war in Iraq as troops complete withdrawal by year-end. Biden's trip spotlights the fulfillment of a key pledge by President Barack Obama as he campaigns for re-election in 2012, winding down an unpopular war at a time when most Americans are preoccupied with the weak economy back home. Marking the end of the drawdown, Biden will address U.S. forces in a ceremony to "commemorate the sacrifices and accomplishments of U.S. and Iraqi troops," a White House official said. ...
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Turkey ready for "any scenario" in Syria: minister
Tue,29 Nov 2011 02:37 PM PST
Reuters - ISTANBUL (Reuters) - Turkey said on Tuesday it did not want military intervention in Syria but was ready for any scenario to deal with President Bashar al-Assad's violent crackdown on popular unrest, including setting up a buffer zone to contain any mass influx of refugees. Foreign Minister Ahmet Davutoglu also said Turkish sanctions against Syria were ready and would be announced after he meets with President Abdullah Gul and Prime Minister Tayyip Erdogan. A former friend of Syria, Turkey is now a vocal critic of Assad and his military action against protesters calling for his overthrow. ... Full Story | Top |
Syrian rebel ambush said to kill 3 soldiers
Tue,29 Nov 2011 02:37 PM PST
Reuters -  BEIRUT (Reuters) - Rebel forces ambushed an army vehicle in northern Syria on Tuesday, killing three soldiers and capturing two others, Syrian human rights observers said. Syria's northern neighbor Turkey said it feared there could be an exodus of Syrians if the violence got worse, and that border states might have to create a buffer zone. Russia in contrast warned major powers against interference. Syrian President Bashar al-Assad faces mounting economic sanctions over what a U.N. report said on Monday was systematic murder, torture and rape ordered from the top. ...
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EU trade holding up, but risks ahead: De Gucht
Tue,29 Nov 2011 02:37 PM PST
Reuters -  WASHINGTON (Reuters) - European Union Trade Commissioner Karel De Gucht said Tuesday that European import demand was holding up well despite the debt crisis, but trade could fall suddenly if a recession takes hold. "When you get into a crisis you can have a very sudden fall of trade," De Gucht told reporters in a joint press conference with U.S. officials at the conclusion of the annual U.S.-EU Transatlantic Economic Council. "This is not yet the case. I think it's very important to stress that," De Gucht added. ...
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Outgoing defense minister to be Kuwait PM: Al Jazeera
Tue,29 Nov 2011 02:33 PM PST
Reuters - KUWAIT (Reuters) - Kuwait's emir will name outgoing Defense Minister Sheikh Jaber al-Mubarak al-Sabah as new prime minister and ask him to form a government, Al Jazeera television reported on Wednesday, two days after the government resigned. The Qatar-based news station did not cite a source, and there was no immediate comment on the report by Kuwaiti media or officials. Kuwait's government resigned on Monday, bowing to escalating demands by protesters and opposition deputies that Prime Minister Sheikh Nasser al-Mohammad al-Sabah step down over corruption allegations. ... Full Story | Top |
Insight: In euro zone crisis, companies plan for the unthinkable
Tue,29 Nov 2011 02:30 PM PST
Reuters -  LONDON/BOSTON (Reuters) - When Novo Nordisk's chief financial officer met marketing colleagues last Friday the conversation moved far beyond the usual discussion of sales and performance. Jesper Brandgaard asked a simple, far-reaching question: how would the firm set prices for two pivotal new insulin products if the euro collapsed? The Danish firm, the world's biggest maker of insulin for the treatment of diabetes, sits outside the euro zone but sells into it. ...
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