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July 2012
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Yahoo joins growing list of bidders for Hulu: sources

By Ronald Grover and Greg Roumeliotis LOS ANGELES/NEW YORK (Reuters) - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday. Yahoo just this week announced a $1.1 billion acquisition of blogging service Tumblr. It now joins rival bidders for Hulu, including Time Warner Cable Inc, DirecTV, former News Corp president Peter Chernin and Guggenheim Digital Media, sources have said. It is unclear how much the Internet company bid. ...

Visa, Mastercard ask U.S. court to declare card fees are lawful

By Jessica Dye NEW YORK (Reuters) - Visa Inc and MasterCard Inc, opening another front in an eight-year battle over credit card fees paid by retailers, on Friday asked a federal judge to declare that the fees do not violate antitrust law. The lawsuit seeks to give the card companies legal ammunition against some retailers who are trying to opt out a proposed settlement under which they would receive a share of $7.2 billion in cash and fee discounts from the card companies. ...

Wall Street posts first weekly loss since mid-April on Fed angst

By Angela Moon NEW YORK (Reuters) - The S&P 500 declined for a third day on Friday, with the three major stock indexes posting their first negative week since mid-April on lingering concern that the central bank may scale back its stimulus measures to support the economy. Still, the indexes closed well off their lows in light volume ahead of the three-day Memorial Day holiday weekend. The Dow ended slightly higher, outperforming the broader market, buoyed by a 4 percent gain in Procter & Gamble . ...

New York claims more proof of bank mortgage abuses

By Karen Freifeld NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses. Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems. ...

Justice Department opposes AMR's $20 million severance for CEO Horton

By Nick Brown (Reuters) - A plan by American Airlines' parent to exit bankruptcy and merge with US Airways Group is coming under fire from the U.S. Department of Justice over nearly $20 million in severance pay earmarked for outgoing boss Tom Horton. In court papers filed on Friday in U.S. Bankruptcy Court in Manhattan, U.S. Trustee Tracy Hope Davis, the department's official charged with regulating bankruptcy cases in the New York region, said the severance deal for AMR Corp's chief executive violates bankruptcy law. ...

Mall owner General Growth eyes NY's Madison Ave: sources

By Ilaina Jonas NEW YORK (Reuters) - General Growth Properties Inc has paired with Brookfield Office Properties Inc to bid for one of the most sought after Manhattan office buildings on the market, making what could be the mall owner's entry into the urban street retail real estate market, according to sources familiar with the deal. Bids for 650 Madison Avenue could exceed $1.3 billion, according to sources, who were not authorized to speak publicly. The decision on the winning bid is expected next week, said one source. ...

U.S. audit regulator reaches deal with China on document access

By Dena Aubin and Sarah N. Lynch NEW YORK (Reuters) - U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of bungled audits after a two-year stand-off between China and the United States. The nonbinding deal is only a partial victory for the United States, which has been blocked from investigating accounting scandals at dozens of Chinese companies listed on U.S. stock exchanges. It applies only to enforcement cases against auditors, not against China-based companies suspected of accounting fraud. ...

Senator urges 'extreme caution' on SoftBank -Sprint deal

By Doug Palmer and Liana B. Baker WASHINGTON (Reuters) - An influential senator expressed strong concerns on Friday about Japanese company SoftBank Corp's plan to buy 70 percent of Sprint Nextel , warning it could expose the United States to Chinese cyber attacks. "I have real concerns that this deal, if approved, could make American industry and government agencies far more susceptible to cyber attacks from China and the People's Liberation Army," Senator Charles Schumer of New York said in a statement. ...

Exclusive: DBRS to rate all euro zone sovereigns by year-end

By Luciana Lopez NEW YORK (Reuters) - DBRS plans to rate the credit of all euro-zone sovereigns by year-end, from the current 10 of 17, which will give the now-missing countries one more way for the ECB to weigh how valuable each nation's debt is as collateral. The move is part of a larger push at DBRS to rate more sovereigns, from the current 26 to closer to 50, including a broader expansion in Asia. "Our immediate target is to ensure that we have the whole euro zone covered," said Alan G. Reid, group managing director at DBRS. ...

Durable goods orders point to factory resilience

By Jason Lange WASHINGTON (Reuters) - Orders for long-lasting U.S. manufactured goods rose more than expected in April, a hopeful sign that a sharp slowdown in factory output could soon run its course. New orders for durable goods, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday. The data was the latest to show the U.S. economy exhibiting surprising resilience in the face of harsh fiscal austerity measures enacted this year. ...

Archive for July 19th, 2012

19 Jul

Beijing court rejects appeal from artist Ai Weiwei

A Beijing court on Friday rejected artist Ai Weiwei's appeal of a more than $2 million fine for tax evasion, a case he says is part of an intimidation campaign to stop him from criticizing the government.

Original post by Associated Press and software by Elliott Back

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Archive for July 19th, 2012

Beijing court rejects appeal from artist Ai Weiwei