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| Ex-Tyco CFO Mark Swartz granted parole Thursday, Oct 03, 2013 08:53 PM PDT  (Reuters) - Tyco International Ltd's former chief financial officer, Mark Swartz, who is serving a prison sentence for bilking the company, has been granted parole by the New York parole board, his lawyer told Reuters. Swartz, who was convicted of grand larceny and securities fraud in 2005, is expected to be released in January. "Mark has been granted parole. He is grateful for this result and looks forward to resuming life with his incredible family," Swartz attorney Charles Stillman told Reuters. Swartz was chief financial officer of the industrial conglomerate from 1995 through 2002. ... Full Story | Top |
| California governor signs law expanding protections for journalists Thursday, Oct 03, 2013 08:43 PM PDT  By Sharon Bernstein SACRAMENTO, California (Reuters) - California Governor Jerry Brown signed a law on Thursday to give journalists in the state five days' notice before government agencies serve subpoenas on their records held by third parties, such as phone companies and internet service providers. The law, which was approved by unanimous votes in the California Assembly and Senate, expands on the state's existing shield law for journalists and will apply to subpoenas sought in state courts. The California law comes after two cases earlier this year that sparked debate about whether the U.S. ... Full Story | Top |
| Stockton city council backs plan to exit bankruptcy Thursday, Oct 03, 2013 08:38 PM PDT  By Jim Christie STOCKTON, California (Reuters) - Stockton, California's city council approved a plan on Thursday for the city to adjust its debt to exit from bankruptcy after reaching a deal with bond insurer Assured Guaranty to restructure more than $150 million of outstanding debt. The deal marks the end of a long and often bitter fight between Stockton and its biggest bond insurers since the city filed for bankruptcy last year and stunned the U.S. municipal debt market with threats of forcing losses on bondholders while leaving pension payments intact. ... Full Story | Top |
| Japanese stocks slide, dollar pinned near eight-month low on U.S. worries Thursday, Oct 03, 2013 08:36 PM PDT  By Dominic Lau TOKYO (Reuters) - Asian stocks were pegged back on Friday, with Japanese shares hitting a near four-week low and the dollar languishing around an eight-month trough as the U.S. budget standoff dragged on, heightening fears it could have more serious repercussions for the world's largest economy. Tokyo's Nikkei fell 0.4 percent in the morning session after shedding as much as 1.5 percent to its lowest since Sept 6, taking its cue from the U.S. S&P 500 , which suffered its ninth loss in 11 sessions overnight. ... Full Story | Top |
| Motor racing-Hamilton fastest in first Korean practice Thursday, Oct 03, 2013 08:09 PM PDT By Alan Baldwin YEONGAM, South Korea, Oct 4 (Reuters) - Lewis Hamilton kept Sebastian Vettel off the top of the timesheets on Friday in a first practice session for the Korean Formula One Grand Prix that saw Kimi Raikkonen crash his Lotus into a wall. The Mercedes driver lapped the anti-clockwise Yeongam circuit, set against a backdrop of coastal marshes and sprawling South Korean shipyards, with a best time of one minute 39.630 seconds. ... Full Story | Top |
| Twitter reveals rip-roaring growth, big losses ahead of IPO Thursday, Oct 03, 2013 07:57 PM PDT  By Gerry Shih and Alexei Oreskovic SAN FRANCISCO (Reuters) - Twitter Inc, racing toward the largest Silicon Valley IPO since Facebook Inc's 2012 coming-out party, hopes to woo investors with rip-roaring revenue growth despite having posted big losses over the past three years. The eight-year-old online messaging service gave potential investors their first glance at its financials on Thursday when it publicly filed its IPO documents, setting the stage for one of the most-anticipated debuts in over a year. ... Full Story | Top |
| JPMorgan's Dimon gives up chairman role at bank subsidiary Thursday, Oct 03, 2013 07:53 PM PDT  (Reuters) - JPMorgan Chase & Co chairman and CEO Jamie Dimon has given up the title of chairman of the company's main bank subsidiary to conform with a new internal policy on multiple roles. Dimon has been under regulator scrutiny since the company last year disclosed it was losing billions of dollars on derivatives in what has become known as the "London Whale" trades. At this year's annual meeting, he won a vote of confidence called, in part, because of a breakdown in risk controls. Dimon turned over the title of chairman of the deposit-taking unit, JPMorgan Chase Bank, N.A. ... Full Story | Top |
| Samsung takes aim at second straight year of record profit as memory chips rebound Thursday, Oct 03, 2013 07:37 PM PDT  By Miyoung Kim SEOUL (Reuters) - Samsung Electronics Co Ltd is on track to post its second consecutive year of record earnings as a rebound in its semiconductor business shields the South Korean tech giant from a slower smartphone market. The world's biggest memory chipmaker is likely to see its semiconductor earnings charge to a three-year high - a much-needed shot in the arm - just as sales of its flagship Galaxy S4 smartphone begin to flag, analysts say. ... Full Story | Top |
| Exclusive: Japan casinos would get Vegas-style regulator under legalization plan Thursday, Oct 03, 2013 07:11 PM PDT By Nathan Layne TOKYO (Reuters) - Japan would establish an independent gaming regulator modeled on the authorities that police casinos in Las Vegas and Singapore under a draft plan to legalize gambling in a market seen as potentially the second-largest in the world. The policy outline, which was prepared by Japanese lawmakers who favor casinos and reviewed by Reuters, outlines broad standards for licensing and regulating casino operators and their partners. ... Full Story | Top |
| HTC posts first-ever quarterly losses as troubles multiply Thursday, Oct 03, 2013 06:49 PM PDT  By Michael Gold and Faith Hung TAIPEI (Reuters) - Taiwan's HTC Corp slid into the red for the first time in the third quarter, with sales hit hard by fierce competition in the smartphone market, supply chain constraints and internal turmoil. Underscoring a dramatic decline for a company which boasts award-winning smartphones but has failed to develop a durable brand of handsets, it posted an operating loss of T$3.5 billion as sales for the quarter tumbled by a third from the same period a year earlier. At a net level, it booked a loss of T$2. ... Full Story | Top |
| Motor racing-McLaren and Pirelli scrap Austin tyre test plan Thursday, Oct 03, 2013 06:48 PM PDT By Alan Baldwin YEONGAM, South Korea, Oct 4 (Reuters) - McLaren have been forced to abandon plans for a Pirelli tyre test in Austin ahead of next month's U.S. Grand Prix after objections from other Formula One teams. Pirelli confirmed at the Korean Grand Prix that the test would not occur. McLaren team principal Martin Whitmarsh said he was neither surprised nor disappointed. "What we said to Pirelli is 'we're not doing anything sneaky so all the teams have got to be happy with it and the FIA has got to be happy with it'," Whitmarsh told reporters. "And if they're not, we won't do it. ... Full Story | Top |
| Stockton, Calif. and Assured Guaranty reach bankruptcy exit deal Thursday, Oct 03, 2013 06:22 PM PDT By Jim Christie STOCKTON, California (Reuters) - Stockton, California and Assured Guaranty have reached an agreement to restructure more than $150 million of outstanding debt to help the city exit from bankruptcy, a top city official and the bond insurer said on Thursday. Under the terms of the agreement, Assured will take possession of a city building and receive the revenue it generates to service about $35 million in outstanding bonds that Stockton had sold to acquire it. ... Full Story | Top |
| Analysis: U.S. default seems unthinkable but investors have options Thursday, Oct 03, 2013 06:18 PM PDT  By Steven C. Johnson and Jennifer Ablan NEW YORK (Reuters) - Investors who behave conventionally are likely to get burned if the political standoff over the federal budget and the debt ceiling ends up forcing the United States to default. But portfolio managers and strategists say that if investors put their trading hats on, they may be able to protect themselves and even possibly come out ahead. "The next two weeks could cause a lot of pain in many portfolios," said Mark Yusko, CEO and chief investment officer at Morgan Creek Capital Management, LLC, in New York. ... Full Story | Top |
| Fatal crash renews debate over future of historic California airport Thursday, Oct 03, 2013 06:00 PM PDT By Steve Gorman and Dana Feldman LOS ANGELES (Reuters) - The fatal crash-landing of a small business jet at Santa Monica airport has reignited a debate over safety at the historic Los Angeles-area aviation hub, which local politicians and homeowners have fought for years to scale back or close. Critics of the 86-year-old facility, where various Hollywood celebrities and show business executives keep their private planes, have pointed to the wreck as a wake-up call to hazards they say the airport poses to densely populated adjacent communities. ... Full Story | Top |
| Adobe says source code, customer data stolen by hackers Thursday, Oct 03, 2013 05:41 PM PDT  By Joseph Menn BOSTON (Reuters) - Adobe Systems Inc said on Thursday that hackers had stolen source code to some of its most popular software and data about millions of its customers. Security experts worry about the theft of source code because close review of the programs can lead to the discovery of new flaws that can be used to launch hard-to-detect attacks against all users of that software. ... Full Story | Top |
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