| | |
| Asian Games organizers ask IOC to help bring North Korea to Incheon Monday, Mar 31, 2014 09:10 PM PDT South Korean organizers of this year's Asian Games in Incheon have asked the International Olympic Committee (IOC) for help in getting North Korea to take part in the multi-sports event. The news comes amid heightened tension on the Korean peninsula after the North fired more than 100 artillery rounds into South Korean waters as part of a drill on Monday, prompting the South to fire back. Asian Games organizers said in a statement that Kim Young-soo, president of the organizing committee, had made the request to IOC President Thomas Bach at a meeting in Kuwait on Monday. He also said he would attend the September 19 to October 4 Asian Games. Full Story | Top |
| Japan may suggest smaller whale catch after ICJ blow Monday, Mar 31, 2014 08:46 PM PDT  Japan could try to rescue its Antarctic whaling program by sharply reducing catch quotas after the highest U.N. court ordered a halt, rejecting Tokyo's argument that the catch was for scientific purposes and not mainly for human consumption. The judgment by the International Court of Justice (ICJ) was a blow to Japan's decades-old "scientific whaling" program, although Tokyo - which said it would abide by the ruling - might be able to resume Antarctic whaling if it devises a new, more persuasive program that requires killing whales. "We want to properly consider our country's response after carefully examining the contents of the ruling." The government was likely to submit to the International Whaling Commission (IWC) a new "scientific whaling" program with sharply reduced catch quotas in an effort to resume the annual hunts, the Asahi newspaper said on Tuesday The outlook was tough, however, with more than half of the IWC members now opposed to whaling, the newspaper said. Full Story | Top |
| HP agrees to pay $57 million to settle shareholder lawsuit Monday, Mar 31, 2014 08:41 PM PDT  (Reuters) - Hewlett-Packard Co agreed to pay $57 million to settle a lawsuit that accused the personal computer maker's former management of defrauding shareholders by abandoning a business model it had long touted. The lawsuit was filed after former Chief Executive Leo Apotheker shocked investors on August 18, 2011 by announcing plans to refocus the company on business services and products. He also revealed plans to scrap WebOS, whose rights HP had obtained when it bought Palm Inc in 2010; pay $11. ... Full Story | Top |
| Protest-hit China city says no plant without public support Monday, Mar 31, 2014 08:33 PM PDT A city in southern China which has been the site of violent protests against a proposed chemical plant said it will not go ahead with the project if a majority of residents object to it, as authorities seek to head off more unrest. Photos posted on Weibo, China's Twitter-like microblog service, have showed hundreds of demonstrators marching along the streets over the past two days, an overturned car in flames and protesters laying bloodied on the road. "If the majority of people are against it, the city government won't make a decision contrary to public opinion," it said. Maoming residents have been protesting the production of paraxylene, a chemical used to make fabrics and plastic bottles at a plant run by the local government and state-owned Sinopec Corp, China's biggest refiner. Full Story | Top |
| FCA's handling of insurance review 'not finest hour' Monday, Mar 31, 2014 08:17 PM PDT  By Huw Jones and Chris Vellacott LONDON (Reuters) - The Financial Conduct Authority's (FCA) handling of information that sparked a slump in insurance company shares was not its "finest hour," its chief executive said following criticism from an influential lawmaker. FCA boss Martin Wheatley said on Monday he takes responsibility for what happens at the regulator after Andrew Tyrie, the chairman of parliament's Treasury Committee, described the watchdog's actions as an "extraordinary blunder". The debacle over the FCA's release of price-sensitive information on Friday about its planned insurance sector review is embarrassing for the regulator, which is trying to establish its credibility as it marks its first anniversary on Tuesday. The FCA on Friday appointed an external lawyer to examine how the watchdog released news earlier that day of its review into whether insurers treated people locked into 30 million pension and other savings plans fairly compared with new customers. Full Story | Top |
| Government picks Babcock and Fluor for 7 billion pounds nuclear decommissioning Monday, Mar 31, 2014 08:15 PM PDT By Li-mei Hoang and Brenda Goh LONDON (Reuters) - Britain awarded a 7-billion-pound contract to manage the decommissioning of nearly half its nuclear sites to engineering contractors Babcock and U.S. group Fluor in one of the largest government contracts ever put out to tender. The 14-year deal covers some of Britain's oldest nuclear power sites include Hinkley, Sizewell and Dungeness. Britain has moved to outsource large swathes of its public sector services over the last 30 years, a practice which has been heavily criticised in recent months after contractors such as G4S and Serco were found to have overcharged the government on contracts. Full Story | Top |
| FCA steps up scrutiny of traders' activity on benchmark rates Monday, Mar 31, 2014 08:14 PM PDT  The Financial Conduct Authority (FCA) plans to step up its scrutiny of banks' control over their traders to see if lessons have been learned from the scandal over benchmark rate rigging. The FCA said its review of the risk that traders manipulate key benchmarks is a central part of its 2014/15 business plan, published on Monday. Regulators around the world are looking closely at traders' behaviour on a number of key benchmarks, spanning interest rates, foreign exchange and commodities markets. Switzerland's competition authority on Monday said it was investigating several banks, including UBS, Credit Suisse, JP Morgan, Citigroup and Barclays over their forex trading. Full Story | Top |
| Elton John to marry partner as Britain legalizes gay marriage Monday, Mar 31, 2014 08:04 PM PDT  Singer Elton John will marry long-time partner David Furnish now that Britain's legalization of gay marriage has been put into effect, the singer said in an interview on Monday. John, 67, told NBC's "Today" host Matt Lauer that he and Furnish, who were one of the first couples to become united when Britain legalized the Civil Partnership Act in December 2005, will marry in a small ceremony this year, as early as May. "We'll do it very quietly," the singer said. The singer said he was "very proud of Britain" and the progress made to make gay marriage legal. Full Story | Top |
| NATO plans more support for east Europeans worried by Crimea Monday, Mar 31, 2014 08:02 PM PDT  By Adrian Croft BRUSSELS (Reuters) - NATO will decide new steps on Tuesday to reinforce eastern European countries worried by Russia's annexation of Crimea, and on how to bolster Ukraine's armed forces. Diplomats said NATO foreign ministers will look at options ranging from stepped-up military exercises and sending more forces to eastern members states, to the permanent basing of alliance forces there - a step Moscow would view as provocative. Ministers from the 28 alliance members are meeting in Brussels for the first time since Russia's military occupation and annexation of Ukraine's Crimea region caused the worst East-West crisis since the Cold War. While the United States and its allies have made clear they will not intervene militarily in Ukraine, which does not belong to NATO, they have scrambled to reassure anxious NATO members in eastern Europe, particularly ex-Soviet republics in the Baltics, that they are sheltered by the alliance's security umbrella. Full Story | Top |
| Labour party warns against 'foolish' EU exit Monday, Mar 31, 2014 08:01 PM PDT  Britain would be reckless and foolish to walk away from its membership of the European Union, the Labour party's finance spokesman will say on Tuesday, warning of the damage an EU exit would have on jobs and investment. Britain's future in Europe is in doubt with Prime Minister David Cameron promising an in/out referendum by 2017 if his party wins an election next year. The anti-EU UKIP also has a small but growing share of the popular vote according to opinion polls. Labour, ahead of the Conservatives in the polls, broke their silence on the subject this month, saying they would only offer a referendum if there was a further transfer of power to Brussels - something they said was unlikely before 2020. Full Story | Top |
| Charlie Brooks hid his 'smut' to protect wife Rebekah Monday, Mar 31, 2014 07:59 PM PDT  By Michael Holden LONDON (Reuters) - Charlie Brooks, the husband of Rupert Murdoch's former British newspaper chief Rebekah Brooks, told a London court on Monday he hid his porn collection from police investigating phone-hacking because he feared leaks to the press which would embarrass his wife. Brooks' wife Rebekah is on trial at London's Old Bailey accused of conspiracy to hack phones and authorising illegal payments to public officials. They are both accused of attempting to pervert the course of justice by hindering the police investigation. Rebekah Brooks was arrested in July 2011 at the height of a phone-hacking scandal that rocked Murdoch's News Corp. empire and shook Britain's political establishment. Full Story | Top |
| Emergency crews face toxic challenge in Washington state mudslide Monday, Mar 31, 2014 07:59 PM PDT  By Eric M. Johnson OSO, Washington (Reuters) - Recovery teams struggling through thick mud up to their armpits and heavy downpours at the site of a devastating landslide in Washington state are facing yet another challenge - an unseen and potentially dangerous stew of toxic contaminants. The official death toll rose to 24 on Monday - up from 21 a day earlier, nine days after a rain-soaked hillside collapsed above the north fork of the Stillaguamish River, northeast of Seattle. We're worried about contamination," local fire Lieutenant Richard Burke, a spokesman for the operation, told reporters visiting the disaster site. Search crews, with the help of dogs, have been regularly finding and retrieving more remains, at least four to six times a day on the eastern half of the massive debris pile, recovery team supervisor Steve Harris told a news conference. Full Story | Top |
| Japan relaxes arms export regime to fortify defense Monday, Mar 31, 2014 07:25 PM PDT  By Kiyoshi Takenaka and Nobuhiro Kubo TOKYO (Reuters) - Japan eased its weapons export restrictions on Tuesday in the first major overhaul of arms transfer policy in nearly half a century, as Prime Minister Shinzo Abe seeks to fortify ties with allies and bolster the domestic defense industry. In a move likely to anger China, where bitter memories of Japan's past militarism run deep, the government decided to allow arms exports and participation in joint weapons development and production when they serve international peace and Japan's security. That is a shift from a decades-old policy of banning all weapons exports in principle, although quite a few exceptions to the rule have been made over the years, such as the transfer of arms technology to the United States, Japan's closest ally. "If you live in a closed market like the Japanese defense industry does, you clearly lag behind in technological development." But even under the new regime, Japan is to focus mainly on non-lethal defense gear such as patrol ships and mine detectors and says it has no plan to export such weapons as tanks and fighter jets. Full Story | Top |
| Asian shares hit four-month high on China data, Yellen Monday, Mar 31, 2014 07:22 PM PDT  By Hideyuki Sano TOKYO (Reuters) - Asian shares hit four-month high on Tuesday after China's official PMI survey showed manufacturing managed to continue expanding in March, and dovish comments from Federal Reserve Chair Janet Yellen. China's official Purchasing Managers' Index increased to 50.3 in March from February's 50.2, in line with economists' forecasts. While the PMI figure alone is unlikely to dispel concerns of a slowdown in China, investor sentiment has improved on China in recent weeks as they expect Beijing will adopt a stimulus plan to achieve its growth target. Full Story | Top |
| Work at Brazil's World Cup stadium halted after worker dies Monday, Mar 31, 2014 07:21 PM PDT  Brazilian authorities halted work at the temporary stands of the stadium that will host the opening match of this year's World Cup following the death of a worker, the company in charge of the construction said on Monday. The regional labor authority of Sao Paulo demanded that Fast Engenharia stop building to make a technical analysis of the project, the company said in a statement. Fast Engenharia said that after the analysis it will announce a new time frame for finishing the temporary stands. Fabio Hamilton da Cruz died on Saturday after falling 25 feet while installing floors on the stands, becoming the third construction worker to perish while working on the Arena Corinthians on the outskirts of Sao Paulo. Full Story | Top |
| China charges former senior military officer with graft: Xinhua Monday, Mar 31, 2014 07:12 PM PDT China has charged former senior army officer Gu Junshan with corruption, state news agency Xinhua said, in what is likely to be the country's worst military scandal since a vice admiral was jailed for life for embezzlement in 2006. In a renewed campaign on graft, Chinese President Xi Jinping has vowed to go after both powerful "tigers" and lowly "flies", warning that the issue is so severe it threatens the ruling Communist Party's survival. Gu has been charged with corruption, taking bribes, misuse of public funds and abuse of power, Xinhua said on one of its official microblogs on Monday. He will be tried by a military court, it added. Full Story | Top |
| Malaysia changes last words from missing plane, hunt goes on Monday, Mar 31, 2014 06:55 PM PDT  By Stuart Grudgings and Michael Martina KUALA LUMPUR/PERTH (Reuters) - The last words from the cockpit of the missing Malaysian airliner were a standard "Good night Malaysian three seven zero", Malaysian authorities said, changing their account of the critical last communication from a more casual "All right, good night." The correction almost four weeks after Flight MH370 vanished was made as Malaysian authorities face heavy criticism, particularly from China, for mismanaging the search and holding back information. Malaysia says the plane was likely diverted deliberately, probably by a skilled aviator, leading to speculation of involvement by one or more of the pilots. Minutes later its communications were cut off and it turned back across Malaysia and headed toward the Indian Ocean. Malaysia's ambassador to China told Chinese families in Beijing as early as March 12, four days after the flight went missing, that the last words had been "All right, good night". Full Story | Top |
| China HSBC manufacturing PMI hits eight-month low in March Monday, Mar 31, 2014 06:50 PM PDT  China's manufacturing engine contracted in the first quarter of 2014, a private survey showed on Tuesday, adding to market expectations of government stimulus to arrest a loss of momentum in the world's second-largest economy this year. "The final reading of the HSBC China Manufacturing PMI in March confirmed the weakness of domestic demand conditions," said Hongbin Qu, HSBC's chief China economist, in a statement accompanying the survey. "This implies that first quarter GDP growth is likely to have fallen below the annual growth target of 7.5 percent." Earlier, the National Bureau of Statistics' official PMI rose to 50.3 in March from the previous month's 50.2, in line with forecasts. GROWTH CONCERNS A string of weak economic indicators in China this year has reinforced concerns about a slowdown. Full Story | Top |
| Japan business mood recovery slows, outlook dims: BOJ tankan Monday, Mar 31, 2014 06:33 PM PDT  By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) - Japanese business sentiment barely improved in the three months to March and is set to sour in the following quarter, a closely watched central bank survey showed, underscoring the challenges facing Prime Minister Shinzo Abe in his efforts to reflate the economy out of stagnation. Big firms expect to increase capital spending only modestly, the BOJ's tankan quarterly survey showed on Tuesday, reflecting uncertainty over how much a sales tax hike that kicked off on Tuesday could hurt a fragile economic recovery. The data will likely keep alive market expectations the BOJ may ease policy further in coming months if the pain from the tax hike proves to be much bigger than estimated, analysts say. The headline index for big manufacturers' sentiment rose by one point from three months ago to plus 17, the tankan showed, marking the fifth straight quarter of improvement but slightly short of a median market forecast of plus 18. Full Story | Top |
| Japan February wages steady, winter bonuses up for first time in five years Monday, Mar 31, 2014 06:33 PM PDT Prime Minister Shinzo Abe and his government have been publicly pressuring companies to raise wages, as that is seen as a crucial factor to complement massive monetary and fiscal stimulus to try to pull the economy out of deflation. In March, some big Japanese companies such as Toyota Motor Corp offered the most generous pay raises in years, although there are concerns an increase in the sales tax rate from April could still crimp spending power. Full Story | Top |
| OkCupid urges boycott of Mozilla, cites CEO's gay marriage views Monday, Mar 31, 2014 06:14 PM PDT  By Gerry Shih SAN FRANCISCO (Reuters) - OkCupid.com, the popular online dating site, called for a boycott of Mozilla Firefox to protest the world's No. 2 Web browser naming a gay marriage opponent as chief executive. OkCupid visitors who accessed the website through Firefox on Monday were told in a message to use other browsers such as Microsoft Corp's Internet Explorer or Google Inc's Chrome. "Mozilla's new CEO, Brendan Eich, is an opponent of equal rights for gay couples," the message said. "We would therefore prefer that our users not use Mozilla software to access OkCupid." "Especially in the kind of modern hero culture, the CEO is equivalent to the company," said Christian Rudder, an OkCupid co-founder. Full Story | Top |
| Japan tankan sentiment drop worse than 1997 tax hike: BOJ official Monday, Mar 31, 2014 06:08 PM PDT The pace of decline in the Bank of Japan's tankan sentiment outlook is more than the last time the government raised the sales tax in 1997, a central bank official said on Tuesday. The BOJ's closely watched tankan survey showed on Tuesday that the headline index for big manufacturers' sentiment was plus 17 in the March quarter, less than a median estimate for plus 18. Companies expect the sentiment index to fall to plus 8 in the June quarter, the survey showed, due to worries about the economy as an increase in the sales tax, which takes effect on Tuesday, is expected to slow consumer spending. Full Story | Top |
| Instant View: BOJ tankan shows Japan business mood up, outlook dim Monday, Mar 31, 2014 06:08 PM PDT Japanese business sentiment improved in the three months to March but is set to weaken in the following quarter, the central bank's "tankan" survey showed, on concerns a sales tax hike kicking off this month will dent a fragile economic recovery. COMMENTARY: JUNKO NISHIOKA, CHIEF ECONOMIST, RBS SECURITIES, TOKYO "There is no surprise in the headline figures. The BOJ will probably judge that corporate sentiment continued to recover although it was boosted by the temporary rush of demand before the consumption tax hike. "Companies' outlook for sentiment weakened slightly but this trend is similar to what data showed when Japan hiked its sales tax the last time. Full Story | Top |
| Special Report: The bishop who stood up to China Monday, Mar 31, 2014 06:01 PM PDT  By Sui-Lee Wee SHANGHAI (Reuters) - It was shaping as a win in the Communist Party's quest to contain a longtime nemesis, the Roman Catholic Church. In July 2012, a priest named Thaddeus Ma Daqin was to be ordained auxiliary bishop of Shanghai. The Communist body that has governed the church for six decades had angered the Holy See by appointing bishops without Vatican approval. Known as the Chinese Catholic Patriotic Association, it was now about to install Ma, one of its own officials, as deputy in China's largest Catholic diocese. Full Story | Top |
| China's underground resistance Monday, Mar 31, 2014 06:01 PM PDT TIANJIN, China, April 1, Reuters - "Come in and have a look." The welcoming sign on the gates of a ramshackle building with metal walls off a highway near this industrial city in northern China masks a grim reality: this is an underground Catholic church barely tolerated by Communist Party authorities. This underground Catholic church, which has no name, is a testament to the Roman Catholic Church's ability to survive as well - outside the control of the Communist Party. Perhaps this is to do with the change in (China's) leadership." He recalled the decade he spent at an underground seminary in Hebei province, where 10 seminarians used blankets to cover the windows so they could study in secret. About 20 priests from the underground Catholic church work in and around Tianjin, the capital of Hebei province, which surrounds Beijing and is a stronghold of Catholicism in China, he said. Full Story | Top |
| New Mexico governor urges calm after violent protests Monday, Mar 31, 2014 05:57 PM PDT By Joseph Kolb ALBUQUERQUE (Reuters) - New Mexico's governor urged calm on Monday after weekend protests over the police shooting of a mentally ill homeless man in Albuquerque turned to scuffles and ended with shots of tear gas into the crowd. Four people were charged with disorderly conduct as a result of Sunday's melee, during which the online activist hacker group Anonymous was suspected of also disrupting the police department's website, city spokeswoman Breanna Anderson said. Sunday's scuffles followed a rally to protest what critics call excessive use of lethal force by the Albuquerque police, an issue the U.S. Department of Justice has been investigating since 2012. Protesters ended up throwing stones at the police after a rally triggered by the March 16 killing by Albuquerque police of a homeless man named James Boyd. Full Story | Top |
| Boston exhibit to showcase relics of Marathon bombing aftermath Monday, Mar 31, 2014 05:41 PM PDT  By Scott Malone BOSTON (Reuters) - Archivists in Boston used to handling documents ranging from budget records to minutes of city council meetings, along with an occasional file dating to the city's 17th-century founding, have spent the last year processing thousands of sneakers, T-shirts and letters. These are the mementos left behind at an impromptu memorial built at the site of the 2013 bombing attack on the Boston Marathon, which killed three people and injured 264 at the race's crowded finish line. The memorial eventually moved to Copley Square, the site of the main branch of the Boston Public Library, and grew to thousands of items. On June 25 it was taken down on the order of then-Mayor Thomas Menino and handed over to city archivists to catalog. Full Story | Top |
| U.S. GAO sees $11.5 billion drop in acquisition cost of Lockheed F-35 Monday, Mar 31, 2014 05:35 PM PDT  The estimated acquisition cost of Lockheed Martin Corp's F-35 fighter jet program dropped $11.5 billion over the past year, the congressional Government Accountability Office reported Monday in its annual report on U.S. arms programs. The congressional watchdog agency said it now estimates the Pentagon will spend $332.3 billion over coming decades to develop the new radar-evading F-35 jet and buy a total of 2,457 aircraft, about 3.3 percent less than last year's estimate. The U.S. Defense Department's current estimate for the cost of developing and buying the F-35 is $392 billion, measured in 2012 dollars, although that projection may change when the Pentagon releases its own updated annual report on the acquisition costs of major weapons programs in mid-April. Full Story | Top |
| U.S. judge says SEC lawsuit against Bank of America should proceed Monday, Mar 31, 2014 05:23 PM PDT  A federal judge on Monday recommended letting the U.S. Securities and Exchange Commission pursue a lawsuit against Bank of America Corp over $855 million of mortgage securities that soured during the global financial crisis. U.S. Magistrate Judge David Cayer in Charlotte, North Carolina, where the bank is based, made the recommendation four days after urging dismissal of a related Department of Justice civil lawsuit, which alleged violations of a different law. That ruling had been seen as a possible setback for government efforts to fight fraud by Wall Street in the sale of mortgage securities. "We are reviewing the magistrate judge's recommendation carefully," bank spokesman Lawrence Grayson said on Monday, with regard to the SEC civil case. Full Story | Top |
| Federal judge will not block Arizona rules on use of abortion drugs Monday, Mar 31, 2014 05:19 PM PDT By Paul Ingram TUCSON, Arizona (Reuters) - A federal judge on Monday rejected a request by Planned Parenthood and a private women's health clinic to block new Arizona regulations that would limit the use of abortion-inducing drugs. The regulations, which go into effect on Tuesday, would require any medicine used to induce an abortion to be administered strictly according to protocols issued by the U.S. Food and Drug Administration and instructions on the label. The FDA has approved RU-486, the so-called "abortion pill," for use within seven weeks' gestation. Doctors who have prescribed it later than that have made an off-label use which is not allowed under Arizona's law. Full Story | Top |
| Russian prime minister angers Ukraine by visiting Crimea Monday, Mar 31, 2014 05:07 PM PDT  By Darya Korsunskaya SIMFEROPOL, Crimea (Reuters) - Prime Minister Dmitry Medvedev flaunted Russia's grip on Crimea by flying to the region and holding a government meeting there on Monday, angering Ukraine and defying Western demands to hand the peninsula back to Kiev. But in a gesture that could ease tension in the worst East-West standoff since the Cold War, Russia pulled some troops back from near Ukraine's eastern frontier - a move the United States said would be a positive sign if it is confirmed as a withdrawal. President Vladimir Putin told German Chancellor Angela Merkel that he had ordered a partial drawdown in the region, Merkel's spokesman said. Full Story | Top |
| Legal challenge to Alabama abortion law will go to trial, judge rules Monday, Mar 31, 2014 04:56 PM PDT By Verna Gates BIRMINGHAM, Alabama (Reuters) - A federal judge on Monday ordered a trial to determine whether a new Alabama law requiring doctors who perform abortions to obtain hospital admitting privileges poses a significant impediment for women seeking an abortion. Since abortion clinics typically use traveling physicians, the law could cause the closure of three of Alabama's five facilities, a potential constitutional violation, abortion supporters have argued in court. In an 86-page opinion, U.S. District Judge Myron Thompson cited the possibility of an "undue burden." He ruled the trial will focus on if the law violates the constitutional rights of women who want an abortion by imposing a "substantial obstacle." "If the court finds that the statute was motivated by a purpose of protecting fetal life, then the statute had the unconstitutional purpose of creating a substantial obstacle," Thompson wrote. "Evidence establishing that the legislature passed a statute with the purpose of closing down the clinic would suffice to establish a constitutional violation," he added. Full Story | Top |
| Students hunting with BB guns cause lockdown at Maryland university Monday, Mar 31, 2014 04:54 PM PDT  Two students hunting with BB rifles in a wooded area near Maryland's Stevenson University caused the school to be put on lockdown on Monday after reports of a gunman on campus, the university's president said. Students and staff at the school, in Owings Mills outside of Baltimore, were told to shelter in place at about 2:30 p.m. local time after police and school security received calls that a gunman was spotted at the school. "It appears that the incident was caused by two students who had the poor judgment of hunting in the woods," university President Kevin Manning said in a statement. The lockdown ended at 6:45 p.m., but campus activities were canceled for the evening, according to Manning. Full Story | Top |
| Tax-reform advocate Camp won't seek re-election to U.S. Congress Monday, Mar 31, 2014 04:52 PM PDT  By Thomas Ferraro WASHINGTON (Reuters) - U.S. Representative Dave Camp, who tried and failed this year as chairman of the powerful House Ways and Means Committee to initiate an overhaul of the U.S. tax code, said on Monday he would not seek re-election in November. "This decision was reached after much consideration and discussion with my family," the 12-term, 60-year-old Michigan Republican said in a statement issued by the committee. Camp said that during his final nine months in Congress, he would seek reform on a number of fronts, including "fixing our broken tax code." In February, Camp floated a draft plan to rewrite the tax code for the first time since 1986. "Blah, blah, blah, blah," House Speaker John Boehner, the top Republican in Congress, told reporters when asked about it. Full Story | Top |
| Falcone says suppressing Ergen's debt is key to LightSquared restructuring Monday, Mar 31, 2014 04:45 PM PDT  By Billy Cheung NEW YORK (Reuters) - Investor Phil Falcone, whose Harbinger Capital Partners owns bankrupt wireless company LightSquared, on Monday said he always intended to cut the debt claims of LightSquared's largest creditor, Dish Network Corp Chairman Charlie Ergen. "I don't think Charlie should have been in the capital structure," Falcone said during testimony in U.S. Bankruptcy Court in Manhattan, in the third week of hearings in which LightSquared is seeking court approval of its plan to exit bankruptcy and repay creditors. Under intense questioning from Ergen's attorneys, Falcone acknowledged that he believed subordinating Ergen's claims would allow Harbinger to retain equity in a post-bankruptcy LightSquared. Treating Ergen's $1.1 billion claim differently from other creditors' claims would decrease the amount of new equity LightSquared would need to raise to a fund a bankruptcy exit, preserving more for Harbinger, according to Falcone. Full Story | Top |
| About 25,000 rally in Oklahoma for more school funding Monday, Mar 31, 2014 04:39 PM PDT About 25,000 teachers, administrators and students rallied at the Oklahoma State Capitol on Monday, calling for more money for education in the state that ranks among the lowest in per capita spending for students. Funding for public schools has decreased by about $215 million since 2008, although there are 40,000 more public school students, according to the Oklahoma Education Coalition, which helped organize the protest. "When that many people converge at the foot of the Capitol, they cannot ignore our voices," said Sheri Guyse, a volunteer at the rally and mother of two Oklahoma City school children. U.S. government data has shown that Oklahoma ranks among the bottom five states in spending per pupil over the past several years. Full Story | Top |
| FBI investigating high-speed trading outfits: WSJ Monday, Mar 31, 2014 04:34 PM PDT  (Reuters) - United States federal agents are investigating whether high-speed trading companies violate U.S. laws by using fast-moving market information not available to other traders, the Wall Street Journal reported. Launched by the Federal Bureau of Investigation about a year ago, the investigation called the High-Speed Trading Initiative, is still in its primary stages, a senior FBI official and an agency spokesman told the Journal. The FBI has deployed a large number of agents, looking at proprietary-trading outfits as well as fast-trading operations at brokers who buy and sell orders on behalf of clients, such as mutual funds and pension plans, the newspaper said. Regulators, including the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority that oversees broker dealers are working with the FBI on the probe, the Journal reported. Full Story | Top |
| Louisiana House passes abortion restriction bill Monday, Mar 31, 2014 04:34 PM PDT By Kathy Finn NEW ORLEANS (Reuters) - The Louisiana House of Representatives on Monday approved a bill to impose new restrictions on abortion clinics, adopting a measure similar to one in other states that have forced clinics to shut down. Without discussion, the House voted 85-6 to approve the bill, which requires physicians who perform abortions to have admitting privileges at an adequately equipped hospital within 30 miles of the place where the abortion is performed. The bill was backed by Republican Governor Bobby Jindal and sponsored by Democratic Representative Katrina Jackson, who chairs the Louisiana Legislative Black Caucus. "This is about the safety of women," Jackson said, noting a federal appeals court has upheld a Texas law that contains the same language as the Louisiana bill. Full Story | Top |
| Lawmakers probing why GM employees approved switches Monday, Mar 31, 2014 04:26 PM PDT  By Ben Klayman, Paul Lienert and Richard Cowan WASHINGTON/DETROIT (Reuters) - A U.S. congressional probe is focusing on why General Motors Co employees repeatedly approved substandard ignition switches linked to at least 13 fatalities, as the automaker on Monday announced another major recall, this time related to power steering issues. On the eve of a high-profile hearing before a House of Representatives panel, GM said it is recalling more than 1.5 million additional vehicles globally. The Detroit-based automaker says it is taking an aggressive stance on safety issues, after coming under intense criticism for waiting more than a decade to recall millions of cars with potentially faulty ignition switches. On Monday, Democrats on the House Energy and Commerce Committee released details of some of the more than 200,000 pages of documents they have received from GM and a federal regulator. Full Story | Top |
| Former U.S. hostages angry about new Iran U.N. envoy appointee Monday, Mar 31, 2014 04:22 PM PDT By Louis Charbonneau UNITED NATIONS (Reuters) - Former U.S. embassy workers held hostage in Iran from 1979 to 1981 are outraged that Tehran has selected a new U.N. envoy who may have played a role in the 444-day crisis and want him barred from U.S. territory, lawyers for the ex-hostages said on Monday. The fact that Hamid Abutalebi, a veteran diplomat who has held key European postings in the past, has been selected by President Hassan Rouhani as Iran's new ambassador to the United Nations has been well known among U.N. delegations for months. Full Story | Top |
|
No comments:
Post a Comment