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| NJ governor Christie says Port chair resigns, day after 'Bridgegate' report Friday, Mar 28, 2014 12:41 PM PDT  By Daniel Kelley TRENTON, New Jersey (Reuters) - Governor Chris Christie on Friday said the chairman of the Port Authority of New York and New Jersey had resigned, a day after an internal investigation cleared Christie in the "Bridgegate" scandal embroiling the potential 2016 Republican presidential contender. David Samson, a lawyer and ally of the governor at the agency that oversees bridges and tunnels connecting the two states, had been discussing for a year his desire to step down, Christie told a news conference. "David tendered his resignation to me this afternoon, effective immediately," Christie told reporters, his first news conference since a two-hour-long question and answer session on January 9 after a scandal erupted over the closure of traffic lanes on the George Washington Bridge. Christie defended the report, which blamed former deputy chief of staff Bridget Anne Kelly and Port Authority official David Wildstein for closing bridge entrance lanes in an apparent bid to retaliate against the Democratic mayor of the town of Fort Lee who had not endorsed Christie's 2013 re-election campaign. Full Story | Top |
| U.S. college, athletes wanting to unionize face long battle Friday, Mar 28, 2014 12:52 PM PDT Northwestern University football players who tentatively won the right to unionize are digging in for a lengthy legal and political battle with the Illinois school that could reshape the multimillion-dollar sports business U.S. colleges have built around unpaid amateur players. As politicians and college sports officials warn that the athletes' push to be paid as university employees - rather than be compensated through scholarships alone - could lead to calamity at many schools, the issue has begun to shift to Washington. That is where the five-member National Labor Relations Board (NLRB) will consider Northwestern's bid to reverse a regional NLRB director's ruling on Wednesday in favor of the players. The regional director, Peter Sung Ohr, rejected Northwestern's contention that its football players are amateur athletes, and granted the players the right to unionize as school employees. Full Story | Top |
| Canada to remove foreign investment limit on Nordion Friday, Mar 28, 2014 12:52 PM PDT The Canadian government will remove the 25 percent foreign investment cap on medical isotope provider Nordion Inc in cases that are deemed to be of net benefit to Canada, under legislation introduced on Friday. Currently, non-residents may not acquire more than 25 percent of Nordion's voting shares. "The removal of the foreign ownership restrictions will allow Nordion to access more investment capital, enabling it to better grow and create jobs, but is conditional on approval of a transaction under the Investment Canada Act." A spokeswoman for Nordion could not be immediately reached. Nordion shares were down slightly in Toronto and New York in late Friday trading. Full Story | Top |
| Desire, ice, and fire: 'Game of Thrones' returns for fourth season Friday, Mar 28, 2014 12:50 PM PDT  By David Gaffen NEW YORK (Reuters) - Mystical ice creatures, fire-breathing dragons, and the people caught in between return to the small screen come April 6, when HBO's "Game of Thrones" unsheathes a fourth season that could see it crowned as the cable network's most watched series in history. The medieval fantasy drama's fan base has grown substantially over its first three seasons, with sizable followings among both men and women thanks to its wrenching interpersonal relationships, complex plotting, and, being HBO, plenty of sex and violence. The show is based on the "A Song of Ice and Fire" series of novels by George R.R. Martin, of which five of an expected seven have been published. It takes place in the fictional world of Westeros, following more than two dozen regular characters amid a war for dominion between noble houses. Full Story | Top |
| HudBay target Augusta says nine parties have shown interest in it Friday, Mar 28, 2014 12:50 PM PDT (Reuters) - Canadian mining explorer Augusta Resource Corp , target of a hostile takeover bid by HudBay Minerals Inc , said on Friday that nine parties have expressed interest in the company in response to its strategic review. Augusta Chief Executive Gil Clausen said the review is likely to be completed ahead of a May 9 shareholders meeting. Augusta, which started the strategic review process after HudBay's takeover offer in February, said in a release that nine parties, including "significant industry players", have signed confidentiality agreements and were reviewing Augusta's books. Full Story | Top |
| Ford CEO Mulally's compensation rose 10.7 percent in 2013 Friday, Mar 28, 2014 12:42 PM PDT  By Bernie Woodall DEARBORN, Michigan (Reuters) - Ford Motor Co Chief Executive Alan Mulally got a healthy raise in 2013 as his total compensation jumped 10.7 percent to $23.2 million, based in part on bonuses related to his performance as well as that of the company, the automaker said on Friday. Mulally's and four other top Ford executives' compensation along with that of the company's board of directors was reported to U.S. securities regulators in an annual proxy statement ahead of the company's annual meeting on May 8 in Delaware. Ford's pre-tax profit in 2013 totaled $8.6 billion, one of the best annual results in company history, and net income was $7.2 billion. Earlier this month, Ford reported that he received stock valued at $13.6 million based on Friday afternoon's share price, which last traded up 1.3 percent at $15.46. Full Story | Top |
| Fed's George wants end to zero rates, does not say when Friday, Mar 28, 2014 12:36 PM PDT  By Carey Gillam KANSAS CITY, Missouri (Reuters) - A top Federal Reserve official who has often warned of the risks of keeping U.S. interest rates too low for too long said on Friday she wants to see how winding down the Fed's massive bond-buying stimulus goes before setting out any path for rate hikes. "I don't think it would be fair to say I have a date in mind or a path in mind," for the appropriate timing of the Fed's first rate increase, Kansas City Federal Reserve Bank President Esther George told the Central Exchange, a group of women professionals. "We are in a place now where we have to be very careful and think about how we are beginning to withdraw stimulus." George's reticence on her preferred path for rate hikes sets her apart from her peers, who in recent days have shown an increased willingness to voice their views. St. Louis Fed President James Bullard, for instance, said he would want to see rate hikes begin in early 2015; Full Story | Top |
| Access to Tesla cars only a password away, researcher says Friday, Mar 28, 2014 12:35 PM PDT By Jeremy Wagstaff SINGAPORE (Reuters) - Tesla Motors Inc's electric vehicles can be located and unlocked by criminals remotely simply by cracking a six-character password using traditional hacking techniques, according to newly released research. Nitesh Dhanjani, a corporate security consultant, Tesla owner and author of books on hacking, said at a conference in Singapore on Friday that he recently conducted a study of the Tesla Model S sedan and found several design flaws in its security system. Tesla spokesman Patrick Jones declined to comment on Dhanjani's findings, though he said that the carmaker does carefully review research it receives from security experts. Full Story | Top |
| Regulator to probe fairness of 'zombie' savings pots Friday, Mar 28, 2014 12:34 PM PDT  The Financial Conduct Authority's (FCA) investigation unveiled on Friday relates to about 150 billion pounds ($249 billion) of savings policies sometimes described as "zombie funds", which are closed to new investors and typically owned by elderly people who might have forgotten about them. "These accounts have been closed for many years in some cases, but there are still valid issues to be looked at around the question of the service that consumers receive in relation to those accounts," the FCA said in a statement. The FCA was due to announce the probe in its annual business plan to be published on Monday. But an interview with a senior FCA supervisor in the press on Friday outlining the review sent shares in insurers tumbling. Full Story | Top |
| Texas responders extend oil cleanup in Matagorda Bay after spill Friday, Mar 28, 2014 12:34 PM PDT  (Reuters) - Responders from the Matagorda Incident Command Post in Port O'Connor, Texas, extended their cleanup efforts to mitigate the environmental effects of a fuel oil spill that occurred in the Houston Ship Channel last weekend, the Texas City "Y" Response Unified Command said in an update on Friday. Members of the public are discouraged from accessing south Matagorda Island until the command announces that response operations are complete, the agency said. The channel was shut on Saturday when a Kirby Inland Marine fuel oil barge collided with a cargo ship near the entrance to Galveston Bay, spilling 4,000 barrels, or 168,000 gallons (636,000 liters), of heavy, black fuel oil. Full Story | Top |
| PwC is sued for $1 billion over MF Global collapse Friday, Mar 28, 2014 12:33 PM PDT  (Reuters) - The administrator of MF Global Holdings Ltd's bankruptcy plan on Friday sued PricewaterhouseCoopers for at least $1 billion, accusing the auditor of professional malpractice in connection with the brokerage's investment in European sovereign debt. According to a complaint filed in the U.S. District Court in Manhattan, PwC provided "flatly erroneous accounting advice" to MF Global and its then-chief executive Jon Corrine by recommending the use of off-balance sheet structures for the brokerage's $6.3 billion bet on the debt. Market worries about that exposure was among the factors that led to MF Global's quick collapse and October 31, 2011, bankruptcy. The lawsuit said it is the first case seeking to hold PwC liable for malpractice over its advice concerning, and approval of, the accounting treatment for the debt. Full Story | Top |
| Kenyan president says tourism sector 'on its knees' after attacks Friday, Mar 28, 2014 12:28 PM PDT  By James Macharia NAIROBI (Reuters) - Kenya's vital tourism sector is "on its knees" after attacks by al Qaeda-linked Islamist militants carried out in retaliation for its intervention in neighboring Somalia, President Uhuru Kenyatta said on Friday. Kenyatta met ethnic Somali leaders and asked for their help in identifying people they thought may be behind attacks that have dented the president's plans to boost the tourism sector in east Africa's biggest economy. Kenya has large Somali communities in parts of the country near the frontier with Somalia and in Eastleigh, a part of the capital Nairobi known as "Little Mogadishu" for its large Somali population. Tourist arrivals in Kenya in the first five months of 2013 were down 15 percent on the previous year as visitors stayed away, worried by attacks blamed on Somalia's al Shabaab rebel group and by fears of trouble around elections in March, which in the event passed off peacefully. Full Story | Top |
| Geopolitical games handicap Malaysia jet hunt Friday, Mar 28, 2014 12:25 PM PDT The search for flight MH370, the Malaysian jetliner that vanished over the South China Sea on March 8, has involved more than two dozen countries and 60 aircraft and ships but been bedeviled by regional rivalries. While Malaysia has been accused of a muddled response and poor communications, China has showcased its growing military clout and reach, while some involved in the operation say other countries have dragged their feet on disclosing details that might give away sensitive defense data. That has highlighted growing tensions in a region where the rise of China is fuelling an arms race, and where several countries including China, Malaysia, Indonesia and the Philippines are engaged in territorial disputes, with the control of shipping lanes, fishing and potential hydrocarbon reserves at stake. The Malaysian Airline jet, which disappeared en route from Kuala Lumpur to Beijing, was last officially detected hundreds of miles off course on the wrong side of the Malaysian peninsula. Full Story | Top |
| Exclusive: Oil sector withholds information about rail cargoes - U.S. regulator Friday, Mar 28, 2014 12:21 PM PDT By Patrick Rucker WASHINGTON (Reuters) - U.S. transport regulators on Friday criticized the oil industry for not sharing important information about the kinds of rail shipments that were involved in a number of recent fiery derailments. In letters with regulators and testimony to lawmakers, leaders of trade groups like the American Petroleum Institute have said since January that they will share results of their tests on fuel from North Dakota's Bakken oil patch, where the derailed trains were loaded. But despite those assurances, the Department of Transportation said, the oil industry has largely declined to cooperate with regulators trying to understand why several recent fuel derailments led to explosions of uncommon force. "The overall and ongoing lack of cooperation is disappointing, slows progress, and certainly raises concerns." An oil industry representative on Friday said that examining North Dakota crude was an ongoing process. Full Story | Top |
| Wall Street sharply cuts gains as biotechs plunge Friday, Mar 28, 2014 12:18 PM PDT  By Angela Moon NEW YORK (Reuters) - U.S. stocks sharply pared gains by late Friday afternoon on Friday, with the Nasdaq briefly turning negative, led by a decline in the biotechnology sector. Major U.S. stock indexes had been significantly higher in most of the morning and early afternoon trade following comments from a Chinese official indicating that the country's government was ready to take steps to support its slowing economy. But a 2.6 percent drop in the Nasdaq biotechnology index led the major indexes to session lows. If we see that pattern again today, that would be concerning," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research in Austin, Texas. Full Story | Top |
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