Tuesday, May 29, 2012

Yahoo! News: Health News

Yahoo! News: Health News

Wall Street up on China stimulus hopes as euro zone steadies

Posted: 29 May 2012 07:54 AM PDT

NEW YORK (Reuters) - Stocks rallied on Tuesday, with each of the major indexes up more than 1 percent, on hopes China may unleash more spending measures and Greek election polls pointing to support for pro-bailout parties. The official Shanghai Securities News reported on Tuesday, citing unidentified sources, that China's biggest banks appeared to have accelerated lending toward the end of this month as Beijing starts to fast-track its approval of infrastructure investments in an effort to stem sagging growth. ...

Home prices rise but consumer confidence cools

Posted: 29 May 2012 08:43 AM PDT

NEW YORK (Reuters) - U.S. home prices edged higher for the second month in a row in March as the housing recovery picked up traction, while gains in some of the hardest hit areas suggested the improvement was becoming more broad based. But consumer confidence cooled in May to its lowest level in four months, separate data showed on Tuesday, as Americans turned gloomy about the job market and the economic outlook. The closely watched S&P/Case Shiller composite home price index of 20 metropolitan areas gained 0. ...

Analysis: JPMorgan dips into cookie jar to offset "London Whale" losses

Posted: 29 May 2012 06:48 AM PDT

NEW YORK (Reuters) - JPMorgan Chase & Co has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "London Whale," compounding the cost of those trades. CEO Jamie Dimon earlier this month said the bank sold corporate bonds and other securities, pocketing $1 billion in gains that will help offset more than $2 billion in losses. As a result, the bank will not have to report as big an earnings hit for the second quarter. ...

Opera would cost Facebook over $1 billion: analysts

Posted: 29 May 2012 07:48 AM PDT

OSLO (Reuters) - Opera Software would cost Facebook over $1 billion as competition from Google and others could push up the price tag, analysts said on Tuesday, as takeover talk pushed the shares up as much as 26 percent on Tuesday. Oslo-listed Opera, coveted for its advanced mobile phone software technology, would be a perfect fit for Facebook but the firm's business is also vital for some of the industry's biggest players so any bid is likely to attract others to the table. "Opera would be sensible for Facebook on several levels," Arctic Securities said. ...

Marubeni buys Gavilon for $3.6 billion as it eyes China

Posted: 29 May 2012 04:21 AM PDT

TOKYO (Reuters) - Japanese trading house Marubeni Corp is to buy U.S. grains merchant Gavilon for $3.6 billion, the company said on Tuesday, as it targets China's growing demand for corn from North America, the world's top grain export hub. China's corn purchases are expected to surpass Japan's annual imports of about 16 million metric tons (17. 6 million tons), the world's largest, within as little as three years, analysts say. China is already the world's top importer of soybeans. ...

NY pension fund urges no vote on Chesapeake directors

Posted: 29 May 2012 08:45 AM PDT

HOUSTON/NEW YORK (Reuters) - The head of New York's state pension fund urged shareholders of Chesapeake Energy Corp to withhold votes to re-elect two members of the natural gas producer's board. Chesapeake's board is under increasing fire from investors who want to see tougher oversight of Chief Executive Officer Aubrey McClendon. The company, in the midst of governance crisis, is also struggling financially as low natural gas prices take a toll. In a letter on Tuesday, New York State Comptroller Thomas DiNapoli said withholding votes from board members V. Burns Hargis and Richard K. ...

Exclusive: Japan insider probe snares JP Morgan

Posted: 29 May 2012 07:14 AM PDT

TOKYO (Reuters) - Japan's widening probe of insider trading reached JP Morgan Chase & Co on Tuesday as the embattled U.S. bank was identified as the source of leaked confidential information regarding a planned share offering by Nippon Sheet Glass Co Ltd in 2010. Three people with knowledge of the probe said officials had determined that a JP Morgan salesman had been the source of the leak about the offering to a Tokyo-based fund, Asuka Asset Management. ...

Facebook shares plumb new depths

Posted: 29 May 2012 08:23 AM PDT

SAN FRANCISCO (Reuters) - Shares of Facebook Inc slid to a new low on Tuesday at just above $30, extending their losing streak since the controversial and glitch-ridden market debut on May 18. Stock of the world's No. 1 social network briefly skirted a record trough of $30.03 and was down 5.6 percent at $30.12 at midmorning. A software error on Nasdaq OMX Group Inc's U.S. exchange delayed the start of trade by 30 minutes on Facebook's first day of trading 11 days ago, which was to have been the culmination of eight years of breakneck growth for the cultural and Internet phenomenon. ...

Samsung Galaxy S3 gets head start on rival iPhone

Posted: 29 May 2012 07:31 AM PDT

SEOUL/LONDON (Reuters) - Samsung Electronics launched its top-of-the-range Galaxy S3 smartphone in Europe on Tuesday, aiming to outsell its previous model that helped the South Korean company topple Apple as the world's largest smartphone maker. The Galaxy S3, which tracks the user's eye movements to keep the screen from dimming or turning off while in use, hits stores in 28 European and Middle East countries, including Germany, as Samsung aims to increase its lead over Apple months ahead of its new iPhone, expected in the third quarter. ...

The future of the euro is at stake: Spanish deputy PM

Posted: 29 May 2012 08:30 AM PDT

MADRID (Reuters) - Europe must move quickly with measures to pull Spain back from the brink of a debt crisis, with the future of the euro common currency at stake, Spanish Deputy Prime Minister Soraya Saenz de Santamaria said. Saenz, a long-time politician in the centre-right People's Party, spoke with Reuters Editor-at-Large Harold Evans during a critical week for Spain as it seeks to fund a 19-billion-euro rescue of one of its biggest banks and the country's autonomous regions face a liquidity crunch. ...

OPEC output hits new high in May: Reuters survey

Posted: 29 May 2012 05:23 AM PDT

LONDON (Reuters) - OPEC output in May has hit its highest since 2008 as Saudi Arabia maintained high production rates despite a drop in prices and Iranian shipments did not fall substantially further ahead of an EU embargo, a Reuters survey found on Tuesday. Supply from the 12-member Organization of the Petroleum Exporting Countries has averaged 31.80 million barrels per day (bpd), up from 31.75 million bpd in April, the survey of sources at oil companies, OPEC officials and analysts found. ...

PG&E utility found violating safety standards

Posted: 29 May 2012 07:58 AM PDT

(Reuters) - Pacific Gas and Electric Co, a PG&E Corp unit, may have to pay significant penalties for violating standards related to running high-pressure natural gas pipelines at or near densely populated areas. PG&E has been under intense scrutiny after a pipeline blast in 2010 killed eight people in the California city of San Bruno. In March, the utility agreed to pay $70 million to resolve and settle related claims. ...

Consumer confidence cools in May

Posted: 29 May 2012 07:45 AM PDT

NEW YORK (Reuters) - U.S. consumer confidence unexpectedly cooled in May, falling to the lowest level in four months as Americans became more pessimistic about the job market and economic outlook, according to a private sector report released on Tuesday. The Conference Board, an industry group, said its index of consumer attitudes fell to 64.9 from a downwardly revised 68.7 the month before, short of expectations for a gain to 70.0. It was the lowest level since January. April's figure was originally reported as 69.2. The expectations index fell to 77.6 from 80. ...

Sprint arranges $1 billion credit to buy Ericsson gear

Posted: 29 May 2012 08:36 AM PDT

NEW YORK (Reuters) - Sprint Nextel Corp said on Tuesday it arranged a credit facility of $1 billion to buy network equipment from Ericsson for its high-speed wireless project. Sprint, the No. 3 U.S. mobile provider that has been working to eliminate a estimated funding gap of $5 billion to $7 billion, said it entered the credit agreement, which expires in March 2017, with Deutsche Bank and a syndicate of other banks. Sprint has been under pressure to raise financing in recent months as it committed to a $15. ...

NY pension fund urges no vote on Chesapeake directors

Posted: 29 May 2012 05:45 AM PDT

(Reuters) - The head of New York's state pension fund urged shareholders of Chesapeake Energy Corp to withhold votes to re-elect two members of the natural gas producer's board of directors. In a letter issued on Tuesday, New York State Comptroller Thomas DiNapoli said withholding votes from board members V. Burns Hargis and Richard K. Davidson was a "necessary first step toward reconstituting a board that is currently entrenched and unaccountable to shareholders." On Friday, activist investor Carl Icahn revealed he had taken a 7. ...

Freddie Mac sells $2 billion in bills at lower rates

Posted: 29 May 2012 06:56 AM PDT

(Reuters) - Freddie Mac , the No. 2 U.S. home funding company said on Tuesday it sold $2 billion of reference bills at lower rates and stronger demand compared with last week's sale of similar maturities. Freddie Mac said it sold $1 billion of three-month bills due August 27, 2012 at a 0.104 percent stop-out rate, down from a 0.110 percent rate for its $1 billion three-month bills auctioned on May 21. The company also sold $1 billion of six-month bills due November 26, 2012 at a 0.154 percent rate, also down from a 0.156 percent rate for its $1 billion bills sold a week ago. ...

Whistleblower Woodford wins Olympus settlement

Posted: 29 May 2012 06:17 AM PDT

LONDON (Reuters) - Michael Woodford, ousted as head of Japanese camera-to-endoscope maker Olympus after blowing the whistle on one of Japan's biggest corporate frauds, on Tuesday won a likely multi-million dollar settlement of his claim for unfair dismissal. After a night of negotiations, Woodford's lawyer Tom Linden told a London employment tribunal judge that final agreement hinged on ratification by the Olympus board at a meeting on June 8. ...

Freddie Mac to sell $2 billion bills on Tuesday

Posted: 29 May 2012 06:11 AM PDT

(Reuters) - Freddie Mac , the No. 2 U.S. home funding company, said on Tuesday it plans to sell $2 billion of bills later on Tuesday. The sale will include $1 billion of three-month bills due August 27, 2012, and $1 billion of six-month bills due November 26, 2012. The bills will be sold over the Internet in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction. Bids will be accepted from authorized dealers until 9:45 a.m. EDT (1345 GMT). Settlement is May 30. ...

Spain to go to market to fund Bankia, regions: source

Posted: 29 May 2012 02:12 AM PDT

MADRID (Reuters) - Spain will recapitalize nationalized lender Bankia by issuing new debt, not by injecting bonds into the lender, and will likely adopt on Friday a new mechanism to back its regions' debt, a government source told Reuters on Tuesday. "There is a clear preference to tap the market. The other option (injecting state bonds directly into Bankia) is marginal," the source said. "The (bank restructuring fund) FROB has liquidity and can tap the market. The Treasury also has a strong liquidity position. We'll choose one or the other mechanism. ...

Euro zone bank safety net leaves holes unplugged

Posted: 29 May 2012 02:06 AM PDT

FRANKFURT/BRUSSELS (Reuters) - As the euro zone ponders a possible Greek exit, policymakers have not yet built a shield robust enough to prevent a bank run in one country sending others in the bloc deeper into crisis. A push by the European Central Bank for the euro zone to stand behind struggling lenders is slowly gaining traction with government leaders but the bloc has yet to build backstops to prevent, or cope with, a sudden collapse of confidence in banks. ...

Hedge funds take bets against core euro zone bonds

Posted: 29 May 2012 04:01 AM PDT

LONDON (Reuters) - Hedge funds are piling into bets against the bonds of core euro zone countries like Germany and France, signaling a growing fear that nations once considered safe havens could be dragged down by the crisis in peripheral states like Greece and Spain. After a buoyant first quarter for markets, when fears over the euro zone debt crisis receded thanks to a 1-trillion-euro ($1.3 trillion) cash boost from the European Central Bank, hedge funds have been quick to make sure they don't miss out as concerns over the future of the single currency resurface. ...

Exclusive: Japan insider probe reaches JP Morgan

Posted: 29 May 2012 02:50 AM PDT

TOKYO (Reuters) - Japan's widening probe of insider trading reached JP Morgan on Tuesday as the embattled U.S. brokerage was identified as the source of a leak of confidential information regarding a planned share offering by Nippon Sheet Glass in 2010. JP Morgan, one of two lead underwriters for the deal, said in a statement it had not been accused of any "organizational" involvement in the case, which is being investigated by Japanese securities regulators. ...

Citi taps Morgan Stanley's Davey for Asia prime unit

Posted: 29 May 2012 01:51 AM PDT

HONG KONG (Reuters) - Morgan Stanley's head of prime brokerage sales for Singapore, Carl Davey, will be leaving the firm after 16 years to join Citigroup's unit providing services such as clearing trades and lending money to hedge funds in Asia-Pacific. Davey will lead prime brokerage sales at Citi for Greater China region and is among one of the four hires by the Wall Street bank this quarter, David Murphy, head of Citi's prime finance unit for Asia-Pacific, told Reuters, confirming the hire. ...

In escape from Japan doomsday, capital takes flight

Posted: 29 May 2012 01:01 AM PDT

TOKYO (Reuters) - Hiroshi Kosaka has an unorthodox pitch for his realty business: instead of pictures of swanky condominiums his website features Japanese debt statistics and budget meltdown scenarios usually left to credit rating agencies. His firm is part of a cottage industry that has sprung up to help worry-prone Japanese savers get out of the yen and find property overseas that could serve as a safe haven in a financial disaster. ...

Dewey files for Chapter 11 in record law firm collapse

Posted: 29 May 2012 04:23 AM PDT

NEW YORK/BANGALORE (Reuters) - The crippled law firm Dewey & Leboeuf LLP filed for Chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history. Once one of the largest law firms in the U.S., Dewey has been hit by the loss of the vast majority of its roughly 300 partners to other firms amid concerns about compensation and a heavy debt load. ...

China May official PMI to affirm weaker second-quarter growth

Posted: 28 May 2012 10:24 PM PDT

BEIJING (Reuters) - China's official manufacturing managers' index (PMI) may have eased to 52.2 in May from a 13-month high in April, affirming the economy is slowing for the sixth consecutive quarter even as the government steps up stimulus measures, a Reuters poll showed. Unexpectedly weak data for April, including a 9.3 percent annual rise in factory output, the weakest pace in nearly three years, has fuelled expectations that the world's second-largest economy would only hit bottom in June at the earliest. ...

Major economies need more skilled workers, engineers: study

Posted: 28 May 2012 09:04 PM PDT

(Reuters) - The United States and other large economies cannot find enough skilled workers, engineers and other in-demand employees, according to an annual study on talent shortages. The study, by staffing services giant ManpowerGroup , found 34 percent of employers around the world report trouble filling jobs because of a lack of available talent. The percentage is unchanged from 2011 but up from the prior three years. However, most of the employers -- 56 percent -- say unfilled jobs are likely to have little or no impact on customers and investors. ...

Panasonic mulls shrinking HQ workforce: source

Posted: 28 May 2012 08:41 PM PDT

TOKYO (Reuters) - Panasonic Corp, which posted a record net loss in the business year just ended, is mulling fresh job losses on top of 17,000 recent lay-offs as the Japanese electronics conglomerate looks to engineer a profit rebound, a source said. Following restructuring at its plants and other facilities, next in line is the company's headquarters, the source with knowledge of the deliberations said. Rather than redundancies, however, staff may be shifted to other units, subsidiaries or affiliates, the source added. ...

Marubeni nears $3.5 billion-plus Gavilon deal: sources

Posted: 28 May 2012 10:10 PM PDT

TOKYO/NEW YORK (Reuters) - Japanese trading house Marubeni Corp is nearing a deal to buy U.S. grains merchant Gavilon for about $3.5 billion excluding debt and could announce the transaction as early as Tuesday afternoon in Tokyo, according to people familiar with the matter. Marubeni, Japan's fifth-largest trading company, has been in advanced talks to buy Gavilon since early May. The Japanese company has confirmed its interest in Gavilon but said no decision had been made. ...

Justice Department probes whether BP execs lied to Congress: WSJ

Posted: 28 May 2012 06:49 PM PDT

NEW YORK (Reuters) - The U.S. Justice Department is investigating whether BP executives lied to Congress about how much oil leaked in the company's 2010 Gulf of Mexico oil spill, the Wall Street Journal reported on Monday, citing people familiar with the investigation. According to the Journal, prosecutors are looking into statements the company made to members of Congress at a closed-door briefing of members of the House Energy and Commerce Committee by officials from BP, Halliburton Co. and Transocean Ltd. ...

Dollar rises as US consumer confidence falls

Posted: 29 May 2012 08:56 AM PDT

The dollar is rising against most other currencies after a survey found that U.S. consumer confidence fell in May.

Stocks higher on hopes for China stimulus

Posted: 29 May 2012 08:54 AM PDT

Hopes that China will rev up its economic growth machine are sending stocks higher on Wall Street.

Consumer confidence in the economy plunged in May

Posted: 29 May 2012 09:00 AM PDT

Here we go again.

Irish leaders trade barbs as EU treaty vote nears

Posted: 29 May 2012 08:47 AM PDT

Rival Irish leaders are trading insults and accusing each other of lying to the public as a high-stakes vote on the European Union's fiscal treaty nears.

Angry Birds debit cards to be issued in Russia

Posted: 29 May 2012 08:43 AM PDT

Russian fans of the videogame Angry Birds will soon be able to get special debit cards — or "Angry Cards" — giving them discounts on the game's products.

News Summary: Nissan EV cabs to test in New York

Posted: 29 May 2012 08:35 AM PDT

SPARKS: Nissan is supplying New York City with fuel-efficient cabs, including six electric cars for testing, but acknowledged uncertainties about charging standards for electric vehicles.

News Summary: Tata Motors profit more than doubles

Posted: 29 May 2012 08:22 AM PDT

CHINA ROVERS: March quarter profits at India's Tata Motors more than doubled to 62.3 billion rupees ($1.1 billion) on strong demand for Jaguar Land Rover vehicles, particularly in China.

Home prices rise in most major US cities

Posted: 29 May 2012 08:14 AM PDT

Home prices rose in March from February in most major U.S. cities for the first time in seven months. The increase is the latest evidence of a slow recovery taking shape in the housing market.

Hopes for US recovery, China stimulus help markets

Posted: 29 May 2012 08:03 AM PDT

Global markets rose Tuesday on signs of improvement in the U.S. housing market and on hopes China will act to support growth in its economy, the world's second-largest.

Consumer confidence plunges in May

Posted: 29 May 2012 07:19 AM PDT

Americans' confidence in the economy in May had its biggest drop in eight months as consumers fretted about slow hiring, a big stock market drop and the global economy, says a private research group.
Posted by Harshad at 9:13 AM

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