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| Analysis: JPMorgan faces 'hard sell' in crowded market for commodity traders Sunday, Jul 28, 2013 09:08 PM PDT  By Jonathan Leff and Josephine Mason NEW YORK (Reuters) - For third time in five years, one of the world's biggest commodity trading desks is for sale. JPMorgan Chase & Co. said on Friday it would seek "strategic alternatives" for its physical oil, gas, power and metals trading division, the core of which is a group that's already been through two ownership changes since 2008. It was a surprise about-face for a bank that spent billions of dollars over the past five years assembling the largest physical trading platform on Wall Street. ... Full Story | Top |
| Naming mediator brings authority to fractious Detroit bankruptcy case Sunday, Jul 28, 2013 09:04 PM PDT  By Nick Brown (Reuters) - Of all the legal maneuvers so far in Detroit's bankruptcy case by unions or the city's emergency manager, the one that may have the most impact was when the judge decided to name a mediator. In a July 23 filing in U.S. Bankruptcy Court, Judge Steven Rhodes said he would appoint another federal judge, Gerald Rosen, as a mediator. A mediator would be an authoritative voice for compromise in a contentious, messy case, the biggest-ever municipal bankruptcy filing in U.S. history. ... Full Story | Top |
| Apple's Mansfield no longer in exec team, moves to special projects Sunday, Jul 28, 2013 08:59 PM PDT  (Reuters) - Apple Inc said on Sunday it will shift Bob Mansfield, senior vice president of technologies, out of its executive team to work on special projects. Mansfield, who has led the development of a number of Apple devices including the popular MacBook Air laptop, had at one stage announced his plan to retire last year as head of hardware engineering but stayed on to lead Apple's semiconductor and wireless teams. Mansfield is the latest addition to Chief Executive Tim Cook's "special projects" team. ... Full Story | Top |
| India's Wipro shares rally on dollar revenue guidance Sunday, Jul 28, 2013 08:57 PM PDT  MUMBAI (Reuters) - India's Wipro Ltd shares surged as much as 5.9 percent on Monday, after the software services exporter issued dollar revenue guidance that was above estimates. Wipro said on Friday it expects revenue from IT services business for the current quarter that ends September 30 to range between $1.62 billion and $1.65 billion, a sequential increase of 2 percent to 3.9 percent. Most analysts were expecting the company to say sales in the current quarter would rise 1-3 percent. Wipro does not give an annual forecast. ... Full Story | Top |
| Japanese stocks lead Asia lower as yen firms Sunday, Jul 28, 2013 08:52 PM PDT  By Ian Chua SYDNEY (Reuters) - The yen rose to a one-month high against the dollar on Monday as investors braced for another round of disappointing economic news out of China, knocking Japanese stocks to four-week lows and pulling down regional markets. Investors gave the dollar a wide berth as they also suspect the U.S. central bank will press home the message that it will keep policy loose for some time after its review on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent, giving back some of last week's 1.9 percent gain. ... Full Story | Top |
| Five people killed in Pennsylvania helicopter crash Sunday, Jul 28, 2013 08:15 PM PDT By Mary Wisniewski (Reuters) - Five people including a child were killed on Saturday when a helicopter crashed in a heavily wooded area of northeastern Pennsylvania, officials said on Sunday. The wreckage of a Robinson 66 helicopter was found in a rugged area in Noxen, about 21 miles west of Scranton, Pennsylvania, on Sunday afternoon, according to the Federal Aviation Administration. The dead include three men, one woman and one male child, according to Wyoming County coroner Thomas Kukuchka. He said they are believed to be a father and his son, a father and his daughter, and the pilot. ... Full Story | Top |
| Sailing-New Zealand to go straight to Louis Vuitton Cup finals Sunday, Jul 28, 2013 07:09 PM PDT WELLINGTON, July 29 (Reuters) - Team New Zealand's hopes of securing the America's Cup took a massive step forward on Sunday with their ninth successive victory in the Louis Vuitton Cup challenger series and decision to proceed straight to the finals. Dean Barker's crew clinched the round-robin series last week, but decided after they beat Italy's Luna Rossa on Sunday they would skip the semi-finals to fine tune their preparations for the finals series beginning on Aug. 17. ... Full Story | Top |
| Publicis, Omnicom to merge to create advertising giant Sunday, Jul 28, 2013 06:54 PM PDT  By Leila Abboud and Nicola Leske PARIS/NEW YORK (Reuters) - A proposed mega-merger between global ad agencies Publicis and Omnicom could bring rival accounts such as Coca-Cola and PepsiCo under one firm, underscoring the scale of the $35.1 billion deal and the potential conflicts it raises. The companies said on Sunday that the deal - presented as a merger of equals - would give the combined firm the necessary scale and investment firepower to cope with rapid changes wrought by technology on the advertising business. ... Full Story | Top |
| Europe banks get set for dividend lift - if regulators allow Sunday, Jul 28, 2013 06:51 PM PDT  By Steve Slater and Sinead Cruise LONDON (Reuters) - A clutch of European banks are primed to lift dividends to put them back on the radar of yield-hungry investors after years spent using cash to repair balance sheets. HSBC, UBS, BNP Paribas, Standard Chartered, Swedbank and other banks in Switzerland, France and Sweden could lead the way back to bigger payouts. But obscuring the route for banks with excess cash is a stubborn regulatory fog, meaning investors in Europe may have to wait until 2014 or later for more juicy rewards, later than an expected pick-up in the United States. ... Full Story | Top |
| Canada's Hudson's Bay close to Saks deal: media report Sunday, Jul 28, 2013 06:50 PM PDT (Reuters) - Canadian retailer Hudson's Bay Co (HBC) is close to buying U.S. luxury department store Saks Inc , according to a media report. The New York Post reported on Sunday that the deal could be announced as early as Monday, citing a source briefed on the negotiations. A Saks spokeswoman said the company did not comment on market speculation. HBC was not immediately available for comment. HBC, which owns Canada's The Bay chain, also owns Lord & Taylor, a higher end chain concentrated in the U.S. Northeast and Midwest whose sales have been uneven since it went public. ... Full Story | Top |
| Driver of derailed Spanish train charged with 79 counts of homicide Sunday, Jul 28, 2013 06:09 PM PDT  By Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - The driver of a Spanish high-speed train that derailed and killed 79 people was released pending trial on charges of reckless homicide, a judge ruled on Sunday night. Francisco Garzon, 52, had been under arrest since Thursday. He is suspected of driving the train too fast through a tight curve on the outskirts of the northwestern Spanish city of Santiago de Compostela. ... Full Story | Top |
| At least 36 dead after coach plunges off viaduct in Italy Sunday, Jul 28, 2013 06:06 PM PDT  ROME (Reuters) - At least 36 people died after a coach plunged more than 15 meters (49 feet) off a viaduct in southern Italy on Sunday, a spokesman for the fire service said. Eleven people were pulled out alive from the stricken coach and taken to hospital, some with serious injuries, the spokesman said. Rescue operations are ongoing, he said. The coach was carrying about 48 people back to Naples after visiting Telese Terme in the southern region of Campania, Italian daily La Repubblica reported. ... Full Story | Top |
| Boeing requests worldwide checks of Honeywell beacons Sunday, Jul 28, 2013 05:52 PM PDT  (Reuters) - Boeing Co asked airlines on Sunday to inspect aircraft worldwide to gather data on Honeywell International Inc emergency beacons that have come under scrutiny following a fire on a parked 787 Dreamliner two weeks ago. Up to 1,200 aircraft from its smallest to largest models have been fitted with the devices, but Boeing is asking that airlines inspect as many as possible and report back within 10 days to help regulators decide what if any action to take. ... Full Story | Top |
| Britain's SFO to receive funding for Barclays probe: FT Sunday, Jul 28, 2013 05:27 PM PDT (Reuters) - Britain's Serious Fraud Office (SFO) is expected to receive about 2 million pounds ($3.07 million) from the UK Treasury to support its criminal probe into the dealings between Barclays Plc and Qatar Holding, the Financial Times reported on Sunday. Barclays is being investigated by the SFO and Financial Conduct Authority (FCA) for an allegation that the bank lent Qatar Holding, a part of the Qatar Investment Authority, money to invest in it as part of a rescue fundraising at the height of the 2008 financial crisis. ... Full Story | Top |
| SFO to receive funding for Barclays probe - FT Sunday, Jul 28, 2013 05:16 PM PDT  (Reuters) - Britain's Serious Fraud Office (SFO) is expected to receive about 2 million pounds from the UK Treasury to support its criminal probe into the dealings between Barclays Plc and Qatar Holding, the Financial Times reported on Sunday. Barclays is being investigated by the SFO and Financial Conduct Authority (FCA) for an allegation that the bank lent Qatar Holding, a part of the Qatar Investment Authority, money to invest in it as part of a rescue fundraising at the height of the 2008 financial crisis. ... Full Story | Top |
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