Developing

  • Insight - Minute by minute, Nasdaq chaos engulfed Facebook IPO

    Reuters - 15 hours ago

    (Reuters) - Dead silence. For nearly 20 minutes on the morning of Facebook Inc's trading debut last Friday, the line Nasdaq had opened up to keep traders informed about the social media company's $16 billion (10.21 billion pounds) IPO had been mute. Well after the stock was supposed to have opened at 11 a.m. New York time, no one from Nasdaq was talking - and there was still no sign of trading. Finally, at 11:28 a.m., an unidentified person announced that the shares would open in about 2 minutes. ... More »Insight - Minute by minute, Nasdaq chaos engulfed Facebook IPO

  • BoE's Weale says case for more QE remains

    Reuters - 16 hours ago

    LONDON (Reuters) - Weak gross domestic product data this week strengthens the case for more Bank of England stimulus, but this has to be weighed against above-target inflation, The Bank policymaker Martin Weale said on Friday. Revised official data this week showed that the economy contracted by 0.3 percent in the first quarter, a bigger fall than the earlier -0.2 percent estimate. After the first estimate was released, Weale said it strengthened the case for more Bank asset purchases - though he did not vote for more at May's Monetary Policy Committee meeting. ... More »BoE's Weale says case for more QE remains

  • DigitalGlobe, GeoEye jump on nod for imagery funding

    Reuters - 16 hours ago

    WASHINGTON (Reuters) - DigitalGlobe Inc and GeoEye Inc on Friday welcomed a decision by the Senate Armed Services Committee to authorize continued funding for commercial imagery purchases, a move that sent the two companies' shares sharply higher. Shares of DigitalGlobe rose as much as 10 pct while those of GeoEye jumped 9 percent in response to the first positive news for the sector in quite a while. Both DigitalGlobe and GeoEye provide digital imagery services to U.S. military and intelligence agencies and are working on next-generation satellites to double their capacity. ... More »DigitalGlobe, GeoEye jump on nod for imagery funding

  • SEC eyes Nasdaq compliance in Facebook debacle

    Reuters - 17 hours ago

    WASHINGTON (Reuters) - U.S. securities regulators are looking into whether Nasdaq violated any technical exchange rules when it botched Facebook Inc's market debut last week, according to people familiar with the matter. The review of potential technical violations is part of the Securities and Exchange Commission's broader look at how Nasdaq handled its part of the initial public offering, including its decision to proceed with trading despite glitches, these people said. The SEC is also reviewing Nasdaq's communications with market participants, one of those people added. ... More »SEC eyes Nasdaq compliance in Facebook debacle

  • Lotus Group CEO Bahar suspended

    Reuters - 17 hours ago

    MONACO (Reuters) - Dany Bahar, the chief executive with ambitious plans for British-based sports car maker Lotus in Formula One and U.S.-based IndyCars, has been suspended by the new Malaysian owners of Group Lotus. Group Lotus said in a statement on Friday that the move followed an operational review with Bahar temporarily suspended from his role in order "to facilitate an investigation into a complaint about his conduct" made by DRB-Hicom Berhad. A DRB-Hicom spokesman said it was business as usual at the Lotus headquarters in eastern England, where more than 1,000 workers are employed. ... More »Lotus Group CEO Bahar suspended

  • Russian arms shipment en route to Syria - report

    Reuters - 17 hours ago

    UNITED NATIONS (Reuters) - A Russian cargo ship loaded with weapons is en route to Syria and due to arrive at a Syrian port this weekend, Al Arabiya television said in a report that Western diplomats in New York described on Friday as credible. Syria is one of Russia's top weapons customers. The United States and European Union have suggested the U.N. Security Council should impose an arms embargo and other U.N. sanctions on Syria for its 14-month assault on a pro-democracy opposition determined to oust Syrian President Bashar al-Assad. ... More »Russian arms shipment en route to Syria - report

  • Annan to visit Syria soon, spokesman says

    Reuters - 17 hours ago

    GENEVA (Reuters) - International peace mediator Kofi Annan will visit Syria "soon," his spokesman told Reuters on Friday, in what would be the former U.N. Secretary-General's first visit since he presented his peace plan to Syria's government in early March. Ahmad Fawzi declined to give details or specify the date, citing security reasons. Fawzi has repeatedly said that Annan, whose six-week-old ceasefire plan has failed to stop the violence in Syria, would travel to the country when the time was right. U.N. envoys said on Thursday that Annan may travel to Syria before the end of the month. ... More »Annan to visit Syria soon, spokesman says

  • Games giving "Brand Britain" an Asian boost

    Reuters - 17 hours ago

    LONDON (Reuters) - The London Olympics are giving "brand Britain" a fillip in China and India, a survey indicated on Saturday, boosting the government's ambition of attracting an extra one billion pounds of inward investment and trade. More »Games giving "Brand Britain" an Asian boost

  • Lotus Group CEO Bahar suspended

    Reuters - 17 hours ago

    MONACO (Reuters) - Dany Bahar, the chief executive with ambitious plans for British-based sports car maker Lotus in Formula One and U.S.-based IndyCars, has been suspended by the new Malaysian owners of Group Lotus. More »Lotus Group CEO Bahar suspended

  • LCH.Clearnet left off U.S. "systemic" list

    Reuters - 17 hours ago

    CHICAGO (Reuters) - LCH.Clearnet, the world's biggest clearer of interest-rate swaps, did not make an initial list of global clearinghouses labelled "systemically important" by a council of U.S. regulators earlier this week, three sources familiar with the decision said. LCH.Clearnet, a London-based firm set to be bought by the London Stock Exchange at the end of the year, had earlier said it fully expected to get the label. The label subjects clearers to tougher oversight but also potentially gives them access to valuable services, such as keeping funds at a Federal Reserve bank. ... More »LCH.Clearnet left off U.S. "systemic" list

  • EU says China, U.S., Japan also have economic work to do

    Reuters - 17 hours ago

    BRUSSELS (Reuters) - The United States and Japan must tackle their tax issues and China must relax restrictions on the yuan, as they share responsibility with Europe for restoring global economic health, EU leaders said ahead of a June summit of the G20 leading economies. In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing it all it could. ... More »EU says China, U.S., Japan also have economic work to do

  • French left ahead in parliament vote - poll

    Reuters - 17 hours ago

    PARIS (Reuters) - The French left will comfortably beat the conservative UMP party in next month's parliamentary election, a poll showed on Friday, as rivalries triggered by Nicolas Sarkozy's defeat in the race for the presidency risk splitting the right-wing vote. President Francois Hollande's Socialists and other left-wing partner parties could together win 44 percent of the vote in the June 10 first round of the election, compared with just over a third for the UMP. ... More »French left ahead in parliament vote - poll

  • Hollande makes surefooted start before assembly vote

    Reuters - 17 hours ago

    PARIS (Reuters) - Socialist President Francois Hollande has defied critics who considered him an inexperienced lightweight by starting with a burst of globetrotting activity and standing up to Berlin and Washington on euro and foreign policy. Placid and slow-paced by nature, Hollande has packed in visits to Berlin, Washington, Camp David, Chicago, Brussels and Kabul in his first 10 days in office, a timetable worthy of his hyperactive conservative predecessor Nicolas Sarkozy. ... More »Hollande makes surefooted start before assembly vote

  • Summer of discontent beckons

    Reuters - 18 hours ago

    LONDON (Reuters) - The late spring warmth spreading across Europe and the United States is unlikely to soothe a growing anxiety in financial markets that the global outlook is anything but balmy. An escalating euro zone crisis and weak data from China and Europe have turned investment flows ever more firmly toward safe-haven assets, mainly in the U.S., and away from anything with a hint of risk - a trend that is firmly entrenched. In the coming week investors find out if the list of current concerns extends to the health of the giant U.S. ... More »Summer of discontent beckons

  • Icahn buys Chesapeake stake, seeks board changes

    Reuters - 18 hours ago

    (Reuters) - Billionaire investor Carl Icahn revealed he had bought a 7.6 percent stake in Chesapeake Energy Corp and called for the natural gas producer to replace at least four directors, saying the board has failed "in a dramatic fashion" in its oversight of management. The corporate-raider-turned-activist investor asked the company for two board seats for his own representatives and two for another large shareholder such as Chesapeake's largest, Southeastern Asset Management. ... More »Icahn buys Chesapeake stake, seeks board changes

  • Exclusive - Merrill misstep may hurt battle vs. broker claims

    Reuters - 18 hours ago

    NEW YORK (Reuters) - Merrill Lynch's battle to void a $10 million (6.38 million pounds) arbitration ruling suffered a setback this week after a new court filing raised questions about its claims that a panel member had not disclosed her potential conflicts. The brokerage giant, which Bank of America agreed to acquire in 2008, is challenging an April 3 arbitration ruling that awarded two brokers, Tamara Smolchek and Meri Ramazio, more than $10 million in damages stemming from unpaid compensation claims. ... More »Exclusive - Merrill misstep may hurt battle vs. broker claims

  • Troubled Bankia Asks Spain For £15bn In Aid

    Sky News - 18 hours ago

    Spain's fourth largest bank Bankia has asked for 19bn euros (£15bn) in state aid - on top of a previous injection of 4.5bn euros. More »Troubled Bankia Asks Spain For £15bn In Aid

  • Scots begin push to be a nation once again

    Reuters - 18 hours ago

    EDINBURGH (Reuters) - With rousing speeches, patriotic music and support from actor Sean Connery, supporters of independence for Scotland launched a campaign on Friday which they hope will lead to the demise of a 305-year-old union with England and the breakup of Britain. "This is the beginning of something really special - the beginning of the campaign to restore nationhood to Scotland," Alex Salmond, leader of the Scottish National Party (SNP), told hundreds of supporters in a hall in the capital Edinburgh. "We want a Scotland that is fairer and more prosperous. ... More »Scots begin push to be a nation once again

  • Facebook ripple on IPO market already felt

    Reuters - 18 hours ago

    (Reuters) - The ripple effects of Facebook Inc's botched IPO appear to already be hitting the market for initial public offerings as two companies this week pushed back their market debuts. PC hardware components maker Corsair Components Inc postponed its $78 million (49.8 million pounds) IPO citing market conditions, as did laser hair removal products maker Tria Beauty Inc, which intended to raise $64 million. The delays may be just the first of many, say market observers, as volatile equity markets and fallout from the Facebook debacle create a challenging climate for new offerings. ... More »Facebook ripple on IPO market already felt

  • Court OKs JPMorgan fee pact; Capital One talks fail

    Reuters - 18 hours ago

    (Reuters) - JPMorgan Chase & Co won preliminary court approval of its agreement to pay $110 million (70.2 million pounds) to settle nationwide litigation accusing it of charging excessive overdraft fees. The settlement would resolve lawsuits brought on behalf of more than 1 million people over the fees, which are assessed when customers overdraw their checking accounts by using their debit cards. ... More »Court OKs JPMorgan fee pact; Capital One talks fail

  • Crowds to crown queen's 60th anniversary party

    Reuters - 18 hours ago

    LONDON (Reuters) - Queen Elizabeth will celebrate 60 years on the throne next month along with huge crowds expected for a pop concert at Buckingham Palace, a grand procession through the streets of London and a 1,000-strong flotilla along the River Thames. The Diamond Jubilee comes just over a year after the royal wedding of Prince William, the queen's grandson, to Kate Middleton, a spectacular display of pomp and pageantry which has boosted the monarchy's popularity at home and abroad. ... More »Crowds to crown queen's 60th anniversary party

  • Canada lifts threshold for foreign takeover reviews

    Reuters - 18 hours ago

    OTTAWA/TORONTO (Reuters) - Canada will boost the threshold at which it will review proposed foreign takeovers of Canadian companies, the industry minister said on Friday, but he stopped short of fulfilling a government pledge to clarify the criteria for approving them. Sharpening its focus on the biggest deals, the government will gradually raise the threshold for mandatory reviews to proposed acquisitions with at least C$1 billion (620.1 million pounds) in enterprise value. The current threshold is C$330 million in asset value. ... More »Canada lifts threshold for foreign takeover reviews

  • Ex-General Re, AIG execs may settle criminal case

    Reuters - 19 hours ago

    (Reuters) - Four former executives at Berkshire Hathaway Inc's General Re Corp and one at American International Group Inc are in talks to settle a long-running criminal case accusing them of engineering a reinsurance transaction that fraudulently boosted AIG's loss reserves. The talks were disclosed in a Thursday court filing, nearly 10 months after the 2nd U.S. Circuit Court of Appeals in New York overturned the defendants' convictions, citing errors by the judge handling their six-week trial in 2008. ... More »Ex-General Re, AIG execs may settle criminal case

  • BoE's Weale says case for more QE remains

    Reuters - 19 hours ago

    LONDON (Reuters) - Weak British gross domestic product data this week strengthens the case for more Bank of England stimulus, but this has to be weighed against above-target inflation, BoE policymaker Martin Weale said on Friday. Revised official data this week showed that Britain's economy contracted by 0.3 percent in the first quarter, a bigger fall than the earlier -0.2 percent estimate. After the first estimate was released, Weale said it strengthened the case for more BoE asset purchases - though he did not vote for more at May's Monetary Policy Committee meeting. ... More »BoE's Weale says case for more QE remains

  • Dell-Quest deal possible over weekend - sources

    Reuters - 19 hours ago

    NEW YORK/SAN FRANCISCO (Reuters) - Dell Inc is expected to reach an agreement to buy network security software maker Quest Software Inc as soon as this weekend after a previous deal fell apart, several people familiar with the matter said. Dell is planning to offer between $23 (14.6 pounds) and $26 per share to buy the enterprise systems management software maker, two sources told Reuters on condition of anonymity because the discussions were not public. ... More »Dell-Quest deal possible over weekend - sources

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