More Breaking News
Asian Stocks Rise for Third Week on U.S. Jobs, Recovery Hopes Asian stocks rose, driving the MSCI
Asia Pacific Index higher for a third week, as better-than-
estimated U.S. jobs data and easing concern over Greece’s debt
spurred confidence in a global economic recovery.
Dell Sues Sharp Over Price-Fixing Allegations (Update1) Dell Inc., the world’s third-
largest personal-computer maker, sued Sharp Corp., Hitachi Ltd.
and other liquid crystal display panel makers over allegations
they conspired to fix prices and overcharged for their products.
Dells Sues Sharp, Flat Panel Makers on Price-Fixing Allegations Dell Inc., the world’s third-
largest personal-computer maker, sued Sharp Corp., Hitachi Ltd.
and other liquid crystal display panel makers in federal court
in San Franciso, alleging they conspired to fix prices and
overcharged Dell for the products.
Valley National Buys Two Banks in Two Days Amid Lender Failures Valley National Bancorp, operator
of more than 200 branches in New Jersey and New York City,
acquired its second failed bank in as many days as U.S. lenders
continue to collapse amid losses tied to real estate.
Apple’s Steve Jobs Can Demolish California Mansion (Update2) Apple Inc. Chief Executive Officer
Steve Jobs won approval to tear down a mansion south of San
Francisco after a state court judge overruled objections by
preservationists, a city official in Woodside, California, said.
Mexican Street Food Adds Spice to Sun-Starved London: Interview Mexican food had barely made its
presence felt in London until recently, unless you count
tourist joints where the fare bears as close a relation to the
cuisine as Walkabout bars do to fine Australian dining.
Toyota Rebuts House Lawmaker’s Comment on Withholding Records Toyota Motor Corp. rebutted a
comment by the chairman of a U.S. House investigating committee
that it “deliberately withheld” records it was legally
required to produce in a lawsuit by a former in-house lawyer.
Lincoln National Doubles Salary of Chief Glass After TARP Aid Lincoln National Corp. more than
doubled the salary of Chief Executive Officer Dennis R. Glass,
whose successful bid for U.S. capital got the company almost $1
billion in bailout cash in July.
Toyota Says It’s Upgrading Software That Reads Crash Data Toyota Motor Corp. said it is
upgrading software that helps read information from devices used
to record vehicle crash data, according to a statement on the
automaker’s Web site.
Loan Modification Plan Drops 8 Percent of Borrowers (Update2) The Obama administration’s
foreclosure prevention program eliminated 8.2 percent of the
almost 1.1 million borrowers who arranged trial loan
modifications through February, the Treasury Department
reported.
Apple’s Cook Gets Bonus for Work During Jobs’s Leave (Update2) Apple Inc. awarded Chief Operating
Officer Tim Cook a one-time bonus of $5 million and 75,000
restricted shares for filling in while Chief Executive Officer
Steve Jobs was on medical leave.
San Francisco’s Newsom to Run for Lieutenant Governor (Update2) San Francisco Mayor Gavin Newsom,
who climbed to national prominence as a supporter of same-sex
marriages, said he will run for lieutenant governor of
California in the Democratic primary June 8.
Lehman Report Points Way to Plaintiffs, Not Prison, Lawyers Say A 2,200-page bankruptcy report a
year in the making may point the way for plaintiffs looking to
sue former Lehman Brothers Holdings Inc. officials, lawyers
said, rather than grand juries probing possible crimes.
WaMu Falls on JPMorgan Settlement on Cash, Tax Refund (Update3) Washington Mutual Inc. will collect
at least $5.95 billion, less than the $20 billion estimated by
shareholders, in a proposed settlement of the bankrupt company’s
yearlong battle with federal regulators and JPMorgan Chase & Co.
Bernanke, Volcker to Testify on Fed Bank Supervision March 17 Federal Reserve Chairman Ben S.
Bernanke is scheduled to testify alongside one of his
predecessors, Paul Volcker, at a House Financial Services
Committee hearing next week on Fed bank-supervision powers.
Most U.S. Stocks Fall Following Decrease in Consumer Confidence Most U.S. stocks fell, pulling the
Standard & Poor’s 500 Index down from a 17-month high, as a drop
in consumer confidence overshadowed an unexpected increase in
retail sales.
Prudential CEO’s Bonus Doubles on Wells Fargo Deal (Update1) Prudential Financial Inc., the
second-biggest U.S. life insurer, said John Strangfeld’s bonus
more than doubled last year, his second as chief executive
officer, as the company sold a stake in a brokerage business for
$4.5 billion.
Holder Didn’t Disclose Seven Legal Briefs to Senate (Update1) Attorney General Eric Holder failed
to give senators considering his nomination last year at least
seven Supreme Court legal briefs he signed while in private
practice.
Roomy Khan Had 2000 Arrest, Cited Paris Hilton (Update1) Roomy Khan, a key government
witness in the insider trading case against Raj Rajaratnam, was
arrested for theft of trade secrets in 2000, a year before she
was charged for insider trading, according to a court filing
today by a defense lawyer.
Chile May Tap Savings, Sell Debt to Pay Quake Losses (Update2) Chile plans to tap its copper
savings funds and may borrow abroad to pay for the estimated $30
billion cost of repairing damage caused by the 8.8-magnitude
earthquake that struck the country Feb. 27.
Clinton Calls Netanyahu to Condemn Israeli Settlement (Update2) U.S. Secretary of State Hillary
Clinton called Israeli Prime Minister Benjamin Netanyahu to
lodge “strong objections” to Israel’s announcement of a Jewish
housing project in east Jerusalem during Vice President Joe
Biden’s visit to Israel this week.
Roomy Khan Had 2000 Trade Secrets Arrest, Defense Lawyer Says Roomy Khan, a key government
witness in the insider trading case against Raj Rajaratnam, was
arrested for theft of trade secrets in 2000, a year before she
was charged with insider trading, according to a court filing
today by a defense lawyer.
Direct Edge Gets SEC Approval to Become an Exchange (Update2) Direct Edge Holdings LLC, the
fourth-largest U.S. equity market operator, said it received
Securities and Exchange Commission approval to convert its two
platforms into exchanges.
Asian Currencies Rally for Fifth Week as Recovery Spurs Inflows Asian currencies rallied this week,
led by the Malaysian ringgit and South Korea’s won, as improving
economic data and reduced concern about Greece’s debt crisis
spurred demand for regional assets.
New York, Washington to Get Soaking Rain Over Weekend (Update2) Soaking rain from a slow-moving
storm will spread across the northeastern U.S. today, leaving as
much as 4 inches (10 centimeters) from Washington to New York
City through the weekend, forecasters said.
Build America Lures International Buyers to Add 50% More Munis Foreign investors increased their
U.S. municipal debt holdings almost 50 percent, to $60.6
billion, in 2009, the first year of Build America Bonds,
according to data from the Federal Reserve.
FDIC Said to Prepare $3 Billion AmTrust Loans Sale (Update1) The Federal Deposit Insurance Corp.
is preparing to sell $3 billion of loans from AmTrust Bank, the
Cleveland-based lender seized by regulators in December, people
involved in the sales said.
N.J. Revenue $471 Million Below Forecast for FY 2010 (Update1) New Jersey’s revenue collections
for the first eight months of this fiscal year were $471
million, or 2.8 percent, below estimates, the treasury
department said.
AIG Was Unprepared for Crisis, Former Top Lawyer Says (Update2) American International Group Inc.
was unprepared for the financial crisis that forced the insurer
to accept a $182.3 billion bailout from the U.S. government, the
company’s former general counsel said.
JPMorgan, Citigroup Helped Doom Lehman, Report Says (Update2) JPMorgan Chase & Co. and Citigroup
Inc. helped cause the failure of Lehman Brothers Holdings Inc.
by demanding more collateral and changing guarantee agreements,
according to a report on the biggest bankruptcy in U.S. history.
Toyota Says It’s Upgrading Software That Reads Post-Crash Data Toyota Motor Corp. said it is
upgrading software that helps read information from event-data
recorders, which are used to record post-crash data, according
to a statement on the automaker’s Web site.
Pelosi Signals Aim to Pass Health-Care Bill Before Obama Trip U.S. House Speaker Nancy Pelosi
signaled her determination to seek passage next week of
legislation overhauling the health-care system after President
Barack Obama put off the start of his Asia trip until March 21.
Petrobras Told to Pay $639 Million Over Refinery (Update2) Petrobras America Inc., a unit of
Brazil’s state-owned oil company, was ordered by a U.S. judge to
pay Astra Oil Trading NV and affiliates $639 million in a Texas
refinery dispute.
Monsanto’s Seed Patents May Trump Antitrust Claims (Update1) Monsanto Co., facing antitrust
probes into its genetically modified seeds, may benefit from
previous court rulings in which intellectual property rights
trumped competition concerns, antitrust lawyers say.
’Alice in Wonderland’ Sets Stage for Dolby Showdown With RealD “Alice in Wonderland,” Tim
Burton’s reimagining of the Lewis Carroll tale, is doing more
than setting box-office records for a 3-D movie. It’s serving as
a showdown between two rival projector technologies.
Pope Had Role in Moving Molesting Priest, Church Says (Update1) Pope Benedict XVI, during his
tenure as archbishop of Munich, played a role in a decision to
move a priest accused of sexual molestation to his diocese to
undergo therapy, the church said today.
Supervalu Shares, Options Surge on Talk of Buyout (Update1) Supervalu Inc. rose the most in
almost a year and trading of bullish options was 38 times the
four-week average on speculation that the second-largest U.S.
grocery chain will be acquired.
Trichet Says Rating Firms Will Respect ‘Courageous’ Greece Plan European Central Bank President
Jean-Claude Trichet said Greece’s plan to cut the euro-area’s
largest budget deficit will win the backing of investors and
credit-rating companies.
Geithner Says U.S. to Recover Faster, Stronger Than Others Treasury Secretary Timothy F.
Geithner, offering his most optimistic outlook on the economic
recovery to date, predicted the U.S. will rebound from the
recession faster and more vigorously than other advanced
economies.
KKR to Move Stock Listing to New York From Amsterdam (Update3) KKR & Co., the private-equity firm
run by Henry Kravis and George Roberts, filed to list its shares
on the New York Stock Exchange, as it seeks a wider investor
base in the U.S.