Financial News from Reuters

  • Reports of gunman at Los Angeles Times building -police Reuters - 38 minutes ago

    Reports that an unidentified person had threatened to open fire on the third floor of the building came in after 7 p.m. local time (0200 GMT), said Los Angeles Police Department spokesman Gus Villanueva. The Los Angeles Times newspaper, which has its headquarters in the building, said on social media website Twitter that a witness told one of its reporters a man "who allegedly made threats at Times building worked for a firm that rents space from the newspaper."

  • Security threat reported on Detroit-Denver Delta flight Reuters - 1 hour 15 minutes ago

    A Delta Airlines flight that landed at a Denver airport was directed to a remote taxiway after an unspecified "potential security threat" onboard and passengers were ushered off the plane, interviewed and the scene secured, officials said. Flight 1500, a Boeing 737 with 151 passengers and six crew, landed roughly on time at Denver International Airport from Detroit Metropolitan Airport at about 4:40 p.m. Mountain Time (2240 GMT), airline spokesman Russell Cason said. Flight 1500 had a "potential security threat onboard the aircraft," Denver airport spokeswoman Julie Smith said, adding that all other airport operations were normal.

  • China Resources chairman sacked amid corruption investigation Reuters - 1 hour 19 minutes ago

    A Chinese executive under investigation for suspected corruption has been sacked as chairman of powerful state-owned conglomerate China Resources Holdings Co. Ltd., the official Xinhua news agency said on Saturday. Citing an official with the Organization Department of the ruling Communist Party's Central Committee, Xinhua said Song Lin was fired because he was suspected of "serious discipline and law violations" - party shorthand for corruption. Song appears to be the latest official to fall in President Xi Jinping's campaign against corruption.

  • Drone diving to record level in Malaysian plane search Reuters - 2 hours 25 minutes ago

    PERTH, Australia, April 19 (Reuters) - A U.S. Navy deep-sea drone is diving to unprecedented depths to scour a remote stretch of the Indian Ocean floor for a missing Malaysian jetliner as the Malaysian government said it may use more remote control submarines to help with the search. The Bluefin-21 and its "side scan" sonar has become the focal point of the search 2,000 km (1,200 miles) west of the Australian city of Perth, where authorities believe Malaysia Airlines Flight MH370 hit the ocean after disappearing from radars on March 8 with 239 people on board. Now in its seventh week, the search has centred on a city-sized area where a series of "pings" led authorities to believe the plane's black box may be located. After the $4 million Bluefin-21's searches were frustrated by an automatic safety mechanism which returns it to the surface when it exceeds a depth of 4.5 km (14,763 feet), authorities have adjusted the mechanism and have sent it as deep as 4,695 metres (15,403 feet), a record.

  • Seeking expert help, Detroit bankruptcy judge interviews applicants Reuters - 3 hours ago

    Applicants ranging from New York municipal finance expert Richard Ravitch to a local law professor bid to help Judge Steven Rhodes evaluate Detroit's financial restructuring plan, but Rhodes ended the recruitment session on Friday without naming his choice. Detroit, with $18 billion of debt and other obligations, filed the biggest municipal bankruptcy in U.S. history in July 2013 and in recent days has reached settlements with several major creditor groups. Ravitch, who during the 1970s advised on New York City's successful effort to avoid bankruptcy, bemoaned Detroit's woeful financial circumstance. "Detroit's problem is more severe because the problem wasn't addressed earlier on when it would have been far less expensive to solve it," he said.

  • AMR loses bid to terminate retiree benefits Reuters - 4 hours ago
    AMR loses bid to terminate retiree benefits

    A U.S. bankruptcy judge largely declined on Friday to rule that former American Airlines parent company AMR Corp had a unilateral right to terminate benefits for nearly 47,000 retirees. U.S. Bankruptcy Judge Sean Lane in New York rejected a motion AMR made in 2012 for a ruling holding that the health and welfare benefits it provided retirees had not vested and could be unilaterally modified. Lane did rule for AMR with regard to some employees, but his ruling was a setback in AMR's bid to shift the program's costs from the company to the retirees, which included both union and non-union employees. "American will review his ruling and consider next steps related to the retiree health and life insurance benefits," said Casey Norton, a spokesman for American Airlines.

  • Exchanges, brokerages hit with high-speed trading class action Reuters - 5 hours ago

    Dozens of the largest U.S. stock exchanges, brokerages and high-frequency trading firms were hit with a class action lawsuit by the capital of the state of Rhode Island, accusing them of manipulating the U.S. securities markets. The lawsuit was filed on Friday in Manhattan federal district court, as the high-speed trading industry came under greater scrutiny following the publication last month of author Michael Lewis' book "Flash Boys: A Wall Street Revolt." A number of regulators have said they are probing the industry, including the Justice Department, Securities and Exchange Commission and Commodities Futures Exchange Commission. The proposed securities class action was brought by the city of Providence, Rhode Island, on behalf of investors who bought stock in the United States from April 2009 to present.

  • U.S. further delays final decision on Keystone XL pipeline Reuters - 5 hours ago

    The Obama administration further delayed its decision on the controversial Keystone XL pipeline project on Friday, with no conclusion now likely until after the U.S. mid-term elections in November. President Barack Obama has said he will have the final say on whether to allow the pipeline connecting Canada's oil sands region to Texas refiners, and several government agencies had been given until May to weigh in. But the State Department said on Friday it was extending that agency comment period, citing a need to wait until the Nebraska Supreme Court settles a dispute over what path the $5.4 billion TransCanada Corp project should take. "That pipeline route is central to the environmental analysis for the project and if there are changes to the route it could have implications," a senior State Department official told reporters.

  • Mt. Gox CEO won't appear in U.S. for questions about bankruptcy case Reuters - 5 hours ago

    In the court filing, Mt. Gox lawyers cited a subpoena from the U.S. Department of Treasury's Financial Crimes Enforcement Network, which has closely monitored virtual currencies like bitcoin. "Mr. Karpeles is now in the process of obtaining counsel to represent him with respect to the FinCEN Subpoena. Until such time as counsel is retained and has an opportunity to 'get up to speed' and advise Mr. Karpeles, he is not willing to travel to the U.S.", the filing said. The subpoena requires Karpeles to appear and provide testimony in Washington, D.C., on Friday.

  • SpaceX rocket lifts off for space station cargo run Reuters - 6 hours ago

    CAPE CANAVERAL, Fla., April 18 (Reuters) - An unmanned Falcon 9 rocket blasted off from Cape Canaveral Air Force Station in Florida on Friday to deliver a cargo capsule to the International Space Station for NASA. The 208-foot-tall (63-meter-tall) rocket, built and operated by privately owned Space Exploration Technologies, or SpaceX, bolted off its seaside launch pad at 3:25 p.m. EDT (1925 GMT), darting through overcast skies as it headed toward orbit. "The rocket flight was perfect as far as we could tell," SpaceX chief executive and founder Elon Musk told reporters at a news conference after launch. The cargo run is the third by SpaceX under a 12-flight, $1.6 billion contract with NASA.

  • Mt. Gox suitors seek support to save bitcoin exchange Reuters - 6 hours ago

    Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court appointed administrator said on Wednesday. The investor group, which offered to take over the assets of Mt. Gox and revive it, has received backing from many creditors and hopes to convince the court to reconsider its rehabilitation proposal, the Wall Street Journal reported on Thursday. Mt. Gox has about 127,000 creditors. Mark Karpeles, the chief executive of Mt. Gox, said he would not come to the United States to answer questions about the bankruptcy case, Mt. Gox lawyers told a U.S. federal judge on Monday.

  • UPDATE 1-Mt. Gox suitors seek support to save bitcoin exchange Reuters - 6 hours ago

    A group of investors seeking to buy Mt. Gox has launched a website to garner support from creditors of the bankrupt bitcoin exchange to prevent a liquidation of its assets. Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court appointed administrator said on Wednesday. The investor group, which offered to take over the assets of Mt. Gox and revive it, has received backing from many creditors and hopes to convince the court to reconsider its rehabilitation proposal, the Wall Street Journal reported on Thursday. Mt. Gox has about 127,000 creditors.

  • Teck's Red Dog zinc mine still operating after quakes Reuters - 6 hours ago

    WASHINGTON/NEW YORK, April 18 (Reuters) - Teck Resources said on Friday its Red Dog operation in Alaska, the world's largest zinc and lead mine, is operating as usual after two earthquakes struck a few miles from the site. Two extremely shallow earthquakes, a magnitude 5.6 and a magnitude 5.3, struck just minutes apart on Friday afternoon just a few miles (km) southeast of the mine in remote northwest Alaska, the U.S. Geological Survey said. Red Dog, located just over 100 miles (160 km) above the Arctic Circle and employing 550 full-time staff, is expected to produce between 500,000 and 525,000 tonnes of zinc and 95,000-100,000 tonnes of lead in 2014, according to Teck's 2013 annual report.

  • Teck's Red Dog zinc mine 'operating as normal' after earthquakes Reuters - 7 hours ago

    Teck Resources said on Friday its Red Dog zinc mine, the world's largest, in Alaska is operating as usual after two earthquakes struck a few miles from the site. "Mild tremors were felt at Red Dog ...

  • Rajaratnam's brother loses bid to dismiss insider trading charges Reuters - 7 hours ago
    Rajaratnam's brother loses bid to dismiss insider trading charges

    Rengan Rajaratnam, the younger brother of imprisoned hedge fund manager Raj Rajaratnam, on Friday lost a bid to dismiss some of the insider trading charges leveled against him last year. U.S. District Judge Naomi Reice Buchwald in Manhattan ruled that the indictment adequately alleged the essential elements of the crimes charged. A lawyer for Rajaratnam did not respond to a request for comment. A spokeswoman for Manhattan U.S. Attorney Preet Bharara declined to comment.

  • Merger talks between Barrick Gold and Newmont Mining break down -WSJ Reuters - 7 hours ago

    Merger talks between Barrick Gold Corp and Newmont Mining Corp, the world's top two gold producers, broke down in the past few days, the Wall Street Journal reported on Friday, citing unnamed sources. ...

  • TPG-led group to make $450 mln investment in Airbnb -source Reuters - 7 hours ago

    A group led by private equity firm TPG Capital Management LP has agreed to invest $450 million in Airbnb Inc, valuing the online home-rental marketplace at $10 billion, a source familiar with the matter told Reuters. The investor group also includes investment firm Dragoneer Investment Group, T. Rowe Price Group Inc and Sequoia Capital, the Wall Street Journal reported earlier. Among the investors, TPG Growth, the private equity firm's middle-market and growth-equity arm, and Dragoneer are expected to invest about $75 million each in Airbnb, and Sequoia is expected to invest about $85 million, the Journal said.

  • Obama-Abe summit seen giving impetus to trade but no deal-official Reuters - 7 hours ago

    Next week's meeting between U.S. President Barack Obama and Japanese Prime Minister Shinzo Abe is a good opportunity to give impetus to trade negotiations but will not seal a deal, a senior U.S. administration official said on Friday. Japanese and U.S. trade officials will meet again on Monday in the lead-up to the leaders' talks to discuss sticking points in bilateral trade which are holding up agreement on the wider Trans-Pacific Partnership initiative.

  • U.S. top court denies Teva stay in Copaxone patent fight Reuters - 8 hours ago

    U.S. Supreme Court Chief Justice John Roberts on Friday denied a request by Teva Pharmaceutical Industries Ltd to stay a lower-court ruling in a patent case that favored the developers of generic versions of Teva's top-selling multiple sclerosis drug. The decision could help pave the way for generic competitors of Teva's Copaxone drug to go on the market as soon as next month. Teva had sought to prevent the lower-court ruling from going into effect while the Supreme Court considers its appeal in the patent fight.

  • TransCanada CEO "disappointed" with Keystone XL pipeline delay Reuters - 8 hours ago

    TransCanada Corp Chief Executive Russ Girling said on Friday he was "extremely disappointed and frustrated" with yet another delay in making a decision on a presidential permit for the Keystone XL pipeline. The statement followed the decision by the U.S. State Department to extend the government comment period on the Keystone XL pipeline, a move that likely postpones a final decision on the controversial project until after the Nov. 4 mid-term elections. By linking Canadian fields to refiners on the Gulf Coast, the 1,200-mile (1,900-km) Keystone XL pipeline would be a boon to an energy patch where oil sands are abundant but that produce more carbon pollution than many other forms of crude. Keystone opponents say that burning fossil fuels to wrench oil sands crude from the ground will worsen climate change, and that the $5.4 billion pipeline, which could carry up to 830,000 barrels per day, would only spur more production.

  • AbbVie urges U.S. court to avoid gay rights issue in HIV drug case Reuters - 8 hours ago

    An Abbott Laboratories spinoff urged a federal appeals court to revisit a ruling in a case against GlaxoSmithKline Plc, but without disturbing landmark constitutional protections for gays and lesbians. In a brief filed with the 9th U.S. Circuit Court of Appeals in San Francisco on Thursday, AbbVie Inc said the full court should review an initial three-judge decision that found a gay man was improperly excluded from jury service due to his sexual orientation. The court in reaching that conclusion in January ordered a new trial for GlaxoSmithKline Plc against AbbVie, which contended Thursday that the 9th Circuit's ruling needed review due to its potential to affect "thousands of jury trials." But AbbVie said it is not asking for the court to reconsider a holding that heightened the constitutional protections judges in several Western states must now apply when evaluating laws that curtail gay rights.

  • Two quakes strike near zinc mine in Alaska -USGS Reuters - 9 hours ago

    Two earthquakes, a magnitude 5.5 and a magnitude 5.4, struck near the Red Dog Operations zinc-lead mine in remote northwest Alaska, the U.S. Geological Survey said. It said the quakes, which struck minutes ...

  • Italy PM Renzi cuts taxes for 10 mln low earners Reuters - 9 hours ago

    * Funded by spending cuts and one-off measures * Renzi under pressure from EU to keep finances in check (Recasts lead, adds Renzi, Padoan comments) ROME, April 18 (Reuters) - Italian Prime Minister Matteo Renzi on Friday cut taxes for 10 million low earners to try to boost household spending after a two-year recession, making good on a promise he made after taking office two months ago. Renzi's cabinet passed a decree to reduce taxes for those earning between 8,000 and 26,000 euros a year by about 80 euros per month, starting next month.

  • Exclusive: Biogen prices hemophilia drug on par with older therapies Reuters - 9 hours ago
    Exclusive: Biogen prices hemophilia drug on par with older therapies

    The move could pressure rivals such as Pfizer Inc to lower prices for existing hemophilia treatments, which provide patients with life-saving infusions of a blood clotting agent, according to doctors and industry analysts. Biogen last month won U.S. and Canadian approval for Alprolix to treat hemophilia B, the more rare form of the condition that affects about 4,000 people in the United States and about 25,000 worldwide. "We think we have priced (Alprolix) to create parity with existing therapies on an annual cost of therapy basis," Tony Kingsley, Biogen's head of global commercial operations, told Reuters in a telephone interview.

  • U.S. extends comment time on keystone pipeline, State Department says Reuters - 9 hours ago

    The U.S. State Department said on Friday it was giving regulatory agencies more time to weigh in on the controversial Keystone XL pipeline from Canada, effectively delaying the decision on whether to approve ...

  • Brazilian tycoon Batista investigated for financial crimes: reports Reuters - 10 hours ago
    Brazilian tycoon Batista investigated for financial crimes: reports

    Brazil´s federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be yet another major blow for a businessman once hailed as Brazil's model entrepreneur and symbol of its economic success. Batista´s EBX oil, mining and logistics empire, which two years ago was valued at $60 billion, collapsed last year in a mountain of debt and massive filings for bankruptcy protection. A week ago, Brazil's securities commission, CVM, announced that Batista was under investigation for insider trading as chairman of his now-bankrupt oil-producing company Óleo and Gás Participações SA (OGXP3.SA), formerly known as OGX, and its sister company, shipbuilder OSX Brasil SA (OSXB3.SA).

  • Trade deal eluding U.S., Japan, senior U.S. official says Reuters - 10 hours ago

    U.S. and Japanese trade negotiators have been unable to reach a deal to open Japan's markets more widely to imports ahead of President Barack Obama's visit to Japan, a senior U.S. administration official said on Friday. Momentum behind the talks need not stall because negotiators have not struck a deal ahead of Obama's visit to Japan, the official said.

  • U.S. to extend Keystone XL comment period, delaying decision -sources Reuters - 10 hours ago

    The U.S. State Department will on Friday extend the government comment period on the Keystone XL pipeline, likely postponing a final decision on the controversial project until after the Nov. 4 midterm ...

  • Erdogan challenges social media in top Turkish court Reuters - 10 hours ago
    Erdogan challenges social media in top Turkish court

    Prime Minister Tayyip Erdogan applied to Turkey's constitutional court on Friday to challenge the alleged violation of his and his family's rights by social media, a senior official in his office told Reuters. Erdogan's government blocked Twitter and YouTube in March, drawing international condemnation, after audio recordings, purportedly showing corruption in his inner circle, were leaked on their sites. The Twitter block was lifted earlier this month after the constitutional court ruled that it breached freedom of expression, a decision Erdogan has since said was wrong and should be overturned. YouTube remains blocked in Turkey.

  • UPDATE 1-U.S. power producer Calpine to sell 6 plants for $1.57 bln Reuters - 11 hours ago

    U.S. power company Calpine Corp said it will sell six power plants in the U.S. Southeast to LS Power for $1.57 billion in cash to focus on the wholesale power markets and better align its asset base. The power plants together generated about 3.5 gigawatts of capacity in Oklahoma, Louisiana, Alabama, Florida and South Carolina. With none of the plants restricted to any project debt, Calpine expects the deal to result in net cash proceeds of about $1.53 billion. Following Friday's sale, Calpine will retain ownership of four natural gas-fired power plants in the Southeast totaling 1,738 megawatt capacity in Arkansas, Alabama and Florida.

  • Erdogan challenges social media in top Turkish court - media Reuters - 11 hours ago

    Prime Minister Tayyip Erdogan applied to Turkey's constitutional court on Friday to challenge the alleged violation of his and his family's rights by social media, broadcaster CNN Turk and other media ...

  • Amazon's tax-free European profits drop after IRS clamp-down Reuters - 11 hours ago
    Amazon's tax-free European profits drop after IRS clamp-down

    The amount of money Amazon.com Inc reports through a tax-exempt vehicle in Europe has dropped sharply in the past two years, even as European sales jumped, after the U.S. tax authority tightened rules it felt were being abused to shift profits. Amazon (AMZN) minimizes its tax bill by having the U.S. unit which owns its technology licenses lease the rights to re-license the technology to a tax-exempt partnership based in Luxembourg. The Group of 20 leading economies has vowed to crack down on corporate tax avoidance and the practice of shifting profits into low or no tax jurisdictions. Amazon has been a frequent subject of politicians' criticism in Europe over the way it channels all European revenues to Luxembourg where profits can be earned tax free.

  • Auto airbag maker Continental named in GM recall suit Reuters - 11 hours ago
    Auto airbag maker Continental named in GM recall suit

    A lawsuit filed on Wednesday in federal court in California is the first to name Continental, a subsidiary of German automotive supplier Continental AG (CON.DE), in a growing wave of litigation over GM's recall, which has so far encompassed 2.6 million vehicles. Continental made airbag systems for the recalled cars, including sensors that determine if and when the airbags go off in an accident, according to the suit. The case is among dozens of proposed class actions that have been filed by customers accusing GM of concealing its knowledge of the defect for more than a decade, putting plaintiffs at risk of injury and causing them to suffer economic losses on their cars, including lower resale value.

  • NY attorney general seeks info from high-speed firm Virtu: source Reuters - 11 hours ago

    High-speed trading firm Virtu Financial Inc, which has been pursuing an initial public offering, has received a letter of inquiry from the New York attorney general amid a wider probe of the industry, a person familiar with the matter said on Friday. News of the request by the office of New York Attorney General Eric Schneiderman came amid heightened attention to high-frequency trading following the publication of author Michael Lewis' book "Flash Boys: A Wall Street Revolt" last month. Schneiderman's office had earlier sent subpoenas to more than half a dozen high-speed trading firms including Tower Research Capital LLC, Chopper Trading LLC and Jump Trading LLC, a person familiar with the matter previously told Reuters. Federal agencies including the Justice Department, Securities and Exchange Commission and Commodity Futures Trading Commission have also said they had active probes into high-speed and automated trading.

  • Italy govt cuts income taxes for 10 mln low earners-PM Renzi Reuters - 11 hours ago

    Italy's government on Friday passed a decree cutting income tax for 10 million Italians earning between 8,000 and 26,000 euros a year and will be funded mainly by permanent spending cuts, Prime Minister Matteo Renzi said. He told reporters after a cabinet meeting that tax cuts for very low earners who already do not make enough to pay taxes and for the self-employed will be made in "coming weeks and months". Italy now has committed to ordering 90 of the planes for about 12 billion euros.