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| SEC, ex-Goldman VP Tourre battle over key fraud trial witness Thursday, Jun 27, 2013 12:36 PM PDT  By Nate Raymond NEW YORK (Reuters) - As the civil fraud trial approaches of former Goldman Sachs Group Inc vice president Fabrice Tourre, the two sides are focusing on a key witness and whether her own legal troubles could affect her testimony. The U.S. Securities and Exchange Commission has said Laura Schwartz, who worked at a bond insurer, can help establish how Tourre misled investors in a complex structured mortgage transaction. But Tourre's lawyers say that Schwartz has a motive to "shade her testimony" because she is herself under investigation by the SEC in a similar case. ... Full Story | Top |
| Tanker cars derail on broken bridge in flood-hit Calgary Thursday, Jun 27, 2013 12:36 PM PDT  By Nia Williams and Scott Haggett CALGARY, Alberta, June 27 - Five rail cars carrying hazardous petroleum products derailed on a broken bridge over the swollen Bow River in Calgary, Alberta, on Thursday, perching perilously close to the water as emergency crews rushed to prevent a spill. The cars contain petroleum distillate, a flammable light oil product that is used in paint and polishes or can be mixed with the sludgy crude from the Canadian oil sands so the crude can flow in pipelines. ... Full Story | Top |
| Bank of America rejects AIG bid to reopen $8.5 billion mortgage accord Thursday, Jun 27, 2013 12:33 PM PDT  By Karen Freifeld NEW YORK (Reuters) - Bank of America Corp has rejected a bid to re-open negotiations into its proposed $8.5 billion settlement with investors in mortgage securities, indicating it plans to take its chances that a New York judge will approve the deal. American International Group Inc and the Federal Home Loan Banks of Boston, Chicago and Indianapolis, which object to the settlement, sent a letter to Bank of New York Mellon Corp , the trustee overseeing the securities. ... Full Story | Top |
| CFTC charges MF Global, Corzine, O'Brien over brokerage collapse Thursday, Jun 27, 2013 12:21 PM PDT  WASHINGTON (Reuters) - Regulators on Thursday settled charges against MF Global over the futures brokerage's collapse, and also charged former Chief Executive Jon Corzine and former Assistant Treasurer Edith O'Brien in connection with the alleged misuse of customer funds. The Commodity Futures Trading Commission said MF Global had agreed to settle all charges against it, pay a $100 million penalty, and pay all the funds still owed to commodity customers. ... Full Story | Top |
| Choppier profits seen on insurance accounting shake-up Thursday, Jun 27, 2013 12:16 PM PDT By Dena Aubin NEW YORK (Reuters) - The biggest overhaul of insurance accounting in 30 years advanced a step on Thursday with the release of a proposal that some insurers fear could make their profits more volatile. In a move to align financial statements worldwide, the U.S. Financial Accounting Standards Board (FASB) aims to shine a light on what some call the "black box" of insurers' finances. By proposing that insurers revalue policies each quarter and recognize revenue later, FASB is trying to make insurers' books more relevant and useful to investors. ... Full Story | Top |
| Accused Boston Marathon bomber indicted by jury Thursday, Jun 27, 2013 12:05 PM PDT By Scott Malone BOSTON (Reuters) - A U.S. grand jury has indicted accused Boston Marathon bomber Dzhohkhar Tsarnaev on charges of killing four people and using homemade bombs, federal prosecutors in Boston said on Thursday. Tsarnaev, 19, is one of two ethnic Chechen brothers accused of carrying out the April 15 attack, which killed three people. A fourth victim, a university police officer, died in a gunfight with the pair four days later as authorities raced to capture them. The indictment includes 30 criminal counts, with 19 of those counts carrying the possibility of the death penalty. ... Full Story | Top |
| Senate tax-writers give colleagues deadline for tax fixes Thursday, Jun 27, 2013 12:03 PM PDT  By Kim Dixon WASHINGTON (Reuters) - The Senate's top Democratic and Republican tax-writers, undertaking a rewrite of the U.S. tax code, on Thursday challenged their Senate colleagues to justify keeping popular tax breaks versus lowering rates. Senate Finance Committee Chairman Max Baucus, a Montana Democrat, and the committee's top Republican, Orrin Hatch of Utah, wrote lawmakers in a "dear colleague" letter that they were starting their bill with a "blank slate. ... Full Story | Top |
| CORRECTED-In search for effective ads, U.S. TV operators mine viewer data Thursday, Jun 27, 2013 11:57 AM PDT By Liana B. Baker and Lisa Richwine (Reuters) - U.S. cable companies and satellite TV providers, locked in battle with broadcasters and online sites for advertising, are taking a page from Google by using data on their subscribers' tastes to serve up tailored commercials. In Los Angeles, a 35-year-old female DirecTV subscriber with a cat might get a spot promoting cat food while the satellite provider would beam a car advertisement to her next door neighbor, a bachelor watching the same channel. ... Full Story | Top |
| Portuguese anti-austerity strike hits mostly transport Thursday, Jun 27, 2013 11:47 AM PDT  By Axel Bugge and Daniel Alvarenga LISBON (Reuters) - Portuguese unions halted public transport on Thursday in a peaceful one-day strike against austerity measures that have led to the worst economic slump since the 1970s and sent unemployment to record levels. Trains, metro services and many public offices shut down. But restaurants and shops opened as hard-up Portuguese who could not afford to miss a day at work opted to go by car, clogging many entry points to Lisbon with traffic jams. ... Full Story | Top |
| Enbridge says Ozark crude pipeline restarted Thursday Thursday, Jun 27, 2013 11:45 AM PDT HOUSTON (Reuters) - Enbridge Energy Partners LLC said it restarted its 215,000 barrels-per-day (bpd) Ozark crude pipeline on Thursday after a shutdown for maintenance, and the line was operating at a reduced rate. Enbridge shut the 435-mile pipeline on June 14 for maintenance but excavated a portion of the line under a lake near Tulsa, Oklahoma, for a closer look when an initial inspection indicated it might have weak spots. No leaks were found, Enbridge spokesman Larry Springer said. ... Full Story | Top |
| Bullock, McCarthy challenge male buddy comedies in 'The Heat' Thursday, Jun 27, 2013 11:43 AM PDT  By Zorianna Kit LOS ANGELES (Reuters) - Actresses Sandra Bullock and Melissa McCarthy are mounting a challenge to this summer's male-dominated comedies with their buddy cop comedy "The Heat" opening at movie theaters on Friday. The R-rated comedic offerings at the summer box office have so far included three guys heading to Las Vegas to hunt down a gangster in "The Hangover 3," two middle-aged men interning at Google in "The Internship" and a group of male celebrities preparing for the apocalypse in "This is the End. ... Full Story | Top |
| Marc Rich, 'King of Oil', laid to rest in quiet Israel ceremony Thursday, Jun 27, 2013 11:38 AM PDT  By Steven Scheer KIBBUTZ EINAT, Israel (Reuters) - Billionaire Marc Rich, the pioneering oil trader who was also a fugitive from U.S. justice for tax evasion, racketeering and busting sanctions with Iran, was laid to rest in a quiet funeral outside Tel Aviv on Thursday. About 100 people, mostly family and old business associates, attended the Jewish religious funeral in the pastoral grounds of Kibbutz Einat, where those who spoke described Rich as loving, kind and generous and not as his public image might suggest. ... Full Story | Top |
| Malone gauges options for Charter, Time Warner Cable deal: report Thursday, Jun 27, 2013 11:31 AM PDT  (Reuters) - John Malone, chairman of Liberty Media, is sounding out options for cable operator Charter Communications to acquire larger rival Time Warner Cable, according to a media report. Liberty Media, which holds a 27-percent stake in Charter Communications, is working on how to structure an offer with enough cash to win over Time Warner Cable investors, Bloomberg reported Thursday, citing people familiar with the discussions. ... Full Story | Top |
| Wall Street climbs for third day as Fed concerns fade Thursday, Jun 27, 2013 11:29 AM PDT  By Alison Griswold NEW YORK (Reuters) - U.S. stocks rose for a third straight day on Thursday as comments from several Federal Reserve officials eased fears that the central bank would begin to reduce its stimulus efforts in the near future. The S&P 500 was on track for its best three-day run since January, bolstered by economic data showing a decline in weekly jobless claims and improvements in consumer spending and income. While the S&P remains more than 3 percent below its all-time closing high of 1669.16 reached on May 21, it has rallied 2.7 percent over the past three sessions. ... Full Story | Top |
| Nexen cuts Long Lake oil sands production after Enbridge spill Thursday, Jun 27, 2013 11:19 AM PDT CALGARY, Alberta (Reuters) - Nexen Inc said Thursday it has reduced production at its Long Lake oil sands project in northern Alberta after Enbridge Inc shut down a 17 kilometer pipeline serving the facility following a 750-barrel leak. A spokeswoman for Nexen, which is owned by CNOOC Ltd would not provide specific numbers on how much production had been reduced. "We're working with Enbridge to get the pipeline operating as quickly as it is safe to do so," spokeswoman Patti Lewis said in an email. (Reporting by Nia Williams; Editing by Gerald E. McCormick) Full Story | Top |
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