Developing

  • Italy's Monti says Greece will probably keep euro

    Reuters - Thu, May 24, 2012

    ROME (Reuters) - Greece will probably remain in the euro zone, Italian Prime Minister Mario Monti said on Thursday, but demands made of Greece by its partners had been unrealistic and far reaching economic reform could take decades to achieve. "Anything can happen, but I think the most probable outcome is the one which is most positive for Greece and for all of us," Monti said on an Italian television talk show, when asked if he believed Greece would stay in the currency bloc. ... More »Italy's Monti says Greece will probably keep euro

  • SEC unlikely to file charges in Lehman case - memo

    Reuters - Thu, May 24, 2012

    WASHINGTON (Reuters) - The staff of the U.S. Securities and Exchange Commission has concluded its investigation into Lehman Brothers Holdings and will not likely recommend charges, according to the excerpt of a memo sent to Reuters. The excerpt, which was not dated, was sent along with an anonymous letter to Congress alleging that SEC Chairman Mary Schapiro made inaccurate statements about the agency's Lehman probe during a hearing last month. Schapiro told a House Financial Services panel on April 25 that Lehman "remains under investigation" and "is still under review. ... More »SEC unlikely to file charges in Lehman case - memo

  • Morgan Stanley making Facebook adjustments - source

    Reuters - Thu, May 24, 2012

    (Reuters) - Morgan Stanley will adjust thousands of trades to ensure no limit orders will be filled at more than $43 (27.4 pounds) a share for Facebook stock from last Friday's botched initial public offering, the firm told its brokers on Thursday, a person familiar with the call said. The source, a broker who could not speak for attribution, said the firm again insisted that the trading problems were Nasdaq-related. (Corrects to reflect nature and timing of orders being adjusted) (Reporting By Ben Berkowitz; Editing by Gary Hill and Phil Berlowitz) More »Morgan Stanley making Facebook adjustments - source

  • Top women on Wall Street - Equal-opportunity axing?

    Reuters - Thu, May 24, 2012

    (Reuters) - The financial crisis and its aftermath have been brutal for Wall Street's richest and most powerful women. The latest casualty: Ina Drew, the head of JPMorgan Chase's chief investment office, who departed last week after the bank suffered mammoth trading losses. An analysis by Reuters of the proxy statements from the five largest U.S. banks shows that of the 25 executives whose pay is disclosed - updated for some recent changes - only three, or 12 percent, are women. That's down from five, or 20 percent, at the end of 2007. ... More »Top women on Wall Street - Equal-opportunity axing?

  • USTR Kirk plans to go in January, upbeat on EU-US trade

    Reuters - Thu, May 24, 2012

    PARIS (Reuters) - U.S. Trade Representative Ron Kirk said on Wednesday that he expects to leave office at the end of President Barack Obama's first term, and also expressed enthusiasm about the potential for a trade agreement between the United States and the EU to boost jobs and growth on both sides of the Atlantic. ... More »USTR Kirk plans to go in January, upbeat on EU-US trade

  • Bankia to ask Spain for over 15 billion euros - source

    Reuters - Thu, May 24, 2012

    MADRID (Reuters) - Spanish lender Bankia will ask the state for more than 15 billion euros (12 billion pounds) to bail it out when its new management team presents a restructuring plan on Friday, a financial sector source said late on Thursday. Bankia, partially nationalized by the government earlier this month, is the weak spot in Spain's fragile banking system where loan losses stemming from a 2008 property crash threaten to push the country into seeking international assistance. ... More »Bankia to ask Spain for over 15 billion euros - source

  • Hunt Under Fresh Pressure Over BSkyB Bid

    Sky News - Thu, May 24, 2012

    Downing Street is facing fresh questions over the decision to appoint Culture Secretary Jeremy Hunt to oversee the controversial bid for BSkyB by Rupert Murdoch's News Corporation. More »Hunt Under Fresh Pressure Over BSkyB Bid

  • Iran, big powers agree to hold more nuclear talks in June

    Reuters - Thu, May 24, 2012

    BAGHDAD (Reuters) - Iran and world powers agreed to meet again in Moscow next month for more talks to try to end the long-running dispute over Tehran's nuclear programme, but there was scant progress to resolve the main sticking points between the two sides. At the heart of the dispute is Iran's insistence that it has the right to enrich uranium and that economic sanctions should be lifted before it stops activities that could lead to its achieving the capability to make nuclear weapons. Western powers insist Tehran must first shut down enrichment activities before sanctions can be eased. ... More »Iran, big powers agree to hold more nuclear talks in June

  • PM Angry At Euro Summit's Failure To Agree

    Sky News - Thu, May 24, 2012

    A summit of European leaders has ended without clear agreement on how best to restore confidence in the euro, despite pleas from the British PM to get a grip on the crisis. More »PM Angry At Euro Summit's Failure To Agree

  • Icahn buys stake in Chesapeake - report

    Reuters - Thu, May 24, 2012

    NEW YORK (Reuters) - Billionaire hedge fund manager Carl Icahn has purchased a stake in Chesapeake Energy Corp , according to Bloomberg, which sourced the information to a person with knowledge of the matter. The person said that Icahn Enterprises LP may now hold more than 4 percent of the company, making him the company's fifth-largest investor. Icahn was not immediately available for comment when Reuters called his office. Mason Hawkins, whose firm South-eastern Asset Management is the largest Chesapeake shareholder, did not respond to a request for comment. Chesapeake shares gained 3. ... More »Icahn buys stake in Chesapeake - report

  • Vatican bank sacks president in no-confidence vote

    Reuters - Thu, May 24, 2012

    VATICAN CITY (Reuters) - The president of the Vatican bank has been ousted by the board of directors, the Vatican said on Thursday, blaming him for a deterioration in standards of governance. The board unanimously passed a no-confidence vote in Italian Ettore Gotti Tedeschi for failing to carry out "various fundamentally important functions of his office", the Vatican statement said. ... More »Vatican bank sacks president in no-confidence vote

  • 'Grexit' holds risks for Wall Street, Washington

    AFP - Thu, May 24, 2012

    For two years Washington and Wall Street have been bracing for Greece's eurozone exit, but despite the preparations, fears remain that an "X factor" could slap around the world's largest economy. More »'Grexit' holds risks for Wall Street, Washington

  • UK appointed pro-Murdoch minister to News Corp bid

    Reuters - Thu, May 24, 2012

    LONDON (Reuters) - Prime Minister David Cameron gave the job of ruling on a multi-billion dollar takeover by News Corp to a minister he knew supported the deal, an inquiry heard on Thursday, reigniting accusations he was in hock to Rupert Murdoch. Jeremy Hunt, the Culture Secretary who was handed the task of deciding whether to support Murdoch's $12 billion bid for BSkyB, had previously sent a memo to Cameron detailing his view that the takeover would be good for Britain. ... More »UK appointed pro-Murdoch minister to News Corp bid

  • Crisis-hit Europeans freeze summer holiday plans

    Reuters - Thu, May 24, 2012

    MILAN (Reuters) - Europeans are putting holiday plans on the back burner this summer as the crisis hits "sun belt" economies in Greece, Spain and Italy, a study showed on Thursday. Only six of 10 people polled by Ipsos for Europ Assistance said they were planning to go on holiday between June and September this year, the lowest level in eight years. The estimate compares to 66 percent in 2011. Italians were the most reluctant to travel despite their usual long holiday season, with 63 percent willing to leave compared to 78 percent last year. ... More »Crisis-hit Europeans freeze summer holiday plans

  • Clinton - US sanctions will stay as Iran talks continue

    Reuters - Thu, May 24, 2012

    WASHINGTON (Reuters) - The United States will not ease sanctions on Iran before a third round of talks between major powers and Iranian officials about Tehran's nuclear program, U.S. Secretary of State Hillary Clinton said on Thursday. "As we lay the groundwork for these talks, we will keep up the pressure as part of our dual-track approach. All of our sanctions will remain in place and continue to move forward during this period," she told reporters in Washington hours after talks between Iran and world powers concluded in Baghdad. ... More »Clinton - US sanctions will stay as Iran talks continue

  • Phony 'dying bride' ordered to repay victims

    Reuters - Thu, May 24, 2012

    NEW YORK (Reuters) - A New York bride who faked having terminal cancer to swindle well-wishers into funding her dream wedding and honeymoon to the Caribbean on Wednesday was ordered to repay more than $13,000 (8,200 pounds) to her victims, prosecutors said. Jessica Vega, 25, pleaded guilty last month to fraud and forgery charges for deceiving people in the Hudson Valley area of New York into thinking she had only a few months to live, New York Attorney General Eric T. Schneiderman said. ... More »Phony 'dying bride' ordered to repay victims

  • Oil up as Iran talks extended, weak data eyed

    Reuters - Thu, May 24, 2012

    NEW YORK (Reuters) - Crude futures rose on Thursday, rebounding from the previous session's slump as investors fretted about potential disruptions to Middle East oil supplies after talks between world powers and Iran over its nuclear program ended with no agreement. After seeming conciliatory before the Baghdad talks, Iran insisted on its right to nuclear fuel enrichment. Another meeting was set for June, suggesting the situation is fluid and prompting caution by oil investors. Trading volume was light and prices remained substantially below their highs for this year. ... More »Oil up as Iran talks extended, weak data eyed

  • Al Jazeera seeks to build global brand in sports

    Reuters - Thu, May 24, 2012

    PARIS (Reuters) - Al Jazeera, best known for its Middle Eastern news coverage, aims to become a global powerhouse in sports broadcasting over the next five years, its director told Reuters. The Qatar-based broadcaster will launch its new sports channel dubbed 'beIN Sport' in France next week and plans for two more channels in the United States in August. It is also currently weighing whether to bid for the UK rights to the English Premier League, said Nasser al-Khelaifi, director of Al Jazeera Sports, in an interview. ... More »Al Jazeera seeks to build global brand in sports

  • Son of China's Bo Xilai graduates from Harvard

    Reuters - Thu, May 24, 2012

    BOSTON (Reuters) - The son of fallen Chinese politician Bo Xilai graduated from Harvard University's Kennedy School of Government on Thursday, capping a tumultuous academic year that also placed him in the centre of his homeland's biggest leadership crisis in two decades. Bo Guagua, whose perceived lavish lifestyle overseas has created a firestorm on the Internet back in China, wore a black cap and gown with crimson hood when he accepted his diploma at a commencement ceremony in Cambridge, Massachusetts. ... More »Son of China's Bo Xilai graduates from Harvard

  • Factbox - Nigeria's draft Petroleum Industry Bill

    Reuters - Thu, May 24, 2012

    (Reuters) - Nigeria's government task force will finalise a draft of the long-delayed Petroleum Industry Bill (PIB) this week before sending it to the oil minister and the national assembly for debate, industry sources told Reuters. The ambitious PIB has been years in the making and several other versions have been debated by parliament. In January, President Goodluck Jonathan ordered that a task force put together a definitive draft to speed up the process. ... More »Factbox - Nigeria's draft Petroleum Industry Bill

  • Exclusive - Draft of Nigeria oil bill being finalised

    Reuters - Thu, May 24, 2012

    ABUJA/LAGOS (Reuters) - A new draft of Nigeria's long delayed oil bill, whose passage is needed to unblock billions of dollars of stalled investment into exploration and production, will be finalised this week, sources close to the matter said on Thursday. A copy of the 200-page Petroleum Industry Bill (PIB) obtained by Reuters includes plans to partly privatise and list the state oil firm, tax oil company profits at 20 percent for deep offshore and 50 percent for shallow or onshore, and give the oil minister supervisory powers over all institutions in the industry. ... More »Exclusive - Draft of Nigeria oil bill being finalised

  • Police Seize Record Haul Of Counterfeit Coins

    Sky News - Thu, May 24, 2012

    More than £4m worth of fake one pound coins have been seized by detectives. More »Police Seize Record Haul Of Counterfeit Coins

  • Greek anti-bailout left has four-point lead - poll

    Reuters - Thu, May 24, 2012

    ATHENS (Reuters) - Greece's anti-bailout leftist SYRIZA party is maintaining its poll lead ahead of a June 17 election that is deemed critical to the country's continued membership of the euro zone, a poll showed on Thursday. Greece was forced to call a repeat election after a May 6 vote left parliament divided evenly between groups of parties that support and oppose austerity conditions attached to a 130 billion euro rescue agreed with lenders in March. ... More »Greek anti-bailout left has four-point lead - poll

  • Bulgaria, Turkey, Qatar agree to build highway

    Reuters - Thu, May 24, 2012

    SOFIA (Reuters) - Bulgaria, Turkey and Qatar have agreed to form a common project company to build a highway on the Bulgarian territory, the construction ministry said after a trilateral meeting on Thursday. The 300-km highway will connect the Danube River town of Ruse, bordering Romania, with the southern town of Svilengrad, bordering Balkan neighbours Greece and Turkey. ... More »Bulgaria, Turkey, Qatar agree to build highway

  • Oil prices rise on EU Greece support, Iran impasse

    AFP - Thu, May 24, 2012

    Oil prices perked up Thursday after European leaders reaffirmed their desire to see Greece stay in the euro and Iran and world powers deadlocked in talks over its disputed nuclear program. More »Oil prices rise on EU Greece support, Iran impasse

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