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| CA-BUSINESS Summary Thursday, Apr 04, 2013 12:32 PM PDT TSX slips to three-month low as U.S. data drags TORONTO (Reuters) - Canada's main stock index fell to its lowest in more than three months on Thursday, led by declines in energy and financial shares, as weak U.S. jobless claims numbers stoked worries about the recovery in the world's biggest economy. Investors also nervously eyed major monetary policy moves, with the Bank of Japan planning to pump more money into the economy and the European Central Bank President saying the ECB was "ready to act. ... Full Story | Top |
| BOJ to pump $1.4 trillion into economy in unprecedented stimulus Thursday, Apr 04, 2013 12:32 PM PDT  By Leika Kihara and Stanley White TOKYO (Reuters) - The Bank of Japan unleashed the world's most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows. New Governor Haruhiko Kuroda committed the BOJ to open-ended asset buying and said the monetary base would nearly double to 270 trillion yen ($2.9 trillion) by the end of 2014, a dose of shock therapy officials hope will end two decades of stagnation. ... Full Story | Top |
| Numbness gives way to anger in Cyprus over bailout Thursday, Apr 04, 2013 12:30 PM PDT  By Michele Kambas and Karolina Tagaris NICOSIA (Reuters) - Public shock in Cyprus about the tough terms of an international bailout is turning into anger as millions of euros remain locked in the country's banks. Cypriots were stunned by last month's collapse of its second-biggest lender, Popular Bank, and a decision to slap losses on large deposits at the Bank of Cyprus in return for financial aid from the European Union and IMF. ... Full Story | Top |
| Wall Street inches upward, new jobless claims weigh Thursday, Apr 04, 2013 12:19 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - Stocks edged higher on Thursday on supportive plans by major central banks, though another disappointing U.S. economic report added to worries about the economy's strength. An unexpected jump in weekly jobless claims to a four-month high raised questions about the labor market's recovery, a day ahead of the government's widely watched monthly jobs report. On Wednesday, a report showed U.S. companies hired at the slowest pace in five months in March. Offsetting that, the Bank of Japan shocked markets with ambitious plans to fight deflation. ... Full Story | Top |
| Exclusive: Deutsche Telekom mulls improved MetroPCS offer - sources Thursday, Apr 04, 2013 12:11 PM PDT  By Sophie Sassard and Philipp Halstrick LONDON/FRANKFURT (Reuters) - Deutsche Telekom is looking into improving the terms of a proposed merger of its T-Mobile USA unit with MetroPCS Communications as a last resort to win over shareholders ahead of a vote on the deal next week, two people familiar with Deutsche Telekom's thinking said. The board of the Bonn-based company is divided on whether to sweeten the terms of the cash and share deal to secure approval at a MetroPCS shareholder vote on April 12 and is hoping it could still avoid any change, the people said. ... Full Story | Top |
| Airbus regains top spot from Boeing in first quarter Thursday, Apr 04, 2013 12:06 PM PDT  By Tim Hepher and Alwyn Scott PARIS/NEW YORK (Reuters) - Airbus recaptured the aircraft industry's top spot in the first quarter as U.S. rival Boeing fell behind on orders and grappled with the grounding of its newest jet, the 787 Dreamliner, data from both companies showed on Thursday. A transatlantic battle had swung in the U.S. company's favor for the first time in several years in 2012 as Boeing sold more revamped 737s and accelerated deliveries of the Dreamliner, giving it control of the $100 billion annual jet industry. ... Full Story | Top |
| Analysis: U.S. turns to thrift-era fraud law to tackle money laundering Thursday, Apr 04, 2013 11:36 AM PDT  By Aruna Viswanatha WASHINGTON (Reuters) - The Justice Department is again testing the reach of a once-dormant civil fraud law, applying it to money laundering after reviving it recently for cases tied to the financial crisis. The Financial Institutions Reform, Recovery and Enforcement Act, passed in 1989 in response to the savings-and-loan crisis, covers fraud that "affects" federally insured financial institutions, a broad category that is increasingly useful to government lawyers. ... Full Story | Top |
| Ex-Goldman trader Taylor pleads guilty to wire fraud Thursday, Apr 04, 2013 11:16 AM 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 |
| Deutsche Telekom says not amending terms of MetroPCS deal Thursday, Apr 04, 2013 11:14 AM PDT FRANKFURT (Reuters) - Deutsche Telekom said on Thursday it has no plans to amend the terms of a proposed merger of its T-Mobile USA unit with rival MetroPCS. Asked whether the Bonn-based company was working on sweetening the deal, a spokesman said: "No, we can flatly deny that." Last week, two proxy advisory firms suggested MetroPCS shareholders should vote against the deal, backing opposing shareholders who have concerns about the valuation and the amount of debt being assigned to the combined company. (Reporting by Harro ten Wolde; Editing by Maria Sheahan) Full Story | Top |
| Corzine's "negligent conduct" led to MF Global collapse: trustee Thursday, Apr 04, 2013 11:12 AM PDT  By Tom Hals (Reuters) - The "negligent conduct" of Jon Corzine and other officers of the MF Global Holdings Ltd brokerage contributed to the firm's dramatic collapse in 2011, according to a report by the bankruptcy trustee. The report by former FBI director Louis Freeh said the failure of MF Global's officers contributed to losses of as much as $2.1 billion and adds to the growing number of reports and investigations pointing to their liability. ... Full Story | Top |
| Ex-Monte Paschi managers hit with five-million-euro fine: sources Thursday, Apr 04, 2013 11:09 AM PDT  By Silvia Ognibene FLORENCE, Italy (Reuters) - The Bank of Italy has ordered former top executives of Monte dei Paschi di Siena to pay a total of 5 million euros ($6.4 million) for a lack of controls over risky trades at the bank, two sources close to the situation said. The fines were imposed after the Bank of Italy completed a thorough inquiry into risky dealings that forced the Tuscan bank to book hundreds of millions of euros of additional losses. ... Full Story | Top |
| Exclusive: UBS was mystery lender for Thai group's Ping An buy from HSBC - sources Thursday, Apr 04, 2013 11:07 AM PDT  By Michael Flaherty, Elzio Barreto and Denny Thomas HONG KONG (Reuters) - The mystery lender behind a Thai billionaire's $9.4 billion purchase of a stake in China's No.2 insurer was UBS, people with direct knowledge of the matter told Reuters, revealing how the bank stepped in at the last minute to offer a complex financing package known only to a few involved. The Swiss bank's financial backing for China's largest ever foreign stock purchase explains how a Thai conglomerate scraped together $7.4 billion in cash for the deal's final payment, after its main lender backed out at the 11th hour. ... Full Story | Top |
| U.S. charges N.Y. mortgage lender with defrauding government Thursday, Apr 04, 2013 10:51 AM PDT By Jonathan Stempel (Reuters) - The United States on Thursday sued a New York mortgage company it said defrauded the federal government into insuring poor quality home loans, costing taxpayers millions of dollars. In a civil lawsuit filed in Manhattan federal court, the U.S. Department of Justice said Golden First Mortgage Corp and its president David Movtady "repeatedly lied" to the government between 2002 and 2010 to win Federal Housing Administration insurance for its home loans. ... Full Story | Top |
| Court reverses $482 million case against JNJ's Cordis Thursday, Apr 04, 2013 10:50 AM PDT WASHINGTON (Reuters) - Cordis Corp, a Johnson and Johnson subsidiary, did not infringe upon a stent patent owned by a radiologist, an appeals court said on Thursday, reversing a ruling by a lower court which had ordered Cordis to pay $482 million. The U.S. Court of Appeals for the Federal Circuit reversed a ruling from a Texas jury, which had found Cordis guilty of infringement and ordered the payment, plus interest. The appeals court ruled that Cordis had not infringed. A lawyer for the radiologist, Bruce Saffran, was not immediately available. The case in the U.S. ... Full Story | Top |
| Telefonica receives $257 million credit line for Blackberry phones Thursday, Apr 04, 2013 10:27 AM PDT  MADRID (Reuters) - Telefonica, Europe's biggest telecoms operator by revenue, has received a 200 million euro ($257 million) financing facility from the Canadian export agency to buy BlackBerry smartphones and services. Export Development Canada (EDC) said the credit line to Telefonica would be used to provide BlackBerry products and services across Telefonica's international operations. Telefonica operates in more than a dozen fast-growing Latin American markets as well as its depressed home market of Spain and other European markets. ... Full Story | Top |
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