Daily News Digest: Reuters News Headlines - Yahoo! News

Yahoo! Alerts

Yahoo! News | My Alerts | Edit Alert

Tuesday, May 29, 2012 12:00 AM PDT

Today's Reuters News Headlines - Yahoo! News: Analysis: JPMorgan dips into cookie jar to offset "London Whale" losses Assad faces new international pressure after massacre Egyptians torch Shafiq headquarters as vote triggers violence Exclusive: Pakistan doctor in bin Laden case called corrupt, womanizer Samsung Galaxy S3 gets head start on rival iPhone Insight: Pioneer Ireland fears austerity was in vain Marubeni nears $3.5 billion-plus Gavilon deal: sources Dewey files for chapter 11 in record law firm collapse Blair says feared fight with Britain's media barons Shares edge up, Spanish debt curbs risk appetite Vatican says trust in Church hurt by scandal Insight: Hedge funds find ways to trade euro misery Spanish debt costs spiral as crisis deepens Analysis: With or without euro, Europe must raise its game Palestinian rivals begin unity government talks Beryl cuts soggy path across U.S. southeast European shares, euro gain as Greek fears ease Insight: China rises in science, but equation may have flaws Lawmakers work with Simpson-Bowles for tax deal Seven Afghan civilians said killed in NATO airstrike Strong quake strikes northern Argentina: USGS Vatican faces widening of leaks scandal Brother of blind Chinese activist returns home: lawyer Spain region, Greek exit warnings rattle euro zone U.N. says over 92 killed in Syria, 32 of them children Afghan parliament approves U.S.-Afghan security pact Iran has enough uranium for five bombs: expert Pope's butler charged over leaks scandal Muslim Brotherhood seeks unity ahead of Egypt runoff Europe slowdown adds more tension to Greek drama Spain's Bankia eyes stake sales after record bailout Greek pro-bailout conservatives regain lead: polls Syria blames rebels for Houla massacre Subtropical Storm Beryl swirls toward southeast coast SNB considers capital controls if euro falls apart Egypt presidential election body weighs complaints Calmer winds promise relief to western U.S. fire crews Putin puts Medvedev in charge of Russia's ruling party Spain region, Greek exit warnings rattle euro zone Tropical Storm Beryl edges closer to southeast U.S. coast Analysis: JPMorgan dips into cookie jar to offset "London Whale" losses Mon,28 May 2012 10:04 PM PDT Reuters - NEW YORK (Reuters) - JPMorgan Chase & Co has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "London Whale," compounding the cost of those trades. CEO Jamie Dimon earlier this month said the bank sold corporate bonds and other securities, pocketing $1 billion in gains that will help offset more than $2 billion in losses. As a result, the bank will not have to report as big an earnings hit for the second quarter. ... Full Story Top Assad faces new international pressure after massacre Mon,28 May 2012 03:47 PM PDT Reuters - AMMAN (Reuters) - President Bashar al-Assad faces renewed international pressure to end the bloodshed in Syria but, with peace envoy Kofi Annan visiting Damascus, his government blamed Islamist militants for a massacre in which U.N. observers had implicated his army. Annan, on a mission from the United Nations and Arab League, is scheduled to meet Assad on Tuesday, when he can be expected to urge compliance with the tattered ceasefire deal which he brokered between government and rebels nearly seven weeks ago. ... Full Story Top Egyptians torch Shafiq headquarters as vote triggers violence Mon,28 May 2012 04:40 PM PDT Reuters - CAIRO/ALEXANDRIA (Reuters) - Demonstrators furious that Hosni Mubarak's last prime minister made it into the run-off for the country's presidential election set ablaze his campaign headquarters on Monday, underscoring the divisive outcome of the nation's historic vote. The campaign offices of Ahmed Shafiq, viewed as a symbol of Mubarak's rule, were set on fire after a group of protesters broke into and vandalized the premises, the state news agency reported. An official in the fire service confirmed the blaze had been extinguished without causing any casualties. ... Full Story Top Exclusive: Pakistan doctor in bin Laden case called corrupt, womanizer Mon,28 May 2012 06:38 PM PDT Reuters - ISLAMABAD (Reuters) - The Pakistani doctor who helped the CIA find Osama bin Laden faced accusations of corruption and other wrongdoing long before he was captured by Pakistani intelligence agents and then jailed for 33 years for treason. In interviews over the weekend, several current and former Pakistani officials described the doctor, Shakil Afridi, as a hard-drinking womanizer who had faced accusations of sexual assault, harassment and stealing. They said his main obsession was making easy money. ... Full Story Top Samsung Galaxy S3 gets head start on rival iPhone Mon,28 May 2012 09:19 PM PDT Reuters - SEOUL (Reuters) - Samsung Electronics Co launches its latest Galaxy S smartphone in Europe on Tuesday, with the third generation model expected to be even more successful than its predecessor, which helped the South Korean company topple Apple Inc as the world's top smartphone maker. The S3, which tracks the user's eye movements to keep the screen from dimming or turning off while in use, hits stores in 28 European and Middle East countries, including Germany and Britain, as Samsung aims to widen the gap with Apple months ahead of its rival's new iPhone, expected in the third quarter. ... Full Story Top Insight: Pioneer Ireland fears austerity was in vain Mon,28 May 2012 10:00 PM PDT Reuters - DUBLIN (Reuters) - Returning from an annual European trade show last month on a flight packed with successful Irish retailers, Ian Martin felt his country's battered economy might finally be turning around. A supplier of first aid and hygiene products to Irish companies, Martin has spent the last four years trimming costs, laying off some staff and cutting the hours of other employees. Ireland's government has been doing the same, making inroads into an enormous budget deficit and recapitalizing a near-collapsed banking system. ... Full Story Top Marubeni nears $3.5 billion-plus Gavilon deal: sources Mon,28 May 2012 10:10 PM PDT Reuters - TOKYO/NEW YORK (Reuters) - Japanese trading house Marubeni Corp is nearing a deal to buy U.S. grains merchant Gavilon for about $3.5 billion excluding debt and could announce the transaction as early as Tuesday afternoon in Tokyo, according to people familiar with the matter. Marubeni, Japan's fifth-largest trading company, has been in advanced talks to buy Gavilon since early May. The Japanese company has confirmed its interest in Gavilon but said no decision had been made. ... Full Story Top Dewey files for chapter 11 in record law firm collapse Mon,28 May 2012 10:30 PM PDT Reuters - NEW YORK/BANGALORE (Reuters) - The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history. Once one of the largest law firms in the U.S., Dewey has been hit by the loss of the vast majority of its roughly 300 partners to other firms amid concerns about compensation and a heavy debt load. ... Full Story Top Blair says feared fight with Britain's media barons Mon,28 May 2012 04:05 PM PDT Reuters - LONDON (Reuters) - British leaders have no choice but to court powerful media barons such as Rupert Murdoch or risk savage press attacks which are "full on, full frontal, day in, day out," former Prime Minister Tony Blair told an inquiry on Monday. Interrupted by a heckler who accused him of being a war criminal for supporting the U.S. invasion of Iraq, Blair paused briefly before continuing calmly to justify his ties to Murdoch with whom he developed a close friendship. ... Full Story Top Shares edge up, Spanish debt curbs risk appetite Mon,28 May 2012 10:59 PM PDT Reuters - TOKYO (Reuters) - Asian shares rose on bargain hunting on Tuesday but the euro eased, reflecting investor nervousness as a surge in Spanish borrowing costs added to simmering worries about Europe's debt restructuring challenges. European shares were also likely to rise, with spreadbetters predicting major European markets would open as much as 0.5 percent higher. U.S. stock futures were up 0.8 percent. The euro was sluggish, inching down 0.1 percent to $1.2535, just above its 2-month low of $1. ... Full Story Top Vatican says trust in Church hurt by scandal Mon,28 May 2012 11:05 AM PDT Reuters - VATICAN CITY (Reuters) - The Vatican, engulfed in the worst crisis in Pope Benedict's papacy, on Monday denied Italian media reports that cardinals were suspects in an investigation into leaks of sensitive documents that led to the arrest of the pope's butler. But while denying the reports, which said the butler was merely a courier in a behind-the-scenes struggle for power in the Holy See, the Vatican acknowledged that the often sordid affair would test the faith of Catholics in their Church. ... Full Story Top Insight: Hedge funds find ways to trade euro misery Mon,28 May 2012 06:38 AM PDT Reuters - BOSTON/NEW YORK (Reuters) - Two decades ago, George Soros rose to fame and fortune on his now-historic trade in which he took on the Bank of England and shrewdly wagered on a devaluation of the British pound. But it's unlikely the current European monetary crisis and worries about Greece's potential exit from the euro zone will give rise to an investing legend like Soros, who made $1 billion in 1992 by betting on a decline in the price of the pound. Instead, there are a multitude of strategies to play Europe's troubles, and many different participants, hedge fund managers say. ... Full Story Top Spanish debt costs spiral as crisis deepens Mon,28 May 2012 10:08 AM PDT Reuters - MADRID (Reuters) - Spanish 10-year borrowing costs neared the 7 percent danger level and Bankia shares hit record lows on Monday after the government, struggling to sort out its finances, proposed putting sovereign debt into the struggling lender. Prime Minister Mariano Rajoy pinned the blame for the rising borrowing costs - the spread over Germany reached the highest since the euro's launch - on concern about the future of the single currency. He again ruled out seeking outside aid to revive a banking sector laid low by a property boom that has long since bust. ... Full Story Top Analysis: With or without euro, Europe must raise its game Sun,27 May 2012 10:52 PM PDT Reuters - LONDON (Reuters) - The opening last week in northeastern Spain of a 37-million-euro stretch of motorway to nowhere is an irresistible metaphor for the euro, an ambitious project conceived in better times that is now seemingly running out of road. With Spain heavily in debt, the authorities could not afford to finish the highway but opened the completed 6 km section near Lleida in any case to deter illegal joy racing. If only the euro were bringing joy. Maybe the road in Spain will be completed one day, but for now it is one more reminder that much of Europe has been living beyond its means. ... Full Story Top Palestinian rivals begin unity government talks Mon,28 May 2012 08:21 AM PDT Reuters - GAZA (Reuters) - Palestinian President Mahmoud Abbas's Fatah faction and Palestinian Islamist group Hamas began talks to form a unity government on Monday in a renewed bid to heal political rifts, paving the way for a general election. Hamas runs the Gaza Strip - cut off from the West Bank by Israeli territory - as a separate entity, ignoring policies set by Abbas's Palestinian Authority in the West Bank. The split has divided the Palestinians politically as well as geographically. ... Full Story Top Beryl cuts soggy path across U.S. southeast Mon,28 May 2012 03:24 PM PDT Reuters - ATLANTA (Reuters) - Tropical Storm Beryl cut a soggy path across the U.S. southeast on Monday after swirling ashore in Florida at near hurricane strength. The second named storm of the 2012 Atlantic hurricane season lashed the East Coast from north Florida to southern parts of North Carolina, and created a risk of flooding inland, even after it was downgraded to a tropical depression late Monday morning. ... Full Story Top European shares, euro gain as Greek fears ease Mon,28 May 2012 05:23 AM PDT Reuters - LONDON (Reuters) - European stocks rose for a third straight session on Monday and the euro bounced back from two-year lows, as Greek polls showing growing support for pro-bailout parties eased speculation about a disorderly exit by Athens from the single currency. But the gains were seen as vulnerable to developments in Spain, where the government's borrowing costs rose sharply as investors factored in the impact of fixing the troubled banking sector on the government's finances. ... Full Story Top Insight: China rises in science, but equation may have flaws Mon,28 May 2012 01:49 AM PDT Reuters - LONDON (Reuters) - Deliang Chen started his scientific career in China in the early 1980s, part of the first generation to follow the vicious anti-intellectual years of the Cultural Revolution. "There was a big desire to help those with degrees," says Chen of those days. "You could become a researcher with a master's degree. There were no PhDs." China has changed since then, of course. The country has increased its spending on science at a blistering rate and now publishes the second most scientific papers in the world after the United States. ... Full Story Top Lawmakers work with Simpson-Bowles for tax deal Sun,27 May 2012 08:58 AM PDT Reuters - WASHINGTON (Reuters) - Two respected former lawmakers whose names have become synonymous with bipartisan compromise in a highly divisive Congress are meeting with dozens of lawmakers to forestall a potential year-end fiscal crisis dubbed "taxmageddon." Former Democratic White House chief of staff Erskine Bowles said he and former Republican Senator Alan Simpson, are working with a bipartisan group of 47 Senators and as many House members to frame a compromise on $7 trillion in looming fiscal decisions, Bowles said on CNN's news program, "Fareed Zakaria GPS. ... Full Story Top Seven Afghan civilians said killed in NATO airstrike Sun,27 May 2012 12:10 AM PDT Reuters - KHOST, Afghanistan (Reuters) - Seven members of an Afghan family, including a woman and six young children, were killed in a NATO airstrike in eastern Afghanistan, local authorities said on Sunday. The strike took place in the Gerda Serai district of Paktai late on Saturday, the provincial governor's spokesman, Rohullah Samon, said as foreign and Afghan security forces try to quell Taliban and Haqqani network insurgents active in the area. "The bombardment by ISAF killed the six children and wife of a man named Shafee," Samon said. ... Full Story Top Strong quake strikes northern Argentina: USGS Sun,27 May 2012 11:02 PM PDT Reuters - WASHINGTON (Reuters) - A magnitude 6.4 earthquake struck northern Argentina early on Monday, the U.S. Geological Survey said. The quake occurred at 2:07 a.m. local time (1.07 a.m. EDT) and was centered 72 miles east-southeast of Santiago del Estero, the USGS said. Police in the town said there were no immediate reports of injuries or damage from the quake, which was upgraded from an initial 6.3. (Reporting by Hugh Bronstein; Editing by John Stonestreet) Full Story Top Vatican faces widening of leaks scandal Sun,27 May 2012 11:25 AM PDT Reuters - VATICAN CITY (Reuters) - The Vatican faces a widening scandal that in one short week has seen Pope Benedict's butler arrested, the president of its bank unceremoniously dismissed and the publication of a new book alleging conspiracies among cardinals. It was a poisonous Pentecost Sunday for the pope, who likely had the tumultuous events of the past week on his mind as he celebrated a mass in St Peter's Basilica on the day regarded as the birthday of the Church. ... Full Story Top Brother of blind Chinese activist returns home: lawyer Sat,26 May 2012 09:27 AM PDT Reuters - The brother of blind Chinese activist Chen Guangcheng who was reported to have gone missing has returned to his village in northeastern China, a lawyer said on Saturday. The short disappearance of Chen Guangfu had sparked concerns he was the latest target of government reprisals against the family of the activist, who escaped from his village in late April after 19 months of detention at home. Shandong-based lawyer Liu Weiguo told Reuters Chen Guangfu had returned to Dongshigu village. ... Full Story Top Spain region, Greek exit warnings rattle euro zone Sat,26 May 2012 04:42 AM PDT Reuters - (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout program result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ... Full Story Top U.N. says over 92 killed in Syria, 32 of them children Sat,26 May 2012 02:15 PM PDT Reuters - BEIRUT (Reuters) - The United Nations said on Saturday that more than 92 people were killed in what activists described as an artillery barrage by government forces in the worst violence since the start of a U.N. peace plan to slow the flow of blood in Syria's uprising. The bloodied bodies of children, some with their skulls split open, were shown in footage posted to YouTube purporting to show the victims of the shelling in the central town of Houla on Friday. The sound of wailing filled the room. ... Full Story Top Afghan parliament approves U.S.-Afghan security pact Fri,25 May 2012 11:18 PM PDT Reuters - KABUL (Reuters) - Afghanistan's parliament approved on Saturday a strategic pact between Kabul and Washington, clearing the way for a U.S. presence in the country for at least a decade after most foreign combat troops leave in 2014. "This was done for the interest of Afghanistan," said Daoud Kalakani, an MP from Kabul. Around 180 MPs were present and only four voted against, Kalakani said. The deal, signed by U.S. President Barack Obama and Afghanistan's Hamid Karzai in Kabul on May 2, sets out a long-term U.S. role in Afghanistan, including aid and advisers. ... Full Story Top Iran has enough uranium for five bombs: expert Sat,26 May 2012 03:57 AM PDT Reuters - Iran has significantly stepped up its output of low-enriched uranium and total production in the last five years would be enough for at least five nuclear weapons if refined much further, a U.S. security institute said. The Institute for Science and International Security (ISIS), a think-tank which tracks Iran's nuclear program closely, based the analysis on data in the latest report by the U.N. International Atomic Energy Agency (IAEA) which was issued on Friday. ... Full Story Top Pope's butler charged over leaks scandal Sat,26 May 2012 06:15 AM PDT Reuters - VATICAN CITY (Reuters) - Vatican magistrates formally charged Pope Benedict's butler with illegal possession of secret documents on Saturday and said a wider investigation would take place to see if he had any accomplices who helped him leak them. Paolo Gabriele is suspected of leaking highly sensitive documents, some alleging cronyism and corruption in Vatican contracts, in a scandal which has come to be known as "Vatileaks". A statement referred to Gabriele, 46, who was until his arrest on Wednesday night serving the pope meals and helping him dress, as "the defendant". ... Full Story Top Muslim Brotherhood seeks unity ahead of Egypt runoff Sat,26 May 2012 05:10 AM PDT Reuters - CAIRO (Reuters) - The Muslim Brotherhood is reaching out to rivals including politicians knocked out of the presidential race in an attempt to rally support around its own candidate who faces a runoff against Hosni Mubarak's last prime minister, Ahmed Shafiq. Warning of "determined efforts to recreate the old regime," the Brotherhood said parties that supported the uprising that swept Mubarak from power must unite "so that the revolution is not stolen from us. ... Full Story Top Europe slowdown adds more tension to Greek drama Fri,25 May 2012 07:55 AM PDT Reuters - (Reuters) - Europe's economic slowdown has hit the engine-room of the euro zone, including Germany, gloomy new indicators have revealed, adding urgency to the region's struggle to keep Greece's debt crisis from tearing the single currency apart. So far, the 17-nation euro zone's downturn has been confined mainly to its periphery, but an index measuring broad economic activity across the monetary union in May showed its weakest outcome since mid-2009, during the global financial crisis. ... Full Story Top Spain's Bankia eyes stake sales after record bailout Sat,26 May 2012 05:28 AM PDT Reuters - MADRID (Reuters) - Spain's Bankia on Saturday prepared to sell stakes it holds in companies as part of its clean-up after a state rescue of the real estate-laden bank that has so far cost 23.5 billion euros ($29.40 billion). Bankia asked for a higher-than-expected 19 billion euros in government help on Friday, in addition to 4.5 billion the state has already pumped in, to cover possible losses on repossessed property and loans, in the biggest bank rescue ever in Spain. Losses at Spanish banks, which are rising in an economic downturn with 24. ... Full Story Top Greek pro-bailout conservatives regain lead: polls Sat,26 May 2012 12:27 PM PDT Reuters - ATHENS (Reuters) - Greece's conservatives have regained an opinion poll lead that would allow the formation of a pro-bailout government committed to keeping the country in the euro zone, a batch of new surveys showed on Saturday. Greece was forced to call repeat elections for June 17 after a May 6 vote left parliament divided evenly between groups of parties that support and oppose the austerity conditions attached to a 130 billion euro bailout agreed with the European Union and International Monetary Fund in March. ... Full Story Top Syria blames rebels for Houla massacre Sun,27 May 2012 04:15 AM PDT Reuters - AMMAN (Reuters) - Facing growing world outrage over the killing of at least 109 people in a restive town, Syria on Sunday accused rebels of carrying out the massacre, in which dozens of children perished. Images of bloodied and lifeless young bodies, lain carefully side by side after the killings in Houla on Friday, triggered shock around the globe and underlined the failure of a six-week-old U.N. ceasefire plan to stop the violence. ... Full Story Top Subtropical Storm Beryl swirls toward southeast coast Sat,26 May 2012 03:26 PM PDT Reuters - MIAMI (Reuters) - Subtropical Storm Beryl moved slowly toward the U.S. southeastern coast on Saturday, threatening heavy rains and dangerous surf for Memorial Day weekend beachgoers in northern Florida, Georgia and South Carolina. Beryl was centered about 220 miles east-southeast of Charleston, South Carolina, carrying maximum sustained winds of 45 mph. It was moving southwest, with tropical storm-force winds extending about 115 miles from the storm's center. The storm was not expected to develop into a hurricane, said Jack Beven, a senior hurricane specialist at the U.S. ... Full Story Top SNB considers capital controls if euro falls apart Sun,27 May 2012 02:09 AM PDT Reuters - ZURICH (Reuters) - Switzerland is drawing up plans for emergency measures including capital controls in case the euro collapses although it does not expect to need them and will continue to defend a cap on the franc in the meantime, the head of the central bank said. "We must be prepared just in case the currency union collapses, although I don't expect that," Swiss National Bank President Thomas Jordan, who predicted the euro zone crisis in his 1994 doctoral thesis, told the SonntagsZeitung newspaper. ... Full Story Top Egypt presidential election body weighs complaints Sun,27 May 2012 08:42 AM PDT Reuters - CAIRO (Reuters) - Egypt's election committee on Sunday considered complaints about a presidential poll that has left voters with what many see as a painful run-off choice between an Islamist apparatchik and a throwback to Hosni Mubarak's era. Both contenders are seeking to lay claim to the mantle of the "revolution" that toppled Mubarak 15 months ago, and to appeal to the many Egyptians who picked more centrist figures in last week's first round. ... Full Story Top Calmer winds promise relief to western U.S. fire crews Sun,27 May 2012 12:38 PM PDT Reuters - SANTA FE, New Mexico (Reuters) - Calmer winds and cooler temperatures promised relief on Sunday to fire crews battling blazes in New Mexico and Colorado, where wildfires sweeping across miles of forest, brush and grass have forced evacuations and disrupted holiday weekend travel plans. New Mexico's wildfires - which are torching tens of thousands of acres daily - have proven difficult for fire crews to contain because of the high winds and rugged, inaccessible terrain found in the southwestern part of the state. ... Full Story Top Putin puts Medvedev in charge of Russia's ruling party Sat,26 May 2012 08:29 AM PDT Reuters - MOSCOW (Reuters) - President Vladimir Putin steered Dmitry Medvedev into the chairmanship of Russia's ruling party on Saturday and demanded reforms to the flagging organization he will rely on to keep his grip on the country's far-flung regions. At Putin's behest, delegates at a United Russia congress elected Medvedev chairman with a unanimous show of hands, the final step in a choreographed role reversal the longtime leader hopes will preserve his rule against growing opposition. After four years of playing No. ... Full Story Top Spain region, Greek exit warnings rattle euro zone Sun,27 May 2012 03:55 AM PDT Reuters - (Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout program result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ... Full Story Top Tropical Storm Beryl edges closer to southeast U.S. coast Sun,27 May 2012 03:25 PM PDT Reuters - ATLANTA (Reuters) - Tropical Storm Beryl closed in on the southeastern U.S. coast on Sunday, dumping rain and whipping up heavy surf from northeastern Florida to South Carolina. The second named storm of the 2012 Atlantic hurricane season is expected to make landfall later on Sunday with possible wind gusts to hurricane force, the U.S. National Hurricane Center said. The powerful pack of thunderstorms has prompted tropical storm warnings along the coast in northern Florida, Georgia and parts of South Carolina, disrupting Memorial Day weekend plans for some beachgoers and travelers. At 5 p.m. ... Full Story Top

You received this email because you subscribed to Yahoo! Alerts. Use this link to unsubscribe from this alert. To change your communications preferences for other Yahoo! business lines, please visit your Marketing Preferences. To learn more about Yahoo!'s use of personal information, including the use of web beacons in HTML-based email, please read our Privacy Policy. Yahoo! is located at 701 First Avenue, Sunnyvale, CA 94089.