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| Steven Cohen throws a party despite his fund's indictment Sunday, Jul 28, 2013 12:58 PM PDT  By Matthew Goldstein (Reuters) - Hedge fund billionaire Steven A. Cohen did not let the filing of criminal charges against his $14 billion SAC Capital Advisors get in the way of a party this weekend at his vacation estate in tony East Hampton, New York. The Saturday night party at Cohen's 10-bedroom home on Further Lane took place two days after federal prosecutors in New York announced a five-count criminal indictment against SAC Capital that portrayed the 21-year-old Stamford, Conn.-based fund as a breeding ground for unlawful insider trading. ... Full Story | Top |
| Brake failure caused fatal church camp bus crash, driver says Sunday, Jul 28, 2013 12:51 PM PDT (Reuters) - The driver of a bus that crashed at the weekend killing three people and injuring 26 others as they returned from a church camp told witnesses the brakes failed as the bus exited an interstate highway, a spokeswoman for the Indianapolis Fire Department said on Sunday. Dennis Maurer, 68, of Indianapolis, was driving 37 passengers, mainly teenagers, from a summer camp in Michigan to the Colonial Hills Baptist Church in northern Indianapolis when the bus crashed into a lane barrier as it left Interstate 465, said spokeswoman Rita Burris. ... Full Story | Top |
| ECB could publish minutes of meetings soon: newspaper Sunday, Jul 28, 2013 12:50 PM PDT  BERLIN (Reuters) - The European Central Bank (ECB) could soon publish the minutes of its Governing Council meetings, which until now have been kept secret, two of the central bank's executive board members said, according to a German newspaper. ECB President Mario Draghi gives a press conference after decisions on interest rates are made but the euro zone's central bank could soon follow the example of the Federal Reserve and the Bank of England in publishing minutes from the meetings, two ECB policymakers said in an interview with Germany's Sueddeutsche Zeitung. ... Full Story | Top |
| Motor racing-Williams make their point at last Sunday, Jul 28, 2013 12:13 PM PDT By Alan Baldwin BUDAPEST, July 28 (Reuters) - Venezuelan Pastor Maldonado crossed the finish line in 10th place on Sunday to put former Formula One champions Williams out of the misery of a 10-race streak without a point. Their first scoring finish since the U.S. Grand Prix at Austin, Texas, last November was hardly worthy of celebration for a team that ranks second only to Ferrari in terms of the number of constructors' titles won (nine). It was, however, a major relief. ... Full Story | Top |
| WPP's Sorrell sees more deals after Publicis Omnicom Sunday, Jul 28, 2013 11:43 AM PDT  By Kate Holton LONDON (Reuters) - Martin Sorrell, head of world No. 1 ad group WPP, congratulated long-time rival Maurice Levy on persuading Omnicom to merge, adding that further consolidation was inevitable in the industry. Sorrell was reacting to news that France's Publicis and U.S. group Omnicom had agreed to combine in a deal that would catapult the world's third- and second-largest advertising companies above UK-based WPP. "It's an extremely bold, brave and surprising move," Sorrell told Reuters in an interview on Sunday. ... Full Story | Top |
| Reading the runes in Washington and Frankfurt Sunday, Jul 28, 2013 11:08 AM PDT  By Alan Wheatley, Global Economics Correspondent LONDON (Reuters) - Three of the world's leading central banks are likely to reaffirm their determination this week to keep a lid on interest rates for a long time to come, despite signs that their economies are slowly on the mend. The Federal Reserve, the European Central Bank and the Bank of England are all expected to repeat or refine their "forward guidance" that borrowing costs will remain extraordinarily low as long as growth is sub-par and inflation is not a threat. Fed Chairman Ben Bernanke's news conference after the U.S. ... Full Story | Top |
| 'Wolverine' claws past ghosts to claim weekend box office crown Sunday, Jul 28, 2013 11:07 AM PDT  By Ronald Grover and Chris Michaud LOS ANGELES/NEW YORK (Reuters) - "The Wolverine," starring Hugh Jackman as Marvel Comics' sharp- clawed superhero, slashed its way to $55 million in U.S. and Canadian ticket sales to claim the box office crown in a summer that hasn't been kind to some other big-budget action films. "The Conjuring," the low-budget horror film that led last weekend's box office, slipped to second place with $22.1 million in domestic sales from Friday through Sunday, according to studio estimates. ... Full Story | Top |
| Former supermarket worker in Britain tops UK album chart Sunday, Jul 28, 2013 11:06 AM PDT LONDON (Reuters) - Jahmene Douglas, a former supermarket worker and talent show contestant, topped the UK album charts for the first time on Sunday with "Love Never Fails", the Official Charts Company said. Meanwhile, Swedish artist Avicii kept the top spot in the British singles chart for a second week with "Wake Me Up", which became the fastest selling single of the year a week earlier. Douglas, 22, was a contestant on a TV talent show "The X Factor". His debut album features 10 tracks including Gospel interpretations of other artists' songs and a duet. ... Full Story | Top |
| Publicis, Omnicom to merge to create advertising giant Sunday, Jul 28, 2013 10:12 AM PDT  By Leila Abboud and James Regan PARIS (Reuters) - Publicis and Omnicom plan to merge to create the world's biggest advertising group, worth $35.1 billion, a tie-up that could spur rivals to do deals to keep pace with big changes from technology and the Internet. The companies said on Sunday the transaction - presented as a merger of equals - would bring the necessary scale and investment firepower to cope with rapid changes wrought by technology on the advertising business. "This is a new company for a new world," Publicis Chief Executive Maurice Levy said. ... Full Story | Top |
| Driver in Spanish train crash faces questions from judge Sunday, Jul 28, 2013 09:44 AM PDT  By Tracy Rucinski SANTIAGO DE COMPOSTELA, Spain (Reuters) - The driver of a Spanish train that derailed at high speed was taken before a judge on Sunday for questioning as officials try to determine to what degree he was responsible for the deaths of 79 people in the accident. Francisco Garzon, 52, has been under the arrest since shortly after the accident on suspicion of reckless homicide, but has yet to be formally charged by a magistrate. ... Full Story | Top |
| Russia's Putin courts Ukraine ahead of planned EU deals Sunday, Jul 28, 2013 09:30 AM PDT  KIEV (Reuters) - Russian President Vladimir Putin urged Ukraine to weigh carefully the benefits of joining Russia's regional trade bloc against its plans for closer ties with the European Union on a visit to Ukraine to attend a religious festival. Putin used references to common history to remind Ukraine of the potential benefits of a closer alliance with Russia, just four months before a summit in the Lithuanian capital Vilnius where Kiev hopes to sign landmark deals with the European Union. "There is tough competition going on for the global markets. ... Full Story | Top |
| Egypt's T-bill yields dip for 4th week, trend not seen sustainable Sunday, Jul 28, 2013 07:48 AM PDT CAIRO (Reuters) - Egyptian treasury bill yields fell at auction on Sunday for the fourth week running since the army ousted Islamist president Mohamed Mursi, but investors said the run of declines may soon end. The yields have been falling on hopes the new military-backed government, fortified with $12 billion in Gulf aid, will be able to shore up the country's crumbling finances. "We are almost done. It should stop falling when people realise that it is not sustainable," said Khalil El Bawab, head of fixed income at EFG Hermes Asset Management in Cairo. ... Full Story | Top |
| UK help to buy scheme risks housing bubble, says business minister Sunday, Jul 28, 2013 06:51 AM PDT  LONDON (Reuters) - A flagship scheme to help British housebuyers could fuel property price inflation, the business minister said on Sunday, in the latest clash over policy between the two parties in the country's governing coalition. "I am worried of the danger of getting into another housing bubble," Business Secretary Vince Cable told BBC television's Andrew Marr Show of a proposed extension of the Help to Buy scheme of government-backed home loans designed to revive the housing market. ... Full Story | Top |
| Lew says stubborn Congress risks repeating U.S. fiscal wounds Sunday, Jul 28, 2013 06:10 AM PDT  WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew on Sunday warned Congress against manufacturing a crisis over federal spending in the months ahead, as looming deadlines set the stage for a repeat of the political deadlock which two years ago triggered worldwide financial market turmoil. In coming negotiations with Republicans, who control the House of Representatives, Democratic President Barack Obama will focus on ways to create economic gains for the middle class over spending cuts, Lew said. "We have already done a lot of deficit reduction," he said in an interview on NBC. ... Full Story | Top |
| Analysis: Oversold China catches the eye of investors Sunday, Jul 28, 2013 06:05 AM PDT By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - A slowdown in China has hit its financial markets hard this year as fund managers cut exposure to the world's second largest economy, but some investors say it may be time to jump back in. The country's downturn is being felt around the world. Energy and materials stocks have been hit, commodities prices are lower, and the currencies of China's trading partners, including Australia, Taiwan and South Korea, have tumbled. The index of the leading Shanghai and Shenzhen A-shares - the CSI300 - was down 11. ... Full Story | Top |
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