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| JPMorgan in $5.1 billion deal with housing agency Friday, Oct 25, 2013 06:16 PM PDT  By Aruna Viswanatha and David Henry (Reuters) - JPMorgan Chase & Co has agreed to pay $5.1 billion to settle claims that it and firms it bought misled Fannie Mae and Freddie Mac about the quality of mortgage securities and home loans it sold to them during the housing boom. The bank and the agencies' regulator said Friday evening that the settlement was expected to be part of a tentative $13 billion deal that JPMorgan is negotiating with federal and state agencies over its mortgage bond liabilities. ... Full Story | Top |
| GE drops legal fight over running tar sands megaloads on Idaho highway Friday, Oct 25, 2013 05:44 PM PDT  By Laura Zuckerman SALMON, Idaho (Reuters) - A General Electric Co subsidiary has dropped its appeal of a federal court order barring a massive shipment of tar sands oil-field equipment from being trucked along a scenic Idaho roadway that cuts through the Indian homelands of the Nez Perce Tribe. The company's legal capitulation was hailed by tribal officials and environmental groups as a major victory in their three-year struggle against so-called megaload transports, a dispute at the forefront of a larger battle over oil and gas development in North America. ... Full Story | Top |
| Drug maker Dendreon seeking a buyer: report Friday, Oct 25, 2013 05:02 PM PDT (Reuters) - Drug maker Dendreon Corp is looking for a suitor after sales for its lead product, prostate cancer drug Provenge, were weaker than expected, according to a Bloomberg report. The Seattle-based company is working with JPMorgan Chase & Co to help it find a buyer, Bloomberg said, citing people familiar with the matter. Dendreon's troubles began in 2011 after the company withdrew its sales forecast for the drug. Questions have also emerged about the veracity of the clinical trials that led to Provenge's approval. ... Full Story | Top |
| U.S. judge narrows Dubai bank claims versus ING over investment losses Friday, Oct 25, 2013 04:59 PM PDT By Joseph Ax NEW YORK (Reuters) - A U.S. judge on Friday narrowed Mashreq PSC's claims in a lawsuit that alleged ING Groep NV lost more than $40 million of the Dubai bank's money by investing it in "toxic" securities. U.S. District Judge Lorna Schofield denied ING's bid to dismiss the complaint in its entirety, ruling that Mashreq's breach of contract claim should stand. However, she dismissed the bank's breach of fiduciary duty and fraud claims as duplicative of the contract claim. ... Full Story | Top |
| Texas moves to bolster state power reserve; generators' shares rise Friday, Oct 25, 2013 04:46 PM PDT By Eileen O'Grady HOUSTON (Reuters) - Texas regulators on Friday moved to create a mandatory reserve margin for electricity to reduce the prospect of blackouts, a change that may signal market reform that benefits the bottom line of power suppliers while raising costs for end users. Two of the three members of the Texas Public Utility Commission (PUC) on Friday said they support a mandatory reserve margin, rather than a "target" reserve margin that doesn't encourage companies to invest in new power plants to supply the $29 billion wholesale market. ... Full Story | Top |
| Man fired for aiding woman rejects Wal-Mart offer to hire him back Friday, Oct 25, 2013 04:45 PM PDT  By Lisa Maria Garza (Reuters) - A Michigan man rejected an offer from Wal-Mart Stores Inc to rehire him after he was fired for helping a woman who was being attacked in the store parking lot during his meal break. Kristopher Oswald, 30, who worked nights stocking shelves at a Wal-Mart store in Hartland Township, located northwest of Detroit, said on Friday that he does not feel safe going back to work. "I believe my job was only offered to me because of the negative publicity they received," Oswald said. "There is no way I can expect to walk in as if I was a new hire and everything would be ... Full Story | Top |
| Ex-Arizona congressman faces up to 100 years at fraud sentencing Friday, Oct 25, 2013 04:30 PM PDT By Brad Poole TUCSON, Arizona (Reuters) - Former U.S. Representative Richard Renzi of Arizona faces up to 100 years in jail when he is sentenced on Monday for fraud, extortion and money laundering stemming from a federal land swap deal when he was in office. Renzi, a three-term Republican, was convicted in June of 17 felony counts and acquitted on 15 other charges. U.S. District Judge David C. Bury is set to sentence him at 9:30 a.m. in Tucson. ... Full Story | Top |
| ThyssenKrupp could set up steel processing in Brazil: report Friday, Oct 25, 2013 04:26 PM PDT  FRANKFURT (Reuters) - Germany's ThyssenKrupp could seek a partner to set up steel processing in Brazil if it fails to sell its steel mill in the Latin American country, the Wall Street Journal Deutschland reported, citing sources. ThyssenKrupp has for more than a year been trying to offload its Steel Americas business, comprising the steel slab-producing mill in Brazil and a rolling mill in Alabama. The Brazil plant has the capacity to produce up to 5 million tonnes of slab a year, part of which is sold to the Alabama mill for processing into flat products shipped mostly to carmakers. ... Full Story | Top |
| Bankruptcy not a topic in early talks with state, Detroit emergency manager says Friday, Oct 25, 2013 04:15 PM PDT  By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) - Detroit Emergency Manager Kevyn Orr did not speak about filing for Chapter 9 municipal bankruptcy in his first meetings with Michigan state officials before he was named to his post, according to testimony he delivered on the third day of the city's bankruptcy eligibility trial. ... Full Story | Top |
| SEC's Aguilar: hold exchange executives accountable for failures Friday, Oct 25, 2013 03:48 PM PDT  By Sarah N. Lynch WASHINGTON (Reuters) - A proposal that would require stock exchanges to be better equipped to handle market disruptions does not go far enough to hold senior officials accountable for failures, Securities and Exchange Commission member Luis Aguilar said on Friday. "The final rule should require an entity's senior officers to certify in writing that the entity has processes in place and adequate resources and staffing to achieve compliance," Aguilar said. ... Full Story | Top |
| Pentagon wants F-35 contractor accountability as it weighs output boost Friday, Oct 25, 2013 03:33 PM PDT  By Andrea Shalal-Esa WASHINGTON (Reuters) - The Pentagon's chief arms buyer wants details on how Lockheed Martin Corp and other companies will be held accountable for the quality and reliability of the F-35 fighter jet as he considers whether to approve an increase in the plane's production, U.S. defense officials said on Friday. ... Full Story | Top |
| Barneys New York hires civil rights pro amid discrimination claims Friday, Oct 25, 2013 03:32 PM PDT (Reuters) - Barneys New York hired an anti-discrimination expert and agreed to have its chief executive meet with a civil rights group following allegations that the luxury store racially profiled black customers, a spokeswoman said on Friday. Reverend Al Sharpton's National Action Network demanded the sitdown with CEO Mark Lee, scheduled for early next week, after two black customers said they were stopped by police and questioned about expensive purchases they made at the Manhattan store. ... Full Story | Top |
| California gunman leads police on car chase with injured in trunk Friday, Oct 25, 2013 03:31 PM PDT By Eric M. Johnson (Reuters) - A gunman with two wounded captives in the trunk of his car opened fire at passing vehicles and bystanders during an hour- long, car chase with police near Ridgecrest, California on Friday, before being shot dead in a gunbattle, authorities said. Police from Ridgecrest, which is about 150 miles north of Los Angeles, spotted the man earlier Friday in connection with a possible suspect in a separate homicide investigation, according Michael Whorf, a senior deputy with the Kern County Sheriff's Office. ... Full Story | Top |
| Obama's tech expert becomes target over healthcare website woes Friday, Oct 25, 2013 03:24 PM PDT By Roberta Rampton and Sarah McBride (Reuters) - Todd Park has gone from steering his healthcare information technology company through a blockbuster IPO to occasionally sleeping on a mat in his office while working to repair the troubled new U.S. government healthcare website. Park, the chief technology officer for the White House and a top advisor to President Barack Obama, now finds himself among a handful of officials with targets on their backs as Republicans try to root out who is responsible for this month's glitch-ridden rollout of Healthcare.gov. ... Full Story | Top |
| Seven hurt at Howard University concert in Washington Friday, Oct 25, 2013 03:24 PM PDT WASHINGTON (Reuters) - At least seven people, including two police officers, were hurt at Washington's Howard University on Friday when a crowd rushed the gates of a homecoming concert, authorities said. The concert, known as Yardfest, had been oversubscribed and people had tried to get into the venue when it reached capacity, Howard spokeswoman Kerry-Ann Hamilton said. "Public Safety officials have restored order and the concert has resumed," Hamilton said. A Washington police spokesman said seven people had been hurt, including two officers who suffered minor injuries. ... Full Story | Top |
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