Skip to main content

Posts

UPDATE 1-LATAM Airlines says aims for $1 bln cap hike in late Q3

LATAM Airlines Group SA aims to launch a capital increase at the end of the third quarter and its controllers intend to subscribe their respective proportional stakes in the operation, the company said during a conference call on Wednesday. Latin America's largest carrier will ask shareholders on June 11 to approve the $1 billion increase aimed at helping to finance its spending plans over the coming years and regain its investment grade. "Regarding the timing for the capital increase, we would target at this point definitely towards the end of the third quarter... it would be probably September-October this year," said Gisela Escobar, LATAM's head of investor relations. The company is the fruit of Chilean airline LAN's takeover of Brazil's TAM in June. Following the takeover, Fitch Ratings lowered LATAM's ratings on global debt to "BB plus" from "BBB," citing the carrier's high debt levels and constrained cash holdings follow

RPT-UPDATE 1-LulzSec hackers "at cutting edge" of cyber crime, court told

Four British hackers who took part in 2011 cyber-attacks on targets ranging from the CIA to Sony were audacious, arrogant men whose motivation was "anarchic self-amusement", a court heard on Wednesday. The men, who have pleaded guilty to a variety of offences, were members of the hacking collective LulzSec, which caused millions of dollars of damage to corporate and government computer networks during an online crime spree that they boasted about on Twitter. "They are at the cutting edge of a contemporary, emerging species of international criminal offending known as cyber crime," prosecutor Sandip Patel told a London court at the start of the men's sentencing hearing. Among other attacks, the men hacked into Pentagon computers, crashed the CIA's website, stole millions of items of private individuals' data such as passwords and user names from companies including Fox and Sony and posted them online on sites such as Pirate Bay. "LulzSec saw th

Qatar Airways CEO: No interest in Bankia stake in IAG

Qatar Airways has no interest in buying a 12 percent stake in British Airways parent International Airlines Group from Spanish bank Bankia, the chief executive of Qatar Air said on Wednesday. _0"> In an interview, Akbar Al Baker said reports of interest by the Qatar government in the stake were "nonsense."

Filling up on petrol station offices

Seeking a place to work out of the office that is quieter than a bustling coffee shop and provides drinks, printers, Wi-Fi and even petrol? _0"> Regus, a provider of ready-to-use office space, thinks it has the answer. It has teamed up with Shell Germany to open up workplace hubs and lounges in 70 petrol stations in and around Berlin that will provide Wi-Fi hotspots, scanners, printers, phone charging and even meeting rooms, depending on the space available. "You already see people working in Starbucks, hotel lobbies. They want facilities they're not getting there though, such as printers, phone charging, the ability to sit somewhere quiet and make a phone call," Phil Kemp, global managing director for Regus Third Place told Reuters. The hubs are what Regus terms the 'third place' for workers, the first and second being the office and the home. Working in this way is a trend that is being driven by the explosion in tablet computers and smartphones.

Industrial output suffers broad decline in April

Industrial production fell by more than expected in April, reflecting a broad decline in factory output and a weather-related decrease in demand for utilities. _0"> Industrial production dropped by 0.5 percent last month after a revised 0.3 percent increase in March, the Federal Reserve said on Wednesday. Economists polled by Reuters had expected output to decline 0.2 percent in April. Factory production decreased by 0.4 percent, compared with a forecast for a 0.1 percent rise. The decline was broad-based, with the production of durable goods down 0.6 percent, partly due to a 1.3 percent fall in motor vehicles and parts. Utilities output sank 3.7 percent last month, the Fed said, as heating demand fell back to a more typical seasonal level after jumping in March due to unusually cold weather Industry capacity utilization, a measure of how fully firms are deploying their resources, dropped sharply to 77.8 percent from 78.3 percent in March, reducing it to 2.4 percentage p

Amazon UK pays $3.7 million tax on $6.5 billion sales

Amazon.com's main UK unit paid $3.7 million of taxes on its 2012 income, it said on Wednesday, despite group UK sales of $6.5 billion (4 billion pounds), prompting criticism from lawmakers and competitors. Amazon.co.uk Ltd added in its accounts, published through the UK companies register, that it received 2.5 million pounds in government grants during 2012 - just ahead of the 2.4 million it paid in corporation tax, the UK form of corporate income tax. Corporate tax avoidance has risen to the top of the political agenda in Europe following revelations in the past couple of years about how little big names like Apple Inc., Starbucks, Google and Microsoft pay in tax in markets where they reap billions of dollars in sales. The companies say they follow the rules but UK Prime Minister David Cameron has called for international action on the shifting of profits, which can help firms cut tax bills. Amazon.co.uk reported a small corporate income tax bill because all sales to Britis

SNB investigating whether Bloomberg accessed user data

The Swiss National Bank said it is investigating whether Bloomberg journalists accessed usage data from Bloomberg Terminals at the central bank. _0"> "We are in contact with other central banks in this matter," SNB spokesman Walter Meier said in an emailed statement. A number of central banks have said they were examining Bloomberg's use of data including the U.S. Federal Reserve, the European Central Bank, the Bank of Japan , the Bank of Canada, Germany's Bundesbank and the Hong Kong Monetary Authority. (Reporting By Katharina Bart)

CEO of SocGen Russia unit held over suspected kickbacks

The chief executive of Societe Generale's ( id="symbol_SOGN.PA_0"> SOGN.PA ) Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that has dared to challenge Russia's dominant state banks. The investigation into Rosbank Chief Executive Vladimir Golubkov in Moscow follows promises by President Vladimir Putin to crack down on corruption in business and public life as well as to defend national economic interests. It could also alarm international companies in Russia that are wary of the weak rule of law and the state's ability to step in against businesses or individuals that fall out of favor. Despite announcing cost cuts when it published results last week, the French bank reaffirmed its commitment to Russia, a market it entered at high cost in the past decade that has been abandoned by some Western banks. Those growth plans could now be at risk after Golubkov's detention on suspicion o

HSBC may cut 14,000 more jobs as revenue faces pressure

HSBC ( id="symbol_HSBA.L_0"> HSBA.L ) will redouble cost-cutting efforts, including axing up to 14,000 more jobs, but Europe's largest bank was forced to soften a key performance target in the face of muted revenue. London-headquartered HSBC ( id="symbol_0005.HK_1"> 0005.HK ) is seeking up to $3 billion in additional annual savings by 2016, on top of $4 billion already achieved, but sluggish growth outside Asia, particularly in Europe, means its target to get costs below 52 percent of revenue has been eased. The new goal is to keep the ratio near 55 percent, the level it was at in 2010 - the year before Chief Executive Stuart Gulliver took over and kickstarted a radical retrenchment at a bank that was criticized in the past for "planting flags" around the world. "We're clearly hitting on the costs, but we're missing on the cost efficiency ratio because of revenue, which is hard for us to control," Gulliver told reporters.

UBS Americas hires in-house experts to spur life insurance sales

After years of urging its financial advisers to sell more life insurance, UBS Wealth Management Americas is bringing in full-time experts and offering financial incentives to prod its tradition-bound sales force outside its comfort zone. Most advisers are more comfortable dealing with stocks and bonds than life insurance products, and they resist the notion of delivering their clients to the insurance specialists at third-party firms that work with most brokerages, consultants say. But UBS and other big U.S. firms want to expand sales of insurance as well as mortgages and other bank loans because the products can lock in client loyalty and generate fees that are often higher than in conventional investor advisory programs. "They are trying to gently push advisers into a more holistic planning-style relationship," said Bing Waldert, a director at Cerulli Associates, which specializes in wealth management. Financial plans often include insurance components. To push the

Fund managers fail to offload investments following crisis: data

Private equity funds have struggled to offload investments made before the financial crisis and are taking longer to pay out to investors, research showed on Wednesday. _0"> Data from research firm Prequin showed that companies sold by funds in 2012 were held for an average of 5 years, compared to an average holding period of 3.9 years for companies sold in 2008. "Fund managers are still struggling to sell investments for a sufficient profit that were purchased at peak prices during the buyout boom, and consequently are holding portfolio companies for longer," said Ignatius Fogarty, Head of Private Equity Products at Prequin. Just 33 percent of the capital investors chipped into deals made in 2007 has been returned in the last six years, compared to a 95 percent pay back rate in the six years after 2001. (Reporting by Clare Hutchison; Editing by Louise Heavens)

U.S. retail group criticizes Bangladesh safety accord

A major U.S. retail trade group on Wednesday spoke out against a Bangladesh fire and building safety accord agreed to by mostly European companies, saying that signing on would expose American companies to a legally questionable binding arbitration provision. _0"> "While the proposal put forth by the labor unions addresses a number of shared concerns, the accord veers away from commonsense solutions and seeks to advance a narrow agenda driven by special interests," Matthew Shay, chief executive of the National Retail Federation, said in a statement. Wednesday is the deadline for retailers to decide whether to join the consortium, led by labor groups such as Europe's IndustriALL, which said at least 24 garment and retail brands sourcing from Bangladesh had signed up so far. The world's two biggest fashion retailers, Spain's Inditex ( id="symbol_ITX.MC_0"> ITX.MC ), owner of the Zara clothing chain, and Stockholm-based H&M ( id="sy

Southwest Air boosts dividend, revises plane deliveries

Southwest Airlines Co ( id="symbol_LUV.N_0"> LUV.N ) on Wednesday announced a boost in its dividend and its share repurchase program and said it is changing some plane orders and deliveries. _0"> The discounter said its board boosted the quarterly dividend to 4 cents a share from 1 cent a share, to begin with the payment on June 26 to shareholders of record on June 5. The company said its share buyback authorization was increased to $1.5 billion from $1 billion. Southwest also said it plans to buy 10 pre-owned 737-700s airplanes to be delivered in 2014 and 2015, and it made changes to some existing aircraft orders. The carrier said it would be the first customer to take the 7 series of Boeing's ( id="symbol_BA.N_1"> BA.N ) upcoming 737 MAX plane in 2019. Southwest has an all-Boeing fleet. (Reporting by Karen Jacobs; Editing by Gerald E. McCormick)

JPMorgan, Portugal in talks to resolve swaps tussle: source

The Portuguese government and JP Morgan Chase & Co ( id="symbol_JPM.N_0"> JPM.N ) are attempting to resolve a tussle over potentially costly derivative contracts sold by the U.S. investment bank to state-owned companies. _0"> One source familiar with the situation, who spoke on condition of anonymity, said talks had begun after both sides threatened legal action over a series of complex hedging products described as "toxic" by Lisbon. No further information was immediately available. The row between JP Morgan and Lisbon, which is trying to stem potential losses of up to 3.0 billion euros ($4.0 billion)from complex hedging products sold to companies such as the Lisbon and Porto Metro, echoes similar battles in countries such as Italy as bank clients say they were missold products. JPMorgan launched a London lawsuit as a "protective measure" after Portugal's cash-strapped government vowed on April 26 to challenge in court swap cont

UK watchdog to investigate how insurers settle claims

Britain's Financial Conduct Authority (FCA) is investigating whether insurers are dragging their heels in paying out claims for stolen goods or disrupted holidays. _0"> FCA Chief Executive Martin Wheatley said that complaints about insurers were on the rise, with consumer organization Which? reporting that 64 percent of complaints are related to claims. "I think it is right to dig deeper into figures like these," Wheatley told a meeting of the British Insurance Brokers' Association. "Very often we are talking about enormously stressful periods in people's lives. Touchstone moments. Someone taken seriously ill on a family holiday; a house burgled; a property flooded." The FCA was launched last month to help to draw a line under years of financial product mis-selling in Britain and has powers to ban products that rip off customers. The biggest scandal has been the mis-selling of payment protection insurance on loans, resulting in banks havi

BNP Paribas sees significant staff cuts in France

BNP Paribas ( id="symbol_BNPP.PA_0"> BNPP.PA ), France's No. 1 bank, told shareholders it expects a "significant" drop in staffing levels in its home market as it moves to offset the shrinking economy. _0"> BNP, which is highly exposed to mature European markets, is in the early stages of a plan to cut 2 billion euros ($2.57 billion) in annual costs over the next three years and is set to launch a new Europe-wide online bank. "Our employee levels will go down in France this year," Baudouin Prot told the bank's annual shareholder meeting. BNP will present its plans to unions next month, Prot added. Europe's banks are in a push to cut costs and rethink their business models as tougher regulations and a slowing economy rob them of traditional profit streams. French banks including Societe Generale ( id="symbol_SOGN.PA_1"> SOGN.PA ) and Credit Agricole ( id="symbol_CAGR.PA_2"> CAGR.PA ) have pledged to

Google to face UK lawmakers again over tax

Google Inc faces another grilling over its tax affairs from a committee of British lawmakers on Thursday who have called the company back after questions were raised about testimony given in an earlier hearing. Corporate tax avoidance has become a major issue in Britain, where there are concerns over rising government debt and accusations from lawmakers that the UK tax authority has adopted a light touch approach to taxing big businesses. Google's Northern Europe boss, Matt Brittin, was called to testify to the Public Accounts Committee (PAC) in November about Google's low UK tax bill. From 2006 to 2011, Google generated $18 billion in revenues from the UK, according to statutory filings, and paid just $16 million in taxes. Brittin told the PAC Google was not taxed on the profits of its core advertising business in Britain, because all UK sales were conducted from Ireland . Reuters revealed that the Internet search giant had described its London offices on its website a

Deere lowers sales outlook; shares fall

Deere & Co ( id="symbol_DE.N_0"> DE.N ) issued a cautious fiscal-year outlook that sent its shares down more than 5 percent and overshadowed a rise in quarterly profit. The No. 1 farm equipment maker said on Wednesday that chilly, rainy weather had delayed plantings in the United States and Canada and threatened the harvest in the United Kingdom, weighing on farmer sentiment. The Moline, Illinois-based company, which also makes earth-moving equipment for builders, slashed its forecast for sales to the construction industry, citing concerns about the outlook for U.S. economic growth and the cooler spring weather. Deere said it expected worldwide sales of construction equipment to fall 5 percent this fiscal year. In February, it had forecast a rise of 3 percent, boosted in part by higher international demand. William Blair & Co analyst Lawrence DeMaria called the company's revised outlook for construction sales "somewhat of a disappointment but not a

Google says 900 million Android mobile devices activated

Google Inc on Wednesday launched a music service that allows users to listen to unlimited songs for $9.99 a month, challenging smaller companies like Pandora and Spotify in the market for streaming music. _0"> With its new service, announced at its annual developers' conference in San Francisco, Google has adopted the streaming music business model ahead of rival Apple Inc, which pioneered online music purchases with iTunes. Google's service lets users customize song selections and stream individual playlists, or listen to a curated, radio-like stream. It will launch for U.S. users first, then roll it out in several other countries. Google shares jumped $18.90, or more than 2 percent to $906. Pandora shares slipped 0.4 percent to $16.68 on the New York Stock Exchange. Google, Amazon.com Inc and Apple are among the Silicon Valley powerhouses sounding out top recording industry executives, according to sources with knowledge of talks and media reports. Pandora is s

Oil pricing probe widens, Britain pledges tough action

Oil companies will face the full force of the law if they manipulated prices, Britain's energy minister said on Wednesday as a rating agency warned of massive fines if a European Commission's probe into oil pricing found any wrongdoing. Oil firm Eni ( id="symbol_ENI.MI_0"> ENI.MI ) said the European Commission had asked it to provide information, although it was not being probed. The Italian company's statement came a day after the offices of Shell ( id="symbol_RDSa.L_1"> RDSa.L ), BP ( id="symbol_BP.L_2"> BP.L ) and Statoil ( id="symbol_STL.OL STL.OL ) were raided by investigators over suspected oil price manipulation. _3"> The surprise searches of major oil companies, but not their competitors the powerful privately-owned trading companies, were one of the biggest cross-border probes since the Libor scandal and sent shock waves through the secretive industry. Authorities have sharpened scrutiny of financial benchm

Dow, S&P 500 at new highs again as rally keeps rolling

U.S. stocks climbed on Wednesday, with the Dow and S&P 500 hitting new all-time highs as the market's recent upward momentum persisted and offset some weak economic data. The S&P 500 and the Nasdaq have risen for four straight sessions, extending their gains for the year. Equities have rallied in recent weeks as investors bet that central bank stimulus measures will keep supporting market gains. Such policies have helped spur advances of about 15 percent in major indexes this year despite data showing some signs of lackluster growth. In the latest reads on the economy, activity in New York state's manufacturing sector unexpectedly contracted in May, falling to minus 1.43 from 3.05, below expectations for an increase to 4. Another report showed that U.S. industrial production fell 0.5 percent in April, more than expected. "It's disconcerting that the data was so much lower than what we were looking for, but there's no reason for investors to sell,&q

EU regulators to investigate Spanish aid for Ford

EU antitrust regulators are investigating whether Spain's plan to offer a 25.2 million euros ($32.71 million) grant to Ford Motor Co's ( id="symbol_F.N_0"> F.N ) plant will give the U.S. carmaker an unfair advantage. _0"> Ford is overhauling its European operations by cutting jobs and closing plants in Belgium and two British locations, as the economic downturn dampens consumer appetite for new cars and trucks. The company, which holds about 8 percent of the European market, expects to lose $2 billion in Europe this year. The sector in general is struggling with over-capacity. Ford plans to produce a new model of Ford Transit Connect in Valencia in the east of Spain , with the cost of the project estimated at 419.9 million euros. Spain informed the European Commission of its grant last year. The European Commission said on Wednesday that a preliminary investigation showed that the project might exceed the authorized 5 percent increase in production c

Macy's profit, sales rise even as some shoppers pull back

Macy's Inc ( id="symbol_M.N_0"> M.N ) reported higher first-quarter profit and sales on Wednesday as it won market share from rival department stores. Its shares were up 2.8 percent to $48.72 in early-afternoon trading, hitting a record high. The retailer, which operates the Macy's and high-end Bloomingdale's chains, said comparable sales rose 3.8 percent in the quarter, a slightly below Wall Street expectations. Overall sales were in line with expectations, according to Thomson Reuters I/B/E/S, up 4 percent to $6.39 billion. Macy's has benefited from large investments in technology in recent years, which have allowed it to use hundreds of its stores to deliver orders placed online, fueling its e-commerce and giving it an edge over many department store rivals. It has also gotten a bump from a sharp sales decline at rival J.C. Penney Co Inc ( id="symbol_JCP.N_1"> JCP.N ) and a middling performance at Kohl's Corp ( id="symbol_KSS

Analysis: Discount employee stock plans offer outsiders trading tips

When investors unloaded their shares in Hewlett-Packard Co. ( id="symbol_HPQ.N_0"> HPQ.N ) last year, the computer giant's rank-and-file did the opposite. They bought nearly four times as much stock as they did in the previous year despite a raft of bad news. It was a smart bet, and outside investors would have done even better than the insiders had they followed employees into the stock. HP's stock is trading at a 27 percent premium over the average $17 a share price paid by workers during fiscal 2012. HP shares are up 53 percent since the company disclosed the results of its ESPP activity in late December. Following a herd of thousands of HP workers does not seem like it would be a sound trading strategy. But when it comes to the buying patterns inside the discount employee stock purchase programs (ESPPs) offered by U.S. corporations to their employees, the wisdom of a crowd can be a barometer of future stock performance. Recent academic research by Arizon

Factory, wholesale price data flag economy's woes

Factory output dropped in April and manufacturing activity in New York state contracted this month, a sign that slowing global demand is weighing on the economy. The anemic growth picture was highlighted by another report on Wednesday showing the largest decline in wholesale prices in three years. The data gives the Federal Reserve latitude to keep priming the economy with an easy monetary policy. "The somewhat sluggish economic growth and limited inflation are the equivalent of rocket fuel for the Fed," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. U.S. Treasury debt prices rose on the reports and the dollar retreated from 4-1/2 year highs against the yen as investors fine-tuned their bets on Fed policy. Stocks on Wall Street trended higher while gold prices fell to their lowest in nearly a month. Manufacturing production fell 0.4 percent last month after declining 0.3 percent in March, the Fed said. That pushed overall indust

Wal-Mart checks Bangladesh factories; retailer accord elusive

Wal-Mart Stores Inc ( id="symbol_WMT.N_0"> WMT.N ) stepped up Bangladesh factory inspections while U.S. and European retailers pursued separate accords to try to prevent another disaster in a garment industry where more than 1,200 workers have died in the past six months. Wal-Mart, the world's biggest retailer, said it does not plan to sign a fire-and-building safety agreement backed by some of Europe's biggest apparel brands because it believes its own safety inspection plans will get faster results. Wednesday is the deadline for retailers to decide whether to join the consortium, led by labor groups such as Europe's IndustriALL, which said at least 24 garment and retail brands sourcing from Bangladesh had signed up so far. Other U.S. retailers including Gap Inc ( id="symbol_GPS.N_1"> GPS.N ) said they would not join the European pact without changes to the way conflicts are resolved in the courts. U.S. companies have been reluctant to join

Vatican to have pavilion at Venice Biennale modern art exhibit

For most people, the relationship between contemporary art and the Vatican - home of some of the world's greatest old masterpieces - is like oil and water - they just don't mix. The Vatican's "culture minister," Cardinal Gianfranco Ravasi, wants to change that perception and so for the first time the Holy See will have its own pavilion this year at the 55th edition of the Venice Biennale, a sacred cow of modern art. But don't expect anything that looks remotely religious or liturgical at the world-class exhibition, which started in 1895 and takes place every two years in the gardens and in a converted industrial area on the Venice lagoon. "We are not sending any altar pieces," joked Ravasi, whose formal title is president of the Pontifical Council for Culture. Instead, Ravasi's department and the Vatican Museums have awarded three contemporary art commissions, handing them out with a theme and permission to let the artists' imagination

Richter painting breaks record for living artist at N.Y. auction

A 1968 oil painting by German artist Gerhard Richter sold for some $37 million at Sotheby's contemporary art auction on Tuesday, a new record for a work by a living artist. The sale took in $293,587,000, at the low end of the pre-sale estimate of $284 million to $383 million, with 83 percent of the 64 lots on offer finding buyers. It featured some big numbers with five works selling for more than $20 million. But results were uneven as offerings by such contemporary stars such as Andy Warhol, Jean-Michel Basquiat and Jeff Koons either underperformed or failed to sell. Barnett Newman's "Onement VI," a vibrant blue work from 1953 being sold by Microsoft co-founder Paul Allen, fetched the top price - $43,845,000 including commission. It set a record for the artist, beating the high estimate of $40 million. But it was the 81-year-old Richter's "Domplatz, Mailand (Cathedral Square, Milan)," offered by the Hyatt Hotels Corp., which broke the record alre

DiCaprio's wildlife charity auction brings in $38.8 million

Actor Leonardo DiCaprio and Christie's auction house raised $38.8 million through a charity art auction and donations, Christie's said on Tuesday, with proceeds to benefit environmental and conservation causes. The 33 works in The 11th Hour Auction organized by the star of the new film "The Great Gatsby" sold for $31.74 million on Monday evening and set 13 records for artists including Carol Bove, Joe Bradley, Mark Grotjahn, Raymond Pettibon and Mark Ryden among others. A $5 million matching donation for three of the lots and additional gifts from donors brought the overall total to $38.8 million for The Leonardo DiCaprio Foundation, according to Christie's. "All I can say is thank you, thank you, thank you," DiCaprio told the audience at the end of the auction. Many of the works, which were created for and donated to the auction by the artists, sold in spirited bidding in a packed auction house. Art collectors from around the globe also placed bi

Lawsuit says Thermo Fisher deliberately concealed information: WSJ

A lawsuit filed on Friday alleged that laboratory equipment maker Thermo Fisher Scientific Inc ( id="symbol_TMO.N_0"> TMO.N ) sold a Mexican plant last year without revealing that a drug cartel was operating there, the Wall Street Journal reported. _0"> The Reynosa, Mexico-based manufacturing facility, part of a larger deal between Opengate Capital Group LLC and Thermo Fisher, was occupied by gangsters from the Gulf Cartel, the Journal reported Saturday. The private equity firm filed the lawsuit in federal court in Los Angeles. The report said the lawsuit alleged that Thermo Fisher acted in bad faith by withholding documents and directing employees to conceal the drug gang's presence at the facility. Opengate alleged gangsters brandished weapons at employees and parked their cars and "tractor-trailers filled with unknown cargo" at the facility, the newspaper reported. The firm did not specify damages sought, it said. The suit said that the co

China to simplify foreign exchange rules on foreign direct investment

China's foreign exchange regulator will this month simplify the rules governing foreign direct investment (FDI), the latest step towards deregulation and market reform under China's new leadership. _0"> The State Administration of Foreign Exchange (SAFE) will abolish 24 regulations regarding foreign exchange registration, account openings, remittance, and conversions, the agency said in an announcement posted to its website on Saturday. The move inches China closer to making its currency, the yuan, convertible under the capital account, and follows a previous round of FDI-related deregulation by SAFE in November last year.   The new rules take effect on May 13. Premier Li Keqiang told a meeting of the State Council, China's cabinet, that the government would produce a detailed "operational plan" to achieve capital account convertibility this year, though he did not offer a timeline for convertibility. Li also called on agencies across the governme

Senior prostitution ring broken up

Senior prostitution ring was broken up recently at a senior citizen building. On May 14, Pix 11 reported the news of a couple that was arrested. Criminals can be any age. A man and woman were arrested on charges of running a prostitution ring and using cocaine at Vincente K. Tibbs Senior Citizen Building in Englewood, New Jersey. Back in March, officers went to the facility to give a safety seminar and then heard all about the news. James Parham and Cheryl Chaney were arrested and Parham even admitted that he has helped young prostitutes with their drug addiction. He also said he set them up with younger people who lived in the building. You have to be over 62 to live there though so they couldn't have been much younger than him. Neither one of them had a criminal record. The senior prostitution ring that was broken up will change that though. Are you shocked to hear this news?

Singer attacked in Houston

Singer attacked in Houston, A Grammy-winning Tejano singer is recovering from an attack at a Houston bar. Witnesses say a fan is responsible for the beating. La Mafia is one of the pioneers of Tejano music. They've been around for three decades and are arguably the most recognizable Tejano band. It's that notoriety that led to a severe beating of the band's lead singer. Oscar De La Rosa is the front man of the four-time Grammy Award-winning group La Mafia, but his bandmate says his celebrity status turned on him. "This person was in the club and had wanted a photo with Oscar. And sometimes when he goes out for entertainment he doesn't like taking pictures," Armando Lichtenberger Jr. De La Rosa and his driver were leaving the night club Blur Bar in Montrose around 1:30 a.m. Monday. Minutes earlier, the fan that requested the picture was thrown out for a separate incident and saw the Tejano singer leaving. He rushed both before they realized it. "He su