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| Time Warner Cable beats on high-speed data demand Thursday, Jan 31, 2013 11:41 AM PST  (Reuters) - Time Warner Cable Inc, the second largest U.S. cable operator, posted a fourth-quarter profit that beat analysts' estimates, helped by robust demand for high-speed data services. Time Warner Cable and larger rival Comcast Corp have been increasingly relying on internet services to drive growth as they continue to lose cable TV subscribers. Time Warner said residential high-speed data revenue for the quarter rose 17.2 percent due to price increases and more subscribers opting for higher-priced services. ... Full Story | Top |
| Porsche, hedge funds agree VW case can be heard in Germany Thursday, Jan 31, 2013 11:34 AM PST FRANKFURT (Reuters) - Porsche SE and several hedge funds seeking damages from the Stuttgart-based financial holding agreed on Thursday that New York was the wrong place to pursue compensation, and left the door open to bringing a case in German courts. Porsche said it continued to believe that claims made against it are without merit, but signaled that legal woes tied to its botched takeover of Volkswagen are not yet over. ... Full Story | Top |
| Credit Suisse fails to narrow Nat'l Century fraud trial Thursday, Jan 31, 2013 11:33 AM PST  (Reuters) - Credit Suisse Group Inc lost its bid to be tried separately from convicted National Century Financial Enterprises Inc co-founder Lance Poulsen in an upcoming $2 billion civil trial over fraud at the healthcare financier a decade ago. The decision released Thursday by U.S. District Judge James Graham means that more evidence harmful to the Swiss bank's defense against bondholders could be introduced at the trial, which is scheduled to begin on April 1. ... Full Story | Top |
| Income surge puts consumers in better shape Thursday, Jan 31, 2013 11:12 AM PST  WASHINGTON (Reuters) - American income growth surged in December as companies rushed to make dividend payments before higher tax rates set in, while buoyant wage growth also gave a lift to households. U.S. personal income rose 2.6 percent last month, the biggest increase in eight years, the Commerce Department said on Thursday. While much of the gain was due to special payments aimed at beating tax increases due to begin this month, wages still grew at one of the faster rates seen last year. ... Full Story | Top |
| U.S. challenges Anheuser-Busch InBev's purchase of Grupo Modelo Thursday, Jan 31, 2013 11:11 AM PST  WASHINGTON (Reuters) - The U.S. Justice Department has filed a lawsuit seeking to stop Anheuser-Busch InBev SA from buying the half of Mexican brewer Grupo Modelo that it does not already own, saying the $20.1 billion deal would lessen competition in the U.S. beer market. Trading in Constellation Brands , which would have become sole owner of the company that distributes Modelo's Corona beer in the United States if the transaction had been approved, was halted after it dropped 23.8 percent. AB InBev shares dropped as much as 8. ... Full Story | Top |
| Peregrine Financial's ex-CEO sentenced to 50 years in jail Thursday, Jan 31, 2013 11:09 AM PST  CEDAR RAPIDS, Iowa (Reuters) - A U.S. judge on Thursday sentenced the founder of Peregrine Financial Group to 50 years in prison for looting hundreds of millions of dollars from the brokerage, saying his customers would probably never recover the money they lost. Russell Wasendorf Sr., who had tried to kill himself just before the fraud was uncovered, received the maximum sentence allowed by law and was ordered to pay $215.5 million in restitution for his nearly 20-year scheme. ... Full Story | Top |
| Analysis: Canadian hedge funds' growth dreams face tough reality Thursday, Jan 31, 2013 11:00 AM PST TORONTO (Reuters) - Canadian hedge funds will likely remain more boutique than big box in the future, as lack of scale, poor returns and difficulty accessing big investors weigh down growth. Helped by start-ups in and around Toronto's financial district, the Canadian industry is estimated to manage more than C$30 billion ($29.73 billion), up from about $15 billion four years ago. Some managers think that could more than triple in coming years, but it would still be miniscule compared with the roughly $2 trillion managed by U.S. and other foreign hedge funds. ... Full Story | Top |
| Deutsche capital boost puts banks' models in spotlight Thursday, Jan 31, 2013 10:58 AM PST LONDON (Reuters) - The sharp improvement in Deutsche Bank's capital ratio has revived debate about the role banks' own risk models play in deciding whether or not they have sufficient reserves. Germany's largest lender, one of Europe's most weakly capitalized major banks, beat expectations on Thursday when it reported an 8 percent core tier one capital ratio for the end of 2012, helping to drive its share price close to one-year highs. This compared to a target of 7.2 percent and 8.5 percent by the end of this quarter. ... Full Story | Top |
| Deutsche Bank swallows $4 billion of charges for cleanup Thursday, Jan 31, 2013 10:58 AM PST  FRANKFURT (Reuters) - Deutsche Bank plunged to its worst quarterly loss in four years on Thursday after it took nearly $4 billion in charges to try and draw a line under a slew of scandals and boost its balance sheet without asking shareholders for cash. Shares in Germany's largest lender hit their highest level in nearly a year after it raised its capital levels closer to European peers. But with so much uncertainty surrounding future capital requirements for the industry, a rights issue, which would dilute existing investors, remains a risk, Deutsche said. "We have been very consistent. ... Full Story | Top |
| Market treads water before Friday's employment data Thursday, Jan 31, 2013 10:31 AM PST  NEW YORK (Reuters) - Stocks were little changed on Thursday as investors were cautious after a mixed bag of economic data, while stellar earnings from chipmaker Qualcomm helped the Nasdaq index to edge higher. The S&P 500 is on track to post its best month since October 2011 and its best January since 1997. Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Thursday's 0.39 percent drop after data showed the economy contracted in the fourth quarter of 2012. ... Full Story | Top |
| Apple loses a U.S. appeals bid in Samsung patent fight Thursday, Jan 31, 2013 10:28 AM PST  SAN FRANCISCO (Reuters) - A U.S. appeals court on Thursday rejected Apple Inc's request to revive its bid for a sales ban on Samsung's Galaxy Nexus smartphone, dashing the iPhone maker's attempt to recover crucial leverage in the global patent wars. Apple had asked the full Federal Circuit Court of Appeals in Washington, D.C., to revisit a decision in October by a three-judge panel of the same court. The panel rejected Apple's request to impose a sales ban on Samsung's Nexus smartphone ahead of a trial set for March 2014. An Apple spokeswoman declined to comment. ... Full Story | Top |
| Exclusive: Ocwen leads in deal to buy Ally mortgage rights - sources Thursday, Jan 31, 2013 10:22 AM PST  NEW YORK (Reuters) - Ocwen Financial Corp is in the lead to buy mortgage servicing rights on $122 billion of loans from Ally Bank, three people familiar with the situation said on Thursday. The deal is expected to be valued at around $1 billion and could be announced soon, said one of the sources, who declined to be identified because details of the auction are not public. Ally, the U.S. auto lender that is 74 percent-owned by the U.S. government, received five offers for the mortgage servicing rights and the outcome of the auction is not certain, the source said. ... Full Story | Top |
| Anti-Walmart protestors will stop picketing the chain Thursday, Jan 31, 2013 10:19 AM PST (Reuters) - Labor groups that have long spoken out against Wal-Mart Stores Inc will stop much of their picketing against the world's largest retailer after reaching a deal with the National Labor Relations Board, Wal-Mart said on Thursday. The agreement comes after Wal-Mart filed an unfair labor practice charge against the United Food and Commercial Workers International Union, or UFCW, in November, asking the NLRB to halt what the retailer said were unlawful attempts to disrupt its business. ... Full Story | Top |
| Rome court summons Bank of Italy over Monte Paschi Thursday, Jan 31, 2013 09:51 AM PST  ROME (Reuters) - A court in Rome has summoned Bank of Italy officials for questioning on the state bailout of Monte dei Paschi, as scandal spread over the trading that plunged the world's oldest bank into trouble. The Lazio regional administrative court said in a statement on Wednesday that it had called Deputy Governor Fabrizio Saccomanni and Luigi Federico Signorini, the official in charge of bank supervision, to a hearing on Saturday. The central bank said they would not attend, but would be represented by counsel. ... Full Story | Top |
| BOI did not try to stop ex-Monte Paschi chief leading bank lobby-new head Thursday, Jan 31, 2013 09:51 AM PST ROME (Reuters) - The Bank of Italy made no effort to stop the re-appointment of former Monte dei Paschi chairman Giuseppe Mussari as head of the Italian Banking Association last year despite turmoil surrounding the troubled lender, the new head of the association said on Thursday. The comment to Reuters by Antonio Patuelli, confirmed as new head of ABI on Thursday, underlines the growing question over why the Italian central bank did not take tougher action against the former management of Monte Paschi despite being aware of serious problems at the bank. ... Full Story | Top |
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