Today's Yahoo! News - Latest News & Headlines:
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Woman alleges long affair with Cain
Mon,28 Nov 2011 07:46 PM PST
AP -  In an explosive allegation, a Georgia woman said Monday she and Republican presidential hopeful Herman Cain had a 13-year extramarital affair that lasted nearly until the former businessman announced his candidacy for the White House several months ago.
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NY judge rejects $285M SEC-Citigroup agreement
Mon,28 Nov 2011 07:48 PM PST
AP -  A judge on Monday used unusually harsh language to strike down a $285 million settlement between Citigroup and the Securities and Exchange Commission over toxic mortgage securities, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from details of the firm's wrongdoing.
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Shoppers snap up Cyber Monday deals
Mon,28 Nov 2011 07:48 PM PST
AP -  Shoppers seem to be just as enthusiastic about shopping on their computers and smartphones on Cyber Monday as they were about finding deals over the weekend.
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UN: Syrian forces killed, tortured 256 children
Mon,28 Nov 2011 02:46 PM PST
AP -  A U.N. investigation concluded Monday that Syrian forces committed crimes against humanity by killing and torturing hundreds of children, including a 2-year-old girl reportedly shot to death so she wouldn't grow up to be a demonstrator.
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LA protesters defy eviction efforts, go to court
Mon,28 Nov 2011 05:26 PM PST
AP -  For now, Wall Street protesters camped out on the Los Angeles City Hall lawn still have their tent city after defying a deadline to pack up and clear out. "Still occupied," read the sign of a protester up in a tree.
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Democratic Rep. Barney Frank announces retirement
Mon,28 Nov 2011 01:41 PM PST
AP -  Democratic Rep. Barney Frank of Massachusetts announced his retirement Monday effective at the end of next year, closing out a congressional career of more than three decades capped by passage of legislation imposing new regulations on Wall Street.
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Drum major who died in hazing was 'Mr. Band'
Mon,28 Nov 2011 07:07 PM PST
AP -  Robert Champion fell in love with music at about age 6 when he saw a marching band at a parade in downtown Atlanta. So mesmerized by the festivities, he came home, took out pots and pans and started banging away like a little drummer.
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Fitch warns of U.S. downgrade if no budget deal in 2013
Mon,28 Nov 2011 04:56 PM PST
Reuters -  NEW YORK (Reuters) - Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade of the country's coveted AAA rating. The ratings agency on Monday revised to negative from stable the outlook on the U.S. credit rating after a special congressional committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures. ...
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S&P may cut France rating outlook to negative: report
Mon,28 Nov 2011 05:41 PM PST
Reuters -  (Reuters) - Credit rating agency Standard & Poor's could change the outlook for France's triple-A rating to negative within the next 10 days, a French newspaper reported on Monday, citing several sources. Such a move would signal a possible downgrade. "It could happen within a week, perhaps 10 days," La Tribune quoted a source as saying of a change to the outlook. The economic and financial daily said on its Web site that S&P had planned to make the announcement last Friday but postponed it for unknown reasons. ...
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Facebook gearing up for 2012 IPO: source
Mon,28 Nov 2011 06:45 PM PST
Reuters -  (Reuters) - Facebook, the world's largest Internet social network, is preparing for a initial public stock offering next year, according to a source familiar with the matter. Facebook is exploring raising $10 billion, the Wall Street Journal said on Monday. It hopes the offering will value the company at more than $100 billion, according to WSJ, which first reported the story. ...
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Exclusive: THL eyes buyout of Yahoo's U.S. business
Mon,28 Nov 2011 06:43 PM PST
Reuters -  NEW YORK (Reuters) - Thomas H. Lee Partners is interested in buying the U.S. operations of Yahoo Inc, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giant's partners in Asia, sources familiar with the matter said. THL is hoping to do a leveraged buyout of Yahoo's U.S. business - which could be worth $5 billion to $6 billion - and draw on its experience running other media assets such as Nielsen Co, Clear Channel and Univision to turn around the ailing company, the sources said. ...
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Judge blocks Citigroup-SEC settlement
Mon,28 Nov 2011 02:58 PM PST
Reuters -  NEW YORK (Reuters) - A federal judge angrily threw out Citigroup Inc's proposed $285 million settlement over the sale of toxic mortgage debt, excoriating the top U.S. market regulator over how it reaches corporate fraud settlements. U.S. District Judge Jed Rakoff in Manhattan said that in agreeing to the settlement, the U.S. Securities and Exchange Commission appeared uninterested in actually learning what Citigroup did wrong. He also said the regulator erred by asking him to ignore the interests of the public. ...
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AT&T's T-Mobile deal could be affected by election
Mon,28 Nov 2011 07:18 PM PST
Reuters -  NEW YORK (TheWrap.com) - The chances of an AT&T-T-Mobile merger grow dimmer by the day, but there may yet be hope on the horizon for the telecommunications giants -- next year's election. The telecom industry has benefited from a change in administration before: In the 1990s, the Federal Communications Commission opposed SBC's acquisition of AT&T during a Democratic administration, only to later approve it under a Republication administration. ...
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Affair claim shakes Cain presidential bid
Mon,28 Nov 2011 05:06 PM PST
Reuters -  WASHINGTON (Reuters) - A woman accused Republican presidential candidate Herman Cain on Monday of having a 13-year affair with her that ended just months ago, a new charge that could derail his campaign for the White House. Cain, already hit by allegations of sexual harassment, denied an affair but he addressed the idea of giving up his presidential bid for the first time. Until recently a front-runner among Republicans seeking to challenge President Barack Obama, Cain said he would stay in the race as long as his wife stood by him. ...
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Pressure mounts in Europe as finance ministers meet
Mon,28 Nov 2011 07:35 PM PST
Reuters -  BRUSSELS (Reuters) - Euro zone finance ministers are to agree on Tuesday the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis. President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the American economy. ...
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Pakistan PM: No more "business as usual" with U.S.
Mon,28 Nov 2011 06:34 PM PST
Reuters -  ISLAMABAD (Reuters) - Pakistan's prime minister ruled out "business as usual" with the United States on Monday after a NATO attack killed 24 Pakistani soldiers and the army threatened to curtail cooperation over the war in Afghanistan. Saturday's incident on Pakistan's border with Afghanistan has complicated U.S. attempts to ease a crisis in relations with Islamabad and stabilize the region before foreign combat troops leave Afghanistan. "Business as usual will not be there," Prime Minister Yusuf Raza Gilani told CNN when asked if ties with the United States would continue. ...
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Exclusive: Regulators doubt MF Global shortfall estimate
Mon,28 Nov 2011 03:37 PM PST
Reuters -  WASHINGTON (Reuters) - U.S. regulators and law enforcement believe a bankruptcy trustee has overestimated the amount of customer funds missing at MF Global, according to sources familiar with the matter. One source said on Monday that regulators believe at least $220 million is being double-counted by the trustee, taking the total shortfall at the brokerage to just under $1 billion. A law enforcement source told Reuters last week that federal investigators also doubt the $1.2 billion figure. ...
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Obama tells EU to take decisive action on debt
Mon,28 Nov 2011 02:53 PM PST
Reuters -  WASHINGTON (Reuters) - President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the U.S. economy. After meeting European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, Obama said he was keen to see the euro zone crisis end. "I communicated to them that the United States stands ready to do our part to help them resolve this issue. This is of huge importance to our economy," Obama, seated next to the EU leaders, told reporters. ...
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Germany, France press for coercive euro zone debt rules
Mon,28 Nov 2011 01:07 PM PST
Reuters -  BERLIN/BRUSSELS (Reuters) - Germany and France stepped up a drive on Monday for coercive powers to reject euro zone members' budgets that breach EU rules, and the United States kept up the drumbeat of demands from the rest of the world for decisive action. The OECD rich nations' economic think-tank said the European Central Bank should cut interest rates and abandon its reluctance to step up purchases of government bonds in order to restore confidence in the euro area, which now posed the main risk to the world economy. The ECB shows no sign of doing so yet. It bought 8. ...
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Facebook plans IPO between April and June: report
Mon,28 Nov 2011 03:49 PM PST
Reuters - (Reuters) - Facebook Inc is looking to go public between April and June 2012 with a valuation of over $100 billion, the Wall Street Journal reported, citing people familiar with the matter. The social media giant is considering raising as much as $10 billion in its IPO, the report said. Sources familiar with the matter said the company has not made any decision over which banks will be involved in the IPO. Facebook's CFO David Ebersman is in talks with Silicon Valley bankers about an IPO, but founder CEO Mark Zuckerberg has not decided on any terms of the IPO, the Journal said. ...
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Wall Street ends 7-day slide
Mon,28 Nov 2011 02:39 PM PST
Reuters -  NEW YORK (Reuters) - Stocks rebounded from seven days of losses on Monday as investors used the latest effort from European leaders to resolve the region's debt crisis as an opportunity to cover short positions. Trading was light, a sign skepticism remains high. Just 6.8 billion shares changed hands during the day on U.S. exchanges, below the daily average of 8 billion shares. After the market's close, Fitch Ratings revised to negative the outlook on the United States' AAA credit rating after a special congressional committee failed to agree on at least $1.2 trillion in budget cuts. ...
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Barney Frank, author of Wall St reform, to retire
Mon,28 Nov 2011 12:13 PM PST
Reuters -  (Reuters) - Barney Frank announced his retirement from Congress Monday, leaving fellow Democrats without their foremost defender of a landmark financial-regulation overhaul that Republicans and Wall Street groups want to repeal. Elected to the House of Representatives in 1980, Frank was one of the first openly gay politicians to serve at a national level. In an era of carefully crafted political images, he has stood out for his rumpled demeanor and scathing wit. "Trying to have a conversation with you would be like trying to argue with a dining room table," he told a detractor in 2009. ...
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