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| CA-BUSINESS Summary Wednesday, Apr 03, 2013 12:50 PM PDT Soft U.S. data triggers TSX's biggest drop of the year TORONTO (Reuters) - Canada's main stock index tumbled nearly 2 percent on Wednesday, recording its biggest percentage decline in more than nine months, as sluggish U.S. economic data dampened hopes for a smooth recovery and caused declines in all major sectors. The selloff erased nearly all the gains the index has made since the start of the year and took it to its lowest point in more than three months. ... Full Story | Top |
| Carlyle's Rubenstein says Cyprus scaring depositors Wednesday, Apr 03, 2013 12:50 PM PDT By Greg Roumeliotis BOSTON (Reuters) - Carlyle Group LP co-Chief Executive David Rubenstein said on Wednesday that inflicting losses on deposits at Cypriot banks has had a chilling effect across the world and could drive investors to pull their money from banks in other countries. A European Union bailout deal to save Cyprus from bankruptcy came with a raid on deposits over 100,000 euros in Cypriot bank accounts, an unprecedented move that has sent jitters across the single currency euro zone and beyond. "Cyprus is 0.2 percent of the EU's gross domestic product so it's insignificant. ... Full Story | Top |
| Cyprus faces "very unfavorable" outlook in near term: Sarris Wednesday, Apr 03, 2013 12:50 PM PDT  By Michele Kambas NICOSIA (Reuters) - Cyprus should brace itself for an extended period of difficulty in the near term after sealing a bailout deal forcing it to forgo much of its banking sector, its former finance minister said. Michael Sarris, who stepped down as finance minister just five weeks into the job on Tuesday, said in an interview that Cyprus had made mistakes, but said lenders and European Union partners had treated Cyprus unfairly. "Clearly... mistakes were made, there was excessive growth in bank credit, in government spending. But I don't think it needed to come to this. ... Full Story | Top |
| Ex-Goldman trader Taylor pleads guilty to wire fraud Wednesday, Apr 03, 2013 12:47 PM PDT  By Lauren Tara LaCapra and Nate Raymond NEW YORK (Reuters) - Ex-Goldman Sachs Group Inc trader Matthew M. Taylor pleaded guilty on Wednesday to defrauding the Wall Street bank with an unauthorized $8.3 billion futures trade in 2007, saying he exceeded internal risk limits and lied to supervisors to cover up his activities. Taylor, 34, pleaded guilty to one count of wire fraud in federal court in lower Manhattan on Wednesday morning, after voluntarily turning himself into federal authorities earlier in the day. ... Full Story | Top |
| British Airways parent IAG, Boeing reach deal on 18 Dreamliners Wednesday, Apr 03, 2013 12:44 PM PDT  MADRID (Reuters) - International Airlines Group said on Wednesday it had firmed up orders for 18 of Boeing's 787 Dreamliners, a show of confidence in the jet that has been grounded since January because of battery problems. The long-haul aircraft would replace some of British Airways' current fleet of Boeing 747-400s between 2017 and 2021, IAG, which owns the UK airline and Spain's flag carrier Iberia, said in a statement to the Spanish stock exchange. ... Full Story | Top |
| Former broker pleads guilty to insider trading Wednesday, Apr 03, 2013 12:36 PM PDT By Bernard Vaughan NEW YORK (Reuters) - Former broker Thomas Conradt pleaded guilty Wednesday to insider trading charges related to trades he made ahead of a $1.2 billion acquisition by International Business Machines Corp in 2009. In court on Wednesday, Condradt, 35, said he used tips from a roommate to trade on shares of Chicago-based software company SPSS before IBM agreed to buy it on July 28, 2009, for $1.2 billion. He also passed those tips along to several colleagues at the Manhattan office of Euro Pacific Capital Inc, the brokerage he was working at. ... Full Story | Top |
| Soft U.S. data triggers TSX's biggest drop of the year Wednesday, Apr 03, 2013 12:36 PM PDT  By John Tilak TORONTO (Reuters) - Canada's main stock index tumbled nearly 2 percent on Wednesday, recording its biggest percentage decline in more than nine months, as sluggish U.S. economic data dampened hopes for a smooth recovery and caused declines in all major sectors. The selloff erased nearly all the gains the index has made since the start of the year and took it to its lowest point in more than three months. An industry report showed the pace of growth in the U.S. services sector slowed in March to the lowest level in seven months as new orders and employment measures pulled back. ... Full Story | Top |
| Wall Street falls on weaker data, North Korea comments Wednesday, Apr 03, 2013 12:11 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - Stocks fell on Wednesday as weaker-than-expected economic data caused investors to trim positions ahead of Friday's jobs report and defense secretary expressed concern over North Korea. A report on private-sector jobs showed less-than-expected hiring in March, which some analysts saw as a discouraging sign ahead of Friday's Department of Labor report. Stocks extended losses in afternoon trading, with the S&P 500 and Nasdaq falling more than 1 percent. The Pentagon said it was sending a missile defense system to Guam in the coming weeks, while U.S. ... Full Story | Top |
| US-INDUSTRY Summary Wednesday, Apr 03, 2013 11:31 AM PDT Disney to shut LucasArts games studio, lay off workers LOS ANGELES/SAN FRANCISCO (Reuters) - Walt Disney Co plans to shut the 30-year-old LucasArts studio it inherited with the acquisition of George Lucas' film company last year, and focus on licensing its "Star Wars" brand externally, a spokesman said on Wednesday. The closure will involve an unknown number of layoffs. A "small team" will remain to handle licensing partnerships but all inhouse development has been halted, including its much-anticipated title "Star Wars 1313", said Miles Perkins, a spokesman for Lucasfilm Ltd. Dish raises $2. ... Full Story | Top |
| Disney to shut LucasArts games studio, lay off workers Wednesday, Apr 03, 2013 11:30 AM PDT  By Ronald Grover and Malathi Nayak LOS ANGELES/SAN FRANCISCO (Reuters) - Walt Disney Co plans to shut the 30-year-old LucasArts studio it inherited with the acquisition of George Lucas' film company last year, and focus on licensing its "Star Wars" brand externally, a spokesman said on Wednesday. The closure will involve an unknown number of layoffs. A "small team" will remain to handle licensing partnerships but all inhouse development has been halted, including its much-anticipated title "Star Wars 1313", said Miles Perkins, a spokesman for Lucasfilm Ltd. ... Full Story | Top |
| Jimmy Fallon to succeed Leno as "Tonight Show" host: NBC Wednesday, Apr 03, 2013 11:16 AM PDT  NEW YORK (Reuters) - "Late Night" talk show host Jimmy Fallon will assume one of the most visible positions in U.S. television next year as new host of the "Tonight Show," succeeding Jay Leno who held the job for more than two decades, NBC said on Wednesday. Leno "will wrap up what will be 22 years of headlining the iconic late-night show in spring 2014," NBC said in a statement, adding that Fallon would "transition into new hosting duties on 'The Tonight Show'" after Leno ends his run. ... Full Story | Top |
| TD CEO Clark to retire in 2014, Masrani to succeed him Wednesday, Apr 03, 2013 11:15 AM PDT  By Andrea Hopkins TORONTO (Reuters) - Ed Clark, who transformed Toronto-Dominion Bank from a struggling Canadian lender into one of the largest retail banks in North America, will step down next year and hand the reins to the bank's U.S. unit leader, Bharat Masrani. The handover, part of a larger changing of the guard taking hold in the Canadian banking sector, comes earlier than expected, but does not suggest a change in direction for Canada's second-largest lender, Masrani told Reuters. "I don't see a change in vision," said Masrani, who had been seen as one of two likely successors to ... Full Story | Top |
| Google to sell second-gen Nexus 7 tablet from July: sources Wednesday, Apr 03, 2013 11:12 AM PDT  By Clare Jim TAIPEI (Reuters) - Google Inc will launch a new version of its Nexus 7 tablet powered by Qualcomm Inc's Snapdragon processor around July, two sources told Reuters, as the software giant pushes deeper into the cut-price mobile hardware market. Google is aiming to ship as many as eight million of the Asustek-made tablets in the second half of the year, throwing down the gauntlet to other low-end tablets such as Amazon.com Inc's Kindle Fire and Apple Inc's iPad mini, the sources with knowledge of the new product said. ... Full Story | Top |
| JPMorgan wins dismissal of most Dexia mortgage claims Wednesday, Apr 03, 2013 11:04 AM PDT  By Jonathan Stempel and Nate Raymond (Reuters) - JPMorgan Chase & Co has won the dismissal of the vast majority of a lawsuit accusing it of misleading the Belgian-French bank Dexia SA into buying more than $1.6 billion of troubled mortgage debt. The decision, made public Wednesday by U.S. District Judge Jed Rakoff in Manhattan, is a victory for the largest U.S. bank, in a case that gained notoriety after emails and other materials were disclosed that suggested the bank and its affiliates knew the debt was toxic, but sold it anyway. Dexia was not immediately available for comment. ... Full Story | Top |
| Retirement rollovers can be misleading, confusing: watchdog Wednesday, Apr 03, 2013 10:41 AM PDT  (Reuters) - Workers encounter confusion and misleading information when they leave their jobs and roll over their retirement money into individual retirement accounts, or IRAs, from company-sponsored 401(k) plans, according to a report released on Wednesday by the Government Accountability Office. The government watchdog did not name any of the firms where it found misleading practices. Almost all U.S. ... Full Story | Top |
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