Friday, March 30, 2012

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Friday, March 30, 2012 12:01 AM PDT
Today's Reuters News Headlines - Yahoo! News:
RIM posts loss as new CEO begins to clean house
Thu,29 Mar 2012 05:53 PM PDT
Reuters -

To match Interview RESEARCHINMOTION/CEO-HEINSTORONTO (Reuters) - Research In Motion posted a net loss and its first slump in BlackBerry shipments for its holiday quarter since 2006, as its new CEO announced the initial steps in a strategic overhaul and would not rule out an eventual sale of the company. RIM's shares dropped as much as 9 percent on Thursday after the company said it would no longer issue financial forecasts and was reviewing "strategic opportunities" such as partnerships and joint-venture licensing, and other ways to leverage its assets. ...


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U.S. may accept less stringent controls for Taliban detainees
Thu,29 Mar 2012 05:45 PM PDT
Reuters -

Detainees participate in an early morning prayer session at Camp IV at the detention facility in Guantanamo Bay U.S. Naval BaseWASHINGTON (Reuters) - The Obama administration has signaled a willingness to accept less-stringent controls on former Taliban leaders who could be transferred to Qatar as part of a deal between the United States and the Afghan militants to kick-start Afghan peace talks, U.S. officials said. ...


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Insight: Obama's North Korean leap of faith turns to ashes
Thu,29 Mar 2012 10:07 PM PDT
Reuters -

U.S. President Barack Obama visits the DMZ bordering North and South KoreaWASHINGTON (Reuters) - When U.S. diplomats filed into North Korea's grim embassy in Beijing last month they found an unlikely surprise: Starbucks. Their hosts, led by North Korean's chief nuclear negotiator Kim Kye-gwan, had ordered U.S.-style coffee for talks both sides hoped would lead to new negotiations on Pyongyang's nuclear program and to resumed U.S. food shipments to one of the most feared and secretive countries in the world. There were more surprises to come. ...


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Dozens of Taliban killed in fighting in west Afghanistan
Thu,29 Mar 2012 09:11 PM PDT
Reuters - KABUL (Reuters) - Dozens of Taliban fighters were killed in U.S. air strikes and a gunbattle in western Afghanistan after an insurgent attack on an Afghan army patrol, NATO and Afghan officials said on Friday. A spokesman of the International Security Assistance Force said the patrol came under attack in Gulistan district in western Farah province on Wednesday, prompting a call for air support. "Numerous insurgents were killed, and several motorbikes were damaged or destroyed" following two strikes by coalition aircraft, he said. ... Full Story
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Apple, Foxconn set new standard for China work conditions
Thu,29 Mar 2012 11:37 PM PDT
Reuters -

Workers are seen inside a Foxconn factory in the township of Longhua in the southern Guangdong provinceSAN FRANCISCO (Reuters) - Apple Inc and its main contract manufacturing Foxconn agreed to tackle violations of conditions among the 1.2 million workers assembling iPhones and iPads in a landmark decision that could change the way Western companies do business in China. Taiwan's Foxconn Technology Group, whose subsidiary Hon Hai Precision Industry assembles Apple devices in factories in China, will hire tens of thousands of new workers, eliminate illegal overtime, improve safety protocols and upgrade workers' housing and other amenities. ...


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North Korea test fires short-range missiles: reports
Thu,29 Mar 2012 07:21 PM PDT
Reuters - SEOUL (Reuters) - North Korea fired two short-range missiles off its west coast on Thursday believed to be part of a test to upgrade capabilities, said news reports published on Friday, quoting South Korean military officials. North Korea has raised tensions in recent weeks by announcing it would launch a rocket to put a satellite into orbit, but regional powers are urging Pyongyang to drop the plan, saying it would violate U.N. Security Council resolutions. ... Full Story
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Pentagon says F-35 fighter delayed, costs rise 4.3 percent
Thu,29 Mar 2012 07:33 PM PDT
Reuters -

A F-35 Lightning II Joint Strike Fighter is seen at the Naval Air Station (NAS) Patuxent River(Reuters) - The cost of developing and building the F-35 Joint Strike Fighter rose 4.3 percent to $395.7 billion last year and the plane will not reach full-rate production until 2019, two years later than planned, the Pentagon said on Thursday. It cited a slowdown in orders from the U.S. military and other countries as a reason for the higher cost of the Lockheed Martin Corp next-generation combat plane, which has been dogged by delays and cost overruns. ...


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Google to open online tablet store: report
Thu,29 Mar 2012 05:20 PM PDT
Reuters -

Galaxy Nexus smartphone is displayed in Hong KongSAN FRANCISCO (Reuters) - Google Inc is planning to open an online store to sell tablet PCs directly to consumers, according to a report in The Wall Street Journal on Thursday. The online store would offer tablets made by Samsung Electronics Co and Asustek Computer Inc based on Google's Android software, according to the report, which cited anonymous sources and which Reuters was not able to confirm. Google declined to comment. ...


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China firm fights to stay out of court in U.S. spy case
Thu,29 Mar 2012 08:09 PM PDT
Reuters - NEW YORK (Reuters) - A Chinese steel firm accused by the United States with industrial espionage targeting chemical giant DuPont will ask a judge to quash moves for it to appear in court because a summons was not delivered correctly, court filings said. The Pangang Group, a state-owned steel manufacturer in Sichuan province, allegedly worked with a California businessman and others to obtain several valuable trade secrets from DuPont, according to a U.S. indictment. Lawyers for Pangang argued in a document filed in San Francisco federal court on Thursday that the U.S. ... Full Story
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Assad says foreign aid to rebels must stop under peace plan
Thu,29 Mar 2012 12:36 PM PDT
Reuters -

A man rides his bike past damaged buildings in the old Homs city in northern SyriaBEIRUT (Reuters) - President Bashar al-Assad said on Thursday Syria would spare no effort to ensure the success of international envoy Kofi Annan's peace mission but warned it would not work without securing an end to foreign funding and arming of rebels opposing him. Assad is under international pressure to call his troops and tanks back to their bases, a year into a popular revolt against his iron rule. Fighting between troops and rebels killed at least 38 more people on Thursday, 15 of them soldiers. ...


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Fourth quarter income trends up, boost for spending
Thu,29 Mar 2012 02:03 PM PDT
Reuters -

Shoppers look at washers and dryers at a Home Depot store in New YorkWASHINGTON (Reuters) - Household income grew at a faster pace in the fourth quarter than previously thought as the jobs market strengthened, a development that could underpin consumer spending. The Commerce Department said on Thursday real disposable income rose to a seasonally adjusted annual rate of $11.73 trillion, $10.6 billion more than previously estimated. While its final estimate left growth in gross domestic product at an unrevised 3 percent pace last quarter, when measured from the income side, the economy expanded at a solid 4. ...


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Angry Spaniards strike against labor reform
Thu,29 Mar 2012 05:11 PM PDT
Reuters -

A truck is escorted by riot police officers as union picketers try to stop it at the entrance of Malaga's main food warehouse BARCELONA/MADRID (Reuters) - Spanish workers angry at a labor reform the government calls an "unstoppable" necessity staged a general strike on Thursday, bringing factories and ports to a standstill and igniting flashes of violence on the streets. Hundreds of thousands attended largely peaceful marches throughout Spain, waving red flags and beating drums against the budget cuts of Prime Minister Mariano Rajoy, who was elected by a landslide only four months ago on a mandate to dig the country out of a debt crisis that has unnerved its European neighbors. ...


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BRICS flay West over IMF reform, monetary policy
Thu,29 Mar 2012 11:03 AM PDT
Reuters -

(From L - R) Brazilian TM Pimentel, Russia's EDM Nabiullina, India's TM Sharma, China's Minister of Commerce Deming and South African Minister of Trade and Industry Davies shake hands during a group photograph at the BRICS Summit Forum in New DelhiNEW DELHI (Reuters) - Leaders of the BRICS group of emerging market nations pressed Western powers to cede more voting rights at the IMF this year and flayed the rich world's reflationary monetary policies for putting global economic stability in jeopardy. "This dynamic process of reform is necessary to ensure the legitimacy and effectiveness of the Fund," Brazil, Russia, India, China and South Africa said in a joint declaration after their one-day summit in New Delhi. ...


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House budget chair questions Pentagon budget cuts
Thu,29 Mar 2012 04:38 PM PDT
Reuters -

A United States Marine stands by his post in front of the Pentagon in WashingtonWASHINGTON (Reuters) - The Pentagon budget for next year is dishonest and generals who have endorsed it on Capitol Hill are not giving Congress their "true advice," a senior Republican lawmaker on budget matters said on Thursday amid rising rhetoric over looming defense cuts. Representative Paul Ryan, head of the budget committee of the House of Representatives, said the defense budget President Barack Obama sent to Congress last month was driven by spending constraints and not by the new U.S. military strategy unveiled in January. "We don't think the generals are giving us their true advice. ...


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Exclusive: West wants Saudi Arabia to keep up oil production
Thu,29 Mar 2012 12:50 PM PDT
Reuters -

Gasoline drips off a nozzle during refueling at a gas station in AltadenaLONDON (Reuters) - Oil consuming nations may seek reassurance from Saudi Arabia that it will not cut oil production and neutralize the impact on oil prices if consumer countries release emergency reserves, diplomats and industry sources said. The issue may be raised by a U.S. delegation, led by U.S. Secretary of State Hillary Clinton, which is in Riyadh this weekend to discuss Syria with Gulf states. Clinton will see Saudi King Abdullah and Foreign Minister Saud al-Faisal. ...


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Apple, Foxconn revamp China work conditions
Thu,29 Mar 2012 04:40 PM PDT
Reuters -

Handout photo shows Apple CEO Cook talking to employees as he visits the iPhone production line at the new Foxconn Zhengzhou Technology Park in HenanSAN FRANCISCO (Reuters) - In a landmark development for the way Western companies do business in China, Apple Inc said on Thursday it had agreed to work with partner Foxconn to tackle wage and working condition violations at the factories that produce its popular products. Foxconn - which makes Apple devices from the iPhone to the iPad - will hire tens of thousands of new workers, clamp down on illegal overtime, improve safety protocols and upgrade worker housing and other amenities. The moves come in response to one of the largest investigations ever conducted of a U.S. ...


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RIM CEO cleans house as BlackBerry maker posts loss
Thu,29 Mar 2012 03:47 PM PDT
Reuters -

File photo of a BlackBerry handset displayed in WashingtonTORONTO (Reuters) - Research In Motion on Thursday reported a quarterly loss as BlackBerry shipments slumped again and said former co-CEO Jim Balsillie stepped down as director, part of a shake-up of the company's senior ranks by its new chief executive. RIM's shares dropped as much as 9 percent after the company said it would no longer issue financial forecasts and is reviewing "strategic opportunities" such as partnerships and joint ventures licensing, and other ways to leverage its assets. ...


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Senate rejects Obama call to end Big Oil tax breaks
Thu,29 Mar 2012 12:43 PM PDT
Reuters -

U.S. President Obama speaks about energy while in the Rose Garden of the White House in WashingtonWASHINGTON (Reuters) - Republicans in the Senate blocked legislation on Thursday to strip billions of dollars in tax breaks for the biggest U.S. oil companies, calling the bill a political stunt that would not help tamp down surging gasoline prices. President Barack Obama, under pressure as the pinch of higher gasoline prices becomes a hot issue in the U.S. presidential campaign, had urged Congress to end the breaks, worth about $24 billion over 10 years, noting oil companies were raking in record profits. ...


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Murdoch's media empire strikes back
Thu,29 Mar 2012 10:36 AM PDT
Reuters -

A view of the News Corporation building in New YorkLONDON (Reuters) - An angry Rupert Murdoch on Thursday declared war against "enemies" who have accused his pay-TV operation of sabotaging its rivals, denouncing them as "toffs and right wingers" stuck in the last century. Separate reports by the British Broadcasting Corporation and the Australian Financial Review newspaper this week said that News Corp's pay-TV smartcard security unit, NDS, had promoted piracy attacks on rivals, including in the United States. ...


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Analysis: Canada's "Cushing moment": A northern pipeline crisis looms
Thu,29 Mar 2012 06:51 AM PDT
Reuters -

The Syncrude tar sands plant and tailings pond at their tar sands operation north of Fort McMurray.CALGARY, Alberta (Reuters) - Oil traders still grappling with an unprecedented pipeline bottleneck in the U.S. Midwest that roiled global energy markets last year should beware: Canada may be next. The pipelines that carry crude from Alberta's oil sands and the Bakken shale fields of North Dakota to U.S. refiners may run out of capacity as soon as 2015, some analysts now warn. Fears that the export of Canadian crude will be constrained have risen recently as a result of pipeline project delays and the unyielding growth of North Dakota output. ...


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Consumers plot emergency oil release as Saudi decries high prices
Wed,28 Mar 2012 11:58 PM PDT
Reuters -

Saudi Arabian Oil Minister al-Naimi talks to journalist during an OPEC meeting in ViennaPARIS/NEW YORK (Reuters)- Saudi Arabian Oil Minister Ali al-Naimi mounted his most direct rhetorical attack against high oil prices on Wednesday, but showed no sign of moving to increase supplies even as France joined the United States and Britain in talks for a release of strategic reserves. Two weeks after Reuters initially reported that Britain and the United States were set to agree on tapping emergency stockpiles, French Energy Minister Eric Besson said the European nation was also in talks with Washington. Le Monde reported that the move could come in a matter of weeks. ...


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Exclusive: U.S. sees lifetime cost of F-35 fighter at $1.45 trillion
Wed,28 Mar 2012 10:28 PM PDT
Reuters -

To match Exclusive LOCKHEED/FIGHTERWASHINGTON (Reuters) - The U.S. government now projects that the total cost to develop, buy and operate the Lockheed Martin Corp F-35 Joint Strike Fighter will be $1.45 trillion over the next 50-plus years, according to a Pentagon document obtained by Reuters. The Pentagon's latest, staggering estimate of the lifetime cost of the F-35 -- its most expensive weapons program -- is up from about $1 trillion a year ago, and includes inflation. ...


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Apple CEO visits Foxconn's iPhone plant in China
Wed,28 Mar 2012 11:04 PM PDT
Reuters -

Handout photo shows Apple CEO Cook talking to employees as he visits the iPhone production line at the new Foxconn Zhengzhou Technology Park in HenanSHANGHAI (Reuters) - Apple Inc's Tim Cook, on his first trip to China as the chief executive officer, has visited an iPhone production plant run by the Foxconn Technology Group, which is being accused of improper labor practices. China is the world's largest mobile market and already Apple's second-biggest market overall, but its growth there is clouded by issues ranging from a contested iPad trademark to treatment of local labor. ...


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Best Buy sales, restructuring disappoint
Thu,29 Mar 2012 01:55 PM PDT
Reuters -

A Best Buy store in Westminster(Reuters) - Best Buy Co reported weaker-than-expected quarterly sales and said it would close 50 large U.S. stores and lay off another 400 employees, disappointing investors looking for even deeper cuts to turn around the world's largest consumer electronics chain. The news drove Best Buy shares down as much as 10 percent to touch an intraday low of $23.97, shaving $920 million off its market capitalization to $8.4 billion. The shares were down just over 7 percent at $24.71 in afternoon trading. ...


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Obama lawyer asks Supreme Court to save healthcare law
Wed,28 Mar 2012 07:24 AM PDT
Reuters -

Clement departs with a group of state attorneys general after the third and final day of legal arguments over the Patient Protection and Affordable Care Act at the Supreme Court in WashingtonWASHINGTON (Reuters) - The Obama administration's top courtroom lawyer made an impassioned plea on Wednesday for the Supreme Court to save President Barack Obama's healthcare law, capping three days of historic arguments that left it unclear how the nine justices would rule. Having peppered lawyers for and against the law with questions for more than six hours over the three days, the justices withdrew to their chambers to begin up to three months of deliberation expected to yield a decision by late June. ...


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Jobless claims fall to 4-year low in latest week
Thu,29 Mar 2012 05:51 AM PDT
Reuters -

Conference attendees cross a street in San FranciscoWASHINGTON (Reuters) - New claims for unemployment benefits fell to a fresh four-year low last week, according to a government report that showed ongoing healing in the labor market. Initial claims for state unemployment benefits fell 5,000 to a seasonally adjusted 359,000, the lowest level since April 2008, the Labor Department said on Thursday. The report included revisions for claims data from 2007 based on updated seasonal adjustment calculations. New seasonal adjustment factors were also introduced for 2012. ...


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Fourth-quarter GDP unrevised at 3.0 percent
Thu,29 Mar 2012 06:14 AM PDT
Reuters -

Construction workers build new homes at a development area in San MarcosWASHINGTON (Reuters) - The economy expanded as expected in the fourth quarter while personal income grew at a much faster pace than previously thought, which should help underpin spending this quarter. Gross domestic product increased at a 3.0 percent annual rate, the quickest pace since the second quarter of 2010, the Commerce Department said in its final estimate on Thursday, unrevised from last month's estimate. That was in line with economists' expectations. The economy grew at a 1.8 percent rate in the third quarter. However, personal income was $13. ...


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U.S. charges JetBlue pilot for midair meltdown
Wed,28 Mar 2012 10:49 PM PDT
Reuters -

A JetBlue pilot is removed from the plane after erratic behavior forced the crew to land in Amarillo TexasAUSTIN, Texas (Reuters) - U.S. authorities filed criminal charges on Wednesday against a JetBlue Airways pilot who witnesses said yelled incoherently about religion and the 2001 hijack attacks and pounded on a locked cockpit door before passengers subdued him in a midair uproar. Flight 191 was diverted to Amarillo, Texas, on Tuesday, following what authorities described as erratic behavior by Capt. Clayton Frederick Osbon, who allegedly ran through the cabin before passengers tackled him in the galley. A flight attendant suffered bruised ribs, officials said. ...


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Pope meets Cuba's Fidel Castro, slams U.S. embargo
Wed,28 Mar 2012 04:37 PM PDT
Reuters -

Pope Benedict XVI meets former Cuban leader Fidel Castro in HavanaHAVANA (Reuters) - Pope Benedict called for an end to the U.S. trade embargo against Cuba and met with revolutionary icon Fidel Castro on Wednesday as he ended a trip in which he urged the communist island to change. He also spoke at a public Mass in Havana's sprawling Revolution Square where the Vatican said 300,000 people gathered to hear the 84-year-old pontiff. ...


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Amid fresh diplomacy, U.S. still wary of direct Syria role
Thu,29 Mar 2012 12:47 PM PDT
Reuters -

U.S. Secretary of State Clinton speaks following Security Council meeting regarding current situation in Middle East at UN Headquarters in New YorkWASHINGTON (Reuters) - Secretary of State Hillary Clinton departs on Thursday for fresh diplomacy aimed at halting Syria's bloodshed, but there is little sign the Obama administration is ready to deviate from its hands-off approach. Clinton's talks in Riyadh with foreign ministers from Gulf states will likely be anchored by a new peace proposal from U.N.-Arab League special envoy Kofi Annan. It is the latest bid to broker a diplomatic end to more than a year of fighting between President Bashar al-Assad's troops and opponents to his family's decades-long rule. ...


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Consumers plot emergency oil release as Saudi decries high prices
Wed,28 Mar 2012 03:19 PM PDT
Reuters -

Saudi Arabian Oil Minister al-Naimi talks to journalist during an OPEC meeting in ViennaPARIS/NEW YORK (Reuters)- Saudi Arabian Oil Minister Ali al-Naimi mounted his most direct rhetorical attack against high oil prices on Wednesday, but showed no sign of moving to increase supplies even as France joined the United States and Britain in talks for a release of strategic reserves. Two weeks after Reuters initially reported that Britain and the United States were set to agree on tapping emergency stockpiles, French Energy Minister Eric Besson said the European nation was also in talks with Washington. Le Monde reported that the move could come in a matter of weeks. ...


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Iran says expects nuclear talks on April 13
Wed,28 Mar 2012 03:46 PM PDT
Reuters -

Iran's Foreign Minister Salehi addresses the main U.N. Disarmament conference at the end of his two-day visit at the United Nations in GenevaDUBAI (Reuters) - Iran expects to reopen talks with world powers that could defuse mounting tensions over its disputed nuclear program on April 13, Foreign Minister Ali Akbar Salehi said on Wednesday. Turkey has offered to host the talks and the location will be decided in the next few days, Salehi said, after greeting Turkish Prime Minister Tayyip Erdogan on his arrival in Tehran. The major nations are keen to get Iran to enter talks on curbing its uranium enrichment program, which the West suspects is aimed at developing a nuclear weapons capability but Tehran says is peaceful. ...


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Exclusive: Brazil to rally BRICS against rich countries
Wed,28 Mar 2012 03:15 PM PDT
Reuters -

Leaders pose with artists at the presidential palace in New DelhiNEW DELHI (Reuters) - Brazil will push for its large emerging-market peers including China to denounce what it sees as unfair monetary policies by Europe and the United States, raising the stakes in a global confrontation over economic imbalances. Brazilian Trade and Industry Minister Fernando Pimentel told Reuters on Wednesday his country would seek such language in a communique at this week's BRICS summit, which brings together Brazil, Russia, India, China and South Africa. ...


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U.S. generals, Pakistan army chief meet on NATO skirmish
Wed,28 Mar 2012 11:59 AM PDT
Reuters -

Pakistani Army Chief General Kayani arrives to witness the joint military exercise between Pakistan and Saudi Arabia in ManglaISLAMABAD (Reuters) - The head of U.S. Central Command and the commander of NATO forces in Afghanistan met Pakistan's army chief on Wednesday in the first high-level military visit since a cross-border U.S. attack last November killed 24 Pakistani soldiers. Their talks, announced by the Pakistani military, took place a day after U.S. President Barack Obama met Pakistani Prime Minister Yusuf Raza Gilani in Seoul. He expressed hope that Pakistan's review of strained ties with Washington would respect U.S. security needs. ...


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Durable goods orders hint at weak first quarter
Wed,28 Mar 2012 10:11 AM PDT
Reuters -

Shoppers look at washers and dryers at a Home Depot store in New YorkWASHINGTON (Reuters) - New orders for long-lasting U.S. factory goods increased only modestly in February, supporting the view that economic growth in the first quarter could be lackluster. Durable goods orders rose 2.2 percent last month, missing economists' forecasts and only partially reversing January's sharp decline, Commerce Department data showed on Wednesday. A gauge of future business investment also fell short of forecasts. ...


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Dow back in black as Wall Street cuts losses near quarter's end
Thu,29 Mar 2012 01:49 PM PDT
Reuters -

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - The Dow managed a slim gain on Thursday while the S&P 500 and the Nasdaq shook off most of their earlier losses to end slightly lower, as investors took advantage of a selloff to buy blue chips that have been rallying throughout the quarter. The Dow industrials sharply erased losses in the last half hour of trading and closed up 0.2 percent. Despite the S&P 500 marking its third day of declines, the benchmark index is still up 2.8 percent for the month and nearly 12 percent for the year. ...


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Syrian violence ignores peace diplomacy
Wed,28 Mar 2012 02:04 PM PDT
Reuters -

A man rides his bike past damaged buildings in the old Homs city in northern SyriaBEIRUT (Reuters) - Syrian forces bombarded cities and towns in southern and northern Syria on Wednesday and stormed villages, forcing thousands to flee after President Bashar al-Assad accepted a peace plan calling for the army to withdraw to barracks. Assad's ally Iran backed the peace plan, saying Syria's crisis "should be dealt with patiently", and Russia said it was now up to Syria's opposition groups to also endorse the proposals, which do not require Assad to give up power. But the United States, Germany and the Arab League called for action not words. ...


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U.S. charges screaming, incoherent JetBlue pilot
Wed,28 Mar 2012 04:48 PM PDT
Reuters -

A JetBlue pilot is removed from the plane after erratic behavior forced the crew to land in Amarillo TexasAUSTIN, Texas (Reuters) - Authorities filed criminal charges on Wednesday against a JetBlue pilot who screamed over the radio, pounded on the door of the cockpit and was tackled by passengers during a chaotic flight from New York forced to make an emergency landing in Texas. Flight 191 was diverted to Amarillo, Texas, on Tuesday, following what federal authorities described as erratic behavior by captain Clayton Frederick Osbon, who passengers said was restrained after he pounded on the locked cockpit door. A U.S. ...


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Wall Street eases as energy and materials sectors weigh
Wed,28 Mar 2012 03:36 PM PDT
Reuters -

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks declined on Wednesday as sliding oil and metals prices gave investors a reason to sell commodity-related shares. A sharp fall in U.S. crude oil futures hit energy stocks, prompted by talk of a release of some U.S. and European strategic oil reserves. Materials shares dropped as well. A weaker-than-expected report on U.S. durable goods orders deflated some of the recent investor optimism over the economy, leading to softness in industrial shares. ...


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Magic Johnson group to buy Dodgers for record $2 billion
Wed,28 Mar 2012 05:56 AM PDT
Reuters -

File photo of Magic Johnson and Joe Torre in New YorkLOS ANGELES (Reuters) - A group spear-headed by former basketball great Earvin "Magic" Johnson agreed to buy the Los Angeles Dodgers baseball team for a record $2 billion, team owner Frank McCourt announced on Tuesday, capping a two-year drama that started with McCourt's divorce and wound its way through bankruptcy court. The buyers under the deal, unveiled hours before the storied franchise was scheduled to hold an auction with three bidders, were led by the investment banking firm Guggenheim Partners. Mark R. ...


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