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| San Francisco area rail strike causes traffic nightmare Monday, Jul 01, 2013 12:41 PM PDT By Noel Randewich and Jim Christie SAN FRANCISCO (Reuters) - Commuter rail workers went on strike on Monday in the San Francisco area for the first time in more than 15 years, triggering gridlock on highways and headaches for thousands trying to get to work. The Bay Area Rapid Transit system (BART) serves about 400,000 riders daily. Many rely on it to travel to jobs across the region, with busy routes into San Francisco communities on the east side of the bay. ... Full Story | Top |
| Analysis: After selloff, some dip toes back in emerging markets Monday, Jul 01, 2013 12:39 PM PDT  By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - The threat of less central bank stimulus and higher interest rates has crushed emerging markets more than most assets in the past two months, in some cases slashing the value of stocks and bonds in developing countries to levels not seen since the last financial crisis. The slump after U.S. Federal Reserve Chairman Ben Bernanke signaled in May that the Fed expects to curb and then end its bond-buying program in the next year if the economy improves has pushed prices to levels that would have looked very appealing only a few weeks ago. ... Full Story | Top |
| Commodity investors race to adapt on fear of supercycle end Monday, Jul 01, 2013 12:31 PM PDT  By Barani Krishnan NEW YORK (Reuters) - Investors who have plowed some $400 billion into raw materials markets over the past 10 years are accelerating efforts to change their strategies, if not their allocations, on the growing belief the commodities "supercycle" has come to an end. While pension funds and other institutional investors have been quick to bail on gold as bullion fell deeper into bear market territory in the second quarter, they have yet to abandon other markets like oil and metals en masse, asset allocation experts and analysts say. ... Full Story | Top |
| Wall Street kicks off new quarter with solid gains on data Monday, Jul 01, 2013 12:22 PM PDT  By Angela Moon NEW YORK (Reuters) - U.S. stocks kicked off a new quarter with solid gains on Monday, boosted by signs of strength in the U.S. manufacturing and construction sectors. But analysts expected the market to become more volatile as the week progresses with the crucial jobs report set for release on Friday, a day after the July 4 holiday, when U.S. markets will be closed. All but one of the top 10 S&P 500 sectors rose in Monday's broad advance, extending the S&P 500's 12.6 percent gain in the first six months of 2013. It was the strongest first half of a year since 1998. ... Full Story | Top |
| Microsoft entertainment head may leave to be Zynga CEO: report Monday, Jul 01, 2013 12:17 PM PDT  By Malathi Nayak and Bill Rigby SAN FRANCISCO (Reuters) - Games publisher Zynga Inc could replace its chief executive Mark Pincus with Microsoft Corp executive Don Mattrick, possibly as early as late Monday, according to a report by AllThingsD that sent Zynga shares up more than 10 percent. ... Full Story | Top |
| Hitler's food taster feared death with every morsel Monday, Jul 01, 2013 12:01 PM PDT By Michelle Martin BERLIN (Reuters) - Margot Woelk spent the last few years of World War Two eating lavish meals and fearing that every mouthful could mean death. The former food taster for Adolf Hitler was served a plate of food and forced to eat it between 11 and 12 every morning for most of the last 2-1/2 years of the Nazi German leader's life. If she did not fall ill, the food was packed into boxes and taken to Hitler at the Wolf's Lair, a military headquarters located deep in woodland, in what is today northeastern Poland. ... Full Story | Top |
| CORRECTED-Obamacare 1.0: States brace for Web barrage when reform goes live Monday, Jul 01, 2013 11:58 AM PDT  By Sharon Begley NEW YORK (Reuters) - About 550,000 people in Oregon do not have health insurance, and Aaron Karjala is confident the state's new online insurance exchange will be able to accommodate them when enrollment under President Barack Obama's healthcare reform begins on October 1. What Karjala, the chief information officer at "Cover Oregon," does worry about, however, is what will happen if the entire population of Oregon - 3.9 million - logs on that day "just to check it out," he said. ... Full Story | Top |
| Exclusive: Walmart to start work on opening in Peru - source Monday, Jul 01, 2013 11:52 AM PDT  By Omar Mariluz LIMA (Reuters) - Wal-Mart Stores Inc will start work this year to eventually open stores in Peru and plans to form a local management team to run the effort, a source with the global retailer said on Monday, but a spokesman at Wal-Mart headquarters in the United States denied there were any such plans. Wal-Mart spokesman Kevin Gardner said the company was only going to run a quality assurance office in Peru for procuring products. Websites of Peru's public registry and national tax collection agency both showed the U.S. ... Full Story | Top |
| Factories rebound in June, but hiring down Monday, Jul 01, 2013 11:42 AM PDT  By Steven C. Johnson NEW YORK (Reuters) - Manufacturing expanded last month, rebounding from an unexpected contraction in May, but hiring in the sector was the weakest in nearly four years, which could make the Federal Reserve think twice about how soon to scale back its stimulus. A separate report on Monday showed construction spending neared a four-year high in May, a sign that it is regaining some strength after having collapsed during the 2007-2009 recession. But even with recent consumer and housing data suggesting the U.S. ... Full Story | Top |
| Former KMPG partner pleads guilty for insider trading scheme Monday, Jul 01, 2013 11:38 AM PDT By Ronald Grover and Dana Feldman (Reuters) - Scott London, a former senior partner with accounting firm KPMG whose clients included Herbalife Ltd and Sketchers USA, pleaded guilty before a federal judge in Los Angeles to a charge of securities fraud arising from his involvement in insider trading. London, 50, who supervised more than 500 accounting professionals at KPMG, faces a maximum of 20 years in federal prison and a maximum fine of $5 million or twice the gross gain or gross loss resulting from his offense, according to the plea agreement. ... Full Story | Top |
| New apps to tame uncontrollable inboxes Monday, Jul 01, 2013 11:33 AM PDT By Natasha Baker TORONTO (Reuters) - Buried under emails? Losing control of an overflowing inbox? New apps are designed to help consumers deal with seemingly endless streams of electronic mail. Three apps, Dispatch and Boxer for the iPhone, and Boomerang for Android devices, try to make email management on smartphones fast and simple. Another app called Sanebox, which works on any platform and costs between $2 and $20 each month, creates a folder in a user's mailbox where it filters unimportant messages. ... Full Story | Top |
| Hyundai hit with $14 million verdict in U.S. airbag trial Monday, Jul 01, 2013 11:31 AM PDT  By Jessica Dye NEW YORK (Reuters) - A U.S. jury found South Korea's Hyundai Motor Co should pay $14 million to a Virginia man who suffered traumatic brain damage in a car accident after the side air bags in his 2008 Hyundai Tiburon failed to deploy. Jurors in state court in Pulaski County, Virginia, deliberated for more than eight hours before finding on Friday that a defect in the car's air-bag design was responsible for the injuries sustained by Zachary Duncan in the 2010 crash, according to court records and Duncan's attorney. ... Full Story | Top |
| Icahn seeks Dell meeting after securing $5.2 billion for bid Monday, Jul 01, 2013 11:25 AM PDT  By Michelle Sierra and Leela Parker (Reuters) - Billionaire investor Carl Icahn asked for a meeting with Dell Inc's special board committee after lining up $5.2 billion in loan commitments to back up his bid for a leveraged recapitalization of the personal computer maker. Icahn, in an open letter to Dell shareholders, said that financing commitments included $1.6 billion from Jefferies Finance LLC, which will publicly file the papers after markets close on Monday. "With that we put an end to the unwarranted speculation by Dell that our money would not be available," Icahn said in the letter. ... Full Story | Top |
| Britain's payday lenders to face new regulator 'with real teeth' Monday, Jul 01, 2013 10:52 AM PDT  By William James LONDON (Reuters) - A regulatory crackdown on Britain's payday lenders could include an advertising ban, rules on how quickly loans can be made and better data sharing among lenders, lawmakers and regulators said after an industry conference on Monday. The market for short-term loans, designed to be repaid when borrowers receive their wages, has grown rapidly in Britain and other countries like the U.S. as traditional bank credit lines have withered following the 2008 financial crisis. ... Full Story | Top |
| Barclays stance on capital rules tests ties with regulator Monday, Jul 01, 2013 10:52 AM PDT  By Steve Slater LONDON (Reuters) - Barclays' promise to have a model relationship with industry regulators is already being tested as the bank tries to fend off pressure to meet stricter capital requirements without reining in lending. The Bank of England delivered a quick and sharp response on Friday when Barclays Chief Executive Antony Jenkins said he may have to cut lending to UK households and companies if he is forced to meet a 3 percent leverage ratio quickly. The BoE said it had made it "very clear" that any plans that restrict lending would not be accepted. ... Full Story | Top |
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