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| Leadership fight divides Occidental shareholders: report Saturday, Mar 30, 2013 11:15 AM PDT (Reuters) - Occidental Petroleum Corp chairman and former chief executive Ray Irani is pushing to replace the oil company's current CEO, Stephen Chazen, the Wall Street Journal reported on Saturday, citing "investors and people familiar with the company's operations." However, several big investors who support Chazen have considered the possibility of trying to vote some directors, including Irani, off the board, the newspaper said, citing "people familiar with their plans." The debate over the leadership of the fourth-largest U.S. ... Full Story | Top |
| Argentina puts forward alternative payment plan in bond dispute Saturday, Mar 30, 2013 10:30 AM PDT  By Nate Raymond NEW YORK (Reuters) - Argentina is pitching an alternative payment formula to a U.S. appeals court that would allow it to resolve litigation with creditors holding defaulted bonds for which they are demanding to be paid $1.33 billion. In a filing late on Friday with the 2nd U.S. Circuit Court of Appeals in New York, Argentina proposed to pay creditors who did not participate in two restructurings through a choice of bonds equal to the debt's value at the time of the country's 2002 default, or through discount bonds. ... Full Story | Top |
| CA-BUSINESS Summary Saturday, Mar 30, 2013 09:47 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 |
| Monte Paschi says lost billions in deposits after Feb scandal Saturday, Mar 30, 2013 09:47 AM PDT  MILAN (Reuters) - Customers' deposits at Italian bank Monte dei Paschi fell by "a few billion euros" after a scandal erupted in February over loss-making derivatives trades at the lender, the bank said in a document posted on its web site on Saturday. Monte dei Paschi last week reported a higher-than-expected net loss for the whole of 2012 on the back of a rise in provisions for bad loans and 730 million euros in losses on the derivatives trades, which are at the center of a fraud. But it has yet to make clear what impact the scandal itself had on its first quarter results. ... Full Story | Top |
| EU, IMF resisting merger of Greek banks NBG, Eurobank: paper Saturday, Mar 30, 2013 09:40 AM PDT  ATHENS (Reuters) - Greece's international lenders have asked Athens to halt the merger of National Bank with Eurobank , worried that the resulting lender would be too big for the state to deal with, daily Kathimerini reported on Saturday. The paper said the European Union, European Central Bank and International Monetary Fund troika had raised issues over the size of the merged entity relative to Greece's gross domestic product (GDP) and the banking sector as a whole. Two banking sources, speaking on condition of anonymity, confirmed to Reuters that doubts had been raised. ... Full Story | Top |
| Cyprus details heavy losses for major bank customers Saturday, Mar 30, 2013 08:45 AM PDT  By Karolina Tagaris NICOSIA (Reuters) - Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy. Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week. ... Full Story | Top |
| Belgium agrees savings, asset sales to meet EU budget demands Saturday, Mar 30, 2013 07:20 AM PDT  By Philip Blenkinsop BRUSSELS (Reuters) - Belgium agreed to make 1.4 billion euros ($1.8 billion) of savings and to sell 1 billion euros of state-owned assets on Saturday, as it strives to meet EU budget targets and avoid being drawn into the euro zone's debt crisis. With debt approaching 100 percent of national output (GDP), Belgium has some of the weakest public finances in the euro zone's northern "core", partially due to an almost two-year political stalemate that was only resolved in late 2011. ... Full Story | Top |
| Areva CEO says would be interested in Urenco stake: paper Saturday, Mar 30, 2013 06:31 AM PDT  PARIS (Reuters) - French nuclear group Areva would be interested in taking a stake in uranium enrichment firm Urenco, Areva's CEO was quoted as saying on Saturday. Urenco, owned by the British and Dutch states and Germany's two top utilities, is up for sale and Areva - which already has a partnership with Urenco - is believed to be a leading contender to buy a stake in the firm. Areva so far had played down its possible interest in Urenco. ... Full Story | Top |
| BHP freezes its mining projects in Gabon: sources Saturday, Mar 30, 2013 01:25 AM PDT  LIBREVILLE (Reuters) - Top global miner BHP Billiton is freezing all its projects in Gabon, mining ministry sources said on Friday, dashing government hopes for sizeable investments in manganese and iron ore production. A spokesman for BHP could not immediately be reached for comment. The company holds licences in the Central African country for the mining of manganese at Mounana, 650 km east of the capital Libreville, and at Okondja, 150 km further to the north. ... Full Story | Top |
| Timeline: The long path to a Dell buyout Friday, Mar 29, 2013 06:45 PM PDT By Poornima Gupta and Greg Roumeliotis SAN FRANCISCO/NEW YORK (Reuters) - Dell Inc founder Michael Dell's efforts to take the PC company private began last summer with an idea pitched by its top institutional shareholder, Southeastern Asset Management. Here is a timeline of the discussions as disclosed on Friday in Dell's preliminary proxy statement: June 15, 2012 -- Southeastern Asset Management, which owns 146.5 million shares or about 8.4 percent of Dell, contacts CEO Michael Dell to suggest "a going private transaction" and expresses the fund's interest in participating in it. ... Full Story | Top |
| Investors wary of "slow panic" on growth after Cyprus rescue Friday, Mar 29, 2013 06:29 PM 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 |
| Big depositors in Bank of Cyprus to get 37.5 percent equity: source Friday, Mar 29, 2013 06:29 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 |
| Slovenia will not be the next Cyprus: finance minister Friday, Mar 29, 2013 06:29 PM 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 |
| Banks score major win in private Libor suits Friday, Mar 29, 2013 06:06 PM PDT  By Nate Raymond and Carrick Mollenkamp NEW YORK (Reuters) - The world's biggest banks won a major victory on Friday when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totaling billions of dollars in the case, which had been considered the biggest legal threat that they faced aside from investigations being pursued by regulators in the United States, Europe and Britain. ... Full Story | Top |
| Chesapeake names Dixon interim CEO as McClendon set to leave Friday, Mar 29, 2013 04:37 PM PDT  (Reuters) - Chesapeake Energy Corp appointed Chief Operating Officer Steven Dixon as interim chief executive officer on Friday and made him part of a three-person committee to search for a replacement for Aubrey McClendon. McClendon is expected to step down on Monday. In a statement Chesapeake, the second-largest producer of natural gas, said its board has established an Office of Chairman to steer the company after McClendon leaves. The three-man team will also include Chesapeake's non-executive Chairman Archie Dunham and Chief Financial Officer Domenic Dell'osso. ... Full Story | Top |
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