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| JPMorgan $546 million settlement with MF Global trustee and customers is approved Wednesday, Jul 03, 2013 12:41 PM PDT  By Nate Raymond NEW YORK (Reuters) - Customers of MF Global's failed broker-dealer unit and the trustee overseeing its liquidation won court approval on Wednesday for a $546 million settlement with JPMorgan Chase & Co . The settlement, announced in March, resolved claims levied by James Giddens, the trustee winding down MF's broker-dealer unit MF Global Inc, and by the broker's former customers, who are pursuing a federal class action over MF Global's collapse in 2011. At a rare joint hearing in Manhattan, U.S. Bankruptcy Judge Martin Glenn, who is overseeing the liquidation, and U.S. ... Full Story | Top |
| Strong ties bind spy agencies and Silicon Valley Wednesday, Jul 03, 2013 12:29 PM PDT By Joseph Menn SAN FRANCISCO (Reuters) - Silicon Valley has tried to distance itself from the controversial U.S. surveillance programs exposed by Edward Snowden, but there is a long history of close cooperation between technology companies and the intelligence community. Former U.S. officials and intelligence sources say the collaboration between the tech industry and spy agencies is both broader and deeper than most people realize, dating back to the formative years of Silicon Valley itself. As U.S. ... Full Story | Top |
| Airbus A380 marks start to fleet modernization for British Airways Wednesday, Jul 03, 2013 12:17 PM PDT  By Rhys Jones LONDON (Reuters) - British Airways receives its first Airbus A380 jet at Heathrow airport on Thursday, marking the start of modernizing its aging fleet with new, more fuel-efficient planes able to better compete with fast-growing rivals. BA, part of International Airlines Group , which received the first of its new lightweight Boeing 787 Dreamliners in June will become the first airline in Europe to fly both new planes when it launches passenger services with the two jets in September. ... Full Story | Top |
| N.Y. attorney general probes payroll cards over fees Wednesday, Jul 03, 2013 12:14 PM PDT  By Karen Freifeld New York (Reuters) - New York is investigating some of the country's largest companies over their use of cards to pay hourly employees, a person familiar with the matter said on Wednesday. New York Attorney General Eric Schneiderman sent letters on Tuesday to more than 20 companies asking for information on their use of the payroll cards, the person said. The companies include Walgreen Co, Home Depot Inc,, Wal-Mart Stores Inc and Darden Restaurants Inc, which owns Red Lobster and Olive Garden, according to copies of the letters obtained by Reuters. ... Full Story | Top |
| Chrysler recalls more than 500,000 vehicles, most for head rests Wednesday, Jul 03, 2013 12:12 PM PDT  DETROIT (Reuters) - Chrysler Group LLC said on Wednesday it will recall more than 500,000 vehicles, most of them for possibly malfunctioning active restraint head rests. Most of the affected vehicles are in the United States. About 490,000 cars and SUVs will be recalled due to potentially faulty micro computer components for head rests that are designed to move forward during rear-end crashes. Chrysler said it is not aware of any injuries or accidents related to this issue. ... Full Story | Top |
| WikiLeaks claims victory as credit card donations flow again Wednesday, Jul 03, 2013 12:01 PM PDT  By Mia Shanley STOCKHOLM (Reuters) - International credit card donations to WikiLeaks are flowing again after an Icelandic court ruling forced MasterCard's and Visa's local agent to process payments, the anti-secrecy organization said on Wednesday. One of WikiLeaks' most important sources of funding - donations made from Visa and MasterCard users around the globe - was cut off in 2010 when the firms stopped processing donations to WikiLeaks' only direct credit card payment line, located in Iceland. ... Full Story | Top |
| Surplus catfish a tasty bipartisan item in Washington Wednesday, Jul 03, 2013 11:45 AM PDT By Deborah Zabarenko WASHINGTON (Reuters) - The U.S. Department of Agriculture is spending $10 million on frozen catfish for poor Americans this year as part of a Great Depression-era program that hasn't drawn a peep of protest from budget slashers in Congress. The program, which is buying 12 million catfish portions along with vast amounts of other foods such as frozen blueberries and chicken drumsticks, is the rare government initiative that seems to have only friends in bitterly partisan Washington. ... Full Story | Top |
| LightSquared splits $3 billion exit financing Wednesday, Jul 03, 2013 11:24 AM PDT By Billy Cheung NEW YORK (Reuters) - Wireless broadband communications company LightSquared Inc is splitting its proposed $3 billion senior secured exit term loan into a $2 billion first-lien loan and $1 billion second-lien tranche, sources told Thomson Reuters LPC. The loan originally consisted of a single tranche. Proceeds are to fund the company's emergence from bankruptcy. Jefferies is arranging the first lien portion. Lender commitments are due at 4 p.m. July 9. The now $2 billion first-lien portion will offer coupons payable in cash and in kind. ... Full Story | Top |
| SEC ends probe of key witness against Goldman's Tourre Wednesday, Jul 03, 2013 11:22 AM PDT  NEW YORK (Reuters) - The SEC has ended a probe of a central witness it intends to call at this month's fraud trial against former Goldman Sachs Group Inc vice president Fabrice Tourre for his role in a notorious 2007 debt instrument that hedge fund billionaire John Paulson successfully shorted. The decision by the Securities and Exchange Commission to drop the investigation of former ACA Financial Guaranty Corp employee Laura Schwartz was disclosed in two letters dated Tuesday and obtained by Reuters. ... Full Story | Top |
| Merkel hosts jobs summit, faces criticism Wednesday, Jul 03, 2013 11:13 AM PDT  By Michelle Martin and Stephen Brown BERLIN (Reuters) - European leaders promised on Wednesday to step up the fight against soaring youth unemployment, but offered no new solutions or money at a meeting critics derided as a "show summit" to soften Angela Merkel's image ahead of a German election. The chancellor, whose insistence on spending cuts in return for aid during the euro crisis has made her a target of anger in recession-hit southern Europe, hosted about 20 of her EU counterparts a week after the bloc agreed to spend 6 billion euros over the next two years to combat youth joblessness. ... Full Story | Top |
| Lies, spin and loyalty: Hannam case tells of a banker's code Wednesday, Jul 03, 2013 11:12 AM PDT  By Andrew Callus and Clare Hutchison LONDON (Reuters) - The London-based banker fined last year for being careless in an email with sensitive information believes the takeover talks he revealed to a Kurdish minister in 2008 might have been fictitious, and that he might have made them up himself. ... Full Story | Top |
| Warner Chilcott markets $4.4 billion deal Wednesday, Jul 03, 2013 11:09 AM PDT By Michelle Sierra NEW YORK (Reuters) - Specialty pharmaceutical Warner Chilcott Plc is in market with $4.4 billion in credit facilities that will refinance and combine debt following the company's acquisition by drug manufacturer Actavis Inc , sources told Thomson Reuters LPC. The company is looking to raise $2 billion in new term loans. It is also looking to amend and extend $2.4 billion of existing senior secured credit facilities at the Actavis level. Proceeds from the two new term loans and $425 million in cash will repay $2.45 billion of existing Warner Chilcott bank debt. ... Full Story | Top |
| Celesio fires CEO Pinger after management dispute Wednesday, Jul 03, 2013 10:54 AM PDT By Frank Siebelt and Matthias Inverardi FRANKFURT (Reuters) - The supervisory board of Celesio has sacked the German drugs distributor's chief executive, Markus Pinger, with immediate effect after a falling out with the head of parent company Franz Haniel & Cie . The dismissal came after Reuters reported earlier this week that U.S. drugs distribution groups McKesson Corp and Cardinal Health Inc were both in talks to possibly take a stake in Celesio. ... Full Story | Top |
| Yahoo buys mobile app company Qwiki Wednesday, Jul 03, 2013 10:51 AM PDT  (Reuters) - Yahoo Inc said that it will buy Qwiki Inc, a mobile app for creating videos in Apple Inc's iPhone, as it tries to increase its presence in the world of smartphones and tablets. The company paid about $50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal however were not disclosed. This is Yahoo's third acquisition since May when it bought blogging service Tumblr for $1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer. ... Full Story | Top |
| Anxiety high ahead of jobs data, traders guard against surprises Wednesday, Jul 03, 2013 10:44 AM PDT By Doris Frankel (Reuters) - Options market investors are preparing for a bumpy ride in case of a surprise - be it a good or bad number - from the June U.S. jobs report due out on Friday. The stock market's wild swings have receded somewhat after Federal Reserve Chairman Ben Bernanke roiled investors with talk on June 19 of a pullback in monetary stimulus, but the nerves of investors and traders remain frayed after those events. Given that the jobs report is the most important monthly U.S. ... Full Story | Top |
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