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| JPMorgan CEO Dimon to meet with OCC examiners: WSJ Friday, May 03, 2013 06:04 PM PDT  NEW YORK (Reuters) - JPMorgan Chase & Co CEO Jamie Dimon is scheduled to meet next week with bank examiners from the Office of the Comptroller of the Currency in a meeting the bank requested, the Wall Street Journal reported on Friday. According to the Journal, the meeting provides a rare opportunity for more junior examiners to talk to Dimon and will be held in the style of a town hall meeting. A spokesman for JPMorgan declined to comment. ... Full Story | Top |
| CA-BUSINESS Summary Friday, May 03, 2013 06:01 PM PDT TSX hits three-week high on U.S. jobs data TORONTO (Reuters) - Canada's main stock index closed higher on Friday, but off the three-week high it hit earlier on the day when a stronger-than-expected U.S. jobs report galvanized the market. Still, the advance pushed the benchmark index into positive territory on the year and helped it clock a gain of 1.8 percent on the week. ... Full Story | Top |
| Credit Suisse says ex-VP stole trade secrets in move to Goldman Friday, May 03, 2013 06:01 PM PDT By Terry Baynes (Reuters) - Credit Suisse Group AG sued the former vice president of its emerging markets group on Friday, claiming she stole confidential documents and trade secrets to transfer business to her new employer, Goldman Sachs Group Inc . In a complaint filed in Manhattan state court, Credit Suisse said Agostina Pechi sent confidential and highly sensitive company documents to her personal email account in the months leading up to her resignation, including databases, client contact information and sales team targets. ... Full Story | Top |
| Jeffrey Vinik to close hedge-fund: WSJ Friday, May 03, 2013 05:25 PM PDT (Reuters) - Hedge-fund manager Jeffrey Vinik plans to close Vinik Asset Management after poor performance that coincided with several changes at the firm, the Wall Street Journal reported on Friday. Vinik plans to return several billion dollars to outside investors at the end of June, the newspaper reported. (http://r.reuters.com/ped87t) Vinik, who also owns the Tampa Bay Lightning hockey team, rose to prominence at the helm of Fidelity Investments' Magellan fund in the 1990s. ... Full Story | Top |
| Defense lawyer moves to drop out of Chevron fraud suit Friday, May 03, 2013 04:45 PM PDT  By Casey Sullivan (Reuters) - The lawyer who has been defending controversial plaintiffs attorney Steven Donzinger in a lawsuit by Chevron Corp , filed a motion on Friday to withdraw as counsel, citing Donzinger's inability to pay his legal bills. Attorney John Keker has been representing Donziger since 2011 in a case brought by Chevron alleging that Donzinger fabricated a long-running lawsuit alleging Chevron polluted an Ecuadorian rainforest. ... Full Story | Top |
| Berkshire profit rises 51 percent, shares at record high Friday, May 03, 2013 04:17 PM PDT  By Jonathan Stempel and Jennifer Ablan OMAHA, Nebraska (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Friday said quarterly profit rose nearly 51 percent on a solid performance in insurance and by many of its other businesses, as well as gains from investments and derivatives. The results topped expectations and were released after Berkshire shares closed at a record high. ... Full Story | Top |
| Munger: hard to find Berkshire deals, 'raving mad' not to try Friday, May 03, 2013 04:03 PM PDT  By Jennifer Ablan and Jonathan Stempel OMAHA, Nebraska (Reuters) - Warren Buffett's Berkshire Hathaway Inc would be "stark raving mad" to rule out another giant acquisition like its 2009 Burlington Northern takeover, but high prices have now made attractive targets scarce, its vice chairman said on Friday. In an interview with Reuters on the eve of Berkshire's annual shareholder meeting, Charlie Munger said the company has over the years made many of its most desirable purchases in periods of "great catastrophes," but little appears on the horizon at present. ... Full Story | Top |
| U.S. may charge JPMorgan for power market manipulation: analysts Friday, May 03, 2013 03:50 PM PDT  By Scott DiSavino (Reuters) - The regulator of U.S. power markets appears likely to pursue manipulation charges against JPMorgan Chase & Co , analysts said, after a New York Times report on the agency's document that seemed to lay out its case. The Times said on Friday it reviewed a confidential, 70-page government document that the U.S. Federal Energy Regulatory Commission (FERC) sent to JPMorgan in March, which alleged the bank manipulated the power market in California and Michigan in 2010 and 2011. ... Full Story | Top |
| Centerra says Kumtor waste-dump movement faster than expected Friday, May 03, 2013 03:39 PM PDT (Reuters) - Canadian miner Centerra Gold Inc said a waste-rock dump at its Kumtor mine in Kyrgyzstan moved at a greater-than-expected rate, and warned that any delays to alternative plans will hurt operations and results. The Canadian company said it relocated some infrastructure at the mine beginning in mid-March due to the increased movement at its Davidov Valley Waste-rock dump. Planned gold production has not been affected until now, the company said. ... Full Story | Top |
| UBS names head of private wealth division in Americas Friday, May 03, 2013 03:14 PM PDT  By Ashley Lau (Reuters) - Swiss bank UBS AG's U.S. brokerage unit has named a new head for its private wealth management division, as the company looks to expand its business catering to clients with $10 million or more in investable assets. John Mathews, who had been a regional director in the southeast United States, has been tapped to lead the unit, which includes about 340 advisers catering to the firm's wealthiest clients, UBS said on Friday. ... Full Story | Top |
| Occidental shareholders vote out long-time chairman Irani Friday, May 03, 2013 02:53 PM PDT By Braden Reddall SANTA MONICA, California (Reuters) - Occidental Petroleum Corp shareholders voted to oust Executive Chairman Ray Irani after more than two decades of leading the fourth-largest U.S. oil company, in a jarring corporate end ahead of his planned retirement next year. The company had been forced to deny there was a fight at the top after the Wall Street Journal reported pressure from Irani for Chief Executive Steve Chazen to leave, even though Chazen had the support of several big investors. ... Full Story | Top |
| States urge SEC to halt forced investor arbitrations Friday, May 03, 2013 02:51 PM PDT  By Suzanne Barlyn (Reuters) - State securities regulators on Friday urged the SEC to prohibit Wall Street brokerages from requiring customers to settle legal disputes through arbitration, which prevents customers from going to court, joining a chorus of groups opposing such clauses. The North American Securities Administrators Association (NASAA), in a letter to the chairman of the U.S. Securities and Exchange Commission, Mary Jo White, urged the agency to insure that investors have "meaningful remedies and a choice of forums" in which to resolve disputes with brokerages. ... Full Story | Top |
| Wall Street sees Fed buying $1.25 trillion of assets in stimulus: Reuters poll Friday, May 03, 2013 02:29 PM PDT  By Chris Reese NEW YORK (Reuters) - Wall Street is looking for the Federal Reserve to buy a total of $1.25 trillion of assets under its latest debt purchase program intended to stimulate the economy, according to a Reuters poll conducted on Friday. The median of forecasts from economists at 15 U.S. primary dealers - the large financial institutions that deal directly with the Fed - was for the central bank to buy $1.25 trillion of assets, which was up from a median of $1 trillion in a similar poll conducted on March 8. ... Full Story | Top |
| Chesapeake says director Louis Simpson leaving Friday, May 03, 2013 02:08 PM PDT  (Reuters) - Chesapeake Energy Corp said on Friday that director Louis Simpson has resigned from the U.S. oil and gas company's board of directors and he will be replaced by an executive who was recommended by a top shareholder. Chesapeake's board has undergone big changes following a governance crisis and liquidity crunch last year. Its largest investors Carl Icahn and Mason Hawkins at Southeastern Asset Management effectively took control of the board last June. Former Chief Executive Officer Aubrey McClendon stepped down April 1. ... Full Story | Top |
| Exclusive: Edens partners in talks on ownership, sources say Friday, May 03, 2013 02:07 PM PDT By Ilaina Jonas NEW YORK (Reuters) - The three partners that own Edens, a shopping center landlord and developer with $3.5 billion in assets, are negotiating its future as one of them considers exiting, people with knowledge of the situation said. The State of Michigan Retirement System is contemplating a departure, while a $20 billion open-ended fund run by JPMorgan Investment Management wants to remain a partner, according to the sources, who are not authorized to speak on the record. ... Full Story | Top |
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