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| Fed's Lacker says exit from bond-buying should be quick Saturday, Jul 27, 2013 12:07 AM PDT  BERLIN (Reuters) - The U.S. central bank should stop its bond-buying quickly and an end to the program was "in sight", a senior Federal Reserve official said in an interview with a German magazine on Saturday. Richmond Fed President Jeffrey Lacker, one of the Fed's most fiscally conservative officials, said he expected ending the process to be successful, according to WirtschaftsWoche. "We must make our exit from the bond-buying program quick," Lacker was quoted as saying by the German magazine. "An end to these bond purchases came into sight at the latest Fed meeting," he said. ... Full Story | Top |
| Famed hacker Barnaby Jack dies a week before hacking convention Friday, Jul 26, 2013 09:26 PM PDT  By Jim Finkle (Reuters) - Barnaby Jack, a celebrated computer hacker who forced bank ATMs to spit out cash and sparked safety improvements in medical devices, died in San Francisco, a week before he was due to make a high-profile presentation at a hacking conference. The New Zealand-born Jack, 35, was found dead on Thursday evening by "a loved one" at an apartment in San Francisco's Nob Hill neighborhood, according to a police spokesman. He would not say what caused Jack's death but said police had ruled out foul play. ... Full Story | Top |
| Under siege, JPMorgan to quit physical commodities Friday, Jul 26, 2013 07:01 PM PDT  By David Sheppard and Jonathan Leff NEW YORK (Reuters) - JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street's role in the trading of raw materials comes under unprecedented political and regulatory pressure. After spending billions of dollars and five years building the banking world's biggest commodity desk, JPMorgan said it would pursue "strategic alternatives" for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper. ... Full Story | Top |
| Grand Canyon lightning victims were Thai tourists Friday, Jul 26, 2013 06:21 PM PDT PHOENIX (Reuters) - A married couple killed by a lightning bolt near the Grand Canyon this week was identified on Friday as tourists visiting from Thailand. Aram Kawewong and wife Ratchaya Tantranon, both 20, were among a group of people struck by lightning on Tuesday at the LeFevre Overlook, about 30 miles north of the Grand Canyon National Park, the Coconino County Sheriff's Office said. The two tourists, from Chiang Mai in northern Thailand, were pronounced dead at the scene. Their identities had been withheld pending notification kin, the sheriff's office said. ... Full Story | Top |
| Unilever to ditch PwC after 26 years to comply with new UK auditor rule Friday, Jul 26, 2013 06:20 PM PDT By Huw Jones LONDON (Reuters) - Unilever is looking for a new auditor, after 26 years with PwC, to comply with a new rule, prompted by questions over why accountants gave banks a clean bill of health just weeks before they were rescued by taxpayers in the 2008 financial crisis. Britain's Financial Reporting Council (FRC) said last year that companies should consider changing their auditor at least every decade in order to end cosy long-term relationships. Only a few blue-chip companies have taken any action so far. ... Full Story | Top |
| Breaking taboo, Mexico government aims to tax food, medicine Friday, Jul 26, 2013 05:53 PM PDT  By Dave Graham and Miguel Gutierrez MEXICO CITY (Reuters) - Mexico plans to boost its tax coffers by an extra $50 billion a year with an overhaul that aims to extend sales tax coverage, close tax loopholes and could impose charges on capital gains. Saddled with one of the weakest tax takes in Latin America, President Enrique Pena Nieto will present Congress with a plan by September to substantially improve revenues, including divisive measures to apply value added tax (VAT) to some foods and medicines, according to several people familiar with the plans. ... Full Story | Top |
| Access to Apple developer site partially restored Friday, Jul 26, 2013 05:41 PM PDT  By Aman Shah (Reuters) - Apple Inc has partially restored its main website for developers, eight days after shuttering it in response to a cyber attack that prompted a harried upgrade to prevent future breaches. Apple's developer site, which the company uses to communicate with its community of close to 6 million software developers, was back online on Friday, though some sections, including the forums and the member center, were still offline. The company had blocked access to the site after an intrusion last week and it is still not clear what data, if any, was compromised by the attack. ... Full Story | Top |
| Summers' work for financial firms could give critics ammunition Friday, Jul 26, 2013 05:39 PM PDT  NEW YORK (Reuters) - Former U.S. Treasury Secretary Lawrence Summers, a top contender for the leadership of the Federal Reserve, has been a consultant to large financial institutions, including Citigroup Inc, news that could fuel questions about his suitability to head the central bank. Summers has built a reputation as a brilliant economist and a shrewd policymaker. But his roles with the financial firms could give ammunition to critics who argue he has too cozy a relationship with Wall Street to maintain the Fed's vaunted independence. ... Full Story | Top |
| Manager of defunct hedge fund pleads guilty to fraud Friday, Jul 26, 2013 05:25 PM PDT By Terry Baynes (Reuters) - A former hedge fund manager pleaded guilty on Friday to defrauding investors in a $12.6 million scheme, more than five years after the fund collapsed under the weight of failed real estate loans. Lloyd Barriger, who operated Gaffken & Barriger, a Monticello, New York-based investment fund, pleaded guilty in White Plains federal court to charges of securities fraud, mail fraud and conspiracy, the U.S. Attorney's Office said in a statement. ... Full Story | Top |
| Boeing changes chief 787 engineer in management shuffle Friday, Jul 26, 2013 04:43 PM PDT  WASHINGTON (Reuters) - Boeing Co said on Friday it was rotating five executives in its commercial airplanes division, including Mike Sinnett, the chief engineer on the company's 787 Dreamliner, which was banned from flight earlier this year after its battery system showed a risk of catching fire. Sinnett will become vice president of product development, while Bob Whittington, now the chief engineer on Boeing's 777 airliner, will take over as chief project engineer for the 787, the company said in a note to employees. ... Full Story | Top |
| Antonio Mora to host Al Jazeera America's 'Consider This' Friday, Jul 26, 2013 04:33 PM PDT By Sara Morrison LOS ANGELES (TheWrap.com) - Al Jazeera America's lineup continues to fill out with Antonio Mora joining the news channel as the host of its nightly talk show, "Consider This." "I am thrilled to be a part of an organization that's committed to in-depth coverage of stories important to all Americans," Mora said in a statement. The show, which just launched its own Twitter account, will feature interviews and panel discussions. ... Full Story | Top |
| Fox to open first theme park in Malaysia in 2016 Friday, Jul 26, 2013 04:31 PM PDT By Sharon Waxman LOS ANGELES (TheWrap.com) - Fox will open its first-ever theme park in Malaysia, in a partnership with Resorts World Genting that will feature Fox films such as "Ice Age," "Rio," "Alien," and "Night at the Museum," the company announced on Friday. Twentieth Century Fox Consumer Products president Jeffrey Godsick announced the partnership with Dato Lee Choong Yan, president and chief operating officer of Genting Malaysia Berhad, after a signing ceremony that took place on Friday in Kuala Lumpur. The theme park will be built across 25 acres of land. ... Full Story | Top |
| TCA: director James Toback says 'home entertainment will obliterate theatrical entertainment' Friday, Jul 26, 2013 04:25 PM PDT By Tim Kenneally LOS ANGELES (TheWrap.com) - James Toback was ostensibly on hand at the Television Critics Association press tour in Beverly Hills on Thursday to discuss "Seduced and Abandoned," his film with Alec Baldwin about the world of film financing. But he had plenty to say about other films too. During an impassioned segment of his panel on the HBO film, Toback opined that franchise films are "idiocy" and predicted doom for the theater-going experience, saying that home entertainment will "obliterate" it. ... Full Story | Top |
| Wall St. Week Ahead: Stocks face the Fed, jobs and earnings Friday, Jul 26, 2013 04:18 PM PDT  By Caroline Valetkevitch NEW YORK (Reuters) - The coming week on Wall Street could be a summer blockbuster, with the marquee featuring a triple bill: the Fed, jobs and earnings. Of the three, the Federal Reserve has the most potential to upset the market. The Federal Open Market Committee is expected to release a statement on Wednesday after a two-day meeting. Fed Chairman Ben Bernanke jolted markets in late May by saying the U.S. central bank planned to ease back on its stimulus efforts once the economy improves. Investors have been glued to his every comment since then. ... Full Story | Top |
| SAC Capital pleads not guilty; reinsurance unit eyed Friday, Jul 26, 2013 03:55 PM PDT  By Bernard Vaughan and Svea Herbst-Bayliss (Reuters) - Billionaire investor Steven A. Cohen's hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as questions also surfaced about the future of SAC Capital's Bermuda-based reinsurance unit, SAC Re. Ratings company, A.M. Best Co., and the Bermuda Monetary Authority, which regulates insurers on the island, said they were monitoring developments one day after prosecutors charged the hedge fund and various affiliates with four criminal counts of securities fraud and one count of wire fraud. A year ago A.M. ... Full Story | Top |
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