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| Euro zone, IMF reach deal to cut long-term Greek debt Monday, Nov 26, 2012 06:07 PM PST  BRUSSELS (Reuters) - Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020. ... Full Story | Top |
| Egypt's Islamists seek to defuse crisis over decree Monday, Nov 26, 2012 02:06 PM PST  CAIRO (Reuters) - Egypt's ruling Islamists tried to defuse a political crisis on Monday, with President Mohamed Mursi backing a compromise over his seizure of extended powers and his Muslim Brotherhood calling off a planned demonstration. Mursi provoked outrage last week that led to violent protests when he issued a decree that put beyond judicial review any decision he takes until a new parliament is elected, drawing charges he had given himself the powers of a modern-day pharaoh. ... Full Story | Top |
| Schapiro stepping down at SEC, Walter to step in Monday, Nov 26, 2012 05:23 PM PST  WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission, Mary Schapiro, will step down next month after a tumultuous four years spent rehabilitating the agency's battered reputation, handing the reins temporarily to a close ally. SEC Commissioner Elisse Walter, a career regulator who has sided with Schapiro on most of the critical issues before the agency, was named chairman-designate and could serve until December 2013, buying time for President Barack Obama to win Senate approval for a long-term replacement. ... Full Story | Top |
| With "fiscal cliff" deadline nearing, parties still at odds Monday, Nov 26, 2012 02:59 PM PST  WASHINGTON (Reuters) - Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek. In a further sign of tense relations between negotiators who are trying to avert a year-end "fiscal cliff" of steep tax increases and spending cuts, the White House expressed doubts that "balanced" deficit reductions can be achieved merely by limiting tax breaks and cutting spending, as Republicans propose. ... Full Story | Top |
| HP hit with civil securities lawsuit over Autonomy deal Monday, Nov 26, 2012 01:06 PM PST  SAN FRANCISCO (Reuters) - Hewlett-Packard Co was sued on Monday by an investor who claimed the company knew statements about its Autonomy acquisition were misleading and led the stock to fall, according to lawyers representing the plaintiff. The proposed class action lawsuit was filed in a San Francisco federal court. HP dropped a bombshell last Tuesday with an $8.8 billion write-down on its acquisition of British software firm Autonomy, saying the company inflated sales with improper accounting. Autonomy co-founder Mike Lynch has denied any wrongdoing. HP bought Autonomy for a hefty $11. ... Full Story | Top |
| Syrian jets bomb rebel bases near Turkey border Monday, Nov 26, 2012 07:26 PM PST  BUKULMEZ, Turkey (Reuters) - Syrian warplanes bombed two rebel bases near the Turkish border on Monday sending hundreds of people fleeing across the frontier. The attacks on the Free Syrian Army positions (FSA) in Atima and nearby Bab al-Hawa came a day before NATO and Ankara were due to start assessing where to station surface-to-air missiles on the Turkish side of the 900-km (560-mile) boundary. Turkey, a big supporter of rebels fighting to oust Syria's President Bashar al-Assad, has repeatedly scrambled jets along the border. ... Full Story | Top |
| Satellite photo shows increased activity at North Korean launch site Monday, Nov 26, 2012 07:35 PM PST WASHINGTON (Reuters) - A new satellite image shows a marked increase in activity at a North Korean missile launch site, pointing to a possible long-range ballistic missile test by Pyongyang in the next three weeks, according to satellite operator DigitalGlobe Inc. The imagery was released days after a Japanese newspaper, the Asahi Shimbun, reported that U.S. intelligence analysts had detected moves that were seen as preparation by North Korea for a long-range missile launch as early as this month. DigitalGlobe, which provides commercial satellite imagery to the U.S. ... Full Story | Top |
| Obama health law to face religion-based challenge Monday, Nov 26, 2012 12:54 PM PST  (Reuters) - The Supreme Court on Monday cleared the way for a Christian college to pursue a religion-based challenge against part of President Barack Obama's healthcare reform, which it claims forces taxpayers and employers to subsidize abortions and contraception. Liberty University, based in Lynchburg, Virginia, may now also argue that Congress exceeded its power by requiring big employers to provide healthcare coverage to workers, though legal experts said the argument faces an uphill battle in court. ... Full Story | Top |
| Canada's Carney named as Bank of England chief Monday, Nov 26, 2012 07:32 PM PST  LONDON/OTTAWA (Reuters) - Britain named Canadian central bank chief Mark Carney on Monday to head the Bank of England, springing the surprise choice of a foreigner to push reform of its troubled financial system. A former Goldman Sachs investment banker who at the Bank of Canada guided the Canadian economy through the global economic crisis, Carney will succeed Mervyn King who retires in July. Carney, who already plays a leading role in setting global banking rules, defended his departure from Canada and signaled that bigger problems awaited him in London. ... Full Story | Top |
| Israel's Barak, architect of Iran policy, leaving politics Monday, Nov 26, 2012 01:21 PM PST  JERUSALEM (Reuters) - Israeli Defence Minister Ehud Barak, a leading strategist in confronting Iran over its nuclear program, said in a surprise announcement on Monday that he would leave political life after the January 22 national election. Some commentators speculated Barak was trying to duck an anticipated trouncing of his tiny centrist party in the ballot, after which Prime Minister Benjamin Netanyahu, who heads the front-running, right-wing Likud, might return him to defence and military headquarters as a professional appointee. ... Full Story | Top |
| Canada's Carney named as Bank of England chief Monday, Nov 26, 2012 02:20 PM PST  LONDON/OTTAWA (Reuters) - Britain named Canadian central bank chief Mark Carney on Monday to head the Bank of England, springing the surprise choice of a foreigner to push reform of its troubled financial system. A former Goldman Sachs investment banker who at the Bank of Canada guided the Canadian economy through the global economic crisis, Carney will succeed Mervyn King who retires in July. Carney, who already plays a leading role in setting global banking rules, defended his departure from Canada and signaled that bigger problems awaited him in London. ... Full Story | Top |
| Syrian jets bomb rebel bases near Turkey border Monday, Nov 26, 2012 03:31 PM PST  BUKULMEZ, Turkey (Reuters) - Syrian warplanes bombed two rebel bases near the Turkish border on Monday sending hundreds of people fleeing across the frontier. The attacks on the Free Syrian Army positions (FSA) in Atima and nearby Bab al-Hawa came a day before NATO and Ankara were due to start assessing where to station surface-to-air missiles on the Turkish side of the 900-km (560-mile) boundary. Turkey, a big supporter of rebels fighting to oust Syria's President Bashar al-Assad, has repeatedly scrambled jets along the border. ... Full Story | Top |
| McGraw-Hill sells textbook unit to private equity Monday, Nov 26, 2012 01:46 PM PST  (Reuters) - The McGraw-Hill Companies Inc has found a buyer for its textbook business, a unit that once steadied its results against the ups and downs of financial markets faced by its Standard & Poor's rating agency. Private equity firm Apollo Global Management LLC will buy McGraw-Hill's educational publishing unit for $2.5 billion, McGraw-Hill said on Monday. The price, while less than the $3 billion McGraw-Hill had hoped for earlier, was fair given recent strains on the business and the uncertainty of evolving digital publishing formats, analysts said. ... Full Story | Top |
| Schapiro stepping down at SEC, Walter to step in Monday, Nov 26, 2012 03:05 PM PST WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission, Mary Schapiro, will step down next month after a tumultuous four years spent rehabilitating the agency's battered reputation, handing the reins at least temporarily to a close ally. "We've gotten a lot done, I'm really proud of where the agency is today, so it seemed like a good time," Schapiro said in an interview on Monday after announcing her departure. ... Full Story | Top |
| Euro zone, IMF agree to cut Greek debt to 124 percent/GDP in 2020 Monday, Nov 26, 2012 02:33 PM PST BRUSSELS (Reuters) - Euro zone finance ministers and the International Monetary Fund agreed on Monday that Greek public debt should fall to 124 percent of GDP in 2020 through a package of extra debt cutting measures totaling 20 percent of GDP, officials said. The agreement emerged during talks in Brussels among finance ministers from the 17 euro zone countries, the European Central Bank and the IMF on how to make Greek debt sustainable. "It's going very slow, but we have financing and a Debt Sustainability Analysis. We've filled the financing gap until the end of program in 2014. ... Full Story | Top |
| Congo says no talks with rebels unless they quit Goma Monday, Nov 26, 2012 07:07 AM PST  GOMA, Democratic Republic of Congo (Reuters) - Congo said on Sunday it would not negotiate with M23 rebels in the east until they pulled out of the city of Goma, but a rebel spokesman said Kinshasa was in no position to set conditions on peace talks. Congolese President Joseph Kabila met with M23 for the first time on Saturday after an urgent summit in Uganda where regional leaders gave M23 two days to leave Goma, which the rebels seized six days ago after U.N.-backed government troops melted away. Eight months into a rebellion that U.N. ... Full Story | Top |
| Obama spoke with House Speaker Boehner, others on "fiscal cliff" Monday, Nov 26, 2012 11:51 AM PST  WASHINGTON (Reuters) - President Barack Obama spoke with House of Representatives Speaker John Boehner over the weekend on efforts to avert the looming "fiscal cliff" of budget cuts and tax rises that threatens to tip the U.S. economy back into recession. A White House official said on Monday that Obama also spoke with Senate Majority Leader Harry Reid, a fellow Democrat, and said discussions among staff members continued. ... Full Story | Top |
| Warren Buffett calls for a minimum tax on the wealthy Monday, Nov 26, 2012 06:34 AM PST  (Reuters) - Warren Buffett, the legendary investor who changed the debate about U.S. tax reform in 2011 with a call for the rich to pay more, is now calling for minimum tax rates for millionaires. In a New York Times editorial printed on Monday, Buffett suggested Congress move immediately to implement minimum taxes of 30 percent on incomes of $1 million to $10 million and 35 percent above that. ... Full Story | Top |
| Analysis: German hint of Greek debt relief raises euro hopes Sunday, Nov 25, 2012 10:54 PM PST  BRUSSELS (Reuters) - Three years into the euro zone's debt crisis, Germany's finance minister hinted tantalisingly last week at a potential breakthrough. Behind closed doors at a meeting in Paris of a small group of senior policymakers, Wolfgang Schaeuble indicated that Berlin could eventually agree to write off some of the money it has lent Greece, in order to make its debt sustainable. Three people present or briefed on the talks said Schaeuble had suggested there could be some kind of "conditional debt relief" for Athens if it sticks to tough economic reforms. ... Full Story | Top |
| BOJ rift surfaces over easing as political debate heats up Sunday, Nov 25, 2012 10:33 PM PST  TOKYO/NAGOYA, Japan (Reuters) - A split within the Bank of Japan was laid bare on Monday, with newcomers to its board pressing to strengthen commitment to an ultra-loose policy, as pressure on the central bank for bolder action intensified in the run up to next month's election. In an effort to shift the debate away from the central bank, BOJ Governor Masaaki Shirakawa repeated his view that monetary easing alone cannot beat deflation, urging the government to pursue fiscal reform and deregulation to boost domestic investment. ... Full Story | Top |
| Black Friday online sales top $1 billion for first time: comScore Sunday, Nov 25, 2012 09:20 PM PST  SAN FRANCISCO (Reuters) - Black Friday retail sales online this year topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday. Online sales jumped 26 percent on Black Friday to $1.04 billion from sales of $816 million on the corresponding day last year, according to comScore data. Amazon.com was the most-visited retail website on Black Friday, and it also posted the highest year-over-year visitor growth rate among the top five retailers. ... Full Story | Top |
| Berlusconi awaits left contest before comeback decision Monday, Nov 26, 2012 05:40 AM PST  ROME (Reuters) - Former Italian Prime Minister Silvio Berlusconi will wait to see who his center-left adversaries choose as their candidate for elections expected in March before deciding whether to run himself, he said on Monday. In his latest switch of position, Berlusconi, who previously ruled out running, said he would wait to see whether the left chose frontrunner Democratic Party (PD) leader Pier Luigi Bersani, 61, or his younger rival Matteo Renzi in a second-round vote on December 2. ... Full Story | Top |
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