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| China to create agency to align financial supervision Monday, Aug 19, 2013 09:12 PM PDT  BEIJING (Reuters) - China is set to create an agency led by the central bank to coordinate financial supervision, without changing the roles of existing industry watchdogs, the cabinet said on Tuesday. The State Council said in its approval of the proposal from the People's Bank of China (PBOC) that the new office will coordinate China's monetary policies and financial regulations, maintain financial stability and reduce systemic risks. The agency would report to the cabinet and its creation is not expected to affect the role of current supervisors as it would not be a policy maker. ... Full Story | Top |
| Oil-by-rail pioneer U.S. Development Group cashing up, not out Monday, Aug 19, 2013 09:07 PM PDT By Jonathan Leff NEW YORK (Reuters) - After a major $500 million deal late last year, Texas-based oil-by-rail pioneer Dan Borgen might be forgiven for packing it in. The sale of five crude oil terminals to Plains All American Pipeline was a landmark for U.S. Development Group, the Pasadena, Texas-company Borgen helped found two decades ago, initially to invest in the rail industry. It came just months before a dramatic collapse in the spread between U.S. inland crude and global benchmarks this year, a shift that has slowed the burgeoning trend of shipping oil by rail. ... Full Story | Top |
| Judge endorses use of fraud law against Bank of America Monday, Aug 19, 2013 08:09 PM PDT  By Nate Raymond NEW YORK (Reuters) - A federal judge has endorsed a broad interpretation of a savings-and-loan era law that the Justice Department is trying to use in cases against Wall Street banks. U.S. District Judge Jed Rakoff in Manhattan said Monday that a "straightforward application of the plain words" of the Financial Institutional Reform, Recovery and Enforcement Act (FIRREA) allowed the interpretation sought by the government. The law has a low burden of proof, strong subpoena power and a 10-year statute of limitations, twice as long as the typical limit for fraud cases. ... Full Story | Top |
| Everbright Bank says nepotism played no role in JPMorgan hire: report Monday, Aug 19, 2013 07:44 PM PDT  SHANGHAI (Reuters) - China Everbright Bank's decision to hire JPMorgan Chase & Co to underwrite its initial public offering in Hong Kong was not linked to the U.S. bank hiring the son of a high-level executive linked to the Chinese firm, a spokesman for the Chinese bank told state media. The official China Securities Journal on Tuesday cited an unnamed "person in charge" at Everbright Bank saying the process of hiring JPMorgan was "open and transparent, and there was no so-called issue of passing favors". Everbright Bank could not be immediately reached for comment. U.S. ... Full Story | Top |
| Actor Dick Van Dyke escapes unhurt from car fire on Los Angeles freeway Monday, Aug 19, 2013 07:35 PM PDT  By Steve Gorman and Eric Kelsey LOS ANGELES (Reuters) - Veteran actor Dick Van Dyke, best known for his hit television comedy of the 1960s, survived a car fire unscathed on Monday when a passerby pulled him from the smoldering vehicle before it burst into flames on the side of a Los Angeles-area freeway. A spokesman for the California Highway Patrol confirmed that the 87-year-old performer was the driver seen slumped over the steering wheel of a Jaguar that was reported to be on fire on the shoulder of the Ventura Freeway. ... Full Story | Top |
| Judge dismisses suit against AOL in patent sale to Microsoft Monday, Aug 19, 2013 05:06 PM PDT  By Bernard Vaughan NEW YORK (Reuters) - A federal judge on Monday dismissed a lawsuit accusing AOL Inc and some of its executives of fraud for repurchasing 14.8 million shares in 2011 without disclosing that the company would sell a $1 billion portfolio of patents to Microsoft Corp months later. Plaintiffs in the case said they suffered significant losses when they sold their shares ahead of the patent deal, after which AOL's stock surged 43 percent in a single day. ... Full Story | Top |
| Guardian says Britain forced it to destroy Snowden material Monday, Aug 19, 2013 05:06 PM PDT  By Mark Hosenball and Pedro Fonseca WASHINGTON/RIO DE JANEIRO (Reuters) - The Guardian, a major outlet for revelations based on leaks from former U.S. intelligence contractor Edward Snowden, says the British government threatened legal action against the newspaper unless it either destroyed the classified documents or handed them back to British authorities. ... Full Story | Top |
| Zillow offers stock at 3 percent discount Monday, Aug 19, 2013 04:36 PM PDT (Reuters) - Zillow Inc said it will offer 5 million shares of its class A common stock for $82.00 apiece, a discount of 3 percent to the company's closing price on Monday. Shares of the company were down 2.2 percent after hours on Monday, after dropping 7.1 percent to $84.74 in regular trade on the Nasdaq. Of the 5 million shares, the real estate website is offering 2.5 million shares and the balance will be offered by some of Zillow's shareholders. The company said it would buy smaller peer StreetEasy for about $50 million in cash to tap into the home shopping market in New York. ... Full Story | Top |
| Actor Dick Van Dyke survives car fire on Los Angeles-area freeway: police Monday, Aug 19, 2013 04:26 PM PDT  LOS ANGELES (Reuters) - Veteran actor Dick Van Dyke, best known for his self-titled hit 1960s television comedy, survived a car fire, apparently unscathed, on a Los Angeles-area freeway on Monday. A spokesman for the California Highway Patrol confirmed it was the 87-year-old performer whose car was reported on fire on the shoulder of the Ventura Freeway with a driver seen slumped over the steering wheel. Some off-duty nurses stopped to offer assistance, and firefighters arrived quickly and put out the blaze, said the CHP spokesman, officer Saul Gomez. ... Full Story | Top |
| Egypt security forces kill journalist after curfew starts Monday, Aug 19, 2013 04:23 PM PDT CAIRO (Reuters) - Egyptian security forces killed the bureau chief of a provincial office of state newspaper Al-Ahram on Monday after opening fire on a car they thought had tried to escape from a checkpoint enforcing a dusk-to-dawn curfew, the army said in a statement. Tamer Abdel Raouf, head of Al-Ahram's bureau in Egypt's Buhayra province, was shot dead while a journalist from another state newspaper, Al Gomhuriya, was injured. Journalists are exempt from the curfew. ... Full Story | Top |
| Britain forced Guardian to destroy copy of Snowden material Monday, Aug 19, 2013 04:19 PM PDT By Mark Hosenball WASHINGTON (Reuters) - The editor of the Guardian, a major outlet for revelations based on leaks from former U.S. intelligence contractor Edward Snowden, says the British government threatened legal action against the newspaper unless it either destroyed the classified documents or handed them back to British authorities. In an article posted on the British newspaper's website on Monday, Guardian editor Alan Rusbridger said that a month ago, after the newspaper had published several stories based on Snowden's material, a British official advised him: "You've had your fun. ... Full Story | Top |
| U.S. court gives lawsuit over Barclays disclosures second chance Monday, Aug 19, 2013 04:18 PM PDT  By Jonathan Stempel NEW YORK (Reuters) - A U.S. appeals court on Monday said investors may revive a lawsuit accusing Britain's Barclays Plc of misleading them in a 2008 stock offering about its subprime mortgage exposure and ability to manage credit risks. Reversing a lower court, the 2nd U.S. Circuit Court of Appeals in New York said investors may sue Barclays and its underwriters over a $2.5 billion offering of American depositary shares in April 2008 that lost much of its value within a year. ... Full Story | Top |
| Mechanical snafu again mars America's Cup racing Monday, Aug 19, 2013 04:01 PM PDT By Noel Randewich SAN FRANCISCO (Reuters) - Italy's Luna Rossa Challenge suffered a mechanical breakdown in the third race of the America's Cup challenger finals on Monday, handing Emirates Team New Zealand a point and deepening concerns about the fragility of the high-tech AC72 catamarans being used in this year's version of the venerable regatta. It was the third consecutive race in which a mechanical malfunction crippled one of the competitors and handed a victory to the team that managed to cross the finish line. ... Full Story | Top |
| China probe is latest legal headache for JPMorgan Monday, Aug 19, 2013 03:54 PM PDT  By David Henry NEW YORK (Reuters) - A federal bribery investigation into whether JPMorgan Chase & Co. hired the children of key Chinese officials to help it win business is just the latest in a series of legal and regulatory headaches for Chief Executive Jamie Dimon. Dimon piloted the bank through the financial crisis, but it is now facing at least a dozen investigations from federal agencies and state and foreign governments, including over the "London Whale" trading scandal that cost it more than $6.2 billion. ... Full Story | Top |
| Sailing-Mechanical snafu again mars America's Cup racing Monday, Aug 19, 2013 03:54 PM PDT By Noel Randewich SAN FRANCISCO, Aug 19 (Reuters) - Italy's Luna Rossa Challenge suffered a mechanical breakdown in the third race of the America's Cup challenger finals on Monday, handing Emirates Team New Zealand a point and deepening concerns about the fragility of the high-tech AC72 catamarans being used in this year's version of the venerable regatta. It was the third consecutive race in which a mechanical malfunction crippled one of the competitors and handed a victory to the team that managed to cross the finish line. ... Full Story | Top |
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