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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.


Elusive 'Asian Unicorn' Faces Extinction

Elusive 'Asian Unicorn' Faces ExtinctionThis month marks the 20th anniversary of a spectacular day for zoologists. Two decades ago, in May 1992, scientists announced the discovery of a new species — the saola — living in the lush mountain forests that straddle the Vietnam-Laos border.


Despite Legal Challenge, Tyrannosaur Sells for $1 million

Despite Legal Challenge, Tyrannosaur Sells for $1 millionNEW YORK — A nearly complete tyrannosaur skeleton has sold for just over $1 million, in spite of a call to halt its auction because the fossils may have been taken illegally from Mongolia.


Facebook stock seen facing crucial week after modest debut

Monitors show value of Facebook, Inc. stock before closing bell at NASDAQ Marketsite in New YorkNEW YORK (Reuters) - Newly issued shares in Facebook Inc may have a hard time in the coming week if lead underwriter Morgan Stanley stops supporting the stock and managers lower down in the IPO book who were hoping for an early surge decide to get out before going underwater. Facebook on Friday sold 421 million shares of stock in a deal that valued the company at more than $100 billion. But investors, expecting a first-day pop in price, instead saw it close just 0.6 percent above the IPO price at $38.23. ...


G8 growth talk leaves wary markets awaiting action

(Reuters) - A pledge by leaders of industrialized nations to help the troubled world economy is unlikely to herald quick new action by Europe on its debt crisis, meaning more uncertainty for nervous financial markets. The Group of Eight economies stressed on Saturday that their "imperative is to promote growth and jobs", as they also recognized problems among European banks and gave verbal backing for Greece to stay in the euro. Still, despite U.S. calls for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt ...

Europe faces difficult search for growth

French President Francois Hollande, left, talks with German Chancellor Angela Merkel at the North Atlantic Council meeting in Chicago during the NATO 2012 Summit Sunday, May 20, 2012. French Defense Minister Jean-Yves Le Drian is at back center. (AP Photo/Christophe Ena)On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part.


Reports: Nasdaq 'embarrassed' at Facebook delay

The CEO of the Nasdaq stock exchange says it is "humbly embarrassed" by its bungling of Facebook's hugely anticipated debut as a public company on Friday.

Apple, Samsung CEOs set for court talks

To match Insight SAMSUNG/SAN FRANCISCO (Reuters) - The chief executives of Apple Inc and Samsung Electronics Co Ltd are used to running the show at their global tech empires, but they will be in for a different experience when they arrive at a San Francisco federal courthouse on Monday. Apple's Tim Cook and Samsung's Choi Gee-sung, whose companies are embroiled in bitter patent litigation, have been instructed by a federal judge to appear for court-supervised mediation. A joint court filing in April said that "as directed by the Court, Apple and Samsung are both willing to participate" in the discussions. ...


Viewing events, eyewear urged for 'Ring of Fire'

File-In this Jan.15,2010 file photo showing a combination of three separate photographs, the various stages of an annular solar eclipse seen over Anuradhapura, Sri Lanka. An annular solar eclipse occurs when the moon blots out all but a ring around the sun. This year's solar show can be viewed from eastern Asia to parts of North America. (AP Photo/Eranga Jayawardena,File)Parts of eastern Asia were being treated to a solar spectacle as the moon slid across the sun, creating a "ring of fire." Sky-watchers in the western U.S. awaited their turns as the rare phenomenon was due to move over the Pacific and toward them later Sunday.


'Avengers' sinks 'Battleship" to remain No. 1

FILE - This file photo of a film image released by Disney shows Iron Man, portrayed by Robert Downey Jr., left, and Captain America, portrayed by Chris Evans, in a scene from "The Avengers" continues to muscle out everything else Hollywood throws at it, easily sinking naval rival "Battleship" and other new releases.


Pakistan blocks Twitter over contentious tweets

Pakistan blocked the social networking website Twitter for much of Sunday because it refused to remove tweets considered offensive to Islam, said one of the country's top telecommunications officials.

A debate: Should you jump in on Facebook debut?

A television photographer shoots the Like sign outside of Facebook headquarters in Menlo Park, Calif., Friday, May 18, 2012. Facebook CEO Mark Zuckerberg symbolically opened trading on the Nasdaq stock market inside Facebook headquarters in Menlo Park. Facebook stock is starting trading today, available to the general public for the first time. The social networking site, which was started in a college dorm room eight years ago, would be valued at more than $100 billion according to the price set for shares ahead of today's trading. (AP Photo/Paul Sakuma)Facebook begins selling stock to the public Friday in the most talked-about market debut in years. Two Associated Press business writers are debating whether the stock is a smart buy.


Industry was too slow to act: Gillard

PRESSURE on the federal government to compensate stranded cattle graziers increased yesterday as it emerged some live trade to Indonesia could be resumed within weeks.

Party leaders refuse to budge on debt positions

Republicans and Democrats are refusing to budge when it comes to their already hardened positions on spending cuts versus tax increases to deal with the nation's debt.

Ageing workforce hits industrial-sector productivity, says TDRI report

The industrial sector's labour force is ageing, adversely affecting productivity, said Srawooth Paitoonpong, a senior researcher at the Thailand Development Research Institute (TDRI). Srawooth said his studies between 1991 and 2010 found changes in the workforce's age, gender and educational make-up.

For NY farmers, fracking means salvation _ or ruin

FILE - In this Feb. 2, 2012 file photo, organic dairy farmer Siobhan Griffin stands in a field with her cows a field at Raindance Farm in Westville, N.Y. While other states are reaping the wealth of the Marcellus Shale, New York has had a moratorium on drilling for four years while it overhauls regulations amid intense lobbying for a ban. Griffin, who raises grass-fed cows and sells organic cheese, doesn’t see gas as the answer. Rather, she fears for her cows if drilling comes to neighboring leased land. She points to Pennsylvania, where 28 cows were quarantined from sale after they drank wastewater, and Louisiana, where 17 cows died after drinking contaminated water. (AP Photo/Mike Groll, File)When Dan Fitzsimmons looks across the Susquehanna River and sees the flares of Pennsylvania gas wells, he thinks bitterly of the riches beneath his own land locked up by the heated debate that has kept hydraulic fracturing, or fracking, out of New York.


Climate scientists say they have solved riddle of rising sea

Climate scientists say they have solved riddle of rising seasMassive extraction of groundwater can resolve a puzzle over a rise in sea levels in past decades, scientists in Japan said on Sunday.


Facebook shares could fall below IPO price: Barron's

In this photo illustration, a Facebook logo on a computer screen is seen through a magnifying glass held by a woman in Bern(Reuters) - Shares in social media company Facebook Inc could fall below the initial public offering price of $38, Barron's wrote in its May 21 edition. Facebook saw its shares rise a scant 0.6 percent to $38.23 on Friday in the first day of trading. The stock stayed above the $38 IPO price, supported in the market by the deal's underwriters. But Barron's said the "big question" this week will be whether they continue to do so. ...


Insight: China pays high price to spare state firm from bankruptcy

WEIFANG, China (Reuters) - The Chinese official was adamant the city of Weifang would keep its rayon factory open, noting that local authorities had just stepped in to help the plant's owner repay $60 million in commercial paper. The bailout averted what would have been China's first ever bond default and was good news for domestic bond investors, who were reassured that in China even mid-sized state-owned firms can count on "too-big-to-fail" treatment. ...

Euro zone row gets fat pay rise for German workers

BERLIN (Reuters) - A record-breaking pay deal will give millions of German workers their biggest rise in wages in two decades, boost consumption in Europe's biggest economy and help towards adjusting the regional imbalances that have caused severe tensions within the euro zone, analysts said on Sunday. Germany's largest industrial union IG Metall agreed to a 4.3-percent pay rise from employers just before dawn on Saturday -- giving the 3.6 million car and engineering industry workers their biggest wage increase since a 5.4 percent deal in 1992. The eye-catching 4. ...

U.S. banking laws unable to stop JPMorgan loss: Republican Boehner

WASHINGTON (Reuters) - U.S. banking reforms could not have prevented JPMorgan Chase & Co's trading losses, and those involved in the activities that went awry should be held accountable, U.S. House of Representatives Speaker John Boehner said in an interview aired on Sunday. "I don't believe there's anything in Dodd-Frank (financial reform law) that would've prevented this activity at JPMorgan," said Boehner, the top Republican U.S. officeholder. He made the comments Friday in an interview for ABC's "This Week. ...

Tropical Storm Alberto Arrives Before Hurricane Season

Tropical Storm Alberto Arrives Before Hurricane SeasonThe 2012 Atlantic hurricane season got an early start with the formation of Tropical Storm Alberto off the coast of South Carolina on Saturday (May 19).


Wall Street Week Ahead: 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 this 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 this week as concerns about the financial health of Europe persist. ...


SpaceX Replaces Faulty Rocket Valve for Space Station Flight

SpaceX Replaces Faulty Rocket Valve for Space Station FlightCAPE CANAVERAL, Fla. — SpaceX engineers have replaced a faulty engine valve on a private rocket carrying the first commercial space capsule bound for the International Space Station following the last-second abort during an attempted liftoff Saturday (May 19).


Weaker euro zone nations need more support from core: UK

LONDON (Reuters) - The euro zone can protect its currency if its stronger countries provide more support for the weaker to help them deal with their problems, British finance minister George Osborne said in a newspaper on Sunday. The future of Europe's 17-country single currency bloc is under threat from a political stalemate in Greece, which could lead to its departure from the monetary union at unknown costs to the financial system and global economic stability. ...

Pakistan blocks Twitter over contentious material

Pakistan blocked the social networking website Twitter on Sunday because it refused to remove material considered offensive to Islam, said one of the country's top telecommunications officials.

China's Wen urges more support for growth

BEIJING (Reuters) - China's premier called for additional efforts to support growth on Sunday, signaling Beijing's willingness to take action after a recent series of economic indicators suggested that the world's second-biggest economy will slow further in the second quarter. "We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more priority to maintaining growth," Premier Wen Jiabao said in comments reported by state news agency Xinhua. Chinese exports rose by 4. ...

Rare 'Ring of Fire' Solar Eclipse Visible from China to Texas Today

Rare 'Ring of Fire' Solar Eclipse Visible from China to Texas TodaySkywatchers from China to Texas are in for a rare celestial treat today when the moon blots out most of the sun to create dazzling "ring of fire" solar eclipse.


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.


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. ...


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. ...

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. ...


SpaceX rocket launch aborted in last half-second

This framegrab from NASA-TV shows the Falcon 9 SpaceX rocket on the launch pad at complex 40 at the Cape Canaveral Air Force Station in Cape Canaveral, Fla., seconds after the launch was aborted due to technical problems early Saturday May 19, 2012. The launch is rescheduled for Tuesday morning May 22, 2012 at 3:44 a.m. EDT (AP Photo/NASA)A new private supply ship for the International Space Station remained stuck on the ground Saturday after rocket engine trouble led to a last-second abort of the historic flight.


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. ...

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. ...


Malaysia scientist says found new Borneo frog

A new species of Frog discovered in Malaysia is picturedA Malaysian researcher known for finding new amphibian species said Friday his team had discovered at least one new species of frog in studies he said highlight Borneo's rich biodiversity.


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. ...


4 Industry Groups Beating the S&P 500

Relative performance and volume analysis confirms these four industry groups are outperforming the market, writes Tom Aspray, identifying stocks from each that may soon set up as good buys. The importance of watching for sector rotation was reinforced in 2011 when many of the key sectors saw double-digit gains and losses from one quarter to another. This is reflected on the on the performance ...

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. ...


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. ...


Under pressure, Chesapeake cuts director pay

To match Special Report CHESAPEAKE-MCCLENDON/LOANS(Reuters) - Chesapeake Energy Corp , under growing pressure from shareholders to improve corporate governance, reduced the compensation for its outside directors by 20 percent and eliminated their use of its aircraft for personal travel, the company said on Friday. Chesapeake and its board have come under fire in recent weeks after Reuters reported, among other things, that Chesapeake CEO Aubrey McClendon had taken out more than $1 billion in previously undisclosed loans using his interest in company wells. ...


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