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• Exclusive: Prosecutors, regulators close to making Libor arrests
• Former Stanford executive says in limbo as SEC case drags
• Siemens industry units wobble as Europe falters
• Rake shuns Barclays chairman role: sources
• Green fleet upstarts make conventional Washington moves
• Rupert Murdoch quits boards of British papers
• Super rich hold $32 trillion in offshore havens
• EU sets terms for Hutch's Orange Austria bid: paper
• Ex-bankers go solo in the Gulf
• Rupert Murdoch quits boards of British papers
• Olympics bring longer Sunday shopping hours to UK
• US poverty on track to rise to highest since 1960s
• Greek premier, Bill Clinton discuss investments
• Slower global growth reflects close economic links
• Militants attack gas pipeline in Egypt's Sinai
• Marchers rally in Spain to protest unemployment
• Murdoch resigns from News Corp. subsidiary boards
• Manufacturing problem caused Ford Escape recall
• Correction: Higher One-Probe story
• New lab working on security shoe sole to ID people

Exclusive: Prosecutors, regulators close to making Libor arrests Posted: 22 Jul 2012 08:34 AM PDT (Reuters) - U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rate-rigging scandal. Federal prosecutors in Washington, D.C., have recently contacted lawyers representing some of the individuals under suspicion to notify them that criminal charges and arrests could be imminent, said two of those sources who asked not to be identified because the investigation is ongoing. ...

Former Stanford executive says in limbo as SEC case drags Posted: 22 Jul 2012 07:42 AM PDT WASHINGTON (Reuters) - Bernerd Young has waited more than two years for a final decision from U.S. securities regulators about whether he will be charged over his role as compliance officer at the brokerage owned by convicted Ponzi schemer Allen Stanford. In those two years, Young says his life has been put on hold as the cloud of the Securities and Exchange Commission probe has overshadowed his attempts to move on professionally. ...

Siemens industry units wobble as Europe falters Posted: 22 Jul 2012 07:36 AM PDT FRANKFURT (Reuters) - Europe's biggest engineering conglomerate Siemens looks set to report a decline in third-quarter new orders of its flagship products as manufacturing demand across the region continues to wrestle with the debt crisis. The company, considered a bellwether for the euro zone economy, said in June it would be more difficult to meet its 2012 target for net income from continuing operations, which it had slashed to 5.2-5.4 billion euros in April from the previous target of 6 billion euros ($7.30 billion). ...

Rake shuns Barclays chairman role: sources Posted: 22 Jul 2012 05:02 AM PDT LONDON (Reuters) - Michael Rake, deputy chairman of Barclays Plc , has ruled himself out of contention to be its new chairman, striking a blow to the UK bank as it hunts for new leadership to steer it through its interest rate-rigging scandal. Rake, who was considered favorite for the job, is not interested in the role, three people familiar with the matter said on Sunday. The next Barclays chairman faces a stiff challenge. ...

Green fleet upstarts make conventional Washington moves Posted: 22 Jul 2012 04:08 AM PDT WASHINGTON (Reuters) - Two companies involved on the ground level of an expensive Pentagon effort to embrace biofuels have used familiar strategies in building their profiles in Washington, using hefty campaign contributions and aggressive lobbying to secure support. One company, Solazyme Inc, a subcontractor on a $12 million alternative fuels contract from the Navy, also has raised its Washington profile by hiring as strategic advisers former senior Clinton administration officials with close ties to the Pentagon or Department of Energy, according to corporate records. ...

Rupert Murdoch quits boards of British papers Posted: 21 Jul 2012 05:17 PM PDT LONDON (Reuters) - News Corp's Rupert Murdoch has stepped down from a string of boards overseeing the Sun, Times and Sunday Times newspapers in Britain, the company said in an internal memo on Saturday. The company described the news as a "corporate housecleaning exercise" linked to the announcement in June that News Corp would split into two separate companies: a smaller publishing division and a much larger entertainment and TV group. ...

Super rich hold $32 trillion in offshore havens Posted: 22 Jul 2012 02:02 AM PDT LONDON (Reuters) - Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion. ...

EU sets terms for Hutch's Orange Austria bid: paper Posted: 21 Jul 2012 11:32 AM PDT FRANKFURT (Reuters) - EU regulators will allow a bid by Hongkong's Hutchison 3G to buy France Telecom's Orange Austria if the new combined group permits other Austrian operators to access its network, an Austrian daily said on Saturday, citing sources. The online edition of Wirtschaftsblatt said the EU had proposed to the new group, which operates under the '3' brand in Austria, that it allow other rivals to operate as so-called Mobile Virtual Network Operators (MVNO). It said the EU had asked various interested parties for comment on its proposals, which included the interconnection fees. ...

Ex-bankers go solo in the Gulf Posted: 21 Jul 2012 07:21 AM PDT DUBAI (Reuters) - After a 16-year career at Morgan Stanley Lebanese-born banker May Nasrallah detected a gap in the Middle East market for advising small companies, prompting her to leave the bank and set up her own financial advisory firm in Dubai. Three years on, she has lured a number of her former Morgan Stanley colleagues to join her company, deNovo Corporate Advisors, which is helping small private Middle East companies that are looking for acquisitions, joint ventures or capital-raising opportunities in the region. ...

Rupert Murdoch quits boards of British papers Posted: 21 Jul 2012 01:32 PM PDT LONDON (Reuters) - News Corp's Rupert Murdoch has stepped down as a director from a string of boards overseeing the Sun, Times and Sunday Times newspapers in Britain, the company said in an internal memo on Saturday. The resignations follow the announcement in June that News Corp would be split into two separate companies: a smaller publishing division and a much larger entertainment and TV group. ...

Olympics bring longer Sunday shopping hours to UK Posted: 22 Jul 2012 08:38 AM PDT The Olympics are bringing longer Sunday shopping hours to England.

US poverty on track to rise to highest since 1960s Posted: 22 Jul 2012 08:30 AM PDT The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net.

Greek premier, Bill Clinton discuss investments Posted: 22 Jul 2012 02:36 AM PDT Former U.S. President Bill Clinton is meeting with Greek Prime Minister Antonis Samaras to discuss foreign investment in Greece.

Slower global growth reflects close economic links Posted: 22 Jul 2012 02:27 AM PDT The global economy is in the worst shape since the dark days of 2009.

Militants attack gas pipeline in Egypt's Sinai Posted: 22 Jul 2012 12:42 AM PDT An Egyptian security official says militants have blown up a gas pipeline in the country's Sinai Peninsula that used to transport fuel to Israel.

Marchers rally in Spain to protest unemployment Posted: 21 Jul 2012 07:53 PM PDT Several hundred demonstrators have traveled to Madrid from many parts of Spain to protest the country's near 25 percent unemployment rate as well as the stinging austerity measures introduced by the government in a bid to avoid an international financial bailout.

Murdoch resigns from News Corp. subsidiary boards Posted: 21 Jul 2012 03:02 PM PDT Media mogul Rupert Murdoch has resigned as a director of a number of News Corp. subsidiary boards in Britain and the United States, a spokeswoman confirmed Saturday.

Manufacturing problem caused Ford Escape recall Posted: 21 Jul 2012 12:23 PM PDT A manufacturing problem at a company that makes fuel lines forced Ford to recall thousands of its brand-new Escape small SUVs and tell owners to stop driving them right away.

Correction: Higher One-Probe story Posted: 21 Jul 2012 11:06 AM PDT In a story July 20 about a federal enforement action against Higher One Holdings Inc., The Associated Press erroneously reported that the company charges a $50 "lack of documentation fee." Higher One used to charge the fee, but now closes the accounts of customers who fail to supply certain paperwork.

New lab working on security shoe sole to ID people Posted: 21 Jul 2012 10:19 AM PDT High-tech security? Forget those irksome digital eye scans. Meet the biometric shoe.

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