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Tuesday, June 26, 2012 12:00 AM PDT

Today's Reuters News Headlines - Yahoo! News: Supreme Court splits its verdict on Arizona immigration law Moody's cuts Spanish banks on sovereign downgrade Microsoft to buy Yammer for $1.2 billion News Corp considering splitting into two: WSJ Egypt's Islamist president takes revolution to palace House to vote Thursday on Holder contempt charge And then there were five: Cyprus seeks EU aid Exxon reports leak in line at Baton Rouge, LA, refinery Turkey turns to NATO after Syria downs jet Greek finance minister resigns, crisis deepens High court splits its verdict on Arizona immigration law UK hackers admit plotting attacks on CIA, firms Facebook taps COO Sandberg to be first woman on board Romney cautious in response to immigration ruling Most Americans oppose health law but like provisions Greek finance minister resigns, crisis deepens New home sales race to two-year high in May Supreme Court permits no limits on state campaign funds Supreme Court sets Thursday for healthcare ruling Pennsylvania attorney general says Sandusky got fair trial India arrests key suspect in Mumbai attacks probe: minister Insight: In hours, caustic vapors wreaked quiet ruin on biggest U.S. refinery Insight: Baltic countries' austerity lesson for Europe - Just do it Europe's Tower of Babel hampers euro solution Spain formally requests European aid for its banks Sandusky lawyers may use NBC tape error in appeal Tropical Storm Debby heads for Florida coast U.S. says DEA agent killed drug suspect in Honduras Paraguay's ousted Lugo calls for return to democracy Schaeuble says "no" to throwing money at euro crisis Merkin settles Madoff-related lawsuit with New York Greek PM to miss EU summit, "troika" postpones trip Islamist joy as Morsy elected Egypt president Most Americans oppose health law but like provisions Tropical Storm Debby heads for Florida coast Sandusky found guilty on 45 of 48 sex abuse charges Shadow of leftist protests hangs over Mexico election Insight: ANC promises ring hollow in home of South Africa greats Merkel to meet France's Hollande on Wednesday Turkish, Syrian forces seek downed Turkish jet Supreme Court splits its verdict on Arizona immigration law Mon,25 Jun 2012 10:33 PM PDT Reuters - WASHINGTON (Reuters) - The Supreme Court on Monday upheld the main provision of Arizona's crackdown on illegal immigrants but threw out three other parts, handing partial victories to President Barack Obama in his challenge to the law and to the measure's conservative supporters. In an important test of whether federal or state governments have the power to enforce immigration laws, the top U.S. court unanimously upheld the statute's most controversial aspect, a requirement that police officers check the immigration status of people they stop, even for minor offenses such as jay-walking. ... Full Story Top Moody's cuts Spanish banks on sovereign downgrade Mon,25 Jun 2012 06:38 PM PDT Reuters - NEW YORK (Reuters) - Moody's Investors Service on Monday downgraded the long-term debt and deposit ratings for 28 Spanish banks and two issuer ratings, following on the heels of a cut to Spain's sovereign rating to just above junk status earlier this month. The banks have several links to the sovereign, Moody's said in a statement, and so Spain's reduced creditworthiness "implies a weaker credit profile for Spanish banks. ... Full Story Top Microsoft to buy Yammer for $1.2 billion Mon,25 Jun 2012 06:39 PM PDT Reuters - SEATTLE (Reuters) - Microsoft Corp agreed to buy online social network firm Yammer Inc for $1.2 billion in cash, which will allow the software company to offer a service like Facebook Inc's to corporate customers. Talk of a deal had circulated earlier this month, but the two companies only confirmed an agreement on Monday. Four-year-old Yammer, which has 5 million users of its private, in-company social networks, helps companies' internal communications and collaboration by allowing employees to form groups and interact with each other freely. ... Full Story Top News Corp considering splitting into two: WSJ Mon,25 Jun 2012 09:54 PM PDT Reuters - (Reuters) - Rupert Murdoch's News Corp is thinking of splitting into two companies, the Wall Street Journal reported, citing people familiar with the situation. A final decision on the split has not been made, the paper said, adding that the Murdoch family is not expected to lose its effective control of any of the businesses involved. The company plans to separate its publishing assets from its entertainment businesses, the report said. The split would mean News Corp's film and television businesses will be carved off from its newspapers, book publishing assets and education businesses. ... Full Story Top Egypt's Islamist president takes revolution to palace Mon,25 Jun 2012 08:04 AM PDT Reuters - CAIRO (Reuters) - Mohamed Mursi, Egypt's first freely elected president whose powers have already been curbed by the army, began work on a coalition on Monday after touring his new palace, once home of Hosni Mubarak who banned his movement for three decades. Declared winner on Sunday a week after a tumultuous run-off vote that pitted him against a former air force chief, the Islamist faces the challenge of meeting sky-high expectations in a nation tired of turmoil while the economy is on the ropes. ... Full Story Top House to vote Thursday on Holder contempt charge Mon,25 Jun 2012 07:51 PM PDT Reuters - WASHINGTON (Reuters) - The House will decide on Thursday whether to hold Attorney General Eric Holder in contempt for refusing to turn over all documents demanded by lawmakers investigating a botched U.S.-Mexico gun running sting. A senior Republican aide confirmed the date for the unprecedented vote against a sitting attorney general following the recommendation of a House of Representatives committee for the full chamber to take that step. ... Full Story Top And then there were five: Cyprus seeks EU aid Mon,25 Jun 2012 04:42 PM PDT Reuters - NICOSIA/ATHENS (Reuters) - A fifth euro-zone country turned to Brussels for emergency funding on Monday when Cyprus announced it was seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks. Global share prices and the euro slid as investors bet that European leaders - due to meet this week for the 20th time since the currency zone's debt crisis hit Greece in 2010 - would fail to come up with radical measures to back up weak countries. ... Full Story Top Exxon reports leak in line at Baton Rouge, LA, refinery Mon,25 Jun 2012 09:31 PM PDT Reuters - (Reuters) - Exxon Mobil Corp reported a leak in a supply line on the T1 tower at its 502,000 barrel per day (bpd) refinery in Baton Rouge, Louisiana, that led to a release of benzene, according to a filing with the National Response Center. The incident happened around 7:56 a.m local time on Monday. The line was isolated to stop the leak and the leak should be secured within an hour, the filing said. The Baton Rouge refinery is the third largest in the United States. (For refinery outages in the Reuters Oil Fundamentals Database see http://bond.views.session.rservices. ... Full Story Top Turkey turns to NATO after Syria downs jet Mon,25 Jun 2012 02:58 PM PDT Reuters - ANKARA (Reuters) - Turkey is to demand backing from its NATO allies on Tuesday at a special meeting called after Syrian troops shot down a Turkish warplane last week in an incident Damascus said was self-defense but which Ankara branded an "act of aggression". It is only the second time in NATO's 63-year history that it has convened under Article 4 of its charter which provides for consultations when a member state feels its territorial integrity, political independence or security is under threat. ... Full Story Top Greek finance minister resigns, crisis deepens Mon,25 Jun 2012 07:29 PM PDT Reuters - ATHENS (Reuters) - Greece's new finance minister resigned because of ill health on Monday, throwing the government's drive to soften the terms of an international bailout into confusion days before a European summit. Vassilis Rapanos, 64, chairman of the National Bank of Greece, was rushed to hospital on Friday, before he could be sworn in, complaining of abdominal pain, nausea and dizziness. Greek media said he had a history of ill-health. ... Full Story Top High court splits its verdict on Arizona immigration law Mon,25 Jun 2012 03:29 PM PDT Reuters - WASHINGTON (Reuters) - The U.S. Supreme Court on Monday upheld the main provision of Arizona's crackdown on illegal immigrants but threw out three other parts, handing partial victories to President Barack Obama in his challenge to the law and to the measure's conservative supporters. In an important test of whether federal or state governments have the power to enforce immigration laws, the top U.S. court unanimously upheld the statute's most controversial aspect, a requirement that police officers check the immigration status of people they stop, even for minor offenses such as jay-walking. ... Full Story Top UK hackers admit plotting attacks on CIA, firms Mon,25 Jun 2012 02:36 PM PDT Reuters - LONDON (Reuters) - Two British hackers pleaded guilty in a London court on Monday to plotting attacks against computers of international firms, law enforcement bodies and government agencies including the CIA, in a cyber crime spree that gained global attention. Ryan Cleary, 20, of southeast England, and Jake Davis, 19, of Scotland, both members of the hacking group LulzSec, pleaded guilty at London's Southwark Crown Court to charges they conspired with others to hack websites last year, Britain's Press Association reported. ... Full Story Top Facebook taps COO Sandberg to be first woman on board Mon,25 Jun 2012 07:31 PM PDT Reuters - SAN FRANCISCO (Reuters) - Facebook Inc named Chief Operating Officer Sheryl Sandberg a director on Monday, elevating the first woman to a board that includes seven men. For years one of the most vocal critics of the gender imbalance in Silicon Valley's executive ranks, Sandberg, 42, joined Facebook in 2008 and played a central role in guiding the social networking company to its $16 billion IPO in May. ... Full Story Top Romney cautious in response to immigration ruling Mon,25 Jun 2012 03:53 PM PDT Reuters - SCOTTSDALE, Arizona (Reuters) - Republican presidential candidate Mitt Romney blasted President Barack Obama on Monday after the U.S. Supreme Court's divided ruling on Arizona's illegal-immigration law, and said he wished the court had approached the issue differently. In a ruling on Monday, the Supreme Court upheld a requirement that police check the immigration status of anyone they stop, rejecting the Obama administration's stance that only the U.S. government should enforce immigration laws. ... Full Story Top Most Americans oppose health law but like provisions Sun,24 Jun 2012 06:07 PM PDT Reuters - WASHINGTON (Reuters) - Most Americans oppose President Barack Obama's healthcare reform even though they strongly support most of its provisions, Reuters/Ipsos poll showed on Sunday, with the Supreme Court set to rule within days on whether the law should stand. Fifty-six percent of people are against the healthcare overhaul and 44 percent favor it, according to the online poll conducted from Tuesday through Saturday. ... Full Story Top Greek finance minister resigns, crisis deepens Mon,25 Jun 2012 09:50 AM PDT Reuters - ATHENS (Reuters) - Greece's new finance minister resigned because of ill health on Monday, throwing the government's drive to soften the terms of an international bailout into confusion days before a European summit. Vassilis Rapanos, 64, chairman of the National Bank of Greece, was rushed to hospital on Friday, before he could be sworn in, complaining of abdominal pain, nausea and dizziness. Greek media said he had a history of ill-health. ... Full Story Top New home sales race to two-year high in May Mon,25 Jun 2012 09:50 AM PDT Reuters - WASHINGTON (Reuters) - New single-family home sales surged in May to a two-year high and prices rose from a year ago, further signs the housing market recovery was gaining some momentum. The Commerce Department said on Monday sales jumped 7.6 percent last month to a seasonally adjusted 369,000-unit annual rate, the highest since April 2010. That was well above economists' expectations for a 346,000 pace and the highest since April 2010, when sales were inflated by a homebuyer tax credit. ... Full Story Top Supreme Court permits no limits on state campaign funds Mon,25 Jun 2012 09:11 AM PDT Reuters - WASHINGTON (Reuters) - In a blow to those trying to restrict corporate spending in U.S. elections, the U.S. Supreme Court on Monday ruled against a century-old law in Montana that set limits on business spending for political campaigns in the state. By a 5-4 vote, the country's highest court ruled for three corporations - the American Tradition Partnership Inc political advocacy group, a nonprofit group that promotes shooting sports, and a small family-owned painting business - all of which challenged the law as violating their free-speech rights. ... Full Story Top Supreme Court sets Thursday for healthcare ruling Mon,25 Jun 2012 07:55 AM PDT Reuters - WASHINGTON (Reuters) - The Supreme Court's ruling on the fate of President Barack Obama's 2010 healthcare law will be announced on Thursday, the last day of the high court term, the court said on Monday. (Reporting by James Vicini; Editing by Howard Goller and Will Dunham) Full Story Top Pennsylvania attorney general says Sandusky got fair trial Mon,25 Jun 2012 09:51 AM PDT Reuters - (Reuters) - Former Penn State assistant football coach Jerry Sandusky received a fair trial and his lawyers' complaints of inadequate preparation time and an inaccurate version of a television interview shown to jurors should not be grounds for an appeal, Pennsylvania's attorney general said on Monday. Those points are likely to be among the appellate issues raised by lawyers for Sandusky, who was found guilty on Friday on 45 child sex abuse charges in a case that rocked U.S. college football. ... Full Story Top India arrests key suspect in Mumbai attacks probe: minister Mon,25 Jun 2012 03:49 AM PDT Reuters - NEW DELHI (Reuters) - Indian police have arrested a man suspected of helping to plan a militant rampage through the country's financial hub Mumbai in 2008 that killed 166 people, Foreign Minister S.M. Krishna said on Monday. Indian-born Abu Hamza is a suspected member of Pakistan militant group Lashkar-e-Taiba (LeT), local media reported on Monday. New Delhi blames the group for the attacks that stunned India and shattered fragile relations with nuclear-armed neighbor Pakistan. ... Full Story Top Insight: In hours, caustic vapors wreaked quiet ruin on biggest U.S. refinery Sun,24 Jun 2012 11:20 PM PDT Reuters - PORT ARTHUR, Texas (Reuters) - In the end, all it took was a small chemical spill -- perhaps less than a barrelful -- to bring down the newest, mightiest oil refinery in the United States. Three weeks ago, while workers repaired a minor leak at the Port Arthur, Texas plant owned by Motiva Enterprises, a few gallons a day of so-called "caustic" was inadvertently seeping into the newly built crude distillation unit (CDU), the 30-story-high network of interconnected cylinders and latticed pipelines at the heart of the refining process. ... Full Story Top Insight: Baltic countries' austerity lesson for Europe - Just do it Mon,25 Jun 2012 04:14 AM PDT Reuters - RIGA (Reuters) - Near a former Soviet naval base and dilapidated Cold War-era housing estate, this 84-year-old Latvian plywood factory is the kind of success story of which EU policymakers dream as they struggle with economic meltdown in southern Europe. Workers in yellow and blue uniforms eye digital camera readings of an endless stream of plywood on conveyers, new automation that has helped this firm survive what many describe as the world's deepest recession. Steam hisses nearby, part of a novel water recycling scheme that has cut energy costs. ... Full Story Top Europe's Tower of Babel hampers euro solution Mon,25 Jun 2012 12:38 AM PDT Reuters - PARIS (Reuters) - As Europe considers a leap towards closer integration to try to save the euro single currency, it resembles the biblical Tower of Babel - unable to complete an ambitious project because the residents don't speak the same political and economic language. The spotlight is on Germany, France, Italy and Spain, the euro area's four biggest economies, wrestling over proposals for a banking union, joint euro zone bonds and handing more control over national budgets and economic policy to the European Union. ... Full Story Top Spain formally requests European aid for its banks Mon,25 Jun 2012 03:24 AM PDT Reuters - MADRID (Reuters) - Spain formally requested on Monday European aid of up to 100 billion euros for its banks, the Economy Ministry said in a statement. Spain's Economy Minister Luis De Guindos said in the letter to Eurogroup chairman Jean-Claude Juncker that the final amount of the financial assistance would be set at a later stage but should be enough to cover all banks' needs plus an additional security buffer. He also confirmed his intention to sign a Memorandum of Understanding for the package, which would include full details, by July 9. ... Full Story Top Sandusky lawyers may use NBC tape error in appeal Sun,24 Jun 2012 03:28 PM PDT Reuters - (Reuters) - Lawyers for Jerry Sandusky sought a mistrial before his conviction for child sex abuse on the grounds that prosecutors showed jurors an inaccurate version of a bombshell NBC News interview with the former football coach, and the mistake may now form part of the basis for an appeal. In response to a subpoena, NBC News turned over three versions of Bob Costas' NBC News interview with Sandusky, which aired last November on different NBC shows. ... Full Story Top Tropical Storm Debby heads for Florida coast Sun,24 Jun 2012 05:43 PM PDT Reuters - HOUSTON (Reuters) - Tropical Storm Debby meandered slowly to the Florida coast on Sunday, bringing strong winds and waves that forced the closure of about a quarter of offshore oil and gas production in the Gulf of Mexico and spawning tornadoes that killed one person. Debby, the first named storm of 2012 to enter the Gulf of Mexico, was centered about 115 miles south-southwest of Apalachicola, Florida and was nearly stationary, the National Hurricane Center said in its 7 p.m. CDT (0000 GMT) update. ... Full Story Top U.S. says DEA agent killed drug suspect in Honduras Sun,24 Jun 2012 09:54 PM PDT Reuters - TEGUCIGALPA (Reuters) - A U.S. Drug Enforcement Administration agent shot and killed a suspected trafficker during a sting operation in northeastern Honduras, a U.S. embassy spokesman in the central American nation said on Sunday. "During the operation, a DEA agent fired on a suspected drug dealer when he tried to use his weapon. The agent protected his own life and his team's. The alleged dealer died," embassy spokesman Stephen Posivak said. A group of around 40 people allegedly were unloading drugs from a small aircraft when the operation and killing occurred. ... Full Story Top Paraguay's ousted Lugo calls for return to democracy Sun,24 Jun 2012 02:12 PM PDT Reuters - ASUNCION (Reuters) - Ousted Paraguayan President Fernando Lugo branded the country's new government illegitimate on Sunday and called for democracy to be restored as neighboring countries intensified criticism of his sudden impeachment. Lugo, a leftist former Roman Catholic bishop, said his removal from office was "a parliamentary coup against the will of the people" and said he would back any peaceful effort to restore democracy in the soy-exporting South American nation. ... Full Story Top Schaeuble says "no" to throwing money at euro crisis Sun,24 Jun 2012 10:52 AM PDT Reuters - BERLIN (Reuters) - Throwing more money at the eurozone debt crisis will not solve the problem because the troubles have to be resolved at the cause, German Finance Minister Wolfgang Schaeuble said on Sunday. Schaeuble also said in an interview with German TV network ZDF that Greece has not done enough to fulfill promises it made in exchange for bailout funds. Schaeuble also criticized the recent interventions by U.S. President Barack Obama. "We have to fight the causes," Schaeuble said. ... Full Story Top Merkin settles Madoff-related lawsuit with New York Sun,24 Jun 2012 04:39 PM PDT Reuters - NEW YORK (Reuters) - Money manager Ezra Merkin has agreed to pay $410 million to settle a lawsuit brought by New York state that accused Merkin of secretly steering client money to Ponzi schemer Bernard Madoff, according to New York Attorney General Eric Schneiderman. "By holding Mr. Merkin accountable, this settlement will help bring justice," Schneiderman said in a statement on Sunday. "We have recovered over $400 million for the investors and charities that were harmed by history's largest Ponzi scheme. ... Full Story Top Greek PM to miss EU summit, "troika" postpones trip Sun,24 Jun 2012 09:48 AM PDT Reuters - ATHENS (Reuters) - Greece's new prime minister and incoming finance minister, who have been ill, will miss this week's EU summit when Athens will propose easing the terms of its bailout and international lenders have had to postpone a first meeting with the team. Prime Minister Antonis Samaras underwent eye surgery on Saturday and Vassilis Rapanos is in hospital after suffering from nausea, intense abdominal pains and dizziness on Friday before he could be sworn in as finance minister. ... Full Story Top Islamist joy as Morsy elected Egypt president Sun,24 Jun 2012 03:06 PM PDT Reuters - CAIRO (Reuters) - Islamist Mohamed Morsy was declared Egypt's first freely elected president on Sunday, sparking joy among his Muslim Brotherhood supporters on the streets who vowed to wrest more power from armed forces reluctant to cede ultimate control. But many Egyptians, and anxious Western allies, urged Morsy to work fast to repair a country economically stricken and bitterly divided since the overthrow of Hosni Mubarak fractured the police state which had suppressed dissent for decades. Morsy defeated former general Ahmed Shafik in a run-off last weekend by a convincing 3. ... Full Story Top Most Americans oppose health law but like provisions Sat,23 Jun 2012 10:13 PM PDT Reuters - WASHINGTON (Reuters) - Most Americans oppose President Barack Obama's healthcare reform even though they strongly support most of its provisions, a Reuters/Ipsos poll showed on Sunday, with the Supreme Court set to rule within days on whether the law should stand. Fifty-six percent of people are against the healthcare overhaul and 44 percent favor it, according to the online poll conducted from Tuesday through Saturday. ... Full Story Top Tropical Storm Debby heads for Florida coast Sun,24 Jun 2012 03:07 PM PDT Reuters - HOUSTON (Reuters) - Tropical Storm Debby meandered on an uncertain track toward the Florida coast on Sunday, bringing strong winds and waves that forced the closure of about a quarter of offshore oil and gas production in the Gulf of Mexico. Debby, the first named storm of 2012 to enter the Gulf of Mexico, was centered about 205 miles east-southeast of the mouth of the Mississippi River and was moving slowly northeast at around 3 mph at 4 p.m. CDT (2100 GMT), the National Hurricane Center said. ... Full Story Top Sandusky found guilty on 45 of 48 sex abuse charges Sun,24 Jun 2012 02:25 AM PDT Reuters - BELLEFONTE, Pennsylvania (Reuters) - A jury found former Penn State assistant football coach Jerry Sandusky guilty on 45 of 48 child sex abuse charges on Friday, ending a trial that rocked U.S. college football and renewed attention on pedophilia in America. Sandusky, 68, faces potentially hundreds of years in prison for molesting 10 boys over 15 years. He was escorted immediately out of the courthouse in handcuffs and taken into an awaiting sheriff's cruiser. A large crowd that gathered outside the Centre County Courthouse in central Pennsylvania broke into cheers upon learning of the news. ... Full Story Top Shadow of leftist protests hangs over Mexico election Sun,24 Jun 2012 09:10 AM PDT Reuters - MEXICO CITY (Reuters) - With just a week to go until Mexico's presidential election, leftist contender Andres Manuel Lopez Obrador has stirred up fears of a repeat of the chaos caused when he led massive protests after his narrow defeat in 2006. As his hopes of victory fade, the former mayor of Mexico City has talked up the prospect of voter fraud robbing him of victory on July 1 - the same accusation he made six years ago when he brought much of the capital to a standstill for weeks. ... Full Story Top Insight: ANC promises ring hollow in home of South Africa greats Sun,24 Jun 2012 09:44 AM PDT Reuters - ENTSHINGENI, South Africa (Reuters) - First graders huddle to do sums on scraps of paper pressed against a cracked mud wall at Mwezeni Primary School in South Africa's destitute Eastern Cape province. The school may be located in Africa's wealthiest nation, but there are no chairs, no desks and no work books. ... Full Story Top Merkel to meet France's Hollande on Wednesday Sat,23 Jun 2012 11:58 AM PDT Reuters - PARIS/BERLIN (Reuters) - German Chancellor Angela Merkel will meet French President Francois Hollande on Wednesday ahead of a key European summit, his office said on Saturday, as the two leaders try to square their differing positions on the euro zone debt crisis. "They will discuss the upcoming EU summit, the international situation and future Franco-German exchanges," the president's office said in a statement. A spokesman for the German government told Reuters earlier on Saturday the meeting would take place. ... Full Story Top Turkish, Syrian forces seek downed Turkish jet Sat,23 Jun 2012 02:43 PM PDT Reuters - ANKARA/BEIRUT (Reuters) - Turkish Foreign Minister Ahmet Davutoglu phoned world powers on Saturday to brief them about the downing of one of Ankara's planes by Syria as a joint search for the airmen, who were shot down over the Mediterranean, tried to locate them. Signals from both sides suggested neither wanted a military confrontation over Friday's incident as the search focused its efforts near a Turkish province that hosts thousands of rebels fighting President Bashar al-Assad. ... Full Story Top

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