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| Insight: Krawcheck, possible SEC head, raises Washington image Sunday, Dec 02, 2012 08:02 PM PST  NEW YORK (Reuters) - Sallie Krawcheck has been quietly raising her profile in Washington. For six months the former executive at Bank of America and Citigroup has been meeting with lawmakers on both sides of the aisle, offering her insights on a variety of issues including "too big to fail banks" and money market fund reform. Krawcheck, 48, who was ousted from senior jobs by both banks in recent years, had already sought to distance herself from Wall Street "fat cats" through op-eds, social media posts and TV appearances that have positioned her as an investor advocate. ... Full Story | Top |
| Delta among suitors for stake in Virgin Atlantic: sources Sunday, Dec 02, 2012 07:36 PM PST  NEW YORK/SINGAPORE (Reuters) - Singapore Airlines said on Monday it was in talks with interested parties to sell its 49 percent stake in British carrier Virgin Atlantic, with sources revealing that Delta Air Lines Inc was among the potential suitors. Delta, the second-largest U.S. airline by operating revenue after United Continental Holdings , wants to gain access to Virgin's landing rights at London's Heathrow airport, according to two people familiar with the matter. ... Full Story | Top |
| Asian shares, euro rise after firm China data Sunday, Dec 02, 2012 07:19 PM PST  TOKYO (Reuters) - Asian shares and the euro rose on Monday as further signs of a stabilizing Chinese economy boosted investor risk appetite, offsetting worries that stagnant U.S. budget talks could threaten to derail the world's largest economy. A firm manufacturing survey from Asia's fourth-largest economy, South Korea, also brightened mood, while data from Australia showing sluggish retail sales and labor demand and tame inflation raised expectations the Reserve Bank of Australia may cut interest rates at its meeting on Tuesday. India will report its manufacturing data later in the day. ... Full Story | Top |
| RBS needs 10 years to return to private sector: Times Sunday, Dec 02, 2012 06:38 PM PST  LONDON (Reuters) - It will take a decade to fully return Royal Bank of Scotland to the private sector, the state-owned lender has predicted, according to the UK's Times newspaper on Monday. The bank plans to be ready to start paying dividends in late 2014, the Times reported, without citing a source. After an additional 18 months of bolstering the bank's balance sheet, senior RBS figures believe that it will be returned to the private sector in four offerings over 10 years, the newspaper said. Each of these offerings would amount to more than 10 billion pounds ($16 billion), the report added. ... Full Story | Top |
| China PMI survey shows growth reviving, but uneven Sunday, Dec 02, 2012 05:56 PM PST  BEIJING (Reuters) - The pace of activity in China's vast manufacturing sector quickened for the first time in 13 months in November, a survey of private factory managers found, adding to evidence that the economy is reviving after seven quarters of slowing growth. The final reading for the HSBC Purchasing Managers' Survey (PMI) rose to 50.5 in November from 49.5 in October, in line with a preliminary survey published late last month. It was the first time since October 2011 that the survey crossed above 50 points, the line that demarcates accelerating from slowing growth. ... Full Story | Top |
| News International CEO Mockridge to step down at year-end Sunday, Dec 02, 2012 05:44 PM PST NEW YORK (Reuters) - The chief executive of News International, the scandal-hit British newspaper arm of Rupert Murdoch's News Corp, will step down at the end of the year, the company said on Sunday. Tom Mockridge, who has served as News International's CEO since July 2011, is leaving the company to pursue outside opportunities, News Corp said in a statement. The move comes as News Corp is preparing to name executives to lead its new publishing company, which is being spun off from its entertainment operations. ... Full Story | Top |
| Euro zone crisis drags down European ad spending: report Sunday, Dec 02, 2012 04:16 PM PST LONDON (Reuters) - The euro zone crisis has left Western Europe the only world region to see a fall in advertising spending this year, market research group ZenithOptimedia said. The forecasting group said advertising expenditure in Western Europe fell 2.2 percent to $106.8 billion this year compared with an average increase of 3.3 percent worldwide. North American ad spending rose 4.1 percent to $171.9 billion and Asia's expenditure was up 6.1 percent to $140.1 billion this year. ... Full Story | Top |
| Greece set to unveil terms of crucial bond buy-back Sunday, Dec 02, 2012 04:02 PM PST ATHENS (Reuters) - Greece will unveil details of a bond buy-back crucial to efforts by foreign lenders to trim the country's ballooning debt, hoping the terms will draw enough investors and unblock vital aid. Since plans for the buy-back were announced on Tuesday, questions have swirled about whether it will tempt enough bondholders to cut Greek debt by a net 20 billion euros. ... Full Story | Top |
| Delta in talks for Virgin Atlantic stake: sources Sunday, Dec 02, 2012 03:38 PM PST  NEW YORK/LONDON (Reuters) - Delta Air Lines Inc has held recent talks to buy a 49 percent stake in British carrier Virgin Atlantic that is currently held by Singapore Airlines , two people familiar with the matter said on Sunday. Delta, the second-largest U.S. airline by operating revenue after United Continental Holdings , has been looking to acquire a stake in Virgin Atlantic for more than two years in an effort to expand its access to London's Heathrow airport, the people said. ... Full Story | Top |
| Wall Street finds a foreign detour around U.S. derivatives rules Sunday, Dec 02, 2012 01:11 PM PST SINGAPORE (Reuters) - Wall Street banks are looking to help offshore clients sidestep new U.S. rules designed to safeguard the world's $640 trillion over-the-counter derivatives market, taking advantage of an exemption that risks undermining U.S. regulators' efforts. U.S. banks such as Morgan Stanley and Goldman Sachs have been explaining to their foreign customers that they can for now avoid the new rules, due to take effect next month, by routing trades via the banks' overseas units, according to industry sources and presentation materials obtained by Reuters. ... Full Story | Top |
| More mannequins, less clutter at heart of JC Penney plan Sunday, Dec 02, 2012 12:57 PM PST  NEW YORK (Reuters) - More mannequins are on the floors of J.C. Penney stores. About 40,000 more. They are one of the most visible changes J.C. Penney Co Inc Chief Creative Officer Michael Fisher has made to try to revive the 110-year-old department store chain, whose sales plunged 26.6 percent last quarter and whose shares have tumbled more than 50 percent this year. Penney has a plan to transform its 700 larger stores by 2015: each store will contain 100 boutiques, offering brand-name fashion and home merchandise ranging from Levi's to PVH Corp's Izod to Martha Stewart. ... Full Story | Top |
| Geithner predicts Republicans will yield on taxes Sunday, Dec 02, 2012 12:25 PM PST  WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner pushed Republicans on Sunday to offer specific ideas to cut the deficit, and predicted that they would agree to raise tax rates on the rich to obtain a year-end deal and avoid possible economic doom. But the top U.S. Republican, Speaker of the U.S. House of Representatives John Boehner, stood firm and renewed his stand against increased tax rates, leaving talks at a stalemate. "Here's the problem," Boehner told "Fox News Sunday" as both sides took their battle to TV talks shows. ... Full Story | Top |
| Analysis: EADS revamp brings government out of industry's shadow Sunday, Dec 02, 2012 11:12 AM PST  PARIS (Reuters) - An imminent shake-up of EADS is expected to lead to a rise in state shareholdings in Europe's largest aerospace group, but in reality merely changes the rules for what is already a wary co-habitation. Officials were putting finishing touches on Sunday to a deal to bring Germany on board with 12 percent of the maker of Airbus jets and Ariane rockets, at parity with France. The move paves the way for an exit by founder companies Daimler , the German carmaker, and French media firm Lagardere , increasingly viewed as state proxies. ... Full Story | Top |
| Analysis: Steel reprieve comes at price for France's Hollande Sunday, Dec 02, 2012 11:03 AM PST  PARIS (Reuters) - Francois Hollande's bid to rescue steel furnaces in France's historic industrial heartland was to be the mark of a president on the side of the workers and a state with the courage to bring a multinational to heel. But the two-month stand-off over steel giant ArcelorMittal's Florange plant in Lorraine has unnerved investors in the euro zone's second largest economy, confused France's unions and exposed his six-month-old government to international ridicule. ... Full Story | Top |
| France, Germany aim to settle EADS shareholder structure Sunday, Dec 02, 2012 10:05 AM PST  BERLIN (Reuters) - France and Germany held talks with representatives of EADS and Daimler in Paris over the weekend with the aim of settling a new shareholder structure for Europe's largest aerospace group, according to a German media report. Frankfurter Allgemeine Zeitung said in an advance copy of a report due to appear in its Monday edition that talks focused on capping state shareholdings in EADS at 30 percent, giving France and Germany 12 percent each, Spain 4 percent, and leaving a 2 percent buffer that states could still possibly acquire later. ... Full Story | Top |
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