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| Obama formally orders "deeply destructive" cuts, blames Congress Friday, Mar 01, 2013 07:50 PM PST  WASHINGTON (Reuters) - President Barack Obama formally ordered broad cuts in government spending on Friday night after he and congressional Republicans failed to reach a deal to avert automatic reductions that could dampen economic growth and curb military readiness. As the United States staggered into another fiscal crisis, the White House predicted that the spending cuts triggered by the inability of Obama and lawmakers to forge a broader deficit-reduction agreement would be "deeply destructive" to the nation's economic and national security. ... Full Story | Top |
| Michigan governor clears way for state takeover of Detroit Friday, Mar 01, 2013 02:25 PM PST  DETROIT (Reuters) - Michigan Governor Rick Snyder cleared the way for a state takeover of Detroit, declaring that the birthplace of the U.S. automotive industry faces a fiscal emergency and that he has identified a top candidate to assume its management. Friday's declaration by the Republican governor virtually assures that the state of Michigan will assume control of Detroit's books, and eventually decide whether the city should file the largest municipal bankruptcy in U.S. history. Detroit has faced the steepest population decline of any major American city in recent decades. ... Full Story | Top |
| Assad forces take Aleppo village, reopening supply line Friday, Mar 01, 2013 03:37 PM PST  BEIRUT (Reuters) - Syrian President Bashar al-Assad's forces seized a village southeast of the city of Aleppo on Friday, reopening a supply line to the country's biggest city where they have been battling rebels for eight months, a monitoring group said. The Syrian Observatory for Human Rights said the capture of Tel Shghaib marked the last step to creating a land supply route north into Aleppo from Hama province, crucial for Assad's forces who have lost control of part of the main north-south highway. Rebels say they hold most of the city itself and nearly all the rural hinterland. ... Full Story | Top |
| Judge cuts Apple award versus Samsung, sets new damages trial Friday, Mar 01, 2013 08:46 PM PST  (Reuters) - Apple Inc had a major setback in its ongoing mobile patents battle with Samsung Electronics on Friday, as a federal judge slashed a $1.05 billion jury award by more than 40 percent and set a new trial to determine damages. Apple won the award last year against Samsung in what was the biggest and highest-profile of a number of legal trials around the world, centered on the use and alleged abuse of patents in a highly competitive mobile market. ... Full Story | Top |
| Exclusive: Jaguar Land Rover studying full production in India - sources Friday, Mar 01, 2013 10:37 PM PST  MUMBAI/LONDON (Reuters) - Jaguar Land Rover (JLR) is investigating the potential of manufacturing cars in India, company sources said, as the British luxury carmaker looks to build on its growth in emerging markets with the help of Indian parent Tata Motors. JLR, which has ridden a wave of surging demand in China and other emerging markets to post record profits over the past year, is "actively exploring the possibility" of building cars from scratch in India, said one company source. ... Full Story | Top |
| Buffett: Performance streak may end this year Friday, Mar 01, 2013 03:54 PM PST  (Reuters) - Berkshire Hathaway may end a long streak of outperforming the S&P 500 this year, Chief Executive Warren Buffett warned shareholders on Friday, even as he said he was still eagerly hunting for acquisitions to grow the ice-cream-to-insurance conglomerate. In his annual letter to investors, Buffett opened up with a caution that this year, for the first time, the growth in Berkshire's book value per share may underperform the growth in the S&P 500 when measured over a five-year period. ... Full Story | Top |
| Premature Fed pullback could "short-circuit" recovery: Bernanke Friday, Mar 01, 2013 08:08 PM PST  (Reuters) - Ben Bernanke, the chairman of the Federal Reserve, said on Friday that pulling back on aggressive policy measures too soon would pose a real risk of damaging a still-fragile recovery. There has been some disagreement within the Fed of whether the U.S. central bank's bond-buying program, which is designed to push down long-term interest rates, should be phased out. Fed Board Governor Jeremy Stein argued recently there were signs of overheating in certain financial markets and that the central bank should consider using monetary policy to address such risks if they persist. ... Full Story | Top |
| U.S. review gives boost to Keystone oil pipeline Friday, Mar 01, 2013 05:12 PM PST  WASHINGTON (Reuters) - The Keystone XL oil pipeline got a boost on Friday when the State Department said the project would not likely change the rate at which Canada's oil sands are developed, discounting warnings from environmentalists that it would lead to a spike in greenhouse gas emissions. The report is far from the last word on Keystone. The environmental assessment must be finalized after the public comment. Federal agencies will then have 90 days to work with the State Department to determine whether the pipeline is in the national interest, with U.S. ... Full Story | Top |
| Taxes squeeze households, factories to add to growth Friday, Mar 01, 2013 01:50 PM PST  WASHINGTON (Reuters) - Consumer spending was tepid in January as higher taxes squeezed incomes, but vigor in the manufacturing sector last month suggested economic growth picked up early this quarter. Other data on Friday showed strong auto sales and a rise in consumer sentiment in February, which should help support spending. ... Full Story | Top |
| Turkish PM's Zionism comments "objectionable": Kerry Friday, Mar 01, 2013 02:14 PM PST  ANKARA (Reuters) - U.S. Secretary of State John Kerry on Friday criticized a comment by Turkey's prime minister likening Zionism to crimes against humanity in a disagreement that cast a shadow over talks between the NATO allies. Kerry, on his first trip to a Muslim nation since taking office, met Turkish leaders for talks meant to focus on the civil war in neighboring Syria and bilateral interests from energy security and Iran's nuclear program to counter-terrorism. But the comment by Turkish Prime Minister Tayyip Erdogan at a U.N. ... Full Story | Top |
| As Washington frets, markets take spending cuts in stride Friday, Mar 01, 2013 01:56 PM PST  NEW YORK/WASHINGTON (Reuters) - Broad spending cuts designed to hit most U.S. government programs with all the subtlety of a sledgehammer were set to begin taking effect on Friday, yet investors barely batted an eyelash. The $85 billion in across-the-board "sequestration" cuts were expected to eventually cause airport delays, disrupt public services and result in lower pay or layoffs for millions of government workers. What they were not likely to do, at least as far as financial markets were concerned, was cause enough damage to derail a U.S. economy that has lately been gaining momentum. ... Full Story | Top |
| Judge cuts Apple award vs Samsung, sets new damages trial Friday, Mar 01, 2013 03:59 PM PST (Reuters) - Apple Inc had a major setback in its ongoing mobile patents battle with Samsung Electronics on Friday, as a federal judge slashed a $1.05 billion jury award by more than 40 percent and set a new trial to determine damages. Apple won the award last year against Samsung in what was the biggest and highest-profile of a number of legal trials around the world, centered on the use and alleged abuse of patents in a highly competitive mobile market. ... Full Story | Top |
| Tests find horsemeat in Taco Bell UK ground beef Friday, Mar 01, 2013 10:57 AM PST  LONDON (Reuters) - Britain's food regulator said on Friday that testing had found horsemeat in ground beef at Taco Bell UK fast-food outlets, a discovery that puts new pressure on parent Yum Brands Inc, which is grappling with a food safety scare in China. Taco Bell said the horsemeat issue is isolated to its UK market, where the Mexican-inspired chain has just three restaurants, and that it will step up testing of its beef. ... Full Story | Top |
| U.S. review gives boost to Keystone oil pipeline Friday, Mar 01, 2013 03:19 PM PST  WASHINGTON (Reuters) - The Keystone XL oil pipeline got a boost on Friday when the State Department said the project would not likely change the rate at which Canada's oil sands are developed, discounting fears it would be responsible for additional greenhouse gas emissions. The report is far from the last word on Keystone. The environmental assessment must be finalized after the public comment. Then federal agencies will have 90 days to work with the State Department to determine whether the pipeline is in the national interest. ... Full Story | Top |
| U.S. lurches into new budget crisis, spending cuts imminent Friday, Mar 01, 2013 03:34 PM PST  WASHINGTON (Reuters) - The U.S. government stumbled headlong on Friday toward spending cuts that could dampen the economy and curb military readiness, after President Barack Obama and congressional leaders failed to find an alternative budget plan. Put in place during a bout of deficit-reduction fever in 2011, the automatic cuts can only be halted by agreement between Congress and the White House. As expected, a deal proved elusive in talks on Friday, meaning that government agencies will now begin to hack a total of $85 billion from their budgets between Saturday and October 1. ... Full Story | Top |
| Ex-pope relaxes as cardinals prepare for vote Friday, Mar 01, 2013 06:57 AM PST  VATICAN CITY (Reuters) - A relaxed and rested Pope Emeritus Benedict read messages from well-wishers and strolled in his retirement palace gardens on Friday as cardinals due to elect his successor planned pre-vote meetings for next week. The 85-year-old former pope watched televised reports of his departure from the Vatican on Thursday evening, then slept soundly in the papal summer residence Castel Gandolfo, where he will stay for about two months, a Vatican spokesman said. "He slept very well. ... Full Story | Top |
| Einhorn drops lawsuit versus Apple, ends challenge Friday, Mar 01, 2013 12:15 PM PST  SAN FRANCISCO (Reuters) - Hedge fund manager David Einhorn's Greenlight Capital withdrew its lawsuit against Apple Inc, after winning an injunction last week that blocked the iPhone maker from moving forward with a shareholder vote on a controversial proposal. Apple had sought to limit its ability to issue preferred shares without a shareholder vote, but Einhorn challenged that in court as part of an effort to unlock more of the company's $137 billion cash hoard. U.S. District Judge Richard Sullivan ruled in Einhorn's favor last week and on Friday granted the motion to withdraw his lawsuit. ... Full Story | Top |
| South African policemen arrested, to face murder charges Friday, Mar 01, 2013 08:04 AM PST  PRETORIA (Reuters) - Eight South African policemen have been arrested on suspicion of murder after dragging a man tied to the back of a police truck through a busy Johannesburg street in an incident broadcast around the world, a government watchdog said on Friday. The video-recorded treatment of the Mozambican taxi driver has further damaged the reputation of the police force in South Africa where more than 1,200 people a year die in police custody. ... Full Story | Top |
| Exclusive: Glencore bartered with firm linked to Iran nuclear program Friday, Mar 01, 2013 08:49 AM PST  UNITED NATIONS (Reuters) - Commodities giant Glencore supplied thousands of tons of alumina to an Iranian firm that has provided aluminum to Iran's nuclear program, intelligence and diplomatic sources told Reuters. The previously undisclosed barter arrangement between Glencore, the world's biggest commodities trader, and the Iranian Aluminum Company (Iralco) illustrates how difficult it is for Western powers to curb Iran's ability to trade with the rest of the world. ... Full Story | Top |
| Italian president rules out new vote as parties wrangle Friday, Mar 01, 2013 06:12 AM PST  ROME/BERLIN (Reuters) - President Giorgio Napolitano ruled out an early return to the polls on Friday as Italy's parties wrangled over how to form a government after this week's deadlocked election. Speaking during a state visit to Berlin, Napolitano said Italy needed a stable government and could not immediately hold a new election. "I'm not interested in going back to vote again," he told reporters at the margins of an event at the Humboldt University. Napolitano's mandate ends in mid-May but he said his successor would be just as reluctant to call a new vote. ... Full Story | Top |
| Analysis: Chavez's cancer puts Venezuela on undeclared vote footing Friday, Mar 01, 2013 04:02 AM PST  CARACAS (Reuters) - Opposition leaders plot strategy behind closed doors. The government's presumed candidate blitzes the airwaves. Posters plaster walls. Hugo Chavez is still president, but Venezuela feels like a nation heading fast towards an election for his successor. A new vote would be called if the socialist leader fails to recover from cancer or cannot continue governing from hospital. Apart from a set of photos, he has not been seen or heard from in nearly three months, spawning rumors that he is close to death. ... Full Story | Top |
| February manufacturing activity eases slightly: Markit Friday, Mar 01, 2013 06:01 AM PST  NEW YORK (Reuters) - U.S. manufacturing lost some momentum in February as overseas demand declined, but output grew at its fastest pace in nearly a year, a survey showed on Friday. Financial data firm Markit said its U.S. Manufacturing Purchasing Managers Index fell to 54.3 last month, nearly a full point below a preliminary estimate of 55.2. It stood at 55.8 in January. A reading above 50 indicates expansion. The pace of growth in new orders slowed, with the index slipping to 55.4 from 57.4 in January. Demand from abroad fell for the first time in four months. ... Full Story | Top |
| Ex-UBS rogue trader Adoboli requests appeal against conviction Friday, Mar 01, 2013 05:39 AM PST  LONDON (Reuters) - Kweku Adoboli, a former trader at UBS's London office who is serving a seven-year jail sentence for a multi-billion-dollar fraud, has applied for an appeal, a court official said on Friday. Adoboli, 32, was convicted in November last year of two counts of fraud over unauthorized trades that cost the Swiss bank $2.3 billion. During his trial, he admitted trading far in excess of authorized risk limits and booking fictitious trades to hide his true risk exposure, but had argued that everything he did was to make profits for UBS and was in line with the bank's culture. ... Full Story | Top |
| February auto sales up as consumers show "nerves of steel" Friday, Mar 01, 2013 01:47 PM PST  DETROIT (Reuters) - Auto sales rose nearly 4 percent in February, delivering a better-than-expected performance as strength in the housing market tempered worries over the wave of federal spending cuts due to begin on Friday. The annual auto sales pace for February was 15.38 million vehicles, according to Autodata, better than the 15.1 million rate expected by economists polled by Thomson Reuters. ... Full Story | Top |
| Stalling European factories and slowing China leave world economy looking to America Friday, Mar 01, 2013 05:23 AM PST  LONDON/BEIJING (Reuters) - European manufacturing appeared no closer to recovery last month while growth in Asia cooled, according to business surveys and trade data on Friday that pointed to ongoing weakness in global demand. Purchasing managers' reports from the United States due later, however, are expected to show growth picking up in the world's largest economy, after a weak fourth quarter. In China, factory growth slowed to multi-month lows. Sluggish domestic demand added pressure to already depressed foreign sales, two separate purchasing manager indexes (PMI) showed. ... Full Story | Top |
| China plans unionization push into Big Four accounting firms Friday, Mar 01, 2013 05:19 AM PST  BEIJING (Reuters) - China's state-backed trade union is planning to expand into yet another bastion of capitalism, targeting the Big Four accounting firms and their 40,000 employees in mainland China, according to state media reports and the companies on Friday. The All-China Federation of Trade Unions made a push into foreign firms operating about four years ago and now has a union presence in most firms with a manufacturing or retail base. ... Full Story | Top |
| Britain heads for new recession Friday, Mar 01, 2013 02:51 AM PST  LONDON (Reuters) - The risk that Britain is entering its third recession in four years grew on Friday with figures showing that manufacturing shrank unexpectedly last month and mortgage approvals for home buyers dropped in January Gross domestic product fell at the end of last year, bringing Britain within sight of another recession and the latest data suggested the central bank may need to do yet more to revive the economy. ... Full Story | Top |
| Exclusive: Chinese trader accused of busting Iran missile embargo Friday, Mar 01, 2013 06:29 AM PST  (Reuters) - A Chinese businessman indicted in the United States over sales of missile parts to Iran is still making millions of dollars from the trade, say security officials who monitor compliance with Western and U.N. sanctions. These officials, speaking on condition of anonymity, said the businessman, Li Fangwei, has earned at least $10 million from illegal sales to Iran since his indictment by the New York County District Attorney in 2009. Trade sanctions are at the heart of international efforts to curb Iran's nuclear program for fear it is for military ends - a suspicion Iran rejects. ... Full Story | Top |
| Malaysia standoff with armed Filipinos erupts in violence Friday, Mar 01, 2013 04:34 AM PST  KUALA LUMPUR (Reuters) - A standoff between Malaysian security forces and armed Filipinos erupted in violence on Friday, with two police officers and 12 members of the Philippine group killed as Malaysian Prime Minister Najib Razak declared his patience had run out. Malaysian police said the killings occurred on Friday morning when security forces tightened the cordon around the group in the eastern state of Sabah and were attacked, resulting in a 30-minute firefight. ... Full Story | Top |
| Analysis: The big U.S. budget cuts - Will the bite match the bark? Friday, Mar 01, 2013 08:13 AM PST  WASHINGTON (Reuters) - Delays of four hours or more at airports. Exasperating wait times for people, and goods, crossing America's borders. Reduced paychecks for thousands of civilians employed by the Pentagon. The U.S. Coast Guard, crippled in its patrols of U.S. waters. Meat shortages, thanks to cutbacks in food inspections. Teachers of low-income children and special-education students losing their jobs. These are just samples of the possible consequences of impending across-the-board U.S. government budget cuts as described by officials in President Barack Obama's administration. ... Full Story | Top |
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