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| FCC gives official nod to deals by SoftBank, Sprint, Clearwire Friday, Jul 05, 2013 12:23 PM PDT  WASHINGTON (Reuters) - The Federal Communications Commission on Friday announced its official approval of two related deals by Sprint Nextel Corp, SoftBank Corp and Clearwire Corp. The regulatory approval was the last hurdle for SoftBank's $21.6 billion bid to buy 78 percent of Sprint, the No. 3 U.S. wireless provider. Sprint's bid to buy out the portion of wireless company Clearwire that it doesn't already own faces a vote by minority shareholders on July 8. "Today is a good day for all Americans who use mobile broadband services," FCC's Acting Chairwoman Mignon Clyburn said in a statement. ... Full Story | Top |
| Market rises on strong jobs data, reversing early drop Friday, Jul 05, 2013 12:21 PM PDT  By Angela Moon NEW YORK (Reuters) - Stocks rose in choppy trading on Friday after robust jobs data pointed to a strengthening economy and investors overcame concerns that the Federal Reserve may begin to cut its stimulus measures as soon as September. All three major stock indexes were on track for a solid weekly gain, with the S&P 500 up 1.5 percent for the week so far. Trading was choppy as investors digested the strong jobs report, which showed employers added 195,000 jobs in June, exceeding expectations of 165,000. Job growth in previous months also was revised higher. ... Full Story | Top |
| San Francisco region rail service to resume, for now Friday, Jul 05, 2013 11:55 AM PDT By Jim Christie SAN FRANCISCO (Reuters) - Commuter rail service in the San Francisco area will resume on Friday after striking employees of the Bay Area Rapid Transit system agreed to extend current contracts by 30 days, a system spokeswoman said on Friday. The strike, the first since 1997 by BART's workers, began on Monday after talks broke down just hours before labor agreements expired. The system's trains transport 400,000 riders daily across the San Francisco Bay area. ... Full Story | Top |
| Governments to target tech giants' tax avoidance: draft Friday, Jul 05, 2013 11:45 AM PDT  By Gernot Heller and Tom Bergin BERLIN/LONDON (Reuters) - Western governments are set to target a range of tax loopholes used by technology giants including Apple, Amazon as part of an international drive to tackle corporate tax avoidance, a draft action plan seen by Reuters said. The Organisation for Economic Co-operation and Development (OECD), which advises its mainly rich nation members on economic and tax policies, has been charged by the G20 group of countries with formulating measures to stop big companies shifting profits into tax havens. ... Full Story | Top |
| Disney's 'Lone Ranger' off to a slow gallop at holiday box office Friday, Jul 05, 2013 11:31 AM PDT  (Reuters) - "The Lone Ranger," Walt Disney Co's big-budget Western starring Johnny Depp, wrangled just $19.5 million in ticket sales in its first two full days at U.S. and Canadian movie theaters, trailing far behind the $59.5 million racked up by animated sequel "Despicable Me 2." The tally for "Lone Ranger," which included receipts starting on Tuesday night through Thursday's U.S. Independence Day holiday, put the film on pace to miss, by a long haul, industry forecasts for the holiday period. ... Full Story | Top |
| Petronas seeks export permit for Canadian LNG project Friday, Jul 05, 2013 11:26 AM PDT  CALGARY, Alberta (Reuters) - The Canadian unit of Malaysia's Petronas said on Friday it has asked regulators for a license to export nearly 20 million tonnes of liquefied natural gas a year from a C$11 billion ($10.4 billion) export facility it plans to build at the north end of British Columbia's Pacific Coast. The company has applied to Canada's National Energy Board for the license, which would begin in 2019 and run for 25 years. Petronas, which last year bought Canada's Progress Energy Resources Corp in a controversial C$5. ... Full Story | Top |
| Exclusive: EU to fine Yazaki, Leoni, two other car parts makers - sources Friday, Jul 05, 2013 10:59 AM PDT By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators will next week penalize four car parts makers including Yazaki and Leoni for taking part in a cartel, three people familiar with the matter said on Friday, as part of a crackdown on price-fixing in the sector. The sources said Yazaki subsidiary S-Y Systems Technologies Europe GmbH will also be fined, along with Furukawa Electric Co . Yazaki is the world's No. 1 maker of so-called wire harnessing systems, which power up the electronic components linking the vehicle's computers to various functions. World No. ... Full Story | Top |
| Oil extends gains on Egypt concerns, U.S. data supports Friday, Jul 05, 2013 10:56 AM PDT  By Jeanine Prezioso NEW YORK (Reuters) - Brent crude oil extended gains on Friday afternoon after the leader of a group backing the ousted Egyptian president called for his reinstatement, fueling fears of escalating conflict in the nation and spillover to elsewhere in the Middle East. Brent crude oil for August delivery was trading $1.92 per barrel higher at $107.46 at 1:32 p.m. EDT after hitting a three-month high of $107.74 a barrel. ... Full Story | Top |
| Two Mississippi River locks reopen as water recedes: Army Corps Friday, Jul 05, 2013 10:51 AM PDT (Reuters) - Receding water levels on the rain-swollen Mississippi River have allowed the U.S. Army Corps of Engineers to reopen two locks on the waterway, and a Corps spokesman said on Friday that two other locks are expected to reopen this weekend. The Mississippi is the main barge shipping channel for moving grain from the Midwest crop belt to export terminals at the Gulf Coast. Some 60 percent of all U.S. grain exports are shipped via the Gulf. ... Full Story | Top |
| Vivus, activist investor claim support in proxy battle Friday, Jul 05, 2013 10:47 AM PDT (Reuters) - Obesity drugmaker Vivus Inc and its top investor, which has been seeking a shakeup of the company's board, both claimed support from proxy advisory firms ahead of a shareholder vote later this month. Vivus said Glass Lewis rejected First Manhattan's slate of directors, while the investor said Institutional Shareholder Services (ISS) backed three of its nine nominees. Vivus shares were down 2 percent at $12.07 in afternoon trading on the Nasdaq. First Manhattan's main point of criticism has been the foundering sales of Vivus's diet drug Qsymia. ... Full Story | Top |
| Moody's places UK bank RBS's debt ratings under review Friday, Jul 05, 2013 10:45 AM PDT  By Matt Scuffham LONDON (Reuters) - Ratings agency Moody's has placed Royal Bank of Scotland's credit ratings on review for downgrade after Britain's finance ministry said it was considering breaking up the bank. The government, which holds an 81 percent stake, has appointed Rothschild to examine whether to transfer RBS's remaining toxic loans into a so-called 'bad bank' leaving the 'good bank' better placed to lend. Moody's said on Friday its decision was in response to the uncertainty for bondholders that resulted from the government's move. ... Full Story | Top |
| Dell shares fall as investors bet against higher buyout bid Friday, Jul 05, 2013 10:29 AM PDT  (Reuters) - Shares of Dell Inc fell more than 3 percent on Friday, as investors grew skeptical that founder Michael Dell and Silver Lake Partners will raise their $24.4 billion buyout bid in order to overcome growing opposition. A deteriorating outlook for the PC industry has made a deal more challenging, and the buyout group is currently not planning to increase its $13.65 per share offer to take Dell private, people familiar with the matter said on Wednesday. ... Full Story | Top |
| BMPS foundation supports legal action against banks, ex-managers Friday, Jul 05, 2013 10:15 AM PDT  MILAN (Reuters) - The controlling shareholder of Banca Monte dei Paschi di Siena said Friday it wants to ask for damages against the lender's former managers and two foreign banks over loss-making derivative trades that brought it close to collapse. The bank has already started legal proceedings. It is seeking 1.2 billion euros in damages from two former executives and investment banks Nomura and Deutsche Bank over two 2008-09 trades it says were designed to conceal losses. The foundation that controls the lender said it supports the bank's decision to start legal proceedings. ... Full Story | Top |
| Swiss court allows Credit Suisse to hand client data to U.S. Friday, Jul 05, 2013 10:13 AM PDT  ZURICH (Reuters) - Switzerland's top court has ruled that the government can transfer the bank records of an American client of Credit Suisse to the U.S. tax authorities, giving a boost to the country's efforts to end U.S. investigations of Swiss banks. The Swiss Federal Supreme Court said in a statement on Friday it had rejected an appeal against a lower court's decision, ruling that requests for such assistance were admissible in cases of suspected tax fraud. The ruling comes as the Swiss government is trying to seal a deal to end U.S. investigations into the country's banks. ... Full Story | Top |
| RCS Mediagroup rights issue 85 percent subscribed: source Friday, Jul 05, 2013 10:12 AM PDT MILAN (Reuters) - A rights issue to buy shares in a 421 million euros ($540.33 million) capital increase of Italian publisher RCS Mediagroup had been 85 percent subscribed, a source close to the matter said on Friday. RCS, which publishes the influential newspaper Corriere della Sera, needs the rights issue to remain in business after incurring losses on a debt-financed acquisition in Spain and weak advertising and circulation sales in recession-hit Italy. The capital increase ended on Friday. ($1 = 0. ... Full Story | Top |
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