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| Jurors hear of Tourre's Goldman paid leave after SEC lawsuit Friday, Jul 26, 2013 12:56 PM PDT  By Nate Raymond NEW YORK (Reuters) - A lawsuit by the U.S. Securities and Exchange Commission may have destroyed his career, as former Goldman Sachs trader Fabrice Tourre put it, but for more than a year it didn't eliminate his pay. Goldman Sachs Group Inc paid Tourre a base salary of 480,000 pounds ($738,000) after he was put on leave following the filing of the SEC lawsuit in 2010, Tourre said on Friday. Tourre, 34, speaking at the end of his second week of his trial, said he didn't have a choice but to go on leave after the lawsuit was filed. ... Full Story | Top |
| JPMorgan to exit physical commodities business Friday, Jul 26, 2013 12:55 PM PDT  (Reuters) - JPMorgan Chase & Co said it was considering a sale or a spin-off of its physical commodities business, including its holdings of commodities assets and its physical trading operations, as regulators increase scrutiny of Wall Street's role in commodities. The bank's decision comes soon after the U.S. Federal Reserve said it was reviewing a 2003 decision that first allowed regulated banks to trade in physical commodity markets, and the U.S. Department of Justice began a probe into Wall Street's role in the metals warehousing industry. ... Full Story | Top |
| Wall St. cuts declines heading into close Friday, Jul 26, 2013 12:53 PM PDT  NEW YORK (Reuters) - Stocks cut earlier declines heading into the closing bell on Friday, with the S&P 500 and Nasdaq pushing into positive territory as shares of Starbucks and Amazon.com rose in the wake of their earnings reports. The Dow Jones industrial average was off 10.74 points, or 0.07 percent, to 15,544.87. The Standard & Poor's 500 Index edged up 0.02 points, or 0.00 percent, at 1,690.27. The Nasdaq Composite Index added 5.69 points, or 0.16 percent, to 3,610.88. (Reporting by Leah Schnurr; Editing by Nick Zieminski) Full Story | Top |
| Muni board watching general obligation debt in Detroit case Friday, Jul 26, 2013 12:50 PM PDT  WASHINGTON (Reuters) - The municipal bond market's self-regulator on Friday said the Detroit emergency manager's proposed treatment of general obligation bonds in the city's bankruptcy case risks changing how investors view what has long been considered the safest class of municipal debt. Kevyn Orr, Detroit's state-appointed manager, has said that general obligation bondholders will remain unsecured creditors in the $18.5 billion bankruptcy filing. "You have a long history of ... ... Full Story | Top |
| Was 'recklessness' to blame for Spanish train crash? Friday, Jul 26, 2013 12:49 PM PDT  By Teresa Medrano and Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - Spanish police were investigating on Friday if the driver of a train that crashed in Santiago de Compostela killing dozens had been driving at reckless speed when he took a tight curve. Spain's worst train accident in decades on Wednesday evening killed at least 78, with three bodies still unidentified and 81 people in hospital, raising questions about the experienced railwayman's actions. The driver, Francisco Garzon, 52, was under arrest at a hospital in Santiago, the capital of the northwestern region of Galicia. ... Full Story | Top |
| Detroit case may alter distressed U.S. city behavior: Moody's Friday, Jul 26, 2013 12:45 PM PDT  (Reuters) - Detroit's filing for bankruptcy protection is "profoundly meaningful" for the small number of local governments in the United States that are below investment grade, and could change their approach to pensions and other long-term liabilities, Moody's Investors Service said on Friday. Some distressed local governments could even find bankruptcy more appealing if Detroit can use its Chapter 9 case [ID:nL1N0FU01E] to slash pension benefits or general obligation debt, Moody's said. ... Full Story | Top |
| Halliburton plea may help BP in spill liability battle Friday, Jul 26, 2013 12:44 PM PDT  By Braden Reddall and Mica Rosenberg (Reuters) - BP Plc appeared to gain an edge in the battle over liability for the 2010 Gulf of Mexico spill on Friday, after Halliburton abandoned one of its arguments that tried to paint the British major as unconcerned about well safety. Halliburton, which did the cementing work for BP's well, on Thursday pleaded guilty to destroying evidence of internal tests it conducted showing there was no difference between the effectiveness of putting six or 21 casing centralizers on the well. ... Full Story | Top |
| TransCanada confident Energy East line will proceed Friday, Jul 26, 2013 12:38 PM PDT CALGARY, Alberta (Reuters) - TransCanada Corp , which earlier reported a 34 percent jump in second-quarter profit on Friday, said it expects its proposed Energy East pipeline will receive sufficient support from potential shippers to allow construction to proceed. The company, which is also backing the controversial Keystone XL project, said the planned 700,000-barrel-per-day project, even as it awaits results from a open season process, where shippers sign long-term contracts for space on the line. Those results are expected within two weeks. ... Full Story | Top |
| SAC Capital pleads not guilty, but remains silent to investors Friday, Jul 26, 2013 12:37 PM PDT  By Bernard Vaughan and Emily Flitter NEW YORK (Reuters) - Billionaire investor Steven A. Cohen's hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as investors in the roughly $15 billion fund awaited word on plans for the fund's future. Several SAC Capital Advisors LLP clients said they had yet to be contacted officially by the firm in an investor-wide call or note. Investors have until August 16 to decide if they will submit a redemption request to the fund. At least one client called, but could get no information. ... Full Story | Top |
| Internet companies, stung by earnings, still look pricey Friday, Jul 26, 2013 12:27 PM PDT  By Ryan Vlastelica NEW YORK (Reuters) - Expedia Inc can send people to destinations around the world, but it can't send investors back in time so they can avoid the stock's massive selloff on Friday. The stock's 25 percent fall is its worst in seven years, becoming the latest in what is shaping up as a rough quarter for Internet company earnings. Expedia, Netflix and Google were hit hard after reporting earnings in the last two weeks. Investors have chased this group higher in 2013, lured by expanding user bases and profit growth that eclipsed the broader market. ... Full Story | Top |
| Hacker Barnaby Jack dies in San Francisco Friday, Jul 26, 2013 12:26 PM PDT  By Jim Finkle BOSTON (Reuters) - Barnaby Jack, a celebrated computer hacker who forced bank ATMs to spit out cash and sparked safety improvements in medical devices, has died in San Francisco. A police spokesman said that he was found dead on Thursday evening by "a loved one" at an apartment on Nob Hill and that foul play had been ruled out. The San Francisco Medical Examiner's Office said it was conducting an autopsy, though it could be a month before the cause of death was determined. His sister Amberleigh Jack, who lives in New Zealand, told Reuters he was 35. ... Full Story | Top |
| Activision to spread its wings after Vivendi sale: CEO Friday, Jul 26, 2013 12:23 PM PDT  By Malathi Nayak SAN FRANCISCO (Reuters) - Activision Blizzard Inc's CEO, who is shelling out $50 million of his own money in an $8.2 billion deal to buy back most of Vivendi's stake, said the world's largest video game publisher will be freer to pursue acquisitions and grow after emerging from its French parent's wing. ... Full Story | Top |
| Hostility radiates as two Egypts take to the streets Friday, Jul 26, 2013 12:18 PM PDT  By Noah Browning and Asma Alsharif CAIRO (Reuters) - Rival camps struggling for Egypt's future radiated mistrust and hostility from competing mass protests in Cairo on Friday, with Islamists proclaiming justice as their only weapon and their opponents demanding the army fight terrorism. Supporters and opponents of ousted Islamist President Mohamed Mursi evoked a battle of good against evil, exchanging vitriolic accusations of treachery in language suggesting the Arab world's biggest nation faces a long period of conflict. "They call us terrorists, but justice is on our side. ... Full Story | Top |
| Vivendi overhaul gathers pace with $8.2 billion Activision sale Friday, Jul 26, 2013 11:43 AM PDT  By Christian Plumb and Leila Abboud PARIS (Reuters) - Vivendi agreed to sell most of its stake in Activision Blizzard, the world's largest videogames publisher, for $8.2 billion on Friday, paving the way for a broader split of the French conglomerate's media and telecoms assets. Vivendi has been looking to sell assets since Chairman Jean-Rene Fourtou said 18 months ago there would be no taboos as it tried to make sense of a diverse portfolio built up in a frantic spending spree under a former CEO Jean-Marie Messier in the late 1990s. ... Full Story | Top |
| FAA proposes $2.75 million fine on Boeing for tardy fastener fix Friday, Jul 26, 2013 11:34 AM PDT WASHINGTON (Reuters) - The Federal Aviation Administration on Friday said it was proposing to fine Boeing's commercial airplane division $2.75 million for failing to take prompt action to fix a problem with fasteners discovered in 2008 on its model 777 airlines. "Safety is our top priority and a robust quality control system is a vital part of maintaining the world's safest air transportation system," U.S. Transportation Secretary Anthony Foxx said in a statement announcing the action. ... Full Story | Top |
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