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Wednesday, July 4, 2012 12:01 AM PDT

Today's Reuters News Headlines - Yahoo! News: Barclays' Diamond quits over rate rigging Mexico's president-elect may double security spending: aide Dark economic clouds gather anew over Obama campaign Exclusive: Mexico's Slim not eyeing more Europe buys for now Scientists to unveil milestone in Higgs boson hunt Exclusive: Myanmar poised for cabinet shake-up, lawmakers say U.S. Judge rejects Samsung request to lift stay on Nexus sales Mammoth Lakes, California files for bankruptcy Scorching heat roasts eastern United States Syrian army attacks rebels, Turkey scrambles F16s H&F presses on with $4 billion Getty Images sale: sources JPMorgan probed over possible power market manipulation U.S., Pakistan reach deal to reopen Afghan supply routes Actor Andy Griffith dies in North Carolina at 86 H&F presses on with $4 billion Getty Images sale: sources How Stockton went broke: A 15-year spending binge Barclays' Diamond quits over rate rigging NY Post editor must answer Murdoch, chimp queries Progress CEO quits, Duke chief to run combined company Mammoth Lakes, California to file for bankruptcy June auto sales point to best year since 2007 Obama to sign student loan, transportation legislation Friday Police raid Sarkozy's home in funding probe Judge rules against SEC in Stanford claims case Jobs growth seen picking up in June Deal on Spain's bank aid may be delayed until July 20: sources Tom Cruise tops Forbes list of highest paid actors S&P analysts in Italy lamented lack of senior staff: wiretap Iran says it test-fires missiles in war of nerves Market bombs kill 44 before Iraqi Shi'ite ritual Factory orders rise more than expected in May Euro zone factory prices slip, fuel ECB rate cut calls Strong quake rattles New Zealand's North Island, no reports of injury Dutch say unclear if ESM bank aid will require treaty change Barclays' Diamond quits over rate rigging Tue,3 Jul 2012 05:43 PM PDT Reuters - LONDON (Reuters) - Barclays chief executive Bob Diamond suddenly quit on Tuesday over an interest rate-rigging scandal that threatens to drag in a dozen more major lenders but suggested the Bank of England had encouraged his bank to manipulate the figures. "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen," said Diamond, 60. The terms of his severance were not announced, though Sky News said the bank would ask Diamond to forfeit almost 20 million pounds ($30 million) in bonuses. ... Full Story Top Mexico's president-elect may double security spending: aide Tue,3 Jul 2012 06:37 PM PDT Reuters - MEXICO CITY (Reuters) - Mexico's President-elect Enrique Pena Nieto will seek to double security spending to around 2 percent of GDP to fight drug violence and organized crime while proposing new tactics to the United States, a top aide said on Tuesday. Emilio Lozoya, touted as a possible pick for foreign minister, said Pena Nieto's administration would try to boost efforts to tackle money laundering and propose trans-border infrastructure projects to help create jobs, cut business costs and increase security. ... Full Story Top Dark economic clouds gather anew over Obama campaign Tue,3 Jul 2012 04:08 PM PDT Reuters - WASHINGTON (Reuters) - After a month in which his re-election campaign picked up momentum, hard economic realities are about to hit President Barack Obama as he takes to the road on a campaign bus trip through the Rust Belt. Poor manufacturing data earlier this week followed by a likely weak jobless report on Friday are reminding Obama that he has a lot of work to do to convince voters he is bringing the economy back to full health. ... Full Story Top Exclusive: Mexico's Slim not eyeing more Europe buys for now Tue,3 Jul 2012 10:12 PM PDT Reuters - MEXICO CITY (Reuters) - Mexican tycoon Carlos Slim said on Tuesday he has no immediate plans for further telecommunications purchases in Europe after buying into Dutch firm KPN and Telekom Austria. Asked if he was looking to expand further in Europe after the two recent deals, Slim told Reuters: "No, no. We're not looking for nothing now. We are going to consolidate what we've got. ... Full Story Top Scientists to unveil milestone in Higgs boson hunt Tue,3 Jul 2012 09:45 PM PDT Reuters - LONDON (Reuters) - Scientists hunting the elusive subatomic "Higgs" particle will unveil findings on Wednesday that take them nearer to understanding how the Big Bang at the dawn of time gave rise to stars, planets and even life. Physicists who have been smashing particles together at near light-speed at the CERN laboratory near Geneva have already seen tantalizing glimpses of the "Higgs boson", the missing piece of the fundamental theory of physics known as the Standard Model. The world of science now awaits a mass of evidence big enough to be deemed a formal discovery. ... Full Story Top Exclusive: Myanmar poised for cabinet shake-up, lawmakers say Tue,3 Jul 2012 07:44 PM PDT Reuters - NAYPYITAW (Reuters) - Myanmar President Thein Sein plans to reshuffle his cabinet and appoint a new vice president soon to reduce the influence of anti-reform ministers and accelerate changes in the former pariah state, several lawmakers with close ties to the government said. The reshuffle is expected in the current session of parliament that reconvenes on Wednesday and could sideline some hardliners by reducing their responsibilities in the 37-member cabinet or give them new roles, say the lawmakers. ... Full Story Top U.S. Judge rejects Samsung request to lift stay on Nexus sales Tue,3 Jul 2012 05:54 PM PDT Reuters - (Reuters) - A U.S. judge on Tuesday rejected a request by Samsung Electronics Co. to lift a pre-trial injunction against sales of its Galaxy Nexus phone, another legal setback for the South Korean firm ahead of an upcoming court battle with Apple Inc.. Last week, U.S. District Judge Lucy Koh in San Jose, California, granted Apple's request to block sales of the smartphone. Samsung had asked the court to stay the injunction pending resolution of an appeal. On Monday, Koh rejected a similar request to lift a ban on the U.S. sales of Samsung's Galaxy Tab 10. ... Full Story Top Mammoth Lakes, California files for bankruptcy Tue,3 Jul 2012 04:04 PM PDT Reuters - SAN FRANCISCO (Reuters) - Mammoth Lakes, California filed on Tuesday for Chapter 9 bankruptcy protection from its creditors due to a nearly $43 million legal judgment against it. The filing follows a vote Monday by Mammoth Lake's town council in favor of a bankruptcy filing, specifically to seek protection from the property developer awarded the judgment against the resort town of about 8,000 residents in the Sierra Nevada mountains. The developer, Mammoth Lakes Land Acquisition, is the town's largest creditor, according to documents filed in U.S. ... Full Story Top Scorching heat roasts eastern United States Tue,3 Jul 2012 01:49 PM PDT Reuters - WASHINGTON (Reuters) - About 1.3 million homes and businesses in the eastern United States remained without power amid a heat wave on Tuesday, and storm damage and high temperatures forced many Fourth of July celebrations to be canceled. Violent weekend storms and days of record heat have killed at least 23 people in the United States since Friday. Some died when trees fell on their homes and cars, and heat stroke killed others. Utilities warned that some people could be without power - and unable to run their air conditioners - for the rest of the week. About 1. ... Full Story Top Syrian army attacks rebels, Turkey scrambles F16s Tue,3 Jul 2012 10:08 AM PDT Reuters - BEIRUT (Reuters) - The Syrian army pressed its offensive against rebels, bombarding the city of Douma near Damascus, and Turkey said it had scrambled warplanes after Syrian helicopters flew near its border. Turkey's armed forces command said the fighters took off on Monday when Syrian transport helicopters were spotted flying near the frontier, without entering Turkish air space. It was the third day in a row that Turkey had scrambled its F-16s. ... Full Story Top H&F presses on with $4 billion Getty Images sale: sources Tue,3 Jul 2012 06:06 PM PDT Reuters - (Reuters) - Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday. While several private equity firms, such as Bain Capital LLC, have balked at Hellman's $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. Hellman, which bought a majority stake in Getty in 2008 in a $2. ... Full Story Top JPMorgan probed over possible power market manipulation Tue,3 Jul 2012 02:41 PM PDT Reuters - NEW YORK (Reuters) - U.S. energy regulators have subpoenaed JPMorgan Chase & Co to produce 25 internal emails as part of an investigation into whether the bank manipulated electricity markets in California and the Midwest. The Federal Energy Regulatory Commission (FERC), which has recently stepped up its efforts to end manipulation of U.S. power markets, filed a petition in federal court on Monday to require the bank to produce emails from 2010 and 2011 as part of a formal investigation into the bank's power trading. ... Full Story Top U.S., Pakistan reach deal to reopen Afghan supply routes Tue,3 Jul 2012 02:41 PM PDT Reuters - WASHINGTON/ISLAMABAD (Reuters) - Pakistan and the United States reached a deal on Tuesday to reopen land routes that NATO uses to supply troops in Afghanistan, ending a seven-month crisis that damaged ties between the two countries and complicated the U.S.-led Afghan war effort. U.S. Secretary of State Hillary Clinton, in a telephone call with Pakistani Foreign Minister Hina Rabbani Khar, apologized for a November NATO air strike that killed 24 Pakistani soldiers last November and prompted an infuriated Islamabad to slam the supply routes closed. ... Full Story Top Actor Andy Griffith dies in North Carolina at 86 Tue,3 Jul 2012 02:40 PM PDT Reuters - (Reuters) - Actor Andy Griffith, whose portrayal of a small-town sheriff made "The Andy Griffith Show" one of television's most enduring programs, died on Tuesday at his North Carolina home at age 86. Griffith died at about 7 a.m. at his home on Roanoke Island, Dare County Sheriff J.D. Doughtie said. His wife of three decades, Cindi Griffith, was at his bedside and issued a statement saying: "I cannot imagine life without Andy, but I take comfort and strength in God's Grace and in the knowledge that Andy is at peace and with God. ... Full Story Top H&F presses on with $4 billion Getty Images sale: sources Tue,3 Jul 2012 04:32 PM PDT Reuters - (Reuters) - Private equity firm Hellman & Friedman LLC is pushing ahead with a $4 billion sale of Getty Images Inc, the largest supplier of stock photos, video and other digital content, to private equity, two people familiar with the matter said on Tuesday. While several private equity firms, such as Bain Capital LLC, have balked at Hellman's $3.5 billion to $4 billion price expectations, other buyout groups, including KKR & Co LP and TPG Capital LP, are still in the process, which is now in the second round, the sources said. Hellman, which bought a majority stake in Getty in 2008 in a $2. ... Full Story Top How Stockton went broke: A 15-year spending binge Tue,3 Jul 2012 03:52 PM PDT Reuters - SAN FRANCISCO (Reuters) - The man in charge of the biggest U.S. city ever to file for bankruptcy is clear about the root of the crisis. It was a decision that gave firefighters full healthcare in retirement starting on January 1, 1996, said Bob Deis, the city manager of Stockton, California. At the time, the move seemed cheaper than giving pay raises sought by unions, officials involved in the decision said. When other Stockton employees demanded the same healthcare deal in following years, the city agreed. ... Full Story Top Barclays' Diamond quits over rate rigging Tue,3 Jul 2012 03:59 PM PDT Reuters - LONDON (Reuters) - Barclays chief executive Bob Diamond suddenly quit on Tuesday over an interest rate-rigging scandal that threatens to drag in a dozen more major lenders but suggested the Bank of England had encouraged his bank to manipulate the figures. "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen," said Diamond, 60. The terms of his severance were not announced, though Sky News said the bank would ask Diamond to forfeit almost 20 million pounds ($30 million) in bonuses. ... Full Story Top NY Post editor must answer Murdoch, chimp queries Tue,3 Jul 2012 04:21 PM PDT Reuters - (Reuters) - The editor of the New York Post may be forced to answer questions about his discussions with media mogul Rupert Murdoch over fallout from the newspaper's publication of a cartoon that appeared to liken President Barack Obama to a chimpanzee. A federal judge in Manhattan said editor Col Allan could not invoke "editorial privilege" and avoid answering questions posed by Sandra Guzman, a former associate editor suing the newspaper for alleged employment discrimination and harassment on the basis of race, gender and national origin. ... Full Story Top Progress CEO quits, Duke chief to run combined company Tue,3 Jul 2012 03:35 PM PDT Reuters - NEW YORK (Reuters) - Duke Energy Corp, which closed its $18 billion buyout of Progress Energy this week, said Progress Chief Executive Bill Johnson had resigned and would not be taking the top job at the combined company as had been planned. Duke CEO Jim Rogers, 64, has become president and CEO of the combined entity, while remaining chairman, the company said on Tuesday. Rogers said in an interview that he had been officially notified of his new role after board deliberations on Monday afternoon. "I have done two combinations before. ... Full Story Top Mammoth Lakes, California to file for bankruptcy Tue,3 Jul 2012 02:34 PM PDT Reuters - SAN FRANCISCO (Reuters) - Mammoth Lakes, California, will file later on Tuesday for Chapter 9 bankruptcy protection from its creditors in U.S. Bankruptcy Court for the Eastern District of California, according to its assistant town manager. Mammoth Lake's town council voted on July 2 in favor of the bankruptcy, specifically to seek protection from a property developer that has a $43 million legal judgment against the resort town of about 8,000 residents in the Sierra Nevada mountains. ... Full Story Top June auto sales point to best year since 2007 Tue,3 Jul 2012 02:00 PM PDT Reuters - (Reuters) - New auto sales in June raced past expectations on lower gas prices and still-generous incentives, and are on track to score their best year since 2007. The surprisingly strong June in which sales rose 22 percent from a year ago helped ease fears that weaker-than-expected results in May would suggest a slowdown in demand. June's annualized sales rate of 14.1 million vehicles, according to Autodata Corp, beat analysts' average estimate of 13.9 million. Before the economy sank into recession, annual auto sales tallied 16.1 million in 2007. They plunged to 13. ... Full Story Top Obama to sign student loan, transportation legislation Friday Tue,3 Jul 2012 01:23 PM PDT Reuters - WASHINGTON (Reuters) - President Barack Obama, eager to show voters he is pushing federal action to spur job creation and support education, will sign into law on Friday recently passed legislation on transportation investment and student loans, officials said. The Democratic president will use the event at the White House with construction workers and college students to highlight his campaign of pressing lawmakers to bolster the fragile U.S. economic recovery. Republicans accuse Obama of election-year posturing. Congress last week approved a massive job-creating U.S. ... Full Story Top Police raid Sarkozy's home in funding probe Tue,3 Jul 2012 12:26 PM PDT Reuters - PARIS (Reuters) - Police raided the home and offices of former French president Nicolas Sarkozy on Tuesday as part of a judicial inquiry into financial relations between his political camp and the richest woman in France, L'Oreal heiress Liliane Bettencourt. It was Sarkozy's first legal tangle since he was unseated in a May 6 election after five years in office, during which he enjoyed presidential immunity from legal pursuit. That cover expired in mid-June. ... Full Story Top Judge rules against SEC in Stanford claims case Tue,3 Jul 2012 12:15 PM PDT Reuters - WASHINGTON (Reuters) - A federal district judge on Tuesday delivered a blow to the victims of Allen Stanford's $7 billion Ponzi scheme, rejecting a request for an industry-backed fund to start a court proceeding that could lead to victim compensation. The Securities and Exchange Commission had sought to force the Securities Investor Protection Corp to start liquidation proceedings for the victims, some of whom lost millions of dollars to the fraud. The judge found that the SEC did not meet its legal burden of showing why SIPC should be compelled to act. ... Full Story Top Jobs growth seen picking up in June Tue,3 Jul 2012 11:52 AM PDT Reuters - WASHINGTON (Reuters) - Employers likely increased hiring in June, but not by enough to dispel concerns that the economy is losing steam. Employers are expected to have added 90,000 new workers to their payrolls, according to a Reuters survey of economists. That would be tepid but still better than 69,000 jobs created in May, which was the fewest in a year. The data could give a better read on the labor market than reports from the last six months because a mild winter may have led companies to boost hiring then at spring's expense. ... Full Story Top Deal on Spain's bank aid may be delayed until July 20: sources Tue,3 Jul 2012 11:34 AM PDT Reuters - MADRID (Reuters) - A final agreement for European aid of up to 100 billion euros ($126.06 billion) for Spanish banks may be delayed by a few days, until July 20, to allow more time for negotiations, two sources close to the talks said on Tuesday. The signature of the Memorandum of Understanding (MoU) was initially scheduled for July 9, when euro zone finance ministers hold their monthly meeting in Brussels. "The document will be looked at on Monday. ... Full Story Top Tom Cruise tops Forbes list of highest paid actors Tue,3 Jul 2012 01:47 PM PDT Reuters - NEW YORK (Reuters) - Tom Cruise led Forbes' annual list of the 100 highest paid actors released on Tuesday, earning nearly twice that of second place Leonardo DiCaprio and recapturing his spot among Hollywood's top-earning performers after his recent blockbuster movie "Mission: Impossible." Cruise, who turned 50-years-old on Tuesday amid speculation over whether his box office pull could be hurt by his impending divorce from Katie Holmes, which was revealed late last week, earned $75 million between May 2011 and May 2012, Forbes said. ... Full Story Top S&P analysts in Italy lamented lack of senior staff: wiretap Tue,3 Jul 2012 12:30 PM PDT Reuters - TRANI, Italy (Reuters) - Standard & Poor's analysts in Italy felt the agency lacked enough senior staff to handle the country's sovereign rating downgrade as the euro zone debt crisis deepened, according a transcript of a phone conversation wiretapped by magistrates and obtained by Reuters on Tuesday. Prosecutors in southern Italy are investigating S&P's over its credit downgrades of Italy for alleged market manipulation and abuse of privileged information. ... Full Story Top Iran says it test-fires missiles in war of nerves Tue,3 Jul 2012 03:10 PM PDT Reuters - DUBAI (Reuters) - Iran said on Tuesday it had successfully tested medium-range missiles capable of hitting Israel as a response to threats of attack, the latest move in a war of nerves with the West. Israel says it could attack Iran if diplomacy fails to secure a halt to its disputed nuclear energy program. The United States also has military force as a possible option but has repeatedly encouraged the Israelis to be patient while new economic sanctions are implemented against Iran. ... Full Story Top Market bombs kill 44 before Iraqi Shi'ite ritual Tue,3 Jul 2012 12:07 PM PDT Reuters - DIWANIYA, Iraq (Reuters) - Bombs killed at least 44 people at markets in Iraq on Tuesday, and authorities said they bore the hallmarks of sectarian attacks on Shi'ite Muslims by al Qaeda Sunni militants. A bomb in a small truck exploded in a market in the city of Diwaniya, killing 40 people, and other blasts killed four more near the city of Kerbala, police and officials said. The Diwaniya bombing was near a Shi'ite mosque where pilgrims gather on their way to Kerbala to celebrate the birthday of one of their most important imams, al-Mahdi, this week. ... Full Story Top Factory orders rise more than expected in May Tue,3 Jul 2012 07:12 AM PDT Reuters - WASHINGTON (Reuters)- New orders for U.S. factory goods rose more than expected in May, a hopeful sign for U.S. manufacturers who have appeared more vulnerable to Europe's festering debt crisis. The Commerce Department said on Tuesday new orders for manufactured goods rose 0.7 percent during the month. Economists had forecast orders rising 0.2 percent. The report showed broad gains across industries making everything from machinery and appliances to cars and planes. Still, the trend in U.S. manufacturing has appeared softer and has added to concerns the economic recovery is losing steam. ... Full Story Top Euro zone factory prices slip, fuel ECB rate cut calls Tue,3 Jul 2012 10:05 AM PDT Reuters - BRUSSELS (Reuters) - Euro zone factory prices fell more than expected in May as the cost of energy dropped sharply, reinforcing the case for an ECB interest rate cut as early as this week to aid the region's stagnant economy. Prices at factory gates in the 17 countries using the euro slid 0.5 percent from April, the European Union's statistics office Eurostat said on Tuesday, as Brent crude continued to fall and change the inflation outlook. ... Full Story Top Strong quake rattles New Zealand's North Island, no reports of injury Tue,3 Jul 2012 04:55 AM PDT Reuters - WELLINGTON (Reuters) - A strong earthquake struck off the west coast of New Zealand's North Island on Tuesday, shaking residents across a wide area and toppling goods from shelves but there were no immediate reports of major damage or injury. The 7.0 magnitude quake was centered 170 km northwest of the capital Wellington at a depth of 230 km (147 miles), the national GeoNet website reported. The U.S. Geological Service earlier reported the tremor at a 6.2 magnitude. There was no tsunami warning issued. ... Full Story Top Dutch say unclear if ESM bank aid will require treaty change Tue,3 Jul 2012 07:26 AM PDT Reuters - AMSTERDAM (Reuters) - The Netherlands, a hardline critic of European bailouts, said on Tuesday it was uncertain if a direct recapitalization of banks by the euro zone's permanent rescue fund would require a treaty change. The Dutch government's statement signaled a potential conflict with the European Commission, which said on Monday that no legislative changes would be needed to the treaty governing the European Stability Mechanism (ESM) to allow the rescue fund to lend directly to banks. ... Full Story Top

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