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| Russian markets plunge as Putin tightens Crimea grip Monday, Mar 03, 2014 07:00 PM PST  By Lidia Kelly and Alissa de Carbonnel MOSCOW/PEREVALNOYE, Ukraine (Reuters) - Russia paid a heavy financial price on Monday for its military intervention in neighboring Ukraine, with stocks, bonds and the ruble plunging as President Vladimir Putin's forces tightened their grip on the Russian-speaking Crimea region. The Moscow stock market fell 10.8 percent, wiping nearly $60 billion off the value of Russian companies, more than the $51 billion Russia spent on the Winter Olympics in Sochi last month. Putin declared at the weekend he had the right to invade Ukraine to protect Russian interests and citizens. Moscow's U.N. envoy told a stormy meeting of the Security Council on Monday that Ukraine's ousted leader Viktor Yanukovich had sent a letter to Putin requesting he use Russia's military to restore law and order in Ukraine. Full Story | Top |
| Obama 2015 budget seeks $60 billion tax credit expansion: White House Monday, Mar 03, 2014 06:04 PM PST  By Mark Felsenthal and Jeff Mason WASHINGTON (Reuters) - President Barack Obama will strike a firmly populist tone in his 2015 budget plan on Tuesday, proposing to pay for an expansion of a popular tax credit for the working poor by eliminating tax breaks claimed by wealthy Americans. The proposal to expand one of the most popular U.S. government poverty reduction programs, the Earned Income Tax Credit, would cost $60 billion, a modest amount in a budget in which the president has $1.014 trillion in spending to parcel out, the White House said. Obama would pay for the tax credit expansion by closing tax loopholes used typically by wealthy investors or employees of professional service companies such as law, consulting or lobbying firms. Even so, Obama's budget recommendation stands little or no chance of being approved as is by Congress, where Republicans, who control the House of Representatives, disagree with the president's policy priorities, such as spending government money on job training. Full Story | Top |
| At White House, Israel's Netanyahu pushes back against Obama diplomacy Monday, Mar 03, 2014 04:16 PM PST  By Jeffrey Heller and Matt Spetalnick WASHINGTON (Reuters) - Prime Minister Benjamin Netanyahu bluntly told Barack Obama on Monday that he would never compromise on Israel's security even as the U.S. president sought to reassure him on Iran nuclear diplomacy and pressure him on Middle East peace talks. In a White House meeting overshadowed by the Ukraine crisis, the two leaders avoided any direct clash during a brief press appearance but were unable to paper over differences on a pair of sensitive diplomatic drives that have stoked tensions between them. Obama assured Netanyahu of his "absolute commitment" to preventing Iran from developing atomic weapons, despite the Israeli leader's deep skepticism over U.S.-led efforts to reach a final international deal to curb Tehran's nuclear program. But, warning that time was running out, Obama also urged Netanyahu to make "tough decisions" to help salvage a faltering U.S.-brokered peace process aimed at reaching a framework agreement with the Palestinians and extending talks beyond an April target date for an elusive final accord. Full Story | Top |
| Fear of losing tech edge factors into Pentagon budget plans Monday, Mar 03, 2014 05:36 PM PST  By David Alexander WASHINGTON (Reuters) - Concerns that cuts in defense spending could erode the U.S. military's technological edge over rivals such as Russia and China are in part driving the Pentagon's plans to slash troop levels and retire aging weapons. U.S. defense officials have watched in recent years as Moscow and Beijing have tested a string of sophisticated weapons, from radar-evading aircraft and anti-ship missiles that fly many times the speed of sound, to integrated air defenses. "The development and proliferation of more advanced military technologies by other nations means that we are entering an era where American dominance on the seas, in the skies, and in space can no longer be taken for granted," Defense Secretary Chuck Hagel said last week. Hagel will unveil a 2015 budget on Tuesday that includes cutting the Army by 40,000 to 50,000 troops to levels last seen before the United States entered World War Two and killing off the fleet of tank-killing A-10 "Warthog" aircraft. Full Story | Top |
| Jailed opposition leader calls for more Venezuela protests Monday, Mar 03, 2014 12:08 PM PST  By Brian Ellsworth CARACAS (Reuters) - Jailed Venezuelan opposition leader Leopoldo Lopez urged sympathizers on Monday to maintain street protests against President Nicolas Maduro as the country's foreign minister prepared to meet the United Nations Secretary General. Lopez, who was arrested on February 18 after helping launch a nationwide protest movement, demanded top officials including the interior minister resign over the use of force against demonstrators in violence that has killed at least 18 people. "They will never defeat those who refuse to give up." Opposition leaders called for another march on Monday after bringing thousands onto the streets on Sunday, despite the Carnival holiday that usually draws Venezuelans to the beach. Several thousand people gathered in the well-heeled Las Mercedes district of Caracas and marched to the local office of the Organization of American States. Full Story | Top |
| Japan's regional banks are urged to merge Monday, Mar 03, 2014 05:03 PM PST  By Taiga Uranaka and Noriyuki Hirata TOKYO (Reuters) - Japanese regulators are increasing the pressure on regional banks to consolidate, worried that shrinking populations outside the nation's major cities will leave lenders too weak to stand on their own. After direct prodding from the head of the Financial Services Agency (FSA) for the more than 100 regional banks to slim down through mergers or takeovers, the regulator has set up meetings with regional bank presidents to grill them on their long-term business plans. The FSA's push will likely accelerate a process, dictated by demographics, that had been expected to take decades, banking industry insiders say. Top executives at regional banks have shown no public signs of moving toward consolidation. Full Story | Top |
| U.S. factory, spending data hint at improving economy Monday, Mar 03, 2014 02:40 PM PST  By Lucia Mutikani WASHINGTON (Reuters) - U.S. factory activity rebounded last month from an eight-month low and consumer spending increased more than expected in January, suggesting the economy was regaining some strength after abruptly slowing in recent months. The signs of a comeback, also evident in a surprise gain in construction spending, should bolster the Federal Reserve's resolve to keep scaling back its massive monetary stimulus. "The economy is beginning the slow process of digging its way out of the weather-induced slowdown of recent months," said Millan Mulraine, deputy chief economist at TD Securities in New York. Manufacturers said cold weather was still hindering operations: hampering logistics, causing back-ups at ports and disrupting supplies of raw materials. Full Story | Top |
| Powerful storm lashes eastern U.S. with snow, arctic cold Monday, Mar 03, 2014 04:14 PM PST  By Ian Simpson WASHINGTON (Reuters) - A deadly winter storm hit the U.S. East Coast with freezing rain, snow and near-record cold on Monday, cancelling about 2,900 flights, shutting down Washington and closing schools and local governments. The latest in a series of weather systems to pummel the winter-weary eastern United States, the storm dumped about 4 inches of snow on the U.S. capital by early afternoon as it swept from the Mississippi Valley to the Atlantic coast, the National Weather Service said. Brian Hurley, a weather service meteorologist, said temperatures would be about 30 degrees Fahrenheit (15 degrees Celsius) below normal as a cold front settled in from Great Plains to the Atlantic coast. Icy roads in Virginia were blamed for at least one death on Monday morning when a 30-year-old man drove his pickup truck into an embankment, flipping the vehicle and striking a tree, Virginia State Police said. Full Story | Top |
| Pistorius trial witness: 'bloodcurdling screams' then shots Monday, Mar 03, 2014 01:53 PM PST  By David Dolan PRETORIA (Reuters) - The first witness at Oscar Pistorius' murder trial told the court on Monday she heard "bloodcurdling screams" from a woman followed by shots, a dramatic opening to a case that could see one of global sport's most admired role models jailed for life. Taking the stand after the Paralympic and Olympic star pleaded not guilty to murdering his girlfriend, model Reeva Steenkamp, on Valentine's Day last year, neighbor Michelle Burger testified that she was woken in the middle of the night by a woman shouting for help. "I was still sitting in the bed and I heard her screams," Burger, who lives 177 meters (194 yards) from Pistorius' home in an adjacent housing complex, told the Pretoria High Court. Thinking it was a violent break-in - a possibility in crime-ridden South Africa - Burger said her husband called the private security firm guarding their upmarket Pretoria housing estate before the pair heard more shouts. Full Story | Top |
| Bahrain blast kills three policemen: Interior Ministry Monday, Mar 03, 2014 01:09 PM PST  By Farishta Saeed MANAMA (Reuters) - Three policemen were killed by a remotely detonated bomb in Bahrain on Monday during a protest in a village west of the capital Manama, the Interior Ministry said, in one of the worst incidents of violence in recent months. The United Arab Emirates said one of its police officers, serving in a Gulf Cooperation Council force operating in the island kingdom, was among the three dead officers, according to the UAE state news agency WAM. Bahrain's main opposition groups condemned the bombing as a criminal act and urged followers to ensure that protesters use only peaceful means to push their demands for reforms. Bahrain's Shi'ite majority has long complained of discrimination, a charge denied by the Sunni-led government. Full Story | Top |
| Russian markets plunge as Putin tightens Crimea grip Monday, Mar 03, 2014 01:47 PM PST By Lidia Kelly and Alissa de Carbonnel MOSCOW/PEREVALNOYE, Ukraine (Reuters) - Russia paid a heavy financial price on Monday for its military intervention in neighboring Ukraine, with stocks, bonds and the rouble plunging as President Vladimir Putin's forces tightened their grip on the Russian-speaking Crimea region. The Moscow stock market fell 10.8 percent, wiping nearly $60 billion off the value of Russian companies - more than the $51 billion Russia spent on the Winter Olympics in Sochi last month. Putin declared at the weekend he had the right to invade Ukraine to protect Russian interests and citizens. U.S. President Barack Obama called Russia's actions a violation of international law and of Ukraine's sovereignty, saying Washington would look at sanctions to isolate Moscow. Full Story | Top |
| U.S. probes Citi over compliance with money laundering laws Monday, Mar 03, 2014 12:21 PM PST  (Reuters) - A federal grand jury is probing Citigroup Inc, including its Banamex USA affiliate, over compliance with the U.S. Bank Secrecy Act and regulations on money laundering, the company said. In an annual filing on Monday with the U.S. Securities and Exchange Commission, the company said the probe includes subpoenas from the U.S. Attorney's Office for the District of Massachusetts. Citigroup, the third-largest U.S. bank by assets, also said Banamex USA had received a subpoena from the U.S. Federal Deposit Insurance Corp, a civil agency. The criminal probe follows other problems that have surfaced with Banamex, which operates Citigroup's largest single consumer bank outside of the United States and has been portrayed by the company as a model of its global strategy. Full Story | Top |
| Islamist militants kill 31 more in northeast Nigeria Monday, Mar 03, 2014 10:03 AM PST By Lanre Ola MAIDUGURI, Nigeria (Reuters) - Islamist insurgents have killed at least 31 people in a village in northeast Nigeria, a lawmaker said on Monday, taking the death toll from three days of attacks to 116 as soldiers struggle to contain raging violence. Insurgents have killed more than 400 people in just over a month, security sources say, making it one of the deadliest periods in the Islamist sect Boko Haram's insurgency, which began with an uprising in Borno state in 2009. Gunmen stormed Mafa village in Borno, around 50 km (30 miles) east of the state capital Maiduguri, at around 8 p.m. on Sunday, shooting fleeing civilians and throwing explosives at occupied houses, witness Auwalu Gunda said. State senator Ahmed Zannah said 29 civilians died in the raid and two policemen were killed in a bomb blast on Monday while they were trying to remove bodies and question survivors about the initial attack. Full Story | Top |
| Egypt jails policemen for activist's death that triggered Mubarak uprising Monday, Mar 03, 2014 08:55 AM PST  By Abdel Rahman Youssef ALEXANDRIA (Reuters) - Two Egyptian policemen were sentenced to 10 years in prison on Monday for torturing an activist to death in 2010 in an incident that became one of the triggers for the uprising that toppled veteran autocrat Hosni Mubarak. Before he died, Said posted an Internet video purportedly showing two policemen sharing the spoils of a drug bust. Full Story | Top |
| At White House, Israel's Netanyahu pushes back against Obama diplomacy Monday, Mar 03, 2014 03:10 PM PST  By Jeffrey Heller and Matt Spetalnick WASHINGTON (Reuters) - Prime Minister Benjamin Netanyahu bluntly told Barack Obama on Monday that he would never compromise on Israel's security even as the U.S. president sought to reassure him on Iran nuclear diplomacy and pressure him on Middle East peace talks. In a White House meeting overshadowed by the Ukraine crisis, the two leaders avoided any direct clash during a brief press appearance but were unable to paper over differences on a pair of sensitive diplomatic drives that have stoked tensions between them. Obama assured Netanyahu of his "absolute commitment" to preventing Iran from developing atomic weapons, despite the Israeli leader's deep skepticism over U.S.-led efforts to reach a final international deal to curb Tehran's nuclear program. But Obama also urged Netanyahu to make "tough decisions" to help salvage a faltering U.S.-brokered peace process aimed at reaching a framework agreement with the Palestinians and extending talks beyond an April target date for an elusive final accord. Full Story | Top |
| Powerful storm lashes eastern U.S. with snow, arctic cold Monday, Mar 03, 2014 11:51 AM PST  By Ian Simpson WASHINGTON (Reuters) - A deadly winter storm hit the U.S. East Coast on Monday with freezing rain, snow and near-record cold, cancelling about 2,700 flights, shutting down Washington and closing schools and local governments. The latest in a series of weather systems to pummel the winter-weary eastern United States, the storm dumped about 4 inches on the U.S. capital by early afternoon as it swept from the Mississippi Valley to the Atlantic coast, the National Weather Service said. Brian Hurley, a weather service meteorologist, said temperatures would be about 30 degrees Fahrenheit (15 degrees Celsius) below normal as a cold front settled in from Great Plains to the Atlantic coast. At least four weather-related traffic deaths in Texas, Oklahoma and Tennessee were blamed on the wide-ranging storm over the weekend. Full Story | Top |
| China train station attack risks driving ethnic wedge deeper Monday, Mar 03, 2014 06:16 AM PST  By James Pomfret and Michael Martina KUNMING/BEIJING (Reuters) - Police swept a Muslim Uighur district of the Chinese city of Kunming hours after knife-wielding assailants killed 29 people in a crowded station, underscoring the risk of ethnic tension spilling over from the remote Xinjiang region. China has vowed to crack down on what it says are militants bent on transforming Xinjiang into an independent state called East Turkestan, but it has also emphasized ethnic unity after what it described as a terrorist attack on Saturday. Xinjiang, in China's far west, is home to the Uighur people, many of whom say they chafe at Chinese restrictions on their culture and religion. Full Story | Top |
| '12 Years a Slave' makes history with best picture Oscar Monday, Mar 03, 2014 11:41 AM PST By Mary Milliken LOS ANGELES (Reuters) - The slavery drama "12 Years a Slave" won the Academy Award for best picture on Sunday, making history as the first movie from a black director to win the film industry's highest honor in 86 years of the Oscars. British director Steve McQueen's unflinching portrayal of pre-Civil War American slavery won two other Oscars, including best supporting actress for newcomer Lupita Nyong'o and best adapted screenplay based on the memoir of Solomon Northup, a free man tricked and sold into slavery in Louisiana. This is the most important legacy of Solomon Northup," said McQueen in his acceptance speech. "12 Years a Slave," prevailed over space thriller "Gravity" from Mexican filmmaker Alfonso Cuaron, which nevertheless racked up the most Oscars of the night with seven, including the best director honor for Cuaron, a first for a Latin American director. Full Story | Top |
| Iran cutting sensitive nuclear stocks, much work remains: IAEA Monday, Mar 03, 2014 04:10 AM PST  By Fredrik Dahl VIENNA (Reuters) - Iran is reducing its most proliferation-prone nuclear stockpile as required by its landmark deal with world powers but much work remains to be done to resolve all concerns about Tehran's activities, the U.N. atomic watchdog chief said on Monday. Among measures Iran is taking since the interim agreement took effect on January 20 is the dilution of its stock of higher-enriched uranium to a fissile concentration less suitable for any attempt to fuel an atomic bomb. Yukiya Amano, director general of the International Atomic Energy Agency (IAEA), indicated that Iran had made sufficient progress in this regard to receive a scheduled March 1 installment of $450 million out of a total of $4.2 billion in previously blocked overseas funds. The IAEA has a pivotal role in checking that Iran is living up to its part of the six-month accord in curbing its disputed nuclear program in exchange for some easing of sanctions that have impaired its oil-dependent economy. Full Story | Top |
| Gold, oil rise as Ukraine tensions spur safety bids Monday, Mar 03, 2014 09:26 AM PST By Herbert Lash NEW YORK (Reuters) - Russia's intervention in Ukraine drove up crude oil and prices for gold and government debt on Monday as the heightened tensions spurred investors to seek safe havens and sell any exposure to the region. Crude prices rose more than $2 a barrel, gold futures jumped 2 percent and prices of top-rated euro zone government bonds surged. The aversion to risk took a steep toll on equities markets, with the Russian stock market slumping 11 percent. Stocks across Europe and on Wall Street also took a beating. ... Full Story | Top |
| U.S. consumer spending rises, boosted by jump in services Monday, Mar 03, 2014 07:23 AM PST  U.S. consumer spending rose more than expected in January as outlays on services recorded their largest increase since late 2001, likely driven by demand for heating. The Commerce Department said on Monday consumer spending increased 0.4 percent after advancing by a revised 0.1 percent in December. Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, edging up 0.1 percent in January. A price index for consumer spending rose 0.1 percent after increasing 0.2 percent in December. Full Story | Top |
| At least 11 killed in brazen attack on Pakistani court Sunday, Mar 02, 2014 10:30 PM PST  By Maria Golovnina ISLAMABAD (Reuters) - Gunmen burst into a court in a busy shopping area in the center of the Pakistani capital on Monday, killing at least 11 people in a brazen attack likely to shatter any prospect of meaningful peace negotiations with Taliban insurgents. A loud explosion reverberated across central Islamabad just after 9 a.m., followed by bursts of gunfire. Gunmen were spraying bullets at everyone," said Faisal Ali, a businessman who witnessed the attack. Taliban fighters stage frequent attacks around the country, but such assaults are rare in Islamabad, the leafy and hilly seat of Pakistan's government. Full Story | Top |
| After vacating Bangkok's streets, Thai protesters look to courts Monday, Mar 03, 2014 02:24 AM PST  By Amy Sawitta Lefevre BANGKOK (Reuters) - Anti-government protesters in Thailand have retreated to a central Bangkok park, freeing up traffic after blocking big intersections for more than a month, but Thailand's four-month political crisis looks no closer to a solution. The protesters, who moved to Lumpini Park on the weekend after orders from their leader, Suthep Thaugsuban, are banking on judicial intervention from courts widely seen as hostile to Prime Minister Yingluck Shinawatra to bring down her government. "Bangkokians are able to go to work more easily but the state of play in Thailand has not changed since protesters scaled back," said Siripan Nogsuan Sawasdee, a political analyst at Chulalongkorn University in Bangkok. Full Story | Top |
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