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| CA-BUSINESS Summary Saturday, Apr 06, 2013 11:35 AM PDT Icahn refuses to drop proxy fight option: WSJ (Reuters) - Billionaire investor Carl Icahn is refusing to drop the option of a proxy fight to force Dell Inc to pay a big dividend, in spite of the board committee's request that he drop his threats and launch a formal bid for the company, the Wall Street Journal reported. Icahn had asked the board's special committee to be reimbursed for the cost of his due diligence on Dell, a benefit the committee has already granted to rival bidders Silver Lake Partners and Blackstone Group LP . ... Full Story | Top |
| Italy to pay 40 billion euros of state debt to companies Saturday, Apr 06, 2013 11:34 AM PDT  By Catherine Hornby and Giuseppe Fonte ROME (Reuters) - Italy's caretaker government said on Saturday it would pay 40 billion euros ($52 billion) that the state owes to private companies over the next 12 months, while vowing to stick within the European Union's deficit limit. The cabinet approved a decree intended to provide funds to cash-strapped firms and help tackle a deep recession in the euro zone's third-largest economy. But some industry groups said it would be difficult for businesses to claim their money despite the measures. ... Full Story | Top |
| Berlusconi to propose eight bills to Italian parliament Saturday, Apr 06, 2013 10:47 AM PDT ROME (Reuters) - Silvio Berlusconi said on Saturday his center-right party would soon present eight bills to parliament, including a proposal to abolish a hated housing tax, in an attempt to seize the initiative despite Italy's political deadlock. Since elections in February, Italy has been in limbo with a huge protest vote for the populist 5-Star Movement splitting parliament three ways and leaving no group with enough support to rule alone. Center-left leader Pier Luigi Bersani has rebuffed overtures from Berlusconi's People of Freedom (PDL) party to form a grand coalition with him. ... Full Story | Top |
| Italy economy minister to discuss new decree with EU Commissioner: source Saturday, Apr 06, 2013 09:48 AM PDT ROME (Reuters) - Italian Economy Minister Vittorio Grilli will meet with the European Union's economics affairs chief Olli Rehn in Brussels on Monday to explain a new government decree to pay state debts to private firms, a government source said on Saturday. Italy's caretaker cabinet on Saturday said it had approved a decree to pay some 40 billion euros of the state's debts to private companies over the next 12 months, seeking to provide businesses with vital liquidity and help tackle a deep recession. (Reporting By Giuseppe Fonte, editing by Catherine Hornby) Full Story | Top |
| Icahn refuses to drop proxy fight option: WSJ Saturday, Apr 06, 2013 09:09 AM PDT  (Reuters) - Billionaire investor Carl Icahn is refusing to drop the option of a proxy fight to force Dell Inc to pay a big dividend, in spite of the board committee's request that he drop his threats and launch a formal bid for the company, the Wall Street Journal reported. Icahn had asked the board's special committee to be reimbursed for the cost of his due diligence on Dell, a benefit the committee has already granted to rival bidders Silver Lake Partners and Blackstone Group LP. ... Full Story | Top |
| Morocco cuts state investment, may reconsider subsidy reform Saturday, Apr 06, 2013 06:37 AM PDT RABAT (Reuters) - The Moroccan government has decided to cut its investment spending this year by 15 billion dirhams to reduce pressure on state finances, the finance ministry said in a statement. The government originally planned in its national budget for this year to invest 180 billion dirhams; in the 2012 budget, public investment was to be 188 billion dirhams. "It is not austerity - I prefer to talk about rigour. We are just trying to optimise our spending," finance minister Nizar Baraka told Reuters late on Friday. ... Full Story | Top |
| Italy cabinet approves 40 bln euros of state payments to firms Saturday, Apr 06, 2013 06:06 AM PDT ROME (Reuters) - Italy's caretaker cabinet approved a decree on Saturday to pay some 40 billion euros of the state's debts to private companies over the next 12 months. The decree, intended to provide vital liquidity to cash-strapped firms and help tackle a deep recession, had been scheduled to be approved last Wednesday but was delayed due to doubts over how to fund the measure. . ... Full Story | Top |
| South Sudan resumes oil production -state oil company Saturday, Apr 06, 2013 05:18 AM PDT  JUBA (Reuters) - South Sudan has restarted oil production after agreeing with Sudan to resume cross-border oil flows last month, an executive at the state oil company said on Saturday. "Yes it has started," Paul Adong Bith Deng, managing director of state oil firm Nile Petroleum (Nilepet), told Reuters by phone from an oilfield in Unity state, South Sudan, when asked whether oil production had been resumed. After months of negotiations both African countries agreed in March to resume oil exports from the landlocked South Sudan through Sudan. Full Story | Top |
| Ruling against BP clears way for appeal of spill payouts Saturday, Apr 06, 2013 04:57 AM PDT By Kathy Finn NEW ORLEANS (Reuters) - A U.S. judge's ruling Friday against BP Plc means the company can proceed with its appeal of the way a court-appointed administrator apportions payments for claims related to the 2010 Gulf of Mexico oil spill, some of which BP called "absurd." Federal District Judge Carl Barbier said he found no reason to reverse his decision last month to uphold the payout process. ... Full Story | Top |
| EU's Rehn: Big depositors could suffer in future bank bailouts under new law Saturday, Apr 06, 2013 03:03 AM PDT  HELSINKI (Reuters) - Big bank depositors could take a hit under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus's bailout model was exceptional. "Cyprus was a special case ... but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down," Rehn, the European Economic and Monetary Affairs Commissioner, said in a TV interview with Finland's national broadcaster YLE. ... Full Story | Top |
| Egypt, Sudan plan joint farming, livestock projects Saturday, Apr 06, 2013 01:58 AM PDT  By Khalid Abdelaziz KHARTOUM (Reuters) - Egypt and Sudan want to launch joint farming, livestock and biofuel projects to help double bilateral trade, Egypt's President Mohamed Mursi said on Friday during his first visit to Khartoum. Sudan imports much of its food from Egypt, especially fruit such as strawberry and oranges, as the African country produces too little to feed its population of 32 million. Even fruit juices and yoghurt products come from Egypt. ... Full Story | Top |
| IKEA halts moose lasagne sales after pork traces found Saturday, Apr 06, 2013 01:13 AM PDT  STOCKHOLM (Reuters) - Furniture retailer IKEA said on Saturday it had halted sales of moose lasagne after traces of pork were found in a batch of the product. Sales of the lasagne, of which about 10,000 tonnes has been produced by a Swedish supplier for IKEA, were stopped at its stores in 18 countries across Europe after tests by Belgian authorities late last month revealed traces of pork. ... Full Story | Top |
| China's big banks "faking" their micro loans: researcher Saturday, Apr 06, 2013 12:30 AM PDT BOAO (Reuters) - China's big banks are not delivering on their promise to lend more to the smallest firms and are instead "faking" their micro loans, a researcher said on Saturday, suggesting a government drive to increase micro-lending is struggling. Ba Shusong, a researcher from the Development Research Center, a think-tank that advises China's cabinet, said the biggest Chinese banks are still setting tough collateral standards for small firms, who often cannot meet the demands. ... Full Story | Top |
| Ex-Credit Suisse trader pleads not guilty to MBS price inflation Friday, Apr 05, 2013 06:16 PM PDT  By Nick Brown (Reuters) - A former Credit Suisse trader pleaded not guilty on Friday to charges of inflating the prices of subprime mortgage-backed bonds to the tune of $540 million. Kareem Serageldin, who was extradited to the U.S. by British officials this year, entered his plea at an arraignment in Manhattan federal court, a spokeswoman for the Manhattan U.S. Attorney's office said on Friday evening. Serageldin, 39, is slated to appear in court again next Friday before Judge Alvin Hellerstein, spokeswoman Julie Bolcer said. ... Full Story | Top |
| BizJet officers charged with bribing Latin American officials Friday, Apr 05, 2013 04:58 PM PDT  By Nick Brown (Reuters) - Two officers of a Lufthansa subsidiary were indicted in Oklahoma on charges of bribing foreign officials to secure aircraft maintenance contracts, while two others pleaded guilty to related criminal charges, the U.S. Department of Justice announced. The charges, unsealed on Friday, were filed in January of 2012 against four directors of BizJet International Sales & Support, a U.S.-based unit of Lufthansa that provides aircraft maintenance, after a joint probe by the DOJ and FBI. ... Full Story | Top |
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