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Merger pact by GrubHub and Seamless to stave off rivals

Tue, 21 May 2013 17:27:51 -0400

WASHINGTON - GrubHub Inc. and Seamless North America LLC, two of the biggest online services for food-delivery in the U.S., have entered into a definitive agreement to combine their companies to take on rivals in the growing market for online meal orders. The merger will create a combined company well positioned to drive more orders to restaurants, deliver a better experience for hungry diners ...

US drugmaker Actavis buying Warner Chilcott in $8.5bn deal

Mon, 20 May 2013 17:31:34 -0400

WASHINGTON/ DUBLIN - Actavis Inc, the largest US generic drug maker by market value, is acquiring Dublin-based Warner Chilcott in a deal worth $8.5billion (5.6billion pounds) including $3billion net debt, to create the third-biggest specialty pharmaceutical company in the country. Under the deal, Actavis, which itself has been the subject of bid speculation, would be offering $5billion in ...

Morgan Stanley India to sell wealth management arm to StanChart

Mon, 20 May 2013 16:51:43 -0400

MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...

Amag says anemia drug caused fatal reaction in Switzerland

Tue, 21 May 2013 19:06:06 -0400

(Reuters) - Amag Pharmaceuticals Inc said its marketing partner in Switzerland, Takeda Pharmaceutical Co Ltd, is recalling a batch of Amag's anemia drug, Rienso, because of a death and several cases of ...

Dow Jones industrial average posts 22nd high of the year

Tue, 21 May 2013 18:57:14 -0400

Federal Reserve presidents and sent the Dow Jones industrial average to its 22nd high of the year Tuesday. Regional Fed Presidents James Bullard ...

Roche Sigma teamed up for failed Life Technologies bid -sources

Tue, 21 May 2013 18:53:14 -0400

By Soyoung Kim and Greg Roumeliotis NEW YORK, May 21 (Reuters) - Roche Holding AG teamed up with Sigma-Aldrich Corp to make an unsuccessful bid for Life Technologies Corp earlier this year, people familiar with the matter said. Life Tech, ...

BRP prices IPO at C$21.50 top of marketed range

Tue, 21 May 2013 18:30:00 -0400

By Stephen Lacey Tue May 21, 2013 6:30pm EDT May 21 (IFR) - That BRP, the former recreational products group of Bombardier, would appeal to investors on its IPO is hardly surprising. Public-comparables Polaris, Arctic Cat, and to a lesser extent Harley Davidson have been on a tear, all trading at historically rich multiples and at or near all-time high share prices. Realistically the only ...

Aviation officials see global emissions deal possible by 2020

Tue, 21 May 2013 18:23:15 -0400

Reuters © An Airbus A380 flies through cloud during a display flight at the Farnborough Airshow 2012 in southern England July 9, 2012. REUTERS/Luke ...

Bank of Japan may seek to ease bond market jitters policy seen on hold

Tue, 21 May 2013 18:23:13 -0400

Reuters © Bank of Japan Governor Haruhiko Kuroda arrives at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...

CORRECTED-NRG Energy to shut 352-MW oil-fired CT Norwalk plant by June 1

Tue, 21 May 2013 18:15:06 -0400

Tue May 21, 2013 6:15pm EDT (Corrects that combustion turbine also runs on oil in second graph) HOUSTON May 21 (Reuters) - NRG Energy said on Tuesday it will shut the 352-megawatt Norwalk Harbor power facility in Connecticut at the end of the month because of market conditions that make the plant uneconomic. The Norwalk facility has two oil-fired units totaling 335 MW, and a 17-MW combustion ...

UPDATE 2-CP Rail says 575 barrels of oil spilled in Saskatchewan

Tue, 21 May 2013 18:07:59 -0400

Tue May 21, 2013 6:07pm EDT * Five tankers derail * Third spill for company in two months * Shares fall 2.4 pct on TSX CALGARY, Alberta, May 21 (Reuters) - Canadian Pacific Railway Ltd said that five tankers containing oil derailed on Tuesday morning near Jansen, Saskatchewan, and one of the cars spilled 575 barrels of crude (24,150 gallons), the largest of three spills for the company in two ...

UPDATE 2-The Irish loophole behind Apples low tax bill

Tue, 21 May 2013 18:06:51 -0400

Tue May 21, 2013 6:06pm EDT By Tom Bergin LONDON May 21 (Reuters) - Apple's ability to shelter billions of dollars of income from tax has hinged on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. A U.S. Senate investigation has revealed that Apple, maker of iPhones, iPads and Mac computers, had channelled profits into ...

CBS takes key ratings crown for first time in 21 years

Tue, 21 May 2013 18:03:22 -0400

Tue May 21, 2013 6:03pm EDT May 21 (Reuters) - Broadcast network CBS said on Tuesday it won this season's ratings race among the 18-to-49 age group most prized by advertisers, claiming its first victory in that audience in 21 years. CBS, a unit of CBS Corp, snatched the title from News Corp-owned Fox, which had dominated the age group for eight straight years until it was hurt this season by ...

Oklahoma senators embrace disaster aid after opposing Sandy relief bill

Tue, 21 May 2013 17:57:41 -0400

WASHINGTON May 21 (Reuters) - Amid expressions of horror, grief and resolve over the devastating tornado that smashed into suburban Oklahoma City, many U.S. lawmakers expressed relief on Tuesday that they took action in January to bulk up the FEMA disaster relief ...

COLUMN - What Hollande can learn from Queen of Hearts

Tue, 21 May 2013 17:57:41 -0400

NEW YORK May 21 (Reuters) - French President Francois Hollande's predicament is, oddly enough, akin to one Alice faced in Lewis Carroll's 19th century ...

Is Sony un-Japanese enough to entertain change

Tue, 21 May 2013 17:57:37 -0400

TOKYO (Reuters) - Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favors long-standing ties with banks, business partners and workers rather than shareholders seeking ...

Disney-owned ESPN cutting hundreds of jobs source

Tue, 21 May 2013 17:57:36 -0400

(Reuters) - ESPN, the sports channel that is Walt Disney Co's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts ...

White House threatens veto of bill to bypass Obama on Keystone

Tue, 21 May 2013 17:57:02 -0400

By Ros Krasny WASHINGTON | Tue May 21, 2013 5:57pm EDT WASHINGTON May 21 (Reuters) - The White House has threatened to veto legislation pending in the U.S House of Representatives that could strip from President Barack Obama the authority to approve the controversial Keystone XL pipeline. The Republican-controlled House is expected on Wednesday to vote on, and almost certainly approve, ...

Nasdaq Composite rises 6 pts to 3502

Tue, 21 May 2013 17:55:26 -0400

NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange ...

Miami-Dade lawmakers approve $1.6 billion sewer-lawsuit deal

Tue, 21 May 2013 17:53:38 -0400

(Reuters) - Florida's Miami-Dade County on Tuesday promised to spend $1.6 billion on fixes for its dilapidated, accident-prone sewer system in a deal meant to settle a lawsuit with federal and state environmental ...

Fitch Affirms Wisconsins Petroleum Fee Bonds and Notes at AA EMCP at F1+

Tue, 21 May 2013 17:53:16 -0400

U.S. Money Funds Return to Eurozone Banks U.S. prime money market funds (MMFs) increased their exposure to eurozone banks in April, although asset allocations to these institutions remain well below 2011 levels, according to Fitch Ratings. As of end-April 2013, MMF allocations to eurozone banks represented 15.1% of assets under management within Fitch Ratings'sample of the 10 largest U.S. ...

Fitch Rates $1.2B California GO Bonds AAApre Negative Outlook

Tue, 21 May 2013 17:53:15 -0400

UPDATE 1-Massachusetts to sell $1.1 bln new and refunding GOs

Tue, 21 May 2013 17:44:09 -0400

Tue May 21, 2013 5:44pm EDT May 21 (Reuters) - Massachusetts will sell $1.1 billion of new and refunding general obligation bonds on June 4, according to the state's website. On Tuesday, Moody's Investors Service assigned an Aa1 rating and stable outlook to the bonds, while Fitch Ratings assigned an AA-plus rating and stable outlook. The credit rating agencies noted that the state has ...

RPT-UPDATE 2-KKR selling remaining stake in Seven West Media

Tue, 21 May 2013 17:38:28 -0400

Tue May 21, 2013 5:38pm EDT * KKR puts 12% stake up for sale via Deutsche Bank, Goldman * Exit comes towards end of typical investment period By Stephen Aldred and Rob Taylor HONG KONG/SYDNEY, May 21 (Reuters) - U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) is selling a remaining stake in Australia's Seven West Media Ltd valued at A$265 million ($260 million), exiting an ...

EMERGING MARKETS-Mexico stocks near 8-month low as Brazil leaps

Tue, 21 May 2013 17:37:19 -0400

MEXICO CITY, May 21 (Reuters) - Mexican stocks slumped on Tuesday to a nearly eight-month low, while Brazilian stocks rose for the third successive session to hit a key resistance level. Mexican stocks have slumped 12 percent from a record high hit in January, hurt recently after weak first-quarter growth dampened the economic outlook for 2013. Brazil, meanwhile, has rebounded more than 6 ...

CANADA STOCKS-TSX glides near 2-month high as major sectors rally

Tue, 21 May 2013 17:35:39 -0400

* TSX rises 129.38 points, or 1.03 percent, to 12,742.43 * Eight of the 10 main sectors advance * Gold shares rise 3.3 percent * RBC up 2.7 percent, ranks among market's most influential names By John Tilak TORONTO, May 21 (Reuters) - Canada's main stock index jumped more than 1 percent to hit nearly a two-month high on Tuesday, fueled by gains in most major sectors and optimism following ...

US stocks rise ahead of Bernanke testimony

Tue, 21 May 2013 17:31:17 -0400

US stocks have closed higher after a strong earnings report from Home Depot and as the market anticipates Wednesday's testimony in Congress by Federal Reserve Chairman Ben Bernanke. The Dow Jones Industrial Average finished up 52.30 (0.34 per cent) at 15,387.58 on Tuesday. The broad-based S&P 500 added 2.87 (0.17 per cent) at 1,669.16, while the tech-rich Nasdaq Composite Index increased 5.69 ...

Citing fatigue director Ang Lee leaves pilot of TV series Tyrant

Tue, 21 May 2013 17:28:44 -0400

LOS ANGELES | Tue May 21, 2013 5:28pm EDT LOS ANGELES May 21 (Reuters) - Oscar winner Ang Lee canceled his plans to direct the pilot of new U.S. television series "Tyrant," saying on Tuesday that he needed to rest after spending four years working on 3D fantasy-adventure film "Life of Pi." Lee, 58, signed on to direct the pilot of the drama series for cable network FX in ...

CANADA FX DEBT-C$ softer as focus turns to Bernanke testimony

Tue, 21 May 2013 17:27:27 -0400

* C$ at C$1.0268 versus US$ or 97.39 U.S. cents * U.S. dips after comments by Fed officials on Tuesday * Fed chairman Bernanke to speak on Wednesday * Bond prices higher across the curve By Solarina Ho TORONTO, May 21 (Reuters) - The Canadian dollar softened against its U.S. counterpart on Tuesday but was off its session low after comments by U.S. Federal Reserve officials trimmed expectations ...

U.S. CFTC watchdog faults Gensler for recusal from MF Global probe

Tue, 21 May 2013 17:23:38 -0400

By Sarah N. Lynch and Douwe Miedema WASHINGTON | Tue May 21, 2013 5:23pm EDT WASHINGTON May 21 (Reuters) - The chairman of the U.S. derivatives regulator made a questionable call when he chose to distance himself from probing the demise of futures broker MF Global, the agency's internal watchdog said in a report released on Tuesday. The findings by the inspector general of the ...

CORRECTED-UPDATE 1-NetApp boosts share buyback by $1.6 bln starts dividend

Tue, 21 May 2013 17:08:58 -0400

Tue May 21, 2013 5:08pm EDT (Corrects adjusted profit in paragraph 13 to 69 cents per share from 68 cents per share) * Says to repurchase $1 bln shares in 4 months * Starts quarterly dividend of $0.15/shr * Fourth-quarter profit $0.69/shr vs est $0.68 * Fourth-quarter revenue $1.72 bln vs est $1.76 bln * Shares up 4 pct in post-market trading May 21 (Reuters) - Data storage equipment maker NetApp ...

After Hours Saks shares jump on report of possible sale

Tue, 21 May 2013 17:05:10 -0400

SAN FRANCISCO (MarketWatch) -- Saks Inc. shares jumped in heavy volume late Tuesday following a report that the upscale luxury retailer has hired advisers for a possible ...

Earnings Watch Updates advisories and surprises

Tue, 21 May 2013 17:05:09 -0400

-1.51% said Tuesday afternoon that it plans to lay off about 900 of its workers in a cost-cutting move. The announcement was made, which saw earnings slip on a slight increase in revenues. NetApp shares were up 2.1% in after-hours trades on Tuesday following the report. The company also projected a revenue range of $1.48 billion to $1.58 billion for the current quarter, slightly below Wall ...

Oaktree founders could reap up to $80 million each in stock sale

Tue, 21 May 2013 16:46:11 -0400

By Greg Roumeliotis NEW YORK | Tue May 21, 2013 4:46pm EDT NEW YORK May 21 (Reuters) - Oaktree Capital LLC, the world's largest distressed debt investor, said its two founders could each receive as much as $79.9 million in a secondary offering of its shares if the firm clears net proceeds of $367.6 million. In a regulatory filing late on Monday, Oaktree said its chairman Howard Marks ...

Wall Street watchdog to review broker bonus disclosure plan in July

Tue, 21 May 2013 16:45:11 -0400

WASHINGTON (Reuters) - Wall Street's watchdog will present a plan to its board in July that would require brokers to tell certain clients about compensation they receive when they switch firms, the regulator's chief said on ...

REUTERS SUMMIT-Buenaventura sees output up has hopes for Conga

Tue, 21 May 2013 16:40:54 -0400

LIMA | Tue May 21, 2013 4:40pm EDT LIMA May 21 (Reuters) - Peru's top precious metals miner Buenaventura sees slightly higher output in 2013 and said the stalled $4.8 billion Conga project it owns a stake in could advance after a community reservoir is built at the end of the year. Buenaventura's Chief Executive Roque Benavides said on Tuesday during the Reuters Latin America ...

US STOCKS-Dow SP end at records on Fed officials reassurance

Tue, 21 May 2013 16:38:00 -0400

Tue May 21, 2013 4:38pm EDT * Fed's Dudley ties bond buying to impact of U.S. fiscal policy * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * Dow up 0.3 pct, S&P 500 up 0.2 pct, Nasdaq up 0.2 pct By Angela Moon NEW YORK, May 21 (Reuters) - U.S. stocks rose on Tuesday, with the Dow and the S&P 500 closing at new all-time highs as ...

FOREX-Dollar dips vs euro before Bernanke testimony yen weakens

Tue, 21 May 2013 16:35:57 -0400

Tue May 21, 2013 4:35pm EDT * Bullard, Dudley dent expectations for tapering QE * Bernanke to testify before Congress on Wednesday * Euro climbs to four-month peak versus Swiss franc By Wanfeng Zhou NEW YORK, May 21 (Reuters) - The U.S. dollar fell against the euro on Tuesday after comments from Federal Reserve officials dented expectations the U.S. central bank may taper its bond purchases ...

Scotiabank says China reevaluating Guangzhou deal

Tue, 21 May 2013 16:34:26 -0400

By Cameron French TORONTO | Tue May 21, 2013 4:34pm EDT TORONTO (Reuters) - Bank of Nova Scotia (BNS.TO) Chief Executive Rick Waugh said on Tuesday that Chinese authorities are reevaluating whether they want to go ahead with a deal to sell 20 percent of Bank of Guangzhou to the Canadian bank. Scotiabank, Canada's No. 3 lender, announced the C$719 million ($698.09 million) purchase ...

Alliance Pipeline says Fairmount N. Dakota gas compressor back

Tue, 21 May 2013 16:31:37 -0400

NEW YORK | Tue May 21, 2013 4:31pm EDT NEW YORK May 21 (Reuters) - Alliance Pipeline LP on Tuesday said mechanical issues at its Fairmount natural gas compression station in North Dakota had been resolved after the unit was shut for unplanned work on Monday. The company said in a website posting that system throughput had been raised after being reduced because of the work. The ...

GLOBAL MARKETS-Shares end higher as eyes turn to Fed

Tue, 21 May 2013 16:27:34 -0400

* Investors looking for clarity on Fed stimulus program * Dollar index firmer but down from near three-year high * Yen dips after Japanese minister says seeks 'balance' for currency * Commodities fall, gold and oil weaker on the day ...

GLOBAL MARKETS-Shares edge higher SP 500 at fresh all-time high

Tue, 21 May 2013 16:27:33 -0400

* Investors looking for clarity on Fed stimulus program * Dollar index firmer but down from near three-year high * Yen dips after Japan minister says seeks 'balance' for currency * Commodities fall, gold and oil weaker on the day ...

UPDATE 1-Regeneron Sanofi asthma drug seen as potential game changer

Tue, 21 May 2013 16:27:18 -0400

Tue May 21, 2013 4:27pm EDT By Ransdell Pierson May 21 (Reuters) - A new type of asthma drug meant to attack the underlying causes of the respiratory disease slashed episodes by 87 percent in a mid-stage trial, making it a potential game changer for patients with moderate to severe disease, researchers said on Tuesday. "Overall, these are the most exciting data we've seen in asthma in 20 ...

BRIEF-Saks jumps 19 percent in extended trading

Tue, 21 May 2013 16:22:43 -0400

NEW YORK | Tue May 21, 2013 4:22pm EDT NEW YORK May 21 (Reuters) - Saks Inc : * Jumps 19 percent in extended ...

BRIEF-Compuware up in extended trading after results

Tue, 21 May 2013 16:19:44 -0400

NEW YORK | Tue May 21, 2013 4:19pm EDT NEW YORK May 21 (Reuters) - Compuware Corp : * Shares up 3.1 percent in extended trading after ...

US Energy Depts gas export review process faces scrutiny

Tue, 21 May 2013 16:18:19 -0400

Tue May 21, 2013 4:18pm EDT * Senator Wyden says export process needs closer look * New Energy Secretary Moniz says committed review of exports * "All options on table" for export review, Moniz says By Ayesha Rascoe and Valerie Volcovici WASHINGTON, May 20 (Reuters) - The U.S. government's review process for liquefied natural gas export proposals needs to be re-evaluated, the head of ...

NetApp revenue rises on higher flash storage sales

Tue, 21 May 2013 16:13:42 -0400

Tue May 21, 2013 4:13pm EDT May 21 (Reuters) - Data storage equipment maker NetApp Inc reported a marginal rise in quarterly revenue, helped by higher sales of its flash storage products. Net income fell to $173.8 million, or 47 cents per share, in the fourth quarter, from $180.7 million, or 47 cents per share, a year earlier. Revenue rose 1 percent to $1.72 ...

Pension gaps at not-for-profit U.S. hospitals growing -Moodys

Tue, 21 May 2013 16:05:54 -0400

WASHINGTON | Tue May 21, 2013 4:05pm EDT WASHINGTON May 21 (Reuters) - The pension gap at U.S. not-for-profit hospitals is growing, according to a Moody's Investors Service report released on Tuesday that found the low interest rate environment is contributing to the shortfall. Moody's said that in aggregate, the 331 not-for-profit hospitals it rates with pension plans projected ...

UPDATE 1-Gap willing to sign Bangladesh safety accord if tweaked

Tue, 21 May 2013 16:04:03 -0400

Tue May 21, 2013 4:04pm EDT May 21 (Reuters) - Gap Inc's chairman and CEO said on Tuesday the U.S. retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh's garment industry, provided there were some "very minor accommodations." A series of incidents at factories has focused attention on safety standards in Bangladesh's booming ...

UPDATE 2-Bank of Canadas Carney says Europe needs big reforms

Tue, 21 May 2013 15:58:07 -0400

Tue May 21, 2013 3:58pm EDT * Bank of Canada chief says Europe should learn from Japan * Final speech before Carney leaves for Bank of England * Says tightening bias aimed in part at household debt * Says the considerable stimulus now in place is appropriate By Leila Lemghalef MONTREAL, May 21 (Reuters) - Europe could face a decade of stagnation unless it makes big reforms and it should heed the ...

UPDATE 2-PayPal to increase marketing this year for offline push

Tue, 21 May 2013 15:53:38 -0400

Tue May 21, 2013 3:53pm EDT By Alistair Barr SAN FRANCISCO May 21 (Reuters) - PayPal, the online payment operation owned by eBay Inc, will increase marketing spending to support its push into physical stores, President David Marcus said on Tuesday. "You'll start seeing us amping marketing up later this year," Marcus said in an interview with Reuters. PayPal is trying to become a ...

UPDATE 1-Brazil cenbank keeps hawkish tone ahead of rate decision

Tue, 21 May 2013 15:52:29 -0400

Tue May 21, 2013 3:52pm EDT BRASILIA May 21 (Reuters) - Brazil's central bank chief Alexandre Tombini said on Tuesday that policymakers will do whatever is necessary to bring down inflation, maintaining a hawkish tone ahead of next week's monetary policy decision. Speaking to lawmakers at a congressional committee, Tombini said fighting inflation is key to bolstering confidence in the ...

Telecom Italia denies possible company break-up

Tue, 21 May 2013 15:52:00 -0400

MILAN | Tue May 21, 2013 3:52pm EDT MILAN May 21 (Reuters) - Telecom Italia denied on Tuesday that a company break-up was under consideration. "Telecom Italia points out that speculations about a possible break-up are groundless," a spokesman for the company said in an emailed statement. Earlier on Tuesday three sources told Reuters the Italian phone company was mulling a spinoff ...

UPDATE 2-U.S. Senate panel nears completion of immigration bill

Tue, 21 May 2013 15:51:55 -0400

Tue May 21, 2013 3:51pm EDT * Tentative deal set on easing high-tech visa rules * Bill on track to reach Senate floor for full debate * Supporters aim for starting debate in early June By Richard Cowan and Rachelle Younglai WASHINGTON, May 21 (Reuters) - Senate negotiators on Tuesday reached a tentative deal to ease restrictions on U.S. technology firms hiring highly skilled workers from abroad, ...

Is China Pushing away from Diet of U.S. Treasuries Meet the New Old-Boy Network Banks Finally Draw a Line

Tue, 21 May 2013 15:49:51 -0400

YahooFinance ) In February, China held $1.251 trillion in U.S. Treasuries. In March, the figure dipped to $1.250 trillion. That's a billion dollar change in a month. Is that a big deal? On the surface, it may not seem like it. But if China begins to unwind from U.S. debt at the same time the Federal Reserve scales back its quantitative easing, that combination could pose trouble for ...

Wall St gains on Fed stimulus talk

Tue, 21 May 2013 15:49:33 -0400

Wall Street gained, touching records, after Federal Reserve Bank of St. Louis President James Bullard said the central bank should maintain its current bond-buying program to help bolster growth. In a speech in Frankfurt, Germany, Bullard recommended the Fed "continue with the present quantitative easing program, adjusting the rate of purchases appropriately in view of incoming ...

COMMODITIES-Corn wheat slump on record plantings natgas spikes

Tue, 21 May 2013 15:48:34 -0400

* Corn, wheat prices set April lows as plantings surge * Oil, gold, copper slip on worries of Fed cutback * Gas rallies on demand for gas-driven air conditioning By Barani Krishnan NEW YORK, May 21 (Reuters) - Corn prices hit multi-week lows on Tuesday, which pulled wheat lower, after record U.S. corn plantings, while oil and metals markets slipped amid worries the Federal Reserve might cut back ...

Treasury secretary IRS actions unacceptable and inexcusable

Tue, 21 May 2013 15:46:38 -0400

Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people ...

Carney agrees with King Bank of England not a one-man show

Tue, 21 May 2013 15:44:06 -0400

Tue May 21, 2013 3:44pm EDT * BoE head urged Carney not to import BoC forward guidance * Carney says King is right that BoE is a team effort * Says as much to do on financial reform as has been done By Leila Lemghalef MONTREAL, May 21 (Reuters) - The next head of the Bank of England, Mark Carney, agreed on Tuesday with current Governor Mervyn King that the British central bank could not be run as ...

Court revives lawsuit vs Electronic Arts over video game image

Tue, 21 May 2013 15:43:08 -0400

Tue May 21, 2013 3:43pm EDT May 21 (Reuters) - A divided federal appeals court has revived a lawsuit against Electronic Arts Inc by a former Rutgers University star football quarterback, who accused it of using his image in a video game without permission. By a 2-1 vote, a panel of the 3rd U.S. Circuit Court of Appeals said on Tuesday that Ryan Hart, who played for Rutgers from 2002 to 2005, may ...

Wall Street stocks gain

Tue, 21 May 2013 15:42:03 -0400

Source: Reuters US stocks have gained today, after Home Depot raised its profit outlook and JPMorgan's chief executive won a vote of confidence from shareholders. Shares of the two companies helped lift the blue-chip Dow as the broader market picked up steam in the early afternoon, sending indexes to fresh intraday records. Comments from a top Federal Reserve official also boosted the ...

Apples Tim Cook is Wall Street hero for a day

Tue, 21 May 2013 15:38:50 -0400

AAPL ) for its creative tax policies, investors were cheering on CEO Tim Cook as he defended the company and pushed Congress to overhaul the tax code. The general consensus among traders on StockTwits was that Cook looked like a capable leader compared with the elected officials doing the ...

Moore shows that as cities grow tornado damage grows with them

Tue, 21 May 2013 15:31:54 -0400

By Ben Berkowitz and Julie Steenhuysen Tue May 21, 2013 3:31pm EDT May 21 (Reuters) - Moore, Oklahoma, has had the bad luck of being hit by two highly destructive tornadoes, both in the month of May, 14 years apart. But the Moore that got struck on Monday is not the same as in 1999. Like a lot of towns across America and in the so-called "Tornado Alley," rapid growth has made it a bigger ...

Eni 7 other companies call for revived EU energy policy

Tue, 21 May 2013 15:30:41 -0400

MILAN | Tue May 21, 2013 3:30pm EDT MILAN May 21 (Reuters) - Italy's oil major Eni and seven other leading European energy companies issued a joint statement on Tuesday to ask European Union leaders to revive a common energy policy in order to open up new investments in the sector. The EU leaders will meet in Brussels on Wednesday for a summit aimed at discussing energy policy and ...

UPDATE 3-U.S. natgas futures rise more than 2 pct on warm weather

Tue, 21 May 2013 15:21:47 -0400

* Front month still below recent 21-month high * Weather forecasts turn warmer for most of nation * Nuclear plant outages slip below normal By Eileen Houlihan NEW YORK, May 21 (Reuters) - U.S. natural gas futures rose more than 2 percent on Tuesday, extending gains for a third straight session, as warmer weather blanketing much of the nation boosted demand for air conditioning. "The natural ...

Brazil cenbank mulling derivatives to curb FX volatility-Tombini

Tue, 21 May 2013 15:03:17 -0400

BRASILIA | Tue May 21, 2013 3:03pm EDT BRASILIA May 21 (Reuters) - Brazil's central bank could use derivatives to reduce volatility in the foreign exchange market, central bank President Alexandre Tombini said on Tuesday. Speaking to lawmakers at a congressional committee, Tombini also said that while Brazil has taken advantage of the improvement in global liquidity, such conditions ...

TREASURIES-Prices gain on dovish Fed speakers yields test support

Tue, 21 May 2013 15:00:27 -0400

Tue May 21, 2013 3:00pm EDT * Fund managers buy bonds as 10-yr yields test 2 pct yields * Dovish Fed speakers reduce tapering expectations * Bernanke testimony on Wednesday seen as key event * U.S. Fed purchases $3.31 bln medium-term government debt By Karen Brettell NEW YORK, May 21 (Reuters) - U.S. Treasuries ended stronger on Tuesday after buyers stepped back in, attracted by higher yields, ...

U.S. Treasurys Lew says foreign officials too critical on swaps rules

Tue, 21 May 2013 14:59:30 -0400

By Emily Stephenson and Sarah N. Lynch WASHINGTON | Tue May 21, 2013 2:59pm EDT WASHINGTON May 21 (Reuters) - Foreign countries are being too critical and potentially hurting delicate negotiations with U.S. regulators over how broadly they should apply new over-the-counter derivatives rules to trades that cut across borders, U.S. Treasury Secretary Jack Lew said on Tuesday. Lew's ...

UPDATE 1-Chevron nears sale of Egypt Pakistan downstream assets -sources

Tue, 21 May 2013 14:59:06 -0400

Tue May 21, 2013 2:59pm EDT By Dinesh Nair DUBAI May 21 (Reuters) - Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major. Chevron, the second-largest U.S. oil company, is conducting a separate sale process for its assets in both countries, the banking ...

EU leaders look to end Apple-style tax avoidance schemes

Tue, 21 May 2013 14:46:23 -0400

Reuters © Men are silhouetted against a video screen with an Apple logo as they pose with an Apple iPhone 4 smartphone in this photo illustration taken in the central Bosnian town of Zenica, May 17, 2013. REUTERS/Dado ...

Microsoft unveils next Xbox games console

Tue, 21 May 2013 14:43:12 -0400

Microsoft Corp has given a first look at its new game console, hoping the newly named Xbox One will build on a solid core of gamer fans and become a hub for living room entertainment. The third-generation console, coming eight years after the Xbox 360, was unveiled by games unit chief Don Mattrick at an event at the software company's campus near ...

UPDATE 4-Intel CEO shakes up units creates new devices group

Tue, 21 May 2013 14:41:49 -0400

Tue May 21, 2013 3:18pm EDT By Noel Randewich SAN FRANCISCO May 21 (Reuters) - Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping company reorganization and created a unit aimed at growing its market share in mobile technology. The shakeup, announced internally just days after the 30-year veteran took the helm, places most of the main product groups of the world's ...

France Tel to invest up to 50 mln eur in Dailymotion -report

Tue, 21 May 2013 14:37:44 -0400

PARIS | Tue May 21, 2013 2:37pm EDT PARIS May 21 (Reuters) - France Telecom plans to invest between 30 and 50 million euros ($64 million) in its video-sharing website Dailymotion and begin a fresh search for a partner in the autumn, its chief executive said on Tuesday. Stephane Richard also said in an interview with RTL radio that "the door is not closed" to Yahoo Inc, which had ...

P.M. Kitco Roundup Gold Ends Down But Up From Daily Low U.S. Federal Reserve Events Loom

Tue, 21 May 2013 14:33:36 -0400

Comex gold futures prices ended the U.S. day session moderately lower Tuesday. The market saw a downside technical correction and some chart consolidation following a surge higher in late trading Monday. Comex June gold last traded down $9.30 at $1,374.80 an ounce. Spot gold was last quoted down $17.00 at $1,377.50. July Comex silver last traded down $0.147 at $22.44 an ounce. The gold market ...

UPDATE 3-Microsoft unveils Xbox One with Spielberg Activision tie-up

Tue, 21 May 2013 14:23:48 -0400

Tue May 21, 2013 3:21pm EDT By Bill Rigby and Malathi Nayak REDMOND, Wash. May 21 (Reuters) - Microsoft Corp gave the world a first look at its new Xbox One on Tuesday, announcing that its first gaming console in eight years will come with exclusive video and software content, including a "Halo" series produced by Steven Spielberg. The Xbox One, which will be available later this year at ...

CORRECTED-Deals of the day -- mergers and acquisitions

Tue, 21 May 2013 14:21:25 -0400

Tue May 21, 2013 2:21pm EDT (Corrects Seven West Media Ltd item to show that KKR has not yet sold the stake. Also corrects value of stake.) May 21 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1330 GMT on Tuesday: ** Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network ...

Welcome to the new Wall Street where back-office work trumps backslapping

Tue, 21 May 2013 14:17:07 -0400

$17 billion bond, it eschewed Wall Street's traditional tactics. Instead of flying well-groomed bankers to Cupertino, Calif., to charm Apple's top executives with PowerPoint presentations, Deutsche relied on iTunes. The German bank has handled the back-office work for Apple's online store in recent years, according to people familiar with the ...

US court studies wiretaps in ex-Goldman directors insider case

Tue, 21 May 2013 14:14:18 -0400

Tue May 21, 2013 2:14pm EDT * Rajat Gupta says wiretaps improperly admitted at trial * Gupta's 2-year prison term on hold while he appeals * 2nd Circuit panel hears oral arguments in appeal By Nate Raymond NEW YORK, May 21 (Reuters) - Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence ...

Fitch Affirms Houston Healthcares Bonds at A+ Outlook Stable

Tue, 21 May 2013 14:13:06 -0400

Accounting Rules May Encourage Short-Term Leases The latest lease-accounting proposals from international and U.S. standard-setters, designed to aid transparency and consistency, may encourage companies to shift to short-term leases or structure agreements as service contracts, Fitch Ratings says. This could mean that fewer leases than originally anticipated will be brought onto the balance ...

UPDATE 1-PayPal to be in all RadioShack stores starting in May

Tue, 21 May 2013 14:12:56 -0400

Tue May 21, 2013 2:12pm EDT By Alistair Barr SAN FRANCISCO May 21 (Reuters) - PayPal, the online payment operation owned by eBay Inc, announced a new partnership on Tuesday with RadioShack Corp that will introduce PayPal into all of the electronics retailer's stores starting this month. PayPal has been testing a way for customers of smoothy store Jamba Juice to order ahead using PayPal's ...

UPDATE 1-Egypts c.bank to offer $800 million at forex auction on Wednesday

Tue, 21 May 2013 14:08:21 -0400

Tue May 21, 2013 2:08pm EDT CAIRO May 21 (Reuters) - Egypt's central bank said on Tuesday it would offer $800 million to banks at an exceptional auction of foreign currency on Wednesday to cover the country's strategic import needs. The auction will be the central bank's second exceptional sale of foreign exchange. In April, it sold $600 million to pay for wheat, meat, cooking oil and ...

US STOCKS-Wall Street advances as Home Depot JPMorgan buoy Dow

Tue, 21 May 2013 14:07:18 -0400

Tue May 21, 2013 2:07pm EDT * Home Depot raises outlook, shares hit record intraday high * Goldman Sachs sees S&P 500 at 1,750 by year-end * JPMorgan shares hit highest since February 2001 * Dow up 0.4 pct, S&P 500 up 0.3 pct, Nasdaq up 0.3 pct By Leah Schnurr NEW YORK, May 21 (Reuters) - U.S. stocks gained on Tuesday after Home Depot raised its profit outlook, while JPMorgan rose after its chief ...

Lower U.S. inflation not yet bothering Feds Dudley

Tue, 21 May 2013 14:06:49 -0400

NEW YORK | Tue May 21, 2013 2:06pm EDT NEW YORK May 21 (Reuters) - New York Federal Reserve President William Dudley said on Tuesday he is not yet concerned about weaker U.S. inflation readings because, importantly, inflation expectations have not fallen and remain near the U.S. central bank's 2-percent target. Dudley, a key ally of Fed Chairman Ben Bernanke and a permanent voter on ...

Former head of Federal Reserve Miami joins Ocean Bank board

Tue, 21 May 2013 14:05:02 -0400

Juan del Busto, Ocean Bank board member. Ocean Bank added Juan del Busto, the former head of the Federal Reserve Bank of Atlantas Miami branch, to its board of directors. The move should give the Miami-based bank a boost in its dealings with regulators. The bank has been under enforcement orders from the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation since 2007, ...

UPDATE 1-Canadian PM says growing expenses scandal a distraction

Tue, 21 May 2013 14:03:22 -0400

Tue May 21, 2013 2:03pm EDT * Crisis is biggest to hit Conservatives since 2006 * Conservatives fear scandal will damages party's reputation * Polls show party trailing Justin Trudeau's Liberals By David Ljunggren OTTAWA, May 21 (Reuters) - Canadian Prime Minister Stephen Harper on Tuesday dismissed a mushrooming expenses scandal as a distraction, but also said he was "very upset" ...

BRIEF-Gap CEO says has not given up that a global bangladesh safety accord of some kind can be worked out

Tue, 21 May 2013 14:01:29 -0400

CHICAGO | Tue May 21, 2013 2:01pm EDT CHICAGO May 21 (Reuters) - Gap Inc : * CEO says has "not given up" that a global bangladesh safety accord of some kind can be worked out * CEO says ready to sign existing accord led by industriall with some "very minor ...

UPDATE 4-Vodafone chief Colao says happy with Verizon stake

Tue, 21 May 2013 14:00:02 -0400

* Colao says "very comfortable" with Verizon stake * Will keep hold of latest Verizon payout * Posts biggest-ever fall in key sales figure * FY EBITDA 13.3 billion stg vs f'cast 13.2 billion * Shares up 0.7 percent By Kate Holton and ...

COLUMN - How much does Jamie Dimon matter

Tue, 21 May 2013 13:45:31 -0400

Tue May 21, 2013 1:45pm EDT By Bethany McLean May 21 (Reuters) - So today is the day. After weeks of near-constant coverage of the big decision - will JPMorgan Chase shareholders keep Jamie Dimon as chairman and CEO or relegate him to just CEO? - the verdict came at JPMorgan's annual meeting in Tampa, Florida. Dimon gets to keep both ...

EU mergers and takeovers May 21

Tue, 21 May 2013 13:43:17 -0400

BRUSSELS | Tue May 21, 2013 1:43pm EDT BRUSSELS May 21 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process: APPROVALS AND WITHDRAWALS -- Private equity firms KKR and Bregal Fund to jointly invest in private school operator Cognita (approved May 21) -- Swedish industrial holding company Lindengruppen and Swedish asset ...

Crest Financial protests Clearwire vote delay opposes new bid

Tue, 21 May 2013 13:40:21 -0400

Tue May 21, 2013 1:40pm EDT May 21 (Reuters) - Major Clearwire Corp shareholder Crest Financial on Tuesday said it was opposed to Sprint Nextel Corp's newly raised bid for the company. Crest also protested Clearwire's decision to postpone a shareholder vote, which had been scheduled for Tuesday. Crest has been soliciting proxies to oppose the ...

Feds Dudley ties bond buying to impact of U.S. fiscal policy

Tue, 21 May 2013 13:39:45 -0400

By Jonathan Spicer NEW YORK | Tue May 21, 2013 1:39pm EDT NEW YORK (Reuters) - The U.S. economy's ability in coming months to weather lower government spending and higher taxes will be key to the Federal Reserve's decision whether to reduce monetary accommodation, an influential Fed official said on Tuesday. In a speech that could dampen some expectations of an early reduction in ...

WRAPUP 1-EU and U.S. not coordinating on China solar dispute

Tue, 21 May 2013 13:37:16 -0400

By Daniel Bases and Doug Palmer Tue May 21, 2013 1:37pm EDT May 21 (Reuters)- NEW YORK/WASHINGTON - Europe and the United States both said on Tuesday they were not holding coordinated talks to negotiate an end to a trade dispute with China over the dumping of solar panels onto their respective markets. The European Union has until June 5 to decide whether to impose duties averaging 47 percent on ...

Private equity top traders mull $1 bln commodity venture

Tue, 21 May 2013 13:35:33 -0400

Tue May 21, 2013 1:35pm EDT * Former Deutsche traders team up with Riverstone group * Venture to invest in energy, coal, metals, trade commodities * New investors come in commodities as banks reduce exposure By Dmitry Zhdannikov LONDON, May 21 (Reuters) - Former top commodities traders from Deutsche Bank are in talks with U.S. private equity group Riverstone to set up a $0.5-1.0 billion venture ...

Feds Bullard-dont see case for tapering with inflation so low

Tue, 21 May 2013 13:29:16 -0400

FRANKFURT | Tue May 21, 2013 1:29pm EDT FRANKFURT May 21 (Reuters) - A top U.S. Federal Reserve official said on Tuesday he could not envisage a good case for tapering the Fed's purchases of bonds at the moment due to the low inflation rate. The Fed is currently purchasing $85 billon worth of bonds every month. It next meets on June 18-19 to review policy and there has been some ...

Hopes rise for deal on delayed EU insurance rules

Tue, 21 May 2013 13:28:54 -0400

By Huw JonesLONDON (Reuters) - The European Union is nearing a deal on long-delayed insurance rules that the bloc has touted as a regulatory benchmark for the world to follow, regulatory and policy officials said.The rules, known as "Solvency II", will seek to improve the method for deciding how much capital an insurer must hold as a safety buffer by better assessing risks and ...

Government plans policy sweeteners for insurance industry

Tue, 21 May 2013 13:28:35 -0400

By Chris VellacottLONDON (Reuters) - Britain plans to boost the insurance industry with policy sweeteners such as tax breaks, hoping to nurture it as a source of investment and an engine of economic growth.Treasury minister Greg Clark said the government would extend to the insurance industry a series of measures announced earlier this year to boost asset managers."The government recognises ...

Energy Stocks Energy stocks stretch winning streak to second day

Tue, 21 May 2013 13:21:19 -0400

SAN FRANCISCO (MarketWatch) -- Energy stocks edged higher on Tuesday, extending a wining streak to a second day as the broader U.S. equity market was more ...

Wall Street drifts near record

Tue, 21 May 2013 13:18:25 -0400

New York - US stocks were little changed in early trading on Tuesday with Home Depot at a record high and buoying the blue-chips while investors eyed congressional testimony from Fed chairman Ben Bernanke on ...

PayPal to be in all RadioShack stores starting this month

Tue, 21 May 2013 13:16:39 -0400

SAN FRANCISCO | Tue May 21, 2013 1:16pm EDT SAN FRANCISCO May 21 (Reuters) - PayPal, the online payment operation owned by eBay Inc, unveiled a new partnership on Tuesday with RadioShack Corp that will get PayPal into all the electronics retailer's stores starting this ...

Chicago-area public pension funding gap rises 16.7 pct in 2011 -report

Tue, 21 May 2013 13:11:30 -0400

CHICAGO | Tue May 21, 2013 1:11pm EDT CHICAGO May 21 (Reuters) - The funding gap for 10 Chicago-area public pension systems widened by 16.7 percent to $32 billion in fiscal 2011 from fiscal 2010, heightening the risk of tax increases or service cuts for residents, a report by a civic watchdog group said on Tuesday. The Chicago-based Civic Federation also found that pension funding levels ...

Wall Street Journal Supports Ridiculous Idea For Keeping Obama’s Judges Off The Bench

Tue, 21 May 2013 13:10:19 -0400

ridiculous idea of reducing the number of judges in the D.C. Circuit. Sen. Grassley is the ranking Republican on the Senate Judiciary Committee and introduced legislation proposing this move. While it would add one seat each to the ...

ADR REPORT-ADRs little changed as Fed clues sought

Tue, 21 May 2013 13:05:58 -0400

By Chuck Mikolajczak NEW YORK | Tue May 21, 2013 1:05pm EDT NEW YORK May 21 (Reuters) - U.S.-listed shares of foreign companies were little changed on Tuesday, as investors paused ahead of any clues from the U.S. Federal Reserve on the fate of its stimulus program. Fed Chairman Ben Bernanke was scheduled to give testimony before Congress, and the central bank will release the minutes of ...

UPDATE 1-Senators reach deal to ease high-tech rules in U.S. immigration bill

Tue, 21 May 2013 13:05:42 -0400

By Richard Cowan and Rachelle Younglai WASHINGTON | Tue May 21, 2013 1:05pm EDT WASHINGTON May 21 (Reuters) - Senate negotiators have reached a tentative deal with tech companies to ease restrictions on hiring foreigners for high-skilled jobs as part of a sweeping immigration bill, congressional and industry sources said on Tuesday. Judiciary Committee members have been in negotiations ...

European shares stall near peaks await Fed reassurance

Tue, 21 May 2013 13:02:56 -0400

news ) falls 0.1 pct * Charts show scope for EuroSTOXX pullback towards 2,745 * Nomura recommends hedge on long equity bets By Toni Vorobyova LONDON, May 21 (Reuters) - European shares stalled around multi-year peaks on Tuesday, bolstered by a crop of upbeat corporate reports but pinned back by concerns about a possible end to the U.S. Federal Reserve remains committed to stimulus ...

UPDATE 1-Herbalife hires PwC as new auditor shares up

Tue, 21 May 2013 13:02:09 -0400

Tue May 21, 2013 1:02pm EDT May 21 (Reuters) - Herbalife Ltd said on Tuesday it has engaged PricewaterhouseCoopers LLP as its auditor, replacing KPMG in the wake of alleged insider trading. The news sent the nutritional products company's shares up 4 percent in midday trading. PwC will audit Herbalife's financial statements for fiscal year 2013 and reaudit statements for fiscal 2011 and ...

Former IRS commissioner withdraws bid to join CBOE board

Tue, 21 May 2013 13:02:04 -0400

CHICAGO | Tue May 21, 2013 1:02pm EDT CHICAGO May 21 (Reuters) - A former U.S. Internal Revenue Service commissioner has withdrawn his bid to join CBOE Holdings Inc's board of directors as he faces fire for the agency's targeting of conservative groups for extra tax scrutiny. Douglas Shulman, who led the IRS from 2008 to 2012, withdrew his candidacy to serve a one-year term, ...

Feds Bullard-dont see support for negative rates

Tue, 21 May 2013 12:50:21 -0400

FRANKFURT | Tue May 21, 2013 12:50pm EDT FRANKFURT May 21 (Reuters) - There is not sufficient support to take interest rates into negative territory in the United States, a top Fed official said on Tuesday. St. Louis Fed President James Bullard said such a policy of negative rates would run out of road after one or two cuts. "You could go negative and I have advocated that, but I ...

RPT-UPDATE 1-Wealth fund trio to invest $500 mln each in Russias VTB

Tue, 21 May 2013 12:48:11 -0400

Tue May 21, 2013 12:48pm EDT * Russian state bank raising $3.3 bln * Share sale to close by weekend * Loan book to grow 15-20 pct - CEO * Sees 2013 net profit at over 100 bln rbls LONDON, May 21 (Reuters) - Russia's second-largest bank VTB expects to close its $3.3 billion offering of new shares by the end of the week, with three sovereign wealth funds investing about $500 million each, ...

UPDATE 4-Dimon keeps JPMorgan chairman title after bruising battle

Tue, 21 May 2013 12:46:50 -0400

Tue May 21, 2013 2:10pm EDT * Just 32.2 pct of shareholders vote against, vs 40.1 pct last year * Three directors re-elected by unusually slim margins By David Henry TAMPA, Florida, May 21 (Reuters) - Jamie Dimon, JPMorgan Chase & Co's outspoken chairman and chief executive, won a vote of confidence on Tuesday as shareholders recommended that he keep his chairman title, giving him a greater ...

METALS-Copper dips on China imports Grasberg limits losses

Tue, 21 May 2013 12:34:37 -0400

Tue May 21, 2013 12:34pm EDT * China April refined copper imports down 33 pct from year ago * Freeport's Grasberg mine could face long closure * Traders await Thursday's flash PMIs from U.S., Europe, China By Maytaal Angel LONDON, May 21 (Reuters) - Copper dipped on Tuesday after disappointing import numbers from top consumer China, but losses were capped by a protracted production outage ...

UPDATE 2-Fiat Industrial seeks UK residence to cut tax bill

Tue, 21 May 2013 12:26:20 -0400

Tue May 21, 2013 12:26pm EDT * UK has cut corporate tax rate to 20 pct from 30 pct * Fiat Industrial paid 36 pct effective rate in Italy in 2012 * Government opposes move By Jennifer Clark MILAN, May 21 (Reuters) - Italy-based truck and tractor maker Fiat Industrial plans to lower its tax bill by shifting its residence to Britain after a planned merger with unit CNH, a move that drew angry ...

UPDATE 2-Best Buy sees investments squeezing near-term profits

Tue, 21 May 2013 12:25:57 -0400

Tue May 21, 2013 12:25pm EDT * Shares drop 4 percent * May need to make further cost cuts By Dhanya Skariachan May 21 (Reuters) - Best Buy Co Inc reported lackluster sales in the first quarter and warned that efforts to entice shoppers could squeeze profits in the near term. The news overshadowed its better-than-expected, first-quarter profit and sent shares of the world's largest consumer ...

BRIEF-Herbalife shares up 4 pct after disclosing new auditors

Tue, 21 May 2013 12:17:07 -0400

NEW YORK | Tue May 21, 2013 12:17pm EDT NEW YORK May 21 (Reuters) - Herbalife Ltd : * Shares resume trading, now up 4 percent after disclosing new ...

PricewaterhouseCoopers is new Herbalife auditor

Tue, 21 May 2013 12:16:28 -0400

Tue May 21, 2013 12:16pm EDT May 21 (Reuters) - Herbalife Ltd said on Tuesday it has engaged PricewaterhouseCoopers LLP as its new auditor, replacing KPMG in the wake of alleged insider trading. PwC will audit Herbalife's financial statements for fiscal year 2013 and reaudit statements for fiscal 2011 and ...

Indexes edge higher on Wall Street in early trade

Tue, 21 May 2013 12:14:51 -0400

Mizzou basketball coach Frank Haith had high hopes for versatile recruit Negus Webster-Chan. He played him extensively early on, before ...

Cat bond investors on alert after Oklahoma twister

Tue, 21 May 2013 12:14:13 -0400

By Sarah Mortimer LONDON | Tue May 21, 2013 12:14pm EDT LONDON May 21 (Reuters) - Investors in niche financial bonds that cover insurers against huge natural disasters are on alert for future events that could force them to pay out after the powerful tornado that struck the U.S. on Monday, brokers and fund managers said. Catastrophe bonds are used by the insurance industry to transfer ...

Stocks Close Modestly Lower After Lackluster Trading Day - U.S. Commentary

Tue, 21 May 2013 12:12:23 -0400

After showing a lack of direction throughout much of the session, stocks ended Monday's trading modestly lower. The slightly lower close on the day partly offset the strength that was seen in ...

Market Extra Gold investors lured to trade on charts only

Tue, 21 May 2013 12:07:14 -0400

Investors are bombarded with speculation and news about central-bank policies, along with economic data, investment banks racing to cut gold forecasts, dollar moves, updates on Indian wedding ...

Futures Movers Oil struggles at $96 with supply data on tap

Tue, 21 May 2013 12:07:13 -0400

SAN FRANCISCO (MarketWatch) -- Oil futures on Tuesday struggled to hold above $96 a barrel, with prices pressured by strength in the dollar as traders awaited U.S. data expected to show a drawdown in weekly oil ...

Tech Stocks Apple weighs down techs Yahoo gains

Tue, 21 May 2013 12:07:12 -0400

SAN FRANCISCO (MarketWatch) -- Tech stocks mostly slipped to the red in early trades on Tuesday morning, weighed down by a drop at Apple Inc. prior to CEO Tim Cook taking the stand at a congressional hearing in Washington, ...

Bond Report Treasurys tip down ahead of Fed speeches

Tue, 21 May 2013 12:07:11 -0400

NEW YORK (MarketWatch) -- Treasurys traded lower Tuesday morning as the government-bond market waits on pins and needles for guidance on the Federal Reserve's monetary plan going ...

UPDATE 2-FINRA fines LPL Financial $9 mln for email violations

Tue, 21 May 2013 12:06:07 -0400

Tue May 21, 2013 12:06pm EDT By Suzanne Barlyn May 21 (Reuters) - LPL Financial LLC must pay a total of $9 million for significant email system failures and making misstatements to the Financial Industry Regulatory Authority, Wall Street's watchdog. LPL, an affiliate of LPL Financial Holdings Inc, agreed to a fine of $7.5 million and will establish a $1.5 million fund to compensate brokerage ...

TREASURIES-U.S. 30-year bonds rise after Bullards remarks

Tue, 21 May 2013 12:04:22 -0400

NEW YORK | Tue May 21, 2013 12:04pm EDT NEW YORK May 21 (Reuters) - Prices on U.S. 30-year Treasury bonds turned higher on Tuesday after comments from St. Louis Federal Reserve President James Bullard reduced worries about the U.S. central bank tapering its bond purchases later this year. Bullard, at an event in Frankfurt, said the Fed should continue quantitative easing, adjusting the ...

EURO GOVT-Bunds fall as investors await Fed auction

Tue, 21 May 2013 11:59:11 -0400

Tue May 21, 2013 11:59am EDT * Focus on Bernanke's testimony, Fed minutes on Wednesday * Bunds fall as investors make room for 10-year Bund sale * Greek 10-year yield falls below 30-year for 1st time since 2010 By Ana Nicolaci da Costa and Emelia Sithole-Matarise LONDON, May 21 (Reuters) - Bunds fell on Tuesday as markets looked to U.S. Federal Reserve head Ben Bernanke's testimony and ...

COLUMN-Transforming your 401k into steady income

Tue, 21 May 2013 11:57:08 -0400

Tue May 21, 2013 11:57am EDT By Mark Miller CHICAGO May 21(Reuters) - A job and a paycheck - they go together like coffee and cream. But when you retire from your regular job, does that mean you have to give up the cream? A growing number of 401(k) plans are including investment choices that can help savers convert nest eggs into retirement income. Participants can buy insurance annuities or ...

ADHD co Alcobra to raise $25m on Nasdaq today

Tue, 21 May 2013 11:55:49 -0400

Sources inform ''Globes'' that Alcobra Pharmaceuticals Inc., which is developing a treatment for attention deficit hyperactivity disorder (ADHD) will hold its Nasdaq IPO tonight (Israel time) and announce the results tomorrow. Sources said that the company obtained positive feedback during its road show. Just before the road show, the company expanded its prospectus from ...

Irish opposition calls for multinationals to face parliament

Tue, 21 May 2013 11:55:09 -0400

DUBLIN | Tue May 21, 2013 11:55am EDT DUBLIN May 21 (Reuters) - An Irish opposition party called on Tuesday for Irish-based multinationals to be questioned on corporate tax by a parliamentary committee as debate raged over how much tax the companies actually pay. Ireland has been defending its corporate tax rate after the U.S. Senate said on Monday that Apple paid little or no tax on ...

UPDATE 1-Feds Bullard bond buying best policy when rates near zero

Tue, 21 May 2013 11:54:36 -0400

Tue May 21, 2013 11:54am EDT By Paul Carrel and Eva Kuehnen FRANKFURT May 21 (Reuters) - Massive asset purchases are the closest thing to normal monetary policy once interest rates get near zero, a senior U.S. Federal Reserve official said on Tuesday, recommending that the European Central Bank weigh such action if inflation falls further. St. Louis Federal Reserve Bank President James Bullard, a ...

Home Depot Main Streets Housing Recovery Helps Impress Wall Street

Tue, 21 May 2013 11:54:08 -0400

Wall Street 's predictions. So good were the figures that Home Depot raised its forecast for the year. Looking ahead, Home Depot expects to make $3.52 a share in 2013, up from an earlier forecast of $3.37 a share. Sales should increase by 2.8%, the company says, again more than the previous forecast of 2%. Given that Home Depot favors conservative guidance, those numbers could easily be ...

BRIEF-JPMorgan Chase adds to gains up 2.1 percent after prelim shareholder tally

Tue, 21 May 2013 11:50:54 -0400

NEW YORK | Tue May 21, 2013 11:50am EDT NEW YORK May 21 (Reuters) - JPMorgan Chase & Co : * Adds to gains; up 2.1 percent after preliminary tally shows shareholders reject split of Chairman and CEO ...

GLOBAL MARKETS-Shares flat ahead of Bernanke euro edges lower

Tue, 21 May 2013 11:50:07 -0400

* Shares flat ahead of Bernanke testimony on Wednesday, Home Depot rallies * Dollar index firmer, but down from near 3-year high * Yen dips after Japanese minister says seeks 'balance' for currency * Commodities fall, gold and oil weaker on the day By Ryan Vlastelica NEW YORK, May 21 (Reuters) - Stock markets around the world were little changed on Tuesday as investors awaited an update ...

BRIEF-Magnolia Petroleum says none of its ops directly affected by Oklahoma storm

Tue, 21 May 2013 11:46:37 -0400

LONDON | Tue May 21, 2013 11:46am EDT LONDON May 21 (Reuters) - Magnolia Petroleum PLC : * None of its operations across the state have been affected directly by the recent storms in Oklahoma * Source text for Eikon ...

TREASURIES-U.S. bond prices flat as traders await Bernanke remarks

Tue, 21 May 2013 11:42:55 -0400

Tue May 21, 2013 11:42am EDT * Benchmark bond yields edge up, near 2 percent * Bernanke testimony on Wednesday seen as key event * U.S. Fed purchases $3.31 bln medium-term government debt By Richard Leong NEW YORK, May 21 (Reuters) - U.S. Treasuries prices were little changed on Tuesday as most investors moved to the sidelines a day ahead of testimony from Federal Reserve Chairman Ben Bernanke, ...

US stocks rise on strong Home Depot result

Tue, 21 May 2013 10:47:46 -0400

US stocks have opened higher following a positive earnings report by Dow member The Home Depot, which cited the strong recovery in the housing ...

Wall Street starts slightly higher eyes on Fed

Tue, 21 May 2013 10:40:00 -0400

US stocks opened slightly stronger on Tuesday after the S&P 500 hit yet another intraday record in the previous session, with markets expected to drift sideways ahead of Congressional testimony ...

Halliburton sees Mexicos Pemex reducing activity for 2013

Tue, 21 May 2013 10:31:29 -0400

May 21 (Reuters) - Halliburton Co, the world's second-largest oilfield services company, said on Tuesday that Mexican state oil company Pemex was delaying any significant activity at its Burgos and Chicontepec projects until next year. Chief Financial Officer Mark McCollum said Halliburton's Latin American margins would be weighed down this year by the reduction in activity at the ...

Greek banks ECB funding drops in April ELA up

Tue, 21 May 2013 10:31:19 -0400

ATHENS | Tue May 21, 2013 10:31am EDT ATHENS May 21 (Reuters) - European Central Bank funding to Greek banks fell by 10.5 billion euros in April while emergency liquidity assistance (ELA) from the country's central bank increased by 12 billion euros, Bank of Greece data showed on Tuesday. ECB funding to Greek banks dropped to 60.91 billion euros in April from 70.73 billion euros in ...

Mexcios peso weakens to lowest point in nearly seven weeks

Tue, 21 May 2013 10:21:47 -0400

MEXICO CITY | Tue May 21, 2013 10:21am EDT MEXICO CITY May 21 (Reuters) - Mexico's peso lost 0.67 percent to trade at 12.3779 per dollar in early trading on Tuesday, its lowest value in nearly seven weeks, on wider strength of the ...

UPDATE 1-UK watchdog warns cement makers over lack of competition

Tue, 21 May 2013 10:19:24 -0400

Tue May 21, 2013 10:19am EDT * Says producers may have to sell plants * Consumer costs up by 180 mln pounds 2007-2011-Competition Commission * Producers' prices, profits rose at time of low demand * Companies know too much about each other, do not compete fully By Brenda Goh and Peter Dinkloh LONDON/FRANKFURT, May 21 (Reuters) - Britain's dominant cement makers could be forced to sell off ...

Mexico stocks fall more than 1 pct America Movil Femsa weigh

Tue, 21 May 2013 10:18:12 -0400

MEXICO CITY | Tue May 21, 2013 10:18am EDT MEXICO CITY May 21 (Reuters) - Mexico's IPC stock index fell more than 1 percent in early trading on Tuesday, as bottling and retail company Femsa and telecoms giant America Movil weighed. Shares in Femsa fell more than 4 percent after Swiss bank Credit Suisse cut its view to underperform. The IPC fell 1.38 percent to 40,502.49 points in ...

UPDATE 1-JPMorgans Dimon looks set to remain chmn after battle

Tue, 21 May 2013 10:08:02 -0400

Tue May 21, 2013 10:08am EDT By David Henry TAMPA, Florida May 21 (Reuters) - JPMorgan Chase & Co's Chairman and Chief Executive Jamie Dimon looks set to win a vote about whether he gets to keep his chairman title, the New York Times reported on Tuesday. A months-long and bitter shareholder campaign demanding more oversight of Dimon will end with JPMorgan's annual meeting on Tuesday. ...

UPDATE 3-Housing recovery boosts Home Depot results outlook raised

Tue, 21 May 2013 10:07:49 -0400

Tue May 21, 2013 10:07am EDT * Quarterly sales and earnings beat Wall Street estimates * Sales to contractors outpace those to consumers * Shares hit all-time high By Dhanya Skariachan May 21 (Reuters) - Home Depot Inc reported higher-than-expected quarterly results and raised its sales and profit outlook for the year on Tuesday as the world's largest home improvement chain benefited from a ...

TREASURIES-U.S. 10-year yields flirt with 2 percent

Tue, 21 May 2013 10:07:25 -0400

NEW YORK | Tue May 21, 2013 10:07am EDT NEW YORK May 21 (Reuters) - Benchmark U.S. Treasury yields rose to fresh two-month highs close to 2 percent early Tuesday as Wall Street stocks rose, with the Dow Jones industrial average hitting a record intraday high, reducing the appeal of low-yielding government bonds. Benchmark 10-year Treasury notes last traded 7/32 lower in price, yielding ...

European shares erase losses after Wall St open

Tue, 21 May 2013 10:05:55 -0400

LONDON | Tue May 21, 2013 10:05am EDT LONDON May 21 (Reuters) - European shares reversed earlier losses to trade flat on Tuesday, taking heart from solid opening gains on Wall Street. The FTSEurofirst 300 was flat at 1,251.59 points at 1400 GMT , recovering from a session low of 1,243.96 after U.S. stock markets shrugged off concerns about a possible end to the Federal Reserve's bond ...

Ontario NDP to back Liberal budget avoiding election

Tue, 21 May 2013 10:03:01 -0400

TORONTO | Tue May 21, 2013 10:03am EDT TORONTO May 21 (Reuters) - Ontario New Democratic Party leader Andrea Horwath said on Tuesday she will support Premier Kathleen Wynne's budget, ensuring the minority Liberal government will survive the budget vote and avoiding an election for now. Wynne's Liberals hold 51 seats in the 107-seat Ontario legislature, meaning they need the ...

BRIEF-JPMorgan Chase shares hit highest level since February 2001

Tue, 21 May 2013 10:01:16 -0400

NEW YORK | Tue May 21, 2013 10:01am EDT NEW YORK May 21 (Reuters) - JPMorgan Chase & Co : * Shares hit highest level since February 2001, now up 1.9 ...

Activist investor wants Alere to explore $2.5 bln unit sale -sources

Tue, 21 May 2013 09:59:26 -0400

NEW YORK | Tue May 21, 2013 9:59am EDT NEW YORK May 21 (Reuters) - An activist investor in Alere Inc wants the health diagnostics and services company to explore a sale of its drug testing business, which it believes could fetch as much as $2.5 billion and help Alere pay down debt, two people familiar with the matter said on Tuesday. Alere, which has a $2.1 billion market value but has ...

Currencies Dollar higher as traders await Fed speakers

Tue, 21 May 2013 09:56:57 -0400

NEW YORK (MarketWatch) -- The U.S. dollar gained ground versus most major rivals Tuesday, with investors awaiting remarks from a pair of Federal Reserve policy makers a day ahead of congressional testimony by Fed Chairman Ben ...

Market Snapshot U.S. stocks rise with Fed speakers on tap

Tue, 21 May 2013 09:56:55 -0400

NEW YORK (MarketWatch) -- U.S. stocks rose on Tuesday, with investors expected to scrutinize speeches by two Federal Reserve officials for any clues as to when the central bank may begin to scale back its $85-billion-a-month asset-purchase ...

Movers Shakers Tuesday’s movers Medtronic Carnival

Tue, 21 May 2013 09:56:54 -0400

NEW YORK (MarketWatch) -- Shares of J.P. Morgan, Yahoo and Apple attracted investor attention in premarket trade on Tuesday. Shares of Medtronic Inc. rose while Carnival Corp. shares ...

African Development Bank to host Innovative Financing Seminar on Infrastructure and Diaspora bonds

Tue, 21 May 2013 09:45:46 -0400

AfDB's annual meetings in Morocco on May 29, 2013. One of the main objectives of the seminar to be at held at the Palmeraie Golf Palace in Marrakech, themed "Financing African Structural Change - Infrastructure and Diaspora Bonds" is to raise awareness of all stakeholders in the role that infrastructure and diaspora bonds can play in catalyzing financing to address the existing ...

UPDATE 5-Oil falls on concern about Federal Reserve direction

Tue, 21 May 2013 09:45:14 -0400

Tue May 21, 2013 9:45am EDT * Fresh conflict in Syria supports prices * Weak demand outlook, well supplied market weigh * Brent-WTI spread heading for lowest close in over two years * Coming Up: API weekly crude stock report at 2030 GMT (Updates prices, adds Syria-Israel clash in paragraph 10) By Simon Falush LONDON, May 21 (Reuters) - Brent oil futures fell towards $104 per barrel on Tuesday ...

Update-Moodys assigns B2 to Cinemark USA bonds

Tue, 21 May 2013 09:16:53 -0400

Tue May 21, 2013 9:16am EDT Cinemark USA, Inc. ...

US STOCKS-Wall St to drift near record high eyes on Fed

Tue, 21 May 2013 09:12:59 -0400

Tue May 21, 2013 9:12am EDT * Home Depot raises outlook, shares jump * Goldman Sachs sees S&P 500 at 1,750 by year-end * JPMorgan shareholders to decide on Dimon's chairmanship * Futures up: Dow 21 pts, S&P 1.7 pts, Nasdaq 0.75 pt By Rodrigo Campos NEW YORK, May 21 (Reuters) - U.S. stocks were set to open little changed on Tuesday after the S&P 500 hit yet another intraday record in the ...

Mayor Parker shows off Houston to Wall Street Journal

Tue, 21 May 2013 09:10:14 -0400

Houston Mayor Annise Parker recently got the chance to show The Wall Street Journal why the Petro Metro has been named the coolest place to live in the U.S. and a boomtown. Houston Mayor Annise Parker recently got the chance to show The Wall Street Journal why the Petro Metro has been named the coolest place to live in the U.S. and a boomtown. As part of The Weekend Interview piece, Parker took ...

T.J. Maxx parent TJXs profit forecast may miss Street estimate

Tue, 21 May 2013 09:03:39 -0400

Tue May 21, 2013 9:03am EDT May 21 (Reuters) - TJX Cos Inc, owner of the low-price T.J. Maxx and Marshalls chains, reported a higher first-quarter profit, and forecast more sales growth in the current quarter. But the retailer, whose chains sells fashion and home goods at big discounts to department store prices, gave a profit forecast for the current quarter that could miss Wall Street ...

Essar signs $1 bln financing deal with China

Tue, 21 May 2013 09:01:06 -0400

MUMBAI | Tue May 21, 2013 9:01am EDT MUMBAI May 21 (Reuters) - Essar Energy Plc on Tuesday signed a $1 billion financial cooperation agreement with the China Development Bank and PetroChina International Co. Ltd. , according to a document seen by Reuters. Detail of the deal - signed in Mumbai during a visit by the Chinese premier - were not immediately known. Sources on Monday told ...

CANADA STOCKS-TSX may open higher in catch up after long weekend

Tue, 21 May 2013 08:56:59 -0400

Tue May 21, 2013 8:56am EDT May 21 (Reuters) - Canada's main stock index looked set to open slightly higher, catching up with gains in global equity markets following a Canadian long weekend, as investors cautiously awaited the release on Wednesday of minutes from the latest U.S. Federal Reserve meeting. TOP STORIES * British inflation fell twice as fast as expected last month, giving ...

Sweden probes former Saab executives in tax investigation

Tue, 21 May 2013 08:55:30 -0400

STOCKHOLM | Tue May 21, 2013 8:55am EDT STOCKHOLM May 21 (Reuters) - Swedish prosecutors have detained the former chief executive of bankrupt car maker Saab and two others in an investigation into suspected tax offences relating to the running of the company, officials said on Tuesday. In documents released by Vanersborg court in western Sweden, home to the former car maker, the ...

Bulgarias ex-PM Borisov says he is convinced rivals can form government

Tue, 21 May 2013 08:51:47 -0400

Tue May 21, 2013 8:51am EDT * Centre-right GERB certain Socialists can form government * Bulgaria locked in a political stalemate * Unemployment close to eight-year high By Tsvetelia Tsolova SOFIA, May 21 (Reuters) - The head of Bulgaria's largest party said on Tuesday he was convinced his rivals would be able to form a government, indicating a political stalemate that could undermine the ...

Iranians face new Internet curbs before presidential election

Tue, 21 May 2013 08:50:36 -0400

By Yeganeh TorbatiDUBAI (Reuters) - Iranians are struggling with slower Internet speeds and limited access ahead of an unpredictable presidential election that has put hardline Islamist authorities on alert for possible unrest.Experts and web users say they believe the Internet obstacles are related to the June 14 presidential vote, the first since 2009 polls in which accusations of fraud - ...

BRIEF-SoundBite Communications jumps 65.6 percent premarket

Tue, 21 May 2013 08:50:03 -0400

NEW YORK | Tue May 21, 2013 8:50am EDT NEW YORK May 21 (Reuters) - SoundBite Communications Inc : * Jumps 65.6 percent to $4.95 in premarket; to be acquired by Genesys for $5 per ...