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Nikkei rises on track for longest winning run since May 23 selloff
* Nikkei and Topix both up 0.6 pct * Sony rises after hedge fund ups stake, presses spin-off By Dominic Lau TOKYO, June 18 (Reuters) - Japan's Nikkei rose on Tuesday, heading for a third straight day of gains, which will mark its longest winning run since a sharp selloff on May 23, underpinned by hopes the Federal Reserve will reinforce its commitment to support the U.S. economy. Sony Corp ...
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UPDATE 1-Third Point raises Sony stake presses for entertainment spin-off
Mon Jun 17, 2013 9:04pm EDT TOKYO, June 18 (Reuters) - New York-based hedge fund company Third Point said it had raised its stake in Japan's Sony Corp and asked for an opportunity to present its proposal to Sony's board for a partial spin-off of the company's entertainment unit. The move comes after Third Point, a $13 billion hedge fund founded by billionaire investor Daniel Loeb, ...
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Wall St. waiting on Bernankes words
Photo credit: Chairman Ben Bernanke (Getty) Since the U.S. economic recovery began, the Federal Reserve has emerged as the biggest power player on Wall Street, with investors hanging on to every comment made by Fed Chairman Ben Bernanke and his team. How powerful is the Fed? After recent comments from Bernanke that his agency might soon start to taper its easy-money policies over the next few ...
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FEATURE-Flush with orders aerospace industry retools for future
Mon Jun 17, 2013 8:55pm EDT * Boeing increased 737 production rates 60 percent * Airbus has cut plane assembly time 30 percent * GE testing 3-D printers to make better engine parts, faster By Alwyn Scott PARIS, June 18 (Reuters) - As airplane makers gathered outside Paris to show off their newest high-tech jetliners on Monday, a less-heralded technology story was unfolding back home on the ...
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Hedge fund manager used postal box to hide $6 million fraud Feds say
CHICAGO/SAN FRANCISCO (Reuters) - A North Carolina hedge fund manager used a personal post-office box and forged bank statements to hide his theft of about $6 million over a seven-year period, U.S. regulators and prosecutors said on ...
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GLOBAL MARKETS-Asian shares slide as upcoming Fed meeting jangles nerves
Mon Jun 17, 2013 10:46pm EDT * MSCI Asia ex-Japan slips 0.7 pct, Nikkei opens down 0.3 pct * Dollar steady vs yen, choppy against basket of key currencies By Chikako Mogi TOKYO, June 18 (Reuters) - Asian shares slid on Tuesday as investors waited on tenterhooks for news of the U.S. Federal Open Market Committee's plans for its stimulus programme - with the mere suggestion of fine-tuning it ...
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UPDATE 2-Sprint sues Dish Clearwire as key deadline looms
Mon Jun 17, 2013 9:22pm EDT * SoftBank, Dish seek to buy Sprint * Sprint, Dish seek control of Clearwire * Lawsuit filed in Delaware Chancery Court By Jonathan Stempel and Sruthi Ramakrishnan June 17 (Reuters) - Sprint Nextel Corp on Monday said it has sued Dish Network Corp to block its tender offer for Clearwire Corp, on the eve of a key deadline in a takeover battle that also includes ...
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Sprint files lawsuit against Dish and Clearwire
(Reuters) - Sprint Nextel Corp has filed a lawsuit against Dish Network Corp and Clearwire Corp to prevent the completion of Dish's offer for Clearwire's shares.The lawsuit details how Dish has "repeatedly attempted to fool Clearwire's shareholders into believing its proposal was actionable in an effort to acquire Clearwire's spectrum and to obstruct Sprint's ...
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Starboards battle with Smithfield over China-deal adds to activist image
By Nadia Damouni and Olivia Oran NEW YORK, June 17 | Mon Jun 17, 2013 7:56pm EDT NEW YORK, June 17 (Reuters) - Since Starboard Value LP was spun off as a separate hedge fund just over two years ago it has been fast gaining a reputation for aggressive shareholder activism, pushing for change in household names including AOL and Office Depot Inc. Initially investing in small cap value ...
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UPDATE 1-JCI looks to private equity to sell auto electronics unit -sources
Mon Jun 17, 2013 7:55pm EDT * Buyout interest among rival auto suppliers has waned - sources * Delphi was interested, but no longer pursuing a deal- sources * Electronics unit may fare better under private equity- analyst By Soyoung Kim and Deepa Seetharaman NEW YORK/DETROIT, June 17 (Reuters) - Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion ...
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EMERGING MARKETS-Brazil stocks hurt as Batistas OGX MMX tumble
* By Asher Levine and Danielle Assalve SAO PAULO, June 17 (Reuters) - Brazilian stocks fell on Monday, dragged down by a decline in shares of oil producer OGX and mining company MMX, both controlled by billionaire Eike Batista, whose holdings have suffered a sharp sell-off this year. OGX declined 15.46 percent, while MMX dropped 14.38 percent, pulling the Bovespa stock index 0.49 percent into ...
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Aust bonds weaken on QE rollback talk
Australian bond futures contract prices are weaker as dealers brace for US Federal Reserve chairman Ben Bernanke giving more clues on whether stimulus spending will be unwound. JP Morgan interest rate strategist Sally Auld said an article in the Financial Times newspaper, suggesting a tapering of the US Fed's quantitative easing program, helped weaken US and local bond markets. This ...
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British prosecutor to charge central Libor suspect -source
By Kirstin Ridley Mon Jun 17, 2013 7:43pm EDT June 17 - Britain's top fraud prosecutor is poised to bring criminal charges against former Citigroup Inc and UBS AG trader Thomas Hayes, who is alleged to have been a central figure in a scam to rig global benchmark interest rates, a source familiar with the situation said on Monday. Britain's Serious Fraud Office was expected as soon as ...
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U.S. states greens delay lawsuit watch for Obama climate plan
WASHINGTON (Reuters) - Environmental groups and a dozen states and cities said Monday they will delay planned legal action against the U.S. Environmental Protection Agency, saying they will wait to see if the White House soon unveils a climate policy ...
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WRAPUP 3-Snowden rejects suggestions he is a spy for China
Mon Jun 17, 2013 7:33pm EDT * Snowden hits back against critics, criticizes Obama * He questions whether he can get fair trial in U.S. * Shrugs off Cheney criticism, calls it an 'honor' * Obama reiterates trade-off between security and privacy By Laura MacInnis and John Whitesides WASHINGTON, June 17 (Reuters) - Edward Snowden, the former National Security Agency contractor who exposed ...
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UPDATE 1-Peru protesters push to stop $5 billion Newmont mine
Mon Jun 17, 2013 7:21pm EDT By Mitra Taj PEROL LAKE, Peru, June 17 (Reuters) - Thousands of opponents of a $5 billion gold project of Newmont Mining circled a lake high in the Andes on Monday, vowing to stop the company from eventually draining it to make way for Peru's most expensive mine. Lake Perol is one of several lakes that would eventually be displaced to mine ore from the Conga ...
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Glencore unit to purchase alumina from Orbites proposed plant
June 17 | Mon Jun 17, 2013 7:20pm EDT June 17 (Reuters) - A unit of Glencore Xstrata plc entered into an agreement with Orbite Aluminae Inc to purchase smelter-grade alumina (SGA) from its proposed plant in Quebec. Under the terms of the agreement, Glencore International AG will buy all the output from the clean technology company's first SGA plant in Quebec for an initial term of ...
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UPDATE 1-IMF approves $1.27 bln disbursement to Ireland
By Anna Yukhananov WASHINGTON, June 17 | Mon Jun 17, 2013 7:13pm EDT WASHINGTON, June 17 (Reuters) - The International Monetary Fund said Ireland was on track with the conditions of its bailout program, and disbursed the European country's next chunk of aid on Monday. The IMF, one of a trio of lenders overseeing Dublin's 85 billion euro ($113 billion) bailout, said Ireland's ...
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White House threatens veto of House farm bill over cuts to food stamp program
WASHINGTON -- The White House is threatening to veto the House version of a massive, five-year farm bill, saying food stamp cuts included in the legislation could leave some Americans hungry. The House is preparing to consider the bill this week. The legislation would cut $2 billion annually, or around 3 percent, from food stamps and make it harder for some people to qualify for the program. ...
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Moody’s issues rating for Miami-Dade water and sewer bonds
A key agency has issued a strong credit rating for Miami-Dade’s upcoming bond sale to finance repairs to its antiquated water and sewer system. But Moody’s Investors Service also warned that if the county doesn’t hike user rates as planned, the rating could slip.Miami-Dade is preparing to issue nearly $445 million in bonds to help pay for pipe fixes required by a federal ...
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Fitch Covered Bonds Important Tool for Large Australasian Banks
Mon Jun 17, 2013 7:00pm EDT (The following statement was released by the rating agency) Link to Fitch Ratings' Report: Australian and New Zealand Banks: Covered Bonds here SYDNEY, June 17 (Fitch) Fitch Ratings says in a new report that access to covered bond markets is a mild credit positive for Australian and New Zealand banks, allowing access to new investors, a longer issuance duration ...
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Jay Zs million-album Samsung sale unlikely to count for charts
By Eric Kelsey LOS ANGELES, June 17 | Mon Jun 17, 2013 6:58pm EDT LOS ANGELES, June 17 (Reuters) - Rapper Jay Z's upcoming studio album will go to a million users of Samsung smartphones three days before its official release in a promotional deal, but the distribution is unlikely to count toward official sales figures, an industry expert said on Monday. Jay Z, 43, announced on ...
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UPDATE 1-Moodys cuts 38 Studios bonds may cut Rhode Island
Mon Jun 17, 2013 6:53pm EDT June 17 (Reuters) - Moody's Investors Service on Monday downgraded by two notches its rating on $75 million of taxable bonds sold to benefit bankrupt 38 Studios and put $2.1 billion of Rhode Island's debt under review for possible downgrade, citing lawmakers unwillingness to repay the debt. A video-gaming venture, 38 Studios was founded by former Boston Red ...
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Cargill to acquire Northstar Grain assets in Michigan
CHICAGO, June 17 | Mon Jun 17, 2013 6:51pm EDT CHICAGO, June 17 (Reuters) - U.S. agribusiness Cargill Inc said on Monday it is acquiring the grain storage and fertilizer business of Northstar Grain LLC, based in southwestern Michigan. The terms of the deal were not disclosed. This is Cargill's third investment in a North American grain company in the past three weeks. The deal, ...
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UPDATE 1-New York City settles U.S. lawsuit over police pensions
Mon Jun 17, 2013 6:49pm EDT By Jonathan Stempel NEW YORK, June 17 (Reuters) - New York City has settled a lawsuit in which the federal government accused it of improperly reducing retirement benefits for current and former police officers who served in the military after Sept. 11, 2001. Monday's settlement calls for pension benefits for New York City Police Department ("NYPD") ...
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