Archive for June, 2013

Alabama county files exit plan to end $4.2 billion bankruptcy

June 30th, 2013

Alabama county files exit plan to end $4.2 billion bankruptcy
(Reuters) – Alabama’s Jefferson County on Sunday filed a negotiated restructuring plan to wind up America’s largest municipal bankruptcy and lock in losses of as much as 70 cents on the dollar for JPMorgan Chase and other Wall Street creditors. The court filing is the latest chapter in a long saga of corruption and mismanagement of public finances that brought the most populous county in the southern U.S. state of Alabama to ask for creditors’ protection in November 2011. (Reporting By Michael Connor in Miami; Editing by Doina Chiacu)
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Kazakhstan trade trip poses human rights test for Cameron

June 30th, 2013

Kazakhstan trade trip poses human rights test for Cameron

British Prime Minister Cameron speaks during a joint news conference with Pakistan's Prime Minister Sharif in IslamabadBy Andrew Osborn ATYRAU, Kazakhstan (Reuters) – Prime Minister David Cameron helped inaugurate the world's costliest oil project in Kazakhstan on Sunday on a trip aimed at sealing business deals but quickly beset by questions over the Central Asian nation's poor human rights record. Kazakhstan hopes Cameron's visit, the first by a serving British prime minister, will cement its status as a rising economic power and confer a degree of the legitimacy from the West it has long sought. …

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GLOBAL ECONOMY-The Fed and China churn already choppy waters

June 30th, 2013

GLOBAL ECONOMY-The Fed and China churn already choppy waters
LONDON, June 30 (Reuters) – Data this week will add spice to speculation as to when the U.S. Federal Reserve will start scaling back its stimulus while reinforcing the realisation that China is…


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Reuters: US Dollar Report

Obama says Zimbabwe has opportunity, needs free and fair poll

June 30th, 2013

Obama says Zimbabwe has opportunity, needs free and fair poll

U.S. President Barack Obama waves to the audience after delivering remarks at the University of Cape TownJOHANNESBURG (Reuters) – U.S. President Barack Obama said on Sunday Zimbabwe's economic recovery gave the southern African country an opportunity to advance but only if upcoming elections were "free and fair." Zimbabwe's President Robert Mugabe, at 89 Africa's oldest leader, is seeking to extend his three-decade rule in elections scheduled for July 31. The opposition wants to delay the poll to allow reforms designed to prevent a repeat of the bloodshed that marred the 2008 election. "Zimbabweans have a new constitution. The economy is beginning to recover. …

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Cuba's non-farm co-ops debut this week amid move toward markets

June 30th, 2013

Cuba's non-farm co-ops debut this week amid move toward markets

Cuba's President Raul Castro puts his hat on after waving to the crowd at the annual May Day parade at Havana's Revolution SquareBy Marc Frank HAVANA (Reuters) – One hundred state-run produce markets and 26 other establishments were scheduled to become private cooperatives on Monday as Communist-run Cuba continues to shed secondary economic activity in favor of individual initiative and markets. The cooperatives will be the first outside of agriculture since all businesses were nationalized in 1968. …

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Researchers project the future of smart phones

June 30th, 2013

Researchers project the future of smart phones
June 30 – Researchers at the University of Tokyo are developing indoor projection technology that incorporates a sense of touch for interactive devices of the future. The system emits ultrasonic waves to generate pressure a user can feel and could one day render keyboards, smartphones, and even pens obsolete. Ben Gruber has more.


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Reuters Video: Business

Markets need clarity on Fed intentions: Carlyle's Rubenstein

June 30th, 2013

Markets need clarity on Fed intentions: Carlyle's Rubenstein
The sell-off in stocks and bonds that followed Federal Reserve Chairman Ben Bernanke’s latest comments were an overreaction, says Carlyle Group co-founder David Rubenstein, but it showed that the central bank should provide greater details of its plans to end bond purchases. Rubenstein spoke with Reuters Breakingviews Editor Rob Cox at the Aspen Ideas Festival.


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Reuters Video: Business

VDM sale attracts bids from financial investors, paper

June 30th, 2013

VDM sale attracts bids from financial investors, paper

Finnish stainless steel company Outokumpu's headquarters is seen in EspooFRANKFURT (Reuters) – Finnish stainless steelmaker Outokumpu's efforts to sell VDM, its high-performance alloys business, has attracted preliminary bids mainly from private equity firms such as Triton, Apollo and KPS Capital, a German daily reported. Handelsblatt said in a report due to be published on Monday, citing financial sources, that the bids were in the high three-digit million euro range, below the 1 billion euro ($1.3 billion) level Outokumpu had in mind. A decision will be made soon on selection of a short-list of candidates, it said. …

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Onyx Pharma rejects buyout offer from Amgen

June 30th, 2013

Onyx Pharma rejects buyout offer from Amgen
By Ryan Vlastelica NEW YORK (Reuters) – Onyx Pharmaceuticals Inc on Sunday confirmed it had rejected an offer from Amgen Inc to buy the company for $120 a share in cash. The company said that the offer price “significantly undervalued” its prospects, though it was “actively exploring” the potential to combine with another company. Shares of Onyx closed Friday at $86.82; the offer price represents a premium of about 38 percent from that level. The Financial Post reported the offer on Friday, sparking a steep jump in Onyx shares in after-hours trading. Onyx has a market cap of $6. …
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U.S. Energy Department pledges action in handling gas export applications

June 30th, 2013

U.S. Energy Department pledges action in handling gas export applications

U.S. Secretary of Energy Ernest Moniz gestures during an interview with Reuters in ViennaVIENNA (Reuters) – Energy Secretary Ernest Moniz said on Sunday he expected to have a "fair amount of action" during 2013 in evaluating applications by companies to export natural gas from the United States. "I'm planning to go through them as rapidly as I can … I certainly expect to have a fair amount of action this year," Moniz, who took office last month, said in an interview in the Austrian capital. U.S. companies hoping to export natural gas are frustrated by lengthy delays and rule changes as they await Department of Energy approval of their applications. But some U.S. …

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