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World War Two battleship USS Iowa sets off on final voyage

Sun, 27 May 2012 08:01:01 +0530

RICHMOND, California (Reuters) - The battleship USS Iowa, which served the United States through victory and tragedy during six decades at sea, set off on its final voyage on Saturday, a trip to Los Angeles to become a museum. With a cheer, volunteers in hard hats cast off the last of a dozen thick lines that had moored the 175-foot-tall gray dreadnought in the Port of Richmond. Then it slipped slowly into the San Francisco Bay, towering over the three tugboats that pulled it. Throngs of onlookers gathered as the ship sailed under the Golden Gate Bridge. ...

Wildfires hit six U.S. states, small towns evacuated

Sun, 27 May 2012 06:46:21 +0530

Santa Fe, New Mexico (Reuters) - A wildfire burned out of control for a fourth day in the steep mountains of southwestern New Mexico on Saturday, one of several blazes that have consumed more than 200 square miles (520 square km) of rugged land in six U.S. states. Efforts to contain the blazes spreading in sparsely populated areas of Arizona, Colorado, Michigan, Nevada, New Mexico and Utah have been hurt by gusting winds and tinder-dry late-spring conditions. ...

India seeks stronger Myanmar ties as PM visits

Sun, 27 May 2012 06:39:44 +0530

SITTWE, Myanmar (Reuters) - In northwest Myanmar, where the Kaladan River flows out into the Bay of Bengal, the two giant arms of a half-built wharf enfold the estuarine mud with steel and concrete. Their embrace is fraternal - Myanmar's giant neighbor India is funding the new port in Sittwe, the capital of Rakhine State - but also strategic. The port is part of a $214-million river and road network that will carve a trade route into India's landlocked northeast and underscore New Delhi's determination to capitalize on Myanmar's growing importance at Asia's crossroads. ...

Gunman in Indiana standoff had three bullet wounds: coroner

Sun, 27 May 2012 06:20:33 +0530

(Reuters) - A Texas gunman who held hostages in an eight-hour standoff with police in an Indiana real estate office suffered three gunshot wounds, including two to the head, a coroner said on Saturday. Police have said he shot himself twice in the head after the standoff on Friday in Valparaiso, about 40 miles southeast of Chicago. Porter County Coroner Chuck Harris said Roy Ferguson, 48, sustained gunshot wounds below his chin and to his right temple and a third wound to the right upper part of his torso. Harris said the wounds were established in a preliminary examination of Ferguson. ...

Colorado farm linked to listeria outbreak files for bankruptcy

Sun, 27 May 2012 05:33:26 +0530

DENVER (Reuters) - The Colorado farm that grew cantaloupes linked to a listeria outbreak that killed more than 30 people last year has filed for Chapter 11 bankruptcy protection, court documents showed. Jensen Farms of Holly, Colorado, listed $2.1 million in assets and more than $2.5 million in liabilities in documents filed on Friday in U.S. Bankruptcy Court in Denver. In its bankruptcy papers, the farm listed numerous wrongful death lawsuits it faces in the wake of the outbreak. ...

Jordan hikes gasoline, power prices to ease budget deficit

Sun, 27 May 2012 04:39:29 +0530

AMMAN (Reuters) - Jordan has raised the price of gasoline and electricity for major mining firms, hotels and banks, to ease its worsening budget deficit that could reach $4 billion this year, officials said on Saturday. The move, announced by the cabinet, which takes effect after midnight is the first major rise in retail gasoline prices since street protests early last year inspired by the wave of Arab unrest pushed the authorities to expand social spending and freeze fuel price hikes, including gasoline. The prices of premium petrol would increase to 1 dinar ($1.4) from 0. ...

Subtropical Storm Beryl swirls toward southeast coast

Sun, 27 May 2012 03:59:58 +0530

MIAMI (Reuters) - Subtropical Storm Beryl moved slowly toward the U.S. southeastern coast on Saturday, threatening heavy rains and dangerous surf for Memorial Day weekend beachgoers in northern Florida, Georgia and South Carolina. Beryl was centered about 220 miles east-southeast of Charleston, South Carolina, carrying maximum sustained winds of 45 mph. It was moving southwest, with tropical storm-force winds extending about 115 miles from the storm's center. The storm was not expected to develop into a hurricane, said Jack Beven, a senior hurricane specialist at the U.S. ...

Past winners lead the pack for Cannes film award

Sun, 27 May 2012 03:47:19 +0530

CANNES, France (Reuters) - The 2012 Cannes film festival ends on Sunday evening with the award of the Palme d'Or for best picture at a red carpet gala ceremony, the climax of a 12-day blur of screenings, photo shoots, parties and deal making. As thousands of journalists, critics, executives and stars head home and luxury yachts weigh anchor for their next port of call, the big question is who will walk away with one of the most coveted film prizes after the Oscars. ...

Wildfires hit six U.S. states, small towns evacuated

Sun, 27 May 2012 03:36:06 +0530

French back Hollande's first days in power: poll

Sun, 27 May 2012 01:59:01 +0530

PARIS (Reuters) - Close to two thirds of French people approve of President Francois Hollande's actions in his first days in power, a poll showed on Saturday, giving him a strong foundation to face a parliamentary election and the challenges of the euro crisis. Hollande took on the top job on May 15 at a time of stagnating economic growth and high unemployment in France and heightened anxiety over Greece's ability to remain in the euro zone. ...

Tax could cost UBS up to 10 percent of Europe assets

Sun, 27 May 2012 01:32:54 +0530

ZURICH (Reuters) - UBS AG could see up to 10 percent of its European assets of 300 billion Swiss francs ($312.52 billion) moved out due to pressure to clamp down on untaxed accounts, the head of the wealth management business was quoted as saying on Saturday. "We have been losing assets in Europe for many quarters, around 10 billion francs to date," Juerg Zeltner told the Finanz und Wirtschaft newspaper in an interview. "And we expect further asset outflows going forward, in the region of 12 to 30 billion francs. That's a bitter pill to swallow. ...

Islamists walk out of Algeria parliament in protest

Sun, 27 May 2012 00:06:26 +0530

ALGIERS (Reuters) - Islamist lawmakers walked out of the inaugural session of Algeria's parliament on Saturday to protest against an election they say was rigged to hand a majority to the ruling elite's party. Algeria, supplier of about a fifth of Europe's imported gas, is the only country in north Africa left largely untouched by last year's "Arab Spring" revolts, but some analysts predict unrest if the establishment does not loosen its grip on power. ...

J.P. Morgan replaces prime brokerage chief: report

Sun, 27 May 2012 00:02:37 +0530

CHICAGO (Reuters) - JPMorgan Chase & Co is replacing Lou Lebedin after keeping him for just two months as the New York bank's sole global prime brokerage chief, Bloomberg News reported, citing unnamed people familiar with the change. Lebedian, a 54-year old former Bear Stearns executive, had been co-head of JPMorgan's global prime brokerage since 2008, and had run the business solo since March when his London-based co-head was moved to a different role. Lebedin is being replaced by Teresa Heitsenrether, the co-head of JPMorgan's fixed income brokerage since 2008. ...

Minute by minute, Nasdaq chaos engulfed Facebook IPO

Sun, 27 May 2012 00:02:06 +0530

(Reuters) - Dead silence. For nearly 20 minutes on the morning of Facebook Inc's trading debut last Friday, the line Nasdaq had opened up to keep traders informed about the social media company's $16 billion IPO had been mute. Well after the stock was supposed to have opened at 11 a.m. New York time, no one from Nasdaq was talking - and there was still no sign of trading. Finally, at 11:28 a.m., an unidentified person announced that the shares would open in about 2 minutes. Nasdaq also said orders and cancellations were still being processed, according to several sources listening to the call. ...

Serbian tells Putin he will not trade Kosovo for EU

Sat, 26 May 2012 23:57:47 +0530

MOSCOW (Reuters) - Serbia is on a "long and uncertain" road to joining the European Union but will not give up its claim to Kosovo for the sake of membership, President-elect Tomislav Nikolic told Russian President Vladimir Putin on Saturday. It was Nikolic's first foreign trip since he was elected president on May 20. The election of the former leader of the ultranationalist Radical Party triggered speculation the country might abandon its pro-Western path steered since the overthrow of late Serb strongman Slobodan Milosevic in 2000. ...

Ethiopia detains, quizzes U.S. journalist: VOA

Sat, 26 May 2012 23:07:47 +0530

ADDIS ABABA (Reuters) - Ethiopian authorities briefly detained a journalist for Voice of America (VOA) and his translator as he covered a dispute between Muslims and the government in the capital Addis Ababa, the U.S. broadcaster said on Saturday. Peter Heinlein and translator Simegineh Yekoye were arrested after leaving a meeting about the dispute at a mosque on Friday afternoon and released without charge the following morning, VOA said. "We were interrogated by a police officer who told us that we had engaged in illegal reporting. ...

Biden tells West Point cadets: prepare for new threats

Sat, 26 May 2012 22:42:21 +0530

WASHINGTON (Reuters) - Most of the cadets who graduated on Saturday from West Point were in elementary school when hijacked planes hit the World Trade Center and Pentagon on September 11, 2001, and enrolled in the U.S. military academy with wars raging in Iraq and Afghanistan. Vice President Joe Biden lauded the brave choices of the Class of 2012 - and their so-called "9/11 generation" - with a commencement address focused on the United States' new foreign policy challenges including cyber threats and a rising China. ...

Four EU leaders set June 22 crisis talks

Sat, 26 May 2012 22:41:31 +0530

PARIS/MADRID (Reuters) - The leaders of France, Germany, Spain and Italy will meet on June 22 to discuss the euro zone crisis, said a spokeswoman for the Spanish prime minister's office. "They've just confirmed the date," she said. Earlier, Le Figaro newspaper had reported the summit would take place in Rome, citing Italian sources. Italian Prime Minister Mario Monti had suggested a meeting with German Chancellor Angela Merkel, French President Francois Hollande and Spanish Prime Minister Mariano Rajoy, but there was difficulty setting a date. ...

Japan says Fukushima spent-fuel risk contained

Sat, 26 May 2012 22:28:02 +0530

FUKUSHIMA, Japan (Reuters) - Japanese officials said on Saturday the unprecedented effort to remove spent fuel rods from one of the crippled Fukushima nuclear reactors was on track despite lingering concerns about the structure's vulnerability to another earthquake. "I don't think the situation is unstable," said Goshi Hosono, Japan's minister in charge of the response to the nuclear crisis. He was speaking to reporters after his first tour of the twisted and partly destroyed building that houses Fukushima's No. 4 reactor. ...

Bud dumps heavy rain on Mexico's Pacific coast

Sat, 26 May 2012 21:58:13 +0530

MANZANILLO, Mexico (Reuters) - The remnants of the first hurricane of the 2012 season, Bud, dumped heavy rain along Mexico's coast early on Saturday but caused little damage before it turned back into the Pacific. The storm, which on Friday had threatened to hit land with hurricane-force winds, lost strength as it neared the coast and it was downgraded to a tropical depression early on Saturday. Strong winds whipped the area's beaches and rain drenched coastal roads but there were no reports of injuries. ...

Astronauts float inside SpaceX Dragon capsule

Sat, 26 May 2012 21:55:29 +0530

CAPE CANAVERAL, Florida (Reuters) - Astronauts aboard the International Space Station opened the hatch and floated inside a Space Exploration Technologies' Dragon capsule on Saturday, the first privately owned spaceship to reach the orbital outpost, NASA said. Running ahead of schedule, station commander Oleg Kononenko and flight engineer Don Pettit opened the hatch to Dragon just before 6 a.m. EDT (1000 GMT), NASA mission commentator Josh Byerly reported from Mission Control in Houston. The bell-shaped capsule, which was making its second test flight, arrived at the space station on Friday. ...

Sanofi's cholesterol drug reports positive test results

Sat, 26 May 2012 21:46:08 +0530

PARIS (Reuters) - An experimental cholesterol treatment being jointly developed by Regeneron and Sanofi has shown it can lower bad cholesterol levels in difficult-to-treat patients, according to data from a mid-stage study published on Saturday. The treatment, a monoclonal antibody that works by blocking a protein called PCSK9 which preserves high bad cholesterol levels in the bloodstream, is a component of a new type of drug that could become effective in preventing heart attack and stroke. ...

Swiss working on emergency euro plan: minister

Sat, 26 May 2012 20:50:42 +0530

ZURICH (Reuters) - The Swiss government has set up a working group to consider how to support the economy in the case of an escalation of the euro zone crisis, Economy Minister Johann Schneider-Amman was quoted as saying on Saturday. He told Swiss radio the working group was drawing up plans on how the government could intervene to support financial and labor markets if the economy was hit in a worst-case scenario. ...

Spain region, Greek exit warnings rattle euro zone

Sat, 26 May 2012 20:50:42 +0530

(Reuters) - Central banks and companies risk making a grave error if they do not brace for a possible Greek exit from the euro zone, Belgium's foreign minister said on Friday, rattling markets already alarmed by Spain's deteriorating finances. Greek elections are scheduled for June 17 and could hasten the country's departure from the currency club should a government intent on ripping up the country's bailout program result. Contrasting findings of opinion polls on Friday showed the outcome is too tight to call. ...

Gunman in Indiana standoff dies after shooting himself

Sat, 26 May 2012 19:34:22 +0530

VALPARAISO, Indiana (Reuters) - A gunman took hostages in an Indiana real estate office on Friday, then released them after an eight-hour standoff and fatally shot himself in the head, authorities said. The gunman died at a hospital in Valparaiso, Indiana, about 40 miles southeast of Chicago, police said. "We believe there was some issue over some money," said Valparaiso Police Chief Michael Brickner. He added the man had been to the office previously to complain and had a confrontation with employees. ...

Iran plays down U.N. nuclear report

Sat, 26 May 2012 17:27:02 +0530

DUBAI (Reuters) - Iran has played down a United Nations report that said Iranian nuclear scientists had enriched uranium to a higher-than-expected level, state media reported on Saturday. On Friday, the International Atomic Energy Agency reported that samples taken in February showed particles with enrichment levels of up to 27 percent - putting Iran further down the road to making potentially weapons-grade uranium. ...

French-German row on euro "largely overstated": IMF

Sat, 26 May 2012 17:12:18 +0530

LONDON (Reuters) - Perceived differences between France and Germany over how to solve Europe's debt crisis are "largely overstated", International Monetary Fund chief Christine Lagarde said in an interview published on Friday. Asked whether there was no need to panic about a rift between Paris and Berlin, Frenchwoman Lagarde told Britain's Guardian newspaper: "I should think so ... I think it's largely overstated. ...

Bankia says its situation doesn't reflect Spain's banking system

Sat, 26 May 2012 17:07:59 +0530

MADRID (Reuters) - The extent of potential losses at Spain's Bankia, which has been rescued by the state to the tune of 23.5 billion euros, cannot be extrapolated to the country's banking system as a whole, Chairman Jose Ignacio Goirigolzarri told analysts on Saturday. The bank's new management has identified 15.6 billion euros in provisions it must make against potential future losses in repossessed property, loans to real estate developers and other credits, much higher than what the government had already forced it to recognize. ...

Italy PM Monti defends tax authorities as protests mount

Sat, 26 May 2012 16:57:14 +0530

ROME (Reuters) - Italian Prime Minister Mario Monti faced protests and catcalls on Saturday as he defended tax authorities against attacks fuelled by his government's unpopular austerity measures. Monti's speech to a passing-out parade of new officers of the Guardia di Finanza tax police in the northern city of Bergamo was met by a small plane trailing a banner reading "Enough with Monti, enough with taxes". ...

Afghan road lifelines blocked by graft, kickbacks

Sat, 26 May 2012 15:26:03 +0530

KABUL (Reuters) - When the Afghan government unveiled plans for a road linking his small village to larger centers elsewhere, Rahmanullah was so enthusiastic he offered a section of his farm for the route, thinking it would help move his produce to larger markets. He even signed up for the construction gang, earning $6 a day to help build the 28 kilometer-long route from Gardez, the capital of east Paktia province, and Rahmanullah's home in the mountainous Mirzaki district. ...

Bankia preference shares not to be converted into capital: chairman

Sat, 26 May 2012 14:59:12 +0530

MADRID (Reuters) - Bankia's chairman Jose Ignacio Goirigoizarri said on Saturday he did not envisage converting about 4 billion euros ($5.00 billion)in preference shares held by investors into capital. "We don't envisage that the solution around preference shares will be to convert them into capital, but when we have a solution, we will communicate it," he told a press conference a day after Bankia asked for a 19 billion euro state bailout, the biggest bank rescue ever in Spain. ($1 = 0.7992 euros) (Reporting by Jesus Aguado, Editing by Sarah White)

Bankia and BFA merger not on the table for now: chairman

Sat, 26 May 2012 14:58:45 +0530

MADRID (Reuters) - Bankia's chairman said on Saturday that a merger of the troubled bank with its parent group BFA was not on the table for now. The two entities asked for a 19 billion euro ($23.77 billion) state bailout on Friday to cope with possible real estate losses and writedowns on other loans. "It's not on the table for now. We might think about it in future but it's not among our priorities," said chairman Jose Ignacio Goirigolzarri. ($1 = 0.7992 euros) (Reporting by Jesus Aguado, Editing by Sarah White)

Icahn buys Chesapeake stake, seeks board changes

Sat, 26 May 2012 14:16:59 +0530

(Reuters) - Billionaire investor Carl Icahn revealed he had bought a 7.6 percent stake in Chesapeake Energy Corp and called for the natural gas producer to replace at least four directors, saying the board has failed "in a dramatic fashion" in its oversight of management. The corporate-raider-turned-activist investor asked the company for two board seats for his own representatives and two for another large shareholder such as Chesapeake's largest, Southeastern Asset Management. ...

Poland's PGNiG wants to invest $14 billion over 10 years: paper

Sat, 26 May 2012 13:52:44 +0530

WARSAW (Reuters) - Polish gas monopoly PGNiG wants to invest about 50 billion zlotys ($14.31 billion) over the next ten years, mainly on a search for new gas and oil sources, the daily Parkiet said on Saturday. The daily, referring to comments by the company's deputy chief executive, Slawomir Hinc, also said that PGNiG, 72.4 percent owned by the state treasury, wants to earmark some 1.1 billion on investment this year alone. ...

Asia's richest man cleverly sidesteps possibility of family feud

Sat, 26 May 2012 13:12:45 +0530

HONG KONG (Reuters) - Octogenarian Hong Kong billionaire Li Ka-shing mapped out a succession plan for one of Asia's biggest family empires, ensuring a smoother transition for the Cheung Kong group than that of real estate rival Sun Hung Kai Properties . Li told investors that while he had no plans to retire, elder son Victor would eventually take over at Cheung Kong Holdings and Hutchison Whampoa , the real estate to telecoms empire founded by Asia's richest man. The 83-year-old, whose personal wealth of $25. ...

Afghan parliament approves U.S.-Afghan security pact

Sat, 26 May 2012 11:48:58 +0530

KABUL (Reuters) - Afghanistan's parliament approved on Saturday a strategic pact between Kabul and Washington, clearing the way for a U.S. presence in the country for at least a decade after most foreign combat troops leave in 2014. "This was done for the interest of Afghanistan," said Daoud Kalakani, an MP from Kabul. Around 180 MPs were present and only four voted against, Kalakani said. The deal, signed by U.S. President Barack Obama and Afghanistan's Hamid Karzai in Kabul on May 2, sets out a long-term U.S. role in Afghanistan, including aid and advisers. ...

Clinton to visit Scandinavia, Caucasus, Turkey

Sat, 26 May 2012 08:54:51 +0530

WASHINGTON (Reuters) - Secretary of State Hillary Clinton leaves next week on an eight-day trip to Scandinavia, the Caucasus and Turkey that will cover security issues such as Iran and Syria as well as the environment and health. The State Department said Clinton begins her May 31-June 7 trip with visits to Denmark, Norway and Sweden that will largely concentrate on the environment. ...

Russian arms shipment en route to Syria: report

Sat, 26 May 2012 06:40:12 +0530

UNITED NATIONS (Reuters) - A Russian cargo ship loaded with weapons is en route to Syria and due to arrive at a Syrian port this weekend, Al Arabiya television said in a report that Western diplomats in New York described on Friday as credible. Syria is one of Russia's top weapons customers. The United States and European Union have suggested the U.N. Security Council should impose an arms embargo and other U.N. sanctions on Syria for its 14-month assault on a pro-democracy opposition determined to oust Syrian President Bashar al-Assad. ...

U.S. asks judge to undo ruling against military detention law

Sat, 26 May 2012 06:24:05 +0530

NEW YORK (Reuters) - Federal prosecutors on Friday urged a judge to lift her order barring enforcement of part of a new law that permits indefinite military detention, a measure critics including a prize-winning journalist say is too vague and threatens free speech. Manhattan federal court Judge Katherine Forrest this month ruled in favor of activists and reporters who said they feared being detained under a section of the law, signed by President Barack Obama in December. ...

JPMorgan board to shake up risk committee: WSJ

Sat, 26 May 2012 06:01:26 +0530

(Reuters) - The board of JPMorgan Chase & Co is expected to make changes to its risk-policy committee after the bank's trading losses of more than $2 billion, The Wall Street Journal reported on Friday, citing anonymous sources. The board is expected to add either Timothy Flynn or James Bell to the committee, the Journal said. Flynn and Bell have backgrounds in risk and finance, the report said. It was not clear whether any of the current members of the committee would leave it, the Journal said. A JPMorgan spokesman declined to comment on the report. ...