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High court will take up wiretaps lawsuit

The Supreme Court says it will consider shutting down a legal challenge to a law that lets the United States eavesdrop on overseas communications.

Facebook sinks on first day without underwriter support

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New York(Reuters) - Facebook stock sank on Monday in the first day of trading without the full support of the company's underwriters, leaving some investors down nearly 25 percent from where they were Friday afternoon. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing but does little for Facebook, whose lead underwriter Morgan Stanley had to step in and defend the $38 offering price on the open market. Without that same level of defense, its shares fell $4.64 to $33. ...


Barclays to sell $6.1BN stake in BlackRock

Britain's Barclays Bank PLC said Monday it intends to dispose of its entire 19.6 percent stake in the U.S. asset management company BlackRock Inc., valued at $6.1 billion.

Stocks open higher on Wall Street; Facebook falls

In a May 7, 2012 photo trader Richard Newman works on the floor of the New York Stock Exchange. A weekend summit in Washington among leaders of the world's most powerful nations provided little in the way of encouragement for investors already nervous about the political turmoil in Greece. (AP Photo/Richard Drew)Stocks rose Monday morning as investors latched onto a survey suggesting that economists are more optimistic about housing and unemployment.


Nuclear regulatory chief Jaczko resigns

NRC chairman Jaczko attends a news conference during the Ministerial Conference on Nuclear Safety in Vienna in ViennaWASHINGTON (Reuters) - Gregory Jaczko, the chairman of the U.S. Nuclear Regulatory Commission, announced on Monday he would resign from the post after a year of intense criticism of his management tactics. "After an incredibly productive three years as Chairman, I have decided this is the appropriate time to continue my efforts to ensure public safety in a different forum," Jaczko said in a statement. (Reporting by Roberta Rampton)


Film effects company DDMG plans Abu Dhabi studio

The American special effects company that brought the "Transformers" movies to life and recently wowed concertgoers with a performing hologram of late rapper Tupac Shakur is setting up a studio in oil-rich Abu Dhabi.

JPMorgan suspends stock repurchase plans

JPMorgan Chase CEO Jamie Dimon says the bank is suspending plans to buy back its own stock.

Gaddafi ex-spy chief faces charges in Mauritania: source

NOUAKCHOTT (Reuters) - Muammar Gaddafi's former intelligence chief Abdullah al-Senussi, arrested in Mauritania in March and sought by Libya, France and the International Criminal Court (ICC), is to face local charges in Mauritania, a judicial source there said on Monday. "Abdullah al-Senussi has been interviewed for the first time by the state prosecutor. He should face trial soon for illegal entry into Mauritanian territory," said the source, who requested anonymity. (Reporting by Laurent Prieur; writing by Mark John)

Gaddafi ex-spy chief faces charges in Mauritania: source

NOUAKCHOTT (Reuters) - Muammar Gaddafi's former intelligence chief Abdullah al-Senussi, arrested in Mauritania in March and sought by Libya, France and the International Criminal Court (ICC), is to face local charges in Mauritania, a judicial source there said on Monday. "Abdullah al-Senussi has been interviewed for the first time by the state prosecutor. He should face trial soon for illegal entry into Mauritanian territory," said the source, who requested anonymity. (Reporting by Laurent Prieur; writing by Mark John)

Death toll in Yemen suicide bombing rises to 90

A still image taken from video shows army personnel helping injured soldier at the scene of a suicide attack in SanaaSANAA (Reuters) - A man with explosives strapped under his army uniform killed more than 90 people in the Yemeni capital Sanaa on Monday when he blew himself up in the midst of a military parade rehearsal, the defense ministry said. The ministry also said 222 people were wounded in the attack. (Reporting by Mohammed Ghobari; Writing by Isabel Coles; Editing by Louise Ireland)


Death toll in Yemen suicide bombing rises to 90

A still image taken from video shows army personnel helping injured soldier at the scene of a suicide attack in SanaaSANAA (Reuters) - A man with explosives strapped under his army uniform killed more than 90 people in the Yemeni capital Sanaa on Monday when he blew himself up in the midst of a military parade rehearsal, the defense ministry said. The ministry also said 222 people were wounded in the attack. (Reporting by Mohammed Ghobari; Writing by Isabel Coles; Editing by Louise Ireland)


Supreme Court to hear government eavesdropping appeal

WASHINGTON (Reuters) - The Supreme Court agreed on Monday to hear an Obama administration appeal arguing that attorneys, journalists and human rights groups have no right to sue over a law making it easier for U.S. intelligence agencies to eavesdrop on foreign communications. The justices said they would review a ruling by a U.S. appeals court in New York that the plaintiffs have the legal right to proceed with their challenge to a 2008 amendment to the law, the Foreign Intelligence Surveillance Act. ...

Supreme Court to hear government eavesdropping appeal

WASHINGTON (Reuters) - The Supreme Court agreed on Monday to hear an Obama administration appeal arguing that attorneys, journalists and human rights groups have no right to sue over a law making it easier for U.S. intelligence agencies to eavesdrop on foreign communications. The justices said they would review a ruling by a U.S. appeals court in New York that the plaintiffs have the legal right to proceed with their challenge to a 2008 amendment to the law, the Foreign Intelligence Surveillance Act. ...

U.N. nuclear chief holds talks in Tehran, hopes for deal

International Atomic Energy Agency (IAEA) Director General Yukiya Amano briefs the media before his trip to Tehran at the international airport in ViennaVIENNA/DUBAI (Reuters) - The U.N. nuclear watchdog chief held rare talks in Tehran on Monday after voicing hope for a deal to investigate suspected atomic bomb research - a gesture Iran might make to try to get international sanctions relaxed and deflect threats of war. International Atomic Energy Agency Director-General Yukiya Amano began discussions with the head of Iran's nuclear energy organization, Fereydoun Abbasi-Davani, a few hours after his pre-dawn arrival, according to ISNA news agency. ...


U.N. nuclear chief holds talks in Tehran, hopes for deal

International Atomic Energy Agency (IAEA) Director General Yukiya Amano briefs the media before his trip to Tehran at the international airport in ViennaVIENNA/DUBAI (Reuters) - The U.N. nuclear watchdog chief held rare talks in Tehran on Monday after voicing hope for a deal to investigate suspected atomic bomb research - a gesture Iran might make to try to get international sanctions relaxed and deflect threats of war. International Atomic Energy Agency Director-General Yukiya Amano began discussions with the head of Iran's nuclear energy organization, Fereydoun Abbasi-Davani, a few hours after his pre-dawn arrival, according to ISNA news agency. ...


JPMorgan stops buybacks while reducing bad trades

Dimon, chairman and chief executive of JP Morgan Chase and Co, speaks at the 2012 Simon Graduate School of Business' New York City Conference in New YoNEW YORK (Reuters) - JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Monday that the bank had suspended repurchases of its stock, but is maintaining its dividend, while working down losing trades in credit derivatives. Shares of JPMorgan were down 1 percent at $33.13 in morning trading after Dimon started speaking at the Deutsche Bank Securities Global Financial Services Investor Conference in New York. The bank announced on May 10 that it had lost at least $2 billion mishandling a portfolio of credit derivatives. JPMorgan won permission from the U.S. ...


Spain Minister: Bankia needs to bolster defenses

Bankia, the nationalized Spanish bank which had to reassure savers last week to fend off a reported run on its deposits, needs to strengthen its capital defenses by as much as €7.5 billion ($9.56 billion), the country's economy minister said Monday.

Putin tightens grip with new government

Russian PM Medvedev chairs a meeting of the new cabinet in Moscow's White HouseMOSCOW (Reuters) - Russian President Vladimir Putin unveiled a government dominated by loyalists on Monday, tightening his grip on the economy and national security after protests, and limiting Prime Minister Dmitry Medvedev's ability to pursue market reforms. Putin, 59, opted for continuity by retaining his ally Igor Shuvalov as first deputy prime minister in charge of economic policy, while Igor Sechin will remain his energy chief in a role outside the government. ...


Where are Facebook's friends? Stock down after IPO

Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday.

US, Suu Kyi agree Myanmar reforms fragile

Secretary of State Hillary Rodham Clinton and Myanmar democracy leader Aung San Suu Kyi have discussed the recent easing of U.S. sanctions and the need to protect against the country's backsliding on reforms, the State Department said Monday.

Wall Street edges up but Facebook's decline weighs

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - Stocks edged up on Monday from their worst weekly decline for the year as world leaders expressed support for Greece to stay in the euro zone, but gains were limited as shares of Facebook dropped more than 13 percent shortly after the open. Facebook Inc's shares fell below their $38 issue price as support from underwriters of the initial public offering dissipated after its Friday debut. The stock dropped over $5 to hit a session low of $33.00 in early trading. ...


Markets inch up after G-8 vague on Europe fix

A woman looks at an electronic stock indicator in Tokyo Monday, May 21, 2012. Bargain-hunting helped Asian stock markets edge upward Monday, but gains were limited as investors remained unconvinced that the world's major economies nailed a solution to the European debt crisis following a summit in Washington. Japan's Nikkei 225 index came off four-month lows to rise 0.3 percent at 8,636.89. (AP Photo/Shizuo Kambayashi)Global stocks rose modestly on Monday, though gains were limited by concerns that leaders from the Group of Eight most powerful countries had failed to provide a concrete plan to ease the eurozone debt crisis.


Alibaba buys back 20 percent stake held by Yahoo for $7.1 billion

Employees play table tennis inside the headquarters office of Alibaba (China) Technology Co. Ltd on the outskirts of HangzhouSHANGHAI/NEW YORK (Reuters) - Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing. Under the agreement, Yahoo will sell half its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock. ...


Alibaba buys back 20 percent stake held by Yahoo for $7.1 billion

Employees play table tennis inside the headquarters office of Alibaba (China) Technology Co. Ltd on the outskirts of HangzhouSHANGHAI/NEW YORK (Reuters) - Chinese Internet entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo Inc for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing. Under the agreement, Yahoo will sell half its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock. ...


Eaton to buy Cooper Industries for $11.8 billion

(Reuters) - Diversified industrial manufacturer Eaton Corp struck a deal to buy electrical equipment maker Cooper Industries for $11.8 billion in cash and stock, paying a 29 percent premium to broaden its services to the electrical industry. Eaton, announcing the deal on Monday, also said it would reincorporate in Ireland, where Cooper is based. Eaton will pay $72 per share for the acquisition: $39.15 in cash and 0.77479 share for each Cooper share. Cooper shares rose nearly 25 percent to $69.77 in morning trading, while Eaton was down 0.8 percent at $42.08. ...

Rajat Gupta faces jury in insider trading case

Rajat Gupta, a former Goldman Sachs Group Inc and Procter & Gamble board member, arrives at Manhattan Federal Court in New YorkNEW YORK (Reuters) - Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets to Rajaratnam, his erstwhile friend and business associate who was convicted and is now in prison. ...


Former soldiers and allies detained in Haiti

U.S. citizen Steven Shaw, 57, sits inside a jail cell in Port-au-PrincePort-au-Prince (Reuters) - Haitian authorities on Sunday announced the arrest of 59 uniformed former soldiers and several alleged supporters who staged a series of protests on Friday and Saturday calling for the return of the nation's disbanded army. The soldiers and their allies were charged with forming a rogue army and repeatedly violating government orders to remove their uniforms and lay down their weapons, officials said. In 1995, President Jean-Bertrand Aristide dismantled the Haitian army, which had staged numerous coups and committed human rights abuses. ...


Former soldiers and allies detained in Haiti

U.S. citizen Steven Shaw, 57, sits inside a jail cell in Port-au-PrincePort-au-Prince (Reuters) - Haitian authorities on Sunday announced the arrest of 59 uniformed former soldiers and several alleged supporters who staged a series of protests on Friday and Saturday calling for the return of the nation's disbanded army. The soldiers and their allies were charged with forming a rogue army and repeatedly violating government orders to remove their uniforms and lay down their weapons, officials said. In 1995, President Jean-Bertrand Aristide dismantled the Haitian army, which had staged numerous coups and committed human rights abuses. ...


Subdued Libyan funeral for Lockerbie bomber Megrahi

File photograph shows emergency service workers next to the wreckage of Pan Am flight 103 near Lockerbie in ScotlandTRIPOLI (Reuters) - - The Libyan convicted of the 1988 bombing of a PanAm flight over Lockerbie was buried on Monday in a quiet family ceremony, ignored by most Libyans keen to forget the international controversy that surrounded Abdel Basset al-Megrahi in life. Megrahi, who always said he was not responsible for bringing down the jumbo jet on the Scottish town and killing 270 people, died in his bed in Tripoli on Sunday surrounded by family. His release from jail in 2009 caused controversy in Britain and the United States, where most victims were from. ...


Lowe's cuts profit outlook; shares fall

A Lowe's logo is seen in South San Francisco(Reuters) - Lowe's Cos Inc , the world's No. 2 home improvement chain, cut its fiscal-year earnings outlook and said demand slowed toward the end of the traditionally strong first quarter, sending its shares down nearly 10 percent. Lowe's forecast came just days after larger rival Home Depot Inc missed Wall Street's quarterly sales estimates as demand weakened in April following a jump in home improvement projects earlier in the year because of a warm winter. ...


Hollande faces first French banking test

French President Francois Hollande speaks during a news conference at the NATO Summit in ChicagoPARIS (Reuters) - The fate of a struggling small French mortgage lender will be the first banking test for President Francois Hollande, as he attempts to deliver on campaign promises of economic growth and tougher financial regulation. Policymakers and bankers are scrambling to avert an outright collapse of Credit Immobilier de France, whose future was thrown into doubt after Moody's cut its standalone bank financial strength rating and said it was no longer viable without support. ...


Hollande faces first French banking test

French President Francois Hollande speaks during a news conference at the NATO Summit in ChicagoPARIS (Reuters) - The fate of a struggling small French mortgage lender will be the first banking test for President Francois Hollande, as he attempts to deliver on campaign promises of economic growth and tougher financial regulation. Policymakers and bankers are scrambling to avert an outright collapse of Credit Immobilier de France, whose future was thrown into doubt after Moody's cut its standalone bank financial strength rating and said it was no longer viable without support. ...


Eaton buying Cooper Industries in $11.46B deal

Diversified manufacturer Eaton Corp. is buying Irish electrical equipment supplier Cooper Industries PLC in a cash-and-stock deal valued at about $11.46 billion.

U.N. nuclear chief holds talks in Tehran, hopes for deal

International Atomic Energy Agency (IAEA) Director General Yukiya Amano briefs the media before his trip to Tehran at the international airport in ViennaVIENNA/DUBAI (Reuters) - The U.N. nuclear watchdog chief held rare talks in Tehran on Monday after voicing hope for a deal to investigate suspected atomic bomb research - a gesture Iran might make to try to get international sanctions relaxed and deflect threats of war. International Atomic Energy Agency Director-General Yukiya Amano began discussions with the head of Iran's nuclear energy organization, Fereydoun Abbasi-Davani, a few hours after his pre-dawn arrival, according to ISNA news agency. ...


U.N. nuclear chief holds talks in Tehran, hopes for deal

International Atomic Energy Agency (IAEA) Director General Yukiya Amano briefs the media before his trip to Tehran at the international airport in ViennaVIENNA/DUBAI (Reuters) - The U.N. nuclear watchdog chief held rare talks in Tehran on Monday after voicing hope for a deal to investigate suspected atomic bomb research - a gesture Iran might make to try to get international sanctions relaxed and deflect threats of war. International Atomic Energy Agency Director-General Yukiya Amano began discussions with the head of Iran's nuclear energy organization, Fereydoun Abbasi-Davani, a few hours after his pre-dawn arrival, according to ISNA news agency. ...


New Obama ad challenges Mitt Romney's economics

President Barack Obama's re-election campaign is keeping up its effort to paint Mitt Romney as a job-destroying corporate raider at Bain Capital.

New Obama ad challenges Mitt Romney's economics

President Barack Obama's re-election campaign is keeping up its effort to paint Mitt Romney as a job-destroying corporate raider at Bain Capital.

S.Africa's most famous township gets new theater

Playwright, director and actor John Ledwaba gave up theater during South Africa's turbulent 1980s and left his Soweto home to train to be an anti-apartheid guerrilla. But he soon stopped training to lead the fight through theater, staging powerful works that exposed the horrors of racist rule to the world.

Spain: no need for European funds to help banks

Bankia, the nationalized Spanish bank which had to reassure savers last week to fend off a reported run on its deposits, needs to strengthen its capital defenses by as much as €7.5 billion ($9.56 billion), the economy minister said Monday.

Euro zone needs growth and austerity: ECB's Asmussen

A sculpture showing the Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in FrankfurtBERLIN (Reuters) - Europe's fiscal pact must not be renegotiated or softened but could be complemented by growth-enhancing measures, European Central Bank Executive Board member Joerg Asmussen said on Monday. Asmussen also stressed that the ECB's non-standard measures - introduced to fight the debt crisis - were of a temporary nature and could be withdrawn any time if inflation risks emerged. There is a growing push in the euro zone, led by newly elected French President Francois Hollande, to do more to stimulate growth and not just focus on reducing deficits. ...


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