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| U.S. deploys warship off South Korea amid soaring tensions on peninsula Monday, Apr 01, 2013 08:39 PM PDT  By Jack Kim SEOUL (Reuters) - The United States has positioned a warship off the Korean coast as a shield against ballistic missile attack as South Korea's new president vowed swift retaliation against a North Korean strike amid soaring tensions on the peninsula. But Washington also said it had seen no worrisome mobilization of armed forces by the North Koreans despite bellicose rhetoric over a ramping up of international sanctions against Pyongyang over nuclear weapons tests. ... Full Story | Top |
| Apple apologizes to Chinese consumers, revamps service Monday, Apr 01, 2013 07:02 PM PDT  By Terril Yue Jones and Poornima Gupta BEIJING/SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook apologized to Chinese consumers on Monday and altered iPhone warranty policies in its No. 2 market after more than two weeks of condemnation in the state-run media of its after-sales service. From China Central Television to the People's Daily newspaper, government-controlled media outlets bashed the world's largest technology corporation for its "arrogance," protesting among other things that its current one-year service warranty was far shorter than in other markets. ... Full Story | Top |
| Court says city of Stockton, California may proceed with bankruptcy Monday, Apr 01, 2013 06:44 PM PDT  By Jonathan Weber SACRAMENTO, California (Reuters) - A federal judge on Monday approved the city of Stockton's petition for bankruptcy in a case that sets the stage for a lengthy battle between bondholders and the California pension system. In a case being studied by other cash-strapped American cities including Detroit, U.S. Bankruptcy Court Judge Christopher Klein's decision was a setback for bondholders and insurers who had resisted the California city's bankruptcy filing. Stockton is the largest U.S. city ever to file for bankruptcy. ... Full Story | Top |
| Nasdaq to buy eSpeed platform for $750 million Monday, Apr 01, 2013 08:15 PM PDT  By John McCrank (Reuters) - Nasdaq OMX Group Inc agreed to buy electronic Treasuries-trading platform eSpeed from BGC Partners Inc for $750 million in cash, providing the exchange operator an entry into one of the world's largest and most liquid cash markets. The deal gives Nasdaq more exposure to fixed income markets, fitting into the company's strategy of expanding in asset classes beyond stock trading, where volumes have been depressed for years. More than $500 billion in U.S. Treasuries change hands daily. The acquisition helps to diversify Nasdaq's U.S. ... Full Story | Top |
| Like employment, demand for office space improves - barely Monday, Apr 01, 2013 09:06 PM PDT  By Ilaina Jonas NEW YORK (Reuters) - The office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released on Tuesday. At the same time, U.S. office construction during the first quarter reached a 14-year low as developers remain spooked by soft demand and meager rent growth, according to real estate research firm Reis Inc. Persistent lackluster U.S. job growth was behind the 0.1 percentage point U.S. office vacancy rate decline. ... Full Story | Top |
| Colorado prosecutors seek death penalty for accused cinema gunman Monday, Apr 01, 2013 03:17 PM PDT  By Keith Coffman CENTENNIAL, Colo. (Reuters) - Colorado prosecutors will seek the death penalty for the man charged with killing 12 moviegoers during a showing of the Batman film "The Dark Knight Rises" last year. District Attorney George Brauchler's formal call for the death penalty at a hearing on Monday came after his rejection last week of a defense suggestion that James Holmes would be willing to plead guilty in exchange for a life prison term without parole. ... 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 |
| 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 |
| Obama chooses economic adviser Deese as deputy budget director Monday, Apr 01, 2013 02:24 PM PDT  By Jeff Mason WASHINGTON (Reuters) - President Barack Obama announced on Monday he had chosen White House economic adviser Brian Deese to be deputy director of the Office of Management and Budget, confirming a Reuters report. Deese, now deputy director of the White House's National Economic Council, would join Sylvia Mathews Burwell, a former Clinton administration official who later became president of the Walmart Foundation, whom Obama tapped to be director of OMB. ... Full Story | Top |
| Novartis loses landmark India cancer drug patent case Monday, Apr 01, 2013 01:00 PM PDT  By Kaustubh Kulkarni and Suchitra Mohanty MUMBAI/NEW DELHI (Reuters) - India's top court dismissed Swiss drugmaker Novartis AG's attempt to win patent protection for its cancer drug Glivec, a blow to Western pharmaceutical firms targeting India to drive sales and a victory for local makers of cheap generics. The decision sets a benchmark for intellectual property cases in India, where many patented drugs are unaffordable for most of its 1.2 billion people, and does not bode well for foreign firms engaged in ongoing disputes in India, including Pfizer Inc and Roche Holding AG, analysts said. ... Full Story | Top |
| China's anger at North Korea overcomes worry over U.S. stealth flights Monday, Apr 01, 2013 02:02 PM PDT  By Ben Blanchard BEIJING (Reuters) - A show of force by U.S. stealth jets over the Korean Peninsula after talk of war by Pyongyang has caused only minor concern in China, a measure of Beijing's belief that the North is to blame for the tensions and that hostilities are not imminent. The presence of U.S. forces in places like South Korea and Japan has long worried Beijing, feeding its fears that it is being surrounded and "contained" by Washington and its allies, especially following the U.S. strategic pivot to Asia. ... Full Story | Top |
| Sudan's Bashir orders release of all political prisoners Monday, Apr 01, 2013 05:19 PM PDT  By Khalid Abdelaziz KHARTOUM (Reuters) - Sudan's President Omar Hassan al-Bashir on Monday ordered the release of all political prisoners, a move cautiously welcomed by the opposition in the tightly-controlled African country. The announcement comes after Sudan and South Sudan agreed in March to end hostilities and resume cross-border oil flows after coming close to war a year ago. Khartoum had accused its southern neighbor of supporting rebels trying to topple Bashir. "I announce today my decision to release all political prisoners," Bashir told parliament. ... Full Story | Top |
| Stockton eligible for bankruptcy protection: judge Monday, Apr 01, 2013 02:53 PM PDT By Jonathan Weber SACRAMENTO, California (Reuters) - Stockton, California, is eligible for bankruptcy protection, a federal judge ruled on Monday, turning aside creditors' arguments the city was not truly insolvent when it sought protection and improperly failed to seek pension concessions. U.S. Bankruptcy Court Judge Christopher Klein's ruling permits Stockton to proceed with a Chapter 9 municipal bankruptcy case after it became the largest U.S. city ever to file for bankruptcy. ... Full Story | Top |
| South Korea vows fast response to North; U.S. positions destroyer Monday, Apr 01, 2013 03:24 PM PDT By Jack Kim SEOUL (Reuters) - South Korea's new president vowed on Monday to strike back quickly if North Korea stages any attack, but the United States said it has seen no worrisome mobilization of armed forces by the North Koreans despite their bellicose rhetoric. "If there is any provocation against South Korea and its people, there should be a strong response in initial combat without any political considerations," South Korean President Park Geun-hye told the defense minister and senior officials at a meeting on Monday. ... Full Story | Top |
| Sudan's Bashir orders release of all political prisoners Monday, Apr 01, 2013 01:07 PM PDT  By Khalid Abdelaziz KHARTOUM (Reuters) - Sudan's President Omar Hassan al-Bashir on Monday ordered the release of all political prisoners, a move cautiously welcomed by the opposition in the tightly-controlled African country. The announcement comes after Sudan and South Sudan agreed in March to end hostilities and resume cross-border oil flows after coming close to war a year ago. Khartoum had accused its southern neighbor of supporting rebels trying to topple Bashir. "I announce today my decision to release all political prisoners," Bashir told parliament. ... Full Story | Top |
| Capitol wins digital records lawsuit vs ReDigi start-up Monday, Apr 01, 2013 12:44 PM PDT  By Jonathan Stempel and Alistair Barr (Reuters) - In a major lawsuit testing the legitimacy of music downloads, Capitol Records LLC has won a court ruling that the start-up ReDigi Inc has infringed its music copyrights. U.S. District Judge Richard Sullivan in Manhattan said ReDigi was not authorized to allow listeners to use its platform to buy and sell "used" digital music tracks originally bought from Apple Inc's iTunes website. ... Full Story | Top |
| J.C. Penney's home revamp is make or break for CEO Johnson Monday, Apr 01, 2013 10:40 AM PDT  By Phil Wahba (Reuters) - It's crunch time for J.C. Penney Co Inc Chief Executive Ron Johnson. The struggling department store chain is poised to open the first of its new home goods boutiques on April 5, a launch that Johnson himself has called "pivotal" to his efforts to revive Penney. Once the go-to place for home products like window treatments and bath towels, Penney's customer traffic fell 13 percent in fiscal 2012 while revenues plummeted 25 percent, the first full year with Johnson at the helm. For seven years running, home goods have been Penney's worst performing category. ... Full Story | Top |
| South Africa's Mandela visited by family after weekend improvement Monday, Apr 01, 2013 09:33 AM PDT  JOHANNESBURG (Reuters) - South Africa's anti-apartheid hero Nelson Mandela, who is being treated in hospital for pneumonia, was visited by members of his family on Monday after doctors had reported an improvement in his condition over the weekend. A statement from South Africa's presidency said there was "no significant change" in the condition of the 94-year-old former president, who has been in hospital since late Wednesday suffering from a recurrence of a lung infection. "Former President Mandela is still in hospital where he is receiving treatment ... ... Full Story | Top |
| Ghost of Chavez dominates Venezuela election campaign Monday, Apr 01, 2013 04:47 PM PDT  By Brian Ellsworth CARACAS (Reuters) - Weeks after his death, Venezuelan socialist leader Hugo Chavez still leads supporters in singing the national anthem. The late president's recorded voice booms over rallies for his protégé, acting President Nicolas Maduro, who stands under billboards of Chavez's face and waves to crowds carrying signs emblazoned with his name. Maduro, who is favored to win a snap election triggered by Chavez's death last month, rarely misses a chance to lionize the man many Venezuelans know as "El Comandante. ... Full Story | Top |
| Chinese factories rise but U.S. manufacturing slows Monday, Apr 01, 2013 08:52 AM PDT  By Steven C. Johnson and Koh Gui Qing NEW YORK/BEIJING (Reuters) - Strong demand at home boosted activity at Chinese factories last month, but U.S. manufacturing hit an unexpected speed bump after expanding rapidly in February, weakened by a slower pace of new orders. Other surveys released on Monday showed manufacturing sectors in South Korea and Japan growing as exports increased, while Brazil faced sharply slower output and rapidly rising prices, suggesting a manufacturing recovery remained tenuous. Most European markets were closed on Monday for Easter. ... Full Story | Top |
| Kosovo and Serbia near accord to end ethnic partition Monday, Apr 01, 2013 05:06 AM PDT  By Matt Robinson and Fatos Bytyci MITROVICA, Kosovo (Reuters) - It's a dangerous job being a municipal clerk in the Kosovan town of Mitrovica, where the Ibar river forms a natural barrier between Serbs and Albanians. Since Adrijana Hodzic began issuing the identification cards of mainly Albanian Kosovo to Serbs on the north side of the river, her deputy has been shot in the leg and hand grenades lobbed at the homes of her staff. "Sometimes I feel like we're fighting against everyone," said mother-of-two Hodzic, a Mitrovica native. ... Full Story | Top |
| U.S. manufacturing posts best quarter in 2 years: Markit Monday, Apr 01, 2013 06:03 AM PDT  NEW YORK (Reuters) - U.S. manufacturing growth picked up in March as new orders increased and hiring quickened, closing out the best quarter for the sector in two years, a survey showed on Monday. Financial data firm Markit said its U.S. Manufacturing Purchasing Managers Index rose to 54.6 last month from 54.3 in February. A reading above 50 indicates expansion. Output increased, though the rate of growth slipped to 56.6 from 57.3 in February. Overall, however, the index averaged 54.9 between January and March, above the 52. ... Full Story | Top |
| Russia won't help out Cyprus depositors, says minister Monday, Apr 01, 2013 05:26 AM PDT  MOSCOW (Reuters) - The Russian government will not aid businesses that have lost money in Cyprus, First Deputy Prime Minister Igor Shuvalov said, underscoring Moscow's resolve to clamp down on the flight of capital to offshore financial centers. Major account holders, many of them Russian, will lose up to 60 percent of their deposits over 100,000 euros ($128,400) at Cyprus's largest bank under a European Union bailout to save the Mediterranean island from bankruptcy. ... 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 |
| China March PMIs rebound, domestic demand shines Monday, Apr 01, 2013 01:45 AM PDT  By Koh Gui Qing BEIJING (Reuters) - Stronger domestic demand helped China's factory activity to rebound in March, with new orders up sharply in a sign that the underlying economic recovery is strong enough to weather any risks from patchy export performance, surveys showed on Monday. China's official manufacturing purchasing managers' index (PMI) released by the National Bureau of Statistics rose to an 11-month high of 50.9 in March, above the 50-point level that indicates growth on the month, but below a Reuters poll consensus forecast of 52.0. ... Full Story | Top |
| North Korea names Kim clan associate to premiership Monday, Apr 01, 2013 05:37 AM PDT  By Jack Kim SEOUL (Reuters) - North Korea named former premier Pak Pong-ju, a key confidant of the leadership dynasty who was sacked in 2007 for failing to implement economic reforms, as its cabinet chief on Monday in a move that would further cement the ruling family's grip on power. Pak, believed to be in his 70s, is a key ally of Jang Song-thaek, the uncle of the isolated state's young ruler Kim Jong-un, and worked for Jang's wife, Kim's aunt Kyong-hui, the last remaining personal link to the state's revolutionary founder, Kim Il-sung, grandfather of the current leader. ... Full Story | Top |
| Senate group resolves key issues on immigration reform: lawmakers Sunday, Mar 31, 2013 11:19 PM PDT  By Thomas Ferraro and Steve Holland WASHINGTON (Reuters) - With business and labor now in agreement, a bipartisan group of senators has resolved all major issues in a pending deal to overhaul the immigration system and aims to unveil it after Congress reconvenes in the second week of April, key lawmakers said on Sunday. The lawmakers said that while there was no final deal yet, they hope and even expect there to be one soon after the measure is put into legislative language so all eight senators in the group can review it. The U.S. ... Full Story | Top |
| Suicide bomber in fuel truck kills nine in Iraq's Tikrit Monday, Apr 01, 2013 03:59 AM PDT TIKRIT, Iraq (Reuters) - A suicide bomber drove an oil tanker packed with explosives into a local Iraqi government compound on Monday, killing at least nine people, mostly policemen, in the northern city of Tikrit. No group immediately claimed responsibility for the attack, but Sunni Muslim insurgents tied to al Qaeda have been redoubling their efforts to weaken Iraq's Shi'ite-led government and stoke inter-communal conflict. ... Full Story | Top |
| Prosecutors' killings rattle former cotton town in Texas Monday, Apr 01, 2013 04:05 PM PDT By Chris Francescani KAUFMAN, Texas (Reuters) - Twin killings of Texas prosecutors in a quaint town where oak trees and two-story brick buildings line the central square have shocked residents, raised questions whether the shootings could be linked, and fueled speculation about the possible role of a white supremacist jail gang. ... Full Story | Top |
| Exxon cleans up Arkansas oil spill; Keystone plan assailed Monday, Apr 01, 2013 04:22 AM PDT By Kristen Hays and Matthew Robinson (Reuters) - Exxon Mobil on Sunday continued cleanup of a pipeline spill that spewed thousands of barrels of heavy Canadian crude in Arkansas as opponents of oil sands development latched on to the incident to attack plans to build the Keystone XL line. Exxon spokesman Alan Jeffers said on Sunday that crews had yet to excavate the area around the pipeline breach, a needed step before the company can estimate how long repairs will take and when the line might restart. "I can't speculate on when it will happen," Jeffers said. ... Full Story | Top |
| Asian shares ease, Easter slows trade Monday, Apr 01, 2013 03:24 AM PDT  By Chikako Mogi TOKYO (Reuters) - Asian shares and the euro fell on Monday in choppy trade with exchanges closed in several Asian markets, including Australia and Hong Kong, as well as in Europe for Easter holidays. Investors will look for market direction from Markit's U.S. final manufacturing PMI for March and the Institute for Supply Management's March manufacturing index due later in the session. Analysts have said a growth trend in the U.S. is crucial to maintain global risk-positive sentiment. It is the outperformance in U.S. equities on solid U.S. ... Full Story | Top |
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