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| CA-BUSINESS Summary Friday, Mar 29, 2013 07:09 PM PDT Record Wall Street boosts sentiment, U.S. holds key in Q2 TOKYO (Reuters) - Whether the world's largest economy can sustain momentum will be a primary focus for investors for the next three months after a general recovery trend in the United States helped risk sentiment for broad markets in the first quarter of 2013. Asian shares edged higher and the euro steadied on Friday after banks in Cyprus reopened to relative calm. Overall trade was subdued, with many Asian markets, including Australia, Singapore and Hong Kong, closed on Friday for Easter holidays. ... Full Story | Top |
| Big depositors in Cyprus to lose far more than feared Friday, Mar 29, 2013 07:09 PM PDT  By Michele Kambas NICOSIA (Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday. Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back. ... Full Story | Top |
| Timeline: The long path to a Dell buyout Friday, Mar 29, 2013 06:45 PM PDT By Poornima Gupta and Greg Roumeliotis SAN FRANCISCO/NEW YORK (Reuters) - Dell Inc founder Michael Dell's efforts to take the PC company private began last summer with an idea pitched by its top institutional shareholder, Southeastern Asset Management. Here is a timeline of the discussions as disclosed on Friday in Dell's preliminary proxy statement: June 15, 2012 -- Southeastern Asset Management, which owns 146.5 million shares or about 8.4 percent of Dell, contacts CEO Michael Dell to suggest "a going private transaction" and expresses the fund's interest in participating in it. ... Full Story | Top |
| Investors wary of "slow panic" on growth after Cyprus rescue Friday, Mar 29, 2013 06:29 PM PDT By Mike Dolan LONDON (Reuters) - World markets have reacted calmly to the twists and turns of Cyprus's financial rescue in the last fortnight but many investors fear the economic fallout is yet to come. They have sold European assets, rather than make a global dash for safety that could signal concerns about a euro breakup. Euro blue chip and bank equity prices, regional bank bonds and the euro exchange rate have all fallen sharply this week but Wall St stocks set a record closing high. ... Full Story | Top |
| Big depositors in Bank of Cyprus to get 37.5 percent equity: source Friday, Mar 29, 2013 06:29 PM PDT NICOSIA (Reuters) - Big depositors in Cypriot lender Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, a source with direct knowledge of the matter said on Friday. The rest of their big deposits may never be paid back. About 22.5 percent of deposits over 100,000 euros will attract no interest. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well. ... Full Story | Top |
| Slovenia will not be the next Cyprus: finance minister Friday, Mar 29, 2013 06:29 PM PDT By Marja Novak and Zoran Radosavljevic LJUBLJANA (Reuters) - Slovenia will not be the next euro member to need a financial rescue as it can afford to wait for lower borrowing costs before issuing new debt, its top economic official said on Friday. The new center-left government was widely expected to raise money on financial markets shortly after taking office on March 20 but has not done so because Slovenia's borrowing costs have soared due to the turmoil in Cyprus. ... Full Story | Top |
| Banks score major win in private Libor suits Friday, Mar 29, 2013 06:06 PM PDT  By Nate Raymond and Carrick Mollenkamp NEW YORK (Reuters) - The world's biggest banks won a major victory on Friday when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions of dollars in the case, which had been considered the biggest legal threat that they faced aside from investigations being pursued by regulators in the United States, Europe and Britain. ... Full Story | Top |
| Chesapeake names Dixon interim CEO as McClendon set to leave Friday, Mar 29, 2013 04:37 PM PDT  (Reuters) - Chesapeake Energy Corp appointed Chief Operating Officer Steven Dixon as interim chief executive officer on Friday and made him part of a three-person committee to search for a replacement for Aubrey McClendon. McClendon is expected to step down on Monday. In a statement Chesapeake, the second-largest producer of natural gas, said its board has established an Office of Chairman to steer the company after McClendon leaves. The three-man team will also include Chesapeake's non-executive Chairman Archie Dunham and Chief Financial Officer Domenic Dell'osso. ... Full Story | Top |
| Dell warns of risks of remaining a public company Friday, Mar 29, 2013 03:34 PM PDT  By Greg Roumeliotis and Poornima Gupta NEW YORK/SAN FRANCISCO (Reuters) - Dell Inc warned on Friday that it would be dangerous to take on a lot of debt and remain a public company given its worsening profit outlook, in a sign that it views proposals from Blackstone Group LP and billionaire investor Carl Icahn as fraught with risk. The No. 3 maker of personal computers published a 274-page preliminary proxy statement to inform Dell shareholders of how a $24. ... Full Story | Top |
| Huntington Ingalls wins $2.6 billion U.S. Navy carrier refueling deal Friday, Mar 29, 2013 03:11 PM PDT  WASHINGTON (Reuters) - Huntington Ingalls Industries Inc. on Friday won a $2.6 billion contract to refuel and overhaul the USS Abraham Lincoln, a nuclear-powered Nimitz-class aircraft carrier, the U.S. Navy said. "Refueling, repairing and modernizing a Nimitz-class carrier gives the Navy a fully mission-ready aircraft carrier ready for two and a half more decades of service on the front line," said Captain Frank Simei, program manager for in-service aircraft carriers. The contract award was delayed six weeks due to a delay in passage of the fiscal year 2013 defense spending bill. ... Full Story | Top |
| Judge finds for banks, dismisses most claims in Libor lawsuits Friday, Mar 29, 2013 03:03 PM PDT By Nate Raymond NEW YORK (Reuters) - A judge on Friday dismissed a "substantial portion" of claims facing a number of banks in a barrage of lawsuits accusing them of interest-rate rigging. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled for the banks, which include Bank of America Corp , JPMorgan Chase & Co and others, of allegedly manipulating the London Interbank Offered Rate, commonly known as Libor. The judge granted the banks' motion to dismiss the plaintiffs' federal antitrust claims and partially dismissed their claims of commodities manipulation. ... Full Story | Top |
| Dell says leveraged recap would be risky Friday, Mar 29, 2013 01:18 PM PDT NEW YORK/SAN FRANCISCO (Reuters) - Dell Inc said on Friday a leveraged recapitalization would be fraught with risks for the computer maker and would be unlikely to offer as much value as the $13.65-per-share buyout agreed with founder Michael Dell and the private equity firm Silver Lake Partners. The analysis was part of a preliminary proxy statement published on Friday to inform Dell shareholders of how the $24.4 billion deal was put together, as well as what alternatives the company's board explored before it approved the deal. Under the deal, Michael Dell and his investment firm will own ... Full Story | Top |
| Proxy firms pile on pressure for better MetroPCS-T-Mobile deal Friday, Mar 29, 2013 12:58 PM PDT  By Sinead Carew NEW YORK (Reuters) - Proxy advisor Glass Lewis on Friday became the second firm to suggest that MetroPCS Communications Inc shareholders vote against a proposed merger with T-Mobile USA, adding pressure on Deutsche Telekom AG to sweeten the deal. The move by No. 2 proxy firm Glass Lewis backs efforts by two key activist investors to block the deal, the day after leading proxy firm ISS said shareholders should vote against the deal with T-Mobile USA, the U.S. business of Deutsche Telekom. ... Full Story | Top |
| Fiat CEO probed for violation of workers' rights Friday, Mar 29, 2013 12:50 PM PDT  MILAN (Reuters) - Fiat's CEO Sergio Marchionne is being investigated in Italy over allegations of violation of labor rights in a long-running dispute at a factory near Naples, the automaker said on Friday. Fiat, Italy's biggest private sector employer, said Marchionne and another group manager were notified by the public prosecutor of Nola of a preliminary investigation on Friday. Fiat said the prosecutor's move was "the umpteenth expression of an unprecedented judiciary offensive directed by (trade union) FIOM against Fiat, for more than two years". ... Full Story | Top |
| Treasury's Lew heading to Europe for talks on economy Friday, Mar 29, 2013 12:38 PM PDT  WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew will travel to Europe in early April, his second international trip since taking office a month ago, to discuss recent deterioration in the euro zone and prospects for boosting global economic growth. Lew will travel to Brussels, Frankfurt and Berlin on April 8-9 to meet with the leaders of the European Council and the European Commission as well as European Central Bank chief Mario Draghi, among others, the Treasury said on Friday. ... Full Story | Top |
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