Saturday, April 21, 2012

Yahoo! News: Health News

Yahoo! News: Health News


Earnings, Fed to prove skeptics wrong

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Traders take a break outside the New York Stock Exchange on Wall StreetNEW YORK (Reuters) - After a strong first quarter, Wall Street has gotten a case of the jitters. A spike in bond yields has brought Europe's debt crisis back to the forefront. U.S. economic figures point to steady-but-uninspired growth, and stocks have backed off the sharp gains that recently pushed indexes to near four-year highs. Stocks returned a bit to their winning track this week after strong earnings reports, and investors are waiting to see if more positive surprises from U.S. companies are in store. ...


Chesapeake discloses loans after Reuters report

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CEO, Chairman, and Co-founder of Chesapeake Energy Corporation McClendon walks through the French Quarter in New Orleans, LouisianaHOUSTON (Reuters) - Chesapeake Energy Corp , in response to a Reuters report earlier this week, will disclose to shareholders the existence of loans its CEO Aubrey McClendon took out against his interest in thousands of wells granted to him as a corporate perk, according to a regulatory filing on Friday. Reuters reported on Wednesday that McClendon has borrowed as much as $1.1 billion against his 2.5 percent interest in wells received as part of his compensation. ...


G20 doubles IMF's war chest amid fears on Europe

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Bank of England Governor King, Britain's Finance Minister Osborne and U.S. Federal Reserve Chairman Bernanke attend the G20 meeting in WashingtonWASHINGTON (Reuters) - Leading world economies on Friday pledged $430 billion in new funding for the International Monetary Fund, more than doubling its lending power in a bid to protect the global economy from the euro-zone debt crisis. The promised funds from the Group of 20 advanced and emerging economies aim to ensure the IMF can respond decisively should the debt problems that have engulfed three euro zone countries spread and threaten a fragile global recovery. "This is extremely important, necessary, an expression of collective resolve," IMF Managing Director Christine Lagarde said. ...


U.S., Italian firms win Concordia salvage contract

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ROME (Reuters) - Titan Salvage of the United States and Italian firm Micoperi have won the contract to salvage the Costa Concordia, which capsized off the Italian island of Giglio in January, Costa Cruise Lines said on Saturday. The two companies beat out Smit Salvage, an arm of Dutch group Baskalis-Westminster , and Italy's Neri, which were also on the short list. Titan Salvage is owned by U.S. group Crowley Maritime Corp and Denmark's Svitzer, owned by Maersk . Costa did not give a value for the contract. ...

Exclusive: JPMorgan poised to sell U.S. metal concentrate unit

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A sign is seen outside the JPMorgan office in Los AngelesSANTIAGO (Reuters) - JPMorgan Chase & Co is close to selling its U.S. metal concentrates trading arm and could announce a deal as early as Monday, two sources who were informed of the deal told Reuters this week. The divestment, while likely small in dollar terms, would come just months ahead of a deadline to sell off parts of the bank's enlarged commodity trading operation that do not meet Federal Reserve regulations. JP Morgan had two years to comply after it bought the bulk of RBS Sempra in 2010. ...


Italy police seize $5 billion of U.S. securities

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MILAN (Reuters) - Italy financial police have seized U.S. securities with face values of about $1.5 billion and gold certificates worth above 3 billion euros ($3.96 billion) as part of an investigation into a possible international financial scam. The police said on Saturday the "million dollar" operation was a last step in the probe, which centered on the use of bearer Federal Reserve debt securities dating back to the 1930s as a guarantee for loans or other opaque cross-border transactions. ...

Oil not second round price effects driving inflation: Weidmann

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BERLIN (Reuters) - Euro zone inflation is above target mainly because of high oil prices but the European Central Bank must remain vigilant that this does not translate into higher inflation expectations among citizens, Bundesbank President Jens Weidmann was quoted as saying. Weidmann, who sits on the ECB's 23-member Governing Council, said there was no sign yet that higher inflationary expectations were taking hold of wage demands and hence price growth in the euro zone economy. The ECB targets inflation of just below two percent and it currently stands at 2.7 percent. ...

Exclusive: BlackBerry maker hires law firm for restructuring

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A logo of the Blackberry maker's Research in Motion is seen on a building at RIM Technology Park in WaterlooNEW YORK/TORONTO (Reuters) - BlackBerry maker Research In Motion has hired law firm Milbank, Tweed, Hadley & McCloy LLP to work out a restructuring plan that could include selling assets, seeking joint ventures or licensing patents, people briefed on the matter said. As part of the struggling Canadian smartphone maker's strategic review, the RIM board is discussing ways to boost revenue from its new BlackBerry 10 operating system and possibly opening up its proprietary network, the sources said. ...


Greenberg says it discussed hiring Dewey lawyers

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A sign marking the Dewey & LeBoeuf LLP headquarters on 6th avenue is seen in New York(Reuters) - Law firm Greenberg Traurig LLP on Friday said it has had "preliminary discussions" about hiring lawyers from Dewey & LeBoeuf LLP, which is struggling amid high debt and a raft of partner defections. Greenberg said in a statement it has had talks "relating to" Dewey lawyers, but has made "no commitments" and has "not reached agreements" about whether to hire those lawyers. Dewey is saddled with large debts, including a roughly $125 million bond, and may be considering a possible prepackaged bankruptcy that could include a merger with another law firm, according to news reports. ...


Volvo technology transfer a lifeline for Geely

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A worker cleans the floor at a showroom in the headquarters of Zhejiang Geely Holding Group in HangzhouHANGZHOU, China (Reuters) - The chairman of Zhejiang Geely Holding Group Co., which acquired Volvo in 2010, faces a grueling dilemma: Risk diluting the storied Swedish marque by sharing technology with Geely or let the Chinese brand face cutthroat competition alone. Li Shufu, the chairman of both companies, says plans to develop a China-only "premium" co-brand will avoid direct competition with Volvo cars, but making it work will require a delicate balance. ...


Google ex-CEO's salary rises to $1.25 million from $1

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A man walks through a tunnel of Google homepage logos at the Google campus near Venice Beach, in Los AngelesSAN FRANCISCO (Reuters) - Google Inc's former chief executive Eric Schmidt received a bump in his annual salary to $1.25 million from the $1 he received in the previous year, after he became the executive chairman of the company in April 2011. Schmidt's total compensation last year swelled to $101 million thanks to a previously announced equity award granted when he ended a 10-year stint in the top job at Google, according to a filing with the U.S. Securities and Exchange Commission on Friday. ...


Fed stress test rejected Citi's $8 billion buyback plan: WSJ

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(Reuters) - Citigroup Inc had sought approval for $8 billion in share repurchases as a part of the capital plan turned down by the Federal Reserve last month, the Wall Street Journal said, citing sources. In March, the Fed gave glowing marks to most of the large banks, passing 15 out of 19 tested, but the central bank called out a few laggards, including Citigroup, forcing it and others to revise planned share buybacks and dividends. ...

JPMorgan wins second victory in Lehman-linked lawsuit

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Flag hangs on the wall of the JP Morgan company stall on the floor of the New York Stock Exchange in New York(Reuters) - JPMorgan Chase & Co on Friday won the dismissal of a pension fund lawsuit accusing it of mishandling its money by investing in notes from its client Lehman Brothers Holdings Inc, which later went bankrupt. The decision by U.S. District Judge Barbara Jones in Manhattan is JPMorgan's second court victory in a Lehman matter in two days. On Thursday, U.S. Bankruptcy Judge James Peck in Manhattan narrowed Lehman's own $8.6 billion lawsuit against JPMorgan, once its main clearing bank. ...


Some claims against Toyota tentatively dismissed

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LOS ANGELES (Reuters) - Toyota Motor Corp has won the tentative dismissal of some claims in the class-action lawsuit brought by owners of its vehicles over problems with sudden acceleration. In what would be a victory for Toyota if the ruling becomes definitive, U.S. District Judge James Selna in Santa Ana, California, said New York and Florida class representatives cannot bring claims under their states' laws for lost value in their vehicles due to Toyota's recalls for sudden, unintended acceleration. ...

Motorola CEO pay package rose to $47 million in 2011

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Motorola CEO, Sanjay Jha speaks at the launch of the Motorola PHOTON 4G Summer and the Motorola TRIUMPH Virgin Mobile Summer in New YorkNEW YORK (Reuters) - Sanjay Jha, the chief executive to Motorola Mobility, was awarded a total compensation package of about $47 million in 2011, almost four times his 2010 pay, according to a regulatory filing. The cellphone maker, which agreed to be bought by Google Inc for $12.5 billion, said on Friday that the rise was due to the successful splitting of Motorola into two companies last year to form Motorola Mobility and Motorola Solutions. Jha's pay package, including option awards, increased from about $13 million in 2010, the company said in its proxy filing on Friday. ...


Rogue trader Kerviel accuses SocGen of deceit

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Former trader Jerome Kerviel arrives at Paris courts for the verdict in his trial to face charges of breach of trust, computer abuse and forgeryPARIS (Reuters) - Ex-Societe Generale trader Jerome Kerviel, who is appealing a three-year prison sentence for his role in France's biggest-ever rogue trading scandal, is suing his former employer for allegedly obtaining a verdict under false pretences, his lawyer said on Friday. SocGen, France's second-biggest listed bank, swiftly reacted by saying it would countersue for "false accusation" and would develop its position once Kerviel's appeal begins on June 4. Kerviel -- who was also ordered in 2010 to pay 4.9 billion euros ($6. ...


MBIA, BofA to face off in May on insurer's restructuring

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NEW YORK (Reuters) - MBIA Inc's 2009 restructuring will be on trial next month, when Bank of America Corp and two other lenders try to show that New York state insurance department acted unreasonably in approving it. "I have to determine whether their approval was arbitrary and capricious," Justice Barbara Kapnick said in a hearing before an overflowing courtroom in a New York state court in Manhattan. She will preside over a non-jury trial beginning on May 14 that is expected to last two to four weeks. ...

Corrected: Analysis: Citi's pay rejection a wake-up call to boards

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NEW YORK (Reuters) - Institutional investors are increasingly pressing boards to rein in outsized executive pay, and after Citigroup shareholders rejected a compensation plan on Tuesday, more directors may start listening. Shareholders on Tuesday handed Citigroup an embarrassing no confidence vote on a $15 million pay package for its Chief Executive Vikram Pandit. About 55 percent of shareholders rejected a plan to bring Pandit's pay back close to levels before the global financial crisis. ...

Michelin recalls 77,000 tires for safety problem

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Michelin is recalling more than 77,000 bus tires because sidewall defects can cause them to lose air rapidly, increasing the risk of a crash.

Recalls this week: Grills, Bike brakes, Saw blades

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Gas grills that can leak propane gas, bicycle brake levers that can fail and battery chargers that can come apart are among the consumer products recalled this week because of safety issues. Other products include saw blades that can fall out of their packaging and scuba diving hoses that can rupture.

In '72, EPA battled pollution; now it's politics

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In this January 1973 photo released by the U.S. National Archives trash and old tires litter the shore at the middle branch of the Patapsco River in the harbor of Baltimore, Md. This archival image was part of the A polluted drainage ditch that once flowed with industrial waste from Lake Charles, La., petrochemical plants teems with overgrown, wild plants today.


Geithner urges creativity in Europe's debt crisis

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Mexico's Finance Minister Jose Antonio Meade talks with Treasury Secretary Timothy Geithner during a G-20 finance ministers and central bank governors group photo after their meeting at the IMF and World Bank Group Spring Meetings in Washington, Friday, April 20, 2012. (AP Photo/Charles Dharapak)Treasury Secretary Timothy Geithner (GYT'-nur) says Europe needs to be creative in fighting its debt crisis.


Unauthorized biography spills Simon Cowell secrets

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FILE - In this Wednesday, May 26, 2010 file photo British entertainment mogul Simon Cowell arrives at the He gets colonic irrigations, Botox injections and vitamin drips, and insists on black toilet paper in his home.


Motorola Mobility CEO's pay more than triples

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Motorola Mobility Holdings Inc. CEO and Chairman Sanjay Jha's compensation more than tripled in 2011 to $47.2 million, including awards tied to the company's split from Motorola Solutions.

FDA proposes rules for nanotechnology in food

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Regulators are proposing that food companies that want to use tiny engineered particles in their packaging may have to provide extra testing data to show the products are safe.

Costa Concordia to be salvaged in 1 piece

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FILE - In this Tuesday, Jan. 24, 2012 file photo, a sea platform carrying a crane approaches the grounded cruise ship Costa Concordia off the Tuscan island of Giglio, Italy. Costa Crociere SpA says work to remove the capsized Costa Concordia cruise ship from its rocky perch off Tuscany will begin early next month and is expected to take 12 months. Costa said in a statement Saturday, April 21, 2012, the U.S.-owned company Titan Salvage won the bid to remove the ship, which struck rocks off the tourist-dependent island of Giglio on Jan. 13, when the captain made an unauthorized maneuver too close to shore. (AP Photo/Pier Paolo Cito, File)Salvage work to remove the capsized Costa Concordia cruise ship from its rocky perch off Tuscany, where 32 people died, will begin early next month and is expected to take a year, the Italian owner announced Saturday.


Japan to forgive $3.7 billion of Myanmar's debt

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Japanese Prime Minister Yoshihiko Noda, left, and Myanmar's President Thein Sein shake hands after a joint press conference following their meeting held on the sidelines of the Mekong-Japan Summit at the State Guest House in Tokyo on Saturday, April 21, 2012. (AP Photo/Tomohiro Ohsumi, Pool)Japan said Saturday it will take steps to forgive about 300 billion yen ($3.7 billion) of Myanmar's debt and resume full-fledged development aid as a way to support the country's democratic and economic reforms.


A divided Congress confronts a rising cyberthreat

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The mysterious caller claimed to be from Microsoft and offered step-by-step instructions to repair damage from a software virus. The electric power companies weren't falling for it.

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