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Iraqi Kurdistan to push ahead with oil export plan

ARBIL, Iraq (Reuters) - Iraq's autonomous Kurdistan region said on Sunday it expects to start exporting its crude oil production along a new pipeline to the Turkish border by August 2013, defying Baghad in a long-running dispute over who should control the country's oil exports. The Kurdistan region, which has its own government and armed forces, has already clashed with Iraq's central government and halted its oil exports in April after accusing Baghdad of not remitting payments due. ...

Pakistan blocks Twitter over contentious material

The chairman of Pakistan's telecommunications authority says the government has blocked the social networking website Twitter because of material considered offensive to Islam.

Serbians vote for president under threat of protest

BELGRADE (Reuters) - Pro-Western incumbent Boris Tadic and rightist Tomislav Nikolic went head to head on Sunday in a tense run-off election for Serbian president and the right to lead the struggling nation into talks on joining the European Union. In a vote marred by opposition accusations of fraud, Tadic is tipped to defeat Nikolic for the third time since 2004 as Serbia slowly sheds the legacy of a decade of war and isolation under late strongman Slobodan Milosevic. ...

Israel blasts foreign proposal on settlement goods

A Palestinian demonstrator returns a tear gas canister towards Israeli soldiers during a protest against the expansion of the nearby Jewish settlement of Halamish in the West Bank village of Nabi Saleh, near Ramallah, Friday, May. 18, 2012. (AP Photo/Majdi Mohammed)The Palestinian campaign to boycott goods produced in Jewish settlements in the West Bank has received a boost from abroad with an unprecedented South African proposal to have the name of Israel dropped from labels on merchandise made in the settlements.


Powerful quake kills at least 4 in northern Italy

A volunteer ropes off the area surrounding a collapsed building in Finale Emilia, northern Italy after a quake hit northern Italy early Sunday, May 20, 2012. One of the strongest earthquakes to shake northern Italy rattled the region around Bologna early Sunday, a magnitude-6.0 temblor that killed at least four people, toppled buildings and sent residents running into the streets, emergency services and news reports said. (AP Photo/Marco Vasini)One of the strongest earthquakes to shake northern Italy rattled the region around Bologna early Sunday, a magnitude-6.0 temblor that killed at least four people, toppled buildings and sent residents running into the streets, emergency services and news reports said.


Strong quake hits North Italy,at least four dead

A boy looks at the damaged old tower of Delle Rocche castle after an earthquake in Finale EmiliaBONDENO, Italy (Reuters) - A strong earthquake rocked a large swathe of northern Italy early on Sunday, killing at least four people, injuring dozens and seriously damaging historic buildings such as churches, bell towers and a mediaeval castle. The quake, which the U.S. Geological Survey recorded at magnitude 6.0, struck at 4:04 a.m. (0204 GMT) while most people were sleeping, and thousands ran into the streets in their night clothes in panic. "I ran out in my underwear," one man told Italian television. ...


Germany's Schaeuble says Greek euro zone exit preventable

BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble said Greece's exit from the euro zone could definitely be prevented but that it was up to Greece to abide by its agreements. "European solidarity isn't a one-way street," Schaeuble told Bild am Sonntag newspaper. "You can't have one without the other. If anyone in Greece thinks that's the case, then they're massively fooling themselves and the voters. ...

Ex-president seeks comeback in Dominican Republic

In this combo of two photographs, Danilo Medina, left, presidential candidate of the ruling Dominican Liberation Party, speaks during an interview on May 15, 2012, and Hipolito Mejia, former president and candidate of the opposition Dominican Revolutionary Party, listens to a question on May 17, 2012, both in Santo Domingo, Dominican Republic. Medina and Mejia are the two leading candidates for the Sunday presidential elections. (AP Photo/Manuel Diaz)A former president whose term ended with the worst economic crisis in the modern history of the Dominican Republic will seek to make a comeback Sunday as he faces an old rival in a race to lead the Caribbean's top tourist destination.


Russia forces kill two suspected militants in Dagestan raid

MOSCOW, Russia (Reuters) - Russian security forces killed two suspected militants in a gunfight at a private house in its restive North Caucasus province of Dagestan, Interfax reported on Sunday, quoting local authorities. Police stormed the house in a village near Khasavyurt, a town about 80 km (50 miles) west of the provincial capital of Makhachkala. Two unidentified gunmen were killed in a shootout with security forces, a local law enforcement official said. "They opened fire in response to calls for surrender," the official was quoted as saying. ...

Opposition groups report clashes in Syrian capital

In this citizen journalism image provided by Sham News Network SNN, an anti-Syrian regime protester, holds up a Cross and Crescent painted with colors of the Syrian revolution flag during a demonstration against Syrian President Bashar Assad, at the Damascus suburb of Yabroud, Syria, Friday, May 18, 2012. Syrian security forces fired tear gas and live ammunition to disperse thousands rallying Friday in Aleppo in what activists said was the largest protest yet in a city that has largely remained loyal to President Bashar Assad during the country's 15-month uprising. (AP Photo/Sham News Network, SNN)THE ASSOCIATED PRESS IS UNABLE TO INDEPENDENTLY VERIFY THE AUTHENTICITY, CONTENT, LOCATION OR DATE OF THIS HANDOUT PHOTOA restive district of the Syrian capital that has been a hotbed of dissent against President Bashar Assad was rocked by fighting overnight between government forces and army defectors, opposition groups said Sunday.


After Italy bombing, no claim of responsibility

Flowers and a note reading A bomb blast outside a high school in southern Italy that killed a 16-year-old student has stirred memories of the dark days decades ago when terrorists, anarchists and organized crime carried out dozens of bloody attacks.


Analysis: Post-war Ivory Coast nurtures second "miracle"

Workers are seen at the construction site of Abidjan's third bridge, in Cocody-Golf, AbidjanABIDJAN (Reuters) - From his lagoon-side allotment in Ivory Coast's economic capital Abidjan, Moussa Yanda has a ringside seat to watch the foundations of a $290-million toll bridge slowly rise up from the shore. "I love watching it," enthused the softly-spoken 45-year-old as he packed up his garden tools for the day. "When things are developing, we realize we're going to make it through this." Little over a year ago such optimism was scarce. ...


China state-run businesses to invest 350 billion yuan in Chongqing

BEIJING (Reuters) - Thirty of China's biggest state-owned businesses have signed contracts worth about 350 billion yuan ($55.3 billion) with the southwestern municipality Chongqing, Chinese media reported on Sunday, in a sign of Beijing's determination to bolster confidence in the city formerly run by ousted leader Bo Xilai. Since the fall of the once high-flying Chinese official, media reports and some investors have questioned whether Chongqing's debt-laden economy is also headed for trouble. ...

Samsung's mobile chief says has options to settle war with Apple

Students walk out of a showroom at the headquarters of Samsung Electronics in SeoulSEOUL (Reuters) - Samsung Electronics' mobile division chief JK Shin said on Sunday the South Korean technology giant was still seeking to resolve differences in its international patent war with Apple Inc.. "There is still a big gap in the patent war with Apple but we still have several negotiation options including cross-licensing," Shin told reporters at Seoul airport shortly before his departure for the United States. Asked about the prospects for Samsung's memory chip business, Shin said the 4G chip shortage was expected to continue until early in the fourth quarter of this year. ...


Day after historic IPO, Facebook's Zuckerberg weds

This photo provided by Facebook shows Facebook founder and CEO Mark Zuckerberg and Priscilla Chan at their wedding ceremony in Palo Alto, Calif., Saturday, May 19, 2012. Zuckerberg updated his status to For Facebook founder and CEO Mark Zuckerberg, it was quite a week — from birthday, to IPO, to I DO.


Sri Lanka president orders release of jailed rival

Sri Lanka's President Mahinda Rajapaksa inspects a War Victory parade in ColomboCOLOMBO (Reuters) - Sri Lanka's President Mahinda Rajapaksa has ordered the early release from jail of his highest-profile political rival Sarath Fonseka, the president's spokesman said on Sunday, in an apparent bid to quell international criticism of the government's human rights record. The authorisation for Fonseka's release will be sent to the justice ministry on Monday, spokesman Bandula Jayasekara said. The former general is expected to be free soon afterwards, but will not be able to leave the country. ...


APNewsBreak: 22 states join campaign finance fight

FILE - Montana Attorney General Steve Bullock is seen at an event in which he announced the start of his 2012 gubernatorial campaign on in this Sept. 7, 2011 file photo taken in Billings, Mont. Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending. Bullock argues that political corruption in the Copper King era led to the state ban on corporate campaign spending. A clarification of Citizens United is needed to make clear that states can block certain political spending in the interest of limiting corruption, he said. On Friday, May 18, 2012 Montana's case was given a boost when U.S. Sens. John McCain, R-Ariz., and Sheldon Whitehouse, D-D-R.I., signed on in support. (AP Photo/Matthew Brown, File)Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spending.


Sri Lanka set to release jailed ex-army chief

FILE - In this Dec. 16, 2011 file photo, defeated presidential candidate and former army chief Sarath Fonseka attempts to give a sound bite to television reporters as he is forcibly escorted by prison guards out of a court room in Colombo, Sri Lanka. A presidential spokesman says Sri Lanka's President Mahinda Rajapaksa signed papers ordering the release of Sarath Fonseka on Saturday, May 19, 2012. (AP Photo/Chamila Karunarathne, File)Sri Lanka's president has ordered authorities to free the country's jailed former army chief, a man credited with ending the country's long civil war but who later was imprisoned after challenging the president in elections.


Taiwan's Ma signals no China change as term starts

Protesters throw eggs at a portrait of Taiwan's President Ma Ying-jeou on his inauguration day, denouncing his policies, Sunday, May 20, 2012 in Taipei, Taiwan. Despite Ma's re-election in January, the island is greatly divided on his political and economic policies. (AP Photo/Wally Santana)Taiwan's president began his second term Sunday and signaled he will maintain a China policy that has reduced tensions between the sides, offering Beijing little early hope of realizing its long-term goal of unification.


Obama sees 'emerging consensus' on economic fix

President Barack Obama briefs journalists following the G-8 Summit Saturday, May 19, 2012 at Camp David, Md. (AP Photo/Charles Dharapak)Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.


NATO leaders seek common path out of Afghanistan

Canada's PM Harper and Britain's PM Cameron disembark from Harper's plane after arriving in Chicago ahead of the NATO SummitCHICAGO (Reuters) - NATO leaders gather in Chicago on Sunday for a summit that will chart a path out of Afghanistan, as Western nations seek to fend off fissures in their alliance and ensure Afghanistan can hold a still-potent Taliban at bay when foreign troops withdraw. President Barack Obama hosts the summit in his home town, Chicago, a day after leaders of major industrialized nations tackled Europe's debt crisis, backing keeping Greece in the euro zone and vowing to take steps necessary to revitalize the world economy. ...


Status update: Facebook's Mark Zuckerberg gets married

Facebook co-founder and CEO Zuckerberg and Priscilla Chan are seen in this wedding photo(Reuters) - Facebook co-founder and CEO Mark Zuckerberg wed longtime girlfriend Priscilla Chan on Saturday, announcing the nuptials through a status update on the social networking site. The 28-year-old billionaire's wedding took place a day after Facebook's initial public offering on the Nasdaq stock exchange on Friday. More than 280,000 people "liked" Zuckerberg's status change, which was accompanied by a photo of the smiling couple in wedding attire in a small, verdant outdoor setting with a string of lights behind them. ...


Transgender Miss Universe Canada contestant loses

Transgendered beauty queen Jenna Talackova appears in the Miss Universe Canada pageant in Toronto, on Saturday May 19, 2012. Talackova sparked global attention when she was initially disqualified from the pageant. (AP Photo/The Canadian Press,Chris Young)The first-ever transgender contestant to compete in the Miss Universe Canada pageant strutted the runway Saturday night, making it to the penultimate round before losing her bid to win the title.


Facebook's Mark Zuckerberg weds on day after IPO

This photo provided by Facebook shows Facebook founder and CEO Mark Zuckerberg and Priscilla Chan at their wedding ceremony in Palo Alto, Calif., Saturday, May 19, 2012. Zuckerberg updated his status to A day after the historic Facebook IPO, founder and CEO Mark Zuckerberg updated his status Saturday to "married."


Two smaller unions agree deals with Lockheed

(Reuters) - Lockheed Martin Corp said on Saturday it had negotiated new contracts with two smaller unions at its Fort Worth, Texas plant, even as a strike by the larger machinists union stretched into a fifth week. Lockheed said about 70 members of the International Brotherhood of Electrical Workers (IBEW) on Friday ratified a new contract that would extend for four years. On Saturday, a new five-year contract was approved by 430 members of the Office and Professional Employees International Union (OPEIU). Both agreements take effect on Monday. ...

Facebook's Mark Zuckerberg marries sweetheart

This photo provided by Facebook shows Facebook founder and CEO Mark Zuckerberg and Priscilla Chan at their wedding ceremony in Palo Alto, Calif., Saturday, May 19, 2012. Zuckerberg updated his status to Facebook founder and CEO Mark Zuckerberg updated his status to "married" on Saturday.


Blind Chinese activist Chen arrives in New York

Blind Chinese dissident Chen Guangcheng is helped from a vehicle as he arrives in New YorkNEW YORK (Reuters) - Blind Chinese dissident Chen Guangcheng arrived in the United States on Saturday and declared "equality and justice have no boundaries" after China let him leave a Beijing hospital to quell a sensitive diplomatic rift between the two countries. Chen escaped from house arrest in northeastern China last month and sought refuge in the U.S. Embassy in Beijing, embarrassing China and creating an uncomfortable backdrop for U.S. Secretary of State Hillary Clinton's visit to improve ties between the world's two biggest economies. ...


Google says it has China's approval for Motorola deal

Women walk past the logo of Google in front of its former headquarters in Beijing(Reuters) - Google said on Saturday that Chinese authorities have approved its $12.5 billion purchase of Motorola Mobility Holdings, the last regulatory hurdle to a deal that would allow the world's No. 1 Internet search engine to develop its own line of smart phones. Google, which will be the newest entrant to the handset market, announced plans for the acquisition last year in a bid to secure Motorola's valuable patents and pave the way for a pairing of Google's Android mobile software and Motorola's handset business. U.S. ...


World leaders back Greece, vow to combat financial turmoil

G8 leaders speak at the start of the first working session of the G8 Summit at Camp DavidCAMP DAVID, Maryland (Reuters) - World leaders backed keeping Greece in the euro zone on Saturday and vowed to take all steps necessary to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. A summit of the G8 leading industrialized nations came down solidly in favor of a push to balance European austerity - an approach long driven by German Chancellor Angela Merkel - with a new dose of U.S.-style stimulus seen as vital to healing ailing euro-zone economies. But it was clear that divisions remained. ...


Greeks' crisis is personal as well as political

Like many Greeks left unemployed by their country's economic tailspin, Dimitris Spachos finds it easier to talk about his nation's problems than his own.

Chinese activist who fled house arrest lands in US

Chinese activist Chen Guangcheng, in a wheelchair, is helped to head to a commercial flight Saturday, May 19, 2012 at Beijing International Airport in Beijing. Chen was hurriedly taken from a hospital Saturday and boarded a plane that took off for the United States, closing a nearly monthlong diplomatic tussle that had tested U.S.-China relations. (AP Photo/Kyodo News) JAPAN OUT, MANDATORY CREDIT, NO LICENSING IN CHINA, HONG KONG, JAPAN, SOUTH KOREA AND FRANCEA blind Chinese legal activist who was suddenly allowed to leave the country arrived in the U.S. on Saturday, ending a nearly monthlong diplomatic tussle that had tested U.S.-China relations.


Seaway pipeline sends oil to Texas in historic reversal

HOUSTON (Reuters) - The Seaway pipeline began pumping crude from Cushing, Oklahoma, oil tanks to the heart of the U.S. refining industry in Houston on Saturday, marking a historic shift in the way oil flows across the United States. The first barrels went into the line about noon CDT (1700 GMT) Saturday and volumes were expected to increase within days to 150,000 barrels per day (bpd), spokesman Rick Rainey of operating partner Enterprise Products said by email. Enbridge Inc is a 50 percent partner in the project. ...

Google gets China OK for Motorola deal

FILE - In this May 11, 2011 file photo, attendees chat at the Google IO Developers Conference in San Francisco. Authorities in China have approved Google Inc.'s bid to buy phone maker Motorola Mobility, clearing the way for the $12.5 billion deal to close early next week. The Chinese government approved the deal on Saturday, May 19, 2012, Google spokeswoman Niki Fenwick said. (AP Photo/Marcio Jose Sanchez, File)Authorities in China have approved Google Inc.'s bid to buy phone maker Motorola Mobility, clearing the way for the $12.5 billion deal to close early next week.


Russia Sberbank sees sale certainty after government formed

CEO of Russian Sberbank Gref attends a plenary session of the World Economic Forum in ViennaWASHINGTON (Reuters) - Europe's second largest lender Russia's Sberbank will see some certainty over the planned privatization sale after the new Russian government's lineup is announced on May 21, CEO German Gref said on Saturday. Sberbank initially planned the sale of the 7.6 percent stake, part of Russia's ambitious privatization program, last September but postponed the deal after global risk aversion wiped around $1.5 billion off the stake's value. "It seems to me that, yes, such certainty should emerge (after the cabinet announcement)," Gref said. ...


Google says it won China's approval for Motorola deal

Women walk past the logo of Google in front of its former headquarters in Beijing(Reuters) - Google said on Saturday that Chinese authorities have approved its $12.5 billion purchase of Motorola Mobility Holdings, the last regulatory hurdle to a deal that would allow the world's No. 1 Internet search engine to develop its own line of smart phones. Google, which will be the newest entrant to the handset market, announced plans for the acquisition last year in a bid to secure Motorola's valuable patents and pave the way for a pairing of Google's Android mobile software and Motorola's handset business. U.S. ...


Obama, G-8: Recovery takes both growth and cutting

World leaders walk to the family photo session at the G-8 Summit at Camp David, Md., Saturday, May 19, 2012. From left are Italian Premier Mario Monti, British Prime Minister David Cameron, German Chancellor Angela Merkel, U.S. President Barack Obama, French President Francois Hollande, Canadian Prime Minister Stephen Harper, Japanese Prime Minister Yoshihiko Noda, Russian Prime Minister Dmitri Medvedev and European Commission President Jose Manuel Barroso. (AP Photo/Philippe Wojazer, Pool)Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge.


Obama wants new banking rules put in place soon

President Barack Obama waves as he walks from the White House in Washington, Friday, May 18, 2012, to board Marine One, as he travels to Camp David for the G8 Summit. (AP Photo/Carolyn Kaster)President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations.


Fire risk prompts recall of nearly 87,000 Jeeps

Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires.

Audi eyes management reshuffle: CEO in magazine

FRANKFURT (Reuters) - Volkswagen's Audi division is looking into a management reshuffle as it eyes an expansion in China, Latin America and the United States, the unit's head told a German magazine. "Against the backdrop of Audi's 'Strategy 2020' it would be negligent not to think about the team line-up," Audi Chief Executive Rupert Stadler told WirtschaftsWoche in an excerpt of an article made available to Reuters on Saturday. There were "of course" discussions about organization and structure in this context but decisions have not yet been taken, he added. ...

Obama pledges tough enforcement of Wall Street reforms

U.S. President Barack Obama walks to welcome guests at the G8 summit in Camp DavidPresident Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying a $2 billion trading loss at JPMorgan underscored the need for such regulation. "We've got to finish the job of implementing this reform and putting these rules in place," Obama said in a weekly radio address that accused some on Wall Street of causing the 2007-2009 economic crisis because they "treated our financial system like a casino. ...


Manulife, Metlife submit bids for ING Asia sale: sources

HONG KONG (Reuters) - Manulife Financial Corp and Metlife are among the companies that have submitted first round bids for ING's entire Asia life insurance business, sources said on Saturday, in what could be the largest Asia M&A insurance deal ever. ING's long awaited sale of Asian life insurance and the asset management units will help the Dutch bancassurer to partly repay the 3 billion euros ($3.81 billion) of state aid plus the 50 percent premium it still owes the Dutch government. The bids were submitted late on Friday and the indicative offers ranged between 6-7 billion euros ($7.6-$8. ...

CFTC opens probe into JPMorgan trading loss: source

(Reuters) - The Commodity Futures Trading Commission (CFTC) has opened an investigation into possible wrongdoing at JPMorgan Chase & Co in connection with the bank's multi-billion-dollar trading loss, a source familiar with the probe told Reuters. The agency will soon disclose the existence of the investigation, the source said on Friday. Earlier on Friday, the New York Times reported that the CFTC had opened an enforcement case, quoting people briefed on the matter. The CFTC would join the FBI and the U.S. ...

Dewey to consider bankruptcy filing: source

A man moves boxes out of the offices of Dewey & LeBoeuf in New YorkNEW YORK (Reuters) - Ailing law firm Dewey & LeBoeuf is considering a bankruptcy filing as new debtholders take a more aggressive track, shifting away from earlier attempts at an out-of-court liquidation, a person familiar with the matter said on Friday. The majority of Dewey's partners have quit as a result of concerns about compensation, and $225 million in bank loans and bond debt. ...


Morgan Stanley made big bet on Facebook

NEW YORK (Reuters) - Lead Facebook Inc underwriter Morgan Stanley took a bet earlier this week when it increased the size of the social networking firm's $16 billion initial public offering and it boosted the price. Thanks to massive hype surrounding Facebook's historic public offering, the wager looked safe. But a rocky first day of trading has raised questions about whether it paid off. After a delayed start to trading, Facebook's shares spent much of the day struggling to stay above the $38 IPO price - and ended with just a 23-cent gain. ...

Historic Facebook debut falls flat

Recent activity lists SAN FRANCISCO (Reuters) - The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company's sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close. Facebook shares began trading late Friday morning and opened 11 percent above the $38 offering price, but after peaking at about $45 slid rapidly at the end of the day to close at $38.23. The IPO was the third-largest in U.S. history and valued eight-year-old Facebook at $104 billion. ...


Hedge funds dump $2 billion in gold over a week: CFTC

Gold Bullion from the American Precious Metals Exchange (APMEX) is seen in New YorkNEW YORK (Reuters) - Hedge funds and other money managers liquidated more than $2 billion in gold futures over a week, trade data on Friday showed, before a forceful rebound in the precious metal potentially tripped up some of them. The majority of fund managers also appear to have bet wrongly against wheat, as suggested by the data from the Commodity Futures Trading Commission which showed a net "short" or bearish position against the grain which finished this week with its highest weekly gain in 16 years. "It's still early to say if this rebound in wheat and gold will hold. ...


U.S. says will bar some Motorola Mobility phones

The Motorola PHOTON 4G Summer and the Motorola TRIUMPH Virgin Mobile Summer mobile phones are seen in New YorkWASHINGTON (Reuters) - Some Motorola Mobility smartphones infringe on a Microsoft patent and will be barred from importation to the United States, a U.S. trade panel said on Friday. The order by the U.S. International Trade Commission has been sent to President Barack Obama, who has 60 days to consider whether to overturn it for policy reasons. The legal fight at the ITC is one of dozens globally between various smartphone makers. Google's Android system has become the top-selling smartphone operating system, ahead of mobile systems by Apple, Microsoft, Research in Motion and others. ...


Solow lawsuit over Citigroup disclosures dismissed

Citigroup CEO Pandit, EIU Director Abruzzese and New York Mayor Bloomberg announce that New York City has been named The World's Most Competitive City by Economist Intelligence Unit in New York(Reuters) - Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow's lawsuit accusing them of securities fraud for hiding the bank's risks during the 2008 financial crisis. U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had materially misled him about Citigroup's liquidity and capitalization, or that his stock losses were caused when the bank's risks were realized. Sweet had in November dismissed an earlier version of Solow's complaint, but gave the plaintiff a chance to replead. ...


Wall St Week Ahead: The market is oversold, but major signs say "sell"

The U.S. flag hangs outside the New York Stock ExchangeNEW YORK (Reuters) - Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions. With the corporate earnings season drawing to an end and recent U.S. economic data raising doubts about the pace of growth, the S&P 500, which is down 7.3 percent so far in May, could decline further next week as concerns about the financial health of Europe persist. ...


UAW president sets goal to stem money losses by 2014

NEW YORK (Reuters) - The United Auto Workers aims to break even by mid-2014, as the American union looks to bolster its political and bargaining clout. For the past five years, the UAW has relied heavily on selling its war chest of stocks, bonds and property to bridge the gap between its annual funding and costs. The union believes this approach is untenable in the long run and its goal is to "have it turned around" in two years by adding members and managing costs, UAW President Bob King said in an interview on Friday. ...
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