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| JPMorgan's co-operating chief to depart: WSJ Sunday, Apr 28, 2013 12:42 PM PDT NEW YORK (Reuters) - JPMorgan's co-Chief Operating Officer Frank Bisignano plans to leave the U.S. bank giant, the latest top executive to depart in the past 1-1/2 years, the Wall Street Journal said its online edition on Sunday. The departure is expected to be announced soon, the paper said, citing people close to the bank. Matt Zames, current co-chief operating officer, will become COO of the firm, it said. Zames has been seen as a strong candidate to succeed JPMorgan Chief Executive and Chairman Jamie Dimon. ... Full Story | Top |
| CA-BUSINESS Summary Sunday, Apr 28, 2013 12:07 PM PDT Still stuck on central-bank life support LONDON (Reuters) - Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the U.S. economy. With the euro zone economy in recession, momentum is building for the ECB to lower interest rates for the first time since July 2012, according to senior sources involved in the deliberations. ... Full Story | Top |
| Still stuck on central-bank life support Sunday, Apr 28, 2013 12:06 PM PDT  By Alan Wheatley, Global Economics Correspondent LONDON (Reuters) - Five years after the onset of the global financial crisis, the world economy is in such a chronic condition that the European Central Bank might cut interest rates this week and the Federal Reserve is likely to indicate no let-up in the stimulus it is providing the U.S. economy. With the euro zone economy in recession, momentum is building for the ECB to lower interest rates for the first time since July 2012, according to senior sources involved in the deliberations. ... Full Story | Top |
| Italy prosecutors aim to hasten Finmeccanica graft trial: source Sunday, Apr 28, 2013 11:32 AM PDT  MILAN (Reuters) - Italian prosecutors investigating allegations of corruption by Finmeccanica in the sale of 12 helicopters to India believe their evidence is strong enough to warrant an urgent trial without preliminary proceedings, a legal source with direct knowledge of the situation said. Prosecutors in the city of Busto Arsizio will ask a judge to order that Finmeccanica's former chairman, Giuseppe Orsi, and other suspects skip preliminary hearings and are sent directly to trial, the source said. Pre-trial hearings can last for months. ... Full Story | Top |
| Bank of Cyprus converts portion of uninsured savings to equity Sunday, Apr 28, 2013 11:23 AM PDT  NICOSIA (Reuters) - Cypriot lender Bank of Cyprus said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid. The process, known as a 'bail-in', made depositors in the bank pay for its recapitalization, after the institution was hit by massive losses from its exposure to debt-crippled Greece. Bank of Cyprus, the island's largest bank, said it had converted 37.5 percent of deposits exceeding 100,000 euros into "class A" shares, with an additional 22. ... Full Story | Top |
| Dell investors may still gain after Blackstone pullout: Barron's Sunday, Apr 28, 2013 09:59 AM PDT  NEW YORK (Reuters) - Dell shareholders could still stand to profit even after Blackstone Group LP withdrew its bid to buy the world's No. 3 personal computer maker more than a week ago, Barron's said on Sunday. On April 19, Blackstone's move knocked Dell shares to a two-month low and narrowed the fight for Dell between activist investor Carl Icahn and the company's founder Michael Dell and Silver Lake Partners, the newspaper said. Blackstone dropped its bid for Dell at $14.25 a share, citing deteriorating demand for PCs. On Friday, Dell's stock closed at $13.35, below the $13. ... Full Story | Top |
| Egypt's T-bill yields slip for 3rd week on foreign aid pledges Sunday, Apr 28, 2013 08:02 AM PDT CAIRO (Reuters) - Egyptian treasury bills yields slid for a third week at a 6 billion Egyptian pound auction on Sunday in the continuing afterglow of an April 10 pledge by Qatar and Libya to lend Cairo $5 billion pounds to support its budget. Egypt has been running down its foreign reserves and borrowing from abroad to prop up its currency and plug a budget deficit. Government borrowing to plug the deficit has pushed local banks to the limit of their ability to lend. One analyst said the interest rate decline was probably bottoming out. ... Full Story | Top |
| Sudan's Kenana plans to raise $200 mln in Johannesburg IPO Sunday, Apr 28, 2013 07:59 AM PDT KHARTOUM (Reuters) - Kenana, Sudan's biggest sugar producer, plans to raise around $200 million in an initial public offering in Johannesburg next year, its managing director said. Last week, the Khartoum-based firm said it planned to make next year a stock market offer in Johannesburg with a secondary listing in Dubai, without giving details. Mohamed El Mardi El Tegani told Reuters by mail on Saturday Kenana wanted to raise "around $200 million". ... Full Story | Top |
| Investors hunt for emerging bank shares as euro casts shadow over west Sunday, Apr 28, 2013 06:50 AM PDT By Carolyn Cohn LONDON (Reuters) - The euro zone debt crisis has made investors wary of western European bank stocks and they are seeking more value and less risk in banks in central Europe, Russia, Turkey and even Africa. The problems of western Europe's banking sector, from losses on Greek debt to a bailout for Cyprus that hit big depositors or the governance scandal at Italy's Monte dei Paschi, have undermined old assumptions about relative stability. ... Full Story | Top |
| US-INDUSTRY Summary Sunday, Apr 28, 2013 06:24 AM PDT Iraq watchdog suspends 10 TV channels for inciting violence BAGHDAD (Reuters) - Iraq has suspended the licenses of satellite news network Al Jazeera and nine other channels, accusing them of inciting violence through their coverage of recent sectarian clashes. The Communication and Media Commission (CMC) regulator criticized their reporting of violence triggered by a security forces raid on a Sunni Muslim protest camp in Hawija on Tuesday. Time Warner Cable shifts away from "triple play" (Reuters) - Time Warner Cable Inc, the second-largest U.S. ... Full Story | Top |
| Iraq watchdog suspends 10 TV channels for inciting violence Sunday, Apr 28, 2013 06:24 AM PDT  BAGHDAD (Reuters) - Iraq has suspended the licenses of satellite news network Al Jazeera and nine other channels, accusing them of inciting violence through their coverage of recent sectarian clashes. The Communication and Media Commission (CMC) regulator criticized their reporting of violence triggered by a security forces raid on a Sunni Muslim protest camp in Hawija on Tuesday. None of the channels was immediately available for comment. ... Full Story | Top |
| Abu Dhabi plans financial free zone, may resemble Dubai Sunday, Apr 28, 2013 06:19 AM PDT  By Stanley Carvalho ABU DHABI (Reuters) - The oil-rich emirate of Abu Dhabi is putting finishing touches to plans to establish a financial free zone that could resemble, and therefore compete with, the Dubai International Financial Centre, sources familiar with the matter said. A federal decree was passed by the United Arab Emirates' President Sheikh Khalifa bin Zayed al-Nahayan in February to create the area, known as the Abu Dhabi World Financial Market, on Al Maryah island, the sources told Reuters. ... Full Story | Top |
| Libya to help ease Egypt crisis with $1.2 bln oil deal Sunday, Apr 28, 2013 05:46 AM PDT  By Jessica Donati and Ghaith Shennib TRIPOLI (Reuters) - Libya will soon start shipping oil to neighbouring Egypt on soft credit terms, two senior Libyan officials said, as Cairo struggles to pay for energy imports and avoid fuel shortages. The officials told Reuters that Tripoli would supply Cairo with $1.2 billion worth of crude at world prices but on interest free credit for a year, with the first cargo expected to arrive next month. Egypt has slid into economic crisis since president Hosni Mubarak was overthrown two years ago. ... Full Story | Top |
| Deutsche Bank has "zero tolerance" for tax evaders: CEO Sunday, Apr 28, 2013 05:20 AM PDT  FRANKFURT (Reuters) - Deutsche Bank has "zero tolerance" for customers seeking to evade taxes by holding assets in foreign accounts managed by the lender, Co-Chief Executive Juergen Fitschen told German radio broadcaster Deutschlandfunk. "Tax evasion is a crime," Fitschen said in an interview. "It's unacceptable." Germany's biggest lender has restrictive policies for dealing with its customers' overseas assets and all employees working in the area are aware of it, Fitschen said. ... Full Story | Top |
| Analysis: China's 4G bonanza to shake up mobile gear vendor market Sunday, Apr 28, 2013 02:00 AM PDT  By Simon Johnson and Leila Abboud STOCKHOLM/PARIS (Reuters) - Chinese telecom operators will start awarding contracts for super-fast mobile networks this year, kicking off the third wave of a global investment cycle that is reshaping the competitive landscape among telecom equipment makers. China, the world's biggest mobile market with 1.1 billion subscribers, is likely to further alter the picture at the expense of European suppliers by giving a huge boost to Huawei and its smaller Chinese rival ZTE. ... Full Story | Top |
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