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| Venezuelan president says he has proof blackout was sabotage Tuesday, Dec 03, 2013 07:40 PM PST  By Daniel Wallis and Deisy Buitrago CARACAS (Reuters) - Venezuelan President Nicolas Maduro said on Tuesday he had proof that a massive power outage was caused by saboteurs aiming to throw the country into chaos before municipal elections this weekend. The blackout on Monday night was the second major power outage the year, plunging much of the country into darkness and prompting accusations of government incompetence from the opposition. Speaking on state TV alongside Electricity Minister Jesse Chacon and other officials, Maduro briefly showed a photo of what appeared to be a cut conductor cable lying on the floor. "Whoever made this criminal attack wanted to leave our Venezuela without electricity for 24 to 48 hours ... thinking that would convince people not to continue with the revolution." Maduro's combative rhetoric echoed his allegations in September, when he also accused the opposition of sabotaging the national grid to discredit him after a blackout that was one of the worst in the OPEC nation's history. Full Story | Top |
| Asian shares retreat as Fed taper talk returns Tuesday, Dec 03, 2013 07:31 PM PST  By Hideyuki Sano TOKYO (Reuters) - Most Asian shares slumped on Wednesday as the prospects of a reduction in the U.S. Federal Reserve's stimulus early next year prompted investors to cash in gains from their recent rallies. That retreat, which came after European shares had suffered their biggest falls since August, stemmed from profit-taking ahead of Friday's U.S. job data, but also reflected worries about the Fed's exit from its asset purchase scheme. "I think financial markets have already priced in an eventual tapering in the Fed's stimulus. QE1 and QE2 refer to the Fed's previous episodes of massive asset purchasing, or quantitative easing, the first in 2008-2010 and the second in 2010-11. Full Story | Top |
| HTC 'One Mini' faces UK ban after court ruling on patent infringement Tuesday, Dec 03, 2013 07:31 PM PST  LONDON/TAIPEI (Reuters) - HTC Corp will have to stop selling its One Mini smartphone in Britain from December 6 after a British court ruled the Taiwanese company had infringed patents owned by Finnish rival Nokia. Justice Richard Arnold of the England and Wales High Court on Tuesday granted Nokia a final injunction to stop HTC from continuing to infringe upon a European Patent held by Nokia related to mobile phone microchips. The judge had ruled in October that HTC's One phone contained the microchips. HTC, responding to the lawsuit, said on Wednesday it would appeal the ruling. Full Story | Top |
| Biden won't make headway in China if he repeats 'erroneous' remarks: paper Tuesday, Dec 03, 2013 07:01 PM PST  By Ben Blanchard BEIJING (Reuters) - U.S. Vice President Joe Biden should not expect to make much progress in defusing tensions over the East China Sea if he plans to repeat "erroneous and one-sided remarks" on the issue when he visits China, a top state-run paper said on Wednesday. Beijing's decision to declare an air defense identification zone in an area that includes disputed islands has triggered protests from the United States, Japan and South Korea and dominated Biden's talks in Tokyo on Tuesday. The United States has made clear it will stand by treaty obligations that require it to defend the Japanese-controlled islands, but it is also reluctant to get dragged into any military clash between rivals Japan and China. Biden is scheduled to meet Chinese President Xi Jinping and Vice President Li Yuanchao in Beijing on Wednesday before flying to Seoul later in the week. Full Story | Top |
| Michael Jackson's family to seek new trial in wrongful death lawsuit Tuesday, Dec 03, 2013 06:40 PM PST  LOS ANGELES (Reuters) - The family of late singer Michael Jackson has filed court documents indicating they plan to seek a new trial in a wrongful death lawsuit against concert promoter AEG, after a Los Angeles jury cleared the company of liability in October. Attorneys for Jackson's mother Katherine, 83, and his three children filed court documents in citing misconduct of the jury and insufficient evidence among the reasons for the pending request for a new trial. ... Full Story | Top |
| China services industry growth steady in November: HSBC PMI Tuesday, Dec 03, 2013 05:55 PM PST  China's services industry grew at a steady pace in November, a private survey showed on Wednesday, a further indication of strength in the world's second-largest economy as the government embarks on a sweeping restructuring drive. The HSBC/Markit services PMI stood at 52.5 in November, little changed from October's 52.6 and above the 50 line that separates expansion from contraction. On Tuesday a government PMI survey of the services industry showed growth holding near a one-year high. "Service sectors maintained a steady pace of growth in November, translating into the third consecutive month of employment expansion," said Hongbin Qu, chief economist for China at HSBC. Full Story | Top |
| U.S. asks Tesla for additional information on Model S fires Tuesday, Dec 03, 2013 05:53 PM PST  U.S. auto regulators have asked Tesla Motors Inc for records of consumer complaints, property damage claims and other details as part of a federal probe into two Tesla electric cars that caught fire on U.S. roads since October. The U.S. National Highway Traffic Safety Administration also requested information about any design modifications to the Model S electric sedan as well as engineering drawings. Tesla has until January 14 to provide the additional details. The request for more information is routine in such safety defect probes, but signals how NHTSA is approaching the Model S investigation that was launched last month. Full Story | Top |
| Illinois lawmakers pass long-awaited pension reform Tuesday, Dec 03, 2013 05:40 PM PST  By Joanne von Alroth and Karen Pierog SPRINGFIELD, Illinois (Reuters) - Illinois' Democratic-controlled legislature on Tuesday passed a landmark pension reform bill, choosing to address the state's crumbling finances over strong public labor union opposition to cuts in retirement benefits. The bill addresses problems that have built up over decades in the nation's worst-funded state pension system, which is underfunded by $100 billion. The vote comes despite union threats to challenge pension reform in state court, based on claims it would violate a state constitution provision that guards against cuts to pension benefits. It now heads to Governor Pat Quinn, who told reporters he hopes to sign the bill into law soon, although it will not take effect until June. Full Story | Top |
| Britain to tackle 'Islamist extremism' after soldier's murder Tuesday, Dec 03, 2013 05:37 PM PST  By Andrew Osborn SHANGHAI (Reuters) - Britain plans to classify "Islamist extremism" as a distinct ideology, British Prime Minister David Cameron said on Tuesday, as part the government's response to the murder of a soldier on a busy London street. A court heard that one of them said it was an "eye for an eye" and revenge for what they considered to be Britain's wars against Muslims. "These tragedies were a wakeup call for government and wider society to take action to confront extremism in all its forms, whether in our communities, schools, prisons, Islamic centers or universities." "Islamist extremism" would, for the first time, be classified as a distinct ideology to guard against it being confused with traditional religious practice, he said. The new definition would make it clear that "Islamist extremism" was a distorted interpretation of Islam that betrayed the religion's principles and tried to sow division. Full Story | Top |
| Illinois Senate advances incentive bill to keep ADM headquarters Tuesday, Dec 03, 2013 05:33 PM PST By Mary Wisniewski CHICAGO (Reuters) - The Illinois Senate on Tuesday passed a bill that would offer incentives for Archer Daniels Midland Co to keep its global headquarters in Illinois. ADM has been the dominant corporate presence in the central Illinois city of Decatur for 44 years. Its disclosure in September that it was seeking a new global headquarters shook Decatur and brought other cities, including Chicago, into a contest to land a new corporate nameplate. In exchange, ADM would locate its global headquarters in Chicago, moving 100 jobs there, while also adding 100 jobs a year in Decatur over 5 years. Full Story | Top |
| Japan regulator to sanction Deutsche Securities for excessive client entertainment: sources Tuesday, Dec 03, 2013 05:28 PM PST  Japan's securities market watchdog will recommend that a Tokyo-based unit of Deutsche Bank be sanctioned for excessive entertainment of pension fund executives considered public employees under the law, sources with knowledge of the matter said on Wednesday. The Securities Exchange and Surveillance Commission (SESC) had been investigating entertainment by Deutsche Securities because the clients involved managed part of the Japanese national pension scheme, making them public employees in the eyes of the law and subject to anti-bribery statutes, Reuters reported in September. The Financial Services Agency, which carries out the recommendations of the SESC, will likely issue an order to Deutsche Securities to improve its business practices, the sources told Reuters on condition of anonymity because no official decision on a sanction has been announced. Full Story | Top |
| Japan readies $182 billion economic package, no new debt needed: sources Tuesday, Dec 03, 2013 05:20 PM PST  By Takaya Yamaguchi TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe is readying a $182 billion economic package this week in his latest bid to pull the economy out of deflation, but the new measures will not require the government to sell more debt. The headline figure usually announced by the Japanese government on economic measures often includes spending that has already been committed, and tends to far exceed the amount of actual new government spending. Full Story | Top |
| Video wades into Lockheed-Boeing battle over Canadian jet orders Tuesday, Dec 03, 2013 05:17 PM PST  By Andrea Shalal-Esa WASHINGTON (Reuters) - A new video is circulating on the Internet that pokes fun at Lockheed Martin Corp's F-35 fighter jet while lauding the F/A-18 built by rival Boeing Co , the latest salvo in an increasingly pitched battle over Canadian fighter orders. Tyler Brand, vice president of business development for Canadian defense contractor RaceRocks 3D, said his company made the video on its own to showcase its skills and boost Boeing's marketing efforts while it was bidding for work from AeroInfo, a Boeing unit in Canada. Boeing is trying to round up additional orders for its F/A-18 fighter and the EA-18G electronic attack plane which is based on the same airframe to extend the plane's production past 2016, when it is currently slated to end. Boeing executives say they see good prospects for F/A-18 orders from the U.S. Navy, Canada, Australia, Denmark and several other countries. Full Story | Top |
| SpaceX rocket lifts off on first commercial satellite launch Tuesday, Dec 03, 2013 05:13 PM PST  By Irene Klotz CAPE CANAVERAL, Florida (Reuters) - An unmanned Falcon 9 rocket developed by Space Exploration Technologies, or SpaceX, blasted off on Tuesday to put its first commercial satellite into orbit, staking a potentially game-changing claim in a global industry worth nearly $190 billion a year. The 22-story rocket lifted off from its seaside launch pad at Cape Canaveral Air Force Station in Florida at 5:41 p.m. EST/2241 GMT. Perched on top of the rocket was a 7,000-pound (3,175 kg) communications satellite owned by Luxembourg-based SES S.A., which operates a 54-satellite fleet, the world's second-largest. "I'd like to thank SES for taking a chance on SpaceX," company founder and chief executive Elon Musk posted on Twitter an hour before the launch. Full Story | Top |
| Factbox: Key points of Detroit bankruptcy ruling Tuesday, Dec 03, 2013 04:58 PM PST (Reuters) - A federal judge on Tuesday ruled Detroit is bankrupt, which clears the way for potential cuts to the city workers' pensions and could mean steep losses for the city's bond holders. The following is a summary of key points in the ruling: - The city of Detroit is insolvent and eligible to file for municipal bankruptcy under Chapter 9 of the federal bankruptcy code. - Detroit did not conduct good-faith negotiations with unions and other creditors prior to its July 18 bankruptcy filing. - Facing more than 100,000 creditors, it was not possible for Detroit to negotiate in good faith with so many creditors. Full Story | Top |
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