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Stocks gain 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)After a weekend that brought both fresh concerns about Europe and hopeful signs about China, investors decided to focus on the latter.


Nasdaq bounces as Apple outweighs Facebook

Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - The Nasdaq climbed 2 percent on Monday as stocks rebounded from their worst week in a year while investors dumped newly floated shares in Facebook and redeployed capital to more established names such as Apple . The Dow Jones industrial average gained 106.37 points, or 0.86 percent, to 12,475.75. The Standard & Poor's 500 Index gained 16.34 points, or 1.26 percent, to 1,311.56. The Nasdaq Composite gained 57.10 points, or 2.05 percent, to 2,835.89. (Reporting By Edward Krudy; Editing by Kenneth Barry)


Iran's Kiarostami goes to Japan for latest film

Director Abbas Kiarostami, left and actress Rin Takanashi pose during a photo call for Like Somone in Love at the 65th international film festival, in Cannes, southern France, Monday, May 21, 2012. (AP Photo/Lionel Cironneau)Abbas Kiarostami has found inspiration far from home.


Future of German Opel plant uncertain after 2014

BOCHUM/BERLIN, Germany (Reuters) - The head of German carmaker Opel, under pressure from parent General Motors to end losses, refused to promise workers at its plant in Bochum on Monday that their jobs would be safeguarded after 2014. The plant, located in the rust-belt Ruhr region devastated by coal mine closures, is expected to shut after the company chose to build the next generation of its popular Astra compact in Britain and Poland where wages are cheaper. ...

Eaton to buy Cooper Industries for $11.8 billion

(Reuters) - Diversified industrial manufacturer Eaton Corp agreed to buy electrical equipment maker Cooper Industries Plc for $11.8 billion in cash and stock, its biggest-ever acquisition, a move that will lower Eton's taxes by shifting its incorporation to Ireland. Cleveland, Ohio-based Eaton will pay $72 per share for Cooper: $39.15 in cash and the rest in stock. Eaton shareholders will control almost three-quarters of the new Eaton Global Corp Plc. Cooper shares were up 27 percent at $70. ...

Head of US nuclear safety agency to step down

FILE - In this Dec. 15, 2011 file photo, Nuclear Regulatory Commission (NRC) Chairman Gregory Jaczko prepares to testify on Capitol Hill in Washington. Jaczko, announced Monday that he will resign as soon as a successor is confirmed to lead the country's nuclear safety agency, a decision that comes after fellow commissioners publicly rebuked Jaczko and accused him of acting like a bully. (AP Photo/Susan Walsh, File)The chairman of the Nuclear Regulatory Commission, under fire for what fellow commissioners called an intimidating, even bullying style, announced his resignation Monday.


Convicted Lockerbie bomber buried in Libya

FILE - In this Aug. 20, 2009 file photo, Libyan Abdel Baset al-Megrahi, who was found guilty of the 1988 Lockerbie bombing, gestures on his arrival at an airport in Tripoli, Libya. Abdel Baset al-Megrahi, a Libyan intelligence officer who was the only person ever convicted in the 1988 Lockerbie bombing, died Sunday May 20, 2012 nearly three years after he was released from a Scottish prison to the outrage of the relatives of the attack's 270 victims. He was 60.(AP Photo/File)The only man convicted for the 1988 Lockerbie bombing was buried Monday with little fanfare near the Libyan capital with just under 100 family members and passers-by in attendance.


Jury reconvenes in ex-Senator Edwards' trial

John Edwards arrives for the second day of jury deliberations at the federal courthouse in GreensboroGREENSBORO, North Carolina (Reuters) - Jurors resumed deliberations on Monday in the federal campaign finance case against former U.S. Senator John Edwards, who is accused of using political funds to hide his pregnant mistress as he sought the presidency. Legal experts have said the outcome of the trial could expand the scope of what qualifies as campaign contributions in future elections. A jury of eight men and four women in Greensboro, North Carolina, considered the case for about 5 1/2 hours on Friday before breaking for the weekend. ...


Jury reconvenes in ex-Senator Edwards' trial

John Edwards arrives for the second day of jury deliberations at the federal courthouse in GreensboroGREENSBORO, North Carolina (Reuters) - Jurors resumed deliberations on Monday in the federal campaign finance case against former U.S. Senator John Edwards, who is accused of using political funds to hide his pregnant mistress as he sought the presidency. Legal experts have said the outcome of the trial could expand the scope of what qualifies as campaign contributions in future elections. A jury of eight men and four women in Greensboro, North Carolina, considered the case for about 5 1/2 hours on Friday before breaking for the weekend. ...


Jury reconvenes in ex-Senator Edwards' trial

John Edwards arrives for the second day of jury deliberations at the federal courthouse in GreensboroGREENSBORO, North Carolina (Reuters) - Jurors resumed deliberations on Monday in the federal campaign finance case against former U.S. Senator John Edwards, who is accused of using political funds to hide his pregnant mistress as he sought the presidency. Legal experts have said the outcome of the trial could expand the scope of what qualifies as campaign contributions in future elections. A jury of eight men and four women in Greensboro, North Carolina, considered the case for about 5 1/2 hours on Friday before breaking for the weekend. ...


Oil prices up on expectations for improving demand

Oil prices rose Monday as encouraging signs about the economy in the United States and China tempered concerns about Greece's debt crisis.

Gaddafi ex-spy charged in Mauritania: source

NOUAKCHOTT (Reuters) - Muammar Gaddafi's former spy chief Abdullah al-Senussi will stand trial in Mauritania for illegally entering the country, judicial sources said on Monday. The move would delay efforts to have him face international justice. Senussi's arrest in the West African state in March started a three-way tug-of-war among Libya, France and the International Criminal Court (ICC) for the extradition of one of the most feared members of Gaddafi's fallen regime. "Abdullah al-Senussi has been interviewed for the first time by the state prosecutor. ...

Gaddafi ex-spy charged in Mauritania: source

NOUAKCHOTT (Reuters) - Muammar Gaddafi's former spy chief Abdullah al-Senussi will stand trial in Mauritania for illegally entering the country, judicial sources said on Monday. The move would delay efforts to have him face international justice. Senussi's arrest in the West African state in March started a three-way tug-of-war among Libya, France and the International Criminal Court (ICC) for the extradition of one of the most feared members of Gaddafi's fallen regime. "Abdullah al-Senussi has been interviewed for the first time by the state prosecutor. ...

UN nuclear chief in Iran on key mission

Director General of the International Atomic Energy Agency, IAEA, Yukiya Amano from Japan and Herman Nackaerts, from left, of the IAEA the chief agency official in charge of the Iran file speak to the media before his flight to Iran at the Vienna International Airport near Schwechat, Austria, on Sunday, May 20, 2012. (AP Photo/Ronald Zak)The head of the U.N nuclear watchdog met Monday with Iranian leaders in Tehran on a key mission that could lead to the resumption of probes on whether Iran has secretly worked on a nuclear weapon.


Analysts have questions about Wells Fargo's risks

(Reuters) - Analysts are likely to pepper Wells Fargo & Co with questions about its investment portfolio at the bank's investor day on Tuesday, after JPMorgan Chase & Co disclosed a surprise investment loss this month. Wells Fargo faces the same pressure as JPMorgan and every other U.S. bank right now: boosting income is tough when loan demand is weak and lending margins are tight. Deposits have been flooding into the bank, and it has struggled to find good places to invest them. ...

NATO sets 'irreversible transition' in Afghanistan

President Barack Obama speaks during the meeting on Afghanistan during the NATO Summit, Monday, Monday, May 21, 2012, in, Chicago. (AP Photo/Carolyn Kaster)President Barack Obama and fellow NATO leaders solidified plans Monday for an "irreversible transition" in Afghanistan, affirming their commitment to ending the deeply unpopular war in 2014 and voicing confidence in the ability of Afghan forces to take the lead for securing their country even sooner.


JPMorgan suspends stock repurchase plans

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

US artist buys abandoned French hamlet at auction

An abandoned hamlet in central France will find a new life with a noted photographer from New York state who has bought the place — stables and all.

Yemeni president vows to pursue "terrorists"

SANAA (Reuters) - President Abd-Rabbu Mansour Hadi vowed on Monday that Yemeni security forces will step up their efforts to clamp down on militants after a suicide bombing at a military parade rehearsal in Sanaa killed 90 people. "Our armed forces and security forces will become tougher and more determined in pursuing terrorists," the state news agency Saba quoted Hadi as telling victims' families in a condolence message. (Reporting by Mohammed Ghobari, writing by Sami Aboudi; Editing by Michael Roddy)

Barclays to sell $6.1 billion BlackRock stake

A man walks past a branch of Barclays bank in central LondonLONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. Barclays has held the stake for almost three years, a legacy of BlackRock's $15 billion purchase of Barclays Global Investors, but Basel III regulations mean banks have to hold more capital against minority stakes in asset managers and other firms, making it less profitable. ...


EU gives Google 'weeks' to ease antitrust concerns

The European Union has given Google "a matter of weeks" to propose remedies to antitrust concerns arising from its alleged dominant position in the online search market.

No sign of breakthrough in U.N. atom chief's Tehran talks

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 extensive and useful talks in Iran on Monday and expects them to have a positive impact on a six-power meeting with Tehran later this week, Iranian media said, but there was no sign of a breakthrough deal. International Atomic Energy Agency chief Yukiya Amano paid a rare visit to Tehran after voicing hope for Iranian agreement to cooperate with an IAEA investigation into suspected atomic bomb research - a possible gesture from Tehran to try to get international sanctions relaxed and deflect threats of war. ...


No sign of breakthrough in U.N. atom chief's Tehran talks

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 extensive and useful talks in Iran on Monday and expects them to have a positive impact on a six-power meeting with Tehran later this week, Iranian media said, but there was no sign of a breakthrough deal. International Atomic Energy Agency chief Yukiya Amano paid a rare visit to Tehran after voicing hope for Iranian agreement to cooperate with an IAEA investigation into suspected atomic bomb research - a possible gesture from Tehran to try to get international sanctions relaxed and deflect threats of war. ...


Expanding or not, retailers rethink stores

(Reuters) - U.S. retailers believe this life left in their brick-and-mortar stores and they're trying new ways of making them more inviting by pampering customers - both the two- and four-legged kinds. PetSmart Inc , for instance, will offer overnight dog accommodations at more stores. Macy's Inc is offering a "virtual concierge" kiosk, and handbag maker Coach Inc is opening up dozens more men's sections this year. These are just some services retailers are trying to keep stores relevant as they try to compete with mobile devices, the Internet and daily deals. ...

Yemen violence worsens as suicide bomber kills 90

A still image taken from video shows army personnel helping injured soldier at the scene of a suicide attack in SanaaSANAA (Reuters) - A suicide bomber with explosives strapped under his uniform killed more than 90 people at a military parade rehearsal in the Yemeni capital Sanaa on Monday, an attack which will alarm Washington as its involvement in the front-line state deepens. Yemeni President Abd-Rabbu Mansour Hadi, facing a growing campaign by an al Qaeda affiliate in the country, said security forces would become 'tougher and more determined in pursuing terrorist elements'. ...


Yemen violence worsens as suicide bomber kills 90

A still image taken from video shows army personnel helping injured soldier at the scene of a suicide attack in SanaaSANAA (Reuters) - A suicide bomber with explosives strapped under his uniform killed more than 90 people at a military parade rehearsal in the Yemeni capital Sanaa on Monday, an attack which will alarm Washington as its involvement in the front-line state deepens. Yemeni President Abd-Rabbu Mansour Hadi, facing a growing campaign by an al Qaeda affiliate in the country, said security forces would become 'tougher and more determined in pursuing terrorist elements'. ...


UK politician: Blair, Brown too close to Murdoch

One of the British Labour Party's most seasoned operatives said his party's leadership may have gotten too close to media tycoon Rupert Murdoch.

Two dead in Beirut clashes after killing of anti-Assad cleric

Tyres set on fire by Lebanese Sunni Muslim residents are seen blocking a main highway leading to Beirut international airportALBIREH, Lebanon (Reuters) - Hundreds of Islamist gunmen fired in the air on Monday as they laid to rest a Sunni Muslim cleric whose killing ignited street battles that brought the bloodshed of Syria's uprising across the border into Lebanon. Sheikh Ahmed Abdul Wahid, an opponent of Syrian President Bashar al-Assad, was shot dead a day earlier at a Lebanese army checkpoint in a part of Lebanon where Sunni sympathy is with Syria's rebels. ...


Two dead in Beirut clashes after killing of anti-Assad cleric

Tyres set on fire by Lebanese Sunni Muslim residents are seen blocking a main highway leading to Beirut international airportALBIREH, Lebanon (Reuters) - Hundreds of Islamist gunmen fired in the air on Monday as they laid to rest a Sunni Muslim cleric whose killing ignited street battles that brought the bloodshed of Syria's uprising across the border into Lebanon. Sheikh Ahmed Abdul Wahid, an opponent of Syrian President Bashar al-Assad, was shot dead a day earlier at a Lebanese army checkpoint in a part of Lebanon where Sunni sympathy is with Syria's rebels. ...


Court won't reduce student's music download fine

FILE - In this July 30, 2009 file photo, Joel Tenenbaum, from Providence, R.I., poses outside federal court in Boston, after taking the stand in his defense in his copyright-infringement trial. On Monday, May 21, 2012, the U.S. Supreme Court refused to hear an appeal from Tenenbaum, who was successfully sued by the Recording Industry Association of America for illegally sharing music on peer-to-peer networks. In 2009, a jury ordered Tenenbaum to pay $675,000, or $22,500 for each song he illegally downloaded and shared.(AP Photo/Bizuayehu Tesfaye, File)The Supreme Court has refused to take up a Boston University student's constitutional challenge to a $675,000 penalty for illegally downloading 30 songs and sharing them on the Internet.


Facebook sinks as Nasdaq scrambles to square trades

Monitors show the value of the Facebook, Inc. stock during morning trading at the NASDAQ Marketsite in New York(Reuters) - Facebook shares sank on Monday in the first day of trading without the full support of the company's underwriters, leaving some investors down 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 $4.50 to $33. ...


Amid criticism, nuclear chief Jaczko resigns

NRC chairman Jaczko attends a news conference during the Ministerial Conference on Nuclear Safety in Vienna in ViennaWASHINGTON (Reuters) - Gregory Jaczko, chairman of the U.S. Nuclear Regulatory Commission, said on Monday he would resign, following a year of intense criticism over his abrasive management tactics. Jaczko, 41, was a polarizing figure who oversaw the nuclear safety agency as it crafted expensive new rules in the wake of the 2011 earthquake and tsunami that devastated Japan's Fukushima Daiichi nuclear complex. ...


Amid criticism, nuclear chief Jaczko resigns

NRC chairman Jaczko attends a news conference during the Ministerial Conference on Nuclear Safety in Vienna in ViennaWASHINGTON (Reuters) - Gregory Jaczko, chairman of the U.S. Nuclear Regulatory Commission, said on Monday he would resign, following a year of intense criticism over his abrasive management tactics. Jaczko, 41, was a polarizing figure who oversaw the nuclear safety agency as it crafted expensive new rules in the wake of the 2011 earthquake and tsunami that devastated Japan's Fukushima Daiichi nuclear complex. ...


Amid criticism, nuclear chief Jaczko resigns

NRC chairman Jaczko attends a news conference during the Ministerial Conference on Nuclear Safety in Vienna in ViennaWASHINGTON (Reuters) - Gregory Jaczko, chairman of the U.S. Nuclear Regulatory Commission, said on Monday he would resign, following a year of intense criticism over his abrasive management tactics. Jaczko, 41, was a polarizing figure who oversaw the nuclear safety agency as it crafted expensive new rules in the wake of the 2011 earthquake and tsunami that devastated Japan's Fukushima Daiichi nuclear complex. ...


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.

Houghton Mifflin files for bankruptcy protection

Houghton Mifflin Harcourt Publishers Inc. has filed for Chapter 11 bankruptcy protection after reaching an agreement to eliminate $3.1 billion of its debt.

U.N. worried about Syria's effect on Lebanon, civil war risk

UNITED NATIONS (Reuters) - U.N. Secretary-General Ban Ki-moon expressed concern on Monday that violence from the 14-month conflict in Syria could spread to neighboring Lebanon, and reiterated his fear that the Syrian violence may erupt into a full-scale civil war. In a readout of a meeting between Ban and new French President Francois Hollande on the sidelines of the NATO summit in Chicago, the U.N. press office wrote that Ban said the world was at "a pivotal moment in the search for a peaceful settlement to the crisis. ...

Fed's Lockhart says circumstances not ripe for QE3

Dennis Lockhart, President, Federal Reserve Bank of Atlanta, takes part in a panel discussion titled (Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday. Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy. ...


Fed's Lockhart says circumstances not ripe for QE3

Dennis Lockhart, President, Federal Reserve Bank of Atlanta, takes part in a panel discussion titled (Reuters) - The U.S. economy needs "measured" efforts to bolster growth, but the central bank should focus on improving its communications because circumstances do not warrant further bond buying at this time, a top Federal Reserve official said on Monday. Atlanta Federal Reserve Bank President Dennis Lockhart said the central bank's policy panel should push forward with efforts to give the public and financial markets a better understanding of how it would react to incoming information on the economy. ...


NATO signals end of Afghan war for the West

Afghan National Army soldier holds a position while patrolling the village of But Khak on the outskirts of KabulCHICAGO (Reuters) - NATO leaders sealed a landmark agreement on Monday to hand control of Afghanistan over to its own security forces by the middle of next year, putting the Western alliance on an "irreversible" path out of an unpopular, decade-long war. A NATO summit in Chicago formally endorsed a U.S.-backed strategy that calls for a gradual exit of foreign combat troops by the end of 2014 but left major questions unanswered about how to prevent a slide into chaos and a Taliban resurgence after the allies are gone. ...


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