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| Analysis: On U.S. banks and commodity trade, Fed unlikely to say no Thursday, Jul 25, 2013 09:03 PM PDT  By Jonathan Leff NEW YORK (Reuters) - When it comes to commodity trading, the U.S. Federal Reserve has a habit of lengthy deliberation, deep enquiry and saying yes. The Fed granted its first authorization to trade physical commodities to Citigroup Inc in 2003 after nearly five years of study; the letter allowing it to keep its Phibro unit arrived just six days before a grace period ended. ... Full Story | Top |
| Exclusive: Malaysia pension fund to spend 500 million euros on German, French properties Thursday, Jul 25, 2013 08:45 PM PDT By Niluksi Koswanage and Yantoultra Ngui KUALA LUMPUR (Reuters) - Malaysia's state pension fund will invest half a billion euros ($660 million) in industrial property in Germany and office space in France, according to sources familiar with the deals, signaling growing appetite for high-yielding property assets as Europe's main economies show signs of recovery. ... Full Story | Top |
| Dollar near five-week low, Japan stocks tumble Thursday, Jul 25, 2013 08:25 PM PDT  By Dominic Lau TOKYO (Reuters) - Tokyo shares fell sharply on Friday on the back of a stronger yen and the dollar languished at a five-week low against a basket of currencies as investors waited for clarity on U.S. stimulus at the Federal Reserve's policy meeting next week. A Wall Street Journal report that the Fed may debate changing its forward guidance to help ram home its message that it will keep interest rates low for a long time to come put the dollar on the back foot overnight. But most economists and traders still expect the Fed could start tapering its monetary stimulus in September. ... Full Story | Top |
| Opposition mounts to Summers as possible Fed chief Thursday, Jul 25, 2013 08:13 PM PDT  By Pedro da Costa and Mark Felsenthal WASHINGTON (Reuters) - President Barack Obama could be months away from announcing his pick to replace Ben Bernanke at the Federal Reserve, yet critics are already making an unusual public effort to stop one contender in the race - former U.S. Treasury Secretary Lawrence Summers. The outcry has come not from Republicans, but the left wing of the Democratic Party. Summers advised Obama, was treasury secretary under former President Bill Clinton, led Harvard University and was chief economist for the World Bank. ... Full Story | Top |
| Samsung sells 76 million smartphones in second quarter, boosting market share: report Thursday, Jul 25, 2013 07:41 PM PDT  SEOUL (Reuters) - Samsung Electronics Co Ltd sold 76 million smartphones in the second quarter, expanding its market share to 33.1 percent, Strategy Analytics said on Friday. Overall, the global smartphone market grew 47 percent to a record 229.6 million, the research firm said. Second-ranked Apple Inc saw its market share shrink to 13.6 percent after selling 31.2 million iPhones, as smaller rivals such as LG Electronics Inc, ZTE Corp and Huawei Technologies Co Ltd seized larger slices. (Reporting by Miyoung Kim; Editing by Stephen Coates) Full Story | Top |
| U.S. agents 'got lucky' pursuing accused Russia master hackers Thursday, Jul 25, 2013 07:08 PM PDT  SAN FRANCISCO (Reuters) - The two Russians arrested in what prosecutors call the largest online fraud case brought in the United States were caught through a combination of high-tech tools, dogged detective work and sheer luck. The propensity of the wealthy young Russians to travel provided authorities with their big opportunity to collar them in the Netherlands last year. ... Full Story | Top |
| Samsung sees smartphone ASP down in third-quarter due to cheaper models Thursday, Jul 25, 2013 06:13 PM PDT SEOUL (Reuters) - Samsung Electronics Co Ltd on Friday expected its average selling prices of smartphones to decline slightly in the third quarter, because of the growing portion of mid- and low-end smartphones. The South Korean company also forecast its tablet shipments would jump by slightly more than 30 percent in the July to September period from the preceding quarter. The remarks were made by Kim Hyun-joon, vice president of Samsung's mobile business, during an earnings conference call. (Reporting by Hyunjoo Jin; Editing by Jacqueline Wong) Full Story | Top |
| Mobile growth dip takes shine off Samsung Electronics second-quarter profit record Thursday, Jul 25, 2013 06:06 PM PDT  SEOUL (Reuters) - Samsung Electronics Co Ltd is under mounting pressure to produce eye-catching new smartphones after its mobile business shrank 3.5 percent in the second quarter, taking the gloss off a record $8.5 billion operating profit. The South Korean IT giant on Friday said April-June operating profit increased 47.5 percent from a year ago to 9.53 trillion won ($8.54 billion), in line with its estimate. Profits at its mobile division, the biggest earnings generator, jumped 52 percent to 6.28 trillion won from a year ago but fell 3.5 percent from the previous quarter. ... Full Story | Top |
| Zynga folds on U.S. gambling bet, shares plummet Thursday, Jul 25, 2013 06:06 PM PDT  By Gerry Shih SAN FRANCISCO (Reuters) - Zynga Inc will largely abandon its long-running efforts to build a real-money gaming business in the United States, a prospect investors once believed to be the struggling company's sole lifeline. The surprise announcement came Thursday as the company behind once-popular games such as "FarmVille" and "Words with Friends" reported that it lost 40 percent of its monthly active users in the second quarter, as it bleeds mobile gamers to aggressive rivals. ... Full Story | Top |
| Smithfield's China deal spurs heparin heart drug safety concerns Thursday, Jul 25, 2013 05:55 PM PDT  By Toni Clarke WASHINGTON (Reuters) - U.S. lawmakers are concerned a Chinese company's planned $4.7 billion acquisition of pork producer Smithfield Foods Inc could affect the safety and availability of heparin, a blood-thinner widely used in heart surgery and kidney dialysis that is derived from pig intestines. Members of the House Committee on Energy and Commerce wrote to Smithfield on July 24 asking the company to turn over information on its production of crude heparin, the raw ingredient used to make the drug. ... Full Story | Top |
| Starbucks profit up, U.S. sales surprisingly strong Thursday, Jul 25, 2013 05:52 PM PDT  By Lisa Baertlein (Reuters) - Starbucks Corp on Thursday posted a bigger than expected jump in quarterly profit after new fruit "Refresher" energy drinks and seasonal Frappuccino iced beverages helped drive more visits to shops in the United States, its top market. The world's biggest coffee chain also raised its full-year profit forecast, sending shares soaring more than 6 percent in after-hours trade. Seattle-based Starbucks is a top destination for consumers with ample cash to spend on $3 to $5 lattes and other premium coffee drinks. ... Full Story | Top |
| Police to question driver after Spanish train crash kills 80 Thursday, Jul 25, 2013 05:51 PM PDT  By Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - The driver of a Spanish train that derailed, killing at least 80 people, was under police guard in hospital on Friday after the dramatic accident which an official source said was caused by excessive speed. The eight-carriage train came off the tracks, hit a wall and caught fire just outside the pilgrimage destination Santiago de Compostela in northwestern Spain on Wednesday night. It was one of Europe's worst rail disasters. ... Full Story | Top |
| 'American Idol' Sued by 10 Black Contestants Alleging Racial Smear Campaign Thursday, Jul 25, 2013 05:20 PM PDT By Tim Kenneally LOS ANGELES (TheWrap.com) - A group of 10 black former "American Idol" contestants have sued the Fox show, claiming that producers dug up their arrest histories to get them thrown off because of their race, according to TMZ. The contestants say they were unfairly painted as criminals and sexual deviants - despite that none was ever charged with a crime for which they were arrested, according to the report. What's more - they say only blacks were targeted with the smear campaign. ... Full Story | Top |
| TCA: Roland S. Martin Says Royal Baby Getting 'an Absolutely Stupid Amount of Attention' Thursday, Jul 25, 2013 05:15 PM PDT By Tim Molloy NEW YORK (TheWrap.com) - Roland S. Martin says his new show "NewsOne Now" would have covered the birth of the royal baby - "but the story would be, this is an absolutely stupid amount of attention being paid to a child being born." Martin was asked at a Television Critics Association panel Wednesday how his coverage on the African-American-focused TV One would be different from that of other networks when it launches in September. He pointed to the royal baby coverage as an example. ... Full Story | Top |
| Facebook offers the dummy's guide to mobile advertising Thursday, Jul 25, 2013 05:05 PM PDT  By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Facebook Inc's mobile advertising success offers a ray of hope for Internet companies trying to make money within the confines of the smartphone's small screen. The social network's 75 percent surge in mobile ad revenue in a span of just three months not only doused skepticism on Wall Street and Madison Avenue about Facebook's business prospects, some say it could serve as a how-to guide for other Web companies navigating a world where the phone and tablet have fast become the screens of choice. ... Full Story | Top |
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