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Tuesday, November 29, 2011 12:03 AM PST

Today's Reuters News Headlines - Yahoo! News: Pressure mounts on Europe as finance ministers meet Fitch warns of U.S. downgrade if no budget deal in 2013 S&P may cut France rating outlook to negative: report Exclusive: THL eyes buyout of Yahoo's U.S. business Facebook gearing up for 2012 IPO: source Slice of missing MF Global customer cash may be in Britain Analysis: After 10 years, China's WTO ride could get bumpier Judge blocks Citigroup-SEC settlement Affair claim shakes Cain presidential bid Pakistan PM: No more "business as usual" with U.S. AT&T's T-Mobile deal could be affected by election Exclusive: Regulators doubt MF Global shortfall estimate Obama tells EU to take decisive action on debt Germany, France press for coercive euro zone debt rules Facebook plans IPO between April and June: report Wall Street ends 7-day slide Barney Frank, author of Wall St reform, to retire Pakistan PM: No more "business as usual" with U.S. Syria sanctioned, condemned for "brutality" Fitch warns of U.S. downgrade if no budget deal in 2013 Analysis: Are Americans really shopping until they drop? Italy, Spain haven't asked IMF for help: Lagarde Egypt's post-Mubarak poll peaceful, high turnout Last chance to save Kyoto deal at climate talks Police hold off on eviction of Los Angeles Occupy camp Insight: Euro zone staring into the abyss, waiting for ECB IMF denies in Italy aid talks Crisis threatens EU sovereign ratings: Moody's Kenyan court issues arrest order for Sudan's Bashir Best Buy a winner as holiday weekend sales surge Germany, France examine radical push for eurozone integration China kicks off yuan trading vs Aussie, Canadian dollar Struggling to stay above water Last chance to save Kyoto deal at climate talks Italy's Monti in austerity race as IMF role eyed Rage grips Pakistan over NATO attack Protests against military rule cloud Egypt election Protests against military rule cloud Egypt election Exclusive: Key figure in Olympus scandal found in Hong Kong Germany, France examine radical push for eurozone integration Pressure mounts on Europe as finance ministers meet Mon,28 Nov 2011 11:09 PM PST Reuters - BRUSSELS (Reuters) - Euro zone finance ministers are to agree on Tuesday the details of bolstering their bailout fund to help prevent contagion in bond markets, under pressure from the United States and ratings agencies to staunch a two-year-old debt crisis. President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the American economy. ... Full Story Top Fitch warns of U.S. downgrade if no budget deal in 2013 Mon,28 Nov 2011 04:56 PM PST Reuters - NEW YORK (Reuters) - Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade of the country's coveted AAA rating. The ratings agency on Monday revised to negative from stable the outlook on the U.S. credit rating after a special congressional committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures. ... Full Story Top S&P may cut France rating outlook to negative: report Mon,28 Nov 2011 05:41 PM PST Reuters - (Reuters) - Credit rating agency Standard & Poor's could change the outlook for France's triple-A rating to negative within the next 10 days, a French newspaper reported on Monday, citing several sources. Such a move would signal a possible downgrade. "It could happen within a week, perhaps 10 days," La Tribune quoted a source as saying of a change to the outlook. The economic and financial daily said on its Web site that S&P had planned to make the announcement last Friday but postponed it for unknown reasons. ... Full Story Top Exclusive: THL eyes buyout of Yahoo's U.S. business Mon,28 Nov 2011 06:43 PM PST Reuters - NEW YORK (Reuters) - Thomas H. Lee Partners is interested in buying the U.S. operations of Yahoo Inc, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giant's partners in Asia, sources familiar with the matter said. THL is hoping to do a leveraged buyout of Yahoo's U.S. business - which could be worth $5 billion to $6 billion - and draw on its experience running other media assets such as Nielsen Co, Clear Channel and Univision to turn around the ailing company, the sources said. ... Full Story Top Facebook gearing up for 2012 IPO: source Mon,28 Nov 2011 06:45 PM PST Reuters - (Reuters) - Facebook, the world's largest Internet social network, is preparing for a initial public stock offering next year, according to a source familiar with the matter. Facebook is exploring raising $10 billion, the Wall Street Journal said on Monday. It hopes the offering will value the company at more than $100 billion, according to WSJ, which first reported the story. ... Full Story Top Slice of missing MF Global customer cash may be in Britain Mon,28 Nov 2011 08:56 PM PST Reuters - (Reuters) - About $200 million in customer funds missing at MF Global may have surfaced at JP Morgan Chase in Britain, the New York Times said, citing people briefed on the matter. During MF Global's last days, it overdrew an account at JPMorgan, the newspaper said, citing a person close to the matter. MF Global transferred roughly $200 million in the days before the firm filed for bankruptcy, the paper reported. MF Global filed for Chapter 11 protection on October 31 after the New York-based company revealed it had made a $6.3 billion bet on European sovereign debt, spooking investors. ... Full Story Top Analysis: After 10 years, China's WTO ride could get bumpier Mon,28 Nov 2011 09:55 PM PST Reuters - BEIJING (Reuters) - Rising trade protectionism and frustration over its domestic subsidies spell trouble for China and could lead to more friction within the World Trade Organization than Beijing has grown accustomed to over the past decade. On the eve of China accession to the WTO 10 years ago this December, naysayers warned that the country could falter under the demands of opening up its economy. Now there is little debate that it has been a boon in making China the world's largest exporter and the second largest trading nation. But China's next decade in the trade group could be tougher. ... Full Story Top Judge blocks Citigroup-SEC settlement Mon,28 Nov 2011 02:58 PM PST Reuters - NEW YORK (Reuters) - A federal judge angrily threw out Citigroup Inc's proposed $285 million settlement over the sale of toxic mortgage debt, excoriating the top U.S. market regulator over how it reaches corporate fraud settlements. U.S. District Judge Jed Rakoff in Manhattan said that in agreeing to the settlement, the U.S. Securities and Exchange Commission appeared uninterested in actually learning what Citigroup did wrong. He also said the regulator erred by asking him to ignore the interests of the public. ... Full Story Top Affair claim shakes Cain presidential bid Mon,28 Nov 2011 05:06 PM PST Reuters - WASHINGTON (Reuters) - A woman accused Republican presidential candidate Herman Cain on Monday of having a 13-year affair with her that ended just months ago, a new charge that could derail his campaign for the White House. Cain, already hit by allegations of sexual harassment, denied an affair but he addressed the idea of giving up his presidential bid for the first time. Until recently a front-runner among Republicans seeking to challenge President Barack Obama, Cain said he would stay in the race as long as his wife stood by him. ... Full Story Top Pakistan PM: No more "business as usual" with U.S. Mon,28 Nov 2011 06:34 PM PST Reuters - ISLAMABAD (Reuters) - Pakistan's prime minister ruled out "business as usual" with the United States on Monday after a NATO attack killed 24 Pakistani soldiers and the army threatened to curtail cooperation over the war in Afghanistan. Saturday's incident on Pakistan's border with Afghanistan has complicated U.S. attempts to ease a crisis in relations with Islamabad and stabilize the region before foreign combat troops leave Afghanistan. "Business as usual will not be there," Prime Minister Yusuf Raza Gilani told CNN when asked if ties with the United States would continue. ... Full Story Top AT&T's T-Mobile deal could be affected by election Mon,28 Nov 2011 07:18 PM PST Reuters - NEW YORK (TheWrap.com) - The chances of an AT&T-T-Mobile merger grow dimmer by the day, but there may yet be hope on the horizon for the telecommunications giants -- next year's election. The telecom industry has benefited from a change in administration before: In the 1990s, the Federal Communications Commission opposed SBC's acquisition of AT&T during a Democratic administration, only to later approve it under a Republication administration. ... Full Story Top Exclusive: Regulators doubt MF Global shortfall estimate Mon,28 Nov 2011 03:37 PM PST Reuters - WASHINGTON (Reuters) - U.S. regulators and law enforcement believe a bankruptcy trustee has overestimated the amount of customer funds missing at MF Global, according to sources familiar with the matter. One source said on Monday that regulators believe at least $220 million is being double-counted by the trustee, taking the total shortfall at the brokerage to just under $1 billion. A law enforcement source told Reuters last week that federal investigators also doubt the $1.2 billion figure. ... Full Story Top Obama tells EU to take decisive action on debt Mon,28 Nov 2011 02:53 PM PST Reuters - WASHINGTON (Reuters) - President Barack Obama pressed European Union officials on Monday to act quickly and decisively to resolve their sovereign debt crisis, which the White House said was weighing on the U.S. economy. After meeting European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, Obama said he was keen to see the euro zone crisis end. "I communicated to them that the United States stands ready to do our part to help them resolve this issue. This is of huge importance to our economy," Obama, seated next to the EU leaders, told reporters. ... Full Story Top Germany, France press for coercive euro zone debt rules Mon,28 Nov 2011 01:07 PM PST Reuters - BERLIN/BRUSSELS (Reuters) - Germany and France stepped up a drive on Monday for coercive powers to reject euro zone members' budgets that breach EU rules, and the United States kept up the drumbeat of demands from the rest of the world for decisive action. The OECD rich nations' economic think-tank said the European Central Bank should cut interest rates and abandon its reluctance to step up purchases of government bonds in order to restore confidence in the euro area, which now posed the main risk to the world economy. The ECB shows no sign of doing so yet. It bought 8. ... Full Story Top Facebook plans IPO between April and June: report Mon,28 Nov 2011 03:49 PM PST Reuters - (Reuters) - Facebook Inc is looking to go public between April and June 2012 with a valuation of over $100 billion, the Wall Street Journal reported, citing people familiar with the matter. The social media giant is considering raising as much as $10 billion in its IPO, the report said. Sources familiar with the matter said the company has not made any decision over which banks will be involved in the IPO. Facebook's CFO David Ebersman is in talks with Silicon Valley bankers about an IPO, but founder CEO Mark Zuckerberg has not decided on any terms of the IPO, the Journal said. ... Full Story Top Wall Street ends 7-day slide Mon,28 Nov 2011 02:39 PM PST Reuters - NEW YORK (Reuters) - Stocks rebounded from seven days of losses on Monday as investors used the latest effort from European leaders to resolve the region's debt crisis as an opportunity to cover short positions. Trading was light, a sign skepticism remains high. Just 6.8 billion shares changed hands during the day on U.S. exchanges, below the daily average of 8 billion shares. After the market's close, Fitch Ratings revised to negative the outlook on the United States' AAA credit rating after a special congressional committee failed to agree on at least $1.2 trillion in budget cuts. ... Full Story Top Barney Frank, author of Wall St reform, to retire Mon,28 Nov 2011 12:13 PM PST Reuters - (Reuters) - Barney Frank announced his retirement from Congress Monday, leaving fellow Democrats without their foremost defender of a landmark financial-regulation overhaul that Republicans and Wall Street groups want to repeal. Elected to the House of Representatives in 1980, Frank was one of the first openly gay politicians to serve at a national level. In an era of carefully crafted political images, he has stood out for his rumpled demeanor and scathing wit. "Trying to have a conversation with you would be like trying to argue with a dining room table," he told a detractor in 2009. ... Full Story Top Pakistan PM: No more "business as usual" with U.S. Mon,28 Nov 2011 02:45 PM PST Reuters - ISLAMABAD (Reuters) - Pakistan's prime minister ruled out "business as usual" with the United States on Monday after a NATO attack killed 24 Pakistani soldiers and the army threatened to curtail cooperation over the war in Afghanistan. Saturday's incident on Pakistan's border with Afghanistan has complicated U.S. attempts to ease a crisis in relations with Islamabad and stabilize the region before foreign combat troops leave Afghanistan. "Business as usual will not be there," Prime Minister Yusuf Raza Gilani told CNN when asked if ties with the United States would continue. ... Full Story Top Syria sanctioned, condemned for "brutality" Mon,28 Nov 2011 03:09 PM PST Reuters - BEIRUT (Reuters) - Syria faces growing economic sanctions and condemnation over what the United Nations calls "gross human rights violations," but President Bashar al-Assad shows no sign of buckling under pressure to end his military crackdown on popular unrest. State television broadcast pro-Assad rallies "supporting national unity and rejecting foreign interference," after the Arab League imposed sanctions on Sunday. The European Union weighed on Monday, further tightening the financial screws on Damascus for its "brutality and unwillingness to change course. ... Full Story Top Fitch warns of U.S. downgrade if no budget deal in 2013 Mon,28 Nov 2011 02:23 PM PST Reuters - NEW YORK (Reuters) - Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit before it downgrades the country's coveted AAA rating. The ratings agency said on Monday it revised to negative from stable the outlook on the U.S. credit rating after a special congressional committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures. "The negative outlook reflects Fitch's declining confidence that timely fiscal measures necessary to place U.S. public finances on a sustainable path and secure the U.S. ... Full Story Top Analysis: Are Americans really shopping until they drop? Mon,28 Nov 2011 02:55 PM PST Reuters - (Reuters) - One glance at the numbers for the first big weekend of holiday shopping and you might think Americans are flush with cash and spending it freely. A survey from the National Retail Federation, an industry trade group, indicates that Americans said they spent $7.4 billion more from Thursday's Thanksgiving through Sunday this year, compared with the same period in 2010. The news drove retail shares sharply higher and helped the U.S. stock market to rally. But a deeper look at the data reveals it would be wrong to suggest that conspicuous consumption is back in any way. ... Full Story Top Italy, Spain haven't asked IMF for help: Lagarde Mon,28 Nov 2011 02:52 PM PST Reuters - LIMA (Reuters) - Italy and Spain have not asked to be rescued by the International Monetary Fund, the head of the lender said on Monday as she urged European leaders to quickly solve the region's festering debt crisis. Managing Director Christine Lagarde said the IMF can extend financial lifelines only when governments ask for them and so far help has only been extended to Portugal, Ireland and Greece. ... Full Story Top Egypt's post-Mubarak poll peaceful, high turnout Mon,28 Nov 2011 02:53 PM PST Reuters - CAIRO (Reuters) - Egyptians voted Monday in the first election since a popular revolt toppled Hosni Mubarak's one-man rule, showing new-found faith in the ballot box that may sweep long-banned Islamists into parliament even as army generals cling to power. Voters swarmed to the polls in a generally peaceful atmosphere despite the unrest that marred the election run-up, when 42 people were killed in protests demanding an immediate transition from military to civilian rule. ... Full Story Top Last chance to save Kyoto deal at climate talks Mon,28 Nov 2011 04:16 AM PST Reuters - DURBAN (Reuters) - Almost 200 nations began global climate talks on Monday with time running out to save the Kyoto Protocol aimed at cutting the greenhouse gas emissions scientists blame for rising sea levels, intense storms, drought and crop failures. Countries have been at loggerheads for years and hopes are slim of any major progress, despite increasingly dire warnings from climate scientists. Diplomats also wonder whether host South Africa is up to the challenge of brokering the tough negotiations that run until December 9 in Durban. ... Full Story Top Police hold off on eviction of Los Angeles Occupy camp Mon,28 Nov 2011 03:02 PM PST Reuters - LOS ANGELES (Reuters) - Police in riot gear closed in before dawn on Monday on anti-Wall Street activists in Los Angeles who defied a midnight deadline to vacate a camp outside City Hall, but stopped short of clearing the encampment. Police managed to reopen blocked streets for morning rush-hour commuters after a tense standoff with protesters who had taken over a downtown intersection, but remnants of a crowd that had swelled to 2,000 overnight remained at City Hall. ... Full Story Top Insight: Euro zone staring into the abyss, waiting for ECB Mon,28 Nov 2011 02:16 PM PST Reuters - BRUSSELS (Reuters) - The euro zone is staring into the abyss. Unless European leaders agree on a political remedy for their sovereign debt crisis at a December 9 summit, and the European Central Bank then intervenes massively to support government bonds and European banks, the euro may start to unravel. ... Full Story Top IMF denies in Italy aid talks Mon,28 Nov 2011 12:56 AM PST Reuters - ROME (Reuters) - Italy's prime minister faces a testing week as he seeks to shore up the country's strained public finances, with an IMF mission expected in Rome and market pressure building to a point where outside help may be needed to stem a full-scale debt emergency. However, an IMF spokesperson poured cold water on a report in the Italian daily La Stampa that said up to 600 billion euros could be made available at a rate of between 4-5 percent to give Italy breathing space for 18 months. ... Full Story Top Crisis threatens EU sovereign ratings: Moody's Mon,28 Nov 2011 01:21 AM PST Reuters - (Reuters) - Moody's Investors Service warned on Monday the rapid escalation of the euro zone sovereign and banking crisis threatens the credit standing of all European government bond ratings. "While Moody's central scenario remains that the euro area will be preserved without further widespread defaults, even this 'positive' scenario carries very negative rating implications in the interim period," the agency said in a report. ... Full Story Top Kenyan court issues arrest order for Sudan's Bashir Mon,28 Nov 2011 10:50 AM PST Reuters - NAIROBI (Reuters) - A Kenyan court on Monday ordered the government to arrest Sudan's President Omar al-Bashir, wanted by The Hague on genocide charges, should he travel again to the east African country where he was not arrested during his last visit. Kenya was heavily criticized by the International Criminal Court (ICC) and foreign governments for failing to arrest Bashir when he attended a ceremony to enact a new Kenyan constitution in August last year. ... Full Story Top Best Buy a winner as holiday weekend sales surge Sun,27 Nov 2011 08:21 PM PST Reuters - NEW YORK (Reuters) - U.S. retailers racked up a record $52.4 billion in sales over the Thanksgiving weekend, a 16.4 percent jump from a year ago, as early hours and attractive promotions brought out more shoppers, an industry trade group said on Sunday. Among the early winners after the traditional start of the holiday shopping season was Best Buy Co Inc, a reversal from 2010 when the electronics retailer's erroneous bet on 3D televisions led to a disappointing season. ... Full Story Top Germany, France examine radical push for eurozone integration Sun,27 Nov 2011 05:39 PM PST Reuters - BRUSSELS (Reuters) - Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, officials say. Germany's original plan was to try to secure agreement among all 27 EU countries for a limited treaty change by the end of 2012, making it possible to impose much tighter budget controls over the 17 euro zone countries -- a way of shoring up the region's defenses against the debt crisis. ... Full Story Top China kicks off yuan trading vs Aussie, Canadian dollar Sun,27 Nov 2011 08:30 PM PST Reuters - SHANGHAI (Reuters) - China's yuan started trading against the Australian dollar and Canadian dollar in the country's onshore foreign exchange market on Monday, the latest currency pairs to be introduced as part of Beijing's efforts to promote the use of its currency. Beijing's wants to expand the use of the yuan for trade and investment, as a way of reducing reliance on the dollar and thereby simplifying the settlement of trade in everything from energy to manufactured goods. ... Full Story Top Struggling to stay above water Sun,27 Nov 2011 03:17 PM PST Reuters - WASHINGTON (Reuters) - The world economy is on a slippery slope. The euro zone appears to have tipped into a mild recession and the rest of the global economy is struggling to hold onto firm ground. China is slowing, Japan's exports are tumbling. Eastern European countries are wobbling as credit dries up from a pullback in lending by euro-zone banks. In the United States, the improving economic picture has clouded somewhat after a mixed batch of economic data and downward revision to third-quarter growth to 2.0 percent doused some of the optimism for a strong fourth quarter. ... Full Story Top Last chance to save Kyoto deal at climate talks Sun,27 Nov 2011 03:35 PM PST Reuters - DURBAN (Reuters) - Countries will make a last ditch effort to save a dying Kyoto Protocol at global climate talks starting on Monday aimed at cutting the greenhouse gas emissions blamed by scientists for rising sea levels, intense storms and crop failures. Kyoto, which was adopted in 1997 and entered into force in 2005, commits most developed states to binding emissions targets. The talks are the last chance to set another round of targets before the first commitment period ends in 2012. ... Full Story Top Italy's Monti in austerity race as IMF role eyed Sun,27 Nov 2011 03:27 PM PST Reuters - ROME (Reuters) - Prime Minister Mario Monti faces a testing week seeking to shore up Italy's strained public finances, with an IMF mission expected in Rome and market pressure building to a point where outside help may be needed to stem a full-scale debt emergency. Monti is expected to unveil measures on December 5 that could include a revamped housing tax, a rise in sales tax and accelerated increases in the pension age. But pressure from the markets could force him to act more quickly. ... Full Story Top Rage grips Pakistan over NATO attack Sun,27 Nov 2011 02:03 PM PST Reuters - ISLAMABAD/KABUL (Reuters) - Fury spread in Pakistan Sunday over a NATO cross-border air attack that killed 24 Pakistani soldiers and could undermine the U.S. effort to wind up the war in Afghanistan. Sunday night in Pakistan, more than 40 hours after the incident, many questions remained. NATO described the killings as a "tragic unintended incident" and said an investigation was underway. A Western official and an Afghan security official who requested anonymity said NATO troops were responding to fire from across the border. ... Full Story Top Protests against military rule cloud Egypt election Sun,27 Nov 2011 10:15 PM PST Reuters - CAIRO (Reuters) - Protesters rallied again in Cairo on Sunday to try to evict Egypt's ruling generals, in a trial of strength that has muddied the run-up to Egypt's first vote since a popular revolt deposed former leader Hosni Mubarak. The parliamentary election that gets under way on Monday and Tuesday is the first step in a transfer to civilian rule, promised by the ruling army council that replaced Mubarak. ... Full Story Top Protests against military rule cloud Egypt election Sun,27 Nov 2011 10:59 AM PST Reuters - CAIRO (Reuters) - Protesters rallied again in Cairo on Sunday to try to evict Egypt's ruling generals, in a trial of strength that has muddied the run-up to Egypt's first vote since a popular revolt deposed former leader Hosni Mubarak. The parliamentary election that gets under way on Monday and Tuesday is the first step in a transfer to civilian rule, promised by the ruling army council that replaced Mubarak. ... Full Story Top Exclusive: Key figure in Olympus scandal found in Hong Kong Sun,27 Nov 2011 06:21 AM PST Reuters - HONG KONG (Reuters) - Reuters found a Japanese banker who is a key figure in the Olympus Corp accounting scandal at a luxury apartment block in Hong Kong on Sunday, where he exploded in anger at finally being tracked down. Akio Nakagawa's boutique U.S. investment firm earned a $687 million fee from Olympus for a 2008 deal that made it the biggest advisory payment in history, and which the Japanese camera maker now admits was used to hide investment losses. The whereabouts of the former PaineWebber banker had been unknown until Sunday. ... Full Story Top Germany, France examine radical push for eurozone integration Sun,27 Nov 2011 02:58 PM PST Reuters - BRUSSELS (Reuters) - Germany and France are exploring radical methods of securing deeper and more rapid fiscal integration among euro zone countries, aware that getting broad backing for the necessary treaty changes may not be possible, officials say. Germany's original plan was to try to secure agreement among all 27 EU countries for a limited treaty change by the end of 2012, making it possible to impose much tighter budget controls over the 17 euro zone countries -- a way of shoring up the region's defenses against the debt crisis. ... Full Story Top

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