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| Little apparent progress in U.S. "fiscal cliff" talks Friday, Nov 30, 2012 07:08 PM PST  HATFIELD, Pennsylvania (Reuters) - With barely a month left before the "fiscal cliff," Republicans and Democrats remained far apart on Friday in talks to avoid the across-the-board tax hikes and spending cuts that threaten to throw the country back into recession. While President Barack Obama visited a Pennsylvania toy factory to muster public support for tax hikes on the rich, portraying Republicans as scrooges at Christmas time, his primary adversary in negotiations, Republican House Speaker John Boehner, continued to describe the situation as a stalemate. ... Full Story | Top |
| Consumer spending, income stall; Sandy a factor Friday, Nov 30, 2012 01:49 PM PST  WASHINGTON (Reuters) - U.S. consumer spending fell in October for the first time in five months and income growth stalled, leading some economists to cut already weak estimates of fourth-quarter economic growth. Superstorm Sandy was partly to blame for the pullback in spending as the quarter started, but economists said the data on Friday also underscored the economy's fundamental weakness, stemming from the uncertainty over the course of fiscal policy. The Commerce Department said consumer spending fell 0.2 percent after a 0.8 percent increase in September. ... Full Story | Top |
| Missouri couple wins half of $587 million Powerball lottery Friday, Nov 30, 2012 04:54 PM PST  DEARBORN, Missouri (Reuters) - A Missouri couple who won half of a record $587.5 million Powerball jackpot said on Friday they plan to stay put in their rural community, but know their lives will be changed. "I think we'll have a good Christmas," Cindy Hill said at a news conference where she and her husband, Mark Hill, were presented as winners of the jackpot by the Missouri Lottery. Cindy Hill, 51, is a former office manager who got laid off in 2010. Mark Hill, 52, was a mechanic for Hillshire Brands, a food company, but has now quit his job. ... Full Story | Top |
| Exclusive: Chevron Brazil ban ended, marks restart step Friday, Nov 30, 2012 05:38 PM PST RIO DE JANEIRO (Reuters) - Chevron Corp received a boost to its efforts to restart oil output in Brazil after a court overturned a ban on its operating in the country and the company agreed on a plan to improve safety procedures after an oil spill last year. Taken together, the moves suggest the case may be coming to a quick, negotiated resolution, said Eduardo Santos de Oliveira, the federal prosecutor from the city of Campos de Goytacazes who had first filed civil and criminal lawsuits in the case. Chevron, the No. 2 U.S. ... Full Story | Top |
| Falcone, Harbinger seek dismissal of SEC charges Friday, Nov 30, 2012 07:01 PM PST NEW YORK (Reuters) - Hedge fund manager Philip Falcone on Friday asked a federal judge to dismiss U.S. Securities and Exchange Commission charges accusing him of market manipulation, giving preferential treatment to certain investors and borrowing cash from his own fund to pay his personal taxes. The billionaire, who was sued in U.S. District Court in Manhattan in June, said government regulators had no evidence that he had deceived investors or acted outside of the law. ... Full Story | Top |
| Exclusive: U.S. Army officials said to back new scout helicopter Friday, Nov 30, 2012 05:37 PM PST WASHINGTON (Reuters) - U.S. Army officials this week backed a plan to buy new armed scout helicopters instead of extending the life of the Army's aging fleet of OH-58 Kiowa Warrior helicopters, sources familiar with the Army's plans told Reuters on Friday. Army acquisition chief Heidi Shyu and other officials agreed to start the new acquisition program for the smaller military helicopter at a meeting on Thursday, but senior Army and Pentagon officials must still sign off on the new acquisition program, said the sources, who were not authorized to speak publicly. ... Full Story | Top |
| China Nov official factory PMI hits seven-month high Friday, Nov 30, 2012 05:35 PM PST BEIJING (Reuters) - China's official manufacturing purchasing managers' index rose to a seven-month high of 50.6 in November from 50.2 in October, the National Bureau of Statistics said on Saturday. The headline figure is in line with an economist poll by Reuters this week, and confirms a trend toward recovering growth in the world's second-largest economy. A PMI reading below 50 suggests growth slowed, while a number above 50 indicates accelerating growth. ... Full Story | Top |
| New Jersey bridge collapse derails freight train; chemical leaks Friday, Nov 30, 2012 02:54 PM PST  PAULSBORO, New Jersey (Reuters) - A railroad bridge collapsed on Friday over a creek in southern New Jersey, causing a Conrail freight train to derail and spill hazardous chemicals into the air and water, authorities said. Seven of the 82 cars derailed, and a tanker car that fell into Mantua Creek leaked vinyl chloride into the waterway, which feeds into the Delaware River near Philadelphia, said Deborah Hersman, chairwoman of the National Transportation Safety Board. ... Full Story | Top |
| Syria jets bombard rebel targets on airport road Friday, Nov 30, 2012 12:03 PM PST  BEIRUT (Reuters) - Syrian air force jets bombarded rebel targets on Friday close to the Damascus airport road and a regional airline said foreign carriers had halted flights to the capital. Activists said security forces clashed with rebels trying to topple President Bashar al-Assad around Aqraba and Babilla districts on the southeastern outskirts of Damascus which lead to the international airport. ... Full Story | Top |
| Palestinians win de facto U.N. recognition of sovereign state Friday, Nov 30, 2012 02:59 AM PST  UNITED NATIONS (Reuters) - The 193-nation U.N. General Assembly on Thursday overwhelmingly approved the de facto recognition of the sovereign state of Palestine after Palestinian President Mahmoud Abbas called on the world body to issue its long overdue "birth certificate." The U.N. victory for the Palestinians was a diplomatic setback for the United States and Israel, which were joined by only a handful of countries in voting against the move to upgrade the Palestinian Authority's observer status at the United Nations to "non-member state" from "entity," like the Vatican. ... Full Story | Top |
| Obama cranks up "fiscal cliff" pressure, Boehner says talks stalemated Friday, Nov 30, 2012 02:52 PM PST HATFIELD, Penn. (Reuters) - President Barack Obama turned up the pressure in "fiscal cliff" talks on Friday, hitting the road to drum up support for his drive to raise taxes on the wealthy and warning Americans that Republicans were offering them "a lump of coal" for Christmas. In a visit to a Pennsylvania toy factory, Obama portrayed congressional Republicans as Scrooges who risked sending the country over the fiscal cliff rather than strike a deal to avert the tax increases and spending cuts that begin in January unless Congress intervenes. ... Full Story | Top |
| Senate approves new sanctions for Iran energy, shipping Friday, Nov 30, 2012 01:22 PM PST WASHINGTON (Reuters) - The U.S. Senate resoundingly approved on Friday expanded sanctions on global trade with Iran's energy and shipping sectors, its latest effort to ratchet up economic pressure on Tehran over its nuclear program. The new package, which keeps in place exemptions for countries that have made significant cuts to their purchases of Iranian crude oil, would be the third round of sanctions in a year if passed into law. The existing sanctions have already hurt Iran's economy, but it is uncertain whether the additional measures will stop or slow Iran's nuclear program. ... Full Story | Top |
| Iran may quit anti-nuclear arms pact if attacked: envoy Friday, Nov 30, 2012 07:19 AM PST  VIENNA (Reuters) - Any attack on Iran's nuclear facilities may lead to it withdrawing from the Non-Proliferation Treaty (NPT), a pact aimed at preventing the spread of nuclear arms, a senior Iranian official said on Friday. Ali Asghar Soltanieh, Iran's ambassador to the International Atomic Energy Agency, also suggested Iran in such a case could kick out IAEA inspectors and install its uranium enrichment centrifuges in "more secure" places. ... Full Story | Top |
| Egyptians protest after draft constitution raced through Friday, Nov 30, 2012 04:55 PM PST  CAIRO (Reuters) - Tens of thousands of Egyptians protested against President Mohamed Mursi on Friday after an Islamist-led assembly raced through approval of a new constitution in a bid to end a crisis over the Islamist leader's newly expanded powers. "The people want to bring down the regime," they chanted in Tahrir Square, echoing the chants that rang out in the same place less than two years ago and brought down Hosni Mubarak. ... Full Story | Top |
| High court leaves open if it will take up gay marriage case Friday, Nov 30, 2012 04:52 PM PST  (Reuters) - The U.S. Supreme Court's nine justices met in private on Friday to consider whether to enter the legal fray over same-sex marriage but made no announcement about any decision they may have reached. The high court is considering whether to review five separate challenges to a federal law that prevents married same-sex couples from receiving federal marriage benefits such as Social Security survivor payments and tax exemptions. It is also considering whether to review California's ban on same-sex marriage, known as Proposition 8, which voters narrowly approved in 2008. ... Full Story | Top |
| Euro zone set for recovery in second-half of 2013: Draghi Friday, Nov 30, 2012 04:59 AM PST  PARIS (Reuters) - European Central Bank President Mario Draghi said on Friday that budgetary consolidation in the euro zone would entail a short-term economic impact but the currency bloc was on track for a recovery in the second half of 2013. "We have not yet emerged from the crisis," Draghi told Europe 1 radio. "The recovery for most of the euro zone will certainly begin in the second half of 2013." "It's true that budgetary consolidation entails a short-term contraction of economic activity, but this budgetary consolidation is inevitable," Draghi said, speaking through a translator. ... Full Story | Top |
| Leave "fairy world" behind, Draghi tells euro zone Friday, Nov 30, 2012 05:57 AM PST  PARIS (Reuters) - The euro zone's crisis is far from over and its members must tighten budgets and forge a banking union to leave behind the "fairy world" that allowed problems to grow, European Central Bank President Mario Draghi said on Friday. Draghi's call for reform was echoed by International Monetary Fund chief Christine Lagarde, who said implementing a banking union with powers to supervise all banks in the euro zone should be the currency bloc's top priority. ... Full Story | Top |
| Egyptians protest after draft constitution raced through Friday, Nov 30, 2012 11:46 AM PST  CAIRO (Reuters) - Tens of thousands of Egyptians protested against President Mohamed Mursi on Friday after an Islamist-led assembly raced through approval of a new constitution in a bid to end a crisis over the Islamist leader's newly expanded powers. "The people want to bring down the regime," they chanted in Tahrir Square, echoing the chants that rang out in the same place less than two years ago and brought down Hosni Mubarak. ... Full Story | Top |
| How a desperate HP suspended disbelief for Autonomy deal Friday, Nov 30, 2012 11:59 AM PST  SAN FRANCISCO/NEW YORK/LONDON (Reuters) - For Leo Apotheker, the former Hewlett-Packard CEO, a July 2011 meeting with Autonomy founder Mike Lynch at a chic seaside resort in France was pivotal to his effort to remake a storied technology giant. In the nine months since taking the helm at HP, Apotheker had tried furiously to find a way to move the lumbering company away from its low-margin computer hardware business and into the lucrative corporate software and services arena. ... Full Story | Top |
| Insight: Lawyers gain from "say-on-pay" suits targeting U.S. firms Thursday, Nov 29, 2012 10:10 PM PST NEW YORK (Reuters) - Since the Dodd-Frank law gave shareholders a say in executive pay in 2010, courts have routinely rebuffed efforts by shareholders to force companies to heed their voice. Now, lawyers have found a new way to bring lawsuits over executive pay, resulting in a handful of legal settlements. But the settlements to date have produced no changes in executive compensation and no money for investors. In fact, the main financial beneficiary so far has been a small New York law firm that brought the bulk of the cases. ... Full Story | Top |
| ASEAN chief voices alarm at China plan to board ships in disputed waters Friday, Nov 30, 2012 03:44 AM PST  JAKARTA (Reuters) - China's plan to board and search ships that illegally enter what it considers its territory in the disputed South China Sea could spark naval clashes and hurt the region's economy, Southeast Asia's top diplomat warned on Friday. Seeking to ease alarm over the issue, China said it attached "great importance" to freedom of navigation in waters that have some of the world's busiest shipping lanes. ... Full Story | Top |
| After long jail term, gaming gangster faces less violent but still murky Macau Thursday, Nov 29, 2012 11:25 PM PST  MACAU (Reuters) - Wan "Broken Tooth" Kuok-koi will emerge from jail this weekend into a very different Macau gambling haven than the one he bullied in the late-1990s. Under new leadership, chosen at a Chinese Communist Party Congress this month where corruption was a dominant theme, Beijing is sending strong signals to Macau authorities to tighten regulation and promote responsible gaming in the world's casino capital. It's a far cry from more than a decade ago when Wan and other triad gangsters ran amok during the final days of Portuguese rule of this southern Chinese outcrop. ... Full Story | Top |
| Exclusive: Philippines fixer paid $30 million by Okada's Universal - sources Thursday, Nov 29, 2012 10:44 PM PST  TOKYO/SAN FRANCISCO (Reuters) - Japanese billionaire Kazuo Okada's Universal Entertainment funneled at least $30 million to an ex-consultant for the Philippines gaming authority who is now at the center of a bribery investigation, according to sources and company records. The sum is six times the amount initially confirmed by Reuters and could, if found to be bribery, result in Okada being stripped of his firm's casino license in the Philippines and also jeopardize his gaming license in Las Vegas. ... Full Story | Top |
| Chinese, U.S. soldiers complete disaster relief drill amid Asia tensions Friday, Nov 30, 2012 04:56 AM PST CHENGDU (Reuters) - Chinese and American soldiers finished a week-long disaster rescue exercise on Friday, furthering military ties between the two countries even as military tensions rise between China and U.S. military allies in the Pacific region. The exercise, which included 20 U.S. soldiers visiting facilities in three Chinese cities, are meant to bring the two rivals closer together through non-combat military collaboration, and to allay fears of countries in the region worried over China's rising influence. ... Full Story | Top |
| Barclays investment bank revamp could mean staff cuts Friday, Nov 30, 2012 04:11 AM PST  LONDON (Reuters) - Barclays could ax as many as 3,500 investment bank staff and cut its advisory or equities operations in Asia as part of a broader strategic review aimed at fixing the bank's culture in the wake of the financial crisis. The future shape and size of the investment bank is seen as the most critical part of Chief Executive Antony Jenkins' review, as it contributes more than half of group profits but conducts the "casino" activities politicians and regulators are cracking down on. ... Full Story | Top |
| Analysis: Democrats' discord undercuts Obama estate tax push Thursday, Nov 29, 2012 10:07 PM PST  WASHINGTON (Reuters) - Divisions among Democrats are undermining President Barack Obama's push to raise the U.S. estate tax on inherited wealth, just weeks before the arrival of the "fiscal cliff" could drive the present estate tax rate even higher than Obama proposes. Action on the estate tax could be postponed. But in his successful re-election campaign, Obama called for wealthy Americans to pay more in taxes - and it is overwhelmingly the wealthy who pay the estate tax. ... Full Story | Top |
| Fighting cuts access to Damascus airport, flights suspended Thursday, Nov 29, 2012 09:53 PM PST  BEIRUT (Reuters) - Syrian rebels battled forces loyal to President Bashar al-Assad just outside Damascus on Thursday, cutting access to its international airport, and Dubai-based Emirates airline and EgyptAir stopped flights to the Syrian capital. The Internet and some telephone lines went down across Syria. Rebels and the government traded blame for the blackout, the worst communications outage in 20 months of conflict. Rebels fighting to topple Assad have been making gains around Syria by overrunning military bases and have been ramping up attacks on Damascus, his seat of power. ... Full Story | Top |
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