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Lotus Group CEO Bahar suspended

Sat, 26 May 2012 09:44:30 +0100

MONACO (Reuters) - Dany Bahar, the chief executive with ambitious plans for British-based sportscar 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. ...

Essar's Ravi Ruia, Loop execs get bail in 2G case

Sat, 26 May 2012 06:38:34 +0100

NEW DELHI (Reuters) - Five businessmen, including billionaire Ravi Ruia from the Essar conglomerate, have won bail in a case probing a telecoms licensing scandal which has drawn in tycoons and a former minister. A special court in New Delhi, which is hearing the case, approved criminal conspiracy charges against Ruia, his nephew Anshuman Ruia, and senior Essar group executive Vikash Saraf, and allowed them bail. ...

Gunman in Indiana standoff dies after shooting himself

Sat, 26 May 2012 05:06:46 +0100

VALPARAISO, Indiana (Reuters) - A gunman took hostages in an Indiana real estate office on Friday, then released them after an eight-hour standoff and fatally shot himself in the head, authorities said. The gunman died at a hospital in Valparaiso, Indiana, about 40 miles southeast of Chicago, police said. "We believe there was some issue over some money," said Valparaiso Police Chief Michael Brickner. He added the man had been to the office previously to complain and had a confrontation with employees. ...

Gunman in Indiana standoff dies after shooting himself

Sat, 26 May 2012 03:17:35 +0100

VALPARAISO, Indiana (Reuters) - A gunman took hostages in an Indiana real estate office on Friday, then released them after an eight-hour standoff and fatally shot himself in the head, authorities said. The gunman died at a hospital in Valparaiso, Indiana, about 40 miles (64 km) southeast of Chicago, police said. "We believe there was some issue over some money," said Valparaiso Police Chief Michael Brickner. He added the man had been to the office previously to complain and had a confrontation with employees. ...

British minister called Murdoch aide 'papa'

Sat, 26 May 2012 03:05:52 +0100

Britain's culture minister faced fresh pressure Saturday after a press ethics inquiry released dozens of light-hearted text messages between him and a lobbyist for Rupert Murdoch's News Corporation, whom he called "mon ami" and "papa".

Florida toughest state on jobless benefits: nonprofit groups

Sat, 26 May 2012 01:24:59 +0100

MIAMI (Reuters) - Florida is the stingiest state in the country when it comes to providing jobless benefits for the unemployed, two workers' rights groups argued in a complaint lodged with the U.S. Labor Department. In a letter sent to U.S. Labor Secretary Hilda Solis this month, the National Employment Law Project and Florida Legal Services asked for an investigation into changes to the unemployment compensation system made by Florida Republican Governor Rick Scott's administration. ...

Rule tweak to curb insider trading

Sat, 26 May 2012 01:00:00 +0100

Mumbai, May 25: The Securities and Exchange Board of India (Sebi) has kept some serious offences such as insider trading and front running out of its consent mechanism that allows companies to settle their disputes with the regulator on payment of a fee."Certain defaults including insider trading, front running, failure to make an open offer, redress investor grievances and respond to the summons issued by Sebi, are excluded from the consent process," the regulator said in its revised consent order norms. ...

Lotus Group CEO Bahar suspended

Sat, 26 May 2012 00:21:55 +0100

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. ...

Lotus Group CEO Bahar suspended

Sat, 26 May 2012 00:21:55 +0100

Lotus Group CEO Bahar suspended

Sat, 26 May 2012 00:02:09 +0100

Lotus Group CEO Bahar suspended

Sat, 26 May 2012 00:02:02 +0100

Motor racing-Lotus Group CEO Bahar suspended

Sat, 26 May 2012 00:00:06 +0100

MONACO, May 25 (Reuters) - Dany Bahar, the chief executivewith ambitious plans for British-based sportscar maker Lotus inFormula One and U.S.-based IndyCars, has been suspended by thenew Malaysian owners of Group Lotus. Group Lotus said in a statement on Friday that the movefollowed an operational review with Bahar temporarily suspendedfrom his role in order "to facilitate an investigation into acomplaint about his conduct" made by DRB-Hicom Berhad. A DRB-Hicom spokesman said it was business as usual at theLotus headquarters in eastern England, where more than 1,000workers are employed. ...

UPDATE 4-UN inspectors find high-grade uranium traces in Iran

Fri, 25 May 2012 22:02:15 +0100

* Iran moving to boost enrichment capacity

Feeding frenzy for lawyers in botched Facebook IPO

Fri, 25 May 2012 21:50:19 +0100

(Reuters) - Facebook Inc's bungled initial public offering has gone from one of the most highly anticipated stock offerings to a hot legal opportunity for lawyers on both sides of shareholder litigation. Court battles over the fizzled IPO could run for years, as the social networking company, the banks that took it public and the Nasdaq OMX Group Inc face claims that they short-changed investors. Besides fighting off claims by Facebook shareholders, the defendants will also need lawyers to respond to inquiries from government investigators looking into how the IPO was handled. ...

Wisconsin's progressivism faces a recall

Fri, 25 May 2012 21:12:19 +0100

COLUMBUS, Wisc. (Reuters) - Tea Party activist Larry Gamble has spent the last few months leading an effort to disqualify the signatures of some of the 1 million residents who petitioned to recall Wisconsin's governor, Republican Scott Walker. The petition protests Walker's Act 10, which eliminates collective bargaining rights for most public workers, among other anti-union measures. Gamble helped launch a "Verify the Recall" website that drew in 17,000 volunteer sleuths to scour public records for fraud. ...

Feeding frenzy for lawyers in botched Facebook IPO

Fri, 25 May 2012 21:05:39 +0100

Feeding frenzy for lawyers in botched Facebook IPO

Fri, 25 May 2012 21:05:29 +0100

UN inspectors find higher-grade uranium traces in Iran

Fri, 25 May 2012 20:06:48 +0100

VIENNA (Reuters) - United Nations inspectors have found uranium particles refined to a higher-than-expected level at an Iranian underground site where Tehran has installed more than 50 percent more enrichment centrifuges, a U.N. watchdog report said on Friday. It said Iran had told the U.N. agency the presence of traces of highly refined uranium - at a level that could take it further down the road to potential weapons-grade threshold - "may happen for technical reasons beyond" its control. ...

Murdoch private eye targeted U.S. hedge fund boss

Fri, 25 May 2012 19:04:12 +0100

(Reuters) - A private detective working for Rupert Murdoch's British newspapers used a legally questionable tactic to obtain a hotel bill that a New York financier ran up at one of London's swankest hotels, records reviewed by Reuters show. ...

Murdoch private eye targeted U.S. hedge fund boss

Fri, 25 May 2012 18:54:13 +0100

Murdoch private eye targeted U.S. hedge fund boss

Fri, 25 May 2012 18:38:07 +0100

SEBI toughens stance on serious cases

Fri, 25 May 2012 18:30:45 +0100

NEW DELHI (Reuters) - The Securities and Exchange Board of India (SEBI) said it would not settle serious cases, such as insider trading and unfair trade practices, through the use of consent orders - a mechanism that avoids lengthy legal proceedings. The capital market regulator had faced accusations that it had used consent orders inappropriately in some serious cases. ...

Exclusive: U.S. probes China's ZTE over tech sales to Iran

Fri, 25 May 2012 17:40:03 +0100

WASHINGTON (Reuters) - The Department of Commerce is investigating Chinese telecommunications equipment maker ZTE Corp for allegedly selling embargoed U.S. computer products to Iran. The investigation was launched following reports by Reuters in March and April that ZTE had signed contracts to ship millions of dollars worth of hardware and software from some of America's best-known tech firms to Telecommunication Co of Iran (TCI) and a unit of the consortium that controls it along with the Iranian regime. TCI is Iran's largest telecom carrier. ...

Exclusive: U.S. probes China's ZTE over tech sales to Iran

Fri, 25 May 2012 17:40:03 +0100

WASHINGTON (Reuters) - The Department of Commerce is investigating Chinese telecommunications equipment maker ZTE Corp for allegedly selling embargoed U.S. computer products to Iran.

Vatican bank president ousted; claims he is victim

Fri, 25 May 2012 16:50:05 +0100

VATICAN CITY (Reuters) - In the type of drama that rarely filters out of the Vatican, the president of its bank has been ousted by a board of external financial experts who voted no confidence in his leadership. Ettore Gotti Tedeschi, who was shown the door on Thursday night as president of the Vatican bank formally known as the Institute for Works of Religion (IOR), claimed he is a victim of his efforts to make the bank more open. Gotti Tedeschi told Reuters: "I have paid for my transparency". The Vatican denied this, saying he had been ineffective and divisive. ...

Court seeks report from home ministry, DGCA on Vectra

Fri, 25 May 2012 16:24:33 +0100

New Delhi, May 25 (IANS) The Delhi High Court Friday sought records from the home ministry and Directorate General of Civil Aviation (DGCA) for the basis on which the operating permit of the aviation firm Global Vectra Helicorp was suspended.

2G case: Charges framed against Essar, Loop promoters

Fri, 25 May 2012 13:46:43 +0100

New Delhi, May 25 (IANS) A special Central Bureau of Investigation (CBI) court here Friday formally slapped the charges of conspiracy and cheating against the promoters of the Essar Group and the Loop Telecom in the 2G spectrum allocation case.

Essar's Ravi Ruia, Loop execs get bail in 2G case

Fri, 25 May 2012 13:28:31 +0100

Bengal nod to extract groundwater divides experts

Fri, 25 May 2012 09:36:42 +0100

New Delhi, May 25 (IANS) West Bengal has allowed more farmers to use electric pumps to draw groundwater to expand its paddy output. Six months later, like many other things here, the move has become contentious.

Goldman's annual meeting: tame and tweeted

Fri, 25 May 2012 05:37:12 +0100

JERSEY CITY, New Jersey (Reuters) - For all the security staff, rules of conduct and a warning that troublemakers would be kicked out, the most noteworthy event at Goldman Sachs Group Inc's annual meeting on Thursday was a mild tweet. "We are now live on Twitter (finally) at the GS Annual Meeting," Goldman's Twitter account said in its first tweet at 9:38 a.m. on Thursday. "Follow us here for updates on our work, our research, and our people. ...

Chinese Estates head to be prosecuted in Macau over bribery

Fri, 25 May 2012 05:15:30 +0100

HONG KONG (Reuters) - Hong Kong tycoon Joseph Lau, who heads developer Chinese Estates Holdings , will face prosecution over bribery and money laundering in a land deal in Asia's gambling capital, Macau, Chinese Estates said in a statement on Thursday. A court in Macau on Wednesday formally accepted an accusation by the public prosecutor that Lau had a case to answer on the charges, the company said. The court denied a request by Lau that the case be thrown out for lack of evidence. No date was set for the trial. ...

Chinese Estates head to be prosecuted in Macau over bribery

Fri, 25 May 2012 05:15:30 +0100

SEC sanctions ex-staffer who represented Stanford Co

Thu, 24 May 2012 23:41:41 +0100

WASHINGTON (Reuters) - A former top enforcement official in the Securities and Exchange Commission's Texas office has been barred from appearing before the agency for one year for violating conflict-of-interest rules. The SEC said on Thursday that former Fort Worth enforcement director Spencer Barasch worked for the Stanford Group Co, the company led by convicted Ponzi schemer Allen Stanford, despite federal ethics rules that banned him from doing so. In January, Barasch agreed to pay a $50,000 (31,900 pounds) civil fine to settle related claims from the Justice Department. ...

Fire on submarine put out, investigation begins

Thu, 24 May 2012 23:18:12 +0100

BOSTON (Reuters) - Firefighters braving "incredible heat and smoke" extinguished a fire that broke out aboard a U.S. Navy nuclear-powered submarine docked in Maine and caused extensive damage, a Navy official said on Thursday. Seven people were injured putting out the fire that broke out on Wednesday night on the USS Miami, docked at the Portsmouth Naval Shipyard in Kittery, but the blaze at no time threatened the ship's nuclear facilities, Rear Admiral Rick Breckenridge said at a briefing. ...

SEC unlikely to file charges in Lehman case: memo

Thu, 24 May 2012 23:01:49 +0100

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. ...

SEC unlikely to file charges in Lehman case: memo

Thu, 24 May 2012 23:01:49 +0100

SEC unlikely to file charges in Lehman case - memo

Thu, 24 May 2012 23:01:29 +0100

Vatican bank sacks president in no-confidence vote

Thu, 24 May 2012 22:10:35 +0100

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. ...

Corrected: Fire aboard nuclear submarine in Maine is out; no deaths

Thu, 24 May 2012 21:50:57 +0100

BOSTON (Reuters) - A fire that broke out Wednesday evening on a U.S. Navy nuclear-powered submarine docked at the Portsmouth Naval Shipyard in Maine has been extinguished. Seven people were injured but there were no deaths, a Navy spokesman said on Thursday. Damage from the fire, which began shortly before 6 p.m. EDT on the USS Miami, an attack submarine docked at the Kittery, Maine, shipyard, was limited to the forward compartment spaces, which include crew living and command and control spaces, Rear Admiral Rick Breckenridge said in a statement. ...

Son of China's Bo Xilai graduates from Harvard

Thu, 24 May 2012 21:07:45 +0100

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 center 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. ...