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| Telus names new CEO, Entwistle stays on as executive chairman Monday, Mar 31, 2014 12:57 PM PDT By Alastair Sharp TORONTO (Reuters) - Canadian telecommunications company Telus Corp shuffled its top ranks on Monday, with Chief Executive Officer Darren Entwistle set to become executive chairman and long-time lieutenant Joe Natale due to replace him. Analysts were broadly positive about the promotion of Natale, who is currently Telus' chief commercial officer, though Entwistle is expected to remain active in his new role. ... Full Story | Top |
| Republican Paul Ryan to unveil U.S. budget plan on Tuesday Monday, Mar 31, 2014 12:53 PM PDT  WASHINGTON (Reuters) - U.S. Representative Paul Ryan on Tuesday plans to unveil a 10-year balanced budget plan that seeks to bolster Republicans' campaign credentials as the party of fiscal prudence but also leaves them open to fresh attacks over deep cuts to social programs. The House Budget Committee, which Ryan chairs, said in a statement that it has scheduled a vote on a budget resolution on Wednesday. Under House rules, the document must be made public at least 24 hours before it can be considered by a committee. ... Full Story | Top |
| FCA's handling of insurance review 'not finest hour' Monday, Mar 31, 2014 12:30 PM PDT  By Huw Jones and Chris Vellacott LONDON (Reuters) - The UK financial watchdog's handling of information that sparked a slump in insurance company shares was not its "finest hour," its chief executive said following criticism from an influential lawmaker. Financial Conduct Authority (FCA) boss Martin Wheatley said on Monday he takes responsibility for what happens at the regulator after Andrew Tyrie, the chairman of parliament's Treasury Committee, described the watchdog's actions as an "extraordinary blunder". ... Full Story | Top |
| Macy's head merchant promoted to president Monday, Mar 31, 2014 12:28 PM PDT  (Reuters) - Macy's Inc on Monday said that Chief Merchandising Officer Jeffrey Gennette has been named president of the department store chain, effectively immediately. In addition to continuing to serving as the retailer's chief merchant, Gennette will oversee marketing and e-commerce at Macy's namesake chain. He will also take on oversight of Macy's in-house brands. Gennette, 52, has been Macy's chief merchant since 2009. Full Story | Top |
| U.S. allows partial restart of Exxon pipeline a year after spill Monday, Mar 31, 2014 12:17 PM PDT WASHINGTON (Reuters) - A U.S. regulator on Monday allowed Exxon Mobil Corp to restart operations on the Texas leg of its Pegasus pipeline, which spilled thousands of barrels of oil into a residential area in Arkansas last year. The Pipeline and Hazardous Materials Safety Administration (PHMSA) approved Exxon's restart plan for a 210-mile (338-km) stretch of the pipeline from Corsicana to Nederland at 80 percent of the operating pressure in place before the March 29, 2013 incident in the small town of Mayflower, Arkansas. ... Full Story | Top |
| N.Y. regulators say MetLife to pay $60 million for violations Monday, Mar 31, 2014 12:14 PM PDT  By Karen Freifeld NEW YORK (Reuters) - Insurer MetLife will pay $60 million because two subsidiaries solicited insurance business in New York without a license, New York authorities said on Monday. Investigations by the state's Department of Financial Services and the Manhattan District Attorney's Office found that MetLife subsidiaries ALICO and DelAm, bought from AIG in 2010, misrepresented their business activities to regulators. An investigation is ongoing into violations by AIG and its subsidiaries on conduct before the MetLife purchase, Benjamin Lawsky, the state's top financial regulator, said in a statement. Manhattan District Attorney Cyrus Vance said in a statement that the two subsidiaries used Manhattan-based staff to solicit insurance business even though neither company was licensed to do so in New York. Full Story | Top |
| NHTSA chief says agency did not have evidence to warrant GM probe Monday, Mar 31, 2014 12:07 PM PDT WASHINGTON (Reuters) - The U.S. National Highway Traffic Safety Administration did not have enough evidence to open a formal investigation into defective ignition switches in General Motors cars, NHTSA acting Administrator David Friedman said in prepared testimony to Congress. Friedman, who will testify on Tuesday before a House of Representatives panel, said GM "had critical information that would have helped identify this defect," which is linked to 13 deaths and has prompted the recall of 2.6 million GM cars. ... Full Story | Top |
| Canada's Toyota workers poised to vote on joining union Monday, Mar 31, 2014 12:06 PM PDT  By Susan Taylor and Solarina Ho TORONTO (Reuters) - Workers at Toyota Motor Corp's Canadian plants are set to vote next week on whether to become the first at wholly owned Toyota facilities in North America to unionize, a push Canada's biggest private-sector union is confident will succeed. A "yes" vote would mark a major victory for the union, Unifor, which has more than 300,000 members, including more than 39,000 in the auto industry, even though previous attempts to organize Toyota's Canadian plants failed. "There's no question, there will be a lot of eyes on this drive," Unifor President Jerry Dias said at a press conference on Monday, where he was flanked by Toyota employees who said they wanted a bigger say in their workplace. Unifor, which filed for union certification at Toyota with the Ontario labor board on Monday, said it did not want to say exactly how many workers have signed union cards, citing strategy. Full Story | Top |
| Proxy adviser Glass Lewis backs Recchi as chairman of Telecom Italia Monday, Mar 31, 2014 12:02 PM PDT  Proxy advisor Glass Lewis has recommended that Telecom Italia investors vote in favor of Giuseppe Recchi as chairman of the board when shareholders meet on April 16, it said in a document seen by Reuters. Telecom Italia's largest investor Telco said earlier this month it had proposed Recchi as chairman of Italy's largest phone group. Recchi is a former executive at General Electric and is currently chairman of Italian state-owned oil group Eni. Telco is owned by Spain's Telefonica, Italian insurer Generali and two banks, Intesa Sanpaolo and Mediobanca, and owns 22.4 percent of Telecom Italia. Full Story | Top |
| GM engineer OK'd sub-standard ignition switch: documents Monday, Mar 31, 2014 12:01 PM PDT  WASHINGTON/DETROIT (Reuters) - A General Motors engineer signed off on a design change for troubled ignition switches even though those changes did not meet company standards, according to documents provided to a U.S. House of Representatives panel. The disclosure appeared to conflict with information provided by GM engineer Ray DeGiorgio during 2013 legal proceedings surrounding the company's defective ignition switches that are linked to 13 deaths. ... Full Story | Top |
| Barrick announces new pay scheme, may add two directors Monday, Mar 31, 2014 11:57 AM PDT  By Allison Martell TORONTO (Reuters) - Barrick Gold Corp unveiled a new executive compensation plan on Monday, and lead director J. Brett Harvey said the company might select two new board members after its annual meeting. Under the plan, effective for 2014, the majority of top executives' compensation will be awarded in units that convert into Barrick shares and cannot be sold until the executive retires or leaves the company. The new pay plan, detailed in a regulatory filing, is Barrick's latest move to improve governance after a series of missteps in a tough market angered investors. ... Full Story | Top |
| Royal Opera sets accent on youth for cut-rate opening night Monday, Mar 31, 2014 11:55 AM PDT  By Michael Roddy LONDON (Reuters) - The Royal Opera will slash ticket prices to appeal to students and young people and will revive the racy modern opera "Anna Nicole" for its season opener in September in what management said was a bid to knock this stuffing out of galas. All tickets in the house, whose 2,200 seats can go for as much as 200 pounds ($330), will be priced from 1 pound to 25 pounds for the opening night on September 11 and will be sold through the opera's student standby scheme and in conjunction with a music venue that works with young people, the ROH said. "I think it's fantastic to have a season opening gala which is something that sounds stuffy and elitist to actually be a night where we celebrate new work...and is celebrated by selling the whole house to students and young people," the ROH's Director of Opera Kasper Holten told Reuters on Monday. Music Director Antonio Pappano, whose contract the ROH announced was being extended until at least the end of 2017, will conduct English composer Mark-Anthony Turnage's opera based on the life of the Playboy centerfold who married an oil billionaire. Full Story | Top |
| Deutsche puts FX sales director in London on leave: source Monday, Mar 31, 2014 11:53 AM PDT  Deutsche Bank AG, the world's largest currency trader, has placed on leave a director of institutional foreign exchange sales as part of an internal investigation into potential exchange rate manipulation, a source familiar with the matter said on Monday. Kai Lew, based in London and responsible for central bank FX business at the German lender, was placed on leave earlier this month, the source said. She is the first woman among some 30 currency traders at several big banks to be placed on leave, suspended or fired as a result of the ongoing global probe into alleged wrongdoing in the $5.3 trillion-a-day market, the world's largest. A spokeswoman for Deutsche declined to comment, referring Reuters to a previous statement from the bank that read: "Deutsche Bank has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market. Full Story | Top |
| Charlie Brooks hid his 'smut' to protect wife Rebekah Monday, Mar 31, 2014 11:48 AM PDT  By Michael Holden LONDON (Reuters) - Charlie Brooks, the husband of Rupert Murdoch's former British newspaper chief, told a London court on Monday he hid his porn collection from police investigating phone-hacking because he feared leaks to the press which would embarrass his wife. Brooks' wife Rebekah is on trial at London's Old Bailey accused of conspiracy to hack phones and authorising illegal payments to public officials. They are both accused of attempting to pervert the course of justice by hindering the police investigation. Rebekah Brooks was arrested in July 2011 at the height of a phone-hacking scandal that rocked Murdoch's News Corp. empire and shook Britain's political establishment. Full Story | Top |
| Wall Street rises on Yellen; S&P on track for modest first quarter gain Monday, Mar 31, 2014 11:48 AM PDT  By Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks rose on Monday, with the S&P 500 on track to end the first quarter of 2014 with slight gains, after Federal Reserve Chair Janet Yellen calmed concerns about a rate hike coming earlier than expected. Gains were broad, with nine of the S&P 500's 10 primary sectors rising on the day. Full Story | Top |
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