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| Bernanke: premature to say if 'mixed' data will delay bond taper Thursday, Jul 18, 2013 12:23 PM PDT By Alister Bull and Pedro da Costa WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke said on Thursday it was too soon to judge if recent "mixed" signals from the U.S. economy would prompt the central bank to delay plans to trim its bond buying later this year. In what could be his final appearance before Congress, the Fed chief was asked if a recent run of disappointing economic data could undermine the case to begin scaling back asset purchases in September, as financial markets currently expect. ... Full Story | Top |
| Pfizer not to move forward with takeover bid for Onyx: sources Thursday, Jul 18, 2013 12:18 PM PDT  NEW YORK (Reuters) - Pfizer Inc decided not to pursue a bid for Onyx Pharmaceuticals Inc this week, according to two people familiar with the matter, leaving Amgen Inc in the pole position to buy the cancer drugmaker with a market value of nearly $10 billion. Onyx, which rejected Amgen's $120 per share bid and instead put itself up for sale on June 30, was expecting to receive first-round offers from a few interested parties as soon as this week, people familiar with the matter previously told Reuters. ... Full Story | Top |
| Dow, S&P 500 hit record highs on earnings and Bernanke Thursday, Jul 18, 2013 12:15 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - The Dow and the S&P 500 rose to all-time intraday highs on Thursday as Morgan Stanley and others reported better-than-expected earnings and Federal Reserve Chairman Ben Bernanke's comments further reassured markets. Shares of Morgan Stanley jumped 4.6 percent to $27.76 after the bank posted a 42 percent increase in quarterly profit as stock trading revenue soared. The S&P financial index climbed 1.3 percent. A rally in the shares of UnitedHealth helped lift the Dow and other health insurers' stocks. UnitedHealth gained 6.6 percent to $70. ... Full Story | Top |
| Washington Post Co buys industrial supplier Thursday, Jul 18, 2013 12:11 PM PDT (Reuters) - The Washington Post Co may be taking a page out of the "Oracle of Omaha's" playbook, by further diversifying as profit and revenue at its namesake newspaper sag. On Thursday, the Washington Post said it was buying Forney Corp, a supplier of products and systems for power and industrial boilers, from United Technologies Corp for an undisclosed sum. Warren Buffett, the Washington Post's largest shareholder and a former board member, has built Omaha, Nebraska-based Berkshire Hathaway Inc into one of the pre-eminent U.S. ... Full Story | Top |
| Detroit preparing for bankruptcy filing as early as Friday: report Thursday, Jul 18, 2013 12:11 PM PDT  (Reuters) - The city of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, the Detroit Free Press reported on Thursday, citing several unnamed sources. The filing would begin a 30-to-90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer, the newspaper reported on its website. Bill Nowling, spokesman for the city's emergency manager Kevyn Orr, could not be reached immediately for comment on the Free Press report. ... Full Story | Top |
| Canada's big railways review safety rules after train disaster Thursday, Jul 18, 2013 12:03 PM PDT  By Solarina Ho and Julie Gordon (Reuters) - Canada's two big railroads are reviewing safety standards after the deadly train crash on July 6 that killed some 50 people and destroyed the center of a small Quebec town. Canadian Pacific Railway Ltd, Canada's No. 2 operator, said on Thursday it has already made some changes to its operating rules. It will no longer park unattended trains hauling hazardous materials on main lines, and is bringing in tougher rules on setting the brakes that hold a stationary train in place. ... Full Story | Top |
| For New Zealand, San Francisco America's Cup looks make or break Thursday, Jul 18, 2013 11:57 AM PDT By Noel Randewich SAN FRANCISCO, July 18 (Reuters) - Fifty-six-year-old Grant Dalton's daily routine includes strapping on a helmet, a wetsuit and a belt full of emergency gear to work as a lowly "grinder" on the New Zealand catamaran competing in this year's America's Cup sailing regatta. Cranking the big winches is an intensely physical job normally left to brawny men at least two decades his junior. The wiry, tart-tongued Dalton is also the managing director of Emirates Team New Zealand. ... Full Story | Top |
| Senators reach deal to move student loans to market rates Thursday, Jul 18, 2013 11:55 AM PDT  By Elvina Nawaguna and Mark Felsenthal WASHINGTON (Reuters) - A coalition of Senate Democrats and Republicans have reached a tentative deal with President Barack Obama that would roll back a recent spike in interest rates on new federal loans for college students and instead move the loans to a market-based rate. Lawmakers are trying to secure a retroactive fix before the next educational year starts, after interest rates on millions of new federal student loans automatically doubled to 6.8 percent on July 1. Unless Congress agrees on a fix, about 7. ... Full Story | Top |
| India to probe school meal scheme after 23 children die Thursday, Jul 18, 2013 11:42 AM PDT  By Annie Banerji GANDAMAN, India (Reuters) - The Indian government announced on Thursday it would set up an inquiry into the quality of food given to school pupils in a nationwide free meal scheme after at least 23 children died in one of the deadliest outbreaks of mass poisoning in years. Within minutes of eating a meal of rice and potato curry in the eastern state of Bihar on Tuesday, the children began to fall ill, a cook at the school at the center of the outbreak told Reuters from her hospital bed. ... Full Story | Top |
| Factory, labor market data offer bright signs for economy Thursday, Jul 18, 2013 11:34 AM PDT  By Jason Lange WASHINGTON (Reuters) - New claims for jobless benefits fell last week and factory activity picked up in the Mid-Atlantic region in early July, signs of a stronger economy that could help push the Federal Reserve to ease its monetary stimulus. Thursday's data bolsters the view that economic growth could pick up after a dismal first half of the year in which consumers were smacked by tax hikes and deep cuts in the federal budget. ... Full Story | Top |
| Three manufacturers to plead guilty to price fixing: U.S. Thursday, Jul 18, 2013 11:33 AM PDT WASHINGTON (Reuters) - Panasonic Corp , its affiliate Sanyo Electric Co Ltd and LG Chem Ltd agreed to plead guilty to separate price-fixing allegations involving automotive parts and battery cells, the U.S. Justice Department said on Thursday. Panasonic agreed to pay about a $45.8 million criminal fine, Sanyo agreed to pay $10.7 million and LG Chem $1.1 million, the department said in a statement. (Reporting by David Ingram; Editing by Gerald E. McCormick) Full Story | Top |
| Real-life mystery of JK Rowling's 'secret' novel uncovered Thursday, Jul 18, 2013 11:31 AM PDT  By Belinda Goldsmith LONDON (Reuters) - A real-life mystery over who blew the cover on JK Rowling writing a detective novel under a pseudonym was uncovered on Thursday when the culprit was revealed to be - her law firm, which apologized unreservedly for the leak. Rowling, whose Harry Potter series made her Britain's best-selling author, posed as a retired military policeman called Robert Galbraith to write "The Cuckoo's Calling" that was released in April to strong reviews but minimal sales. ... Full Story | Top |
| Bernanke sees need for backstop for mortgage market Thursday, Jul 18, 2013 11:30 AM PDT  By Margaret Chadbourn WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke weighed into the contentious debate over the future of the housing finance system on Thursday, saying some sort of backstop for mortgages was needed to protect the financial system in times of stress. However, he stopped short of explicitly endorsing a government role, which many Democrats see as the best approach. "I think a key issue is going to be ... ... Full Story | Top |
| Vivendi rejected $8.5 billion Softbank bid for Universal Music: FT Thursday, Jul 18, 2013 11:24 AM PDT  PARIS (Reuters) - Japanese telecoms group SoftBank Corp offered to pay $8.5 billion to acquire Universal Music but its owner, French media and entertainment conglomerate Vivendi , rejected the bid, the Financial Times reported on Thursday, citing people familiar with the proposal. The paper said the bid for the world's largest music group was made about three months ago. Vivendi spurned the offer because it sees music as central to its strategy, it said. ... Full Story | Top |
| 'Horror Story' scares up most Emmy nods, Netflix shakes up race Thursday, Jul 18, 2013 11:23 AM PDT  By Piya Sinha-Roy and Mary Milliken LOS ANGELES (Reuters) - The dark thriller "American Horror Story: Asylum" scored the most nominations for television's Emmy Awards on Thursday, but it was the Internet streaming service Netflix that made history with nods for its big push into original programming. Netflix landed a total of 14 nominations for political drama "House of Cards," comedy "Arrested Development" and thriller "Hemlock Grove," a validation of its challenge to broadcast and cable networks. ... Full Story | Top |
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