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| Big depositors in Bank of Cyprus to get 37.5 pct equity: source Friday, Mar 29, 2013 12:42 PM PDT NICOSIA (Reuters) - Big depositors in Cypriot lender Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, a source with direct knowledge of the matter said on Friday. The rest of their big deposits may never be paid back. About 22.5 percent of deposits over 100,000 euros will attract no interest. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well. ... Full Story | Top |
| Treasury's Lew heading to Europe for talks on economy Friday, Mar 29, 2013 12:38 PM PDT  WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew will travel to Europe in early April, his second international trip since taking office a month ago, to discuss recent deterioration in the euro zone and prospects for boosting global economic growth. Lew will travel to Brussels, Frankfurt and Berlin on April 8-9 to meet with the leaders of the European Council and the European Commission as well as European Central Bank chief Mario Draghi, among others, the Treasury said on Friday. ... Full Story | Top |
| Glass Lewis urges MetroPCS shareholders vote down T-Mobile USA deal Friday, Mar 29, 2013 12:04 PM PDT  NEW YORK (Reuters) - Proxy advisor Glass Lewis on Friday became the second firm to suggest that MetroPCS Communications Inc shareholders vote against its proposed merger with T-Mobile USA, adding pressure on Deutsche Telekom AG to offer a sweeter deal. The advisory follows a recommendation by larger proxy firm ISS late on Wednesday night that shareholders should vote against the deal with T-Mobile USA, the U.S. business of Deutsche Telekom. A smaller advisory firm, Egan Jones, had recommended its clients vote in favor of the transaction. ... Full Story | Top |
| Investors shun Europe, emerging market funds as Q1 nears end: EPFR Friday, Mar 29, 2013 12:03 PM PDT  NEW YORK (Reuters) - Investors bailed out of both European and emerging market equities going into the last week of the first quarter over worries involving Cyprus's bailout and its impact on the euro zone crisis, EPFR Global data showed Friday. Funds dedicated to Russia, which is exposed to declining commodity prices and the euro zone crisis, had their worst week since the third quarter of 2011, while emerging Europe equity funds saw over $100 million pulled out for the second week running, according to weekly EPFR data through Wednesday. ... Full Story | Top |
| Investors wary of "slow panic" on growth after Cyprus rescue Friday, Mar 29, 2013 11:44 AM PDT By Mike Dolan LONDON (Reuters) - World markets have reacted calmly to the twists and turns of Cyprus's financial rescue in the last fortnight but many investors fear the economic fallout is yet to come. They have sold European assets, rather than make a global dash for safety that could signal concerns about a euro breakup. Euro blue chip and bank equity prices, regional bank bonds and the euro exchange rate have all fallen sharply this week but Wall St stocks set a record closing high. ... Full Story | Top |
| CA-BUSINESS Summary Friday, Mar 29, 2013 11:35 AM PDT Record Wall Street boosts sentiment, U.S. holds key in Q2 TOKYO (Reuters) - Whether the world's largest economy can sustain momentum will be a primary focus for investors for the next three months after a general recovery trend in the United States helped risk sentiment for broad markets in the first quarter of 2013. Asian shares edged higher and the euro steadied on Friday after banks in Cyprus reopened to relative calm. Overall trade was subdued, with many Asian markets, including Australia, Singapore and Hong Kong, closed on Friday for Easter holidays. ... Full Story | Top |
| More trouble for Cohen's SAC Capital as Steinberg indicted in NY Friday, Mar 29, 2013 11:35 AM PDT  By Nate Raymond and Matthew Goldstein (Reuters) - U.S. prosecutors on Friday charged Michael Steinberg, a veteran portfolio manager at Steven A. Cohen's hedge fund, with insider trading in two technology stocks, the most senior SAC Capital Advisors' employee to be indicted in the government's long-running probe. FBI agents arrested Steinberg at his Park Avenue home in New York City at around 6 a.m. EDT (1000 GMT). Steinberg, wearing a blue sweater, pleaded "not guilty" to charges of securities fraud and conspiracy to commit securities when he appeared at a late morning arraignment. ... Full Story | Top |
| Italy court appoints commissioner to oversee Parmalat Friday, Mar 29, 2013 11:07 AM PDT  PARMA, Italy (Reuters) - An Italian court on Friday appointed Angelo Manaresi as special commissioner to oversee Parmalat as part of a probe into its $900 million acquisition of a U.S. dairy unit last year, according to the ruling document seen by Reuters. Parmalat, majority owned by French cheesemaker Lactalis, is facing both criminal and civil legal inquiries into last May's intra-group deal, which regulators and minority investors say deprived the company of cash. ... Full Story | Top |
| New York state passes budget on time third year in a row Friday, Mar 29, 2013 10:17 AM PDT  By Cheryl Clark ALBANY, New York (Reuters) - New York's Assembly passed the state's $135 billion budget for fiscal year 2013-2014 on Thursday just before midnight, the third budget in a row to be delivered on time in a state known for regularly being late. Lawmakers rushed to sign off on the legislation during a week that was punctuated with religious holidays and have succeeded in getting the job done ahead of the start of the state's fiscal year on April 1. ... Full Story | Top |
| Loeb's Third Point outperforms hedge fund rivals again Friday, Mar 29, 2013 09:31 AM PDT  By Svea Herbst-Bayliss BOSTON (Reuters) - Hedge fund manager Daniel Loeb outperformed his rivals again in the first quarter with returns that kept pace with the stock market's recent rally, a person familiar with Loeb's returns said. The New York-based manager told investors late on Thursday that his flagship Third Point Offshore Fund rose 2.8 percent in March while the Third Point Ultra fund, the leveraged version of the Offshore fund, gained 4.2 percent. For the year to date, the Offshore fund, with $5.6 billion in assets, is up 9.2 percent while the Third Point Ultra Fund gained 13. ... Full Story | Top |
| In Cyprus, the bank run that wasn't Friday, Mar 29, 2013 09:10 AM PDT  By Karolina Tagaris and Michele Kambas NICOSIA (Reuters) - In the end it was hardly even a stroll, let alone the widely predicted run on the banks of Cyprus. Commentators had been confident that as soon as the banks reopened on Thursday at noon after Cyprus signed a rescue deal with the European Union to stave off national bankruptcy, there would be scenes of chaos. The experts were right, but it wasn't the Cypriots causing the pandemonium. Television crews from around the world crowded into tiny Eleftheria Square in central Nicosia, the convenient location of two of the capital's main banks. ... Full Story | Top |
| Consumer data support sturdy first-quarter growth picture Friday, Mar 29, 2013 08:51 AM PDT  By Lucia Mutikani WASHINGTON (Reuters) - Consumer spending rose in February and sentiment among Americans perked up this month, further signs of an acceleration in economic activity in the first quarter after a near stall late last year. The data on Friday also showed a rebound in income growth, putting the economy in a better shape to deal with tighter fiscal policy, particularly $85 billion in across-the-board federal government spending cuts, known as the "sequester. ... Full Story | Top |
| Cyprus says threat contained, no plan to leave euro Friday, Mar 29, 2013 08:36 AM PDT  By Michele Kambas NICOSIA (Reuters) - The president of Cyprus said on Friday the risk of bankruptcy had been contained and the country had no intention of leaving the euro, in a speech laden with criticism of Europe's currency union for "experimenting" with the island's fate. Conservative leader Nicos Anastasiades spoke a day after banks reopened following an almost two-week shutdown imposed as the country raced to clinch a rescue package from the European Union. Officials slapped firm limits on transactions to avert a run on deposits by worried Cypriots and wealthy foreign investors. ... Full Story | Top |
| Power firm CEZ files complaint with EU against Bulgaria Friday, Mar 29, 2013 08:35 AM PDT  PRAGUE (Reuters) - Czech power producer CEZ filed a complaint with the European Commission against Bulgaria on Friday for the government's moves to take away the company's license in the Balkan country. CEZ has had a rough ride in Bulgaria since public protests against high electricity prices led to the fall of Prime Minister Boiko Borisov in February, and authorities have struck out against CEZ and other power firms. ... Full Story | Top |
| Slovenia will not be the next Cyprus: finance minister Friday, Mar 29, 2013 08:33 AM PDT By Marja Novak and Zoran Radosavljevic LJUBLJANA (Reuters) - Slovenia will not be the next euro member to need a financial rescue as it can afford to wait for lower borrowing costs before issuing new debt, its top economic official said on Friday. The new center-left government was widely expected to raise money on financial markets shortly after taking office on March 20 but has not done so because Slovenia's borrowing costs have soared due to the turmoil in Cyprus. ... Full Story | Top |
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