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| A fiscal warning from two former budget chiefs Monday, Apr 01, 2013 08:16 PM PDT  NEW YORK (Reuters) - Two former budget chiefs who worked for presidents from opposing political parties said on Monday that the government should reduce military spending, scale back Social Security payments and end decade-old income tax cuts to reduce the federal deficit. David Stockman, who was Republican Ronald Reagan's budget director from 1981 to 1985 and a key architect of tax-cutting policies, and Peter Orszag, budget director for Democratic President Barack Obama from January 2009 until July 2010, agreed the United States spends more on defense than is needed. ... Full Story | Top |
| CA-BUSINESS Summary Monday, Apr 01, 2013 08:15 PM PDT TSX dips as gold miners fall in thin trade TORONTO (Reuters) - Canada's main stock index slipped in sluggish trading on Monday as railway shares fell after data showed the U.S. manufacturing sector grew at its slowest pace in three months and gold mining stocks extended their year-to-date decline. The resource-heavy index has fared poorly in recent weeks, even as equity markets south of the border hit record highs, as investors shy away from some energy plays and retreat from gold mining stocks. ... Full Story | Top |
| Goldman's senior metals trader Evans leaves bank: sources Monday, Apr 01, 2013 08:15 PM PDT  By Josephine Mason NEW YORK (Reuters) - Goldman Sachs' senior physical metals trader Scott Evans has left the U.S. investment bank in New York, becoming the second high-profile member of the physical base metals team to depart since mid-March, sources told Reuters. His exit comes almost three years after he was hired to set up the bank's physical base metals trading desk. The foray into physical trading was part of the bank's efforts to offset tighter regulation after being forced to close its proprietary metals derivatives operation. A spokesman for the bank declined to comment. ... Full Story | Top |
| Asian shares, U.S. dollar capped as more data looms Monday, Apr 01, 2013 08:00 PM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares inched higher and the dollar was pressured with investors growing cautious ahead of new indicators that could flag slowing U.S. economic momentum. Overnight, the Institute for Supply Management said its index of national factory activity fell to 51.3 from 54.2 in February, with new orders, a key indicator of future growth, accounting for much of the fall. U.S. stocks fell as trading resumed on Monday after an early close on Thursday, when the Standard & Poor's 500 Index touched a record high before markets closed for the Good Friday holiday. ... Full Story | Top |
| Survey shows UK financial sector employment rebounds Monday, Apr 01, 2013 05:08 PM PDT  LONDON (Reuters) - Britain's financial services sector took on new staff in the first quarter with more gains expected, a business survey said, signalling that a prolonged period of job losses may be ending. The survey from the CBI employer's lobby and consultancy PwC said sentiment in banking improved for a second straight quarter and employment grew by 2,000 in the three months to March. The same number of new jobs is expected in this quarter. "The banks' return to confidence continues, although the improvement is less marked than in the previous quarter," said Steve Davies, a partner at ... Full Story | Top |
| Judge questions fairness of Citigroup $590 million settlement Monday, Apr 01, 2013 04:28 PM PDT  By Jonathan Stempel (Reuters) - A Manhattan federal judge on Monday signaled he will not rubber-stamp Citigroup Inc's proposed $590 million settlement of a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets. U.S. District Judge Sidney Stein asked lawyers for the bank and its shareholders to address several issues at an April 8 fairness hearing, including requested legal fees and expenses of roughly $100 million, and the absence of payments by former Citigroup executives. Citigroup spokesman Mark Costiglio declined to comment. ... Full Story | Top |
| BP spill claims administrator urges dismissal of lawsuit Monday, Apr 01, 2013 04:23 PM PDT  By Jonathan Stempel (Reuters) - The administrator of BP Plc's settlement with thousands of people and businesses who sued over the 2010 Gulf of Mexico oil spill urged a federal judge on Monday to end the company's lawsuit over how he determines damages claims. BP had last month urged U.S. District Judge Carl Barbier in New Orleans to issue an emergency order to stop court-appointed administrator Patrick Juneau from paying out "absurd" amounts based on inflated or fictitious claims. ... Full Story | Top |
| Wall Street falls after factory data, last week's records Monday, Apr 01, 2013 03:17 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - Stocks fell on Monday in one of the lightest volume days of the year, pulling back after the S&P 500's record closing high last week and after weaker-than-expected manufacturing data. Apple was the biggest drag on both the S&P 500 and Nasdaq 100 , falling 3.1 percent to $428.91. Fidelity Contrafund, a $92 billion fund that is the largest active shareholder in Apple, reported that it cut its stake in the iPhone maker by 10 percent during the first two months of 2013. ... Full Story | Top |
| GM tries to trump Ford with fuel-efficient pickup trucks Monday, Apr 01, 2013 03:16 PM PDT  By Deepa Seetharaman DETROIT (Reuters) - General Motors Co on Monday touted the superior fuel economy of its redesigned full-size pickups, shifting the front of its long-running battle with Ford Motor Co in a segment where profits can exceed $12,000 per vehicle. GM said the eight-cylinder engine on its new 2014 Chevrolet Silverado and GMC Sierra trucks offers a one-mile per-gallon (MPG) advantage to the Ford F-150 six-cylinder, turbocharged engine. ... Full Story | Top |
| SAC's Steinberg seeks new judge for insider trading case Monday, Apr 01, 2013 03:11 PM PDT  By Nate Raymond NEW YORK (Reuters) - Michael Steinberg, the SAC Capital Advisors fund manager who was indicted last week on insider trading charges, has begun his criminal defense with an unusual goal: to find a new judge. On Friday when Steinberg was indicted, his lawyer Barry Berke asked U.S. District Judge Richard Sullivan to allow the case to be randomly assigned to a new judge. Berke claimed Sullivan had in a past insider trading case given prosecutors an easier burden to meet compared to rulings by two other judges. He called this a "significant legal issue. ... Full Story | Top |
| MetroPCS promotes T-Mobile deal after advisers pan it Monday, Apr 01, 2013 03:02 PM PDT  (Reuters) - MetroPCS Communications Inc urged shareholders to support its proposed merger with Deutsche Telekom AG's unit T-Mobile USA after two proxy advisory firms recommended that shareholders vote against it. Proxy advisers Glass Lewis and ISS have backed efforts by two key activist investors to block the deal by recommending that shareholders vote against it at a special meeting on April 12. MetroPCS said in a letter to shareholders on Monday there could be no assurance it would be able to deliver better shareholder value as a stand-alone wireless company. ... Full Story | Top |
| Goldman registers risky credit fund as publicly traded company Monday, Apr 01, 2013 02:12 PM PDT  NEW YORK (Reuters) - Goldman Sachs Group Inc has registered a fund that invests in risky credit products as a publicly traded business development company, a way for the bank to avoid some regulations that would otherwise limit its activity. Goldman's Liberty Harbor Capital LLC unit will invest in middle-market companies that have weak credit ratings and are underserved by banks, according to a registration filing on Friday with the U.S. Securities and Exchange Commission. ... Full Story | Top |
| IAG in talks with Airbus on A350 order for British Airways: WSJ Monday, Apr 01, 2013 02:07 PM PDT  (Reuters) - Airline holding company International Airlines Group could order Airbus' new A350 long-range aircraft for its British Airways arm as soon as this week, the Wall Street Journal reported on Monday. The exact number of planes to be ordered and the potential value of the contract were still under discussion with the talks mainly centered on the A350-1000, the largest aircraft in the A350 range, the WSJ said on its website citing two people familiar with the talks. The financial daily cited one of the people as saying the order could also include the smaller A350-900. ... Full Story | Top |
| TSX dips as gold miners fall in thin trade Monday, Apr 01, 2013 01:59 PM PDT  By Allison Martell TORONTO (Reuters) - Canada's main stock index slipped in sluggish trading on Monday as railway shares fell after data showed the U.S. manufacturing sector grew at its slowest pace in three months and gold mining stocks extended their year-to-date decline. The resource-heavy index has fared poorly in recent weeks, even as equity markets south of the border hit record highs, as investors shy away from some energy plays and retreat from gold mining stocks. ... Full Story | Top |
| Cooling factory activity hints at slowing economy Monday, Apr 01, 2013 01:31 PM PDT  By Lucia Mutikani WASHINGTON (Reuters) - Factory activity grew at the slowest rate in three months in March, suggesting the economy lost some momentum at the end of the first quarter as the effects of tighter fiscal policy started kicking in. Data so far this year had shown little sign that higher taxes, and the $85 billion in across-the-board government spending cuts that took effect March 1 known as the "sequester," had weighed on economic activity. ... Full Story | Top |
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