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| U.S. consumer watchdog says 2009 law reduced credit card fees Tuesday, Oct 01, 2013 09:07 PM PDT  WASHINGTON (Reuters) - The total cost of credit card fees and interest payments to U.S. consumers fell and charges for going over allowable credit limits effectively disappeared after a 2009 law cracked down on the market, according to a report released on Wednesday. The U.S. Consumer Financial Protection Bureau's first report on the so-called CARD Act said costs are easier to understand and consumers are better protected from credit cards they cannot afford than they were before Congress passed the law. ... Full Story | Top |
| Asian shares up cautiously on hopes for short shutdown Tuesday, Oct 01, 2013 08:56 PM PDT  By Saikat Chatterjee HONG KONG (Reuters) - The U.S. dollar treaded water and most Asian stock markets edged up on Wednesday as investors appeared hopeful the first partial U.S. government shutdown in 17 years will be short-lived and not have a broader impact on the economy. However, one immediate impact is a drop-off in U.S. economic data at a time when the Federal Reserve has already muddied expectations on when will it start reducing its stimulus. ... Full Story | Top |
| Sluggish job creation mutes U.S. office recovery: report Tuesday, Oct 01, 2013 08:33 PM PDT By Ilaina Jonas NEW YORK (Reuters) - The U.S. office market mildly improved in the third quarter, as weak job creation continued to plague demand for office space, according to a preliminary report by real estate research firm Reis Inc. The national vacancy rate for U.S. office buildings stood at 16.9 percent at the third quarter, down 0.1 percentage points from the prior quarter and only 0.30 from a year earlier, according to the report released late Tuesday. "With the labor market's ongoing struggles to create office-using jobs, demand for space remains muted," the report said. ... Full Story | Top |
| America's Cup 'vultures' already circling Team NZ: Dalton Tuesday, Oct 01, 2013 07:25 PM PDT WELLINGTON (Reuters) - Team New Zealand's design and sailing team are under siege from rival challengers keen to snap up their expertise before the next America's Cup, syndicate head Grant Dalton has said. Team New Zealand (TNZ) were beaten by defenders Oracle Team USA, backed by software billionaire Larry Ellison, in a winner-takes-all final race on San Francisco Bay last week and the future of the syndicate has come under scrutiny. TNZ's campaign, put in excess of NZ$120 million ($99. ... Full Story | Top |
| BP tells court it did not dither in response to U.S. Gulf spill Tuesday, Oct 01, 2013 07:17 PM PDT  By Kathy Finn NEW ORLEANS (Reuters) - BP Plc unnecessarily delayed the capping of its Macondo well and worsened the extent of the 2010 Gulf of Mexico oil spill through dithering and indecision, according to allegations by plaintiffs' lawyers on Tuesday that the British company denied. In the second phase of a trial in New Orleans over billions of dollars in potential fines, lawyers for the plaintiffs - the U.S. ... Full Story | Top |
| Sailing-America's Cup 'vultures' already circling Team NZ - Dalton Tuesday, Oct 01, 2013 07:17 PM PDT WELLINGTON, Oct 2 (Reuters) - Team New Zealand's design and sailing team are under siege from rival challengers keen to snap up their expertise before the next America's Cup, syndicate head Grant Dalton has said. Team New Zealand (TNZ) were beaten by defenders Oracle Team USA, backed by software billionaire Larry Ellison, in a winner-takes-all final race on San Francisco Bay last week and the future of the syndicate has come under scrutiny. TNZ's campaign, put in excess of NZ$120 million ($99. ... Full Story | Top |
| Twitter sorts out lock-up agreements ahead of releasing IPO plans Tuesday, Oct 01, 2013 07:10 PM PDT  By Gerry Shih and Alexei Oreskovic SAN FRANCISCO (Reuters) - Twitter Inc's bankers contacted early investors this week asking them to sign a 180-day lock-up agreement by Wednesday afternoon, showing the company is moving swiftly toward its initial public offering. The email from Goldman Sachs, the lead underwriter of Twitter's IPO, asked shareholders to sign and return a form by 5 pm Pacific time on Wednesday acknowledging that they would be prohibited from selling shares for 6 months after the firm lists, according to two shareholders who received the email. Twitter declined to comment. ... Full Story | Top |
| Redpoint Ventures hires former Twitter executive Sarver in investment hunt Tuesday, Oct 01, 2013 07:06 PM PDT SAN FRANCISCO (Reuters) - Venture capital firm Redpoint Ventures said it has hired former Twitter Inc executive Ryan Sarver to be a partner as it seeks investment opportunities in technology applications and platforms. Before leaving the social media network in June, Sarver was in charge of Twitter's platform, building relationships with other companies that use Twitter's data. He left his post before Twitter filed plans for an initial public offering that investors say is one of the most anticipated since Facebook Inc. ... Full Story | Top |
| NY to sue Wells Fargo, strike deal with Bank of America over mortgages: sources Tuesday, Oct 01, 2013 06:58 PM PDT  By Karen Freifeld WASHINGTON (Reuters) - The New York Attorney General plans to sue Wells Fargo & Co on Wednesday over failures to comply with the terms of the $26 billion national mortgage settlement, according to a person familiar with matter. At the same time, Bank of America Corp confirmed it had separately struck an agreement with New York Attorney General Eric Schneiderman over similar types of alleged compliance problems. ... Full Story | Top |
| Exclusive: Cargill close to agreeing purchase of ADM's cocoa unit - sources Tuesday, Oct 01, 2013 06:54 PM PDT  By Olivia Oran and Ange Aboa NEW YORK (Reuters) - Cargill Inc , one of the world's leading cocoa traders, is in the final stages of a deal to buy Archer Daniels Midland Co's cocoa business, sources familiar with the situation said, creating a global giant. The two rivals are hammering out the final details of the deal, said the sources, paving the way to the second major takeover this year in an industry that is set to be dominated by two firms. The timing of an official announcement is not known but could be made within days, the sources said. ... Full Story | Top |
| Developing Asia can weather Fed's tapering, says ADB Tuesday, Oct 01, 2013 06:34 PM PDT  By Rosemarie Francisco MANILA (Reuters) - Asian economies can ride out the storm when the Federal Reserve finally begins ending years of easy money, with even those most at risk, India and Indonesia, holding enough currency reserves for rough times ahead, according to the Asian Development Bank. Updating forecasts for 2013 and 2014, the Manila-based lender said on Wednesday that growth in developing Asia is likely to be slower than it thought three months ago, when it last revised forecasts to an annual outlook released in April. ... Full Story | Top |
| Celebrities tell followers to #GetCovered with Obamacare Tuesday, Oct 01, 2013 06:30 PM PDT  By Lewis Krauskopf NEW YORK (Reuters) - While technical problems slowed the launch of new "Obamacare" websites to sell health insurance on Tuesday, the law's supporters on Twitter had an easier time welcoming the "Affordable Care Cat." Celebrities and community groups took to social media to promote President Barack Obama's Affordable Care Act, the 2010 law popularly known as Obamacare, that aims to provide health coverage to millions of uninsured Americans beginning next year. ... Full Story | Top |
| Exclusive: Microsoft investors push for chairman Gates to step down Tuesday, Oct 01, 2013 06:11 PM PDT By Nadia Damouni and Bill Rigby NEW YORK/SEATTLE (Reuters) - Three of the top 20 investors in Microsoft Corp are lobbying the board to press for Bill Gates to step down as chairman of the software company he co-founded 38 years ago, according to people familiar with matter. While Microsoft Chief Executive Steve Ballmer has been under pressure for years to improve the company's performance and share price, this appears to be the first time that major shareholders are taking aim at Gates, who remains one of the most respected and influential figures in technology. ... Full Story | Top |
| Yellowstone visitors, turned away, get taste of U.S. government shutdown Tuesday, Oct 01, 2013 05:53 PM PDT  By Ruffin Prevost CODY, Wyoming (Reuters) - Bartender Evelyn Burgess drove all the way from Seattle hoping to see wolves and bears in their natural habitat in Yellowstone National Park, but instead headed home on Tuesday after the first U.S. government shutdown in 17 years closed the park. The only close look Burgess got of the predators she sought was through fences at a private wildlife refuge on Monday before rangers on Tuesday turned her away at the entrance to Yellowstone, famed for its wildlife and gushing geysers. ... Full Story | Top |
| Analysis: We're ready for takeoff. Sit back and enjoy your iGizmo Tuesday, Oct 01, 2013 05:03 PM PDT  By Alwyn Scott NEW YORK (Reuters) - In as little as a few months, airline passengers could play video games, read e-books, watch movies and listen to music while their flights take off or land, ending a long-standing ban on devices being used during those risky phases. But looser rules under consideration for portable electronic devices (PEDs) are likely to force airlines to make some major changes. Carriers, for starters, will need to determine if their planes are "PED resistant" and able to tolerate the proposed broader use of electronics. ... Full Story | Top |
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