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Jul 27, 2011

REUTERS News, Jul 27, 2011

Obama seeks "Plan B" as debt plans stall
Tue,26 Jul 2011 11:00 PM PDT
Reuters -
photoWASHINGTON (Reuters) - A Republican plan to cut the U.S. deficit faced delay and stiff opposition on Wednesday, piling anxiety onto investors and ordinary Americans hoping for a late compromise to avoid a crippling debt default.

Oslo station partly evacuated due suspicious suitcase
Tue,26 Jul 2011 11:38 PM PDT
Reuters - OSLO (Reuters) - Parts of Oslo's central train station were evacuated early on Wednesday after a suspicious suitcase was discovered, and police were investigating, Norwegian news agency NTB said. Full Story

Is default deadline truly Aug 2? Analysts say no
Tue,26 Jul 2011 11:01 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Will the sky fall on August 2 if the U.S. Congress fails to raise the debt ceiling?

Analysis: QE3 may do markets more harm than good
Tue,26 Jul 2011 10:54 PM PDT
Reuters -
photoLONDON (Reuters) - There may be a point at which global investors get indigestion from U.S. money printing.

Amazon revenue, spending surges; stock jumps
Tue,26 Jul 2011 06:01 PM PDT
Reuters -
photoSAN FRANCISCO (Reuters) - Amazon.com Inc will use its surging revenue to boost growth and drive expansion into areas such as Web content and cloud computing rather than boost its margins.

S&P warns against prioritizing debt payments: report
Tue,26 Jul 2011 07:31 PM PDT
Reuters - NEW YORK (Reuters) - Prioritizing debt payments to avoid a default would be "deeply disruptive" to the economy, Standard & Poor's global head of sovereign ratings said in an interview with CNBC on Tuesday. Full Story

Daimler revenues disappoint
Tue,26 Jul 2011 11:29 PM PDT
Reuters -
photoFRANKFURT (Reuters) - German car and truck maker Daimler's second quarter revenues fell short of expectations, indicating that demand for cars in emerging markets may be starting to cool.

Elizabeth Warren to leave consumer financial agency
Tue,26 Jul 2011 03:38 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Elizabeth Warren, the law professor who persuaded the Obama administration to create the Consumer Financial Protection Bureau, will step down on August 1 from her role setting up the controversial new regulator, the Treasury said on Tuesday.

Traumatized Norway tries to return to normality
Tue,26 Jul 2011 07:06 PM PDT
Reuters -
photoOSLO (Reuters) - A Norwegian cabinet minister will make a symbolic return on Wednesday to her bomb-damaged office as the nation tries to restore some normality after the massacre by a right-winger whose lawyer believes is insane.

Home price rise fails to lift housing gloom
Tue,26 Jul 2011 02:10 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Prices for new single family homes rose to a five-month high in June even as sales slipped, but recovery for the broader housing market continues to be frustrated by an oversupply of properties.

Special report: Fukushima long ranked most hazardous plant
Tue,26 Jul 2011 02:41 PM PDT
Reuters -
photoTOKYO (Reuters) - Japan's Fukushima Daiichi nuclear plant ranked as one of the most dangerous in the world for radiation exposure years before it was destroyed by the meltdowns and explosions that followed the March 11 earthquake.

Utah police identify mystery jail inmate
Tue,26 Jul 2011 07:12 PM PDT
Reuters - SALT LAKE CITY (Reuters) - Police in Utah identified a mystery man on Tuesday who was arrested on minor charges and sat in a jail under the name "John Doe" for over three weeks because he would not reveal his true identity. Full Story

Strauss-Kahn rape case hearing delayed again
Tue,26 Jul 2011 02:18 PM PDT
Reuters -
photoNEW YORK (Reuters) - The court date in the attempted rape case of former IMF boss Dominique Strauss-Kahn has been postponed to August 23, his lawyers said on Tuesday, adding they hope charges will be dismissed by that date.

Hopes for deal rise as debt fears infect markets
Tue,26 Jul 2011 04:43 PM PDT
Reuters -
photoWASHINGTON (Reuters) - A glimmer of hope emerged on Tuesday for a compromise to break the deadlock over the U.S. debt limit as corporate America and the public betrayed growing nervousness over the risks of a credit downgrade and default.

No bail for Florida imam accused of aiding Taliban
Tue,26 Jul 2011 01:10 PM PDT
Reuters - MIAMI (Reuters) - A federal judge in Miami denied bail on Tuesday to a young Muslim cleric arrested in May on charges of financing and supporting the Pakistani Taliban.Full Story

photoWASHINGTON (Reuters) - Americans overwhelmingly are concerned about the U.S. debt crisis and a majority backs the type of compromise pushed by President Barack Obama, a Reuters/Ipsos poll found on Tuesday.

Traumatized Norway tries to return to normality
Tue,26 Jul 2011 04:35 PM PDT
Reuters -
photoOSLO (Reuters) - A Norwegian cabinet minister will make a symbolic return on Wednesday to her bomb-damaged office as the nation tries to restore some normality after the massacre perpetrated by a right-winger who his lawyer believes is insane.

Amazon revenue surges, stock jumps
Tue,26 Jul 2011 02:55 PM PDT
Reuters -
photoSAN FRANCISCO (Reuters) - Amazon.com Inc reported a surge in quarterly revenue on sales of its kindle electronic reader and other electronics and forecast far better-than-expected revenue for the current quarter, sending its shares up more than 6 percent.

Is default deadline truly Aug 2? Analysts say no
Tue,26 Jul 2011 04:19 PM PDT
Reuters -
photoWASHINGTON (Reuters) - Will the sky fall on August 2 if the U.S. Congress fails to raise the debt ceiling?

Ford profits despite economy, rising costs
Tue,26 Jul 2011 10:29 AM PDT
Reuters -
photoDEARBORN, Michigan (Reuters) - Ford Motor Co's profit held up well in a second quarter marked by the impact of Japan's earthquake, the shaky U.S. economy and high commodity costs, but the automaker remained cautious about consumer demand going forward.

U.S. likely to lose top rating: economists
Tue,26 Jul 2011 12:11 PM PDT
Reuters -
photoWASHINGTON/LONDON (Reuters) - The United States will lose its top-notch AAA credit rating from at least one major rating agency, according to a Reuters poll that also found wrangling over the debt ceiling has already damaged the economy.

Magnitude 6.0 earthquake off Baja California, Mexico: USGS
Tue,26 Jul 2011 11:17 AM PDT
Reuters - WASHINGTON (Reuters) - A strong 6.0 magnitude earthquake occurred in the Sea of Cortez off Baja California, 60 miles east of La Paz, Mexico, the U.S. Geological Survey reported on Tuesday. Full Story

IMF chief urges U.S. to immediately resolve debt spat
Tue,26 Jul 2011 05:39 AM PDT
Reuters -
photoNEW YORK (Reuters) - IMF chief Christine Lagarde on Tuesday urged the United States to quickly resolve a political stalemate over raising the debt ceiling, warning that failure to reach an agreement would have serious consequences for the world economy.

Spain, Italy debt sales show euro zone relief fading
Tue,26 Jul 2011 09:24 AM PDT
Reuters -
photoMADRID/ROME (Reuters) - Spain and Italy paid a high price to sell short-term debt on Tuesday, compounding investors' concern that last week's bailout package for Greece left the euro zone's debt crisis unresolved.

Oregon lawmaker to resign over sex scandal
Tue,26 Jul 2011 03:24 PM PDT
Reuters -
photoPORTLAND, Ore (Reuters) - Oregon Democratic Congressman David Wu, accused of an unwanted sexual encounter with a campaign donor's teenage daughter, said on Tuesday he will resign his seat to defend himself against "these very serious allegations."

Soros to return outsiders' hedge fund money
Tue,26 Jul 2011 01:34 PM PDT
Reuters -
photoBOSTON (Reuters) - Billionaire investor George Soros, whose stock-picking career has spanned nearly four decades, said he will manage money only for himself and his family as new regulations threaten to crimp the hedge fund industry he made famous.

Moroccan military plane crash kills 78: military
Tue,26 Jul 2011 07:27 AM PDT
Reuters - RABAT (Reuters) - At least 78 people were killed on Tuesday when a Moroccan military transport plane crashed into a mountain in the south of the country during bad weather, the military said in a statement carried by the state news agency. Full Story

Greece hopes for quick debt swap in August
Tue,26 Jul 2011 05:00 AM PDT
Reuters -
photoATHENS (Reuters) - Greece wants a voluntary swap of government bonds for longer maturity paper to start in August and be completed fast to emerge rapidly from an expected default rating, its deputy finance minister said on Tuesday.

Strauss-Kahn's accuser: Schemer or immigrant survivor?
Tue,26 Jul 2011 08:42 AM PDT
Reuters -
photoNEW YORK (Reuters) - First she was portrayed as a model of virtue who was violated by a rich and powerful man.

Saudi billionaire backs News Corp structure: report
Mon,25 Jul 2011 04:17 PM PDT
Reuters -
photoLONDON (Reuters) - News Corp's major shareholder Prince Alwaleed bin Tala has rebuffed calls to change the company's dual-class structure or leadership, the Financial Times reported in its Tuesday edition.

New home sales fall in June, prices rise
Tue,26 Jul 2011 07:11 AM PDT
Reuters -
photoWASHINGTON (Reuters) - New single-family home sales unexpectedly fell in June, but a sharp rise in prices and declining supply suggested the market for new houses was starting to stabilize, a government report showed on Tuesday.

U.S. trucking funds end up in Taliban hands
Mon,25 Jul 2011 03:35 PM PDT
Reuters - WASHINGTON (Reuters) - Cash from part of a $2.16 billion U.S. transportation contract in Afghanistan has ended up in the hands of Taliban insurgents, the Pentagon said on Monday. Full Story

Credit Suisse may cut up to 2,000 jobs: report
Mon,25 Jul 2011 11:33 PM PDT
Reuters -
photoZURICH (Reuters) - Credit Suisse will likely announce cost savings measures including a cut of 1,500-2,000 jobs, a Swiss paper reported on Tuesday, without naming any sources.

Back to business for NFL as labor dispute settled
Tue,26 Jul 2011 02:38 AM PDT
Reuters -
photoNEW YORK (Reuters) - The National Football League (NFL) and its players ended their months-long row over how to carve up their financial empire Monday by agreeing to a multi-billion dollar, 10-year deal.

CME acts to curb volatile Treasury futures
Mon,25 Jul 2011 07:22 PM PDT
Reuters - NEW YORK (Reuters) - The CME Group has made it more expensive to trade Treasury futures in an effort to curb market swings created by growing fears of a government default. Full Story

Daily Mail says no published stories based on hacking
Tue,26 Jul 2011 12:34 AM PDT
Reuters - LONDON (Reuters) - UK newspaper group Daily Mail & General Trust has not published any stories based on hacked messages, its chief executive said, as rival News Corp battles a phone-hacking crisis at its now defunct News of the World tabloid. Full Story

Debt fears haunt Fiat's grand Chrysler plan
Tue,26 Jul 2011 11:35 AM PDT
Reuters -
photoMILAN (Reuters) - Concern over Fiat SpA's ballooning debt dragged its stock lower on Tuesday as the Italian carmaker moved a step closer toward a full merger with Chrysler Group LLC by outlining plans for a single management team.

Back to business for NFL as labor dispute settled
Mon,25 Jul 2011 02:18 PM PDT
Reuters -
photoNEW YORK (Reuters) - The National Football League (NFL) and its players ended their months-long row over how to carve up their financial empire Monday by agreeing to a multi-billion dollar, 10-year deal.

Norway mass killer jeered on way to court hearing
Mon,25 Jul 2011 06:34 AM PDT
Reuters -
photoOSLO (Reuters) - Anders Behring Breivik, who killed at least 93 people in a bomb attack and shooting rampage in Norway, arrived at an Oslo courtroom for a closed custody hearing on Monday to jeers from an angry crowd.

Exclusive: Fed president hints at broad money-market fix
Mon,25 Jul 2011 05:01 PM PDT
Reuters -
photoBOSTON (Reuters) - A senior Federal Reserve official is prescribing sweeping medicine to stabilize the $2.5 trillion money market mutual fund industry, which would be rattled by potential downgrades of the government securities that are among its key holdings.

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