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| Emails suggest SEC's Schapiro delayed JOBS Act rule amid concerns about legacy Saturday, Dec 01, 2012 07:03 PM PST WASHINGTON (Reuters) - Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show. ... Full Story | Top |
| Fed trio spars on low-rate policy ahead of December meeting Saturday, Dec 01, 2012 04:56 PM PST CHICAGO (Reuters) - Three top Federal Reserve officials on Saturday offered sharply different takes on the U.S. central bank's unprecedented efforts to push down long-term borrowing costs, highlighting what may be some key themes at the Fed's upcoming policy-setting meeting. Charles Evans, the dovish president of the Chicago Fed, made no bones about his view that more policy accommodation is needed, repeating his call for keeping rates low until unemployment falls to at least 6.5 percent, as long as inflation does not threaten to rise above 2.5 percent. ... Full Story | Top |
| Merkel does not rule out future Greek debt "haircut" Saturday, Dec 01, 2012 03:34 PM PST  BERLIN (Reuters) - German Chancellor Angela Merkel said on Sunday that Greece's creditors may look at writing down more of its debt but not before the current bailout program has run its course. Last Tuesday Euro zone finance ministers and the IMF approved a package of measures including interest rate reductions and an extension of repayment periods aimed at cutting Greece's public debt to 124 percent of national output by 2020. ... Full Story | Top |
| Boeing union says trying to halt calls for wildcat strike Saturday, Dec 01, 2012 03:04 PM PST New York (Reuters) - The union that represents Boeing Co's engineers said Saturday it is trying to halt efforts by some of its members to call a one-day, unauthorized strike next week against the plane maker to protest the slow progress of labor talks. Union leaders have circulated a letter "asking members to ignore the call for a wildcat strike," said Ray Goforth, executive director of the Society of Professional Engineering Employees in Aerospace (SPEEA) said in an email to Reuters. "We've also posted such messages on our Facebook page. ... Full Story | Top |
| Fed officials spar on effectiveness of current monetary policies Saturday, Dec 01, 2012 02:57 PM PST CHICAGO (Reuters) - Federal Reserve policymakers sparred on Saturday over the U.S. central bank's unprecedented efforts to push down long-term borrowing costs, offering widely differing views on the effectiveness and costs of current policies. "We are in a period where having low policy rates for a very long time would be helpful," Charles Evans, president of the Chicago Fed, said on a panel sponsored by the University of Chicago's Becker Friedman Institute for Research in Economics. ... Full Story | Top |
| Holdout investors seek deposit from Argentina by December 10 Saturday, Dec 01, 2012 02:47 PM PST (Reuters) - Investors suing over Argentina's 2002 debt default have asked a U.S. court to order the country to post a security deposit of at least $250 million by December 10, while an appeal of a lower court's order is pending. In an emergency motion filed late on Friday, the "holdout" creditors urged the 2nd U.S. Circuit Court of Appeals to modify its ruling from Wednesday that halted an order for Argentina to deposit $1.33 billion into an escrow account by December 15 on the investors' behalf. ... Full Story | Top |
| French unions rage at Hollande over Mittal deal Saturday, Dec 01, 2012 01:31 PM PST  PARIS (Reuters) - French trade unions accused President Francois Hollande of betrayal on Saturday after his government backed away from a threat to nationalize ArcelorMittal's Florange steelworks. The Socialist government said on Friday it had won promises from ArcelorMittal to avoid forced redundancies and inject 180 million euros to develop the Florange plant, meaning it would no longer have to take over the site. ... Full Story | Top |
| Chinese tycoon must reapply for approval on Iceland resort: media Saturday, Dec 01, 2012 12:59 PM PST REYKJAVIK (Reuters) - A Chinese tycoon who wants to build a major tourist resort in a remote corner of northeast Iceland must reapply for permission to go ahead with the project, Icelandic media reported on Saturday. Cabinet ministers, led by Industry Minister Steingrimur Sigfusson, said they were unable to make a final decision on Huang Nubo's application as much information remained unavailable, state radio RUV reported. ... Full Story | Top |
| PM says Greek pension funds won't join debt buy-back Saturday, Dec 01, 2012 12:23 PM PST  ATHENS (Reuters) - Greek pension funds will not take part in a debt buy-back that is a key part of the country's international bailout, Greek Prime Minister Antonis Samaras said in a newspaper interview. Greece must conduct the deal by December 13, before it receives more than 30 billion euros ($39 billion) in bailout payments from the euro zone and the International Monetary Fund. ... Full Story | Top |
| Exclusive: News Corp to name Thomson as Publishing Co CEO next week - sources Saturday, Dec 01, 2012 10:20 AM PST  (Reuters) - News Corp is expected to name Robert Thomson, a close confidant of Chairman and CEO Rupert Murdoch, to lead its new publishing company by the end of next week, according to sources familiar with News Corp's plans. Thomson is currently managing editor of the Wall Street Journal and editor in chief of its publisher Dow Jones & Co, which News Corp acquired in 2007. Gerard Baker, currently the deputy editor of the Journal, is expected to succeed Thomson, according to these sources. ... Full Story | Top |
| Bank of America shelves plan on new fees: WSJ Saturday, Dec 01, 2012 09:40 AM PST  (Reuters) - Bank of America Corp , the second largest U.S. bank, is holding off on plans for new checking-account fees that could have affected some 10 million customers by year's end, avoiding a possible repeat of last year's protests over consumer banking fees, the Wall Street Journal reported on Saturday. The move to back off on its plan at least until late 2013 comes amid a review of Bank of America's retail banking business, the Journal reported, citing people familiar with the bank's plans. ... Full Story | Top |
| Little progress in U.S. "fiscal cliff" talks Saturday, Dec 01, 2012 09:06 AM PST  HATFIELD, Pennsylvania (Reuters) - With barely a month left before the "fiscal cliff," Republicans and Democrats remained far apart on Friday in talks to avoid the across-the-board tax hikes and spending cuts that threaten to throw the country back into recession. While President Barack Obama visited a Pennsylvania toy factory to muster public support for tax hikes on the rich, portraying Republicans as scrooges at Christmas time, his primary adversary in negotiations, Republican House Speaker John Boehner, continued to describe the situation as a stalemate. ... Full Story | Top |
| Democrats attempt longshot to force "fiscal cliff" vote Saturday, Dec 01, 2012 09:06 AM PST WASHINGTON (Reuters) - Democrats in the U.S. House of Representatives on Friday announced a longshot bid to force an early vote on tax hikes to break the stalemate in negotiations over the year-end "fiscal cliff." The Democratic plan, which Senate Minority Leader Nancy Pelosi said could begin on Tuesday, involves getting a majority of the Republican-controlled House to sign a petition scheduling a vote over the objection of the Republican leadership. Such a procedure, called a "discharge petition," might generate considerable publicity, fire up Democrats and anger Republicans. ... Full Story | Top |
| Obama aides seek to counter Republican charges on "fiscal cliff" Saturday, Dec 01, 2012 09:06 AM PST WASHINGTON (Reuters) - The Obama administration sought to counter Republican charges on Friday that President Barack Obama's plan to avoid a year-end "fiscal cliff" is light on spending cuts and too reliant on tax increases. Administration officials said the overall plan, offered to Republicans on Thursday and quickly rejected by them, would achieve $4.5 trillion in savings to the government. This includes around $1 trillion in cuts already enacted into law and would set up an "expedited process" to spirit through Congress some of the most comprehensive legislation in decades. ... Full Story | Top |
| Belgium and Eurostat haggle over Dexia deal Saturday, Dec 01, 2012 09:04 AM PST  BRUSSELS (Reuters) - European statistics agency Eurostat and Belgium are at odds over whether a 2.92 billion euro ($3.80 billion) capital injection into ailing financial group Dexia should count towards the country's current budget, a spokesman said on Saturday. Belgium plans to classify the money pumped into Dexia as an investment rather than a cost, and in so doing stop it from inflating its budget deficit. In an initial finding, Eurostat has informed Belgium that this was not possible. ... Full Story | Top |
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