Ex-directors of Satyam win ruling in U.S. class-action suit

NEW YORK (Reuters) – A U.S. federal judge dismissed claims against seven former directors of Satyam Computer Services Ltd in shareholder lawsuits stemming from the massive fraud at the heart of India‘s largest corporate scandal.U.S. District Judge Barbara Jones in New York ruled on Wednesday the lawsuits failed to allege that the ex-directors recklessly failed to discover the fraud, which came to...

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California’s New Laws Try to Do What Congress Couldn’t

On the eve of 2013, state officials are busy readying for tens of thousands of new laws that go into effect on the first day of the year. The nation’s most populous state, California, is  serving as a laboratory for several legislative measures, embarking on a number of policy experiments that were too controversial to be implemented on the national scale.At the top of that list is California’s cap...

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U.S. heading off ‘fiscal cliff’ despite Senate efforts

WASHINGTON (Reuters) – The United States was headed over the “fiscal cliff” – at least temporarily – at midnight on Monday as time was running out for lawmakers to back a last-minute deal between the White House and Senate leaders to avert severe tax increases and spending cuts.After months of fruitless argument between Republicans and Democrats, the White House and Senate reached an agreement that...

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Washington pushes United States to edge of “fiscal cliff”

WASHINGTON (Reuters) – Lawmakers pushed the country to the edge of the “fiscal cliff” on Sunday as they struggled to reach a last-minute deal that could protect the world’s largest economy from a politically induced recession.Democratic and Republican leaders in the Senate had hoped to clear the way for swift action that would avert sweeping tax increases and spending cuts due to kick in on Tuesday.But...

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Berlusconi says Monti plotting with Italy’s center left

ROME/MILAN (Reuters) – Silvio Berlusconi said on Saturday that outgoing Prime Minister Mario Monti was plotting with the left in his centrist alliance’s bid to win Italy‘s national election in February, but centrist leaders denied any secret accord.Monti, who replaced Berlusconi as prime minister last year when Italy was scrambling to avert a financial crisis, said on Friday he wanted to unite a broad...

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A surprisingly good vintage as market logs gains

NEW YORK (AP) — If you’d told investors what was going to happen in 2012 — U.S. economic growth at stall speed, an intensifying European debt crisis, a slowdown in China, fiscal deadlock in Washington, decelerating corporate earnings growth — and asked how the stock market would perform, few would have predicted a good year.But that’s just what they got.The Dow Jones industrial average, the Standard...

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Consumer sentiment weakens as fiscal crisis looms

WASHINGTON (Reuters) – U.S. consumer confidence fell more than expected in December, hitting a four-month low as a looming fiscal crisis sapped what had been a growing sense of optimism about the economy.The report heightened concerns that a failure by Washington to avert planned tax hikes and spending cuts could lead households to close their wallets, threatening an economic recovery that has been...

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Visa and MasterCard Face a Fierce Rival in China

Among the myriad designer brands at the Harrods flagship store in London, Chinese housewife Li Yafang spotted a corporate logo she knows from back home: the red, blue, and green of UnionPay cards. “It’s very convenient,” said Li, 39, as a salesperson rang up a £1,190 ($ 1,920) Prada Saffiano Lux handbag.With 2.9 billion cards in circulation—equal to 45 percent of the world’s total last year—UnionPay...

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Newsweek unveils last print cover

24 December 2012 Last updated at 07:34 ETThe 80-year-old US current affairs magazine Newsweek has revealed the image that will grace the cover of its last-ever print edition.A black and white photo of the publication’s Manhattan headquarters takes pride of place, with the strapline #lastprintissue.The nod to Twitter is regarded as a backhanded compliment.The death of the print edition was caused by...

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Fragile Egypt economy overshadows Mursi’s vote win

CAIRO (Reuters) – Egyptian President Mohamed Mursi will have little time to savour victory in pushing through a new constitution as it may have cost the Islamist leader broader support for urgent austerity measures needed to fix the creaking economy.By fast-tracking the constitution through to a referendum that the opposition said was divisive, he may have squandered any chance of building a consensus...

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The Hedge Fund Hunger Games

The first idea that Tim Harrington, Brian Tomeo, and Spencer Deering had for a business was to gather up brand-new hedge funds and nurture them. They’d invite them to make use of their office in Miami Beach, where they could get advice, legal help, expensive software, and eventually an introduction to investors, with the three benefactors collecting a fee. The second idea, the one the trio went with,...

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U.S. judge approves settlement in BP class action suit

(Reuters) – A U.S. judge on Friday gave final approval to BP Plc‘s settlement with individuals and businesses who lost money and property in the 2010 Gulf of Mexico oil spill.The order only addressed the settlement of economic and property damage claims, not a separate medical benefits settlement for cleanup workers and others who say the spill made them sick.BP has estimated that it will pay $ 7.8...

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Why Bill Ackman Went on a Three-Hour Rant Against Herbalife

Is Herbalife (HLF) “the best-managed pyramid scheme in the history of the world,” as fund manager William “Bill” Ackman suggests? Is the maker of weight-loss and nutrition products being unfairly maligned by a man who will make money if investors flee the stock? Did you care about Herbalife before Ackman issued a marathon critique of its business on Dec. 20? You may well not own the stock, as it’s...

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U.S. “fiscal cliff” talks turn sour, Obama threatens veto

WASHINGTON (Reuters) – Talks to avoid a U.S. fiscal crisis stalled on Wednesday as President Barack Obama accused opponents of holding a personal grudge against him while the top Republican negotiator called the president “irrational.”As a year-end deadline nears, Obama and House of Representatives Speaker John Boehner are locked in intense bargaining over a possible deal to avoid the so-called fiscal...

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