Tuesday, August 14, 2012

Standard Chartered says U.S. settlement "pragmatic"

Standard Chartered says U.S. settlement "pragmatic"

Standard Chartered says U.S. settlement "pragmatic"

Posted: 14 Aug 2012 12:55 PM PDT

LONDON (Reuters) - Standard Chartered Plc said its decision to agree to pay $340 million to settle allegations that it hid transactions with Iran was a pragmatic one made in the best interest of shareholders and customers. "It was a pragmatic decision in the best interest of shareholders and customers," a spokesman for the bank told Reuters. The spokesman said the bank remained in talks with other U.S. regulators and an announcement on the timing of any resolutions would be made in due course. (Reporting by Matt Scuffham)

Rentals mean quick cash during conventions

Posted: 14 Aug 2012 12:49 PM PDT

In this photo taken Aug. 10, 2012, James Griffin of Tampa stands in the living room of his condo in the city's downtown. Griffin is asking $1,250 a night to rent his home for the Republican National Convention. The only offers he's had so far are from protesters wanting to spend $100 a night. (AP Photo/Tamara Lush)For Dustin Read, the upcoming Democratic National Convention in Charlotte seemed like a surefire way to make extra money.

Goldman executives win dismissal of mortgage, TARP lawsuit

Posted: 14 Aug 2012 12:46 PM PDT

A Goldman Sachs sign is seen on the floor of the New York Stock Exchange(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein and other officials won the dismissal of a shareholder lawsuit accusing them of tolerating poor mortgage practices and quitting a federal bailout program early to boost executive pay. U.S. District Judge William Pauley in Manhattan said the shareholders failed to show there were "red flags" to put bank directors on notice of "broken controls" in Goldman's mortgage servicing business, including that workers at its Litton unit may have been "robo-signing" documents. ...

Romney camp seizes on Biden comment on 'chains'

Posted: 14 Aug 2012 12:45 PM PDT

Vice President Joe Biden told voters in southern Virginia on Tuesday that Republican Mitt Romney wanted to put them "back in chains," sparking outrage from the GOP campaign.

DHS launches new immigration program

Posted: 14 Aug 2012 12:43 PM PDT

FILE - In this June 15, 2012 file photo, Ricky Campos, 23, of Silver Spring, Md., left, Katye Hernandez, 22, both illegal immigrants originally from El Salvador, who live in Silver Spring, Md., hold signs saying "Thank You President Obama," along with Rachelle Robertello, 18, of Fairfax, Va., and others from the group Casa de Maryland, rally outside the White House in Washington, in support of the president's announcement that the U.S. government will stop deporting and begin granting work permits to younger illegal immigrants who came to the U.S. as children and have since led law-abiding lives. On Tuesday, Aug. 14, the Department of Immigration (USCIS) made the forms available online for applicants. (AP Photo/Jacquelyn Martin, File)The Obama administration on Tuesday directed young illegal immigrants to fill out new forms and pay $465 if they want to apply under a new program that would let them avoid deportation and obtain a U.S. work permit.

Evelyn Lozada issues statement on Johnson arrest

Posted: 14 Aug 2012 12:39 PM PDT

FILE - This March 7, 2011 file photo shows Evelyn Lozada posed at the Cosmopolitan Magazine's 'Fun Fearless Males of 2011' event in New York. As the Miami Dolphins took the field for practice Sunday, Aug. 12, 2012, Chad Johnson was getting out of jail. Hours later, he was out of work. The Dolphins terminated the six-time Pro Bowl receiver's contract about 24 hours after he was arrested in a domestic battery case involving his wife. The confrontation came barely a month after Johnson married Evelyn Lozada, who is on the reality TV show "Basketball Wives."  (AP Photo/Evan Agostini, File)Evelyn Lozada says Chad Johnson "needs help."

Romney blocks media from Ryan's 1st Vegas funder

Posted: 14 Aug 2012 12:35 PM PDT

Republican Vice Presidential candidate, Rep. Paul Ryan, R-Wis. pauses during a campaign rally in Lakewood, Colo., Tuesday, Aug. 14, 2012. (AP Photo/Jack Dempsey)Mitt Romney's campaign is blocking reporters from covering GOP vice presidential candidate Paul Ryan's first meeting with donors in Las Vegas.

Syria would accept Algerian diplomat as Annan replacement

Posted: 14 Aug 2012 12:35 PM PDT

GENEVA/UNITED NATIONS (Reuters) - The Syrian government has consented to the idea of Algerian diplomat Lakhdar Brahimi replacing Kofi Annan as the U.N.-Arab League mediator in the Syria conflict, though Brahimi has yet to accept or reject the post, Annan's spokesman said on Tuesday. Annan, a former U.N. secretary-general and Nobel Peace Prize laureate, announced he would step down on August 31 because he was not able to carry out his job with the U.N. Security Council's veto powers hopelessly divided and deadlocked. ...

Exclusive: U.S. senators question A123's Chinese deal

Posted: 14 Aug 2012 12:27 PM PDT

WASHINGTON (Reuters) - Two Republican senators on Tuesday questioned whether the battery-maker A123 Systems Inc should continue to receive U.S. government funds in light of a deal with a Chinese firm to invest hundreds of millions of dollars in the faltering company. A123 announced last week that China's Wanxiang Group Corp would invest $450 million to help keep A123 afloat and would have an opportunity to take a controlling stake in the U.S. green tech company. A123 was awarded a $249 million grant by the Energy Department in 2009 under a program to expand U.S. ...

Chile, India to hold free trade talks: official

Posted: 14 Aug 2012 12:26 PM PDT

Chilean Foreign Minister Alfredo MorenoChile and India will begin negotiations on a free trade agreement at the end of the year, Chilean Foreign Minister Alfredo Moreno said in a television interview Tuesday.

France boosts security after riots, minister booed

Posted: 14 Aug 2012 12:26 PM PDT

French Interior Minister Manuel Valls (2ndL) gives a speech during a visit to the burned Voltaire primary schoolFrench Interior Minister Manuel Valls was booed in the northern city of Amiens on Tuesday, hours after riots cast a shadow over President Francois Hollande's celebration of 100 days in power.

Obama, Romney trade attacks on coal, wind power

Posted: 14 Aug 2012 12:24 PM PDT

President Barack Obama laughs as he talks with people during a visit to the Iowa State Fair, Monday, Aug. 13, 2012, in Des Moines, Iowa. The president is on a three-day campaign bus tour through Iowa. (AP Photo/Carolyn Kaster)President Barack Obama and Mitt Romney sparred over energy policy Tuesday, adding state-specific issues to a contest otherwise focused on the weak economy. Obama mocked Romney's stance on wind power while Romney accused the president of waging a "war on coal."

Euro zone economy shrinks despite German growth

Posted: 14 Aug 2012 12:22 PM PDT

A worker walks along rolls of Mercedes cars at a shipping terminal in the harbor of the German northern town of BremerhavenBRUSSELS/BERLIN (Reuters) - The euro zone's debt-ravaged economy shrank in the second quarter, having flatlined in the first, despite continued German growth which economists said could soon be snuffed out. The 17-nation currency bloc contracted by 0.2 percent on the quarter, data showed on Tuesday. Germany eked out growth of 0.3 percent, marginally beating forecasts, but its forward-looking ZEW sentiment index slid for a fourth month running, undercutting even the lowest estimate in a Reuters poll. ...

Euro zone skirts slump, reprieve seen short-lived

Posted: 14 Aug 2012 12:22 PM PDT

BRUSSELS (Reuters) - The euro zone economy narrowly skirted recession in the first half of the year, but austerity programs across the region and a debt crisis weighing ever more heavily on its periphery suggest the reprieve will be short-lived. Gross domestic product (GDP) shrank by 0.2 percent in the second quarter from the first after risk-averse businesses and consumers reined in spending, European statistics agency Eurostat said on Tuesday. Quarterly growth flatlined in January-March, meaning the region averted the two consecutive quarters of contraction that define a recession. ...

Romania out of recession, Czechs, Hungary fall deeper

Posted: 14 Aug 2012 12:22 PM PDT

PRAGUE (Reuters) - Romania pulled itself out of recession in 2012's second quarter but the Hungarian and Czech economies contracted further as their powerhouse industrial sectors fell victim to a euro zone crisis that has already hit the region's consumers. The single currency area's deepening slump has cut demand for exports in the European Union's manufacturing-heavy eastern states, where governments have also embarked on austerity measures that have hit other potential drivers of growth. ...

Spain extends jobless payments as austerity hits

Posted: 14 Aug 2012 12:22 PM PDT

MADRID (Reuters) - Spain's Prime Minister Mariano Rajoy said on Tuesday his government would prolong a program of benefit payments to the long-term jobless, even as it pushes through multi-billion euro spending cuts to avoid resorting to a sovereign bailout. Rajoy said his conservative government would continue to make the six payments of 400 euros a month to citizens whose eligibility for standard two-year unemployment benefit has run out, a policy that had been due to end this week. ...

Calif. Congressman Cardoza announces resignation

Posted: 14 Aug 2012 12:21 PM PDT

A Congressman from California's Central Valley is resigning.

U.S. does not believe Israel has decided on Iran strike

Posted: 14 Aug 2012 12:19 PM PDT

U.S. Defense Secretary Panetta attends a joint news conference with Japan's Defense Minister Morimoto after their meeting in WashingtonWASHINGTON (Reuters) - U.S. Defense Secretary Leon Panetta said on Tuesday he did not believe that Israel had made a decision on whether to attack Iran over its nuclear program and added he thought there was still time for a deepening sanctions push. Panetta's comments at a Pentagon briefing follow intensifying debate in Israel on the prospects of going to war with Iran, which could easily drag the United States into any conflict. (Reporting by Phil Stewart)

Clinton, Minnelli among stars at Hamlisch funeral

Posted: 14 Aug 2012 12:18 PM PDT

Friends and admirers of Marvin Hamlisch including former President Bill Clinton and Liza Minnelli gathered Tuesday to bid farewell to the celebrated songwriter hailed as "the people's composer."

US warns of divisive diplomacy in South China Sea

Posted: 14 Aug 2012 12:17 PM PDT

The U.S. says China should not use bilateral talks in an attempt to "divide and conquer" nations with competing territorial claims on the South China Sea.

Ron Palillo, of 'Welcome Back, Kotter,' dies at 63

Posted: 14 Aug 2012 12:13 PM PDT

FILE - This June 8, 2008 file photo shows actor Ron Palillo at the TV Land Awards in Santa Monica, Calif. Palillo, best known as the nerdy high schooler Arnold Horshack on "Welcome Back, Kotter," died Tuesday, Aug. 14, 2012, in Palm Beach Gardens, Fla., of an apparent heart attack. He was 63. (AP Photo/Mark Mainz, file)Ron Palillo, the actor best known as the nerdy high school student Arnold Horshack on the 1970s sitcom "Welcome Back, Kotter," died Tuesday in Palm Beach Gardens, Fla. He was 63.

Standard Chartered, New York regulator reach $340 million settlement

Posted: 14 Aug 2012 12:09 PM PDT

A woman walks past a Standard Chartered bank in LondonNEW YORK (Reuters) - Standard Chartered Plc has agreed to pay $340 million to settle allegations that it hid transactions with Iran from regulators, the New York Department of Financial Services said on Tuesday. The announcement capped a week of intense negotiations and came less than 24 hours before the London-based bank was scheduled to defend itself against the allegations at a hearing in New York. ...

Refinery fire site too dangerous for investigators

Posted: 14 Aug 2012 12:08 PM PDT

Federal and state investigators are trying to determine how to safely enter the area where a fire broke out in a Chevron Corp. refinery last week so they can examine a failed pipe blamed for the blaze, which the company chose not to replace nearly a year ago after an inspection.

Attorney: Gunman in shootout had 'mental issues'

Posted: 14 Aug 2012 12:04 PM PDT

This undated photo provided by the City of College Station, Texas shows Thomas Caffall. Caffall, 35, has been identified by authorities as the shooter who opened fire from inside his home in College Station as he was being served an eviction notice, killing Brazos County constable Brian Bachmann and another man, on Monday, Aug. 13, 2012. (AP Photo/City of College Station)An attorney for the family of a gunman who was among three people killed in a shootout at a home near Texas A&M University says the gunman had been suffering from "mental issues."

Assad's rule disintegrating, ex-PM says after defecting

Posted: 14 Aug 2012 12:00 PM PDT

Members of Free Syrian Army fighters holding their weapons and opposition flags are pictured at SermadaAMMAN/ALEPPO (Reuters) - President Bashar al-Assad controls less than a third of Syria and his power is crumbling, his former prime minister said on Tuesday, in his first public appearance since he defected to the opposition this month. Riyad Hijab told a news conference in Jordan that the morale of Syrian authorities was low after grappling for 17 months to crush a popular uprising and an armed insurgency against Assad. "The regime is collapsing, spiritually and financially, as it escalates militarily," he said. "It no longer controls more than 30 percent of Syrian territory. ...

Groupon sheds quarter of its value as Street questions biz

Posted: 14 Aug 2012 11:58 AM PDT

People enter and leave Groupon Inc corporate office and headquarters in Chicago(Reuters) - Groupon Inc lost more than a quarter of its value as its shares sank to a record low on Tuesday, after dismal results drove more investors away from the once-red-hot company and raised questions about its main business. The daily deals purveyor founded by quirky music graduate Andrew Mason, this year joined fellow recent dotcom debutantes such as Facebook Inc and Zynga Inc in shedding a massive chunk of its market value in past months. Groupon hit $5.50 in afternoon trading, down 72 percent from its $20 November IPO price and losing almost $1.3 billion of value on Tuesday. ...

New geek chic: Mohawks in, pocket protectors out

Posted: 14 Aug 2012 11:56 AM PDT

FILE -In this Sunday Aug. 5, 2012 file photo, flight director for the Mars rover Curiosity Bobak Ferdowsi, who cuts his hair differently for each mission, works inside the Spaceflight Operations Facility for NASA's Mars Science Laboratory Curiosity rover at Jet Propulsion Laboratory, JPL in Pasadena, Calif. on Sunday, Aug. 5, 2012. The Curiosity robot is equipped with a nuclear-powered lab capable of vaporizing rocks and ingesting soil, measuring habitability, and potentially paving the way for human exploration. (AP Photo/Los Angeles Times, Brian van der Brug, Pool)Known to the Twitterverse and the president of the United States as "Mohawk Guy" of the Mars mission, Bobak Ferdowsi could be the changing public face of NASA and all of geekdom.

Romney rolls out ad criticizing Obama on Medicare

Posted: 14 Aug 2012 11:51 AM PDT

Republican presidential candidate, former Massachusetts Gov. Mitt Romney autographs a coalminer hard hat during a campaign event at the American Energy Corporation, Tuesday, Aug. 14, 2012, in Beallsville, Ohio. (AP Photo/Mary Altaffer)Mitt Romney's presidential campaign is telling seniors in a new television ad that President Barack Obama cut billions from Medicare to pay for his health care program.

Deals fatigue? Groupon stock 27 percent down

Posted: 14 Aug 2012 11:51 AM PDT

Groupon's stock is 27 percent cheaper Tuesday, but that doesn't make it a bargain.

Iran says foreign help for quake area now welcome

Posted: 14 Aug 2012 11:50 AM PDT

In this Sunday, Aug. 12, 2012 photo, Iranians search the ruins of buildings after Saturday's earthquake in a village near the city of Varzaqan in northwestern Iran. Over 300 people have died from Saturday's twin earthquakes in Iran's East Azerbaijan province. Iran is located on seismic fault lines, is prone to earthquakes and it experiences at least one earthquake every day on average, although the vast majority are so small they go unnoticed. (AP Photo/Ali Hamed Haghdoust, Mehr News Agency)In a change of heart, Iran said Tuesday it now welcomes foreign aid for victims of the deadly twin earthquakes that hit the country's northwest over the weekend.

N. Calif. home of late Steve Jobs burglarized

Posted: 14 Aug 2012 11:46 AM PDT

File - This Oct. 5, 2011 file photo shows Apple founder Steve Jobs' home in Palo Alto, Calif. A suspect has been arrested and charged in connection with the theft of computers and personal items worth more than $60,000 from the Northern California home of the late Jobs. Thirty-five-year-old Kariem McFarlin, who was arrested earlier this month, is being held on $500,000 bail. (AP Photo/Paul Sakuma, File)Several computers and personal items worth more than $60,000 were stolen from the Northern California home of the late Steve Jobs in what authorities insist was a run of the mill burglary.

Hungary far-right leader discovers Jewish roots

Posted: 14 Aug 2012 11:44 AM PDT

FILE - This file photo dated on June 7, 2009 shows Hungary's far right party, Jobbik's, Csanad Szegedi, left, and Krisztina Morvai, right, celebrating their entry into the European Parliament after the European parliamentary election in Budapest, Hungary. Szegedi, who was notorious for his incendiary comments on Jews, acknowledged in June that his grandparents on his mother's side were Jews. After resigning last month from all his party positions he was also asked by Jobbik to give up his seat in the European Parliament as well. (AP Photo/Bela Szandelszky, File)As a rising star in Hungary's far-right Jobbik Party, Csanad Szegedi was notorious for his incendiary comments on Jews: He accused them of "buying up" the country, railed about the "Jewishness" of the political elite and claimed Jews were desecrating national symbols.

Saks posts 2nd-quarter loss on charges

Posted: 14 Aug 2012 11:41 AM PDT

In this Thursday, July 19, 2012, photo, Bathing Beauty by Mary Ellen Scherl is on display in the Saks Fifth Avenue flagship store's window in New York. Saks Inc. saw its loss widen in the second quarter from a year ago, as results were dragged down by charges related to closing stores and opening a fulfillment center in Tennessee. But the luxury department store chain reiterated its sales forecast for the back half of the year, underscoring how wealthy shoppers are proving to be resilient in a yo-yo economy. (AP Photo/Mary Altaffer)Saks Inc. saw its loss widen in the second quarter from a year ago, as results were dragged down by charges related to closing stores and opening a fulfillment center in Tennessee.

Conservative challengers in Wis., Fla. GOP races

Posted: 14 Aug 2012 11:40 AM PDT

Wisconsin Republican U.S. Senate candidate Eric Hovde greets supporters at a GOP campaign office on Monday, Aug. 13, 2012, in Fitchburg, Wis. Hovde, a political newcomer, is in a four-person race for the Republican nomination against former Gov. Tommy Thompson, former U.S. Rep. Mark Neumann, and state Assembly Speaker Jeff Fitzgerald. (AP Photo/Scott Bauer)The sharp split in the Republican party between grass-roots conservatives and the GOP's establishment candidates is front and center Tuesday as voters decide House and Senate primary contests in Florida and Wisconsin.

Groupon shares 26 percent off on 2Q slowdown

Posted: 14 Aug 2012 11:40 AM PDT

Groupon's stock is about 26 percent cheaper, but that doesn't make it a bargain.

5 killed in attack on Yemen Defense Ministry

Posted: 14 Aug 2012 11:34 AM PDT

In this photo taken on Saturday, July 14, 2012. A view of the Defense Ministry building which was surrounded by soldiers loyal to the son of Yemen's ousted president in Sanaa, Yemen. Military and security officials say soldiers loyal to the son of Yemen's ousted president have surrounded the Defense Ministry in Sanaa and sounds of gunshots have been heard from the area. (AP Photo/Hani Mohammed)Five people died Tuesday when soldiers loyal to the son of Yemen's ousted president attacked the Defense Ministry in Sanaa, clashing with the guards, military officials said.

At trial, it's Samsung's turn to say Apple copied

Posted: 14 Aug 2012 11:28 AM PDT

Samsung's logo is seen on a Galaxy smartphone displayed at the company's headquarters in SeoulSAN JOSE, California (Reuters) - A Samsung Electronics Co Ltd expert witness testified on Tuesday that Apple Inc's iPhone and iPad violate three of Samsung's patents, as the South Korean electronics company went on offense in the third week of a high stakes trial. Dr. Woodward Yang, an electrical engineering professor at Harvard, said Apple's products use Samsung-patented features for mobile devices, including the process for seamlessly emailing photos. He was one of Samsung's first witnesses after a parade of Apple experts said Samsung phones and tablets violated Apple's patents. ...

Wildfires blaze across West, burning homes

Posted: 14 Aug 2012 11:26 AM PDT

This Aug. 11, 2012 photo provided by the U.S. Bureau of Land Management shows the Holloway Fire outside Denio, Nev., which has burned more than 525 square miles of remote rangeland straddling the Oregon-Nevada border. Fire bosses hoped to have the fire contained by Thursday. A woman firefighter received minor burns and smoke inhalation Sunday when she took refuge in her fire shelter after swirling winds pushed flames through an area about 30 miles east of Fields, Ore., where she was part of a federal fire crew digging containment line with hand tools. (AP Photo/U.S. Bureau of Land Management)A fast-moving wildfire in central Washington has burned at least 60 homes and forced hundreds of people to flee — one of several blazes scorching the West on Tuesday, threatening communities, sending up thick plumes of smoke and disrupting activity in national parks.

Big East picks CBS VP Aresco as commissioner

Posted: 14 Aug 2012 11:25 AM PDT

This undated photo provided by CBS Sports shows CBS executive vice president Mike Aresco. The Big East has hired Aresco to be commissioner of the conference now in rebuilding mode, a person familiar with the decision said Tuesday, Aug. 14, 2012. The person spoke to The Associated Press on condition of anonymity because the conference was still working on an official announcement. (AP Photo/CBS Sports, John P. Filo) MANDATORY CREDIT NO SALES NORTH AMERICA USE ONLY NO ARCHIVEThe Big East on Tuesday hired CBS executive vice president Mike Aresco to be commissioner of a conference now in rebuilding mode.
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